The core developers of Ethereum have called for a delay to the activation of Constantinople, just hours before the long-awaited hard fork was scheduled to go live on the third-largest cryptocurrency’s network.
Ethereum Hard Fork Delayed
In a statement, the Ethereum Core Developers and Ethereum Security Community said that they decided to postpone the hard fork after security researchers identified a potential vulnerability in one of the software upgrades.
“Security researchers like ChainSecurity and TrailOfBits ran (and are still running) analysis across the entire blockchain. They did not find any cases of this vulnerability in the wild. However, there is still a non-zero risk that some contracts could be affected,” the statement read.
Because the risk is non-zero and the amount of time required to determine the risk with confidence is longer the amount of time available before the planned Constantinople upgrade, a decision was reached to postpone the fork out of an abundance of caution.
According to the statement, that potential vulnerability stemmed from EIP-1283, which introduces a cheaper gas cost for SSTORE operations. Researchers believe that it’s possible that had EIP-1283 been activated, certain smart contracts that are already running on Ethereum could have become vulnerable to reentrancy attacks.
ChainSecurity has published a more thorough explanation of the potential vulnerability.
Crypto Exchanges, Miners Must Upgrade to Emergency Software
Since the hard fork has been delayed, cryptocurrency exchanges, miners, and other node operators must either upgrade to emergency versions of their Ethereum software clients or downgrade to the previous pre-fork release.
Failing to upgrade a node will cause you to become disconnected from the main Ethereum network since the Constantinople fork software is not compatible with previous versions.
However, most Ethereum users — i.e., those who do not run full nodes — do not need to take any action, and wallets remain secure. This is important to note because it’s likely that scammers will seek to take advantage of the situation to swindle crypto holders out of their funds.
No New Fork Date Announced
Prior to the abrupt delay, the Ethereum community had been in good spirits about the impending activation of Constantionple, which will implement a number of upgrades into the cryptocurrency’s protocol.
In addition to preparing the network to better scale to mainstream usage, the fork will permanently reduce the Ethereum block reward by 33 percent, to 2 ether from 3 ether.
The fork had been scheduled to go live at block 7080000 on Jan. 16, just hours from now. The last block processed by the network as of the time of writing was 7072694.
No new fork date has yet been announced.
Ethereum Price Makes Sharp Decline
The ethereum price — which had traded up in advance of the fork — plunged following the announcement, declining as low as $116 on Bitstamp from an intraday high of $130.
This story is developing. Please check back for updates.
Bitcoin price prediction: BTC/USD confluence detector shows lack of resistance and support levels
- The daily confluence detector shows one healthy support level at $10,075.
- BTC/USD has gone down from $10,110 to $10,092.
The hourly BTC/USD price chart shows us that the price dropped from $10,130 to $9,815 this Thursday. The bulls then gathered momentum before it picked up to $10,190, meeting resistance. Since then, BTC/USD has been on a continuous downtrend and is currently trending around $10,092.
BTC/USD daily confluence detector
The daily confluence detector shows only one prominent resistance and support level. The $10,500 resistance level has the 5-day simple moving average (SMA 5) curve. The $10,075 support level has the 1-month 23.6% Fibonacci retracement level, SMA 10, 1-hour Bollinger band middle curve and 4-hour previous low.
Bloomberg Says Bitcoin Could be Finding Support at $10,000 as Altcoins Rebound
Yesterday, Bitcoin (BTC) suddenly slipped. After tapping $11,000 just days earlier, the cryptocurrency cratered, falling under $10,000 as bulls failed to step in.
This move was so dramatic that according to the Bitcoin Fear and Greed Index, this sudden reversal has resulted in a reading of five — the index’s lowest value in its history. This is crazy, especially considering that BTC is trading over 300% higher than its bottom price of $3,150.
While the index’s reading may seem entirely arbitrary — just look at the bullish momentum Bitcoin has experienced in the first half of 2019 — the index is backed by data.
The website that hosts the index claims it analyses a fair mix of volatility, market momentum and volume, social media trends, surveys, dominance, and Google Trends to get the gist of how cryptocurrency investors are faring.
Bitcoin Bounces Back
But, the Bitcoin price has managed to bounce back. After remaining under $10,000 for a number of hours, the cryptocurrency managed to reclaim five digits.
Per Bloomberg, the cryptocurrency “appears to be gaining momentum for a push higher”. The analyst recently claimed that as BTC recently dropped “below the lower limit of its GTI Vera Band Indicator, which measures up and down trends”, a spike to the upside may be ahead. The last four times the bottom band was breached, “it managed to quickly rally back into the range”.
According to Mike McGlone, an analyst at Bloomberg Intelligence, Bitcoin is currently setting itself up for a recovery. He explained in a note that its “unique attributes” (likely a reference to its classification as a digital store of value/digital version of gold) and tumult on the macroeconomic stage could help boost the value of Bitcoin. Indeed, many say that if trade wars continue to rage and if central banks continue to enlist unorthodox monetary policy, the need for a form of money that is decentralized, scarce, borderless, and public will only swell.
While McGlone is bullish for the medium term, he told Bloomberg TV in a recent interview that his short and long-term prospects on the cryptocurrency are mixed.
Per previous reports from Ethereum World News, McGlone argued that with there being key support at $8,000 and heavy resistance at $20,000, the cryptocurrency could be stuck in that range “endlessly”. He added that on-chain fundamentals — active addresses, number of daily transactions, fees, and so on and so forth — have begun to taper off like they did to trigger 2018’s bear market.
Altcoins Finally Gain Some Steam
Interestingly, throughout this short-term recovery, altcoins have bounced, actually outperforming Bitcoin for once.
According to CoinMarketCap, Bitcoin dominance has fallen to 68.5% from nearly 70%. Ethereum is up 3.5% on the day, while BTC is up a relatively mere 0.2%. It’s a similar story across the cryptocurrency rankings.
Bitcoin Vs. Ripple: Amidst the Bearish Trend, The Coins Gave Some Brief Moment of Trading
There is a close link between the movement of Bitcoin and Ripple. Both of them are strong coins with a dedicated community of users. At present, they are facing some negative sentiments, but this will wash off soon.
Current Statistics (On August 22 at UTC 08:38):
|Parameters||Ripple (XRP)||Bitcoin (BTC)|
|Market Cap||11,339,553,299 USD||178,409,831,940 USD|
|24-Hour Volume||1,033,612,299 USD||18,408,249,735 USD|
|Circulating Supply||42,890,708,341 XRP||17,890,087 BTC|
|Price in BTC||0.00002654||NA|
BTC Vs. XRP Price Analysis:
Both Bitcoin and Ripple started on a declining note. In the first hours of the day, Bitcoin price has declined by 6.15% and fell to the level of 10,125.86 USD. Similarly, Ripple declined by 4.15% and landed at $0.2628. After that, the declining trend has slowed a bit, and coins kept fluctuating up and down in the range of around 2%. However, during the early minutes of the second half, on the other day, came yet another dip where BTC price declined by 2.21% and Ethereum by 0.96%.
After the second intraday breakdown, the digital coins have shown some strengthening for the next couple of hours. In that period, BTC hiked by 1.75% and XRP by 1.5%. The next plunge that came in around midnight dragged Bitcoin price by 2.91% and took it below $10k mark again. Similarly, XRP declined by 2.02% and landed at the level of 0.26 USD. Lately, the cryptos have been hovering at those levels and showed some bounce back, which helped then to move toward their current position.
BTC vs XRP Prediction & Conclusion:
Making any prediction in this swinging market is a rigorous task. However, for now, Ripple faces immediate resistance at $0.274454 and support at $0.259335. For Bitcoin, the immediate resistance is at 10,636.95 USD and support level at $9,800.93.
The Ripple team has done a recent assessment of the blockchain and assured that they will work toward the narrowing of the skill gap. Further, they added that in order to address the issue, the team would seek the help of experts including academia, governments, and private organizations.