Connect with us

altcoin

Ethereum: Shadow Fork and Stealth Addresses affect the network by…

Published

on

Ethereum: Shadow Fork and Stealth Addresses affect the network by…

  • Ethereum developers launch Withdrawal-Mainnet-Shadow-Fork-1 ahead of Shanghai.
  • Vitalik Buterin proposes Stealth Addresses to tackle privacy concerns on the network.

The developers of Ethereum [ETH] made a significant advancement towards deploying the Shanghai update by creating a “Shadow Fork.” Additionally, Vitalik Buterin suggested a method for guaranteeing transaction privacy on the Ethereum network in a related development. What effects could these developments have on the network and ETH?


Read Ethereum’s [ETH] Price Prediction 2023-24


A Fork before the Fork

An Ethereum engineer named Marius Van Der Wijden announced the Mainnet Shadow Fork on 23 January. Wijden planned to introduce rogue nodes into the testnet that would send out faulty blocks and messages to trick other nodes into joining a phony fork of the network.

Withdrawal-Mainnet-Shadow-Fork-1 is finalizing 🚀🚀🚀

It started out with a few issues because the config wasn’t correctly applied on geth (we disallow overriding the mainnet config). The config is applied correctly and all nodes are in agreement. We will start some evil nodes,.

— MariusVanDerWijden (@vdWijden) January 23, 2023

Advertisement

This testnet was dubbed Withdrawal-Mainnet-Shadow-Fork-1. It also appeared to simulate the requirements for withdrawing staked Ether (ETH).

A shadow fork is an interim test fork that implements some of the necessary protocol modifications before the full Shanghai hard fork. Before the big switch to a proof-of-stake network, known as the Merge, which occurred last year. Ethereum employed multiple shadow forks for testing.

Vitalik going stealth

Ethereum’s founder and current CEO, Vitalik Buterin, also proposed the implementation of a feature he named “Stealth Addresses.” In an article, while highlighting the difficulty of ensuring privacy in the ecosystem, Buterin stated:

“Fixing this state of affairs is a serious topic.”

Furthermore, Stealth Addresses would be a way to conceal the true ownership of non-fungible tokens (NFTs) and domain names registered using the Ethereum Name Service (ENS). Stealth addresses are created by wallets, which scramble public key addresses for anonymous transactions. A unique “spending key” key is required to access these incognito exchanges.

If the Dev team’s shadow fork turned out to be successful, users could withdraw their staked ETH without fear of the network being compromised. The lack of privacy concerns on the Ethereum network might also be solved if Vitalik’s suggested stealth address could be deployed. If these updates increase the network’s popularity, ETH’s value may rise. 

Advertisement

How much are 1,10,100 ETHs worth today?


Development activity decent, but price drops

The Development Activity indicator on Santiment could be used to get an idea of how busy the developers are. As of this writing, the Metric indicated that developer input had nearly reached 50. As the Shanghai update approaches, this may very well climb further. 

Source: Santiment

On the daily timescale chart, Ethereum traded at about $1,618. In addition, the price continued, the little decline it had been experiencing over the previous 48 hours -until press time – by dropping by almost.50%.

However, it was apparent that the price action was higher than the long and short Moving Averages (blue and yellow lines). The support level was also shown by the yellow and blue lines.

Advertisement

Source: Trading View

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

altcoin

Monero [XMR]: Can bulls defend $163 support level as bears take over

Published

on

Monero [XMR]: Can bulls defend $163 support level as bears take over

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • XMR formed a descending channel pattern. 
  • Investors were strongly bearish on XMR as Open Interest (OI) fluctuated. 

Monero’s [XMR] press time plunge was likely because of an increasing divergence in key technical indicators. XMR dropped by over 6% in the past seven days, as per Coingecko’s data.


Read Monero [XMR] Price Prediction 2023-24


At press time, its market was still weak as bears had more leverage. However, the asset was approaching a crucial support level. 

The $163.8 support level: Can it hold the drop?

Source: XMR/USDT on TradingView

Advertisement

The increasing RSI (Relative Strength Index) and volume divergence from mid-January signaled February’s price correction. The RSI and volume dropped while the XMR price surged, painting a bull trap ripe for a correction. So far, XMR has fallen from $186 towards the end of January to $165 at the time of writing. 

Monero could drop further and break below the crucial $163.8 support level. However, the drop could be checked by the $157 or $154 support levels. 

But bulls could attempt a recovery if the $163.8 support holds, invalidating the bearish bias described above. The rebound could target the upper boundary of the descending channel. However, traders can only make long entry positions if a break above and retest on the upper channel’s boundary is confirmed. Such an upswing would target the $180 zone. 

Nevertheless, the market weakened further, as shown by the dropping RSI and fluctuating volume (OBV). Therefore, bulls may have difficulty regaining control at the $163.8 level.

Investors were bearish on XMR as OI fluctuated

Source: Santiment

Advertisement

According to Santiment data, investors were strongly bearish on XMR, as shown by the negative sentiment. In addition, the demand for the asset in the derivatives market has been fluctuating, limiting its strong uptrend momentum in the past few days/weeks. 

If the fluctuation in demand continues, XMR could face an extended price correction and a devaluation below the $163.8 price level. 


Is your portfolio green? Check out the XMR Profit Calculator


In addition, the open interest rate data by Coinglass further reinforces XMR fluctuations. More money moved from XMR’s futures market around mid-January. Afterwards, the OI fluctuated, undermining a strong uptrend momentum or recovery. 

Although the dropping OI momentum reduced at press time, a convincing price recovery could follow BTC’s bullish price action. Therefore, investors and traders should monitor the king coin price movements. 

Advertisement

Source: Coinglass

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Continue Reading

altcoin

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

Published

on

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

  • GMX moves to Arbitrum, threatening Avalanche.
  • Decreasing sentiment, declining TVL & NFT trades for Avalanche.

According to the latest data from Artemis, the majority of GMX‘s activity has shifted from Avalanche [AVAX] to Arbitrum. This shift has raised concerns about the potential impact on Avalanche, as GMX is currently the largest perp by market cap and outperforms many of its competitors in terms of Total Value Locked (TVL).


Is your portfolio green? Check out the Avalanche Profit Calculator


Avalanche gets impacted

On one hand, the negative sentiment surrounding Avalanche, as indicated by Santiment’s data, suggested that the overall outlook of the AVAX token in the crypto community was negative. This caused a decline in the network’s growing TVL, which stood at $970.16 million at press time.

Source: Santiment

Additionally, the overall volume of the AVAX token declined. According to Santiment’s data, the overall volume for AVAX fell from 1.2 billion to 3.14 million. The number of NFT trades on the network also fell, suggesting an overall lack of interest.

Advertisement

However, there were some positive developments as well, one of them being the decreasing volatility of the AVAX token. A decline in volatility could attract some investors who are seeking stability for their portfolios.

Source: Santiment


How much are 1,10,100 AVAX worth today?


It’s also worth noting that despite the negative conditions for Avalanche, the number of stakers on the network grew by 21.5% in the last month, according to Staking Rewards. The number of stakers on the network was 65,988 at the time of writing. This suggested that there is still interest in the network, though its future remained uncertain.

Source: Staking Rewards

Advertisement

It’s important to note that GMX’s move from Avalanche to Arbitrum could be due to various reasons, including the increasing popularity of the Arbitrum network and its ability to handle larger volumes of transactions efficiently. This shift could pose a threat to Avalanche, but it’s also possible that the network could recover and continue to grow.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Advertisement

Advertisement
Continue Reading

ADA price action

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Published

on

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The higher timeframe market structure remained strongly bullish.
  • The $0.4-$0.42 is an important region of resistance- but ADA is likely to push higher.

Cardano [ADA] bounced from $0.38 to reach the $0.4 level of resistance over the past three days. Its technical structure remained bullish on the one-day timeframe – a move above $0.4 and subsequent retest could be a buying opportunity.


Is your portfolio green? Check the Cardano Profit Calculator


The increase in whale transactions saw a significant increase after 3 February. This raised concerns that buyer dominance was weakening.

Any pumps into the $0.42 area will be to take profits on

Source: ADA/USDT on TradingView

Advertisement

Cardano has seen a remarkable run so far. A jump above $0.31 and the subsequent retest of $0.32 saw the support on the daily market structure decisively broken. The bias remained bullish, although the RSI continued to drop lower to show weakened bullish momentum.

This was because ADA encountered a stern band of resistance around $0.4. It is an important higher timeframe horizontal level. The $0.425 level acted as support from May to October 2022. Beneath it, the $0.4 and $0.376 levels also acted as important support and resistance levels in October and November.


How much is 1, 10, 100 ADA worth today?


Therefore, ADA bulls late to the party must recognize that the meat of the move upward is finished. Lower timeframe scalps within the $0.4-$0.42 region is possible. Longer-term buyers can wait for the flip of $0.42 to support before bidding and must be ready to cut the trade on a drop below $0.4.

The rising OBV meant some demand was present behind ADA. Above $0.42, $0.51 and $0.6 are the next high timeframe levels to watch out for.

Advertisement

Sentiment has been lukewarm in February

Weighted sentiment fell below the zero mark as February 2023 began and hasn’t recovered since. The MVRV ratio (30-day) also tumbled, but the price did not see a significant sell-off. This hinted that near-term holders might have finished booking profits, and selling pressure could soon abate.

The development activity was unaffected by the higher price swing, which should encourage long-term holders. The age-consumed metric saw a swift spike in early February when ADA pulled back from $0.413.

Advertisement
Continue Reading

Top posts

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline
Abdulrasheed Bawa2 hours ago

Nigerian President Barred From Extending Old Naira Banknote Demonetization Deadline

With just a few days left before the old naira banknotes are demonetized on Feb. 10 as scheduled, a court...

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted
Legal9 hours ago

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted

Craig Wright loses U.K. case as judge rules Bitcoin file format can’t be copyrighted Mike Dalton · 7 seconds ago...

Monero [XMR]: Can bulls defend $163 support level as bears take over Monero [XMR]: Can bulls defend $163 support level as bears take over
altcoin10 hours ago

Monero [XMR]: Can bulls defend $163 support level as bears take over

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum
altcoin11 hours ago

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

GMX moves to Arbitrum, threatening Avalanche. Decreasing sentiment, declining TVL & NFT trades for Avalanche. According to the latest data...

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey
aid11 hours ago

Cryptocurrency Exchanges Offer Assistance To Earthquake-Hit Turkey

Major crypto exchanges have offered to help the people of Turkey to overcome the consequences of this week’s devastating earthquake....

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Robinhood saw crypto transaction revenue fall by 24% in Q4 2022
Bear Market12 hours ago

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022

Robinhood saw crypto transaction revenue fall by 24% in Q4 2022 Mike Dalton · 2 hours ago · 1 min...

Trust Wallet says user’s $4M hack was done via social engineering Trust Wallet says user’s $4M hack was done via social engineering
Hacks12 hours ago

Trust Wallet says user’s $4M hack was done via social engineering

Trust Wallet says user’s $4M hack was done via social engineering Oluwapelumi Adejumo · 2 hours ago · 1 min...

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains? Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?
ADA price action12 hours ago

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s...

Whale activity on the Bitcoin network makes up 50% of all transactions Whale activity on the Bitcoin network makes up 50% of all transactions
whale14 hours ago

Whale activity on the Bitcoin network makes up 50% of all transactions

Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Smaller exchanges see around $200M in Bitcoin withdrawn over past week
Analysis14 hours ago

Smaller exchanges see around $200M in Bitcoin withdrawn over past week

Smaller exchanges see around $200M in Bitcoin withdrawn over past week Oluwapelumi Adejumo · 6 hours ago · 2 min...

Cardano: Whale activity and booming ecosystem propel ADA Cardano: Whale activity and booming ecosystem propel ADA
ada15 hours ago

Cardano: Whale activity and booming ecosystem propel ADA

Whale transactions on Cardano network surge, boosting ADA. Growing Cardano ecosystem drives TVL growth and increased fees. Cardano [ADA] gained...

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery 3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery
Uncategorized15 hours ago

3AC Co-Founder Kyle Davies Fails To Respond To Liquidators’ Subpoena Despite Twitter Delivery

According to recent court filings, Kyle Davies, co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has allegedly...

SEC targets registered crypto advisors as top priority for 2023 SEC targets registered crypto advisors as top priority for 2023
Regulation15 hours ago

SEC targets registered crypto advisors as top priority for 2023

SEC targets registered crypto advisors as top priority for 2023 Liam ‘Akiba’ Wright · 7 hours ago · 2 min...

Tangem Review Tangem Review
Uncategorized15 hours ago

Tangem Review

Tangem Ratings at a Glance Product Offerings Customer Service Customer Pricing User Benefits User Experience Overall Rating Tangem wallet is...

The 5 Best Cryptos To Buy This Week For 30x Gains! The 5 Best Cryptos To Buy This Week For 30x Gains!
Cryptocurrency16 hours ago

The 5 Best Cryptos To Buy This Week For 30x Gains!

One of the main reasons behind the crypto rally we have seen in January is Fed’s report that has shown...

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner
altcoin16 hours ago

ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner

Yuga Labs’ new game boosts NFT collections and APE coin’s popularity. Increased funding for grants and growing NFT interest could...

3AC liquidators files against Kyle Davies for ignoring Subpoena order 3AC liquidators files against Kyle Davies for ignoring Subpoena order
Bankruptcy16 hours ago

3AC liquidators files against Kyle Davies for ignoring Subpoena order

3AC liquidators files against Kyle Davies for ignoring Subpoena order Christian Nwobodo · 8 hours ago · 1 min read...

Top 10 Stablecoins To Buy In 2023 Top 10 Stablecoins To Buy In 2023
Cryptocurrency17 hours ago

Top 10 Stablecoins To Buy In 2023

The article will suggest you the top 10 stablecoins to buy in the beginning of 2023 Stablecoins are becoming more...

Trending