A Daily Outlook: BTC/USD; Aug 26, 2022

Top Headlines on Digital Currency:

  • The team behind Ethereum shared an official schedule for the blockchain’s long-awaited transition to a proof-of-stake (PoS) consensus mechanism. A new post on the Ethereum Foundation blog revealed that the Merge will be split into two separate upgrades – Bellatrix and Paris.
  • The community released a new website (SHIB Superstore portal) that burned Shiba Inu to potentially aid the memecoin register new heights. This development saw an increase in Shiba Inu’s burn rate as it surged by 87%, according to the token burn tracking portal Shibburn.
  • As per the statement released via Polygon’s blog, the Merge will produce a good outcome for its network. Polygon said that an increase in transaction speed, cheaper fees, and a possible 99.5% reduction in energy consumption would be noted following the Merge.
  • Uniswap recently showed its desire for NFT financialization. The exchange is currently in talks with seven NFT lending protocols to bring about an informed ecosystem for the tokens.
  • Coinbase announced the introduction of an ERC-20 token called Coinbase Wrapped Staked ETH (cbETH). This token represents ETH2, which in turn represents ETH staked through Coinbase. cbETH is a utility token, and not a cryptocurrency or a digital asset that might fall under securities regulations.
  • Tether said that freezing the sanctioned addresses might interfere with ongoing investigations.

Technical View:

  • The BTC moves in rigid boundaries and hovers around $21,500 mark.
  • The pair made intraday high at $21,610 and low at $21,332 mark.
  • Today a day chart and H1 chart with triple EMA suggest bearish trend for the time being.
  • A sustained close above $21,800 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $20,800 on H1 chart requires for the downside rally.

Take a look and do trade wisely!
Good Luck