Crypto Market Update: Bitcoin Breaks $28,000, Ethereum Relaunches Testnet, and More

Crypto Market Update: Bitcoin Breaks $28,000, Ethereum Relaunches Testnet, and More

 

 

 

Crypto Market Update: Bitcoin Breaks $28,000, Ethereum Relaunches Testnet, and More

The crypto market has been witnessing some exciting developments in the past week, as Bitcoin broke the $28,000 barrier for the first time in history, Ethereum successfully relaunched its Holesky testnet after a delay, and several other projects announced new features and partnerships. Here are some of the highlights of the week:

  • Bitcoin Price Prediction as BTC Faces Crucial $28,500 Threshold – Will it Break Through to Higher Ground?1 The cryptocurrency community is abuzz with speculation and anticipation as Bitcoin hovers tantalizingly close to the significant $28,500 mark. Will Bitcoin surge past this barrier to achieve new heights, or is there a retreat on the horizon? Some analysts believe that Bitcoin is poised for a breakout, as it has formed a bullish pennant pattern on the daily chart, indicating a continuation of the uptrend. Others caution that Bitcoin may face strong resistance at this level, as it coincides with the 1.618 Fibonacci extension of the previous correction. Moreover, some indicators suggest that Bitcoin is overbought and may need a pullback to consolidate its gains.
  • Ethereum Successfully Relaunches Holesky Testnet After Delay2 Ethereum developers have announced that they have successfully relaunched the Holesky testnet, which is a developer network for testing the upcoming merge of Ethereum 1.0 and 2.0. The testnet was originally scheduled to launch on September 29, but was delayed due to a bug in the consensus client Teku. The bug caused some nodes to stall and lose sync with the network. The developers fixed the bug and relaunched the testnet on October 5, with positive feedback from the community. The Holesky testnet is expected to help the developers iron out any issues before the mainnet merge, which is slated for late 2023 or early 2024.
  • Native Bitcoin is Coming to Cosmos via Osmosis’s Nomic Bridge3 Osmosis, a decentralized exchange protocol built on Cosmos, has announced that it will launch a bridge to bring native Bitcoin to the Cosmos ecosystem. The bridge, called Nomic, will allow users to transfer Bitcoin across different blockchains without intermediaries or custodians. Nomic will use a proof-of-burn mechanism, where users will burn their Bitcoin on the source chain and receive an equivalent amount of nBTC on the destination chain. nBTC will be compatible with any Cosmos-based application, such as Osmosis, Gravity DEX, or Terra. The bridge is expected to launch in November 2023.
  • Other Notable News4
    • Crypto.com is now the preferred exchange for PYUSD, a stablecoin backed by physical gold and silver.
    • Avalanche-backed Stars Arena faces $3 million security breach, but secures funds to reimburse affected users.
    • Rolling Stone calls NFTs “totally worthless,” sparking diverse community reaction.
    • DeFi protocol Balancer faces another security breach after being exploited for $2 million a month ago.
    • Friend.tech developers amass nearly $20 million since August debut.
    • US inflation posts biggest monthly increase in 2023 as CPI rises 0.6%.

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