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Blockstream is sponsoring this tech for scaling Bitcoin [BTC]

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Major blockchain technology company, Blockstream has announced its sponsorship of work on Federated E-Cash. For the uninitiated, David Chaum was the man behind the concept of E-Cash that predates Bitcoin.

E-Cash Federation, on the other hand, is an entity that comprises of independent members assembled to develop a multi-sig wallet for the purpose of being a “blind, distributed custodian by acting as an e-cash mint.”

One of the main factors that have impeded Bitcoin’s adoption is scalability. On that note, Adam Back-led Blockstream has made significant strides. Even as scaling solutions like the Lightning network and federated sidechains have paved the way for large-scale adoption of the crypto-asset, they are yet to see substantial growth. Here come Federated blind mints, which the tech firm believes are a “natural complement to the existing scaling solutions.”

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Blockstream’s tryst about Bitcoin scaling

Blockstream stated that Federated E-Cash can help scale Bitcoin. It cited an innovative exciting possibility of integrating LN into federated mints. This, in turn, would make them interoperable with each other and the broader space. It further stated,

“One could imagine the emergence of community-run federations, where users have a natural trust in the federation members, which isn’t the case with traditional custodians. For the larger number of Bitcoin users who rely on custodial wallets to store their bitcoin, switching to an E-Cash Federation, reduces the trust profile and increases the privacy guarantee for these users.”

Blockstream is looking at an experimental project of a Federated E-Cash scheme dubbed MiniMint that is currently under development.

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$16M Funds for Bitcoin mining STO

The latest news comes a week after Blockstream announced raising $16 million funds in the sixth tranche of its BTC mining-focused security token [STO], called the ‘Blockstream Mining Note [BMN].’ This marked the rapidly rising interest from individual and institutional investors.

It was in March 2021 when Blockstream formally unveiled its BMN security token. Its offering essentially facilitated non-United States investors with an alternative to mine Bitcoin or invest in BTC mining stocks mining BTC with the help of BMN’s associated hash rate. Additionally, it was issued on Bitcoin’s Liquid sidechain with each BMN Series 1 granting market players up to 2k Tera hashes per second of BTC mined at the Canadian blockchain technology company’s enterprise-grade mining facilities.

Besides, Blockstream is also gearing up to list its BMN security token on Bitfinex Securities, which happens to be a relatively new STO platform by Bitfinex.

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Blockstream’s tryst about Bitcoin scaling

Blockstream stated that Federated E-Cash can help scale Bitcoin. It cited an innovative exciting possibility of integrating LN into federated mints. This, in turn, would make them interoperable with each other and the broader space. It further stated,

“One could imagine the emergence of community-run federations, where users have a natural trust in the federation members, which isn’t the case with traditional custodians. For the larger number of Bitcoin users who rely on custodial wallets to store their bitcoin, switching to an E-Cash Federation, reduces the trust profile and increases the privacy guarantee for these users.”

Blockstream is looking at an experimental project of a Federated E-Cash scheme dubbed MiniMint that is currently under development.

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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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