Daily CRYPTO NEWS recap📈🔥- 17.06.2024
•Upcoming Ethereum upgrade - PECTRA, what are the risks?
The Ethereum Prague-Electra (Pectra) upgrade is expected to enable normal crypto wallets to function like smart contracts, increase the amount of minimal $ETH required to be a validator from 32 to 2048 tokens, and improve the security of Ethereum Virtual Machines (EVMs). While these changes are generally beneficial, they come with certain risks. The new staking requirements may expose staked assets to downtime or slashing risks and could potentially decrease decentralization.
•Stablecoins expected to help the USA compete with China
US dollar-backed stablecoins (like $USDC ) are considered one of the solutions to the impending but avoidable debt crisis. “There would be an immediate, durable increase in demand for U.S. debt, which would reduce the risk of a failed debt auction and an attendant crisis,” said Ryan, who now serves as a policy council member at cryptocurrency-focused venture capital firm Paradigm. This demand could significantly strengthen the US dollar and restore its dominance in the international market.
•Why watching $BTC whales is useless?
Tracking the wallets of whales (holders with significant amounts of cryptocurrency) is a popular trading tactic to analyze market sentiment and trends. While whales can influence the market, their movements can be interpreted in various ways, so the data never provides a definitive indication. For example, if a massive holder becomes active, some traders might see this as a reason for a pullback, assuming the whale intends to sell their holdings. However, it could also mean that the whale wants to buy even more tokens, and this assumption is equally uncertain. That means opening "short" or "long" trades is like a gambling...
Stay tuned for more updates from MarMag! New posts coming soon :))
