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Ethereum Holders At All-Time Highs Despite Signs of Price Slump

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The smarts contracts giant continues consolidating within a descending parallel channel that began developing at the beginning of the month. Since then, each time Ethereum rises to the upper boundary of the channel, it pulls down to hit the lower boundary, and from this point, it bounces back up again.

The recent bearish impulse that Ether went through allowed it to reach the bottom of the channel, which prevented it from a steeper decline like it has done it over the past months. If this support level continues to hold, it is reasonable to expect a rebound towards the middle or the upper boundary of the channel.

Ethereum US dollar price chart

Ethereum Consolidates Within Parallel Channel. (Source: TradingView)

Such an optimistic outlook is consistent with most recent network activity, which suggests that a significant number of market participants want a piece of Ethereum

Ethereum’s Network Activity Explodes

The number of Ethereum holders recently reached a new all-time high as speculation around ETH 2.0 mounts. Data from Glassnode reveals that Ether addresses with non-zero balance reached a new record of nearly 42.4 million addresses.

Number of Ethereum Holders

Ethereum Holders Surge to New Highs. (Source: Glassnode)

The rising number of Ethereum holders appears to be fueled by the buying spree that miners have gone through. Indeed, the mining pools behind the second-largest cryptocurrency by market cap have collectively increased their balance by 21,000 ETH throughout the 20 days alone.

Spencer Noon, the head of DTC capital, maintains that the increasing buying pressure from miners  comes “after a string of short-term miner selloffs in late May and early June following ETH’s rise above $220.” Now, they seem confident that the current price levels could present sizable opportunities to profit.

“The prolonged periods of miner accumulation can indicate fairly high confidence levels among ETH mining pools in relation to the asset’s short-term performance. As such, it’s particularly notable that the Ethereum miners have decided to sit on their block rewards for almost the entire month of June,” said Noon.

Miners Are Accumulating Ethereum. (Source: Santiment)

Weak Support Underneath

Despite the high levels of interest surrounding Ethereum, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals it sits on top of a weak support level. Roughly 1 million addresses had previously bought 1.6 million ETH between $215 and $221. If this supply barrier fails to hold, Ether could fall to $200 since there is not any significant barrier in-between.

The $200 support level, however, may serve as strong support since 1.24 million addresses had previously purchased 9.6 million ETH. Holders within this price range would likely try to remain profitable in their long positions and may even buy more ETH to avoid potential losses.

IntoTheBlock’s In/Out of the Money Around Price model

Ethereum Sits On Top of Weak Support. (Source: IntoTheBlock)

It is worth noting that due to the unpredictability of the cryptocurrency market, the bullish outlook presented by the aforementioned parallel channel cannot be taken out of the question. Still, there is a massive supply barrier ahead of Ethereum that may absorb any upside pressure.

The IOMAP cohorts show that for Ether to bounce off towards the middle or upper boundary of the channel it would have to break above the $230-$243 resistance wall. Around these price levels, roughly 2.7 million addresses had previously bought over 15 million ETH.

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Charts from TradingView.com

Source: https://www.newsbtc.com/2020/06/29/ethereum-holders-at-all-time-highs-despite-signs-of-price-slump/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-holders-at-all-time-highs-despite-signs-of-price-slump

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Recently-appointed Blockchain Australia CEO elaborates on the future for blockchain

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Steve Vallas, who was appointed to the top spot this month, speaks about the importance of revamping the perception of blockchain, its utility in the post-pandemic world, and more

Blockchain Australia, the end to end Blockchain Consulting and Technology company, recently appointed Steve Vallas as their Chief Operating Officer (CEO). In an interview with Coin Telegraph, the newly-appointed CEO explained his vision for the future of Blockchain Australia and the future direction of the industry.

Vallas said that building up public confidence in blockchain and improving the image of the technology among businesses and governments across the world topped his to-do list.

Steve Vallas replaces Nick Giurietto, who led Blockchain Australia for the last five years in the top spot. Vallas, who is a qualified lawyer and blockchain technology strategist, has worked as an industry coach and mentor for multiple universities and accelerator programs.

He is also the founder of the Australian marketing firm Honey Digital. Vallas has previously been part of the advisory team for governments on blockchain technology.

His main focus will be in improving the confidence of key industry leaders on blockchain technology by presenting it as a stable and well-developed solution. “It comes down to people’s definition of blockchain. Their views were formed during the 2017 period where a lot of scams and [poorly planned] projects failed,” he stated.

Vallas elaborated that blockchain is often considered synonymous with cryptocurrencies, but the use of the technology across different sectors is difficult to explain. Even today, many don’t understand how blockchain can benefit the supply chain, retail or legal sectors.

The pandemic presents a unique opportunity for the blockchain sector and the industry must take full advantage of it, Vallas claimed. He said that, “it [COVID-19] has highlighted the flaws in current systems” and the need to keep systems running without the constant need for human intervention.

Disruption in supply chains over the past few months has led organisations to be open to unorthodox solutions. Blockchain Australia must seize the opportunity to contribute to a post-pandemic future, he added.

The Australian Ministry for Industry, Science, Energy, and Resources, formulated a national strategy for capturing the potential of blockchain engagement in businesses called the National Blockchain Roadmap, earlier this year.

Vallas said that he aims to bring industry leaders, government officials, and other relevant parties to the same page with the new initiative. He added that the National Blockchain Project is viewed as a clear indication that the government is willing to work with blockchain leaders to develop a sustainable plan.

Source: https://coinjournal.net/news/recently-appointed-blockchain-australia-ceo-elaborates-on-the-future-for-blockchain/

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HitHub Releases Global Blockchain Open-Source Node Program; IOST Is The First Partner

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The globally reputed coworking organization of autonomous developers, HitHub has proudly announced the addition of IOST as the first strategic partner of its highly anticipated project, the Global Blockchain Open-source Node Program. HitHub works as a popular decentralized incentive group for developers, which strives to cater to the prevailing limitations in the industry. The official Twitter post by the IOST team read:

As per the official blog post, HitHub’s newly launched initiative has been designed with an objective to strengthen the open-source ecosystem. It strives to present valuable and innovative solutions to the multiple challenges faced by the developer community regarding product security management, time value delivery, quick implementation, capability assessment, and proprietary validation, etc.

With aid from the IOST team, HitHub will migrate and copy codes, impose custodial scrutiny on HitHub along with necessary guidance in creating public chain networks using IOST’s technological expertise. The code custodial on HitHub will be stored and managed on decentralized frameworks like IPFS, unlike GitHub, which relies on centralization. The use of decentralized technology will offer enhanced security, transparency, and reliability to the portal users.

IOST is a renowned blockchain network that characterizes in maintaining scalability, decentralization, and security in a well-balanced manner. It will enrich the HitHub community with technical consulting, guidance, and support on various topics such as how to sustain scalability while restraining the wide gap caused by the censorship evasion. The participating teams will put in joint efforts to strengthen and redefine the IPFS decentralized storage mechanism, cross-chain proprietary verification, etc.

HitHub provides token incentives to the contributors who give in their inputs in the content making and overall technological advancement of the network. The usage of smart contracts and decentralized storage pedagogy like IPFS, HitHub strives to chalk out potent solutions for an enhanced code-custody module, copyright protection, and value bearer. It strives for the developer community’s upliftment by offering a revolutionary infrastructure to design a fair market of developers’ products. This lays the foundation of a transparent credit network for developers, which characterizes as a community of developers, by developers, and for developers. The developers can access Hit Network by downloading HitHub and connecting to back-up servers supported by the team. HitHub provides a web page platform HitHub to ease the HitHub protocol application process and offers cloud services to the users.

On the other hand, IOST’s Node Program is a popular staking program applauded by various blockchain research entities. It offers lucrative returns, easy usage, and low-risk factor.

Source: https://www.cryptonewsz.com/hithub-releases-global-blockchain-open-source-node-program/

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Elon Musk Responds to Ethereum Rumors After Revealing Stance on Bitcoin and Cryptocurrency

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Elon Musk is speaking up following months of speculation that he is quietly working on a crypto project.

The Tesla and SpaceX CEO clarified his position on the second-largest cryptocurrency, Ethereum, in a response to a tweet posted by Star Trek actor and blockchain supporter William Shatner. Musk finally put to rest rumors that he’s building a crypto project on the smart contract blockchain.

The rumors surfaced following public interactions between Musk and Buterin on Twitter.

In April of last year, Musk tweeted “Ethereum” and got a response from Buterin, who invited him to come to Ethereum’s Devcon conference. Musk then posed an open question – what should be built on the leading smart contract platform?

Although Musk has posted many crypto-related tweets and has shown an affinity for Dogecoin, he admits that his stance on digital assets may not go down well with people in the industry.

When asked about his views on Bitcoin and the crypto space in a January 20th Third Row Tesla podcast, the billionaire said that he sees cryptocurrencies as a replacement for cash that can be used to power both illicit activities and legal transactions.

“There are transactions that are not within the bounds of the law — there are obviously many laws in different countries — and normally cash is used for these transactions.

But in order for illegal transactions to occur, the cash must also be used for legal transactions. You need an illegal-to-legal bridge. That’s where crypto comes in.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Source: https://dailyhodl.com/2020/07/03/elon-musk-responds-to-ethereum-rumors-after-revealing-stance-on-bitcoin-and-cryptocurrency/

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