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 Dragonfly Research proclaimed Plasma to be dead, noting that the Ethereum (ETH) community is converging on Optimistic Rollup, despite initial enthusiasm. The news comes in stark contrast to earlier claims by Plasma Group arguing that the technology was moving into production phase. The history of Plasma The original paper detailing the Plasma proposal was published in August2017. In essence, Plasma was conceived as a network of sidechains attached to the main Ethereum blockchain. They would have allowed offloading of the majority of the transactional load, improving scalability by orders of magnitude. In theory. A common problem of sidechains is the requirement of trust in its operators. Plasma attempted to solve this by ensuring the security of users’ funds even when the majority of sidechain operators misbehaves. But there were significant practical issues to this approach, analysts explain.  Users would have had to continuously verify the sidechain,which is a computational

Bitcoin soared past the $9,000 level in early Tuesday trading to hit its highest price since early November. The coin jumped as high as $9,176.38 Tuesday morning, jumping alongside other cryptocurrencies as investors view them as a safe haven from coronavirus-driven market turmoil. The months-high price follows a slump late last week, as Lunar New Year celebrations in China contributed to weakened demand for the cryptocurrency. Bitcoin tore through the $9,000-per-coin level on Tuesday to hit its highest point since early November. The coin jumped as high as $9,176.28 in Tuesday trading, trading up alongside other cryptocurrencies.  Bloomberg's Galaxy Crypto Index jumped as much as 1.7% to its loftiest level in more than two months. The world's biggest cryptocurrency has taken on the role of an unconventional safe-haven investment as coronavirus fears drag on traditional risk assets.  US stocks on Monday dropped the most since October as the virus continued to spr

Ripple failed to surpass the $0.2400 resistance area against the US Dollar, similar to bitcoin near $8,800.  XRP price is currently declining and it seems vulnerable to a drop below $0.2300 and $0.2240. Ripple price is clearly struggling to gain strength above $0.2400 and $0.2420 against the US dollar. The price is facing an increase in selling pressure below the $0.2340 level. This week’s followed key bearish trend line is protecting upsides with resistance near $0.2350 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair could decline sharply if there is a downside break below $0.2300 and $0.2240. Ripple Price Facing Hurdles Recently, there was a decent recovery in ripple above the $0.2320 and $0.2350 resistance levels against the US Dollar.  XRP price even spiked above the $0.2400 resistance and the 100 hourly simple moving average. However, the price failed to gain strength and topped near the $0.2420 area. A high was formed near $0.2415 and the p

Ethereum, XRP, and Litecoin appear to have reached an exhaustion point following the uptrend they entered since the beginning of the year.  Now, a technical index estimates that these cryptocurrencies could be bound for a correction before the continuation of the bullish trend.Ethereum is about to pull backEthereum went through rally that saw its price surge over 40 percent since Jan. 3. This cryptocurrency went from trading at a low of $126 to a high of $179 on Jan. 18. Despite the recent bullish impulse, ETH seems to be preparing for a pullback at the moment.The TD sequential indicator is currently presenting a sell signal in the form of a green nine candlestick on ETH’s 3-day chart.  This technical index estimates that Ethereum could retrace for one to four candlesticks or begin a new downward countdown.  A red two candlestick trading below a preceding red one candle could validate the bearish formation. Although a correction seems imminent, Ethereum is contained with

Last Thursday, the Virtual Currency Tax Fairness Act of 2020 was introduced in Congress. The bill has the potential to solve a major issue with payments made via Bitcoin, Ethereum, and other major cryptocurrency networks in that an exception would be created for the potential capital gains taxes that often occur when these digital assets are used in everyday commerce. The bill was introduced with bipartisan support from U.S. House Representatives DelBene, Schweikert, Soto, and Emmer.  Coin Center, which is a group that advocates for regulatory policy on behalf of the cryptocurrency industry, has been working on this tax-related issue with Bitcoin payments since at least 2017. Notably, 2019 saw a number of different members of Congress comment on Bitcoin. With Congressman Brad Sherman (D-CA) claiming the crypto asset is a threat to the U.S.  dollar and Congressman Patrick McHenry (R-NC) sharing his own bullish comments on the long term utility of Bitcoin. Bitcoin’s Tax Issue

The sudden Bitcoin price drop did not catch some crypto traders unprepared.  While the scenario affected almost all digital currencies, some assets remained unmoved throughout. Regarding the latest Bitcoin’s retracement to 8,600 after the digital asset reached $9170, Netherlands-based crypto analyst, who works full time at Amsterdam Stock Exchange, Michael van de Poppe, known on social platform as Crypto Michael, had predicted the sudden Bitcoin liquidation, two hours before it came to pass. Not long after BTC broke above $9,000, Crypto Micheal said it was a good sign , however, he did mention that the chart would soon create “a CME gap”. He said if Bitcoin lost the $9,000 support zone, the bearish divergences would be applied, making BTC to aim either $8,250 or $8,600 as main long zones. The first expected Bitcoin price drop has come to pass, as Bitcoin is trading around $8,600 level. However, the second scenario has not played out.Shortly after the 3 minutes price drop, whi

Litecoin price gained a strong bullish momentum after it broke the $48.00 resistance against the US Dollar. LTC price traded towards the $60.00 resistance and it is currently correcting lower. There is a key contracting triangle forming with support near $54.00 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase). The pair remains well supported on the downside near $52.00 and $50.00.Litecoin price is trading in a bullish zone above $50.00 against the US Dollar, similar to bitcoin.  LTC price could consolidate in the short term before a fresh increase to $60.00. Litecoin Price Analysis  This week, there were strong gains in bitcoin, Ethereum, ripple and litecoin against the US Dollar.  LTC price broke the key $48.00 and $50.00 resistance levels to start an uptrend. Moreover, there was a close above the $50.00 level and the 55 simple moving average (4-hours).  The bulls gained traction and the price rallied above the $55.00 and $58.00 resistance levels. Final

Ripple's CEO Brad Garlinghouse foresees industry consolidation in 2020. XRP/USD recovery is limited by a resistance created on approach to $0.22. Ripple's XRP hit $0.2191 during early Asian hours and retreated to $0.2177 by the time of writing.  The third digital asset with the current market value of $9.4 billion has gained 2$ on a day-to-day basis and over 3% since the beginning of Tuesday. The coin is moving in sync with the market, however, the further upside may be limited by a critical $0.2200. Ripple's Garlinghouse expects industry consolidation Visa has recently announced the acquisition of payment startup Plaid for $5.3 bln.  Commenting on the news, Ripple CEO Brad Garlinghouse noted that the industry was on the verge of a massive consolidation trend that would gain pace in 2020. "Not surprising to see this kind of consolidation, and expect this will set the stage for more to come in 2020 - in fintech, crypto and beyond." The XRP community ha

Ethereum has been closely tracking Bitcoin’s volatile price action as of late, which head led ETH to gain a firm position within the $140 region.  The cryptocurrency’s bulls have shown signs of growing vitality over the past several days, which comes as the altcoin market begins flashing hints of having immensely bullish near-term potential. It is important to note that Ethereum’s bulls have now created an unprecedented buy wall on a major exchange, signaling that bears would have to incur massive strength in order to push the crypto down from its current price levels. This massive buy wall may be one factor that helps ETH spark a parabolic rally, as one analyst is noting that the crypto could soon target a move to $180, with a break above this level potentially leading it as high as $280.Ethereum’s Bulls Build Massive Buy Wall as ETH’s Price Action Grows BullishAt the time of writing, Ethereum is trading up marginally at its current price of $145, which marks only a minor decli