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🗞 Market Wrap: Bitcoin All-Time High Tops Out at $19,850 as Ether Options Market Goes Mega-Bullish
Bitcoin’s price hit an all-time record high Monday as positive market factors converged. Meanwhile, ether options traders are paying heavy premiums on the asset’s potential to hit new records as well.
Bitcoin (BTC (BTC, +4.56%)) trading around $19,436 as of 21:00 UTC (4 p.m. ET). Gaining 6.6% over the previous 24 hours.
Bitcoin’s 24-hour range: $18,093-$19,850
BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
“Institutional inflows may have been much of the driving force behind this rally, but it’s been retail investors that have helped bitcoin pick up steam in recent weeks,” said Zac Prince, chief executive officer of crypto lender BlockFi. ”Balances on our retail accounts have grown over 25% in the last 30 days, compared to just under 10% for institutional,” he added.
Ether traders paying for bullish bets
The ether options put/call ratio on Deribit, the largest derivatives exchange in the crypto ecosystem, has been skewing heavily towards calls over the past month. The put/call ratio shows the number of puts, which are options bets to price downside, versus calls, which are options bets to price upside.
“During the past month, when looking at the put/call ratio in terms of premium traded, we can see an abnormally high ratio of calls trading to puts,” noted Greg Magadini, chief executive officer of Genesis Volatility.
🗞 Ethereum 2.0 Launches tomorrow. Here’s What to Expect
Ethereum 2.0's beacon chain is scheduled to go live at noon UTC on December 1.
ETH holders don't need to do anything with their cryptocurrency.
The Eth2 network won't be fully functional until further upgrades are launched.
If 2020 feels like it’s gone on too long, then the lead-up to Ethereum 2.0 has been a lifetime. But on December 1, the long-awaited proof-of-stake chain launches in earnest.
Ethereum 2.0’s beacon chain goes live on Tuesday at noon UTC after ETH holders contributed enough ETH—over 867,000 ETH thus far, well over the required 524,288—to start the chain.
“You do not need to do anything with any ETH you’re already holding,” the Ethereum Foundation said in a service announcement.
That’s true for a number of reasons, the foremost being that, at least until further upgrades, Ethereum 2.0 doesn’t do much from a user standpoint. As the Foundation’s handy-dandy explainer puts it, “It won’t be like the Ethereum mainnet of today. It can’t handle accounts or smart contracts.”
Instead, so-called Phase 0 introduces proof of stake, in which ETH holders lock up their crypto for a chance to earn a portion of the block rewards.
The next step is creating shard chains, ideally in 2021, which theoretically allow the blockchain to handle many more transactions per second than proof-of-work Ethereum, which often struggles with congestion. In 2021 or 2022, Phase 1.5 should hit, at which point Eth1 and Eth2 converge and the new blockchain should become broadly usable.
🗞 Stablecoins ‘Pose Serious Risks’ to Financial Security, ECB’s Lagarde Says
Stablecoins could “threaten financial security” if widely adopted, European Central Bank President Christine Lagarde said in an article published Monday in magazine L’ENA hors les murs.
In the piece, Lagarde makes a bullish case for a digital euro while throwing shade at potential rivals such as cryptocurrencies and stablecoins – digital assets the values of which are pegged to fiat currencies.
Lagarde said the main risk of cryptocurrencies is a feature that crypto proponents consider a plus, namely that cryptos rely purely on technology and that there is no identifiable issuer or claim. As a result, Lagarde said, cryptocurrencies suffer from a lack of liquidity, stability and trust, and therefore “do not fulfil all the functions of money.”
“Using stablecoins as a store of value could trigger a large shift of bank deposits to stablecoins, which may have an impact on banks’ operations and the transmission of monetary policy,” the ECB head added.
Lagarde also said that if a stablecoin issuer can’t guarantee a fixed value or is viewed as not being able to absorb losses, it could trigger a run.
🗞 Ethereum flips Bitcoin’s node count
Ethereum 2.0 genesis stakers have pushed the total number of Ethereum nodes past the number of Bitcoin nodes for the second time this year.
According to Ethernodes.org, 11,259 Ethereum nodes are currently active, giving it a roughly 1% lead over Bitcoin’s 11,136. Ethereum’s node count last surpassed Bitcoin’s in early September.
The number of Ethereum nodes has increased by more than 50% in the past two weeks or so, spiking from 8,086 on Nov. 15 — 11 days after the Eth2 deposit contract went live. Ethereum’s node count overtook Bitcoin’s on Nov. 30.
The Flippening Index estimates that Ethereum posted a two-year high of 67.68% for strength relative to Bitcoin in early September due to the third-quarter DeFi boom.
Eth2's beacon chain genesis kicks off in just a few hours from now. The launch of the deposit contract allowed ETH holders to designate their Ethereum for staking, with the 524,288 Ether required to initiate the launch of the beacon chain being surpassed just hours before its deadline on Nov. 24.
According to Beaconcha.in, 878,808 Ether have now been sent to the deposit contract. The beacon chain’s genesis will lay the groundwork for sharding and proof-of-stake.
🗞 Daily Crypto Calendar, December, 1st💰
Auxilium (AUX)
Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supporting charity.
Ethereum (ETH)
Eth2 will have a MIN_GENESIS_TIME of 1606824000 (December 1, 2020, 12pm UTC).
Ankr (ANKR)
"The Ethereum 2.0 deposit contract was launched, and the genesis time has been set to December 1st."
COTI (COTI)
Staking rewards paid first day of every month.
SmartCash (SMART)
"We're happy to announce the #TermRewards release is set to go live early next month and will activate December 1st."
Unitrade (TRADE)
"UniTrade V2 Launch!"
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