The 0th phase of Ethereum 2.0 is launched, and the market is shocked

Ethereum

Ethereum

Ethereum 2.0 is a key network upgrade of the Ethereum blockchain that improves its scalability and transaction capabilities. Before the upgrade, Ethereum was able to process about 15 transactions per second. After the upgrade, it will be able to scale to thousands of transactions per second.

In the long run, TPS will be higher after the launch of sharding. The 2.0 upgrade will greatly improve the scalability of decentralized applications, optimize user experience, and make decentralized finance more sustainable.

In fact, yesterday's high and fall can be regarded as the usual routine of the main force-short-term good landing shipments, clearing up long leverage. When the news of the Ethereum 2.0 upgrade was confirmed at the end of November, the price of Ethereum also plummeted from a high of $620 to around $500.

After the release of the beacon chain, the medium and long-term development of Ethereum is quite optimistic, which may boost positive market sentiment.

Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, described Ethereum 2.0 and PoS as a landmark upgrade.

He noted, "The launch of the Beacon Chain is characteristic of the emerging open source ethos. Now, more than 27,000 validators from around the world are participating in the new consensus model. The implementation of PoS is a major upgrade to the cryptoeconomic incentives that have made Ethereum Square becomes an automated, objective trust foundation. Together, we are working to build the largest decentralized network."

V God tweeted in the morning that the roadmap released in March this year needs some fine-tuning. A large part of the plan has been completed, but there are still many problems to be resolved. It can be said that Ethereum is indeed one of the few teams that has been working.

bitcoin

bitcoin

On October 13, 2017, Larry Fink, CEO of American investment giant BlackRock, once called Bitcoin a "money laundering index." Now, three years later, his attitude towards Bitcoin has changed dramatically. On December 2, Larry Fink said in a conversation with Mark Carney, the former governor of the Bank of England, that although Bitcoin did not attract his own attention, it attracted the attention of Wall Street. Bitcoin may develop into a global market asset.

Prior to this, Rick Rieder, chief information officer of BlackRock's fixed income division, also spoke about Bitcoin on CNBC's Squawk Box show, noting that "bitcoin is here to stay." Rieder credits bitcoin's high acceptance among millennials as one of the reasons it has gained momentum on the world stage, noting that bitcoin's durability stems from the fact that it is much easier to move than gold bars.

You may understand why Bitcoin has been continuously bought by institutions even though it has risen to a price that is prohibitive for retail investors. You may understand by comparing the data - 1% of BlackRock's assets under management is as high as 74 billion US dollars, which is equivalent to 50% of the market value of Bitcoin. one-third. Compared with the size of traditional assets, the market value of Bitcoin is still very small.

Separately, New York Digital Investment Group (NYDIG) has raised $150 million for two new funds investing in cryptocurrencies. NYDIG Digital Asset Fund I raised $50 million from institutional investors, while NYDIG Digital Asset Fund II raised $100 million, according to two SEC filings. Fund I is fully invested in Bitcoin, sources familiar with the matter confirmed, saying it is NYDIG’s latest offering targeting its growing BTC institutional clientele. It is unclear whether Fund II also only invests in bitcoin.

Finally, look at the data on the chain.

From the Bitcoin inflow data of various exchanges, it can be seen that the number of inflows into exchanges has increased significantly recently. When Bitcoin hit historical highs twice, the market was divided, and some large investors chose to take profits at historical highs.

The hourly chart of unspent Bitcoin above $13,000 shows massive accumulation since early November. Therefore, it is logical for some funds to sell near the record high. At the same time, the participation of institutions has also reduced the volatility of Bitcoin. Despite the short-term correction, Bitcoin, which has broken new highs, will eventually win the resistance level of $20,000 after repeated shocks.