Vasil Fork Proposal for Cardano Unveiled

Audy Castañeda
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Vasil Fork Proposal for Cardano Unveiled

Starting July 3, the four-week window for app developers and exchanges to test the next Cardano update before it is released to the mainnet begins.

Cardano (ADA) Blockchain developer Input Output Hong Kong (IOHK) has submitted an upgrade proposal to fork the Cardano testnet, kicking off the countdown to the Vasil mainnet upgrade.

The Vasil upgrade will bring “significant performance and capacity improvements” to the Blockchain. IOHK describes the fork as the “biggest and best update to date”, which will provide higher performance, better script performance for developers, and lower costs.

Significant Updates

 One of the most significant updates noted by the team is the implementation of the broadcast pipeline, which aims to improve the scalability of Blockchains for decentralized applications (DApps).

The update will allow faster block creation, as they can be transmitted without full validation.

If all goes well, the testnet update will take place on July 3, and the mainnet update is scheduled for around the end of July. The Cardano community has requested a minimum of four weeks to allow time to test and update applications on the testnet, and IOHK says that the hard fork for the mainnet will take place “once everyone is comfortable and ready.”

The Cardano mainnet upgrade was previously due to take place on June 29 but was pushed back a month on June 22 citing several pending bugs. IOHK has called the project the “most complex work program we have ever undertaken.”

A Few Concerns

IOHK’s “primary concern” is to ensure that the update is handled in a “secure” manner. He reports that the Vasil node is creating over 75% of the testnet blocks and believes that there is “good chain density to proceed safely.”

The last significant update to the Blockchain came in September 2021 with the Alonzo hard fork, which first introduced the long-awaited functionality of smart contracts by using Plutus scripts, a smart contract development language built especially for Cardano.

The update was widely considered a disappointment, as Cardano still only has 11 DApps according to DeFi Llama. Cardano co-founder Charles Hoskinson previously predicted that there would be “thousands of DApps” on Cardano by 2021 and believes that developers are waiting for the Vasil update to launch their projects.

About Vasil

The Vasil node is named in honor of Vasil Stoyanov Dabov, an artist and Cardano community member and ambassador who passed away in December 2021 after a diagnosis of pulmonary embolism.

Cardano is a Proof-of-Stake (PoS) blockchain and is promoted as a so-called “Ethereum Killer”, which aims to outperform Ethereum (ETH) by providing better scalability, transactions per second, and lower fees.

Currently, its native coin ADA ranks eighth with a market capitalization of $15.7 billion at a price of about $0.45, down 85% from its all-time high of over $3 in September 2021, according to data from CoinGecko.

ADA has a history of plunging hard after its hard forks in a sell-the-news fashion.

Cardano could be set up to resume its downtrend after Vasil goes live in July, which would fall in line with the bear trend observed these past weeks.

By Audy Castaneda

The Analysis of TRON Confirms a Bullish Trend in the Short Term

Alexander Salazar
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The Analysis of TRON Confirms a Bullish Trend in the Short Term

Despite dropping after reaching USD 0.0694, the Stochastic RSI confirms it should continue rising after traders take profits. The trend will be bullish over the next few days as the TRON bulls remain in the support zone of around 0.786%.

TRON (TRX) is a widely used cryptocurrency as its fees are lower than for Ethereum or other networks. That has prevented its acceptance and use in its community from decreasing despite the drops in the market.

That brings stability to the prices of TRX amid the recent declines, besides benefiting investors. The TRON bulls and the community are the primary drivers of its upward trend.

TRX is trading at around USD 0.0636 and has accumulated a 3% loss over the last 24 hours. While its daily trading volume is above USD 668.92 million, its market capitalization is about USD 5.88 billion. It occupies 13th place in the cryptocurrency ranking, according to CoinGecko.

The TRON Bulls and Its Community Cause an Imminent Rise

The US Federal Reserve (Fed) has moved the markets to the downside with its changes in monetary policies. However, the price of TRX has benefited much from the recovery of Bitcoin (BTC) over the last few days.

Besides, the community has played a crucial role in the recovery of TRON from its recent lows. Although the TVL in DeFi fell considerably, the number of transactions has grown again, along with stock volume and bullish sentiment.

The community feared the stablecoin TRX would suffer a crash and lose parity with the US dollar, leading the founder of TRON to modify USDD. He also plans to add a USD 10 billion backstop to defend its peg and prevent a LUNA-like collapse.

The Technical Analysis of the TRON Price on 4-Hour Charts

The TRX/USDT 4-hour charts indicate that a bullish channel is in the making. After reaching the resistance at USD 0.0694, the price has dropped momentarily.

The Stochastic RSI confirms that the rise in the price should continue after traders take profits, as it is in oversold territory.

In addition, the Japanese candlesticks are in the central area of ​​the ENV channels. There might be a trend reversal if they crossed below the ENVs. However, that is not the case, and the TRON bulls are driving prices to the next resistance.

If the investors tested this level, there would be a step to around USD 0.0746.

Despite the various bullish signals, the MACD differs from the other technical indicators, as it has crossed its moving averages to the downside.

The Weekly Analysis of the Price of TRON

The weekly technical analysis indicates that the trend will be bullish over the next few days. The Fibonacci retracement warns that the TRON bulls remain in the support zone around 0.786%, while the Stochastic RSI is at oversold levels.

Since the medium-term rally could lead to resistance at USD 0.103, this would be the best time to buy TRON. In addition, the MACD will close higher this week, confirming the bullish continuity if TRX closes to the upside.

By Alexander Salazar

British Virgin Islands Court Demands the Liquidation of Three Arrows Capital

Jenson Nunez
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British Virgin Islands Court Demands the Liquidation of Three Arrows Capital

Data from various media outlets state that a court in the Virgin Islands demands the liquidation of crypto hedge fund Three Arrows Capital. The situation is difficult for the crypto hedge fund Three Arrows Capital.

Now, a court in the British Virgin Islands has ordered the liquidation of Singapore-based Three Arrows Capital, 3AC, underscoring the crisis gripping the digital asset sector. The information initially came from the Sky News media, which said it came from a party linked to the matter and got repeated by other media in English. None have confirmed directly with 3AC spokespersons.

It is worth considering that the bad things about this entity had already been happening. On Monday, June 27, the cryptocurrency platform Voyager Digital, a digital asset broker offering up to 12% returns, filed the breach notice. According to the report, Voyager sent the notice to Three Arrows Capital for a debt of 15,250 bitcoins and $350 million USDC.

The Crisis Gets Even Worse

Sky News noted that partners at Teneo Restructuring company in the British Virgin Islands joined efforts to deal with the insolvency of the Singapore-based firm, which was set up in 2012 by Su Zhu and Kyle Davies.

Some experts highlighted today that the liquidation would suppose a relevant moment in the current collapse of the digital asset sector, which has grown increasingly fast in recent years.

The situation regarding immediate financial implications for Three Arrows’ creditors remains unclear. However, the entity’s demise would probably raise further questions about the regulatory oversight that digital assets and other currencies face in the most prominent financial centers worldwide.

During an interview with the Wall Street Journal, Davies said he was committed to finding an equitable solution for all the constituents.

He expressed that Three Arrows was looking for alternatives such as asset sales or a bailout by another entity. It was unclear whether such proposals keep happening today or whether some form of sale of Three Arrows’ assets by its liquidators persisted.

Three Arrows Capital became one of the most prominent digital assets hedge funds. However, it got damaged by the sudden Crashdown of the Terra blockchain. Then, when the comprehensive crypto market crumbled, this fall generated a lot of struggles for the fund, and they did not comply with margin calls.

It was not long before cryptocurrency exchanges FTX, Deribit, and BitMEX liquidated Three Arrows Capital’s positions.

On June 14, Su Zhu tweeted that they were in the process of communicating with substantial parties, and they were fully committed to resolving this situation. After that, he had not tweeted about the matter again.

By: Jenson Nuñez

Grayscale Takes Legal Action Following Rejection of Its Bitcoin Spot ETF

Audy Castañeda
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Grayscale Takes Legal Action Following Rejection of Its Bitcoin Spot ETF

A similar decision was also made on Wednesday in relation to Bitwise’s exchange-traded product (ETP), citing the same reasons.

Grayscale has announced a legal challenge against the recent rejection of its application to convert its Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot exchange-traded fund (ETF) by the US Securities and Exchange Commission.

It announced that the chief legal strategist, former United States Attorney General, and partner at Munger, Tolles & Olson, Donald B. Verrilli, Jr., had filed a petition for review with the United States Court of Appeals for the District Circuit of Columbia.

The Petition

According to a June 29 statement from the securities regulator, the request was disapproved “to protect investors and the public interest” because the proposal failed to demonstrate how it is “designed to prevent fraudulent and manipulative acts and practices.”

A similar decision was also made in relation to Bitwise’s exchange-traded product (ETP) on Wednesday, citing the same reasons.

Grayscale Investments, which has $12.92 billion in assets under management in its GBTC, had been awaiting an SEC decision to convert its flagship Bitcoin trust into a spot ETF since filing with the regulator on Oct. 19, 2021. Such a decision comes a week before the July 6 deadline.

It is worth noting that earlier this month, Commissioner of the United States Securities and Exchange Commission (SEC), Hester Peirce, sometimes known as “Crypto Mom” ​​for her fervent support of the sector, participated at a conference organized by the Federalist Society, of conservative and libertarian tendency, entitled “Regulation of the new cryptoecosystem: Necessary regulation or paralysis of future innovation?”

Her lengthy speech – more than 4,000 words in the prepared version, which was extemporaneously enlarged as he delivered it – contains some of the most forceful criticism of SEC policy he has delivered to date.

Earlier this month, Grayscale announced that it had hired a former United States Attorney General, Donald B. Verrilli Jr., in preparation for a possible legal dispute with the SEC over his application if it were denied.

Other attorneys on the Grayscale legal team include Davis Polk & Wardwell LLP and their in-house counsel, including Craig Salm, who is currently General Counsel.

In March, Grayscale CEO Michael Sonnenshein told Bloomberg that his company would consider filing an Administrative Procedure Act (APA) lawsuit, if the financial regulator rejected its Bitcoin Spot ETF.

Expectations and Announcements

On Wednesday, James Seyffart, an ETF analyst at Bloomberg Intelligence told his 19,400 Twitter followers that the SEC decision on both ETFs came earlier than he thought, but were both expected.

On Twitter, Seyffart posted that, “Certainly earlier than I expected but the decision was as expected. BOTH @Grayscale’s $GBTC and @BitwiseInvest’s spot #Bitcoin ETF were “Disapproved” by the SEC today.”

He added that, “We’re coming up on a couple big spot #Bitcoin ETF decisions from the SEC. @BitwiseInvest is due by July 1st and @Grayscale’s $GBTC conversion is due July 6th. Unfortunately, we expect *denials* on both. I think it’s possible we get both decision letters this Friday 1/x.”

By Audy Castaneda

Bitcoin Price Clings to $20,000 as Analysts Warn of a Turbulent Road Ahead

Audy Castañeda
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Bitcoin Price Clings to $20,000 as Analysts Warn of a Turbulent Road Ahead

BTC price briefly dipped below $20,000 and traders are warning that this important support level could end up unraveling after enduring a growing number of pullbacks.

Cryptocurrency bull traders who expected the market to be on a bullish path received a dose of reality on June 29, as the price of Bitcoin (BTC) fell back below $20,000 during the day.

Data from Cointelegraph Markets Pro and TradingView shows that the major cryptocurrency came under pressure in the early hours of trading on June 29, with bears managing to sink BTC to a daily low of $19,857 before the price broke back above the $20,000 mark.

Here is a brief summary of what, according to various analysts, lies ahead for Bitcoin as it struggles to gain momentum and break out of the current price range.

A Hectic Market is on the Way

A word of warning for traders looking to enter the market at these levels was offered by analyst and pseudonymous Twitter user IncomeSharks, who posted a chart showing a possible path BTC could take in the coming months.

The analyst said that, “More people end up losing money in the turbulent zones than in the big dips. I’m bullish in the medium term for many reasons. This summer is all about swing trading and accumulation. I’ll avoid the risks/sell mostly late Nov/Dec.”

The possibility of a stronger pullback was also flagged by Twitter user Altcoin Sherpa, who posted a chart citing the importance of the $20,000 level.

The trader stated that, “Around $20,000 is going to be a pretty big area on the shorter time frames; we lose that area and see a move to the lows of the range around $17,000 again in my opinion. If this area is bottom line, I expect to see the $17,000-18,000 again to be honest.”

Price May Go Back to USD 16,400

According to Rekt Capital, the recent price action is a reflection of other bear markets and could provide some clues as to where the bottom will be.

During the week of June 20, Bitcoin saw buying volume similar to what it experienced during the bottom of the 2018 bear market, near the 200-week MA.

The analyst said that, “During the formation of the 2018 bottom, however, that buying volume preceded an extra -20% downside. If BTC were to drop -20% sooner, the price would hit ~$16,400.”

Consolidation Leads to Accumulation

A more positive outlook was offered by Twitter user Miles J Creative, who posted a chart supporting the thesis that “a bullish phase is coming”.

The analyst said that, “In Bitcoin’s history it has only had the current accumulation structure when exiting, not entering, bear markets. Maybe this time it will be different, but the accumulation is saying that a bull phase is coming.”

The total cryptocurrency market capitalization currently stands at $897 billion and the dominance ratio of Bitcoin is 42.7%.

 By Audy Castaneda

Although Javier Milei Denies that CoinX Is a Scam, Users are Still Waiting for their Money

Alexander Salazar
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Although Javier Milei Denies that CoinX Is a Scam, Users are Still Waiting for their Money

Javier Milei states that the investment platform CoinX was a genuine and not fraudulent business. People on social networks say they are still waiting for money the company owes them.

Argentine congressman Javier Milei recently defended the opinions he gave in December about the company CoinX. He said they offered investments with high returns in US dollars (between 5% and 8% monthly).

Milei pointed out that the people from CoinX asked for his professional opinion after seeing how the business worked. He said they invested in securities in US dollars (USD and paid much higher rates in pesos (ARS) than in the centralized market.

He added that this part of the business allowed them to invest in the crypto farms they had in the south. In addition, he highlighted that they mined cryptocurrencies, which allowed them to generate a plus fund to have more money.

That was not the business model they showed the public before receiving a termination resolution from the National Securities Commission. The team led by Juan Manuel Malaspina claimed to operate in stock and cryptocurrency markets with money from users.

Javier Milei said he left CoinX because the company did not make some changes, like not guaranteeing a certain percentage of returns. However, the Argentine congressman never removed his sponsored Instagram post or publicly retracted his support.

Javier Milei Considers that CoinXDid Not Scam Anyone

The congressman explained that CoinX did not close the business for scamming people, saying they were returning the money. He believes that the drop in the price of Bitcoin (BTC) and the immovable exchange rate led to their cessation.

People demanding responses on the CoinX Instagram account indicate that not everyone has received their initial investment back. A woman recently wrote that she has been waiting for over a month but has not received any answer.

CoinX has received e-mails requesting how many people have received their money back and how many have not. Until the time of publication of this article, the company did not provide answers.

Milei Surprises World Financial Experts with His Statements

The statements by the Argentine official did not go unnoticed by world finance connoisseurs. For example, Carlos Maslatón, who was in the campaign leading him to Congress, said he could not believe it.

The Argentine lawyer criticized Javier Milei for defending CoinX, referring to it as a Ponzi scheme. He added that the congressman should not have believed it was a real investment with a chance of winning.

Franco Amati, a co-founder of the NGO Bitcoin Argentina, expressed his surprise at Milei denying that CoinX was a scam. Besides, the bitcoiner also considers that this company promoted a Ponzi scheme.

Despite the above statements, it is necessary to clarify that there is no legal filing of individuals claiming harm by the company. Beyond the termination notice by the National Securities (CNV), no judicial resolution has determined that the actions by the company violated current laws.

By Alexander Salazar

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