Bitcoin $BTC opens the week to defend the $30,000 support level

Good morning. Here’s what happens:

the prices: A bitcoin ETF may be a divisive idea for some in the industry, but whatever the market has in mind.

ideas: Charles d’Haussy of the dYdX Foundation talks about the future of the platform beyond Ethereum, and what he sees as developing regulatory directions.

Bitcoin opens the week to defend the $30,000 support level

A bitcoin ETF is the only thing on the market’s mind.

BlackRock CEO Larry Fink’s embrace of bitcoin — a fresh change of CFO — has divided analysts and the industry in general.

“So-called mainstream adoption will bring waves of new entrants into bitcoin, and the risk is that they won’t care about, and won’t protect, the characteristics of decentralization that make it valuable over centralized alternatives in the first place,” Alex Thorne, head of research at Galaxy, wrote last week in his report.

But the market, in general, doesn’t seem to mind, nor does it care about the nuances of decentralization.

The world’s largest digital asset continues to defend the $30,000 mark, opening the trading week in Asia at $30,171. Ether is also holding over $1,800, and is trading at $1,863.

“In a largely quiet week, we saw bitcoin head lower to test support levels near $30,000,” BitBull Capital’s Joe DiPasquale said in a note to CoinDesk. “However, the market leader managed to defend the key level despite the news that the SEC deemed ETF filings to be insufficient.”

BlackRock has revised its application, and DiPasquale says the market is waiting for more clarity on this development.

“We still believe that sustained trading above $30k will see more attempts to go higher. Meanwhile, $27k remains a strong support for now.

Looking ahead later this week, the market will be watching the inflation numbers and jobless claims, two numbers that the Federal Reserve will take into account when making its next steps on interest rates. Expect cryptocurrency trading accordingly.

DYdX Foundation CEO Calls for Transition to Ethereum Blockchain Ownership as Prelude

In a recent interview with CoinDesk at the IVS Crypto Conference in Japan, Charles d’Haussy, CEO of the dYdX Foundation, explained the move by equating it with technical sovereignty. He explained that owning its own blockchain allows dYdX to control its entire technology stack and not be dependent on the speed and trade-offs of the Ethereum roadmap.

“When you sit on someone else’s blockchain, you rely on their roadmap,” he told CoinDesk. “By having our own chain, we are able to execute much faster by moving away from a general-purpose blockchain.”

DYdX is not a new platform, but there is renewed interest in it as the SEC goes after its centralized counterparts. The platform is not without its growing pains, and the question at the end of the day will be whether its new technology stack is the cure. Its icon has fallen Almost 6% in the last month like Ether price rose 1.3%.which means that the market is taking a cautious look at this as the stock exchange prepares for the next chapter.

D’Haussy sees owning his own dYdX blockchain as part of a broader trend in which major crypto implementations are being optimized for specific uses, making general-purpose blockchains less suitable.

“In the beginning, you start with a Swiss knife, you do everything, but eventually, you want to become an artisan and have specialized tools,” he said. “So I think we will see a lot more application chains and more interconnection between blockchains.”

But that doesn’t mean dYdX will center around its own series. D’Haussy also highlighted that dYdX is “blockchain-neutral,” and is constantly evolving and updating its technology. He believes that this kind of adaptability is a key feature of successful decentralized finance applications.

DYdX’s new blockchain will be opened up for other platforms to build on, but D’Haussy noted that it was tailor-made for its own uses, likening it to “Formula 1 of decentralized finance.”

To prevent centralization failure, dYdX aims for diversity among validators by geographic regions, primary service providers, and types of service providers. D’Haussy expects a rise in local auditors because certain areas lack regulatory clarity.

“We’re working on this to make sure we have a diverse mix of geographies, diversified core providers, a mix of cloud providers, a mix of what we call metal providers,” he said.

D’Haussy predicts that in the coming years, regulations may require financial institutions to access public networks via local nodes, in order to ensure that on-chain activities fall within the jurisdiction of local regulators, which will greatly increase the demand for local auditors.

Which means regulated crypto derivatives trading – if you’re in the right part of the world.

Fortune reported that at least three executives left Binance as the company was preparing to defend itself on multiple fronts. Katie Stockton, founder of Fairlead Strategies, shared an analysis of the cryptocurrency markets following the release of the US jobs report for June. Bitwise CIO Matt Hogan and Ether Capital CEO Brian Mossoff pinpoint the Bitcoin spot ETF race. And Horizen CEO Rob Viglione explained why the self-described Layer 0 blockchain has shed its privacy coin moniker.