• The crypto space was recently rocked by the collapse of FTX, causing the downfall of some crypto firms and a crash in prices.
• Bitrue’s Chief Strategy Officer Robert Quartly-Janeiro shared his thoughts on how crypto exchanges have been faring in the wake of the FTX decline, and how Bitrue is working to regain user trust after this.
• Going forward, exchanges are being more cautious as consolidation continues due to economies of scale, trust, and market moves.

FTX Collapse Triggers Price Crash

The collapse of FTX sent shockwaves throughout the crypto space, triggering the downfall of some crypto firms and prices crashed along with it.

Bitrue’s View

Bitcoinist caught up with Bitrue’s Chief Strategy Officer, Robert Quartly-Janeiro and he shared his thoughts on how crypto exchanges have been faring in the wake of the FTX decline, and how Bitrue is working to regain user trust after this.

Preventable?

Robert Quartly-Janeiro commented that FTX was operating way outside of its remit and if they had not done that in the first place then their demise could have avoided. He also shared his sympathy for both users who lost money as well as staff who were unaware what was happening behind closed doors.

Exchanges Faring After FTX

Since FTX went bankrupt, other exchanges have seen a decline in trading volumes which has caused negative media coverage as people speculated ‘who’ll be next?’. However Binance’s deal for SEBC (Sakura Exchange Bitcoin) calmed things down again as it showed major deals are still possible even after events like this.

Going Forward

Going forward many exchanges are operating cautiously by de-risking and being more frugal with resources as consolidation continues due to economies of scale, trust, and market moves. Users are still wary but confidence is slowly returning to the market again

• The article discusses the “realized price” of Bitcoin, which is a capitalization model that takes into account the cost basis of the average investor in the Bitcoin market.
• This metric can be used to assess whether average investors are currently in a state of gain or loss, and it has recently been approaching its peak level again.
• If BTC can maintain this level, then it could form a strong support level for the asset’s rally.

What Is The Realized Price Of Bitcoin?

The realized price of Bitcoin is derived from a capitalization model called the “realized cap.” Unlike the normal market cap, which puts the value of all coins in circulation as equal to the latest BTC price, this model says each coin’s “true” value is the price at which it was last moved. By dividing this realized cap by total number of coins in circulation, one can obtain the “realized price,” which signifies the cost basis of an average investor in the Bitcoin market.

How Can The Realized Price Help Assess Market Conditions?

The realized price helps mitigate issues such as when coins become permanently inaccessible due to lost wallet seed phrases but still have their value attributed by traditional market cap measures. It also allows analysts to assess whether average investors are currently in a state of gain or loss — if BTC is trading under its realized price then holders are generally considered to be at a loss on their investments.

What Has Been The Trend In The Realized Price Over Time?

In recent months, there has been an apparent trend that shows BTC breaking through its realized price with start of its latest rally in January 2021 (see graph below). Whenever prices are below this level, holders tend to be at a net-loss on their investments:

Looks like the price has been approaching this metric | Source: CryptoQuant

Can This Push Up Asset Value And Restart Rally?

If BTC can maintain current levels near its realized peak then it could form a strong support level for future rallies and restart current uptrends. As noted by an analyst from CryptoQuant, maintaining this level would be necessary for any bullish outlooks for bitcoin moving forward.

Conclusion

In conclusion, tracking metrics such as bitcoin’s realized price can help gauge overall sentiment and whether investors are generally making profits or losses on their investments — if prices remain close to this peak then there could be potential for continued growth in bitcoin’s value over time.

•Litecoin recently released a network upgrade to improve its network security and fix critical issues.
•The Litecoin price spiked following the upgrade, encouraging miners to join the network.
•However, the recent price drop of 7% in 24 hours has caused miners to lose interest in LTC.

Network Upgrade

The Litecoin Foundation announced an update named Litecoin Core 0.21.2.2 on March 2 and shared the information on Twitter. This upgrade is designed to improve its network security and fix critical issues affecting nodes, making it more efficient and accommodating users’ needs.

Price Spike

LTC ended 2022 at $68 but recorded an intraday high of $70 and an intraday low of $67.79 on the same day. On January 1, LTC kicked off with positive price movements, pushing its price to $74 by day’s end until it hit $90 on January 14 and then finally reached $101 on February 2. From February 3 up till March 3, LTC traded between $80-$100 on some days before dropping again down to $89 at press time due to a 48.42% drop in trading volume indicating slow activity with the coin.

Encouraging Miners

Coinwarz data show that following this upgrade, there was a slight uptick indicating new miners had joined the network as a result of this encouraging news – however this was not enough for investors given the 7% drop in 24 hours shortly after which scared them away from investing further into LTC causing miners to rapidly lose interest in it once again as well as resulting in its current state at press time trading below $90 again after reaching highs of near about triple digits just weeks before that .

Indicators Showing Bearish Trend

Other indicators showing bearish trend include relative strength index (RSI) headed below neutral mark, downtick on chaikin money flow (CMF), lower part of bollinger bands touched indicated higher volatility area ,and MACD shows bearish move which suggests more bear runs coming soon .

Conclusion

In conclusion, although Litecoin’s recent update increased miner interest initially due to positives changes made by developers ,the sudden drop of 7% within 24 hours caused miners to lose interest once again suggesting that additional improvement might be needed for investors’ confidence returning back into this crypto coin .

• Ethereum developers are preparing to launch the Shanghai Capella testnet this week.
• The MEV-Boost allows validators to access blocks from a marketplace of builders.
• Despite recent upgrades, Ethereum still has a long way to go before it reaches its final state.

Ethereum Shanghai Capella Testnet

The Ethereum development team is set to launch the Shanghai Capella testnet this week during an All Core Developers Consensus Call (ACDC). This upgrade includes the Maximum Extracted Value (MEV) Boost, an open-source middleware run by validators that provides access to a competitive block-building market. It was developed by Flashbots as an implementation of the Prosperity Builder Separation (PBS) for the proof-of-stake blockchain underpinning the Ethereum network. The activation date and final client releases have been announced by Tim Beiko, an Ethereum core developer.

MEV-Boost

The MEV-Boost enables validators to acquire blocks from a marketplace of builders. This system is designed with Prosperity Builder Separation (PBS) in mind and can help improve overall efficiency and reduce transaction costs on the network. It also gives validators more control over their transactions and increases security on the netwrok.

Roadmap Ahead

According to Danny Ryan, Ethereum Foundation researcher and network upgrade coordinator, despite progress made in terms of development and customer safety this year, there is still a complex roadmap ahead until all features of the protocol are finalized. He suggests that finding a “sufficient end state” for a secure and decentralized blockchain will take many years as there are immediate technological concerns that need addressing first.

The Merge

The Merge was recently released onto the network which enabled validators to withdraw their stake from the Beacon Chain back onto the execution layer – another step towards making it easier for users to interact with smart contracts on Ethereum’s main chain while maintaining security across all networks involved in staking activities.

Sepolia Testnet Launch

Finally, Devnet7 with Zheijang testnet were activated alongside Shanghai/Capella’s upgrade which will be deployed on Sepolia – allowing developers plenty of time prior to launch date to test out new features before going live with them on MainNet later this year or early next year depending on how successful testing goes over these coming months..

• The DXY Dollar Currency Index has recently climbed to the highest levels since the inception of Bitcoin, potentially impacting prices of cryptocurrencies.
• The DXY is attempting to find support, but momentum could prove to be too heavy for the dollar to defend against and lead to a bearish crossover on the one month chart.
• A bearish DXY crossover could lead to further continuation in crypto prices, while a bullish divergence would cause further collapse in crypto markets.

The Almighty Dollar Dominance

The almighty dollar and its currency index (DXY) are at an important inflection point with potential impact on Bitcoin and other cryptocurrencies. Recent price movements have given rise to a bull market in cryptocurrency, but this trend can be overturned if the dollar regains dominance.

Devastating Impact Of Dollar Dominance

In 2022, cryptocurrencies were affected by US dollar dominance as measured by the DXY index which reached highs not seen since Bitcoin was introduced. As USD is often used in trading pairs due to its status as global reserve currency, when it strengthens it weakens other currencies in the pair. Fortunately for crypto markets, signs of weakening dollar have caused a much needed relief rally across many asset classes.

Bearish Crossover Could Lead To Crypto Continuation

The DXY is composed of USD trading against GBP, JPY and other currencies and currently appears to be making a rebound on monthly charts. However if momentum proves too heavy for the dollar and MACD crosses bearish it could result in a dramatic decline in value leading to further continuation of cryptocurrency prices.

Bullish Divergence Would Lead To Collapse In Crypto Markets

On the flip side, should MACD fail confirm a bearish crossover instead diverge upwards then it could cause further collapse across crypto markets resulting from increased strength of US dollar over other currencies or assets.

Conclusion

Overall there are two possible scenarios that could play out depending on how strong US dollar remains relative to other currencies or assets – either continuation or collapse of current bull market for crypto-assets depending upon whether bearish or bullish divergence occurs respectively

• China is launching a research center for blockchain innovation in Beijing, called the National Blockchain Innovation Center.
• The center will focus on basic blockchain theory, key technologies’ software and hardware, including basic platform and verification networks.
• The Chinese government has also launched e-yuan (e-CNY) to promote CBDC adoption across China.

China Moves Deeper Into Blockchain Technology

China has announced plans to move deeper into blockchain technology after its ban on cryptocurrency transactions in 2021. A recent report from China Daily noted that the country is set to launch a research center for blockchain innovation in Beijing – the National Blockchain Innovation Center.

Research Goals of the Center

The innovation center will work with local universities, blockchain experts, and firms to explore core blockchain technologies. It will focus on basic blockchain theory, key technologies’ software and hardware, including basic platform and verification networks. The Beijing Academy of Blockchain and Edge Computing (BABEC) will take charge of the new research institution; BABEC is famous for its ChainMaker blockchain which currently executes 240 million transactions per second (TPS).

China’s Digital Infrastructure Push

China’s push towards digital infrastructure has been bolstered by its efforts in developing a Central Bank Digital Currency (CBDC). In September 2022, it was reported that China accounted for 84% of all filed blockchain applications worldwide; however only 19% of these applications were approved by the state. The Chinese central bank has rolled out e-yuan (e-CNY), worth millions of dollars, across the country to promote CBDC adoption.

Cryptocurrency Ban Still Stands

Despite China’s active involvement in exploring innovations related to blockchain technology, its stance against cryptocurrency trading still stands firm; meaning citizens are still prohibited from engaging in such activities within the country or abroad.

Final Thoughts

It appears that China is actively making moves towards becoming a leading player within the field of distributed ledger technology through various initiatives such as launching national research centers focused on innovation and rolling out e-yuan currency as part of its CBDC project. Despite this progress being made, its ban on cryptocurrency remains firmly intact for now at least.

• The Bank of England (BoE) and UK Treasury are set to back the development of a state-owned central bank digital currency (CBDC), popularly known as “Britcoin” or “digital pound.”
• After 21 months of research and consultations, it would appear both parties have come to a decision regarding the introduction of the “digital pound.”
• The Bank of England and the UK Treasury are expected to officially announce their stance next week, rolling out a roadmap that will lead to the successful introduction of the “digital pound” by 2030.

What is Britcoin?

The Bank of England (BoE) and UK Treasury are set to back the development of the British central bank digital currency (CBDC), popularly known as “Britcoin” or “digital pound.” This CBDC is a digital token issued and distributed by a nation’s central bank. It has been discussed since April 2021 when the UK Treasury launched a joint task force with BoE to evaluate its feasibility for British businesses and households.

Why do we need Britcoin?

Bank of England Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt are expected to back its introduction due to an expected decrease in cash use as society evolves into a cashless, digital economy. In consultation report presented by anonymous sources, they stated that “it is likely a digital pound will be needed in the future”.

When will we get Britcoin?

After 21 months of research and discussions, Bank of England Governor Andrew Bailey and Chancellor Jeremy Hunt are expected to make their official announcement next week, rolling out a roadmap leading to successful introduction by 2030.

Benefits & Risks

The potential benefits brought about include increased efficiency compared to paper money or traditional banking methods due ease in transferring funds quickly between users with low transaction costs. However, there could also be risks associated with CBDCs such as financial stability concerns from increased access leading to market manipulation or new avenues for money laundering activities.

Conclusion

Though discussions for this initiative began in April 2021, both financial authorities have finally come together on their decision – making official announcement next week with roadmap leading up till year 2030 when this “Digital Pound” will be successfully introduced into UK economy. Both potential benefits & risks need to be taken into consideration before its actual implementation & usage can begin across Britain.

• Bitcoin is currently trading at $23,742, enabling the cryptocurrency market to rally in 2023.
• Analysts are both bullish and cautious on this current rally, with some predicting Bitcoin could reach $1.3 million by the end of the year.
• A total of $29.64 million of short positions were liquidated among all exchanges as Bitcoin broke through $23k.

The cryptocurrency market is rallying in 2023, and leading the way is Bitcoin – the touted king of crypto. As of writing, BTC is changing hands at a staggering $23,742, enabling the alpha coins to regain its August 2022 support level of $22,722 and bring cheer to crypto Twitter.

Analysts are both bullish and cautious on this current rally. On one hand, some have gone full bullish on BTC and have set ridiculous targets, like $1.3 million by the end of the year. On the other hand, there are those who fear that this rally could be seen as a bull trap which could potentially set up many long position holders for losses in the medium to long term.

CoinGlass data shows that a total of $29.64 million of short positions were liquidated among all exchanges as Bitcoin broke through $23k. While this may seem insignificant compared to January 14th short position liquidations that were valued at $141 million, these liquidations may force some bears to go long as Bitcoin continues its climb. As of writing, the crypto king has already climbed 42% upwards, and with the bullish momentum going strong, it could still have enough room for a push towards $25,000.

The cryptocurrency market is seeing a resurgence this year, with Bitcoin leading the charge. Analysts are both bullish and cautious on this current rally, with some predicting Bitcoin could reach $1.3 million by the end of the year. CoinGlass data shows that a total of $29.64 million of short positions were liquidated among all exchanges as Bitcoin broke through $23k, which may force some bears to go long as Bitcoin continues its climb. With the bullish momentum going strong, BTC could still have enough room for a push towards $25,000.

• Ethereum’s transition to a Proof-of-Stake (PoS) consensus mechanism last year led to an increase in staking services where holders can generally deposit any amount of tokens and earn staking rewards.
• Data from Glassnode shows that the total value locked into the Ethereum staking contract is now around 16.1 million ETH in the overall network, which is about 13.4% of the total circulating supply of the cryptocurrency.
• Lido accounts for the most amount of total staked Ethereum supply, with more than 70% of the total staked Ethereum supply contributed by staking services.

The Ethereum network recently completed its transition to a Proof-of-Stake (PoS) consensus mechanism, meaning that miners are no longer actively participating in the network. Instead, their role has been replaced by stakers, who are responsible for validating the transactions on the network. To become a staker, all an investor needs to do is lock in a collateral of 32 ETH into the Ethereum staking contract. This requirement may be too high for the average investor, so staking pool services were created, allowing users to pool their coins together and earn staking rewards.

According to data from Glassnode, the total value locked into the Ethereum staking contract is now around 16.1 million ETH in the overall network, which is approximately 13.4% of the total circulating supply of the cryptocurrency. Of the total staked Ethereum supply, more than 70% is contributed by staking services, with Lido accounting for the most amount.

Staking pool services allow users to earn rewards based on the amount of coins they stake, making it an attractive option for those who want to participate in the network without a high initial investment. The rewards are usually proportional to the amount of coins staked, and the stakers can be confident that their coins are safe and secure. Additionally, these services often provide additional benefits, such as technical and customer support, as well as access to a wide array of staking options.

Overall, the Ethereum staking pool services are a great way for users to earn rewards on their coins without the need for a high initial investment. By pooling their coins together, users can earn rewards on their coins and be confident that their coins are safe and secure. As the Ethereum network continues to evolve, more and more users are likely to take advantage of these services in order to get the most out of their staking experience.

• Bitcoin Mining Council tries to disprove the bad reputation of Bitcoin mining with its quarterly reports.
• Virunga National Park is the first national park to recognize the potential of Bitcoin mining, supporting nature and the local community.
• Virunga has been hard-pressed for money in recent years due to the loss of tourist revenue, the COVID-19 lockdown, and kidnappings by rebels, and Bitcoin mining has provided the funds needed to drive sustainable developments.

The Bitcoin Mining Council has been working hard to disprove the popular notion that the energy consumption of Bitcoin mining makes it unsustainable. Through their quarterly reports, they have revealed that almost 60% of the power used to mine Bitcoin comes from renewable sources. The council’s goal is to make Bitcoin mining greener and more responsible.

This newfound commitment to sustainability has been noticed by Virunga National Park, the first national park in the world to recognize the potential of Bitcoin mining. This park, located in the Congo Basin, is home to an endangered mountain gorilla population, and the funds generated by Bitcoin mining will be used to support nature and the local community.

Virunga has been hard-pressed for money in recent years due to a variety of circumstances. Disease outbreaks such as Ebola, the lockdown due to COVID-19, and kidnappings by rebels have all contributed to a decline in tourist revenue, leaving the park in need of funds. Emmanuel de Merode, the park’s 52-year-old director, decided to bet big on Bitcoin and, in order to mine the cryptocurrency, thousands of powerful computers are housed in 10 shipping containers located in the middle of the jungle. They are powered by a giant hydroelectric plant on the same mountain as the national park.

The funds generated by Bitcoin mining have allowed the park to drive sustainable developments. For example, the park is now able to employ many local people, helping to reduce poverty in the region. It has also been able to purchase equipment and materials to support conservation efforts, such as anti-poaching patrols, reforestation, and the rehabilitation of damaged ecosystems.

The success of this project has been a great example of how Bitcoin mining can be used for good. Not only does it provide a much-needed source of income for the park, but it is also helping to reduce the energy consumption of the mining process. The council hopes that other organizations and governments will take note of this and be inspired to support sustainable Bitcoin mining in their own areas.