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Bitcoin Holds $30K Support as Week Begins
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[QUOTE="wuant8anhh, post: 316106, member: 100215"] Good morning. Here are the key updates: Bitcoin ETF Takes Center Stage The market is primarily focused on the possibility of a bitcoin exchange-traded fund (ETF), although opinions on its impact vary within the industry. BlackRock CEO Larry Fink's recent endorsement of bitcoin has sparked debate among analysts and industry professionals. While some worry that mainstream adoption may compromise the decentralized nature of bitcoin, the market seems largely unconcerned about this issue. [MEDIA=twitter]1678225471539134469[/MEDIA] Bitcoin Maintains $30K Support Level Bitcoin continues to defend the $30K support level, starting the week at $30,171 in Asian trading. Ether also remains above $1800, trading at $1,863. Despite news of the Securities and Exchange Commission (SEC) questioning the adequacy of ETF filings, the market remains optimistic, especially with BlackRock refiling its application. Market analysts believe that sustained trading above $30K could lead to further upward movement, while $27K acts as a robust support level for now. Inflation and Jobless Claims Awaited This week, the market will closely monitor inflation figures and jobless claims, which will influence the Federal Reserve's decisions on interest rates. Crypto markets are expected to respond accordingly. Insights dYdX Foundation CEO Discusses Shift to Proprietary Blockchain Charles d'Haussy, CEO of the dYdX Foundation, explained the platform's move from Ethereum to its own blockchain, Cosmos, citing the need for tech sovereignty and control over the entire tech stack. Having its own blockchain enables dYdX to execute faster and avoid dependencies on Ethereum's roadmap. While dYdX faces challenges during this transition, investors remain cautious, as reflected in a 6% decrease in its token price compared to a 1.3% increase in the price of ether. A Broader Trend in Specialized Blockchains dYdX's shift to its own blockchain aligns with a broader trend among major crypto applications that are optimizing for specific uses, making general-purpose blockchains less suitable. D'Haussy predicts an increase in application chains and interconnectivity between blockchains, as platforms evolve to become more specialized. However, dYdX emphasizes its commitment to decentralization and remains adaptable and open to blockchain advancements. Focus on Diversity of Validators To ensure decentralized security, dYdX aims to have a diverse range of validators in terms of geography, service providers, and infrastructure. D'Haussy anticipates a rise in domestic validators due to regional regulatory uncertainties, as regulations may require financial institutions to use local nodes to fall under local regulators' oversight. Regulated crypto derivatives trading may flourish in regions with clear regulatory frameworks. [/QUOTE]
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Bitcoin Holds $30K Support as Week Begins
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