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Bitcoin v/s Ethereum: Twitter’S Jack Dorsey Hints about Upcoming Crypto War

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VOC, Voice of Crypto, Bitcoin, Ethereum,

The Ethereum merge is live. Ethereum’s price has retraced to the $1600 mark in the hours leading up to the merge.

Over the last 24 hours, the general crypto market has witnessed a small dip, and Ethereum was no exception despite the upcoming merge.

The funding rate for the cryptocurrency has also been observed to have dipped to an all-time low along with its price, indicating bad times for its futures traders. Traders who use high leverage on trades may suffer severe losses after paying high funding fees.

Hourly chart of Ethereum, showing price attempt to touch $1800, and subsequent reversal

Hourly chart of Ethereum, showing price attempt to touch $1800, and subsequent reversal | Source: Tradingview.com

On the hourly chart, the price of Ethereum was on its way to the overhead $1800 – $2000 resistance. However, when the Bureau of Labor Statistics announced its CPI numbers, everything changed.

The News marked another unsuccessful attempt by the bulls to push the price over this important zone.

Ethereum currently trades at $1610 at the time of writing and is down 2% over the last day. If the bulls fail to keep the price over the $1500 support zone, the figure may decline to the $1370 zone or even lower.

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Ethereum v/s Bitcoin 

The Moving Average Convergence Divergence (MACD) is shifting, but the ETH/BTC chart is bullish.

Chart Of ETH/BTC, showing support (bottom) and resistance (top) lines

Chart Of ETH/BTC, showing support (bottom) and resistance (top) lines | Source: Tradingview.com

The 0.073BTC mark at the bottom is an important zone, showing potential for a double bottom pattern.

Retesting the 0.085BTC zone at the top is very much possible, as long as the price remains above the 0.073BTC support.

However, if the pair slips below the 0.073 zone and closes there, the trend will likely change.

Jack Dorsey Picks a Side

The Ethereum merge, as many know, will mark a shift in Ethereum’s consensus protocol, from Proof-of-Work to Proof-of-Stake.

However, Jack Dorsey, a well-known bitcoin supporter, isn’t having it. He has picked a side and spoken about the merge and the ETH v/s BTC debate.

Taking to Twitter to air his thoughts, Dorsey shared a post by another bitcoin supporter, Scott Sullivan.

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In the first line, Sullivan refers to Ethereum as a “shitcoin”. Shitcoin is a term used to refer to a coin with little to no value and no discernible purpose. A term that has infuriated and sparked reactions from the “Ethereum army.” Sullivan also asks the “bitcoin army” to prepare for war in this post.

The post-Jack Dorsey shared was a little over a month old but only became this much of an issue because of the timing of Dorsey’s share.

Dorsey’s main issue with the Ethereum merge is that he believes Proof-of-Stake is based on the principle of “negative incentives.” According to Dorsey, Proof-of-Stake merely takes a part of staked funds from validators who behave dishonestly.

Dorsey also believes that the Proof-of-Stake mechanism can be used to go against the whole point of decentralization. He describes it as a permissionless, no-rule system that threatens the idea of decentralized systems. Sullivan and Dorsey also pointed out the OFAC Censorship of Tornado Cash issue as an example.

Dorsey’s comments on the issue also indicate that a power grab may be brewing between Ethereum and bitcoin, especially since some people believe Ethereum will one day overshadow Bitcoin

 

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Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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