Bitcoin Holds Strong at $30K Support Level as New Week Begins | Ethereum Future Trends

 Charles d'Haussy of the dYdX Foundation adds that the company's departure from Ethereum may signal the start of a wider trend.


 The market is just thinking about a bitcoin ETF, which may be controversial for some in the business.


Charles d'Haussy of the dYdX Foundation discusses the platform's post-Ethereum future and emerging legislative trends.

Bitcoin Starts Week By Protecting the $30K Support Level

The market is solely thinking about a bitcoin ETF.

The acceptance of bitcoin by BlackRock CEO Larry Fink, a 180-degree turn for the financial chief, has caused controversy among experts and the wider sector.

"So-called mainstream adoption will bring waves of new entrants to bitcoin, and the risk is that they won't care, and they won't protect the decentralization properties that make it valuable over centralized alternatives in the first place," Alex Thorn, head of research at Galaxy, wrote last week in his report.


The market, as a whole, does not appear to care about the specifics of decentralization, though.

The biggest digital asset in the world opened the Asian trading week at $30,171 as it continues to defend the $30,000 level. With a price of $1,863, ether is also staying above $1,800.

"In a largely uneventful week, we saw bitcoin trending downward to test support levels near $30K," BitBull Capital's Joe DiPasquale wrote in a note to  "However, despite news that the SEC found the ETF filings to be inadequate, the market leader was able to defend the key level."

According to DiPasquale, the market is awaiting further explanation of BlackRock's revised application.

"We continue to believe that additional attempts to move higher will occur if trade stays above $30K. While $27K continues to be a solid support for until then," he remarked.

Looking ahead to later this week, the market will be watching inflation data and unemployment claims, two statistics that the Fed will take into account when deciding how to move interest rates in the future. As such, anticipate cryptocurrency trading.



DYdX Foundation CEO Sees Ethereum's Move to Own Blockchain as a Prelude

Due to issues with scalability, DYdX announced last year that it was departing Ethereum in favor of its own exclusive blockchain, on Cosmos. The exchange made the important announcement that it has started a V4 of its private testnet at the beginning of April.

The CEO of the dYdX Foundation compared the action to tech sovereignty in order to justify it. He added that by having its own blockchain, dYdX is able to control its entire technology stack and is not constrained by Ethereum's roadmap's speed or trade-offs.

"You depend on the roadmap of the person whose blockchain you are using. He informed  "It's not yours. "By moving away from a general purpose blockchain, we are able to execute much faster by having our own chain."

Even though DYdX is not a new platform, interest in it has grown as the Securities and Exchange Commission (SEC) pursues its centralized competitors. The platform has some growing pains, and at the end of the day, the question will be whether its new technology stack is the solution. The market is watching this carefully as the exchange gets ready for its next chapter because the price of its token has fallen by almost 6% in the past month while the price of ether has increased by 1.3%.

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