Uncategorized
Crypto Daybook Americas: BTC Hits Mid-Cycle Peak as Retail Interest in Altcoins Soars
By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market has begun the week on a negative note, with bitcoin (BTC) lower after a weekend spent wrestling with the $100,000 mark amid reports that Amazon shareholders are pushing for an allocation to the cryptocurrency. The persistent indecisiveness since Dec. 5 amid <a href=»https://x.com/cryptoquant_com/status/1864346040633008510″ target=»_blank»>increased retail participation</a> has some indicators pointing to a mid-bull cycle top.
For example, BTC’s value days destroyed (VDD) indicator, a velocity gauge, has jumped to 2.0 from 0.5, signaling that older coins are being sold. As the founder of <a href=»https://10xresearch.co/» target=»_blank»>10x Research</a>, Markus Thielen, points out, «This often reflects profit-taking by long-term holders, a behavior typical in the later stages of a bull market.» Luckily for the bulls, VDD is still below the critical 3.8 level, marking the end of previous bull markets. The popular MVRV ratio supports this idea, rising to 2.7x in a move Thielen calls a hint of a mid-cycle peak where many investors contemplate taking profits.
Meanwhile, MicroStrategy’s CEO Michael Saylor <a href=»https://x.com/PauloMacro/status/1865767710816075910″ target=»_blank»>faced a backlash</a> on social media for urging the U.S. to replace gold with BTC in its reserves, leaving America’s enemies with a worthless asset. At least that’s an improvement compared with the maxi narrative of late 2020 <a href=»https://www.coindesk.com/markets/2020/10/06/bitcoin-unlikely-to-replace-us-dollar-as-global-reserve-marc-chandler» target=»_blank»>that suggested</a> BTC would replace the USD, or is it? The cheesy take has some wondering whether the bullish cycle is about to peak.
Ether is also feeling the pressure, posting even larger losses than bitcoin and dampening hopes for a recovery in the ether-bitcoin ratio. Despite this, retail interest remains robust, with open interest in ETH perpetuals rising to $843 million on leading decentralized exchange <a href=»https://stats.hyperliquid.xyz/» target=»_blank»>Hyperliquid</a>, exceeding BTC’s $616 million. This follows <a href=»https://www.chaincatcher.com/en/article/2155819#:~:text=Last%20week%2C%20the%20U.S.%20Ethereum,million%20and%20%24296%20million%2C%20respectively.» target=»_blank»>record inflows</a> of $836 million into ether ETFs last week.
«This indicates significant retail interest in ETF flows,» said Toe Bautista, a research analyst at <a href=»https://www.gsr.io/» target=»_blank»>GSR</a>. «Most carry trades are on CME versus Hyperliquid, so this interest seems to reflect sticky retail capital that could fuel the next leg up.»
On a positive note for ETH, the DeFi sector, which primarily operates on Ethereum, is booming. Last week, TradingView’s DeFi market cap index surged over 28% to $151.9 billion, its highest since early 2022. This increase has reduced ether’s inflation rate to 0.3% and was accompanied by a 71% rise in DEX trading volumes, a 39% increase in network revenue and a 20x surge in total blob fees.
Frax Finance’s FXS token fell despite an expected major upgrade announcement, while Aptos’ APT token dropped 7% ahead of a $165 million token unlock on Dec. 11. Altcoins are gaining increased search interest on Google, as shown in today’s chart.
In traditional markets, U.S. equity futures held steady, with China’s Politburo <a href=»https://www.forexlive.com/news/chinas-politburo-says-will-implement-more-proactive-fiscal-policy-20241209/» target=»_blank»>announcing</a> more proactive fiscal and loose monetary policies, prompting the 10-year Chinese government bond yield to drop below 2%. (Are bonds pricing in a potential Chinese QE?) Stay alert!
What to Watch
Crypto:
Dec. 10, 11:30 a.m.: Microsoft’s 2024 Annual Shareholders Meeting. The meeting will include MicroStrategy Executive Chairman <a href=»https://www.michael.com/microsoft-bitcoin-strategy» target=»_blank»>Michael Saylor’s 44-slide Bitcoin presentation</a> (“Microsoft Bitcoin Strategy”). Microsoft will then disclose the voting results. <a href=»https://www.microsoft.com/en-us/investor/annual-meeting» target=»_blank»>Livestream link</a>.
Dec. 13: The annual Nasdaq-100 reconstitution. Changes to the index, if any, are announced on this day. Nasdaq-listed MicroStrategy (MSTR), the world’s largest corporate holder of bitcoin, is widely expected to be added to the index.
Dec. 18: CleanSpark (CLSK) Q4 FY 2024 earnings. EPS Est. $-0.18 vs Prev. $-1.02.
Macro
Dec. 11, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases November’s <a href=»https://www.bls.gov/cpi/» target=»_blank»>Consumer Price Index (CPI)</a> data.
Inflation Rate YoY Est. 2.7% vs Prev. 2.6%.
Core Inflation Rate YoY Est. 3.3% vs Prev. 3.3%.
Dec. 11, 9:45 a.m.: The Bank of Canada announces its <a href=»https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/» target=»_blank»>policy interest rate</a> (also known as overnight target rate and overnight lending rate). Est. 3.25% vs Prev. 3.75%. A press conference starts at 10:30 a.m. <a href=»https://youtu.be/x-motc1cW8s» target=»_blank»>Livestream link</a>
Dec. 12, 8:15 a.m.: The European Central Bank (ECB) announces its latest <a href=»https://www.ecb.europa.eu/press/pr/activities/mopo/html/index.en.html» target=»_blank»>monetary policy decision</a> (three key interest rates).
Deposit facility interest rate Est. 3.0% vs Prev. 3.25%.
Main refinancing operations interest rate Est. 3.15% vs Prev. 3.4%.
Marginal lending facility interest rate Prev. 3.65%.
Dec. 18, 2:00 p.m.: The Fed is set to release December’s <a href=»https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm» target=»_blank»>Federal Open Market Committee (FOMC) Statement</a> and interest-rate decision, with the previous rate at 4.75%. The <a href=»https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html» target=»_blank»>CME Group’s FedWatch tool </a>currently indicates that traders in federal funds futures assign a 90.5% probability of a 25 basis-point rate cut being announced, compared to a 9.5% probability of no change.
Dec. 18, 2:30 p.m.: Fed Chair Jerome Powell hosts a press conference on the FOMC decision. <a href=»https://www.federalreserve.gov/live-broadcast.htm» target=»_blank»>Livestream link</a>.
Dec. 18, 10:00 p.m.: The Bank of Japan (BoJ) announces its interest rate decision.
Dec. 19, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases <a href=»https://www.bea.gov/data/gdp/gross-domestic-product» target=»_blank»>third-quarter GDP (final)</a>.
GDP Growth Rate QoQ Est. 2.8% vs Prev. 3.0%.
GDP Price Index QoQ Est. 1.9% vs Prev. 2.5%.
Dec. 24, 1:00 p.m. The Fed releases November’s <a href=»https://www.federalreserve.gov/releases/h6/default.htm» target=»_blank»>H.6 (Money Stock Measures) report</a>.
Token Events
Unlocks
Bitget to unlock 5.38 BGB, 0.38%of circulating supply, worth $6.81 million at current prices on Dec. 9 at 7 p.m.
EigenLayer to unlock 1.29 million EIGEN, worth $5.92 million, on Dec. 10 at 2 pm.
Conferences:
Dec. 9 — 10: <a href=»https://b.tc/conference/mena» target=»_blank»>Bitcoin MENA 2024</a> (Abu Dhabi, UAE)
Dec. 9 — 12: <a href=»https://adfw.com/» target=»_blank»>Abu Dhabi Finance Week 2024</a> (Abu Dhabi, UAE)
Dec. 9 — 13: <a href=»https://www.blockchainweek.lu/» target=»_blank»>Luxembourg Blockchain Week 2024</a>
Dec. 12 — 13: <a href=»https://www.globalblockchainshow.com/» target=»_blank»>Global Blockchain Show</a> (Dubai, UAE)
Dec. 12 — 14: <a href=»https://www.taipeiblockchainweek.com/» target=»_blank»>Taipei Blockchain Week 2024</a> (Taipei, Taiwan)
Dec. 13: <a href=»https://www.limitlesscrypto.com/» target=»_blank»>Limitless Crypto 2024</a> (San Juan, Puerto Rico)
Dec. 16 — 17: <a href=»https://theblockchainassociation.org/policy-summit-2024/» target=»_blank»>Blockchain Association’s Policy Summit</a> (Washington)
Jan. 13 — 24: <a href=»https://web3fest.ch/swiss-web3fest/» target=»_blank»>Swiss WEB3FEST Winter Edition 2025</a> (Zug, Zurich, St. Moritz, Davos)
Jan. 17: <a href=»https://www.anderson.ucla.edu/about/clubs-and-associations/institutions/entrepreneur-association-ea/unchained» target=»_blank»>Unchained: Blockchain Business Forum 2025</a> (Los Angeles)
Jan. 18: <a href=»https://bitcoinday.io/» target=»_blank»>BitcoinDay</a> (Napes, Florida)
Jan. 21: <a href=»https://www.tokenizationsummit.de/eng» target=»_blank»>Frankfurt Tokenization Conference 2025</a>
Token Talk
By Shaurya Malwa
Over the weekend, Ethereum-based Pepe (PEPE) zoomed to a record $11 billion market capitalization, continuing its correlation as a beta bet on the network as ether (ETH) leapt to an eight-month high.
PEPE has gained <a href=»https://www.coingecko.com/en/coins/pepe» target=»_blank»>more than 23% in the past </a>seven days, with trading volumes increasing from an average of $2 billion to over $8 billion in that period.
That move made the token the first among the relatively new memes from 2023 — a cohort that includes bonk, dogwifhat, and mog, among others — the first to eclipse a landmark $10 billion market cap.
Gains in pepe likely tracked those of ether, which has outperformed bitcoin (BTC) and other major tokens with an 8% rise in the past seven days.
Since late 2023, meme tokens have been increasingly seen as a beta — or a leveraged way to bet on the growth of their underlying blockchain.
Some PEPE whales increased their holdings by roughly 1.1 billion tokens over the weekend, suggesting strong institutional or large investor interest in expectations of a higher move, according to <a href=»https://x.com/lookonchain/status/1865605723859939690″ target=»_blank»>Lookonchain data</a>.
Derivatives Positioning
Funding rates in perpetual futures tied to major tokens, including BTC, have dropped to less than 30% from nearly 100% last week. It’s a sign that speculative excesses have been crowded out.
While perpetual futures open interest for most major coins has increased over the past seven days, cumulative volume deltas (CVDs) have declined, indicating a net selling pressure.
BTC’s options market has seen a strong uptake for the Dec. 13 expiry call at $105,000 and calls at $130,000 and $150,000 expiring in January and March. Calls continue to trade at a premium to puts.
In ETH, an entity financed a large purchase of the $3,200 put expiring on Dec. 27 with a short position in the $4,200 call. The positioning shows expectations for a price drop.
Market Movements:
BTC is down 3.3% from 4 p.m. ET Friday to $98,632.41 (24hrs: -1.46%)
ETH is down 4.7% at $3,881.34 (24hrs: -2.81%)
CoinDesk 20 is down 4.1% to 3,838.53 (24hrs: -3.37%)
Ether staking yield is down 24 bps to 3.05%
BTC funding rate is at 0.0164% (18% annualized) on Binance
DXY is down 0.18% at 105.87
Gold is up 1.49% at $2,677.9/oz
Silver is up 2.69% to $32.03/oz
Nikkei 225 closed +0.18% at 39,160.5
Hang Seng closed +2.76% at 20,414.09
FTSE is up 0.21% at 8,326.02
Euro Stoxx 50 is unchanged at 4,974.6
DJIA closed Friday -0.28% at 44,642.52
S&P 500 closed +0.25% at 6,090.27
Nasdaq closed +0.81% at 19,859.77
S&P/TSX Composite Index closed unchanged at 25,691.8
S&P 40 Latin America closed -1.62% at 2,329.74
U.S. 10-year Treasury was unchanged at 4.17%
E-mini S&P 500 futures are down 0.1% to 6,092.75
E-mini Nasdaq-100 futures are down 0.19% to 21,615.75
E-mini Dow Jones Industrial Average Index futures are unchanged at 44,692
Bitcoin Stats:
BTC Dominance: 55.86% (0.90%)
Ethereum to bitcoin ratio: 0.03932 (-0.73%)
Hashrate (seven-day moving average): 745 EH/s
Hashprice (spot): $62.26
Total Fees: 15.28 BTC / $2.76M
CME Futures Open Interest: 195K BTC
BTC priced in gold: 37.4 oz
BTC vs gold market cap: 10.66%
Bitcoin sitting in over-the-counter desk balances: 428.79K
Basket Performance
Technical Analysis
BTC’s hourly chart shows the cryptocurrency has dived below the lower Bollinger band, hinting at deeper losses ahead.
Bollinger bands are volatility bands placed two standard deviations above and below the 20-period simple moving average of the price.
TradFi Assets
MicroStrategy (MSTR): closed on Friday at $395.01 (+2.23%), down 2.39% at $385.50 in pre-market.
Coinbase Global (COIN): closed at $343.62 (+7.19%), down 2.4% at $335.4 in pre-market.
Galaxy Digital Holdings (GLXY): closed at C$29.90 (+8.14%)
MARA Holdings (MARA): closed at $26.43 (+6.62%), down 2.88% at $25.67 in pre-market.
Riot Platforms (RIOT): closed at $12.95 (+5.11%), down 1.62% at $12.74 in pre-market.
Core Scientific (CORZ): closed at $16.99 (+0.30%), down 1% at $16.82 in pre-market.
CleanSpark (CLSK): closed at $14.97 (+7.47%), down 2.54% at $14.59 in pre-market.
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $30.94 (+7.02%), down 0.94% at $30.65 in pre-market.
Semler Scientific (SMLR): closed at $61.75 (+5.47%), down 1.31% at $60.94 in pre-market.
ETF Flows
Spot BTC ETFs:
Daily net inflow: $376.6 million
Cumulative net inflows: $33.4 billion
Total BTC holdings ~ 1.103 million.
Spot ETH ETFs
Daily net inflow: $83.8 million
Cumulative net inflows: $1.43 billion
Total ETH holdings ~ 3.280 million.
Source: <a href=»https://farside.co.uk/» target=»_blank»>Farside Investors</a>
Overnight Flows
Chart of the Day
Google Trends, a widely used tool to gauge general or retail interest in trending topics, is returning a value of over 70 for the worldwide search query «altcoins.»
That’s the highest retail investor interest for more than four years.
While You Were Sleeping
<a href=»https://www.coindesk.com/markets/2024/12/09/amazon-shareholders-push-for-minimum-5-bitcoin-allocation» target=»_blank»>Amazon Shareholders Push for Minimum 5% Bitcoin Allocation</a> (CoinDesk): Amazon shareholders are urging the company to follow MicroStrategy and diversify its reserves into bitcoin to combat inflation and enhance shareholder value. Proponents argue that even a 5% allocation could yield long-term benefits, because bitcoin has significantly outperformed traditional assets like gold and the S&P 500 this year.
<a href=»https://www.cbsnews.com/news/crypto-spent-big-money-to-reshape-the-political-landscape-60-minutes-transcript/» target=»_blank»>Big Crypto Spent Big Money to Reshape the Political Landscape</a> (CBS News): In an episode of CBS News program “60 Minutes” that aired on Sunday, Ripple CEO Brad Garlinghouse said substantial financial contributions from crypto companies, including Ripple, significantly influenced key Senate races in Ohio, Michigan, and Arizona. Crypto firms contributed a third of all direct corporate donations to super PACs, with 85% of the 29 Republicans and 33 Democrats they supported in congressional races scoring victories.
<a href=»https://www.coindesk.com/markets/2024/12/09/gauging-bitcoin-xrp-resistance-levels-after-record-price-rallies» target=»_blank»>Gauging Bitcoin, XRP Resistance Levels After Record Price Rallies</a> (CoinDesk): Bitcoin’s options market highlights $120,000 as a potential resistance, with $1.93 billion in open interest, while $200,000 calls hold $500 million. XRP, trading near $2.42, shows $2 million in open interest at the $2.8 strike and $1.12 million at $5.
<a href=»https://www.reuters.com/world/asia-pacific/south-korea-special-forces-officer-involved-martial-law-says-soldiers-were-2024-12-09/» target=»_blank»>South Korea Says Yoon Still Controls Military as Leadership Crisis Deepens</a> (Reuters): South Korean President Yoon Suk Yeol faces a criminal investigation and political crisis after a failed attempt to enact martial law, sparking dissent among military officers and his own party. Despite surviving an impeachment vote on Saturday, Yoon’s future remains uncertain as opposition calls for his resignation and prosecution grow.
<a href=»https://www.coindesk.com/tech/2024/12/09/radiant-capital-says-north-korean-hackers-behind-50-million-attack-in-october» target=»_blank»>Radiant Capital Says North Korean Hackers Behind $50 Million Attack in October</a> (CoinDesk): Radiant Capital linked a $50 million exploit in October to a North Korean hacking group called UNC4736. The attackers, posing as a former contractor, deployed malware to access private keys.
In the Ether
The week has begun on an interesting note, with the U.S. dollar crashing to three-year lows alongside losses on Wall Street, yet bitcoin, which usually follows the sentiment on Wall Street, stands tall.
This could just be the beginning.
The shift away from the USD and toward seizure and censorship-resistant assets like BTC and stablecoins could accelerate if President Donald Trump follows through with his reported plans to fire Federal Reserve Chairman Jerome Powell, which have pushed the DXY and U.S. stock markets lower today.
That’s the lesson from Turkey, which has seen its currency, the lira (TRY), collapse over the years mainly due to President Recep Tayyip Erdogan’s repeated interference in the central bank’s operations. The sliding lira has triggered a capital flight into BTC and stablecoins since at least 2020-21.
Trump’s issues with the Fed
Trump has feuded publicly with the Federal Reserve and its chairman, Jerome Powell, for years, criticizing Powell for being too late on rate cuts even during his first term when interest rates were way lower than today.
However, Trump’s criticism has recently reached a fever pitch with reports suggesting he is looking for ways to get rid of Powell, who recently warned of stagflation even as the President reiterated calls for lower borrowing costs while suggesting there is no inflation.
Powell’s patient approach follows a trade war-led spike in survey-based measures of inflation expectations, which could always become self-fulfilling.
Still, on Monday, Trump went further, calling Powell a «major loser» and warning that the economy could slow down unless interest rates are immediately lowered.
Lesson From Turkey
Erdogan began interfering in the central bank’s operations in 2019, and since then, the lira has collapsed sevenfold from 5.3 per dollar to 38 per dollar.
It all started with Turkey’s inflation rate reaching double digits in 2017. It remained elevated in the subsequent year, which prompted the country’s central bank to increase the one-week repo rate from 17.5% to 24% in September 2018.
The move likely didn’t go well with Erodgan, who issued the first decree dismissing Central Bank of Turkey (CBT) governor Murat Cetinkaya in July 2019. From then on until the end of 2021, Erdogan issued multiple decrees dismissing and hiring several CBT officials. Amid all this, inflation remained elevated, and the lira continued to depreciate at an alarming rate.
«We certainly don’t believe in high interest rates. We will pull down inflation and exchange rates with low-rate policy … High rates make the rich richer, the poor poorer. We won’t let that happen,» Erdogan said in 2021.
As of 2025, Turkey faces an inflation rate of nearly 40%, according to data source TradingEconomics.
This episode serves as a cautionary tale for Trump, highlighting that tampering with central bank independence — especially in the face of looming inflation — can erode investor confidence and send the domestic currency into a tailspin.
This does not necessarily mean that the USD will crash exactly like lira but may see significant devaluation.
Perhaps it could prove even more destabilizing for global markets, considering the dollar is a global reserve currency, and the U.S. Treasury market is the bedrock for international finance.
If better sense fails to prevail, U.S. investors may feel incentivized to move away from U.S. assets and into BTC and other alternative investments, just as Turks did.
Uncategorized
Bitcoin Holding Near $87k While Stocks Slump a ‘Strong Sign’ of Maturing BTC Sentiment
Bitcoin (BTC) is taking a stand even as the broader stock market keeps sliding down to its tariff-related lows on Easter Monday.
The top cryptocurrency is up 2.3% in the last 24 hours and now trading for $86,800 for the first time since April 3—the day after the Trump administration unveiled its new tariff policy. Mainly buoyed by bitcoin, the broader market gauge CoinDesk 20 Index has risen 1.17% in the same period of time, with most tokens relatively unchanged.
Crypto-linked stocks have also remained stable, with Coinbase (COIN) and Strategy (MSTR) down 1.2% and 1.3% respectively, and major bitcoin miners such as MARA Holdings (MARA), Riot Platforms (RIOT), and Core Scientific (CORZ) slumping between 2% and 3%.
The crypto market’s resilience is noteworthy considering that the S&P 500, Nasdaq, and Dow Jones have gone lower by 3.35%, 3.5% and 3.27% respectively, making their way back down to the tariff-related lows of two weeks ago.
Gold, meanwhile, is up 2.9% and is now trading for $3,400, while the DXY (an index that measures the strength of the dollar against a basket of other currencies) reached its lowest level in three years.
“Was today’s tandem rally in bitcoin and gold merely holiday-driven noise, or a meaningful shift towards bitcoin as a safe-haven asset? The latter would mark a material change in how traditional finance views bitcoin,» analysts at crypto trading firm QCP Capital wrote.
«With Europe still on holiday, market confirmation may take a few more sessions. The correlation between bitcoin, gold and equities is one to watch closely.»
Meanwhile, Lawrence McDonald, former head of U.S. Macro Strategy at French investment bank Société Générale, said that it may be time to sell gold in favor of bitcoin.
“Bitcoin has NEVER held up this well with a VIX near 30,” he posted on X, calling bitcoin’s resilience a game-changer. “This is a strong sign of a maturing bitcoin market (good news) and colossal encroaching fiat currency stress, USD.”
The weakness of stocks and the U.S. dollar, put into perspective with bitcoin and gold’s strength, may be due to investors’ concerns about Trump potentially looking to fire Federal Reserve Chair Jerome Powell.
Earlier on Monday, U.S. President Donald Trump continued putting pressure on Powell, whom he called a “major loser” in a Truth Social post, sending an already shaky stock market even lower.
Trump demanded that Powell and his team lower interest rates “NOW,” arguing that there is currently “virtually no inflation” and that costs for many things are declining. Nevertheless, Trump said there’s a threat that the economy will slow down unless the Fed cuts rates.
Powell’s term, which started when he was appointed by Trump himself during his first four years in the Oval Office, is set to end in May 2026, but Trump has been trying to find a legal way to fire Powell beforehand.
The Fed Chair has previously argued that there is no possible way for the U.S. President to remove him under the law.
Ethereum co-founder Vitalik Buterin shared a new proposal over the weekend that would radically overhaul the system that powers its smart contracts.
Buterin’s suggestion, which he posted on Ethereum’s primary developer forum, involves replacing the Ethereum Virtual Machine, the software engine that powers programs on the network, with RISC-V, a popular open-source framework that offers built-in encryption and other benefits. .
The EVM is a key piece of Ethereum’s underlying design and has been seen as one of the main elements that helped the network succeed in a crowded field of other blockchains. Many non-Ethereum networks have used the EVM to build their own chains, as has a growing ecosystem of layer-2 networks built atop Ethereum, including Coinbase’s Base chain.
The EVM has long played an essential role in Ethereum’s development. Other chains that use it can seamlessly connect with apps on Ethereum, and developers on EVM-based networks can transition more smoothly to building applications directly within the Ethereum ecosystem.
Buterin argued that transitioning Ethereum to a RISC-V architecture will “greatly improve the efficiency of the Ethereum execution layer, resolving one of the primary scaling bottlenecks, and can also greatly improve the execution layer’s simplicity.” (The execution layer is the part of the network that reads smart contracts.)
The RISC-V architecture, which has seen limited adoption in other blockchain ecosystems, like Polkadot, could offer «efficiency gains over 100x» for certain kinds of applications, according to Buterin. These improvements could reduce the network’s costs — long seen as a major barrier to adoption.
Among the primary benefits of RISC-V is its native support for certain kinds of encryption. Transitioning to the new architecture could, in Buterin’s view, be a simpler alternative to the community’s current plan, which involves rebuilding the EVM around zero-knowledge cryptography.
Buterin’s proposal is something developers would tackle over the long term, comparable to projects like the Beam Chain, which is looking to revamp Ethereum’s consensus layer.
The RISC-V comes at a time of broader soul-searching for the Ethereum community. Recently, transaction volumes have declined, and Ethereum’s token has lagged behind the broader market.
Earlier this year, the Ethereum Foundation, the primary non-profit that supports the development of the broader Ethereum ecosystem, underwent a leadership transition in an attempt to remedy the impression among community members that the ecosystem lacked a clear roadmap and was losing its lead compared to competitors.
Read more: Top Ethereum Researcher’s Dramatic Proposal Draws Standing-Room-Only Crowd in Bangkok
Can Bitcoin Benefit From Trump Firing Powell? Turkey’s Lira Crisis May Provide Clues
Bitcoin Holding Near $87k While Stocks Slump a ‘Strong Sign’ of Maturing BTC Sentiment
Vitalik Buterin Proposes Replacing Ethereum’s EVM With RISC-V
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