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Ethereum (ETH) Price Tepid As Developers Prepare For Beacon Chain

Ethereum (ETH) range bound below $300 Path to Serenity on course, Phase Zero set for early Jan 2020 Prospects of a scalable system incorporating proof of stake algorithm with Sharding could see ETH prices surge. After Serenity, Ethereum will be scalable. That alone is enough to lift prices to $400 or higher in coming days. Ethereum Price Analysis Fundamentals There is a ray of hope as far as Ethereum 2.0 progress is concerned. Launching of Phase Zero of the Beacon Chain will be on Jan 3, 2020. To expound more, Beacon Chain will manage Casper’s Proof of Stake for itself and its shards. Its roughly six months from now. However, the community is ecstatic about what Serenity will bring about. As laid out before, Serenity will not be a one-off upgrade. Instead, it will be rolled out in phases. Therefore, the mentioning of a feasible date is good progress from a development point of view. In the road to a more resilient, decentralized and public blockchain with proof of work and Sharding, Serenity, according to Ethereum researcher Danny Ryan, will be more secure and robust. Eventual activation will see the ease of use by eliminating complexities while simultaneously improving decentralization in that a “typical consumer laptop with O(C) resources to process/validate O (1) shards.” Even so, Ryan said the date is tentative as the exact time depends on tests: “Although it is feasible, the client teams are not yet ready to commit to a date, especially considering we haven’t entered into multi-client testnets yet. With each phase of development, there are plenty of unknowns so we will keep … tackling them as they come.” Candlestick Arrangement At the time of press, ETH is steady. However, it is lagging in performance, trailing BTC. Nonetheless, previous ETH/USD trade plans hold. Visible from the chart, ETH prices are ranging within a $60 zone with floors at $230. Unless otherwise, prices rally past $290 and most importantly $300 complete with above average volumes, caution should prevail. Because of this, aggressive traders have a chance to buy the dips. However, conservative traders can wait for clear cut breaks above $290 as bulls step up with targets at $400. Conversely, losses below this $60 trade range as ETH slide below $230 could see prices drop to $170 in a retest. Technical Indicators From above, the May 30 bar leads this trade plan. It is extensive with high participation. Any breakout below $290 or $230 with high trade volumes surpassing 410k will confirm or nullify this trade plan. Chart courtesy of Trading View. Image Courtesy of Shutterstock Ethereum (ETH) Price Tepid As Developers Prepare For Beacon Chain was last modified: June 20th, 2019 by Dalmas NgetichThe post Ethereum (ETH) Price Tepid As Developers Prepare For Beacon Chain appeared first on NewsBTC.
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Beacon Chain To Finalize Ethereum 1.0 Chain

In today’s core devs call, Vitalik Buterin and Danny Ryan discussed how the coming proof-of-stake beacon can be used to finalize the existing proof-of-work chain.
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Two Point Oh: The Beacon Chain

The beacon chain is at the core of Ethereum 2.0. But what does it mean? What does it do? How does it work and what is its purpose? Tune in to find out! The post Two Point Oh: The Beacon Chain appeared first on Bitfalls.
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Bakkt Official Launch Date, Ethereum Upgrade, Coinbase Bank & Is Everyone Ready?

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CME Futures CRUSHED Bitcoin... Will Bakkt do the Opposite?

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Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders

Yesterday’s big announcement that regulatory approval has been granted to Bakkt could be the best news bitcoin investors have had this year. It opens the door to the institutional investors and is a huge step forward for crypto industry legitimization in the US. Bakkt To Launch Next Month After months of procrastination, the new cryptocurrency trading platform launched by the Intercontinental Exchange (ICE) has finally been given the green light. The news that the Commodity Futures Trading Commission (CFTC), and the New York State Department of Financial Services, has granted regulatory approval broke late yesterday as reported by Bitcoinist. The concept of physically delivered bitcoin futures will require investors to either produce actual BTC or take delivery in them from their respective exchanges and platforms. Crypto trader at TexasWest Capital, Scott Melker, who also goes by the twitter handle ‘Wolf of All Streets’ stated the news was ‘arguably the most bullish event for institutional investors in the history of bitcoin’. The @Bakkt news is arguably the most bullish event for institutional investors in the history of bitcoin. PHYSICALLY delivered futures (require the holder to either produce actual bitcoin or take delivery from the exchange) backed by the New York Stock Exchange. We are maturing. — The Wolf Of All Streets (@scottmelker) August 16, 2019 Being backed by the New York Stock Exchange has granted bitcoin a level of legitimization never seen before. Investors will get the opportunity to trade in daily and monthly physical bitcoin futures contracts which is likely to lead to greater mainstream adoption. Bakkt is also planning to onboard a number of commercial retailers such as Starbucks which will provide an easier way for people to make purchases using bitcoin and other crypto assets. General Counsel for Compound Finance, Jake Chervinsky, was equally bullish on the Bakkt news stating that: “It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE. Compliance lawyers rejoice!” The former litigator also noted that there is still a long way to go since there is still the SEC to contend with. When questioned on the possibility of big investors trying to short bitcoin he added; “Short sellers betting against a commodity probably don’t want to hold the underlying, so shorting via physically-delivered futures is more for entities that are net long (like miners) and want to hedge.” Fintech Business Analyst going by the twitter handle ‘Mr. Gordon’ was equally bullish on Bakkt; “This must be what it feels like to win the lottery!  The confirmation of the launch of #Bakkt changes EVERYTHING… Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make…” This must be what it feels like to win the lottery! The confirmation of the launch of #Bakkt changes EVERYTHING.. Those of us who have been investing in crytpo for the last couple of years now have some very serious decisions to make….. Like which colour to get pic.twitter.com/Klo5GwOWY7 — Mr Gordon (@MrGordon_UK) August 16, 2019 Picking a Lambo color is probably a little presumptuous at the moment. Bitcoin price did not even react to the announcement as markets remain choppy this morning. BTC is still consolidating in the mid-$10k range after two dips into four-figure territory late in the week but the long term prospects have just brightened significantly. Will Bakkt send Bitcoin price to a new all-time high later this year? Add your thoughts below. Images via Bitcoinist Image Library, Twitter: @scottmelker, @MrGordon_UK The post Here’s Why Bakkt Launch Is a Blessing For Bitcoin Holders appeared first on Bitcoinist.com.
Bitcoinist

Bakkt launch bears good news for Bitcoin’s price and regulation

One of the biggest news last year was the announcement made by the New York Stock Exchange’s parent company, Intercontinental Exchange. In August 2018, The firm announced that it would be venturing into the cryptocurrency space with the launch of a new company – Bakkt. This turned out to be an extremely bullish news in […] The post Bakkt launch bears good news for Bitcoin’s price and regulation appeared first on AMBCrypto.
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Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC

The Commodities Futures Trading Commission (CFTC) has greenlighted the physically delivered Bitcoin futures product by Bakkt. Company CEO confirmed the news and said that the derivatives product would debut on September 23. Bakkt will be the first to debut physical BTC futures Kelly Loeffler, CEO of Bakkt recently announced that the startup had won approval from the US CFTC to start offering physically settled Bitcoin futures contracts. Bakkt is backed Intercontinental Exchange, and Loeffler is married to Jeff Sprecher, the CEO of ICE. With this approval, Bakkt will become the first company to launch the physical BTC futures. The products will debut on the market on September 23, and all contracts will be cleared by ICE Clear US, the same service that clears trades for NYSE. Loeffler gave a lengthy statement on the product suggest that Bakkt’s product received CFTC approval after a self-certification process. They have also started user acceptance testing. The Bitcoins backing the futures contracts will be under the custody of Bakkt Warehouse. Bakkt Trust Company, a qualified custodian, has also received approval from the New York State Department of Finance Services. She said, “This offers customers unprecedented regulatory clarity and security alongside a regulated, globally accessible exchange in a market underserved by institutional-grade infrastructure.” Bakkt wins the race The ICE-backed startup is not the only company eyeing the lucrative physically-settled Bitcoin futures sector. Numerous other companies like LedgerX are planning to bring the same opportunity to the market. LedgerX could have become the first company to launch these products as it received approval for offering futures, options and swaps settled in Bitcoin by the CFTC. However, the regulator says that the company lacks adequate approvals for launching the physical futures product. Meanwhile, Bakkt has decided to offer two types of futures contracts- daily and monthly. The collection of variation margin and initial margin collateral will be done by ICE Clear US. Product testing began last month to ensure that there are no hiccups when it eventually launches for the buyers. The qualified custodian of Bakkt will help in addressing concerns of the regulator related to manipulation and theft. Note that the company acquired Digital Asset Custody Company (DACC) earlier this year to win the New York regulator’s approval to become a qualified custodian. The company has also decided to pay $35 million for hedging against risks. Loeffler says that doing so will help bring safety for market participants and bring more integrity to this sector. The post Bakkt’s Gets Nod for Physically Delivered Bitcoin Futures Approved from CFTC appeared first on FXTimes.com - Daily Cryptocurrency and FX News.
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