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XTZ’s Price Down 8% Despite New Octez v16.1 Network Upgrade

• Tezos released a new Octez v16.1 network upgrade for the Mumbai Protocol.
• Serokell, a software development company, is collaborating with the Tezos Foundation.
• Despite these positive updates, XTZ’s price action was not favorable as it declined nearly 8% over the last week.

Tezos Releases Mumbai Protocol Update

Tezos recently released its latest edition of The Baking Sheet, mentioning major developments in the ecosystem like the updates related to the Mumbai protocol and a collaboration with software development company Serokell. The highlight of the report was an update named Octez v16.1 for the Mumbai protocol which corrected an implementation flaw that could have caused bakers to incorrectly endorse blocks and deteriorate network liveness.

XTZ Price Action Under Bearish Pressure

However, despite these positive updates, XTZ’s price action was not in investors‘ favor as it decreased nearly 8% over the last week and at press time, it was trading at $1.12 with a market cap of $1.045 billion. According to technical indicators, there were bearish advantages in the market which suggested that investors can expect more sluggish days ahead in terms of price action.

TzKT Explorer Update

Apart from Octez v16.1 update for Mumbai protocol, another major update was pushed last week for TzKT Explorer which came with support for Smart Optimistic Rollups, new types of operations for rollups, non-voted bakers during voting periods and other features related to Tezos ecosystem development activity.

Partnership With Serokell

The partnership between Tezos and Serokell is focused on developing most popular and in-demand tools and libraries within the Tezos ecosystem as part of their collaboration agreement..

Conclusion

Despite some bearish movements in XTZ’s price action due to macro factors like Bitcoin volatility, recent developments like Octez v16.1 network upgrade for Mumbai Protocol and partnership with Serokell are likely to be beneficial in long term growth prospects of Tezos [XTZ].