🗞 Daily Crypto News, May, 6th 💰

Ethereum Scaling and Gas-Free Transactions Arrive ;
Market Wrap: Bitcoin Volatility Higher Than S&P 500 Again but Lower Than Oil ;
Former Bank of China President Says Digital Yuan Can Replace Cash ;
BitMEX Is Making Bitcoin Network More Expensive for Everyone, Researcher Finds ;
Launch of the HODL Tribe - A Crypto Social Community;
🗞 Daily Crypto Calendar, May, 6th 💰
Bitcoin Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Ethereum Scaling and Gas-Free Transactions Arrive

Ethereum 2.0 is expected to launch within months, but new scaling solutions and gas-free transactions are already here. The network is also growing more popular, with the number of active wallets more than doubling since January to around half a million.

Synthetix scales up optimistically

The developers behind the second-largest DeFi protocol, Synthetix, have partnered with Ethereum layer-2 research team Optimism to launch a demo deployment of Synthetix Exchange on the Optimistic Virtual Machine (OVM).

Optimism’s OVM is a layer-2 scaling solution designed to allow DeFi financial platforms to operate with comparable speeds to centralized systems.

Active ETH users double since January

Amid the increasing popularity of DeFi and the highly anticipated roll-out of ETH 2.0, the number of active users has doubled since January — recently bumping up against 500,000 for the first time since June 2019.

🗞 Market Wrap: Bitcoin Volatility Higher Than S&P 500 Again but Lower Than Oil

In early trading at 00:00 UTC, the world’s oldest cryptocurrency was in $8,800 territory before jumping as high as $9,125 on spot exchanges like Coinbase.

After that quick run-up, bitcoin quickly sold off back to $8,800 levels at 11:00 UTC (7 a.m. EDT). With 10-day and 50-day technical indicator moving averages signaling tepid sentiment Tuesday, bitcoin is experiencing little trading action, staying at the $8,800 price range. At press time bitcoin (BTC) was trading up less than a percent over 24 hours at $8,945.

The sideways action, also known as “consolidation,” is a pattern of predictable behavior during which traders like Jack Tan, founding partner at Taiwan-based crypto trading firm Kronos Research, seek various price levels in which to trade in and out.

For a crypto trader to call a range between $8,400 to $14,000 is a pretty wide guess and a sign volatility could be the name of the game for the next week or two. After a brief period in which the S&P 500 was more volatile than bitcoin, the latter regained its status as the rockier asset last week, though only slightly so. On Tuesday, the S&P 500 index of U.S. stocks was up less than a percent.

🗞 Former Bank of China President Says Digital Yuan Can Replace Cash

The central bank digital yuan is currently in the test phrase and is generating excitement among Chinese internet users. Searches on the impact of the digital yuan and cryptocurrency in general has skyrocketed in recent times.

Lihui gave a live streaming talk on People’s News on May 5 and explained that unlike WeChat Pay and Alipay, the digital yuan is designed to be independent from any network or third party bank. However, he said for the digital yuan to replace cash or other current payment solutions, four key conditions needed to be met:

“Whether the digital Yuan can become the dominant form of currency and mainstream payment means, depends on whether it has greater efficiency, lower transaction costs, enough economic scale with commercial value, and people’ acceptance.”

🗞 BitMEX Is Making Bitcoin Network More Expensive for Everyone, Researcher Finds

Every day, around mid-morning New York time, the average fee bitcoin users worldwide pay to send the cryptocurrency spikes for up to an hour, then returns to normal. A respected researcher thinks he’s found the reason: BitMEX.

If the crypto derivatives exchange used more efficient technologies when broadcasting transactions, users could save as much as roughly 1.7 bitcoin (worth more than $15,000 at press time) in fees every day, or about 7 percent of total daily fees paid, argues pseudonymous bitcoin engineer 0xb10c.

"The daily broadcast has a significant impact on the Bitcoin network and user fees," 0xb10c wrote in a recent report.

Nearly every time a user sends a bitcoin transaction, they tack on a (usually) small fee along with it. Fees fluctuate all the time, depending on how much congestion is in the network. That's because there is limited space for transactions to go through. If there are too many transactions sent at the same time, miners will prioritize ushering through those with higher fees. Those with smaller fees will have to wait.

🗞 Launch of the HODL Tribe - A Crypto Social Community

So, what is the HODL community about ?

Source

@hodlcommunity is focused on:

Curating good crypto-related content,
Attracting content curators and
Retaining them through appropriate reward system

Topics covered will be :

Cryptocurrencies
Blockchain Technologies
Mining
Crypto/Decentralisation Philosophy
Blockchain Games
Airdrops

@hodlcommunity aims to have a positive impact

As a starting point, our goal is to generate revenues through curation and donations to help 5 selected content creators from less well-off countries.

To start this initiative, I am guaranteeing on my personal funds a minimum of 20 HBD per selected content creator for the first 3 months.

Therefore giving a minimum of 100USD per month.

I will also personally follow @hodlcommunity with 50% upvotes with my account (@vlemon with 35k HP currently)

HODL Community Social Economy

How can you help us?

By delegating to @hodlcommunity

If you would like to delegate some HP to our community and support us; we would give you 100% of the curation rewards back on a daily basis !

250 HP- 1000 HP - 2500 HP - 5000 HP

You can also follow our HIVE trail, we will be upvoting a maximum of 10 posts a day for the month of May.

By following our HIVE trail here