New reports show that roughly 9 out of 10 Bitcoin (BTC) mining pools support the Taproot activation. This network upgrade could significantly improve the Bitcoin network scalability and privacy features. However, considering that Bitcoin is in a Difficulty Epoc, an upgrade seems unlikely.
BTC.TOP became the latest mining pool to endorse the Taproot upgrade and did so on block 683,945. Other prominent mining pools, including F2pool and Antpool, have shown solidarity for the soft fork upgrade, which would give Smart Contracts on Bitcoin more flexibility.
Previously 95%, 70% of mining pools currently support the activation of Taproot. However, information from Taproot.watch noted that an update in the meantime seems unlikely, as there are 200 non-signaling blocks.
At press time, the signaling ratio is approximately 64.5%. However, the Taproot update can only happen when 90% of the 2,016 mined blocks signal for Taproot over two weeks. If this happens, the update will get implemented by November.
Taproot is a Bitcoin network upgrade that could improve transaction speed, scalability, privacy, fee reduction, and many more. Since 2017, following the BTC block size increase, the crypto community has patiently awaited the Taproot upgrade.
If this upgrade happens, it would be a significant milestone achievement for the network, considering that privacy, security, and scalability are primary concerns for Bitcoin users.
Key Bitcoin Levels to Watch — May 18
Following a failure to capitalize on a modest bullish wave earlier today, the primary has come under fresh bearish pressure and could post a leg down over the coming hours. The benchmark cryptocurrency could plummet below the $42k mark and lower over the coming hours as selling activities continue.
That said, a clean break above the $45k resistance (50 SMA) could be the only saving grace BTC has to end this bearish price action.
Meanwhile, our resistance levels are at $44,000, $45,000, and $46,000, and our key support levels are at $42,000, $41,000, and $40,000.
Total Market Capitalization: $2.03 trillion
Bitcoin Market Capitalization: $803 billion
Bitcoin Dominance: 39.4%
Market Rank: #1
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