Through a video posted on Reddit, it is now clear that Reddit’s blockchain-based points system will be launched on Ethereum’s blockchain. A review and analysis of DeFi protocols and performance in Q1 2020 by Alethio Analytics. Stay updated with the latest and leading Ethereum news sources from all around the globe on our Ethereum news section. Bitcoin Open: $6,873.74 Current Price: $6,900.87 BTC/USD has a lack of healthy support levels on the downside. On the upside, there are two strong re While it’s a bullish start to the day, failure to break through to key levels could lead to a reversal…
Through a video posted on Reddit, it is now clear that Reddit’s blockchain-based points system will be launched on Ethereum’s blockchain. It is a huge boost to the Ethereum community at a time when it’s looking forward to implementing Eth 2.0. In the video, the Redditor recorded the phone screen detailing more of the project.
The video captured the FAQ section of the wallet features, which had pages on distribution, wallet, backup, and also recovery.
Ethereum has been embraced in the dapps community and also in smart contracts blockchain despite challenges in the system. Ethereum has been experiencing challenges associated with high transaction fees, and also poor scalability.
The move by Reddit is stamping on the fact that Ethereum is a huge space that can’t be ignored. Despite the drop of the market price on Friday, April 10, the coin is enjoying fundamentals which may see it skyrocket.
According to CNN Money, the crypto market recorded a ’15’ in its fear & panic index, which is considered extreme fear. This highlights how speculative trading largely dominates the crypto market. To put in perspective, the traditional stock market scored a ’43’, which is considered a fear, owning to the recent coronavirus stimulus package.
Although the report isn’t yet proved, it highlights how Reddit might be piloting blockchain system and crypto-assets. Some of the interesting features include the ability for Reddit users to collect points. Each user will have a personal blockchain address to receive the coins.
In a section referred to as ‘Tipping and Transfers’, it shows that users can transfer their coins to other Reddit users. However, it is not clear whether the coins are transferable out of the Reddit system.
Reddit has been at the forefront in pushing for crypto adoption since the inception of Bitcoin. One of the forums where cryptos are discussed, r/Bitcoin, has over 1.4 million followers, besides another by the name, r/Cryptocurrency commands a figure approaching 1 million.
The video attracted a mixed reaction on the comment section, where some followers asked where they could redeem their points for a cup of coffee. Others worry if one has been previously banned from the Reddit community, whether they are still eligible for the coins.
All said and done, if implemented, the launch will be a big win for the Ethereum community.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
Author: Steve Muchoki
The Q1 2020 Ethereum DeFi Report
Two events defined decentralized finance in Q1 2020: the zenith of ETH & USD locked in DeFi and March 12 “Black Thursday.”
The Event: In Q1, the Ethereum DeFi community celebrated two milestones. First, on February 6, the total USD value of ETH & ERC-20 tokens locked in DeFi smart contracts surpassed $1 billion. The second milestone occurred on January 30, when the most ETH ever was locked in DeFi smart contracts: 3,178,695 million ETH.
The Importance: Even though ETH locked and USD value locked both declined notably after their heights until the end of the quarter, those metrics were only set back to their late-2019 levels, suggesting that overall the DeFi ecosystem has passed a threshold of resiliency and will be back on its upward trend shortly.
The Event: On Thursday, March 12, crypto markets dropped nearly 40% – a market crash that coincided with a global and precipitous stock market decline. On March 12 and March 13, activity across Ethereum spiked, with many decentralized exchanges experiencing their most active days in history.
The Importance: Much of blockchain rhetoric positions the technology as a safe haven from the presumed mismanagement of traditional finance by major banks, corporations, and governments. Crypto, in its ideal form to many in the space, would not be correlated with the stock market, and would rather provide people with a more secure set of assets in which to store and invest wealth. Black Thursday revealed rather severely that, at least for the time being, those in the crypto space must acknowledge and begin to address a correlation with traditional markets.
The remainder of the Alethio Q1 2020 Defi Report includes further analysis into the two events, as well as further review of specific protocols, DeFi user behavior, DEX performance, and more.
Author: by ConsenSys
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BTC/USD has a lack of healthy support levels on the downside. On the upside, there are two strong resistance levels at $7,000 and $7,200. The former has the one-week Fibonacci 61.8% retracement level, one-day SMA 10 and 15-min SMA 100. In comparison, the $7,200-level has the one-week Fibonacci 61.8% retracement level, one-day Pivot Point resistance-one and 4-hour Bollinger Band middle curve.
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EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 11/04/20
EOS tumbled by 8.69% on Friday. Following on from a 0.49% decline on Thursday, EOS ended the day at $2.4933.
A bullish start to the day saw EOS rise to an early morning intraday high $2.7440 before hitting reverse.
Falling short of the first major resistance level at $2.7676, EOS slid to a late afternoon intraday low $2.4157.
EOS fell through the major support levels of the day before finding support. While briefly moving back through to $2.50 levels, EOS failed to break back through the third major support level at $2.5555.
At the time of writing, EOS was up by 1.24% to $2.5242. A bullish start to the day saw EOS rise from an early morning low $2.4879 to a high $2.5273.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.55 levels to support a run at the first major resistance level at $2.6863.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.5273.
Barring an extended crypto rally, resistance at $2.50 would likely leave EOS short of the first major resistance level at $2.6863.
Failure to move through to $2.55 levels could see EOS hit reverse once more.
A fall back through the morning low $2.4879 would bring the first major support level at $2.3580 into play.
Barring another crypto meltdown, however, EOS should steer clear of the second major support level at $2.2227.
Major Support Level: $2.3580
Major Resistance Level: $2.6863
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum slid by 6.84% on Friday. Following on from a 2.12% fall on Thursday, Ethereum ended the day at $158.10.
Tracking the broader market, Ethereum rose to an early morning intraday high $170.39 before hitting reverse.
Falling short of the first major resistance level at $173.76, Ethereum slid to a late afternoon intraday low $152.30.
Ethereum fell through the day’s major support levels before support kicked in late in the day.
A partial recovery saw Ethereum break back through the third major support level at $153.08 to visit $160 before easing back.
At the time of writing, Ethereum was up by 0.92% to $159.56. A bullish start to the day saw Ethereum rise from an early morning low $158.02 to a high $160.73.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move back through to $160 levels to support a run at the first major resistance level at $168.23.
Support from the broader market would be needed, however, for Ethereum to breakout from the morning high $160.73.
Barring an extended crypto rally, resistance at $165 would likely leave Ethereum short of the first major resistance level.
Failure to move back through to $160 levels could see Ethereum struggle later in the day.
A fall through to sub-$158 levels would bring the first major support level at $150.14 into play.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$150 support levels.
Major Support Level: $150.14
Major Resistance Level: $168.23
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP slid by 5.73% on Friday. Following on from a 1.83% fall on Thursday, Ripple’s XRP ended the day at $0.18798.
A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.19899 before hitting reverse.
Falling short of the first major resistance level at $0.2026, Ripple’s XRP slid to a late afternoon intraday low $0.18186.
Ripple’s XRP fell through the first major support level at $0.1940 and the second major support level at $0.1895.
Finding late support, Ripple’s XRP briefly broke back through the second major support level before falling back to sub-$0.19 levels.
At the time of writing, Ripple’s XRP was up by 1.43% to $0.19067. A bullish start to the day saw Ripple’s XRP rise from an early morning low $0.18776 to a high $0.19120.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to avoid sub-$0.19 levels to support a run at the first major resistance level at $0.1974.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.19120.
Barring an extended crypto rally, the first major resistance level at $0.1974 would likely limit any upside on the day.
In the event of a breakout, the second major resistance level at $0.2067 would likely come into play.
Failure to avoid sub-$0.19 levels could see Ripple’s XRP hit reverse.
A fall through the morning low $0.18776 levels would bring the first major support level at $0.1802 into play.
Barring another crypto meltdown, however, Ripple’s XRP should steer clear of sub-$0.18 levels.
Major Support Level: $0.1802
Major Resistance Level: $0.1974
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
This article was originally posted on FX Empire
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