Market Analysis
Bitcoin’s price has hit resistance while trading 7.75% below its all-time high, but derivatives data shows pro traders are still aiming for $80,000 by January.
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Soft Fork News
A soft fork is some modification made in a cryptocurrency’s source code that doesn’t lead to the division of blockchain, as happens with a hard fork. After a soft fork, only the previous transactions and blocks become invalid. Nevertheless, if users don’t want they don’t need to upgrade all the system because old nodes will continue working. There are two kinds of soft forks, such as a miner-activated soft fork (MASF), which means that the new rules are accepted when the majority of miners’ upgrade, and a user-activated soft fork (UASF), when the appliance of new rules happens without the miners’ support. The recently-made protocol upgrade in Bitcoin is a great example of a soft fork. Also, one of the most popular examples is the Ethereum soft fork that was made to reset all transactions that had been made by a hacker in order to get the money back.
- Breaking news
The Taproot soft fork introduces the concept of Merkelized Abstract Syntax Tree (MAST) to improve the scripting capabilities and privacy of the Bitcoin network.
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The Taproot upgrade was set for deployment after achieving a 90% consensus among the Bitcoin miners (mining nodes).
31969 - Altcoin Watch
The bearish outlook appears also as Cardano’s daily RSI reflects overbought sentiments. However, the euphoria surrounding Cardano’s smart contracts launch and its mild correlation with Bitcoin are keeping the upside hopes intact.
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The ADA/USD exchange rate has moved further into its “overbought” area, suggesting that a trend correction might follow suit.
103120 - Follow up
The Bitcoin Taproot upgrade will activate later in 2021 as developers urge to create applications that will leverage its advantages.
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With Taproot achieving the 90% critical consensus mark among mining nodes, all is now set for Bitcoin soft fork activation later in November.
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The largest Bitcoin mining pools are signaling for Taproot, but the activation may not reach the 90% critical consensus mark during this current difficulty epoch.
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Major Bitcoin miners have begun signaling for Taproot activation that will improve scalability and privacy for the largest cryptocurrency by market capitalization.
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Developers don't want to move too fast.
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The Taproot conversation is continuing with the Bitcoin community having to decide how to begin the months-long activation process.
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Steem has completed a soft fork which sanctions the account that went rogue and sent 23.6 million STEEM to Bittrex in protest of a recent hard fork.
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Steem has again taken aim at the blockchain's former validators, executing a soft fork to freeze 17.6 million tokens associated with its previous witnesses.
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The CEO of Reserve thinks central banks will tokenize their currency, but businesses will choose other stablecoin services for their privacy.
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Bitcoin developer Pieter Wuille has unveiled two proposals on GitHub for a Taproot soft fork to address privacy issues.
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