Bankless ROLLUP: 1st Week of June (Miami Bitcoin Conference, Arbitrum Layer 2 DeFi Summer, Coinbase Apple)
Jun 4, 2021
The latest update dives into Bitcoin's price fluctuations and the looming risk of a 'Death Cross.' Ethereum is discussed as it sees significant changes in trading volumes and miner revenue. The launch of Arbitrum's mainnet promises to enhance Ethereum's capabilities, attracting over 250 projects. Meanwhile, the competitive landscape of decentralized finance continues to evolve, with highlights on trading innovations and the appeal of Layer 2 solutions. Lastly, the transformation of user engagement in DeFi is contrasted with traditional finance, sparking interesting insights.
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Bitcoin Price Lags
- Bitcoin's price is at $38,500, showing a 6-day uptrend.
- However, it's lagging behind other crypto assets, struggling to reclaim $40,000.
Bitcoin's "Death Cross"
- Bitcoin might experience a "Death Cross" if the current price trend continues.
- Historically, this has led to significant drops of 50-70% after a 50-70% drop from ATH.
ETH Leaving Exchanges
- The percentage of ETH supply on exchanges is decreasing, signaling a bullish trend.
- This suggests a move towards DeFi and self-sovereignty for ETH.