Trezor Unveils Trezor Safe 5 👀

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📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• BTC has broken all it's AVWAPs, and also broke down of it’s crucial $66,000 support zone.

• We now have only 3 important support zones to focus at on the higher time frames :

  1. $64,800 - 4H horizontal + 4H Discount + 4H Bullish OB

  2. $60,800 - Daily Bullish OB + Daily Horizontal

  3. $57,100 - Macro horizontal + 200D MA

• BTC dominance has been rejected off it’s 56.46% resistance. This means alts can find a sense of relief if this rejection continues deeper. Dominance can likely keep falling till 53.8% - 54% before potentially reversing from that support.

Ethereum survives the SEC ❗️ 

Consensys has announced that the U.S. SEC has closed its investigation into Ethereum 2.0. This means that the SEC will not bring charges alleging that sales of ETH are securities transactions.

This decision followed Consensys' letter seeking clarity on ether's classification after the approval process for spot ether ETFs in May.

Consensys claimed that the SEC's approval implied ether was viewed as a commodity. Earlier, Consensys had filed a lawsuit against the SEC, disputing its classification of ether as a financial security.

Click here to read the thread.

Tether goes Gold 💰️ 

Tether, the issuer of USDT has launched a new stablecoin backed by gold and pegged to the US dollar, called as Alloy.

Tether plans to expand Alloy to include aUSD₮, a digital currency pegged to the US dollar, with smart contracts deployed on the Ethereum Mainnet for minting aUSD₮ using Tether Gold as collateral.

Alloy aims to combine the stability of a stablecoin with the security of gold.

It tracks the price of XAU₮, using strategies like over-collateralization and secondary market liquidity pools.

📕 Educational

How do ZK proofs work❓

• Zero-knowledge (ZK) technology revolutionizes blockchain by addressing scalability and privacy challenges on layer-1 blockchains. It enables higher transaction throughput, safeguards user data while verifying identities, and supports complex computations.

• This method aggregates transactions into a state root, allowing verifiers to confirm its validity without exposing individual transaction details, reducing gas fees significantly.

• Using ZK proofs, transactions can swiftly occur off-chain on layer 2 networks, maintaining layer 1 blockchain security.

• Initially developed in the 1980s, ZK technology faced mathematical complexities hindering widespread adoption. Today, it's endorsed by experts like Polygon's Sandeep Nailwal and Ethereum's Vitalik Buterin as the superior scaling solution compared to plasma and sidechains.

• Types of scaling solutions include :

1. ZK SNARK: Offers small cryptographic proofs using elliptic curves, making it efficient and EVM-friendly. It's favored for its potential to reduce gas fees & due to it's EVM compatibility.

2. ZK STARK: Provides faster prover times and quantum resistance through hash functions, but requires a different development approach (CAIRO) and is not EVM-compatible.

3. Optimistic Rollups: Assumes transaction validity unless disputed, aiming to scale blockchain throughput temporarily with higher gas fees. Platforms like Optimism and Arbitrum are notable examples in use today.

• ZK proofs are being used in a wide array of projects already, ranging from decentralized exchanges like Loopring, privacy focused identity solutions like Worldcoin & Polygon ID, mixers like Zcash & Tornado Cash, etc

📊 Stats

📈 Chart of the day

• Rationale :
  

• Daily horizontal support

• Daily discount zone

• Below 200 Daily moving average

• Multiple bullish divergences on 4H timeframe

• 1H bullish order-block.

• Source : Cointraction 

🤣 Meme of the day

That concludes our update for today!

👀 

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.

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