3 June

“The price of Bitcoin (BTC) plummeted by 14% from $10,180 to $8,600 on BitMEX within less than 15 minutes.

Bitcoin was overdue for a long squeeze. A signal something was amiss was the fact that prior to the price drop, Bitcoin’s funding rate was too high and around 75% of the market was holding long contracts.

The majority of traders were anticipating Bitcoin’s price to increase and were aggressively longing the market. Inevitably, a long squeeze occurred, liquidating about $120 million worth of long contracts.

The price of BTC also fell exactly as the United States market opened. It suggests the CME Bitcoin futures market was partially behind the sell-off in BTC.

BTC crashes -$1000 in 15 minutes on US opening (exact same time and volumes as of May 20 and May 21.”

See Also: Bitcoin Price Above $10K Sees ‘Strange’ Premium After $1M BTC Buys
See Also: Open Interest in Ether Options Hits Record High on Deribit
See Also: BitMEX Sees Biggest Short Squeeze in 8 Months After Bitcoin Surge

Good non-technical overview of Eth2 from lead researcher Danny Ryan.

“This post is aimed at the community, to provide you with a comprehensive look at what eth2 is today: where it’s going, what it might become, and what it means for you.

Phase 0, the Beacon Chain, is the core of the new consensus mechanism. Other non-sharded, proof-of-stake mechanisms have 100s or maybe 1000s of validators, but eth2 is designed to have a bare minimum of ~16k validators with the expectation that this figure will be in the hundreds of thousands within a couple of years.

Phase 0 is about coming to consensus, whereas Phase 1 is about coming to consensus on a lot of stuff. This “stuff” comes in the form of many shard chains. Today, we expect there to be 64 shards to start, and for the total data available to the system to be in the 1 to 4 MB/s range (YES, that’s a ton of data), which translates into massive scalability gains when coupled with rollup tech.

Phase 1.5 is the integration of Ethereum mainnet into the new eth2 consensus mechanism as a shard. For existing applications and users, this hot swap of the consensus mechanism will largely be transparent. Applications will continue chugging along, but developers will now have a much more powerful system to build on (better security properties, proper economic finality, more layer 1 data for rollups and other fun applications).

Phase 2 is the addition of state and execution on more shards than just the original Ethereum shard.

See Also: Eth2 Development Update: May 30
See Also: Danny Ryan on Eth2 Progress (Video)

“From today onwards, Canadian firms operating with virtual currencies will be legally recognized as Money Service Businesses.

Candian crypto firms must now report all transactions exceeding 10,000 Canadian dollars ($7,403), and register and comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Bitcoin is money, it should be regulated like other money, no more no less.”

“Microsoft’s principal architect, Marley Gray, and Enterprise Ethereum Alliance’s former executive director, Ron Resnick, on Tuesday launched the InterWork Alliance, a nonprofit organization aimed at bringing global standards to the token-based ecosystem.

At launch, the IWA included more than 28 blockchain, technology and financial organizations from around the world. The IWA will eventually work on interoperability between decentralized applications from different blockchain networks. 

For this approach to work, standards are urgently needed around defining what a token is and how its contractual behaviors will work.”

“The head of Venezuela’s cryptocurrency initiative, the petro, is wanted by the U.S government on charges of corruption and links to the narcotics trade.

Ramirez Camacho is a public official and serves as the superintendent for Venezuela’s petro initiative, a cryptocurrency supposedly backed by the country’s oil and mineral reserves.”

The problem is the display of the phone, where Android does not give any guarantees that the data shown on it will be accurate — a feature called “Trusted Display.”

You can add malware which will swap the address to which you want to make a transaction with another one, and display to you the address you think you’re about to send to.”