12 June

Taproot, the most significant improvement to Bitcoin’s protocol in years, now has enough mining support to lock in activation. Taproot is Bitcoin’s most anticipated upgrade since Segregated Witness (SegWit) in 2017. Whereas the main focus of SegWit was scaling the Bitcoin protocol, Taproot will outfit Bitcoin with a new signature scheme known as Schnorr signatures.

Now that the Taproot soft fork upgrades are “locked in,” the next phase of activation is basically a 5-month waiting period. During this time, miners and nodes will have ample opportunity to update their software. Finally, in November, when Bitcoin reaches a specified “block height” (Bitcoin block 709,632), Taproot will activate.

In the long run, Taproot’s tooling and coding improvements will translate to a better user experience for bitcoiners in terms of overall performance, as well as privacy improvements to multisignature (multisig) technology, privacy software and even scaling tech like the Lightning Network.”

“Sentiment may have turned a little too bearish, a feature that is often observed at market bottoms.

The cryptocurrency dropped to nearly $30,000 on Tuesday, pushing the ratio to its 20-week simple moving average (SMA) down to 0.61, the lowest since the March 2020 crash. Historically, bitcoin has carved out major price bottoms with the ratio near 0.60.

Calls for $20,000 and technical patterns such as ‘death crosses’ are often triggers for the more fundamentally focused and longer-term bulls to be responsive buyers.

A death cross, or the bearish crossover of 50-day and 200-day SMAs, is widely taken to represent a long-term bearish shift in momentum. Bitcoin’s 50-day SMA is trending south and looks set to cross below the 200-day line in the next few days.

Some analysts are worried that could bring in more profound losses. Those indicators, however, often trap traders on the wrong side of the markets as they are based on past data and tend to lag prices. In other words, by the time the crossover happens, the asset is oversold and primed for a bounce. The last two instances of death crosses, March 2020 and October 2019, turned out to be bear traps.

Blockchain data shows large investors continue to accumulate coins, shrugging off the recent China crackdown on crypto mining or the death cross fears.”

See Also: $288K BTC price ‘still in play’ says PlanB as Bloomberg champions Bitcoin halving
See Also: Reddit Co-Founder Says ‘A Lot’ of His Holdings Are in Ethereum

“The guidance is not representative of new law, but an affirmation that state-chartered banks are allowed to provide crypto custody services as long as there are adequate protocols in place and the banks are complying with existing legal frameworks.

The Texas Department of Banking’s notice comes amid a booming presence from the crypto industry in Texas. Miners and crypto startups have been moving to Texas in record numbers to take advantage of the state’s relatively cheap energy and crypto-friendly regulatory environment.

Both at the state and federal regulatory agencies, we’re seeing a rise in the virtual currency industry as it continues to evolve. We expect our banks to start seeing demand from their customers and we want them to be prepared for that.”

See Also: Silvergate Bank to Discontinue Binance USD Deposits, Withdrawals

“State legislators in New York have failed to pass an environmental protection bill that would have clamped down on new and expanding bitcoin mining operations. Opposition from union groups, specifically the International Brotherhood of Electrical Workers, led to the bill’s demise.

If passed, the bill would have required scrutiny of the environmental impact of current mining operations in the state. The bill was proposed as an inactive coal plant in upstate New York has recently been recommissioned as a plant fueling Greenidge’s mining apparatuses with 19 megawatts of natural gas.”

See Also: Corrected: Yunnan Province Did Not Order Crypto Miners to Shut Down

The Twitter founder had tweeted his appreciation for Lightning Network-powered messaging app Sphinx Chat, prompting a follower to ask for the network to be built into BlueSky or Twitter. “Only a matter of time,” Dorsey replied.

Sphinx Chat is a wallet and encrypted messaging service that works over Lightning. It is unclear what an integration with Twitter would bring. One possibility is the use of micropayments.”

“Thailand’s Securities and Exchange Commission (SEC) announced Friday it’s banned several of the hottest types of tokens in cryptocurrency including meme tokens, fan tokens and non-fungible tokens (NFTs) in an apparent attempt to rein in trading in crypto instruments in which the prices are largely determined by social whim.”

The Fed’s balance sheet has nearly doubled since March 2020, when the pandemic erupted in the U.S, based on weekly statistics released Thursday by the U.S. central bank.

The Fed’s monetary-policy committee has pledged to keep buying U.S. Treasury bonds and mortgage bonds at a pace of about $120 billion a month ‘until substantial further progress has been made toward the committee’s maximum employment and price stability goals.’

Prior to the financial crisis of 2008, the Federal Reserve balance sheet stood at less than $1 trillion.”