Fidelity Investment Eyes On Bitcoin as a Bug Affects Over 10% of Ethereum Full Nodes, Polkadot (DOT) Shines
- Fidelity Investment to set up a Bitcoin-only Fund
- OpenEthereum flaw affects over 10 percent of Ethereum full nodes
- Polkadot now listed at different exchanges, DOT soars
Trending News: Bitcoin, Fidelity Investment, Ethereum, and Polkadot
The diversity in Crypto and Bitcoin is unparalleled. Yes, there are blips and after a price march, there is a cool off as traders begin taking profits.
Bitcoin as a Safe Haven
But what is interesting are developments behind the scene. Over time, Bitcoin has been positioning itself as a store of value asset that complements gold.
The latter has a well-developed market and is trusted by governments as a value retaining asset. However, what is interesting, is the entry of high-level institutions and recent approvals that seem to encourage their entry.
Fidelity Investment Files with the U.S. SEC for a Bitcoin-only Fund
No sooner had the U.S. OCC given the green light for national banks and savings associations to custody Crypto than Fidelity Investment began submitting papers with the U.S. SEC with plans of creating a Bitcoin-only fund.
This is a boost for Bitcoin and Crypto, since Fidelity Investment is the largest wealth manager in the world, recently stating that a third of institutions were exposed to Cryptocurrencies and most likely Bitcoin.
The OpenEthereum Bug
There is a bug in the OpenEthereum client that will force over 10 percent of all Ethereum nodes offline.
The flaw which was first identified in June, on multiple occasions, freezes the screen, forcing a restart and a resync from start.
The client, although not being the dominant and maintained by the community, has admitted that the latest software release was buggy and has now requested a downgrade. Trouble is to downgrade, all nodes must re-sync with the main chain—which could take months.
Polkadot re-domination and listing at leading Crypto exchanges means the asset is now accessible to traders and investors.
Despite the 100X supply change, DOT is not transferable and it comes as no surprise when it turned out to be one of the top performers in the last trading week.
Polkadot advocates interoperability—and their lead developers were behind Ethereum’s Parity client, which rebranded to OpenEthereum. Snowfork is currently building a general-purpose bridge, connecting the network with Ethereum, a move that will catalyze more interest in DOT.
Ethereum Price Analysis
The Ethereum price is weak, trailing both the USD and BTC. Trading at $375 a pop, the coin is down five percent against the greenback in the last week of trading.
From the daily chart, it is clear that the ETH price is correcting. Retesting previous resistance-now support, trend line, bears are pressing the sell pedal lower.
Notably, since prices are treading below the 20-day moving average—that is, the middle BB, the path of least resistance appears to be southwards.
Since bulls failed to close and reverse Aug 25 losses confirming losses of Aug 24, every high is a selling opportunity.
It is likely to be a free fall, more so if there is a sharp high volume close below the base of the bull flag at $360. If that happens, the first bear target will be February 2020 highs of $280—completing a retest.
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.