Bitcoin starts third signaling period for Taproot, Mempool empties and $270 billion fund seeks Bitcoin exposure

Bitcoin starts Taproot signaling period #3

Last Monday, Bitcoin started the third period of the Speedy Trial, a mechanism to activate the biggest Bitcoin Core protocol upgrade of the past year(s).

Each mining pool can signal their voice by each new block which they add to the blockchain. If more than 90% of the blocks within a difficulty adjustment epoch (2016 blocks) signals in favour of Taproot, the upgrade will be activated November this year.

Taproot is an update which consist of several different parts, being described in three different BIPS (Bitcoin Improvement Proposals). The main components are Schnorr Signatures and a MAST-structure. It hides more information about transaction and hereby improves privacy and also increase the programmability.

Mempool emptied for the first time in months

Today we experienced something very rare. Or at least, something which did not happen the past months. The mempool, also known as the memory pool, emptied for the first time since early January. It also means that the transaction costs decreased heavily, compared to some months ago.

Once a transaction is broadcasted, it won’t be confirmed immediately. All unconfirmed transactions are waiting in the mempool, to be picked by the miners. The tx’s with the highest fee are most likely to be confirmed the soonest.

Since the mempool is empty again, it might be smart to consolidate some of your UTXO’s and/or open Lightning channels.

$270 billion fund Guggenheim is seeking Bitcoin exposure, SEC filing shows

Guggenheim Partners, one of the world’s largest fund managers with $270 billion in client assets under management, is seeking exposure to Bitcoin as part of a new fund, a filing with the US Securities and Exchange Commission (SEC) showed yesterday.

The fund, officially the ‘Guggenheim Active Allocation Fund,’ will invest in cryptocurrencies (mainly Bitcoin) as part of a larger bracket of traditional and alternative assets. It shall utilize quantitative and qualitative analysis to identify securities with attractive relative value and risk/reward characteristics.

Source: CryptoSlate

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