Market Analysis Report

10 June 2024

Segwit2X: BIP 91 has officially locked in

The controversial Segwit2X (BIP 91) has now locked in and will be activated in roughly 50 hours. Segwit2X aims to activate both the Segregated Witness update and a 2MB block size limit hard fork months later. The successful implementation of these two stages will see the Bitcoin block size and, consequently, its transaction throughput increased by fourfold. 

The Segwit2X voting stage was pushed forward as an emergency measure, one that ensured the BIP 148 UASF did not take place. In the hours leading up to the activation of Segwit, the price of Bitcoin rose sharply, reaching the $2900 mark. However, the price declined moments prior to the Segwit confirmation, currently sitting at $2740. During the past 24h, more than $964M were exchanged in the BTC/USD market.

Read more here and see live charts here

Parity Wallet Hacker Cashes out $90,000 in Stolen Ether

Roughly $90,000 worth of Ether, stolen on July 19 due to a security bug in multi-signature wallet software offered by Parity Technologies, have been cashed out. Yesterday 70,000 ethers have exited the hacker's address in seven consecutive transactions, each worth 10,000 Ethers. In the first transaction, the hacker cashed out 400 ethers via a cryptocurrency exchange service Changelly at a $220 exchange rate.

Changelly subsequently said in a Reddit thread that it has blacklisted the hacker's root address, but that the amount that has already been exchanged is permanently gone.

Read more here

Slush: Bitcoin Scaling Proposal BIP91 is “Too Rushed”

Slush, the CEO of Satoshi Labs, the company behind the Trezor Wallet and other efforts in the cryptocurrency space, also the founder of one of the first Bitcoin mining pools, stirred up a bit of a discussion on Twitter recently when he said that he believed scaling changes are being rushed. Although the pool signaled for Segwit during the course of yesterday, Slush stated:

"BIP91 is too rushed. Serious stability fixes at last moment. We're doing our best to deploy on time & responsibly to not endanger network."

Read more here

Cosmetics Giant Lush Accepts Bitcoin

Anti-animal cruelty and vegan cosmetic and skincare giant Lush has announced that it will be accepting Bitcoin as a form of payment. The idea is to allow for more global payment to be made on their UK online store through the use of this Bitcoin's global network. Because Bitcoin is not tied to any other fiat currency, it is unaffected by the global foreign exchange fluctuations, meaning that customers from all over the world all pay the same for a product. Finance Manager Mike West explains:

“Accepting Bitcoin is very exciting for Lush. With Bitcoin, customers from all around the world will pay the same for our products, free from volatile currency fluctuations and lofty bank charges. Cryptocurrencies are the future of global trade and we want to ensure that we are prepared to move into this new digital era.”

Read more here

State of the Crypto

Bitcoin is up 17.84% at $2,743.74 with a volume of Ƀ 362,600.7 - $965,393,622.6 on the USD pairs.

Litecoin is up 12.08% against the dollar for the day at $46.22 and down 4.82% to Ƀ 0.01698 on volumes of Ƀ 29,585.9.

Ether is down 4% against Bitcoin at Ƀ 0.08487 per Ether and up 14.78% against the dollar to $234.97 with average volume Ƀ 105 k on the ETH/BTC pair.

Dash is down 7.82% at Ƀ 0.06876 with Ƀ 12,286.1 volume and up 5.68% against the dollar at $179.1.

Ripple is down 4.42% to Ƀ 0.00006901 with volumes of Ƀ 8,452.99 and up 12.66% against the dollar at $0.1896.

Zcash is down 3.96% for the day to Ƀ 0.07791 per ZEC and up 15.83% against the dollar to $214.95 with an average volume of Ƀ 2,502 for the 24 hour period.

Monero is up 11.42% against the dollar at $40.58 and down 6.02% against Bitcoin at Ƀ 0.01482 on volumes of Ƀ 3,646.64.

Ether Classic is down 5.35% to Ƀ 0.006012 with volumes of Ƀ 7,465.25 and up 12.03% against the dollar at $16.58.

Stratis is up 23.65% to Ƀ 0.002133 on Ƀ 6,074.41 volume.

Waves is up 4.2% to Ƀ 0.001216 on Ƀ 724.85 volume.

 

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