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Newsflash: Bitcoin Price Slips Below Crucial $6,800 Support Level

Newsflash: bitcoin price slips below crucial $6,800 support level

Newsflash: Bitcoin Price Slips Below Crucial $6,800 Support Level


Bitcoin price dominoes
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The worst does not appear to be over for the bitcoin price, as the flagship cryptocurrency on Tuesday slipped below $6,800, a mark that many analysts had pegged as a critical support level for BTC’s short-term prospects.

bitcoin had spent the majority of the day trading above the $7,000 mark. However, as CCN reported, the market has been plagued by low volume in recent days, which is often an indication of a short-term bearish trend.

At 19:30 UTC, the bitcoin price took a major downward pivot, falling from $7,100 to $6,900 in less than 45 minutes. At that point, BTC/USD began to test the $6,800 level, which professional traders such as Bart Smith of Susquehanna International Group had identified as a critical level that bitcoin must hold if it hopes to reenter a bullish uptrend.

Bitcoin price
Btc/usd | bitfinex

It’s not the first time in recent days that bitcoin has flirted with that mark, but this time the support gave out, and the bitcoin price plunged as low as $6,677 on Bitfinex before recovering to a present value of $6,731 as of 21:38 UTC. Nevertheless, now that support at $6,800 has broken, it may be the case that bitcoin has not, in fact, found its 2018 bottom.

Click here for a real-time bitcoin price chart or here to read CCN’s latest BTCUSD intraday analysis.

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Published at Tue, 07 Aug 2018 21:56:21 +0000

bitcoin Analysis[wpr5_ebay kw=”bitcoin” num=”1″ ebcat=”” cid=”5338043562″ lang=”en-US” country=”0″ sort=”bestmatch”]

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Dashing Forward – BANKEX Develops World’s First Working Plasma-like Protocol Bringing Vitalik Buterin’s Idea to Life

The BANKEX technical team has recently announced they have developed the world’s first private blockchain that supports the Plasma Protocol for public audit which will allow users to transfer different assets directly to each other leaving intermediaries behind and solving one of the most pressing problems of the current crypto world – high gas consumption. The Plasma-like protocol open source code is already available here.

[Note: This is a sponsored article.]

Inspired by the Plasma project’s working draft written by Vitalik Buterin and Joseph Poon, the BANKEX team has successfully completed the development of the first working version of the protocol after successfully developing its demo during a 36-hour hackathon. The protocol can sufficiently reduce the load of the main Ethereum blockchain by redirecting transactions into a subsidiary blockchain, thus creating faster and cheaper transactions.

[youtube https://www.youtube.com/watch?v=JbjIe_PbrM4?feature=oembed&w=500&h=281]

Low transaction speed is not the only problem Ethereum users are currently facing. In order to keep track of the transaction history, users are forced to retain copies of the entire blockchain with full transaction history and calculations. As the blockchain grows, the amount of available space needed is causing a lot of grief for its users.

Tackling these problems, BANKEX has released a Proof-of-Concept in the form of a Plasma-like protocol, a solution that is compatible with the Ethereum blockchain. BANKEX strongly believes that the Plasma protocol is “a prominent upgrade of the Ethereum blockchain”, calling it “bitcoin in Ethereum”  Find out more information about BANKEX’s solution here.

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BANKEX has developed a server-side solution comprised of an operator and a smart contract that facilitates the return of input funds which have not been included by the operator into the Plasma-blocks and also allows UTXO withdrawal from the Plasma sidechain to the main network. The functionality of the BANKEX solution also includes proof of double spend and proof of ownership that prevents duplicate transactions.

As more transactions demand decentralization, openness, and higher processing speeds, the BANKEX breakthrough is a long overdue evolution that everyone has been waiting for.

What do you think of BANKEX’s new protocol? Will it speed up and reduce the cost of transactions on the Ethereum blockchain? Let us know in the comments below.

Images courtesy of BANKEX

The post Dashing Forward – BANKEX Develops World’s First Working Plasma-like Protocol Bringing Vitalik Buterin’s Idea to Life appeared first on Bitcoinist.com.

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