Bitcoin is defending the $30K mark, opening Asia’s trading week at $30,171. Ether is also holding above $1,800, trading at $1,863. In a largely uneventful week, we saw Bitcoin trending downward to test support levels near $30K, BitBull Capital’s Joe DiPasquale said in a note to CoinDesk. However, the market leader managed to defend the key level despite news of the SEC calling ETF filings inadequate.
The market is awaiting more clarity around the BlackRock ETF application, which has been refiled. We still maintain that continued trading above $30K will see more attempts to go higher. Meanwhile, $27K remains a strong support for now, DiPasquale said.
The dYdX Foundation’s Charles d’Haussy recently discussed the platform’s move to its own blockchain, Cosmos, over concerns about the scalability of Ethereum. When you sit on someone else’s blockchain, you have a dependency on their roadmap. It’s not yours, he said. By having our own chain, we are able to execute much faster by moving away from a general purpose blockchain.
D’Haussy believes that major crypto applications are optimizing for specific uses, thus making general-purpose blockchains less suitable. At the beginning, you start with a Swiss knife, doing everything, but eventually, you want to become a craftsman and have specialized tools, he said. So I think we’ll see a lot of application chains and more interconnectivity between blockchains.
To prevent centralized failure, dYdX aims for diversity among their validators in geographies, underlying service providers, and types of providers. D’Haussy foresees a rise in domestic validators due to certain regions lacking regulatory clarity.