Your day-ahead look for Aug. 10, 2026
By Omkar Godbole|Edited by Sheldon Reback31 min ago3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Block production ceased after two blocks on the BIP-110 fork. (BIP110 Situation Monitor)This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
The debate over whether Bitcoin BTC$65,058.78 serves better as a value storage medium or a payment system is ongoing. However, one of its fundamental attractions, its entirely free-market and permissionless architecture, stands uncontested. The BIP-110 incident showcased this very principle.
The Bitcoin Improvement Proposal (BIP)-110 aimed to restrict non-financial data, such as Ordinals inscriptions, which some considered spam, to clear up blockchain space. The proposal was openly discussed among developers but failed to gain widespread backing and was ultimately rejected through distributed consensus. This rejection process highlights the significance of distributed consensus: it was not a central authority that prohibited it.
Nevertheless, the narrative of the free market persisted. Proponents of the proposal exercised their right to create their own blockchain, resulting in a fork from the original Bitcoin at block 961,632. This move was voluntary and not mandated by any regulatory body or intermediaries.
Miners quickly gravitated towards the more lucrative original Bitcoin version. The newly created chain, which faced significant mining difficulty, attracted only a small portion of hashpower and managed to produce merely two blocks before coming to a standstill. In contrast, the original Bitcoin network continued to operate seamlessly, maintaining nearly all of its activity, liquidity, and security.
“Bitcoin worked exactly as designed,” remarked Michael Saylor, the founder of BTC-holding company Strategy (MSTR), on X.
This situation stands in stark contrast to the so-called free-market economies globally. When corporate profits decline, one would expect cost-cutting and layoffs to follow; however, political agendas often obstruct these necessary adjustments, leading to prolonged economic malaise. Similarly, during times of high inflation, governments may resort to issuing subsidies that artificially sustain demand, exacerbating inflation issues. This prevents the typical free-market responses of reduced consumption and price discipline from taking effect.
The lesson from Bitcoin for the broader economy is straightforward: a truly free market performs best when allowed to function without interference.
Currently, Bitcoin's price remains around $65,000, alongside a persistent interest in downside protection. This week's U.S. inflation figures are anticipated to impact its price movement.
Stay vigilant!
Read more: For insights into today's altcoin and derivatives activities, check out Crypto Markets Today. For a detailed list of events this week, see CoinDesk's "Crypto Week Ahead."
What’s trending
- A rare CME shift: Hedge funds abandon structural shorts to bet on a bitcoin rally (CoinDesk): Hedge funds involved in Bitcoin futures trading on the CME have shifted to a net long position, indicating that professional traders are increasingly optimistic about rising Bitcoin prices.
- XRP is getting left behind in the crypto bounce even as ETFs keep attracting investor money (CoinDesk): XRP experienced a drop of about 5% to $1.03 last week, even as Bitcoin, Ether, and Solana posted gains. This underperformance is surprising given that XRP exchange-traded funds have attracted net capital for the fourth consecutive week.
- Global stocks tick up with oil steady on Hormuz plans (Reuters): Global stock markets saw slight gains as oil prices stabilized following Iran's announcement of a near-final agreement with Oman for shipping routes through the Strait of Hormuz.
Today’s signal
BTC's daily chart in candlestick format with the Ichimoku cloud. (TradingView)The chart illustrates Bitcoin’s price fluctuations in candlestick format, with the Ichimoku Cloud indicator superimposed.
Currently, BTC is positioned within the Ichimoku Cloud, a traditional indicator of market consolidation. The cloud (Kumo) typically serves as dynamic support when prices are above it and resistance when below. When the price enters the cloud, it creates an equilibrium zone where buyers and sellers are approximately balanced, leading to a neutral trend.
Traders usually interpret crossovers and closures above the cloud as bullish signals, while those below are seen as bearish. Price movements within the cloud are often viewed as “no-trade” or range-bound territory until a definitive breakout occurs.
This indicator was developed in the late 1960s by Goichi Hosoda, a Japanese journalist and technical analyst.
Crypto Daybook AmericasRelated AssetsBitcoin$65,058.780.23%Latest Crypto News- 1Crypto exchange Coinsbuy loses $8 million in coordinated two-blockchain attack23 min ago
- 2Why the UK financial watchdog is drafting new rules for tokenized gold24 min ago
- 3Bitcoin steadies above $65,000 as Iran-Oman deal talk eases Hormuz concerns, lifts risk assets1 hr ago
- 4Bitcoin volatility is in meltdown, but downside protection still commands a premium1 hr ago
- 5A rare CME shift: Hedge funds abandon structural shorts to bet on a bitcoin rally2 hrs ago
- 6U.S. CPI inflation, Securitize, Gemini among earnings reports: Crypto Week Ahead3 hrs ago
- 7Inside stablecoin firm BVNK’s journey to a $1.8B acquisition by Mastercard4 hrs ago
- 8Robinhood brings crypto trading to UK in AI-powered all-in-one app 5 hrs ago
- 9Live updates: BTC above $65,000 even as the Senate punts the CLARITY Act to the fall5 hrs ago
- 10This bitcoin miner rejected BIP-110 despite mining through a pool that supported it5 hrs ago
Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
By CoinDesk ResearchJun 30, 2026Commissioned byGenZcashZcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
View Full ReportMore From Crypto Daybook Americas