Hello friends, today I want to talk about two cryptocurrencies, one is bitcoin and the other about ethereum, this week bitcoin could fall to 24,000 dollars and it is quite likely that bitcoin derivatives are showing a downward trend and we have no doubt that the Investor sentiment began to run out of steam despite Greyscale's victory over the SEC on August 29.
Therefore, the entire rally that occurred since the request for a spot ETF from Black Rock has also been completely consumed, more than the Technical Analysis that each one can carry out in the different assets, we can never leave aside the fundamental part, the total assets of the US Federal Reserve have fallen to 8.12 trillion dollars from 8.73 in March.
Returning to the subject of bitcoin derivatives in a healthy market, futures contracts should trade with an annualized premium of between 5 and 10%, however today that premium is at 3 and 5 for its lowest point since mid-June. before black rock submitted the etf application And simply summarized means that there is less demand from buyers leveraged a setback towards 24,000 that I have been expecting and is one of the most likely scenarios.
Now I stop talking about bitcoin to talk about ethereum to find out the latest statements from its founder Vitálik Buterin, according to him, it may take up to 20 more years for ethereum to solve one of its main problems. Can you imagine what it is? It is clear the problem is centralization That is the main problem of ethereum more than 3300 nodes that are equivalent to 57.25% work in centralized Hosting services.
Within these centralized hostings, almost 60% belongs to Amazon web Service and only 5.5% to Google Cloud. If Amazon refused to work with ethereum or some kind of legal requirement prevented them from providing the service, the project would lose most of its processing power.
What does it need to work properly? Vitalik believes that a good way to solve the problem of this centralization would be to simplify its operation so that the maintenance cost is lower but does not It seems that 20 years is too long. I see it as somewhat exaggerated on your part.
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Bitcoin is in a state where traders consider it a boring market and big movement can be expected at any time. The least patient are the bears who usually sell to lower the bitcoin price even more and buy to increase their Bitcoin capital. even lower price on the other hand I have always thought that the ethereum network is very vulnerable to hacking and to show a button of the multiple hacks that have been carried out in the last 3 months there is the real problem of ethereum.
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Link Twitter
https://twitter.com/joel_jai1/status/1699279177109639342
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Dear @joeljaimes1982 ,
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This is a nice post, we are indeed anticipating a big move in the cryptomarket
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