What should you know about this week's cryptocurrency news?
Bitcoin is getting a new upgrade called Taproot. Learn all about it and more in this blog. In the market, people are talking about the price hike of Bitcoin and cryptocurrencies. Of course, not all of them performed well, but you know, in general, it has been a great week. As it's our responsibility to discuss the market news, as the Best cryptocurrency news provider online, we will do just that. After a record surge in Bitcoin's and Ether's prices, yesterday those dipped a little. However, we expect that the Taproot update will soon enhance the trading activity during the upcoming weeks. According to analysts, this upgrade will improve Bitcoin's privacy, and efficiency even further. That's like really pushing the boundaries. With this update, the price can soar higher, as it gives Bitcoin bulls exactly what they needed. And no, we are not making this assumption out of thin air. Chief Product Officer at Bitpanda, Lukas Enzersdorfer-Konrad also agrees to this notion. The upgrade will soon come to the market, and most analysts are hopeful about it. But like most concepts, the market is pretty much divided about it. Investors may have been expecting Bitcoin's uprise even before learning about this upgrade. It explains the reason behind Bitcoin's gain by almost 30%. Also, some of them were and still looking for alternatives, just to be safe. They consider ether to be more reliable as a price and market indicator. This is how the market is looking right now: Bitcoin or BTC: $64,859.54 Ether or ETH: $4,687.5
The price itself shows that Bitcoin's volatility is slowly declining. This is what we have inferred from Skew's data. This is an improvement from the position where it has been in May. That is when the market was bearish. Experts think that the volatility will remain at its lowest point. They also think that Ether may see a pullback when the price range is around $4,000-$5,000 (approx. $4,800), according to previous week's statistics. In that week, ETH has risen by 3%, and BTC by 4%. Ether's decoupling can also play a vital role in ETH's pullback. While this is the major news, we will be discussing, there is other news to look at as well. For example, Binance is temporarily suspending DOGE withdrawal due to some technical issues faced by users. These issues became prominent after upgrading the online services. What was the issue, you ask? Users say that Dogecoins were being withdrawn from their accounts without asking for their consent. The authorities are looking into this matter. Other experts say Solana can be a better alternative to Ethereum and Bitcoin. This group of people includes Sam Bankman-Fried, founder and CEO from FTX. According to him, Solana is more capable of handling simultaneous transactions and a massive number of users. These are the news we think is worthy of being on the website. We will continue bringing in more as the Best cryptocurrency news provider online. Have we missed any interesting news?