Bitcoin price has dropped by 6% from its $12.400 USD mark. Will the cryptocurrency's rally continue? The Medalla testnet continues to experience synchronization failures on its nodes. These and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍In the struggle to break the resistance of $12.000 USD and stay close to this value, the price of Bitcoin fell to an average of between $11.600 and $11.700 USD per unit at the time of this publication; a decline that represents a 6% drop in relation to the value that the cryptocurrency at the start of the week. Traders and market analysts point out that Bitcoin is below the 10-day and 50-day moving averages, which is a clear sign of a bearish trend in the markets. Meanwhile, other experts point out that a possible recovery of the dollar may be affecting Bitcoin's rally. Still, in the face of an uncertain outlook, Bitcoin investors remain optimistic about the asset and its value.
📍Medal, the multi-client test network for the upgrade Ethereum 2.0 continues to present failures in the synchronization of the nodes, causing the fall and the bifurcation of the network on multiple mainnets. Prysmatic Labs co-founder and Ethereum 2.0 developer, Preston Van Loon, noted on Twitter that the network's nodes are experiencing a 2-second deviation in synchronization. This synchronization error caused the nodes to validate blocks incorrectly. The teams are working hard to correct this problem.
📍Meanwhile, in Ethereum, the price of Gas is on the rise again, after reaching one of its all-time highs and falling by more than 50%. Transaction fee rates are currently being handled at around $3,5 USD, a slight growth of $0,5 USD from its value recorded for the weekend.
📍The project Ren had a great week with the value of its token increasing by more than 100%. DeFiPulse shows that the increase is due to the amount of Bitcoin that is locked within the platform, in the form of tokens renBTC. Likewise, so far in August, the total value locked within the project grew from $44 million to $174,9 million by August 17, although this growth experienced a drop of about $20 million, currently standing at $157,4 million, as shown by the platform.
📍The platform The block presented a report detailed covering all topics of interest related to central bank digital currencies (CBDC). In this report, the platform presents a comprehensive overview of the history, motivations, early technical designs, and implementations of the world's most advanced proposed projects so far for the creation of CBDC currencies.
📍As a fun fact, the Bitcoin network is currently consuming a total of 66 terawatts of energy per hour. This amount of electricity is equivalent to the current energy consumption of the Czech Republic.
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