Bitcoin managed to stabilize around $ 11,500 after facing a strong sell-off yesterday for failing to break out of the $ 12,000 zone.
Attempts to break through the $ 12,000 level of Bitcoin have repeatedly failed, signaling that buyers currently do not have the strength to push the cryptocurrency past this critical resistance, which may indicate the need for more. Another significant drop before BTC continues to rise.
Although it has risen sharply, Bitcoin is still able to return to the $ 8,000 zone
This morning, August 12, 2019, the price of Bitcoin rose slightly and traded at $ 11,428, up from yesterday’s low of $ 11,200 which was set earlier in a strong sell-off.
Importantly, in the time since the Bitcoin sell-off in the region of nearly $ 12,000, each price is close to $ 11,000, the buyer has been quickly present to take control, which clearly shows the possibility that BTC is currently. stay in the trading range of between 11,200 and 12,000 USD.
For now, most analysts are looking at the possibility of this range being broken (falling), with one analyst targeting the zone above $ 10,000.
Mitoshi Kaku – a well-known cryptocurrency analyst on Twitter – spoke of this goal in a recent tweet in which he explained BTC could return to $ 10,800 before continuing to move higher.
“Still waiting” – Analysts noted.
Before Bitcoin’s recent spike to $ 11,000, many analysts had expected Bitcoin to drop to the $ 8,000 zone before rising higher, but the cryptocurrency eventually found support at $ 9,100.
Even so, analysts are keeping their target in the $ 8,000 region, and Financial Survivalism – another popular cryptocurrency analyst on Twitter – explained in a recent tweet that the coin breakout BTC’s recent bullish direction could signal that significant losses are imminent.
While it is currently unclear whether the bulls will muster enough strength to push the cryptocurrency higher, a failure to break out above $ 12,000 at any time could lead to a drop. significant and lasting in the future.
Anonymous transactions are possible on Ethereum
Personal transactions are now available on the Ethereum network, through a settlement method created by the Tornado Cash beta project. That means users can now execute transactions without disclosing the amount of ether involved or creating a trail of their previous transactions.
The workaround makes using ether closer to using cash in terms of financial privacy, since no one can see what you’re spending your money on.
The Tornado Cash tool claims to allow users to send ether anonymously using smart contracts and privacy-focused cryptography, known as zero-knowledge proof. Such evidence has long been at the heart of the Zcash privacy coin’s foundation.
This tool works by breaking the link on the chain between where the money is deposited and where the money is sent. Basically, Tornado Cash acts as a hybrid service, a kind of intermediary, but it’s non-custodial, meaning the user holds control of the money at all points in the transaction.
According to Tornado, whenever ETH is withdrawn by a new address, there is no way to associate a withdrawal with a deposit, which guarantees complete privacy.
However, while it introduces private transactions into the Ethereum network, this whole thing is a bit daunting to worry about, let alone use.
The problem lies in the withdrawal process. To withdraw money, you must have a private address already with ether. And this is a problem, because if you just need to top up that address with the money you already have, then you define that it’s your address. And that spoils the meaning of using Tornado Cash service in the first place.
In an attempt to answer this, Tornado created a tool called a “replay” to complete the process. This means you just need to create a new Ethereum address and a zero-knowledge proof and the player does the rest. But if that is not enough, there are many recommended steps to ensure that the entire process is anonymous. In short, it’s not easy to do.
While the potential for using ether as easy as cash will be welcomed by Ethereum users, it is unlikely that Tornado will be used by non-technical minds.
Charlie Lee dismisses the FUDs accusing him of abandoning the Litecoin project
On August 10, Litecoin founder Charlie Lee mentioned the allegations that Litecoin had no other plans for next year:
There have been a lot of FUDs lately that Litecoin has no coding activities in 2019. When you look at Litecoin Github, we seem to be doing nothing in 2019. But there are really 2 reasons why this is. It’s happening again, though we’re still growing. ”
The first reason Charlie Lee says is because development work for Litecoin or updates is original is development for Bitcoin (BTC) and so only the original development dates will be shown:
Which means practically even though we launched the latest Litecoin Core in May 2019, if you look at GitHub, most of the work is done in 2018. So it looks like the developer. Litecoin development is taking a year off. ”
The second reason given is that Litecoin developers are not working on the main branch of the project on GitHub. This decision is intended to ensure that building from the main source is not affected if an operation fails. In fact, Litecoin lead developer Adrian Gallagher developed Litecoin Core version 0.18.1 on a personal arm:
“In Litecoin’s eight years of history, we have only had a handful of core developers working on Litecoin Core.”
Mark Cuban: “It makes no difference to me gold or Bitcoin”
Mark Cuban, owner of the professional basketball team Dallas Mavericks, shared that he does not like to invest in gold. At the same time, he said that the investment in gold is, basically, the same as Bitcoin.
Mr. Cuban made his point in an interview with Kitco News on August 9. He noted that Bitcoin’s limited supply is a plus for the asset’s investment value:
“Both asset classes fall under the type of cumulative investment. Its value is based on the law of supply and demand in the market. And the good news about Bitcoin is that its supply is finite. ”
However, Mr. Cuban argues that Bitcoin or gold is essentially the same. Consolidating his views on this precious metal, Mr. Cuban emphasized:
I hate gold. I really hate this kind of property. ”
The origin of the name “digital gold” for Bitcoin is unknown. However, there is a theory that the name appeared after the New York Times writer published the book “Digital Gold” in 2015. And even though it is 2019, some experts still accept. widely that Bitcoin is “digital gold”. Sonya Mann, director of communications at the Zcash Foundation, discusses this asset class in terms of a co-finite supply and the market’s supply-demand relationship.