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XRP - Are You Ready?⏱Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. 📊 After breaking below 0.55, XRP has been in the making of an Accumulation phase ranging between 0.45 and 0.55 for a couple of month. The 0.5 zone is also a strong demand and support zone from Weekly timeframe. 📈 For the bulls to take over, and start the Markup phase, we need a daily candle close above 0.55. 📉 Meanwhile, XRP would be consolidating and can still test the lower bound of the range where we will be on the lookout for short-term buy setups. 📚 Always remember to follow your trading plan regarding entry, risk management, and trade management. Good luck! And always remember: All strategies are good if managed properly! ~Rich
by TheSignalyst
28
Post-upgrade review: what’s next for Ethereum?Ethereum’s network keeps evolving When the ethereum network enabled withdrawal of staked Ether (ETH) and related rewards on 12 April 2023, several upgrades were made into the blockchain. Many investors wonder why the ‘Shanghai upgrade’ was rebranded as ‘Shapella upgrade’. This was due to the fact that software upgrades were made both on the execution layer of the blockchain (the Shanghai upgrade) and on the consensus layer of the blockchain (Capella upgrade). The execution layer is an environment where applications and smart contracts reside and where transactions within and between applications are processed. The consensus layer, on the other hand, is a place where the network rules are enforced. This layer became active with the introduction of Proof-of-Stake (PoS) consensus mechanism. The combination of these upgrades is called ‘Shapella’. It is typical for the Ethereum network that it keeps evolving and improving. In fact, Ethereum’s inventor, Vitalik Buterin, has stated that after the completion of the Merge, the network is only 50% complete. Staking yield varies On 30 May 2023, Ethereum’s annual staking yield was estimated at 5.6%1. The estimated yield varies depending on the amount of validators, the amount of transactions, whether maximum extractable value (MEV) technology is used, and how ETH is staked: via solo home staking, staking-as-a-service, via liquid staking pools or via centralised exchanges. The number of validators has increased to a total of almost 593,000 validators2. One could assume that when the validator number increases, the annual percentage yield (APY) might go down, but transaction fees and MEV technology, on the other hand, might increase the yield. MEV is about prioritising the transactions and outsourcing the block production to third parties to maximise the yield. As more use cases are being developed, and more ETH is being used, the transaction portion of the yield might increase. Number of validators keeps increasing, making the network more secure The more validators there are the more secure the network is, although there comes a point when additional validators no longer add value in terms of security but add to the cost of securing the network. In fact, Ethereum developers are planning to cap the number of validators to make sure they do not overpay for economic security and to have plenty of new ETH for staking and for collateral purposes behind decentralised stablecoins. It also appears necessary to restrict the growth of validators as some future upgrades on Ethereum, such as single slot finality, require every validator to respond in seconds. To have a million validators might make this process technically challenging3. The largest individual new validators since the unstaking event come from liquid staking providers Lido Finance (19%) and Rocketpool (4%) and centralised exchange provider Coinbase (7%). Over 50% of new validators are unidentified4. Validators wanting a full exit has dropped significantly After withdrawal of staked ETH and related rewards were allowed, the Ethereum network limited the number of full validator exits to maintain the stability and security of the network. The number of full exits was limited to seven validators per epoch, which is 6.4 minutes, meaning that a maximum of 1,575 validators could exit the network per day5. Although there was an initial flurry of exits, on 30 May 2023, just 53,028 ETH or approximately $101 million of ETH was waiting for a full exit. This number is down 6x from early May when over 350,681 ETH was waiting for a full exit from the network. The number of validators that have exited fully so far is approximately 10% and, at the moment, the number of validators waiting for a full exit is just 1,642, down from 10,920 validators in early May6. A big part of exited validators come from Kraken, and was expected, as Kraken has settled a lawsuit with the Securities and Exchange Commission in the US and promised to stop offering its staking-as-a-service product to US customers. Other large exits have come from Binance, Coinbase, and Huobi7. It also looks as though 50% of ETH waiting for withdrawal has come from Kraken8. The feared downside price pressure on ETH did not materialise and, in fact, the price of ETH has not changed much since unstaking. The price is flat since 12 April 2023, although the price has varied somewhat during this time period. ETH, however, has had a meaningful run since the beginning of 2023, and is up by more than 50% this year9. Increasing amount of staked ETH shows the attraction of staking yield for investors Since the Merge in September of last year, the amount of ETH staked has increased by 60% to a total of over 21.6 million from 13.5 million of ETH staked last September. This number includes the ETH rewards10 and is close to 16% of the total ETH in circulation. The number of validators has increased as well by 40% since the Merge last September to 593,000 from 420,000. We expect the staking ratio to increase further and to at least double in the next year or so. Increased amount of staking activity and the increasing number of validators are positive signs for the Ethereum network and show that staking yield is part of the attraction for investing in Ethereum. Slow transaction processing and high costs remain to be resolved The Shapella upgrade does not solve the problem of network congestion or high gas/transaction fees, which became a problem during the last bull market of 2021-2022. Several other layer 1 networks, such as Solana, were actively developed and promoted during this time, because Ethereum’s gas fees rose to exceedingly high levels during high demand periods. For the moment, the network’s ability to handle transactions remains limited to 15-30 transactions per second. Up until recently, to address the capacity limitation problem, the Ethereum developers have talked about implementing sharding later this year. Sharding is a term whereby the network is split into smaller ‘shards’ to increase capacity. What seems to have taken precedence recently, instead, is to work together with layer 2 networks and to increase the Ethereum’s network capacity via Proto-Danksharding. Short-term scalability is expected to be achieved via Proto-Danksharding Proto-Danksharding is a way to address the scalability problem on the Ethereum blockchain. It uses layer 2 rollups (optimistic rollups, zero-knowledge rollups) to move transactions off-chain, bundle them up, and verify them back as a single transaction on the Ethereum’s layer 1 blockchain. If there is a problem with a transaction, this transaction can be reconstructured on Ethereum’s layer 1 network. This need to post the transaction data back to the layer 1 network is expensive because data is posted on all Ethereum nodes and is expected to live on the chain forever. Proto-Danksharding aims to solve this problem by attaching data ‘blobs’ into the network temporarily. Blobs would be large portable bundles that could contain cheap transaction data. These blobs would not be accessible to Ethereum Virtual Machine’s (EVM) environment and would be automatically deleted after a fixed time period. This would enable layer 2 rollups to send transaction data back to layer 1 much more cheaply and pass these savings on to users resulting in cheaper transactions. Sources 1 Source: Ethereum 2 Source: Ethereum 3 Source: Tim Beiko & Justin Drake, Ethereum Foundation, April 2023. 4 Source: Nansen 5 Source: Ethereum 6 Source: Nansen 7 Source: Rated Network Explorer. 8 Source: Nansen 9 Source: Nansen 10 Source: Nansen
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by aneekaguptaWTE
GRT - Clean Wedge Pattern! 🏹Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. GRT has been overall bearish trading inside the red wedge pattern and it lately rejected a demand zone 0.05 🏹 For the bulls to take over, thus have a shift in momentum from bearish to bullish, we need a break above the last major high in blue. Meanwhile, until the buy is activated, GRT would be overall bearish and can still trade lower inside the demand zone . Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Long
by TheSignalyst
19
ASX Trading (by Trades)As you can see, I have temporarily modified my bio as I am trying something new. As currently offered by platforms, volume is a total value of all trades and does not provide specific information on the size or direction on particular trades. This granularity is used by banks and investment funds who keep track of competitor investments. ASX Block Trades are generally only available through the Bloomberg Terminal with an addon (extremely expensive). I have developed this tool on TradingView which uses the Volume to project potential block trades and the direction of price change to derive the underlying direction of the potential trade(s). However, I have made the effort to acquire direct access to the ASX data feed to get this data. Someday, TradingView will have the functionality to integrate my external feeds into the platform, but for now - the curreent state of the Block Transaction tool is all that is available on this platform. Regards, Grant
ASX:WHC
by GrantPeace
1
USDC hitsThe circulation of USDC has more than doubled since the original deal was announced, reaching $52.7 billion as of the above date. Jeremy Allaire, Circle’s co-founder and CEO expressed optimism about the new partnership. He was targeting a public listing through the above merger with an SPAC (special purpose acquisition company), which would augment trust and confidence in Circle. He commented: Circle has made massive strides toward transforming the global economic system through the power of digital currencies and the open internet. This is a critical milestone as we continue our mission to build a more inclusive financial ecosystem. Making this journey with Concord under our new agreement is a strategic accelerator. Initially, the plan was to conclude the new agreement on December 8, 2022 with the potential to extend to January 31, 2023. Then, the company would be listed on the New York Stock Exchange under the stock ticker symbol ‘CRCL’. The agreement was approved by the boards of directors of Circle and Concord Acquisition Corp. The latter’s executives also expressed a positive attitude toward the deal. Concord Chairman Bob Diamond said: We believe our new deal is attractive because it preserves the ability of Concord’s public stakeholders to participate in a transaction with this great company.
ULong
by Michelle8620
Key reasons for another drop in the price of the Bitcoin.No transaction fees, enabling micro-payments and micro-donations is what made Bitcoin so popular. Bitcoin is an electronic crypto-currency not tied to any financial institution, which enables you to make international transactions outside of the banking system. Some big chain of stores are thinking about accepting Bitcoins on the checkout. These are the main reasons, why the price of the Bitcoin skyrocket. As the maximum number of coins is specified, the price of the Bitcoin has to rise the more people make use of it. However, during the last months, Bitcoin transactions became very slow and all of a sudden, high transaction fees have to be paid. It is obvious that the Bitcoin network cannot handle anymore the high workload. It is even questionable whether Bitcoin can hold as the number one coin if it fails just in these important characteristics. Additionally, 78% of the computer power of the Bitcoin network is located in China. China wants to ban Bitcoin mining and verifying because of the high consumption of electric energy. Depending on the speed of realizing that plan of banning mining, this can temporarily lead to an additional bottleneck in the Bitcoin network. It is foreseeable that more and more people will elude Bitcoin and turn towards other coins. Once the number of people using Bitcoin will erode, the price of the Bitcoin will collapse. There are enough alternative coins available with transaction speed increasing the more people make use of them. Just to name such coins Ripple, Dash, Tech coin (coming soon) and Futurocoin (coming soon). Cryptocurrencies have a bright future. However, it is very unclear if Bitcoin is one of them. There are enough key reasons for another drop in the price of the Bitcoin. Up or down? The decision will be made in these days. Technical analysis. The big picture are two triangles. The major, dark triangle lets us expect an outbreak to the upside at point 5. However, there is also a minor, light-grey triangle and the price of the Bitcoin did just outbreak on its downside at point v. It will test the downside of the major triangle again. Any price below the red line at 12787 will turn the overall scenario into bearish. Should the bearish scenario be confirmed, the price might drop as far as 5568.
COINBASE:BTCUSD
by luckyhelper
Are Bitcoin Exchanges Up to the TaskWith the very recent spikes up and subsequent cliffs downward, it would be interesting to understand what underlying technologies the exchanges themselves are using because they don't seem to handle the volumes related to Cryptocurrency trading. I've read posts and heard stories where funds were either locked into a trade and serious funds were lost due to the exchange completely blowing up. Are the exchanges themselves running on a bitcoin blockchain, and could they use an upgrade to a better blockchain tech that allows for faster processing. I believe we'll start to see an evolution in exchange offerings...a war if you will, that will separately old tech with new that doesn't have the same hiccups as the current system. In the end, people just want to make a trade...whether it be for profit or a stop loss execution to save the portfolio, and don't want their money tied up. Hopefully the existing exchanges will step up and provide competitive solutions or fall by the wayside to newer, more competent operations.
BITSTAMP:XRPUSD
by thinzman
Analyze financial data and develop financial modelsFinancial Toolbox™ provides functions for mathematical modeling and statistical analysis of financial data. You can optimize portfolios of financial instruments, optionally taking into account turnover and transaction costs. The toolbox enables you to estimate risk, analyze interest rate levels, price equity and interest rate derivatives, and measure investment performance. Time series analysis functions and an app let you perform transformations or regressions with missing data and convert between different trading calendars and day-count conventions.
TVC:USOILLong
by giacomo.gigliarelli