Monat: September 2022

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Cardano prepares for a breakout as the date for hard fork confirmed

  • Cardano is set for the Vasil hard fork on September 22

  • ADA has surged by more than 12% in the past one week

  • The token faces immediate resistance, but the hard fork is a major bull trigger

Cardano ADA/USD blockchain will undergo the long-awaited hard fork upgrade on September 22. A tweet by the development team on September 2 pointed out that testing all core components was successful. The Vasil upgrade will grow Cardano’s network capacity and reduce transaction costs.

Cardano hard fork comes after several delays, which developers attributed to software bugs. With these issues now ironed out, investors could be looking at Vasil as a critical event. That would be bullish for the native token, which has largely been dented by the market sentiment.

Cardano faces immediate resistance at $0.5 amid weekly gains.

Source – TradingView

From a technical perspective, Cardano is bullish after settling at the $0.44 support. The token has turned bullish ahead of the Vasil upgrade. However, market sentiment remains subdued, adding some breaks to ADA. 

$0.5 is the level to watch as ADA turns bullish. The MACD indicator has turned bullish in line with the price surge. Already, the level of activity on Cardano is rising ahead of the hard fork. In August, the number of on-chain transactions on the network rose 4.49% to 49.1 million. It suggests that investors are finding Cardano attractive, a milestone that will boost ADA price.

Concluding thoughts

Cardano is witnessing a surge in activity ahead of the Vasil upgrade. The upgrade, expected on September 22, is a potential price trigger. ADA price could face resistance at $0.5 even as the overall crypto sentiment remains weak. Investors can buy after a breakout or take advantage of a potential retracement. ADA is a hold for investors looking to lock value.

The post Cardano prepares for a breakout as the date for hard fork confirmed appeared first on CoinJournal.

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FTX to halt blockchain transfers of secondary chains for ETH as Merge approaches

Cryptocurrency exchange FTX has announced that it shall temporarily freeze trading Ether (ETH) on several blockchains as the Ethereum Merge nears.

The halt will last until The Merge is completed as a way of taking extra precautionary measures to safeguard investors’ funds during the Ethereum upgrade.

After the Merge, Ethereum blockchain will gradually switch from a Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) consensus mechanism.

FTX said:

“As the ETH merge approaches, FTX will temporarily disable blockchain transfers of secondary chains for ETH to make sure that settlement is clean; the main chain ETH will stay active for longer.”

FTX’s move comes despite Ethereum developers’ assurance that the Terminal Total Difficulty (TTD) is what will allow the Merge to switch to PoS with no downtime. TTD will enable the transition based on the total mining power that will go into generating the new chain.

The Merge will not lower gas prices

Depsite switching from PoW, which is considered more costly, to PoS, which is considered to be cheaper, the Ethereum Foundation has stated that the Merge will not result to a reduction of gas prices.

An announcement from Ethereum Foundation reads:

“Gas fees are a product of network demand relative to the network’s capacity. The Merge deprecates the use of Proof-of-Work, transitioning to Proof-of-Stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughout.”

The post FTX to halt blockchain transfers of secondary chains for ETH as Merge approaches appeared first on CoinJournal.