Important Disclaimers The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. Conversely, a move back above the breakdown level at $29.650 could lead to a trend reversal back to the upside. However, look for buyers to defend an established horizontal trendline in this area. Additional selling from the bears could see the price fall to the $28,000 level. Moreover, the relative strength index (RSI) trades just above oversold levels, suggesting current weakness may have further to play out. The king’s price has started the week by breaking down from a descending triangle, with the 50-day simple moving average (SMA) trading well beneath the 50-day SMA. However, Dogecoin ( DOGE) bucked the trend, adding gains after Doge enthusiast Elon Musk announced plans to rebrand Twitter to X.īelow, we take a closer look at the charts and discuss important trading levels to watch over the next week. Meanwhile, indications from Chinese policymakers about a challenging economic recovery with no mention of stimulus measures also pressured crypto markets. At 0.05, the development activity value showed that the Binance chain had not seen major upgrades recently.Bitcoin ( BTC) briefly slipped below the closely-watched $29,000 level to start the week after a report surfaced in the Wall Street Journal that Binance CEO Changpeng Zhao (CZ) suggested in a 2019 private conversation that the exchange’s affiliates had engaged in wash trading - an illegal activity used to give the impression of higher trading volumes. However, BNB’s development activity did not react to the update immediately as it also hung around the same spot since 14 November. This price represented a 0.40% decline in the last 24 hours. At press time, the exchange coin was trading at $270, according to data by Santiment. Regardless of the development, Binance Coin preferred to remain at a standstill. We may also see half-custodial exchanges where we trust them with fiat but not cryptocurrency.” Stalemate in Binance Coin kingdom “In the future, we may also see cryptographically ‘constrained’ CEXes where user funds are held in something like a validium smart contract. Vitalik also noted that the system could drive centralized exchanges into becoming non-custodial platforms. According to the ETH founder, it was better for the crypto sector to have its own method instead of depending on fiat-backed systems.ĭefending his position, he referred to the ability of zk-SNARKs to help with the design, as the cryptographic technology could provide robustness and privacy to the ecosystem. Vitalik, in his post published via HackMD, noted that it was more important for exchanges to prove solvency than sticking with reserves data alone. Our team says we will implement it and make it open-source, for the industry. I don't understand all the equations in there either. However, Ethereum’s co-founder proposed that the model could be improved, with CZ confirming that the exchange team could implement the idea. Of course, CZ had initially pushed the Proof-of-Reserves idea in response to the calamity that befell FTX users, with several exchanges adopting the model. The CEO of Binance, CZ, agreed with Vitalik Buterin that Centralized Exchanges (CEXes) needed to produce public evidence showing user safety.
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