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Digital Currency Revolution Series: Take A Look On Buzzing Crypto-Space Amid Flurry of Fundamental Events
The bitcoin price reclaimed into five figures again during this weekend, the pioneer cryptocurrency (BTCUSD) has surged to its highest level (at $10,333 at Coinbase) since June 1st and on the verge of extending its gains to 5-months highs.
Ethereum coordinator Danny Ryan has recently announced that the Ethereum 2.0 testnet Madella is tentatively scheduled to go live on August 4th.
Apart from this, there are flurry of crypto events are scheduled for this week. We quickly run you through them.
28th July - Augur unveils version2 :
Version 2 of the Augur platform is scheduled for launching on 28th of July, this Tuesday. The network-wide upgrade introduces dollar-denominated betting, faster trading, cheaper market-making, and a new trading interface.
29th July - Cardano network Shelly hardfork:
The Cardano (ADA) network’s upcoming decentralization-focused update, Shelley, is named after the author of literary classic Frankenstein. The Cardano blockchain has recently announced their collaboration with Lykke Corp, on several initiatives especially for financial expertise and the market positioning. The top-notch officials from both sides are making constructive statements about this partnership deal.
The transformation of Cardano will predominantly appears to be switching from a federated network to a decentralized one, where nodes are distributed across members of the community. During a recent community video update, Cardano founder Charles Hoskinson said that the upgrade is the most profound in the history of the project. The price of ADA has risen 19% in the last week.
31st July - CME 6-month Bitcoin futures contracts expiry:
CME’s Bitcoin futures contract, ticker symbol BTC, is a USD cash-settled contract offered to CME brokers and traders based on the CME Crypto Facilities Bitcoin Reference Rate (BRR). The nature of futures contracts means they need to be settled on a predefined date. All contracts will have to be traded, or settled, before this date. There is generally a fall in the trading volume of futures around expiration, which coincides with a rise in volatility and a potential short/long squeeze.
However, on a broader perspective, we wouldn’t mind reiterating more upside risks are still on the cards in the days to come with the strong supports of $8,585 and $7,950 levels (i.e. 100-DMAs), hence, long hedges have already been advocated using CME BTC Futures when the underlying BTC spot was trading at $4,927 levels, and we wish to uphold the same positions by rolling over August months tenors. It is unwise to keep speculating on the next upside target and accumulate fresh bitcoins or go for fresh short build-ups at this juncture. Instead, one can certainly uphold the above advocated long hedges for now (spot reference: 10,266 levels). Courtesy: BNC