TOP 3 Bitcoin and Crypto News for Today: 29 June – ETH Analysis, BSN Integrates with ETH, & ADA Demo

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Mon, 06/29/2020 - 22:32
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Geoffrey Schwartz
Ethereum (ETH) price analysis, Chinese blockchain BSN to integrate with Ethereum (ETH), and Cardano (ADA) unveils Shelley Transition Combinator demonstration.
TOP 3 Bitcoin and Crypto News for Today: 29 June – ETH Analysis, BSN Integrates with ETH, & ADA Demo
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The start of the new week ended in the green. The Dow Jones Industrial Average (DJIA) jumped 580.25 points (+2.32%) to close at 25,595.80. The NASDAQ Composite went up 116.93 points (1.20%) to close at 9,874.15, and the S&P 500 went up 44.19 points (1.47%) to close at 3,053.24.

Wall Street and traders shrugged of the surge of coronavirus cases and cheered on Boeing as certification flights for the 737 Max began on Monday. The social media giant is under pressure after several companies (Starbucks, Coca-Cola, and Diageo) announced that they would halt advertising on its platforms. The major averages received a boost after the National Association of Realtors announced that pending home sales had jumped 44.3% in May.

Today’s gains came even after Johns Hopkins University announced that more than 2.5 million COVID-19 cases were confirmed in the U.S. along with more than 125,000 deaths. In total, more than 10 million cases have been reported around the world.

As for news within the crypto sphere, some of U.Today Crypto News’ headlines include an Ethereum (ETH) price analysis, a Chinese-operated blockchain will be integrated with Ethereum (ETH), and Cardano (ADA) unveils a demo for the Shelley Transition Combinator.

Ethereum (ETH) Under Bullish Pressure

Last Saturday, sellers increased their onslaught and broke through Ethereum’s $222.98 support level. By the end of the day, Ethereum (ETH) set a new low for the month of June at $215.79. On Sunday, buyers were still recovering, which was accompanied by small volumes but failed to test the two-hour EMA55.

ETH/USD Chart by TradingView
ETH/USD Chart by TradingView

Buyers are trying to maintain the ETH/USD pair above the $222 mark in order to recover their $233 resistance mark. If the bears receive strong support to sell again, then a decline will continue and may soon reach the psychological mark of $200.

ETH/USD Chart by TradingView
ETH/USD Chart by TradingView

Looking at a bigger time frame, ETH’s current growth will likely continue as the bulls have shown resistance at the $217 mark and its trading volume also supports the ongoing bounce. Moreover, the Moving Average Convergence/Divergence (MACD) has entered a bullish zone as its lines have crossed each other. In short, ETH’s growth could continue towards the $227 area, where buyers may face resistance from the bears.

ETH/USD Chart by TradingView
ETH/USD Chart by TradingView

Looking at the daily chart, the lowering heights indicate that the leading altcoin has yet not found local support. What is more, a bearish divergence on the Relative Strength Index (RSI) suggest a continuing decline to $215. The high concentration of liquidity indicates that the bears will soon make their move.

Related
Ethereum (ETH) Price Analysis — Remains Under Bullish Pressure Aiming at $230

Chinese Blockchain to Integrate with Ethereum (ETH)

Haseeb Qureshi, Managing Partner at Dragonfly Capital Partners, claims to have received information about an upcoming integration.

According to the seasoned investor, the Blockchain Service Network (BSN), which is supported by several Chinese state-owned enterprises such as China Mobile and UnionPay, plans on integrating with well-known public blockchains. Two such blockchains that will be spearheading this partnership are Ethereum (ETH) and the Nervos Network (CKB).

Image via Twitter
Image via Twitter

 Qureshi questions whether China’s regulatory officials will acknowledge and support this integration. Authorities from the People’s Republic of China (PRC) will usually distance themselves from their involvement with the public network.

BSN acts as a permissioned distributed operating system for business, research, and public administrative purposes. Integrating with Ethereum (ETH) and the Nervos Network (CKB) would significantly boost its adopting and performance.

Qureshi says that such an integration would be a “big deal”, as it would greenlight the public blockchain integration concept with Chinese state-owned distribution systems. Moreover, this integration would facilitate with the adoption of crypto-related innovations in China. Interaction with public blockchains could even make the current systems more decentralized.

Related
Ethereum (ETH) Price Analysis — Remains Under Bullish Pressure Aiming at $230

Cardano (ADA) Releases Demo for Shelley Transition Combinator

Input Output HK (IOHK), the development studio behind the Cardano (ADA) blockchain, has announced a technical explanation for its Hardfork Combinator operations that are in the Shelley mainnet deployment process.

According to IOHK’s official announcement, the Hardfork Combinator concept is designed to avoid a chain split. This will allow for a seamless transition for every node from the Byron semi-decentralized phase to the Shelley mainnet.

Image via Twitter
Image via Twitter

The new instrument is being deployed to the testnet environment. Cardano (ADA) has even released a video that provides a detail explanation on how it works. Philipp Kant, Director of Formal Methods at IOHK, revealed the codebase and demonstrated why it was created this way. Without this instrument, a disagreement could evolve between the different nodes.

Once that occurs, different versions of the protocol can start existing. This in turn may lead to severe conflicts between the different parts of the blockchain.

Related
Cardano (ADA) Releases Demo For Shelley Transition Combinator. See Video

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About the author

Geoffrey Schwartz is an Editor, English Copy Editor and Proofreader currently working for U.Today. He also works as a consultant and with SuissePic, a social project that unites more than 50 professionals in digital marketing, tourism, and based on a common love for Switzerland.

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)