Bitcoin (BTC) was aiming for $28,500 at the Oct. 2 Wall Street open as a bullish start to the month continued. Creditcoin, a pioneering platform for real-world asset innovations, has announced the launch of the latest upgrade of its mainnet. This new release upgrades the RWA-focused blockchain consensus to nominated proof-of-stake (NPoS) and aims to improve on-chain liquidity for both borrowers and fintech lenders.Proof-of-work (PoW) was the consensus mechanism that started it all — with Bitcoin (BTC) introducing the concept to millions when it launched back in 2009. But as concerns over electricity use and carbon emissions grow, many crypto projects are now seeking eco-friendly alternatives. In 2022, Ethereum made the leap to proof-of-stake (PoS). This was designed to make the network more palatable in the eyes of critics and regulators, as well as set the stage for enhanced scalability and lower fees.Nominated proof-of-stake (NPoS) is a twist on the PoS model, which broadens the number of people who can help secure the network. Token holders are referred to as “nominators” who can back honest and trustworthy validators by staking cryptocurrency to vote and elect them. This removes substantial barriers to entry for everyday enthusiasts.Data from Cointelegraph Markets Pro and TradingView showed BTC price action staying strong into October’s first United States trading session. The largest cryptocurrency made swift gains into the weekly close, this following a contrastingly cool monthly candle completion which saw BTC/USD finish on $26,970. Crypto analyst Nebraskan Gooner noted that a breakout from here would put $108 in play — marking new 11-month highs.For popular trader and analyst Rekt Capital, this monthly close — despite now being more than 5% below spot price — called for caution. He noted that Bitcoin performed a September Monthly Candle Close below ~$27,100 and that this was solidified as resistance for September.Spot bid continues, while funding is negative. This reeks of disbelief, according to popular trader Jelle. Fellow trader Skew noted that spot markets were driving the move after the Wall Street open, displaying an “interesting disconnect” with derivatives. Together with higher bond yields and oil prices, Economist Mohamed El-Erian described the U.S. dollar index (DXY) strength as “neither the US economy (particularly, growth and financial stability) nor the markets enjoy.” Bitcoin nonetheless remained conspicuously unfazed.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Mohamed El-Erian, Skew, Rekt Capital, Nebraskan Gooner, Jelle |
| Companies | Creditcoin, Proof-of-Stake, Nominated Proof-of-Stake, TradingView, Proof-of-Work, Ethereum, Cointelegraph Markets Pro, Bitcoin, Web3 |
| Currencies | Creditcoin, US Dollar, Ethereum, Bitcoin, NFT Stars |
| Securities | None |
