Bitcoin sees first 'Golden cross' on weekly chart
The 50-week simple moving average (SMA) of Bitcoin price crossed the 200-week SMA for the first time.
Market enthusiasts call it the “golden cross,” which indicates a positive change in asset prices, and now this marker has finally appeared on Bitcoin's weekly price chart.
Many traders consider the crossover to be a forward-looking indicator, with the golden version signaling an upcoming long-term bull market.
However, it is difficult to confirm an uptrend as the indicator tends to lag behind price and moving averages based on past data. In other words, moving averages represent what has happened in the past, and the first golden cross on the weekly chart was the result of Bitcoin rising more than 70% to $42,700 in 4 months.
Therefore, seasoned traders consider crossovers as lagging indicators, often coinciding with trend exhaustion. For example, the weekly death cross confirmed in early 2023 marked the bottom of the bear market. The golden cross and death cross on Bitcoin's daily chart have a mixed record of predicting bullish and bearish trends.
There is a proposal to deploy a private blockchain for Lido Finance ⚡️
The author of the proposal said there should be a few core criteria for this plan, including:
Low cost: turn Lido chain into a layer that encapsulates staking, unstake and retake operations and then deploy a series to Layer-1 of Ethereum.
Attached DeFi operations: increase the applicability of the stETH token (lending operations) to keep these operations happening right on Lido's chain.
Validators participating in the network need LDO tokens to contribute to the validation stage.
Gas fee: can use ETH, tokens such as stETH, wstETH and LDO.
However, setting up a private chain also creates a problem such as:
Risk of bridging between networks.
Separating stETH from the existing Ethereum layer may create some conflicts of interest.
Telcoin has decided to use company funds to prepay users affected by the December 2023 hack, which caused more than 1.3 million USD to be withdrawn from user accounts.
After Telcoin restored its app, they recorded a 400% growth in deposits compared to the previous month. But the TEL token price plummeted to 0.0013 USD after the hack and has not recovered after 2 weeks.