The Ethereum Constantinople hard fork is expected soon. The hard fork will take place in four stages. There are the Frontier, Homestead, Metropolis, and Serenity. The Constantinople hard fork should have taken place around August 2018. However, it was postponed to January 2019 after various errors were found in the program during testing. The hard fork is now expected to take place between January 14-18 when block number 7080000 has been mined.
The Exact Date
The exact date of the hard fork has not been decided. However, it is most likely that it will occur on January 16. The average block time now stands at 15 seconds. At the current block 7035939, it means there are 44,061 blocks lefts. When calculations are done, it shows there are about five days left.
Exchanges That Will Support It
Thus far, 19 exchanges globally have announced they will support the fork. Huobi and OKEx were amongst the first to announce they would support it. The management team and OKEx noted that the exchange would take snapshots of all accounts starting on block 7,080,000. Huobi has also asked its traders to deposit ETH tokens in the platforms since it will help to manage any technical issues that arise.
CEOX.IO, based in London, announced that the company was adjusting its system to support the hard fork. Just before the upgrade, the exchange will not allow any withdrawals or deposits in ETH. This will ensure that funds are secure. After the upgrade, all ETH holders can resume trade. Bittrex, based in the US, has announced similar measures.
Benefits Of The Upgrade
The upcoming hard fork has received a lot of praise for achieving consensus in the Ethereum community. However, there might also be other hard forks that developers and other members of the community might wish to make unique upgrades. In case this happens, Binance has requested developers to contact them.
Other Exchanges Offering Support
OKCoin has also said they will support the upgrade. This is also true on IDAX, which has asked users to deposit coins into IDAX. Koinex an Indian exchange stated that they would support the hard fork via a tweet.
Bitmart also confirmed they would support the hard fork. Users will need to deposit their ETH with them. Cryptopia, based in New Zealand, will also support this fork. Many other exchanges have announced their support for the upgrade.
The other exchanges that will support the upgrade are Bibox and Hotbit based in China, EtherFlyer, a decentralized exchange, BitForex, WazirX, based in India, and the Exodus Wallet. Others are the Singapore exchange ABCC, Thai-based TOK, Indodax, based in India, and Catex, the mining platform.
In December 2018, ETH was the third biggest coin by market cap. This was after it was edged out by Ripple’s XRP. This was also a time of intense bear market conditions. ETH was trading at $83 around December 15. However, it has since recovered and is trading at $134.84.
Bakkt Futures to Launch in the Current Quarter
Managing director and quant strategist at Fundstrat Global Advisors Sam Doctor suggested in a Twitter post published on July 19 that Bakkt’s Bitcoin (BTC) futures contracts will launch this quarter.
According to the post, which includes a summary of Fundstrat’s takeaways from the Bakkt Digital Asset Summit held on July 18, the firm’s futures will launch in the current quarter. The launch is set to follow tests announced last month, which are scheduled to start next week. The firm believes that the launch will be a catalyst to accelerate entry of traditional institutional investors. The post notes:
“THERE APPEARS TO BE A CRITICAL MASS OF ADOPTERS READY TO COME ON BOARD ON DAY 1 OF THE BAKKT LAUNCH, WITH THE SALES TEAM GAINING TRACTION AMONG BROKERS, MARKET MAKERS, PROP TRADING DESKS AND LIQUIDITY PROVIDERS.”
During the aforementioned event, Commodities Futures Trading Commission (CFTC) commissioner Dawn Stump apparently expressed that no current cryptocurrency could threaten financial stability and that the regulator sees a growing demand for Bitcoin futures from the public. Also during the summit, chief information officer at crypto investment firm Blocktower Ari Paul was reportedly confident that once a killer app or user interface makes cryptocurrency on-ramps safe, reliable and as easy to use as Paypal, retail adoption will be enormous.
According to the Fundstrat notes, Paul also said that institutions should not dismiss crypto assets, considering their low correlation with traditional assets and with compound annual growth rates of 200%-300%. He also said that inflation and confiscation resistance of cryptocurrencies are a key value proposition.
Pantera Capital CEO Dan Morehead, on the other hand, said that most tokens will fail and a handful of base protocols will survive, but with thousands of decentralized applications built on top of them.
As Cointelegraph reported in May, the Intercontinental Exchange is reportedly taking steps to ensure approval from the United States CFTC for Bakkt.
Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns
Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns
Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.
Market visualization courtesy of Coin360
Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.
Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.
Powell’s demands, which follow similar words from representatives of the Senate House of Financial Services Committee, leant weight to that theory.
“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” he said during a speech before a congressional committee. “These are concerns that should be thoroughly and publicly addressed.”
“THESE ARE CONCERNS THAT SHOULD BE THOROUGHLY AND PUBLICLY ADDRESSED.”
At press time, BTC/USD traded down 10.4% at $11,530, having risen as high as $13,160 in recent days.
Bitcoin 7-day price chart. Source: Coin360
The drop places the pair still within its recent corridor between around $9,700 and $13,800, with volatility still in evidence across crypto markets.
Altcoins, meanwhile, delivered noticeably worse performance as Bitcoin price fell, with several assets in the top twenty by market cap shedding 15% or more.
Ether (ETH), the largest altcoin, lost a similar amount to Bitcoin, hitting $272 and firmly losing support at $300 once again.
Ether 7-day price chart. Source: Coin360
Among the worst performers were Bitcoin SV (BSV), which lost 17.2%, and EOS (EOS), which was down 20.2%.KEEP TRACK OF TOP CRYPTO MARKETS IN REAL TIME HERE
Bitcoin Approaches $11,000 With All Top 20 in Green
Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.
After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.
Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.
Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.
Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.
As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.
The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.
Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.