Daily News | Tech Woes Lead to Cautious Start for Asian Equities and Crypto, Zhejiang Upgrade Goes Live, OP Announces Bedrock Upgrade

2023-02-03, 01:59

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/blog/166563293266894988220221013-114826.jpeg)

## Crypto Daily Digest: Traders Brace for a Cautious Start As Tech Giants Put a Damper on Early Asian Trading

Good morning, traders. It’s going to be a great Friday. Let’s get after it relentlessly.

Get ready for a cautious start to Asian stocks as earnings from tech giants leave investors feeling blue. While Japan futures are shining, Hong Kong contracts are slipping and US futures are sliding in early Asian trading.

Despite this, the Nasdaq and S&P both saw positive results, boosted by Meta Platforms Inc.’s earnings. Apple, Amazon, and Alphabet all fell over 2% after releasing results in after-hours US trading.

On the economic front, the Labor Department's January hiring report (NFP & Unemployment Rate) and PMI services readings are due on Friday. Meanwhile, central banks around the world are signaling the end of the tightening cycle, and traders are betting that the Fed is getting closer to cutting rates.

Onto Crypto, [Bitcoin](https://www.gate.io/trade/BTC_USDT) fell 0.69% and Ether remained flat in the past 24 hours. The total crypto market cap, per Tradingview data, also fell to $1.029T from a height of $1.063T yesterday. The correlation coefficient of [Bitcoin](https://www.gate.io/trade/BTC_USDT) to S&P has remained above the 80% for nearly a month.

In related news, the Zhejiang public testnet for the Shanghai upgrade has gone live on Ethereum, allowing users to test validator deposits, BLS changes, and user interface navigation. Meanwhile, Ethereum's Shanghai and Capella upgrades are due in March. The Shanghai upgrade will allow for the phased release of staked ETH for up to 26 months and facilitate the withdrawal of staked ETH. The release of staked Ether will be in batches determined by the exit queue mechanism.

On the other hand, among the top 20 coins, Uniswap stood out with 4.9% gains. This comes after a governance vote on choosing a cross-chain bridge to connect Uniswap v3 with BNB Chain that sparked a significant behind-the-scenes push.

As markets are wrapping up this week - and the last trading week of January - traders should expect some volatility from the main street, especially between 13:30 - 15:30 UTC when the US releases its crucial jobs data. Additionally, the Q4 earnings season is still undergoing which investors and policymakers alike will monitor closely to gauge which sectors are lagging behind in the grand scheme of things. So going forward into next week this is something to keep in mind. Have a good weekend, traders!

## Topic of the Day: Optimism’s Bedrock Upgrade Sets the Stage for a More Secure, Efficient Ethereum Network

Optimism is on the brink of making a significant leap in the world of Ethereum scaling solutions. The Layer 2 network is set to launch its highly-anticipated Bedrock upgrade on March 16, with the goal of transforming the network performance and taking it to the next level.

With Bedrock, users can expect faster transaction speeds, lower transaction costs, and improved compatibility with the Ethereum Virtual Machine. Additionally, the upgrade lays the foundation for future advancements such as decentralizing sequencing and enhancing on-chain security, making the network even more secure and trustworthy.

Despite the magnitude of the upgrade, the team at Optimism assures that the majority of users will experience minimal disruption. However, full node users and projects should take note and prepare accordingly. The upgrade is expected to take less than four hours and there will be no need for a network reset, preserving the network's historic chain data.

Optimism currently has over 50 decentralized applications and nearly $745 million in staked assets.

### Optimism (OP) $2.8305 (+1.27%) - Bullish Outlook

**Overview:**

- ***Closest daily support zone: 2.741 - 2.604***
- ***Closest daily resistance zone: 2.927 - 3.310***
- ***Key Level: 2.679 (Monthly High of Jun. 2022)***

![](https://gimg2.gateimg.com/image/article/1675389505Untitled0203.png)

Before Jan. 5, all the EMAs (20, 50, 100, 200) were entangled. On Jan. 26, OP skyrocketed and made two consecutive trendline breakouts which resulted in 30% rise at the start of February. As it stands, OP has made another successful trendline breakout, although the wick on Feb. 2’s candle indicates buyers’ exhaustion. A good entry right now is to wait for a pullback to the 50% Fibonacci Retracement level (roughly 2.548).

**Daily Resistance zones**

1. 2.927 - 3.310
2. 3.422 - 3.789
3. 3.900 - 4.500

**Daily Support zones**

1. 2.741 - 2.604
2. 2.490 - 2.379
3. 2.305 - 2.070

<div class="blog-details-info">
<div>Author:** Peter L.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

แชร์