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Ethereum’s Constantinople Hard Fork to Activate by Late February

CoinSpeaker
Ethereum’s Constantinople Hard Fork to Activate by Late February

Earlier this week, Ethereum’s core developer team decided to postpone the Constantinople hard fork citing a critical security vulnerability. Smart contract audit firm ChainSecurity said that it has found a loophole in the Constantinople hard fork software. The attackers could exploit this and withdraw user funds through a reentrancy attack.

Yesterday, January 18, Ethereum lead developer Peter Szilagyi confirmed that the Constantinople activation could occur on ETH block number 7,280,000. He also said that the tentative date for the activation could be of the 27th of February, next month.

The latest proposal was made during a developer call on Friday evening. The decision took place in presence of Ethereum creator Vitalik Burterin and other core developers including Hudson Jameson, Lane Rettig, Afri Schoedon, Péter Szilágyi, Martin Holste Swende, Danny Ryan and Alexey Akhunov, among others.

Taking a “Two-Fork” Strategy

During the hard fork implementation next month, the Ethereum Improvement Proposals (EIP) 1283 won’t be included due to the critical bugs found in it. Hence, the Ethereum developers have discussed a “two-fork” strategy to make sure the entire network gets onboard as per the plan.

The first upgrade will involve five original EIPs while the second upgrade will remove the buggy EIP 1283. During the conference call, Szilágyi explained:

“My suggestion is to define two hard forks, Constantinople as it is currently and the Constantinople fix up which just disables this feature…By having two forks everyone who actually upgraded can have a second fork to actually downgrade so to speak”.

This way they can ensure that the test network and the private network has completely implemented Constantinople upgrade without rolling back any blocks.

Ethereum creator Vitalik Buterin also backed this decision of adopting the “two-fork” approach. Buterin said that it was a good idea as the upcoming “difficulty bomb” was approaching faster. He explained:

“Right now block times are already increased something like 9% from the ice age. So in six weeks let’s say we’re rolling in two steps up from the ice age, which would take block times maybe up to 20-21 seconds. If we were to be more aggressive and say something like 3 weeks, then we could avoid a big step like that.”

Furthermore, Buterin concluded that the six-week timeline is realistic and fair at the moment. The five EIPs which will be implemented through the Constantinople upgrade are expected to bring significant improvements in terms of efficiency, speed, gas, scalability, cost and other things.

The arrival of Constantinople is expected to revive the ETH price and set a new stage for Ethereum’s progress.

Ethereum’s Constantinople Hard Fork to Activate by Late February

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Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

CoinSpeaker
Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

The second update of Metropolis hard fork, called the Constantinople hard fork, should have been finalized on 13th of August 2018, tested for two months and released by the second week of October. Yet, the fork got postponed to January 2019 after developers detected mistakes in its program during the testing period.

According to the sources, the Ethereum Constantinople hard fork is now set to happen between January 14-18th once block number 7080000 is mined.

Currently, the date is not precisely set, but the sources suggest, that Constantinople will most likely activate on Wednesday, Jan 16th, probably around 7 am UTC with a block 7080000. The current average block time is around 15 seconds and today we are in a block number 7035939, so there are 44 061 blocks to go. The preliminary calculations show that there are around 5 days left until we reach the mentioned block (7035939/7080000).

However, this will make a job a bit harder for many of the exchanges that announced their support of the Fork. For now there is 19 exchanges that officially confirmed support.

Major cryptocurrency exchanges OKEx and Huobi among the first announced their intention to support the upcoming Ethereum (ETH) Constantinople hard fork.

OKEx’s management team noted that the exchange would be taking a snapshot of all its accounts at block height 7,080,000. Huobi advised traders to deposit their ETH tokens into the platform as it will help them to manage all technical issues related to the network upgrade.

London based crypto exchange CEX.IO announced that at the moment the company is making the necessary technical adjustments that will be able to enable the support need for the Constantinople upgrade. Just before the upgrade takes place, the CEX.IO will be stopping all the deposits and withdraws that are made in ETH. It is just to ensure that the customer’s funds are kept secure, but once the upgrade is completed all the ETH holders will be able to quickly resume with their trading of the coins on the exchanges just as before, but now on a better working system.

The same goes for the US-based cryptocurrency exchange Bittrex that confirmed finishing all the preparations required to get ready for Constantinople hard fork.

They tweeted:

Binance asked holders of ETH to allow sufficient time for deposits to be processed in full before the aforementioned block height is achieved. The exchange went on to assure traders that they will handle all technical requirements related to the event.

The Constantinople hard fork has been lauded for achieving consensus across the Ethereum community. However, there is a slim chance that their might be other hard forks as developers and other Ethereum community members wish to carry out their own versions upgrading the Ethereum network. Binance has therefore added the following information in case of such outcomes:

“Should there be any other hard forks or airdrops during the Constantinople hard fork period, we invite these respective project teams to contact us at [email protected] for further discussion.”

OKCoin also confirmed their support advising their clients to deposit their Ethereum tokens into OKCoin as they will be handling all the technical requirements for the hard fork. Similar goes for IDAX that also recommended clients to deposit Ethereum tokens into IDAX.

A popular Indian cryptocurrency exchange Koinex stated that the company will be also supporting the much-discussed Ethereum [ETH] Constantinople hard fork. Koinex had tweeted:

BitMart also confirmed their support for the upcoming Fork. Similar to other exchanges they are asking their clients to leave sufficient time for deposits to be processed in full prior to the block height.

One of the last joined exchanges is New Zealand-based exchange Cryptopia who also announced their support on their official Twitter account saying:

The rest of the exchanges that announced their support (and we, at CoinSpeaker, will try to keep the list updated as possible) are Chinese digital exchanges Bibox and Hotbit, decentralized exchange EtherFlyer, crypto exchange BitForex, Indian crypto exchange WazirX and multi crypto wallet Exodus Wallet. Also, support comes from transaction mining exchange platform Catex, Indian platform Indodax, Thai crypto exchange TOK and Singaporean crypto exchange ABCC.

Mid December last year found ETH in the number 3 spot according to market capitalization. This was after XRP edged out the King of Smart Contracts from the number 2 slot as the bear market accelerated with BTC trading at $3,200 on the 15th of December. At the same time, ETH was trading at around $83. At the time of writing ETH was trading at $134.84 with market capitalization of $14,063,336,619.

Upcoming Ethereum Constantinople Hard Fork Already Backed by 19 Exchanges Worldwide

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Binance Announces Support for Upcoming Ethereum Constantinople Hard Fork

CoinSpeaker
Binance Announces Support for Upcoming Ethereum Constantinople Hard Fork

Ethereum supporters are anticipating the upcoming Constantinople hard fork scheduled to launch on the 16th of January. The hard fork will occur at block number 7,080,000 and is believed to be the largest upgrade for the network. According to a famous cryptocurrency expert Alex Krüger, Constantinople upgrade will be very bullish for Ethereum and can greatly affect the currency.

The much-awaited hard fork has already received a green light from everyone in the community. Moreover, it has received support from Binance, the largest cryptocurrency exchange by adjusted volume.

The exchange asked ETH holders to allocate enough time for deposits to be fully processed before the block height 7,080,000 is achieved. The announcement reads:

“Binance would like to confirm support for the upcoming Ethereum Constantinople Hard Fork. Please leave sufficient time for deposits to be processed in full prior to the block height shown below. We will handle all technical requirements involved for all users holding Ether in their Binance accounts.”

Binance further added:

“Should there be any other hard forks or airdrops during the Constantinople hard fork period, we invite these respective project teams to contact us at [email protected] for further discussion.”

Binance is known as the most trusted among investors within the digital asset community. Targeting institutional investors, the exchange launched a new sub-account feature for institutional traders to let them create multiple accounts under one profile. The new feature includes an updated dashboard panel that offers comprehensive balance reporting, account management, asset management, order management, transfer history, and login history options.

Ethereum to Make Gains

Obviously, support from Binance is very important for the upcoming Ethereum hard fork. Before New Year, Ethereum was at the third position in terms of market capitalization. But soon, due to the certainty of the hard fork that will involve significant enhancement to the network, the currency saw a price hike. Its market capitalization increased, and Ethereum crossed XRP, acquiring the second position on the top-10 list.

At the moment of writing, Ethereum trades at $153.63, which is an 84.3% increase in fewer than three weeks when compared with the $83 value witnessed mid-December. The price made an incredible rise from January 1 from the support at $130 and tested the resistance at $160. Currently, its market cap makes up $15.9 billion, and Ethereum takes a confident second position after Bitcoin.

With another 2 weeks to the hard fork, the digital asset might continue to make gains in the crypto market, as the crypto community is excited and curiosity around the event is growing.

The decision to launch the Constantinople hard fork was made by  Ethereum’s developers during a bi-weekly meeting held on December 7. The fork will improve the network and means significant changes, bringing in five EIPs, which will permanently alter the network with new backward-incompatible upgrades.

Binance Announces Support for Upcoming Ethereum Constantinople Hard Fork

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Bitcoin Consolidates Around $3850 as we Bid Adieu to 2018

CoinSpeaker
Bitcoin Consolidates Around $3850 as we Bid Adieu to 2018

After a heavy crushing in November 2018 with the overall crypto market valuations going close to $100 billion, the December month saw a relief recovery. Now, as we are bidding adieu to 2018, the crypto market seems to be in a consolidation phase around $130 billion overall market cap.

In the last 24-hours, Bitcoin is showing price movements around $3850 levels. At the press time, Bitcoin (BTC) is trading at $3824.54 with a market cap of $66.7 billion. Falling close to $3200 levels in the November market massacre, Bitcoin posted a relief recovery in mid-December surging above $4000 levels, before coming to the current levels.

Along with Bitcoin, other altcoins have also shown major price swings. In December itself, from sub $0.30 levels, XRP surged to make a high of $0.44. Currently, the world’s second-largest cryptocurrency is trading at $0.36 levels with a market cap of $14.7 billion. However, XRP is just marginally ahead from Ethereum in terms of the market cap.

The mid-December rally proved to be the most fruitful for Ethereum (ETH). After falling to sub $90 levels in November, Ethereum (ETH) showed a major recovery surging past to $150 price levels. At the press time, Ethereum is trading at $136 with a market cap of $14.2 billion, falling just short of XRP. Enthusiasts are eagerly eyeing towards the release of its Constantinople hardfork scheduled around mid-January 2019.

Despite the relief recovery in the crypto market, it still lacks the confident support from investors. The market is still ridden with the issues of hacks and never-ending uncertainties. Last week’s Electrum wallet hack added yet another black spot to 2018-performance of the crypto market.

Electrum Wallet Hack Steals 250 BTC Tokens

Last week, hackers reportedly stole around 250 BTC tokens from the Electrum wallet netting close to $1 million through phishing attacks. Electrum developer with codename SomberNight was the first to report regarding this attack on GitHub. The hackers managed to trick wallet users into downloading an update that came from malicious users.

Surprisingly, the hackers could manage to feed the main network of Electrum wallet with other malicious servers. As users would initiate a BTC transaction reaching any of these malicious servers, an error message popped up. The error message tricked the users in downloading a fake Electrum wallet app.

Users who ended up downloading this update had to face a two-factor authentication (2FA) message. This was a bit suspicious considering 2FA is required only during BTC transfers and not during login. As the users proceeded to give their 2FA code, the hackers managed to steal all the Bitcoins from their wallets. Post this incident, the Electrum developers are urging users not to update their wallets from any third-party sources.

Since then, the developers are actively working to remove the malicious code and protect the wallet users.

This year, the crypto market has lost millions of dollars to hackers right from the first month of 2018. As we come to the end of 2018, it sad that the number of hacks has just grown further. However, regulatory bodies have already chipped-in to protect investors and weed-out bad players from the market.

Hopefully, 2019 turns out to be a year of all optimism retaining back the lost glory of the crypto market.

Bitcoin Consolidates Around $3850 as we Bid Adieu to 2018

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Ethereum Price Analysis: ETH/USD Trends of December 25–31

CoinSpeaker
Ethereum Price Analysis: ETH/USD Trends of December 25–31

Key Highlights:

  • Ethereum price is on bullish trend;
  • the bulls are in control of the ETH market;
  • the bears lost control.

ETH/USD Long-term Trend: Bullish

Supply levels: $146, $164, $182
Demand levels: $131, $109, $79

ETH is in its bullish trend on the long-term outlook. Last week, the cryptocurrency found its support at the demand level of $79. A bullish engulfing candle formed at this demand level made the bulls succeed in breaking up the former supply level of $109 and the coin rallied to the north and the last week target was met as predicted. The demand level of $79 serves as a turning point for the coin. Several barriers were broken to the upside including the dynamic support and resistance.

The bulls have taken over the ETH market as the bullish momentum increases with more strong bullish candles coming up and placed the coin above the 50-day EMA while the 21-day EMA is below which indicates that bullish momentum is increasing. The coin reached the high of $164 where the further increase was rejected and Ethereum price retraced to the broken level.

All indicators confirm the continuity of bullish trend on the daily charts; the MACD period 12 with its histogram above the zero levels and the signal line pointing to the north which connotes buy signal. Currently, the 21-day EMA is moving closer to 50-day EMA in order to cross upside.

After the price correction which is ongoing, the ETH price may resume its bullish move and may have its target at $182 price level.

ETH/USD Medium-term Trend: Bullish

On the medium-term outlook, ETH/USD is in a bullish trend. The bullish trend continues on the 4-Hour chart as the ETH price is making higher highs on the chart. The 21-day EMA has crossed the 50-day EMA upside as evidence of uptrend and the domination of the bulls on the ETH market.

Yesterday, Ethereum price topped at $164 supply level and the bears defended the level by pushing the ETH price down by the formation of gravestone Doji candle followed by bearish candles, broken downside the former demand levels of $146 and $131.

In case the bearish pressure continues and there is a bearish engulfing candle breakout and close below the demand level of $121, then Ethereum may have its low at $98 – $109. Meanwhile, the MACD with its histogram is below zero and the signal lines point down connotes sell signal.

Ethereum Price Analysis: ETH/USD Trends of December 25–31