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we're building on a quantum "green field"
Post-Quantum Cryptography: In response to this threat, intensive work is underway to develop cryptography that is resistant to quantum attacks (so-called post-quantum). Projects such as Minima and Cellframe already claim to be quantum-resistant.
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Shifting Strategies: Coinbase Commerce Alters Course Away from Bitcoin Due to Technical Hurdles
Coinbase Commerce has decided to discontinue support for native Bitcoin and UTXO-based cryptocurrencies on its platform, citing challenges in integrating with the Ethereum Virtual Machine (EVM) protocol. Lauren Dowling, Head of Product at Coinbase, revealed the technical hurdles faced in adapting Bitcoin to Coinbase Commerce.
Bitcoin's UTXO model, prioritizing security and transparency, differs from Ethereum's account-based system and is shared by various cryptocurrencies derived from Bitcoin, such as Litecoin and Bitcoin Cash. Dowling pointed out the absence of smart contracts and stablecoins on Bitcoin's network as a significant barrier, leading to the removal of Bitcoin and similar UTXO-based cryptocurrencies to maintain platform efficiency.
Despite this change, Coinbase CEO Brian Armstrong assured users that Bitcoin payments could still be processed through the exchange's accounts. He emphasized ongoing efforts to integrate the Lightning Network into Coinbase's offerings, aiming to enhance Bitcoin transaction efficiency. Armstrong envisions advancements beyond the first blockchain layer to reduce transaction fees and times, shaping the future of online crypto payments.
The community response to Coinbase's decision has been mixed, with concerns raised about the impact on Bitcoin adoption and the necessity of a Coinbase account for transactions. Some users compared the move to requiring every customer to be a Bank of America customer for merchants banking with BofA, expressing concerns about customer preferences and accessibility.
This shift away from native Bitcoin support on Coinbase Commerce coincides with a notable financial turnaround for Coinbase Global Inc. The company reported a profit for the first time in two years, driven by a resurgence in digital asset markets. In the fourth quarter, reported revenue of $953.8 million exceeded analysts' expectations, showing a significant increase in both consumer transaction revenue and institutional transaction revenue.
Analyzing Key Trends and Predictions for the Future of Bitcoin
CryptoQuant.com suggests that Bitcoin's current price of $48.5k may lead to a market correction due to increased activity among short-term holders. If Bitcoin surges to this level, the analysis indicates that the share of short-term holders could rise above 8%, signaling a potentially overheated market and the likelihood of a correction. The $48.5k mark aligns with the average unit price of 2-3-year holders, creating a significant resistance level, according to on-chain data, including UTXO Age Bands and Realized Cap.
The UTXO Age Bands graph reveals a notable increase in the percentage of UTXOs aged between 3 to 6 months, suggesting recent movement or selling pressure from medium-term holders following a price increase. The interaction between Bitcoin's price and UTXO age bands provides insights into holder behavior and market trends. If the price continues to rise while older UTXO age bands increase, it suggests a holding behavior with investors confident in Bitcoin's long-term value. Conversely, a falling price and decreasing older UTXO age bands might indicate long-term holders capitulating and selling.
In a bearish scenario, historical data shows that a 2-30% decline typically follows Bitcoin's upward rallies. Support levels at $34k and $30k become significant, corresponding to the average unit price for different holder periods, offering critical insights into market trends.
The current market shows a recent price uptick and a notable presence of 3 to 6-month UTXO bands, indicating medium-term holders adjusting their positions following the price rise. CryptoQuant.com advises caution in light of the imminent ETF decision, highlighting the increasing uncertainty and risk, making entry into the market less advisable. The historical perspective provided in the chart, spanning from mid-2016 to early 2024, illustrates volatility in the UTXO Age Bands, particularly during periods of high price fluctuation, offering a crucial understanding of holder behavior in various market conditions.
Long-term bitcoin indicators suggest a slow but steady rise ahead
Data provided by CryptoQuant and Glassnode shows that long-term bitcoin (BTC) investors may drive prices even higher in the coming days or weeks
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Alephium Raises $3.6 Million in Pre-Sale to Grow Energy-Efficient, Sharded Blockchain Platform
Alephium Raises $3.6 Million in Pre-Sale to Grow Energy-Efficient, Sharded Blockchain Platform
High-performance sharding-based blockchain Alephium today announced it had pre-sold tokens worth more than $3.6 million to several major funds and a large number of small buyers involving over 76 contributions in total. Alephium Concludes $3.6 Million Pre-Sale Notably, the pre-sale was led by Alphemy Capital and witnessed participation from White Paper Capital and Archery Blockchain.Read More
https://btcmanager.com/alephium-3-6-million-pre-sale-energy-sharded-blockchain-platform/?utm_source=Tumblr&utm_medium=socialpush&utm_campaign=SNAP
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Bitcoin's $1 trillion market holds for 10 days straight
Bitcoin’s $1 trillion market holds for 10 days straight
Bitcoin’s trillion-dollar market capitalization has held strong since March 26.
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Mối tương quan kỳ lạ giữa dữ liệu trên chuỗi và chỉ số FGI của Bitcoin
Mối tương quan kỳ lạ giữa dữ liệu trên chuỗi và chỉ số FGI của Bitcoin
Sợ hãi và tham lam (FGI) chỉ là hai cảm xúc chính thúc đẩy hành động giá đằng sau tất cả các thị trường, bao gồm cả Bitcoin và các loại tiền điện tử khác. Một mối tương quan kỳ lạ đã được phát hiện trong dữ liệu mạng Bitcoin trên chuỗi khớp trực tiếp với chỉ số “sợ hãi và tham lam” của thị trường tiền điện tử. Đây là lý do tại sao phát hiện này rất ấn tượng và thông tin nào mà các nhà đầu tư,…
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Ledger wallet upgrade can prevent ‘dusting attacks’ Cold wallet maker Ledger adds more privacy protection to its software suite
