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Key Highlights:

• Bitcoin is reinvigorated, stable above $11,000
• Cash App revenue soars to $875 million in Q2 2020
• Medalla Test network is live, as DeFi remains the biggest drawer
• Ethereum Classic 51 percent attacked for the third time in less than two years

Trending News: Bitcoin, Ethereum, Ethereum Classic

The Bitcoin price is full of energy, as it has been reinvigorated largely by an optimistic swarm of buyers keen to push BTC prices above key resistance levels. 

The #Bitcoin bulls are on parade again. Lots of energy in the market, feels like this is going to be a big week!

— Tyler Winklevoss (@tylerwinklevoss) August 5, 2020

After easing past $9,000 and breaking above the psychological $10,000, bulls now have their sights at $13,800 and $14,000. These two levels are important June 2019 highs. 

Last year, amid another wave of revival that lifted BTC from 2018 pits of $3,200, traders were expecting bulls to drive towards $20,000. It never came to be pass and instead, BTC prices shuddered, melting to $5,000 as COVID-19 expectedly fanned bears. 

But the wave has turned and as the world teeters close to a recession, like gold, the digital gold is awaking. 

Sparking demand is the coin’s properties as censorship resistance and the growth of a parallel network that diversifies BTC revenue streams other than holding.

Cash App Revenue from Bitcoin Rises to $875 Million

According to Square’s latest report, Cash App revenue rose to $875 million, a 600 percent rise in revenue stemming directly from Bitcoin revenue. 

However, the multi-billion dollar company said despite the 6X spike in year-to-date revenue, they only made a “small margin” from selling BTC to clients. 

Still, they made $17 million in profits. 

Medalla Multi-client Test Network is Live, DeFi Draws Traffic to Ethereum

As Bitcoin grows, Ethereum is gradually and smoothly gliding to Eth2. The successful launch of the Medalla Multi-client Test Network with over 20,000 validators shows how participants are eager, yearning for the Beacon Chain Mainnet launch. 

Current Medalla Network Statistics via https://t.co/5VFkFxX4No

~62.7% @prylabs clients
~25.4% @sigp_io clients
~11.8% @ethnimbus + @PegaSysEng + @ChainSafeth #Ethereum pic.twitter.com/HE7tktOY1S— Bitfly (@etherchain_org) August 4, 2020

There is no set launch date or estimates, given Ethereum’s history, place Phase 0 completion in early Q1 2020. Meanwhile, DeFi continues to expand. 

According to Defi Pulse, there is over $4.4 billion of ETH locked as collateral by various DeFi CDPs. Given its popularity, a recent report revealed that DeFi is the primary source of traffic in Ethereum, rightly highlighting the sub-sector’s significance.

The Costly Ethereum Classic 51% Attack

Ethereum Classic has unfortunately fallen prey to hackers for the third time in roughly 20 months. 

After Coinbase identified a “deep chain re-organization” back in early January 2019, Binance and Bitfly have today suspended ETC transactions after noting another 51 percent attack.

In early Thursday’s attack, 4,000 blocks were re-arranged earning the malicious agents over $93,000 in block rewards. 

In light of recent network attacks, it's recommended that all exchanges, mining pools, and other ETC service providers significantly raise confirmation times on all deposits and incoming transactions. @okex @binance @HuobiGlobal @hitbtc @coinbase @digifinex @etherchain_org— Ethereum Classic (@eth_classic) August 6, 2020

But this is the second attack in less than a week. Over the weekend, the Ethereum Classic network was attacked and hackers made away with $5.6 million or over 807,000 ETC coins.

Cardano Price Analysis

After a spectacular rally that saw the Cardano price rise near perpendicularly, bulls seem to be exhausted. Still perched at eighth, ADA is up 30 percent in the last month, but stable against the USD. However, it is down five percent versus BTC, and 20 percent against ETH.

From the daily chart, the 20-day moving average (the middle BB) is the immediate support line. A key support also lies at $0.11. Should there be a correction below these two levels, ADA prices may fall to $0.09 in the immediate term.

Advising this is the failure of buyers to break above July 27 highs of $0.17. The bear candlestick was marked by high trading volumes and prices continue to range inside the candlestick highlighting its significance from an effort versus results point of view. A break above $0.17 accompanied by high trading volumes will fuel further upsides. In that case, ADA bulls may target $0.30.

Technical chart courtesy of Trading View

Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.