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Binance Will Support Polkadot’s Upcoming Parachain Auction in November

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Leading cryptocurrency exchange Binance has announced that it will support Polkadot’s upcoming parachain slot auction

Binance, the world’s biggest cryptocurrency exchange, has continued to express its support for the ecosystem development of the sharded heterogeneous multichain blockchain network, Polkadot.

In an official announcement on Friday, the company revealed that it will start the Polkadot Parachain Slot Auction which is scheduled to commence in November.

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“A separate announcement will be posted with more details. Please stay tuned for the upcoming initiatives!,” the exchange said.

What are Parachains?

Parachains are distinct layer 1 blockchains that can run in parallel and send data to each other. Their presence in Polkadot will usher in a multichain architecture of different blockchain networks in the Polkadot ecosystem.

The protocol intends to enable several other layer 1 blockchains like Bitcoin and Ethereum to seamlessly connect to its ecosystem, allowing them all to work together as part of a larger one.

Additionally, Polkadot parachains can seamlessly share data with other blockchain networks and unlock a lot of opportunities within the crypto space.

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The integration of these parachains will encourage a lot more interoperability across different DLT networks in the coming years.

Over the past five years, the Polkadot team has been experimenting with its parachain technology and every testing was carried out on its canary network, Kusama.

Earlier in June, Polkadot successfully deployed the first batch of parachains on Kusama. Since then, Kusama has auctioned about 11 parachain slots, increasing the number of activities on the network.

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Polkadot’s Parachain Auctions to Begin November 11

The success of the parachains deployed on Kusama is a key determining factor in how ready Polkadot is to officially launch its parachains.

Currently, the Polkadot Parachain code is finally ready and the auctions are scheduled to start on November 11, 2021.

The first batch of the Parachain auctions will last for five weeks, featuring one auction each week. Additionally, every auction will select a parachain slot for a total of 96 weeks.

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DOT Experience Massive Surge

Following the announcement of the proposed dates for the Parachain Slot Auction on Wednesday, Polkadot’s native token, $DOT, surged by more than 19% to a high of $43.6 on that same day. Since then, though, the asset has retraced slightly and currently stands around $40.

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Peter Schiff Names Real Reason Behind Bitcoin Drop

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Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction

The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.

According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.

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In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.

All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.

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High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.

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Whales Suddenly Move $320,000,000 in Bitcoin to a Single Destination – Here’s Where the Crypto Is Headed

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Crypto whales just moved over 5,800 Bitcoin (BTC) worth more than $327 million into a single destination, according to a whale-surveilling platform.

Whale Alert tells its 1.8 million followers in a series of tweets that in the last 24 hours crypto whales are relocating thousands of BTC amid a correction that saw Bitcoin tumble to a new 30-day low of $52,416.

Five of the transactions involved shifted BTC from wallets of unknown origins to popular US-based crypto exchange Coinbase. Meanwhile, one transaction moved a large sum of Bitcoin from global crypto exchange Binance to Coinbase.

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Here’s a summary of the BTC transactions:

While crypto investors tend to be concerned that a massive influx of Bitcoin into the crypto exchanges might indicate downward selling pressure, insights firm Into the Block reports that centralized exchanges recorded more outflows than inflows during the past week.

The crypto intelligence platform says,

“Bitcoin recorded nearly $2 billion in net outflows from centralized exchanges, the highest level in five weeks.”

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At time of writing, BTC is down nearly 7.14% on the day to $52,557.

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Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?

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  • Ethereum price analysis is bullish today.
  • ETH/USD rejected further downside at $3,600.
  • Previous support at $3,950 is currently tested as resistance.

Ethereum price analysis is bullish today as we expect further recovery to follow after a strong reaction higher from the $3,600 was seen this morning. Likely ETH/USD is set to break above the current resistance, moving to regain even more over the weekend.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover? 1
Cryptocurrency heat map. Source: Coin360

The market has seen strong bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 17.23 percent, while Ethereum 14.83 percent. Meanwhile, the rest of the market has seen even more substantial losses.

Ethereum price movement in the last 24 hours: Ethereum breaks below $3,950 previous support, rejects more downside at $3,600

ETH/USD traded in a range of $3,739.39 – $4,647.29, indicating extreme volatility in the market. Trading volume has spiked by 113 percent, totaling $41.2 billion, while the total market cap trades around $465 billion, resulting in the market dominance of 21.16 percent.

ETH/USD 4-hour chart: ETH reacts back to previous lows

On the 4-hour chart, we can see the Ethereum price swiftly rejecting further downside after touching the $3,600 mark this morning.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action saw strong bullish momentum during the first half of the week. After establishing and retesting the new low at $3,950 last weekend, ETH/USD started to move higher on Monday quickly.

Ethereum reached $4,750 resistance by Wednesday, as bulls were eager to move towards the previous all-time high. However, more upside did not follow, leading to a reversal over the next days.

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Another attempt to test upside was seen Yesterday, with the following rejection leading to a strong spike lower. Overnight, the Ethereum price broke past the previous swing low at $3,950, leading to more downside this morning. Strong reaction, preventing further downside, was seen at $3,600, with ETH/USD since moving back towards the previous low.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw a swift drop to $3,600 met with a strong reaction higher this morning. Therefore, we assume ETH/USD has set a new swing low, and further recovery should follow over the weekend.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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