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  • Ethereum Merge spikes block creation with a faster average block time
    Cointelegraph.com News - 9 hours ago
    some of the evident improvements experienced by the blockchain post-Merge include a steep increase in daily block creation and a substantial decrease in average block time. The Merge upgrade for Ethereum (ETH), which primarily sought to transition the blockchain into a proof-of-stake (PoS) consensus mechanism, has been revealed to have a positive impact on the creation of new Ethereum blocks.The Merge was considered one of the most significant upgrades for Ethereum. As a result of the hype, numerous misconceptions around cheaper gas fees and faster transactions plagued the crypto ecosystem, which was debunked by Cointelegraph. However, some of the evident improvements experienced by the blockchain post-Merge include a steep increase in daily block creation and a substantial decrease in average block time.Ethereum blocks per day. Source: YChartsOn Sept. 15, Ethereum completed The Merge upgrade after successfully transitioning the network to PoS. On the same day, the number of blocks created daily (EBC) shot up by roughly 18% — from approximately 6,000 blocks to 7100 blocks per day.Ethereum average block time (EBT). Source: YChartsComplementing this move, the average block time — the time it takes the miners or validators within a network to verify transactions — for Ethereum dropped over 13%, as evidenced by data from YCharts.The above findings showcase the positive impact of The Merge upgrade on the Ethereum blockchain. Related: Ethereum Merge was ‘executed flawlessly,’ says Starkware co-founderFollowing the Ethereum upgrade, GPU prices in China witnessed a significant drop as the blockchain moved away from the power-intensive proof-of-work (PoW) consensus mechanism.As Cointelegraph reported, the Nvidia GeForce RTX 3080’s price dropped from $1118, or 8,000 yuan, to 5,000 yuan within three months, according to a Chinese merchant. The merchant further stated that no one (in China) is buying new computers, let alone new GPUs.
  • Bitcoin price starts 'Uptober' down 0.7% amid hope for final $20K push
    Cointelegraph.com News - 10 hours ago
    Bitcoin price action could include a fresh trip to $20,500, but beyond that, the overall trend remains firmly down for traders. Bitcoin (BTC) failed to hold $20,000 into the September monthly close as one trader eyed a final comeback before fresh downside.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader’s $20,500 upside target remainsData from Cointelegraph Markets Pro and TradingView showed BTC/USD staying lower after finishing the month at around $19,400.Capping 3% losses, the monthly chart failed to rally on Oct. 1, with BTC/USD down another 0.7% in “Uptober” so far, according to data from on-chain data resource Coinglass.BTC/USD monthly returns chart (screenshot). Source: CoinglassDismal financial data from macro markets contributed to the lack of appetite for risk assets, and among crypto traders, the outlook remained gloomy.For popular Twitter account Il Capo of Crypto, a return above the $20,000 mark was still possible on the day, this still to be followed by a dive much lower.An additional post noted steady buy-ins worth $192,000 on exchange FTX, something which he argued could contribute to the short-term upside.While still at the time of writing, BTC/USD looked apt for volatility into the weekly close, as suggested by the tightening Bollinger Bands on lower timeframes.BTC/USD 1-hour candle chart (Bitstamp) with Bollinger Bands. Source: TradingViewThe September close nonetheless continued a losing streak for Bitcoin which now rivaled the 2018 bear market, as highlighted by Caleb Franzen, senior market analyst at Cubic Analytics.“Bitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles, with the September close,” he revealed. “This is the longest such streak since the 2018 bear market, which produced 14 red candles from Feb.’18 to Mar.’19. Each bear market streak has been longer than the last…”BTC/USD 1-month Heikin Ashi candle chart (Bitstamp). Source: TradingViewMajor banks sound alarm bells among analystsThe macro story of the moment revolved around major global banks, headlined by worrying signs coming out of Credit Suisse.Related: Bitcoin 2021 bull market buyers ‘capitulate’ as data shows 50% lossesThe Swiss lender’s share price, having all but collapsed since 2021, now had concern spreading to institutions such as Deutsche Bank, UniCredit and even Bank of China.“Credit Suisse is not the only major bank whose price-to-book is flashing warning signals.The list below is of all G-SIBs with PtBs of under 40%,” Alistair Macleod, head of research at Goldmoney, responded, uploading a comparative chart of various banks’ price to book ratios. “A failure of one of them is likely to call the survival of the others into question.”In a memo quoted by Reuters on Oct. 2, Credit Suisse CEO, Ulrich Koerner, cautioned investors against “confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank.”The events follow the Bank of England returning to quantitative easing (QE) last week in an unprecedented U-turn with inflation at forty-year highs.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making…
  • Transit Swap loses over $21M due to code bug exploit, issues apology
    Cointelegraph.com News - 13 hours ago
    “We are deeply sorry,” stated Transit Swap while revealing that a bug in the code allowed a hacker to make away with an estimated $21 million. Transit Swap, a multi-chain decentralized exchange (DEX) aggregator, lost roughly $21 million after a hacker exploited an internal bug on a swap contract. Following the revelation, Transit Swap issued an apology to the users while efforts to track down and recover the stolen funds are underway.“We are deeply sorry,” stated Transit Swap while revealing that a bug in the code allowed a hacker to make away with an estimated $21 million. Blockchain investigator Peckshield narrowed down the attack to a compatibility issue or misplaced trust in the swap contract. pic.twitter.com/KJ7u5xoxBp— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022 Peckshield, along with other investigators, including SlowMist, Bitrace and TokenPocket joined in on the pursuit to track down the hacker. Transit Swap stated:“We now have a lot of valid information such as the hacker’s IP, email address, and associated on-chain addresses. We will try our best to track the hacker and try to communicate with the hacker and help everyone recover their losses.”The flowchart below depicts the flow of the stolen assets, as shared by Peckshield.The ongoing investigation hinted that the hacker may have performed earlier withdrawals from known exchanges. Transit Swap has promised to share more details with the community in due time, adding that “Thank you for your understanding and trust.”Transit Swap has not yet responded to Cointelegraph’s request for comment.Related: Amber Group uses simple hardware to show just how fast, easy the Wintermute hack wasReciprocating the updated security measures implemented by crypto businesses, hackers continue to evolve their methods to dupe investors. #MEV A very profitable MEV bot, internally named as 0xbad, was somehow tricked/hacked with 1,101 ETH loss (~$1.45M) in the following tx: https://t.co/FxXSY8AyhX— PeckShield Inc. (@peckshield) September 27, 2022 Recently, a hacker used an Ethereum (ETH) arbitrage trading bot to exploit a “bad code” vulnerability for draining 1,101 ETH, which was around $1.41 million at the time of writing.
  • Web3 is the solution to Uber’s problem with hackers
    Cointelegraph.com News - 22 hours ago
    Centralized databases on Web2 are a honeypot for hackers. Decentralizing data on Web3 eliminates a major vulnerability for companies like Uber. Uber is a staple of the gig economy, for better or worse, and a disruptor that once sent shockwaves throughout the mobility space. Now, however, Uber is being taken for a ride. The company is handling a reportedly far-reaching cybersecurity breach. According to the ride-hailing giant, the attacker has not been able to access sensitive user data, or at least, there is no evidence to suggest otherwise. Whether or not sensitive user data was exposed, this case points to a persistent issue with today’s apps. Can we continue to sacrifice our data — and thereby our privacy and security — for convenience?Web2, the land of hackable honeypotsUber’s track record for data breaches is not exactly spotless. Just in July, the ride-hailing giant acknowledged hushing up a massive breach in 2016 that leaked the personal data of 57 million customers. In this sense, the timing of the new incident could not have been worse, and given how long it takes to establish the damage done in such breaches, the full scale of the event has yet to reveal itself. Uber’s data breach is not anything out of the ordinary — Web2 apps are ubiquitous, ever reaching further into our lives, and many of them, from Facebook to DoorDash, have suffered breaches as well. The more Web2 apps proliferate across the consumer space and beyond, the more often we will get such incidents in the long run.Related: Crypto will become an inflation hedge — just not yetThe issue comes down to the very architecture of apps built on Web2. Through their centralized tech stacks, they naturally create honeypots containing users’ sensitive data from payment details to consumer behavior. As users funnel more and more data through various consumer apps, hackers have more and more honeypots to pursue. The only true solution to the problem is also the most radical one — consumer apps should embrace Web3, restructure their data and payment architectures to grant users more security and privacy, and welcome this new era of the internet.What would a Web3 Uber look like?Web3 does not necessarily mean a change in the app interfaces we interact with. In fact, one could argue that continuity and similarity are key to adoption. A Web3 Uber would look and feel pretty much the same on the surface. It would have the same overall purpose and function as existing Web2 ride-hailing apps. Below the deck, however, it would be a very different beast. All the benefits of Web3 such as decentralized governance, data sovereignty and inclusive monetization models — systems that distribute earnings democratically — are engineered below the surface.Web3 is all about verifiable ownership. It is the first time that people can verifiably own assets, be it digital or physical, through the Web. This pertains to ownership of value in the form of cryptocurrencies, but in the case of Web3 ride-hailing, it also pertains to…
  • California fraud cases highlight the need for a regulatory crackdown on crypto
    Cointelegraph.com News - 23 hours ago
    Recent cases involving crypto fraud serve as a timely reminder to do your own due diligence until regulators take more action. If something sounds too good to be true, it probably is. The California Department of Financial Protection and Innovation (DFPI) announced last month that it had issued desist and refrain orders to 11 entities for violating California securities laws. Some of the highlights included allegations that they offered unqualified securities as well as material misrepresentations and omissions to investors.These violations should remind us that while crypto is a unique and exciting industry for the public at large, it is still an area that is rife with the potential for bad players and fraud. To date, government crypto regulation has been minimal at best, with a distinct lack of action. Whether you are a full-time professional investor or just a casual fan who wants to be involved, you need to be absolutely sure of what you are getting into before getting involved in any crypto opportunity.California has toyed with setting up a crypto-specific business registration process for those looking to do business in the state. The proposed framework was vetoed by Governor Gavin Newsom as the resources required to establish and enforce such a framework would be prohibitive for the state. While this type of compliance infrastructure has not been employed yet, it points to concerns that regulatory authorities have related to the crypto industry.There appears to be a pattern that new industries, especially those that garner as much international attention as crypto, are especially susceptible to fraud. One must go only as far back as cannabis legalization to find the last time California had to deal with fraudulent schemes at this scale.Related: The feds are coming for the metaverse — from Axie Infinity to Bored ApesIt appears inevitable that California, known to be a first mover in regulation and compliance, will create some form of crypto-specific compliance infrastructure in the name of consumer protection. If history is any indication, once California releases its framework, other states will follow. Federal and state representatives have been attempting to draft legislation to establish financial standards for crypto with little luck to date. At the federal level, Senators Cory Booker, John Thune, Debbie Stabenow and John Boozman co-sponsored a bill to empower the Commodities Futures Trading Commission (CFTC) to serve as the regulatory body for crypto, while Senators Kirsten Gillibrand and Cynthia Lummis co-sponsored a bill to establish more clear guidance on digital assets and virtual currencies. Lawmakers have even reached out to tech luminaries such as Mark Zuckerberg to weigh in on crypto fraud.Source: ChainalysisNone of these or other similarly crypto-focused bills are expected to pass in 2022, but this level of bipartisan cooperation has been unprecedented in recent times. The collaboration should reflect just the sheer magnitude of the need for a regulatory framework. Said another way, Democrats and Republicans speaking to one another about anything should stop the presses, but the fact that they are co-sponsoring multiple bills should tell us…
  • Putin gives Snowden citizenship, Interpol elicits help in Do Kwon search and FTX US buys Voyager: Hodler’s Digest, Sept. 25-Oct. 1
    Cointelegraph.com News - 1 day ago
    The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link! Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.Top Stories This Week Pro-centralization Russian president grants citizenship to Edward Snowden: ReportEdward Snowden has reportedly received Russian citizenship via a decision from the countrys president, Vladimir Putin. Snowden has been a permanent resident in Russia since 2013 after he exposed secrets relating to the United States National Security Agency. However, Snowden favors less government involvement than Putins approach to leadership. Snowden has offered comment on crypto multiple times and helped build crypto asset Zcash. Breaking: Interpol Red Notice issued for Do Kwon South Korea prosecutorsGlobal criminal police organization Interpol has put out an alert known as a Red Notice in order to help locate and arrest Terraform Labs co-founder Do Kwon, wherever he may be. Terras ecosystem fell apart earlier in 2022. Charges were brought against Kwon in South Korea for his involvement in the Terra project. Kwon has tweeted that he is not hiding. He was thought to be in Singapore, although Reuters reporting has indicated a possible change in location. Authorities in South Korea have also taken steps to freeze funds reportedly associated with Kwon.  Toss in your job and make $300K working for a DAO? Heres how September 22, 2022 Saving the planet could be blockchains killer app September 20, 2022 Guide to real-life crypto OGs you’d meet at a party (Part 2) September 14, 2022 Ethereum is eating the world You only need one internet September 13, 2022 Insiders guide to real-life crypto OGs: Part 1 September 8, 2022  FTX US wins auction for Voyager Digitals assetsThe auction to acquire Voyager Digital assets ended this week when crypto exchange FTX US emerged as the winner, edging out competing bids from CrossTower and Binance. The U.S. exchange paid around $1.4 billion for Voyayers assets, which is roughly the same as the lenders remaining assets. The deal is pending approval from a U.S. bankruptcy court. Wave Financial also participated in the bidding and has since debated the outcome.  Judge orders SEC to turn Hinman documents over to Ripple Labs after months of disputeU.S. District Court Judge Analisa Torres ruled that the U.S. Securities and Exchange Commission (SEC) must provide information about comments from a former government official that could impact Ripples fight against the securities regulator. In a 2018 speech, former SEC Corporation Finance Division Director William Hinman noted that Bitcoin and Ether did not classify as securities. The ruling from Torres means the SEC must not hold back documents related to that speech. The battle between Ripple and the SEC began in 2020, with the commission calling XRP a security. Pantera plans to raise $1.25B for second blockchain fund: ReportAfter launching its first blockchain fund in 2021,…
  • NFT space bridges passions for tennis legend Maria Sharapova
    Cointelegraph.com News - 1 day ago
    Maria Sharapova sat down with Cointelegraph at Binance Blockchain Week Paris to discuss her growing interest in NFTs and passion for bringing more women into Web3. Tennis legend Maria Sharapova appeared at the Binance Blockchain Week Paris 2022 to share her interest in nonfungible tokens (NFTs).During an exclusive interview with Cointelegraph, Sharapova mentioned that “she is exposing herself to this new world of crypto and Web3,” noting that the sector will help her better engage with her fans. Sharapova was also one of the strategic investors behind MoonPay’s Series A financing round, yet she mentioned that she aims to bridge her personal experiences to the digital world moving forward. Maria Sharapova (right) with Cointelegraph senior reporter Rachel Wolfson (left) at Binance Blockchain Week Paris 2022. Source: Rachel WolfsonCointelegraph: What are you doing here today at Binance Blockchain Week Paris?Maria Sharapova: I’m crypto curious and would like to figure out how to bridge the incredible physical experiences that I’ve been able to have with my fans over so many years. I’m now finding ways to include experiences in the digital world, so that’s what I’m most excited about. Also, as a female entrepreneur, I believe it’s important to pave the way for other women to enter Web3. Money is a topic that I feel we don’t speak enough about as women.CT: Do you have plans to launch an NFT project?MS: I’ve been looking at this space for several months now, as I’m someone who is more in favor of opportunities for the long haul. When I saw the opportunity to bridge physical with digital experiences, I knew I wanted it to be a long-term experience for myself. Storytelling is very important and it’s a huge component of Web3. I think stories will be told better for both parties when thinking about a project long-term. Recent: The Caribbean is pioneering CBDCs with mixed results amid banking difficultiesCT: Do you think NFTs can help create better fan engagement?MS: Absolutely. NFTs are about finding ways to communicate with the right communities interested in what I’m doing within a different type of space. For example, I was seen on a television screen every week playing tennis for so many years, yet I no longer have that platform on a daily basis because I retired a couple of years ago. The Web3 experience has given me access to my fans in entirely new ways. I feel like I’m more engaged with them, as opposed to them just being engaged by watching me compete. CT: As a female entrepreneur and former athlete, do you have plans to get more women involved in Web3?MS: I want to allow women to have a space where they experiment with Web3. For example, I was 17 when I won my first grand slam and social media was in no way part of that experience. It took years for me to get comfortable with social media over time. I think Web3 is also an area where one has to get out there in…
  • What is the economic impact of cryptocurrencies?
    Cointelegraph.com News - 1 day ago
    Cryptocurrencies spur financial inclusion, protect against inflation and enhance the global economy despite the recession. How do cryptocurrency investments impact the broader crypto-economy?Although the cryptocurrency market appears to grow in a positive feedback loop, that does not mean that (un)expected events may not impact the trajectory of the ecosystem as a whole. Although blockchain and cryptocurrencies are fundamentally meant as ‘trustless’ technologies, trust remains key there where humans interact with one another. The cryptocurrency market is not only impacted by the broader economy, but it may also generate profound effects by itself. Indeed, the Terra case shows that any entity — were it a single company, a venture capital firm or a project issuing an algorithmic stablecoin — can potentially set into motion or contribute to a “boom” or “bust” of the cryptocurrency markets. The impact of such crypto-native events with systemic impact mirroring traditional finance domino effects, and the consequential falls of Celsius and Three Arrows Capital, all indicate that the crypto-economy is not immune to failures. Indeed, while traditional finance has institutions that are too big to fail, the crypto sector does not.Looking in retrospect is always easy, but the Terra project was fundamentally flawed and unsustainable over time. Nevertheless, its downfall had a systemic impact as many projects, venture capital and standing companies were exposed and heavily impacted. It indicates that investing in cryptocurrencies is all about thinking about risks and potential rewards. The fall and domino effect across the board indicate the lack of maturity of the very sector itself. Since innovation and prices are inherently connected and the early-stage development of the crypto-economy offers lots of untapped potential, the said economy may continue to see events that temporarily undermine growth. Yet, many working in the sector have a “trustless” conviction that strong projects will keep up during temporary corrections and that the cryptocurrency winter will clean up the path for a cycle of unlimited, novel disruptive innovation.Purchase a licence for this article. Powered by SharpShark.Will cryptocurrency survive an economic recession?Cryptocurrency prices, industry developments and innovation are arguably enhancing one another through a positive feedback loop, despite the temporary crypto winter. The downward pressure in the cryptocurrency markets may correlate with the slipping of traditional markets and geopolitical factors. Cryptocurrency investors go through difficult times. The financial climate has changed considerably. High inflation, for example, is causing central banks to adjust their policies: They raise interest rates and thus ensure a tighter financial market. The rising interest rates make it more interesting to invest in bonds, for example. When the stock markets suffer a correction, risk-aversion strategies are also toning down cryptocurrency investments. It is often stated that crypto winter is approaching, understood as something similar to a bear market cycle in the stock market but then regarding the prices of digital assets on the crypto markets. The winter goes along with some painful (individual) effects. For instance, some crypto-related companies have been cutting their costs through layoffs. The cryptocurrency market capitalization being correlated with the traditional markets indicates institutionalization, but that is not…
  • What is wrapped Ethereum (wETH) and how does it work?
    Cointelegraph.com News - 1 day ago
    wETH is the ERC-20 compatible and tradable version of ETH and can be used to interact with other ERC-20 assets. Traders who use the Ethereum network are familiar with the ERC-20 technical standard and have most likely traded and invested in tokens that utilize it. After all, its practicality, transparency and flexibility have made it the industry norm for Ethereum-based projects.As such, many decentralized applications (DApps), crypto wallets and exchanges natively support ERC-20 tokens. However, there’s one problem: Ether (ETH) and ERC-20 do not exactly follow the same rules, as Ether was created way before ERC-20 was implemented as a technical standard.So, why does wrapped ETH matter? Briefly put, ERC-20 tokens can only be traded with other ERC-20 tokens, not Ether. In order to bridge this gap and enable the exchange of Ether for ERC-20 tokens (and vice versa), the Ethereum network introduced wrapped Ethereum (wETH). That said, wETH is the ERC-20 tradable version of ETH.What is wrapped Ether (wETH)?As mentioned, wETH is the wrapped version of Ether, and it’s named as such because wETH is essentially Ether “wrapped” with ERC-20 token standards. Wrapped coins and tokens virtually have the same value as their underlying assets. So, is wrapped Ethereum safe to trade and invest in? The answer is yes, as far as Ethereum is concerned. wETH is pegged to the price of ETH at a 1:1 ratio, so they’re basically the same. The only difference between wrapped tokens and their underlying assets is their use cases, especially for older coins like Bitcoin (BTC) and Ether.Wrapped tokens are like stablecoins, to a certain degree. Come to think of it, stablecoins can also be considered “wrapped USD,” since they have the same value as their underlying asset, the United States dollar. They can also be redeemed for fiat currencies at any time.Bitcoin also has a wrapped version called Wrapped Bitcoin, which has the same value as Bitcoin. The same goes for other blockchains like Fantom and Avalanche.Wrapped Ethereum tokens can be unwrapped after they’ve been wrapped, and the process is simple: Users just have to send their wETH tokens to a smart contract on the Ethereum network, which will then return an equal amount of ETH. Wrapped tokens solve interoperability issues that most blockchains have and allow for the easy exchange of one token for another. For example, users cannot normally utilize Ether on the Bitcoin blockchain or Avalanche on the Ethereum blockchain. Through wrapping, underlying coins are tokenized and wrapped with a certain blockchain’s token standards, thus allowing for their use on that network.How does wrapped Ethereum (wETH) work?Unlike Ether, wETH cannot be used to pay gas fees on the network. Because it is ERC-20 compatible, however,  it can be used to provide more investment and staking opportunities on DApps. wETH can also be used on platforms like OpenSea to buy and sell through auctions.Wrapping Ether tokens involves sending ETH to a smart contract. The smart contract will generate wETH in return. Meanwhile, ETH is locked to ensure that the wETH is…
  • Nexo-labeled address withdraws $153M in Wrapped BTC from MakerDAO
    Cointelegraph.com News - 1 day ago
    The crypto community chose to link the funds’ withdrawal with Nexo’s insolvency rumors due to the wallet’s name — Nexo: 0x8fd. Disclaimer: This article has been updated to reflect Nexo’s response stating that the fund transfer represents an operational transfer, involving the movement of funds from one Nexo address to another.Just a few days after market analysts predicted a 50% drop in NEXO price due to regulatory pressure and investor concerns, a crypto wallet address labeled as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (wBTC) — roughly worth $153 million — from MakerDAO.On Sept. 26, regulators from eight United States states filed a cease-and-desist order against Nexo under the allegations of offering unregistered securities to investors without warning. Moreover, Kentucky regulators accused Nexo of insolvency owing to liabilities exceeding assets when excluding Nexo.Following suit, on Sept. 30, blockchain investigator Peckshield alerted the transfer of 7,758.8 wBTC from MakerDAO. One of the main reasons the crypto community chose to link the funds’ withdrawal with Nexo’s insolvency rumors is the name of the wallet — Nexo: 0x8fd.MakerDAO details overview. Source: PeckshieldAs shown above, the total value locked (TVL) on MakerDAO has suffered a decline of 43.3% over the past year, which currently stands at $7.11 billion.Transaction details overview. Source: PeckshieldTransaction details show the transfer of Dai (DAI) tokens worth $50.1 million from Nexo: 0x8fd to a null address (possibly a burn address) via DSProxy. As highlighted in the above screenshot, the transaction hash also confirms the transfer of $153.2 million in wBTC.Wish I had seen celsius moving funds before freezing my account … make your own mind up what this means https://t.co/JuQ2fXJIuS— cryptochicca.eth (@CryptoChicca) September 30, 2022 While the crypto community suspects wrongdoing, Nexo spokesperson told Cointelegraph that the funds remain in the publicly tagged Nexo wallet, adding that:“This routine transaction made yesterday represents a loan repayment in line with the latest market dynamics and as per the company’s standard treasury management.”Cointelegraph was also informed that the cited transaction was driven by Nexo’s operational needs at the time. “As a result, and again driven by the current market context, we expect the loan size at Maker to continue to fluctuate in correlation with market volatility,” concluded the Nexo spokesperson.Data from Etherscan shows that Nexo also transferred $530 million to MakerDao and opened three loans on the same day, further confirming that the transactions in question were made for Nexo’s operational capital needs.Related: Nexo ‘surprised’ by state regulators’ actions, says co-founderDespite the ongoing FUD, Nexo continues to broaden its business. Most recently, on Sept. 27, Nexo purchased a stake in Hulett Bancorp, a holding company that owns a federally chartered Summit National Bank. The acquisition allows Nexo and its customers to open bank accounts with Summit National Bank. In addition, Nexo’s retail and institutional clients based out of the U.S. will get access to asset-back loans, card products, and escrow and custodial solutions offered through Summit.
  • Net Bitcoin ATMs growth drops globally for the first time ever
    Cointelegraph.com News - 1 day ago
    Data on net changes of crypto ATM installations confirm that, in September, 796 crypto ATMs were pulled off from the global network. The domino effect of a prolonged bear market seeped into the Bitcoin (BTC) ATM ecosystem as September 2022 recorded negative growth in global net installations for the first time in history — primarily driven by a slowdown in the United States.The total number of Bitcoin ATMs installed over time fell to 37,980 in Sept. from an all-time high of 38,776 ATMs in August, resulting in a drop of -2.05%, as evidenced by data from CoinATMRadar. The number of Bitcoin machines installed over time. Source: CoinATMRadarData on net changes of crypto ATM installations confirm that in September, 796 crypto ATMs were pulled off from the global network. The United States alone recorded a reduction of 825 ATMs. However, Europe, Canada and a few other jurisdictions cushioned the downfall with new installations locally.The net change of cryptocurrency machines number installed and removed monthly. Source: CoinATMRadarDespite the setback, data based on 60 days suggest that nearly 14 crypto ATMs are being installed globally per day, with Genesis Coin representing a 40.3% share of ATMs among other manufacturers. Other popular crypto ATM manufacturers include General Bytes and BitAccess.The sudden reduction in the crypto ATM installations can be attributed to geopolitical tensions among factors, including lack of regulatory clarity and market uncertainties.Related: How Bitcoin ATMs in Greece fare during a record-breaking tourist seasonAlthough crypto ATM installations have taken a temporary hit due to external factors, countries continue to show interest in having functional crypto ATMs within their borders.Most recently, Japan decided to reintroduce crypto ATMs after 2014, spearheaded by local crypto exchange Gaia Co. Initially, new ATMs will be installed across Tokyo and Osaka. The firm plans to set up 50 BTMs across the country by August 2023. As Cointelegraph reported, Gaia became the first locally-registered crypto company to have installed crypto ATMs in Japan.
  • US senator bill seeks to cushion crypto exchanges from SEC enforcement actions
    Cointelegraph.com News - 1 day ago
    The Digital Trading Clarity Act of 2022 aims to provide regulatory clarity around classifying digital assets and related liabilities under existing securities laws. United States Senator Bill Hagerty, a member of the Senate Banking Committee, introduced legislation seeking a safe harbor for cryptocurrency exchanges from “certain” Securities and Exchange Commission (SEC) enforcement actions.The Digital Trading Clarity Act of 2022, introduced by Senator Hagerty, aims to provide regulatory clarity around two primary concerns plaguing crypto exchange establishments — (i) the classification of digital assets and (ii) related liabilities under existing securities laws. A bill to provide digital asset intermediaries with a safe harbor from certain enforcement actions by the Securities and Exchange Commission, and for other purposes. Source: congress.govSen. Hagerty outlined an overview of the problems amid regulatory hurdles:“The current lack of regulatory clarity for digital assets presents entrepreneurs and businesses with a choice: navigate the significant regulatory ambiguity in the U.S., or move overseas to markets with clear digital asset regulations.”The aforementioned regulatory uncertainty, according to Sen. Hagerty, discourages investments in the crypto spaces and hampers job creation opportunities in the United States. As a result, the blockade “jeopardizes the United States’ leadership in this transformational technology at such a crucial time.”The senator believed that the legislation, when passed, would not only provide “much-needed certainty” to crypto businesses but also improve the growth and liquidity of U.S. cryptocurrency markets.To establish the legislation as law, the bill needs approval from the Senate, the House and the President of the United States.Related: US lawmakers propose amending cybersecurity bill to include crypto firms reporting potential threatsRunning parallel to the regulatory reforms recommended by the US senators, the federal government amped up efforts to study the feasibility of central bank digital currencies (CBDCs) in the American market. Under Biden’s directive, the Office of Science and Technology Policy (OSTP) analyzed 18 CBDC design choices, outlining various pros and cons of each system:“It is possible that the technology underpinning a permissionless approach will improve significantly over time, which might make it more suitable to be used in a CBDC system.”The technical evaluation for a U.S. CBDC system highlighted the department’s inclination toward an off-ledger, hardware-protected system.
  • The feds are coming for the metaverse — from Axie Infinity to Bored Apes
    Cointelegraph.com News - 1 day ago
    NFTs in the metaverse should generally be considered securities, but developers have been slow to recognize that fact. Expect a regulatory reckoning to come swiftly for Axie Infinity, Bored Apes, and other projects that have thrown caution to the wind. The metaverse is a futuristic iteration of the internet, featuring a digital economy and an immersive virtual environment alongside other interactive features. This relatively nascent space has gained so much traction in recent years that conservative estimates suggest that by 2024, its total valuation could top $800 billion. Meta (the parent body behind Facebook and Instagram), Google, Microsoft, Nvidia, Nike and others have made Fortune-100-sized metaverse splashes.But with great valuations comes great scrutiny from increasingly tech-savvy financial regulators. Unlike traditional tech products, which often spend years putting growth over revenue, some metaverse projects push questionable monetization schemes on their users prior to launching a live experience. Metaverse real estate is a prime example of this practice, with platforms like Big Time games selling land in their metaverse before opening up access to the game.Typically, the United States Securities and Exchange Commission doesn’t step in unless retail investors face predatory courting of their dollars without full disclosure of what they are investing in. The line for what classifies as a security is often blurry — but in the case of the metaverse, the practice of land sales should generally be considered a security under U.S. law.GameFi platforms like Axie Infinity demonstrate the speed at which metaverse projects can birth multi-billion-dollar economies. Their sheer scale necessitates internal controls and monetary policies similar to multinational banks or even small countries. They should be required to staff compliance officers who coordinate with government regulators and even conduct Know Your Customer for large transactions.Number of active Axie Infinity users, Jan. 2021-Sept. 2022. Source: DappRadarThe metaverse is intrinsically linked with financialization. While no bodily harm can be inflicted in the metaverse (yet), a lot of financial harm has already been caused. The company behind the Bored Apes Yacht Club nonfungible tokens (NFTs) saw a hack this year after a community manager’s Discord was compromised. Hackers walked away with NFTs worth 200 Ether (ETH).A swath of Wall Street banks was recently fined $1.8 billion for using “banned” messaging apps. Metaverse projects like Yuga Labs should face similar proactive fines for not implementing secure monetary and technical controls.Related: Throw your Bored Apes in the trashA key first step for any metaverse project will be to classify what type of asset(s) they are issuing. For example, is it a security? A utility token? Or something else? This might seem like a daunting task, but the groundwork has already been laid by the initial coin offering era in 2017, and further efforts should be undertaken by regulators and protocols to provide clarity and protect consumers.After the classification process is complete, the next step will be to develop a regulatory framework that can be applied to the metaverse. This will likely include rules and regulations around things like securities offerings, Anti-Money…
  • So what if Bitcoin price keeps falling! Here is why it’s time to start paying attention
    Cointelegraph.com News - 1 day ago
    Tune out the noise and focus on the signal. 5 important BTC price indicators are in multi-year “buy zones.” For bulls, Bitcoin’s (BTC) daily price action leaves a lot to be desired, and at the moment, there are few signs of an imminent turnaround. Following the trend of the past six or more months, the current factors continue to place pressure on BTC price: Persistent concerns of potential stringent crypto regulation. United States Federal Reserve policy, interest rate hikes and quantitative tightening.Geopolitical concerns related to Russia, Ukraine and the weaponization of high-demand natural resources imported by the European Union. Strong risk-off sentiment due to the possibility of a U.S. and global recession.When combined, these challenges have made high volatility assets less than interesting to institutional investors, and the euphoria seen during the 2021 bull market has largely dissipated. So, day-to-day price action is not encouraging, but looking at longer duration metrics that gauge Bitcoin’s price, investor sentiment and perceptions of valuation do present some interesting data points. The market still flirts with oversold conditionsOn the daily and weekly timeframe, BTC’s price is pressing against a long-term descending trendline. At the same time, the Bollinger Bands, a simple momentum indicator that reflects two standard deviations above and below a simple moving average, are beginning to constrict. Tightening in the bands usually occurs before a directional move, and price trading at long-term resistance is also typically indicative of a strong directional move. Bitcoin’s sell-off from March 28 to June 13 sent its relative strength index (RSI) to a multi-year record low, and a quick glance at the indicator compared against BTC’s longer-term price action shows that buying when the RSI is deeply oversold is a profitable strategy. BTC/USD weekly chart relative strength index. Source: TradingViewWhile the short-term situation is dire, a price agnostic view of Bitcoin and its market structure would suggest that now is an opportune moment to accumulate. Now, let’s contrast Bitcoin’s multi-year price action over the RSI to see if any interesting dynamics emerge. BTC/USD weekly chart. Source. TradingViewIn my opinion, the chart speaks for itself. Of course, further downside could occur, and various technical and on-chain analysis indicators have yet to confirm a market bottom. Some analysts have forecast a drop to the $15,000–$10,000 range, and it’s possible that the buy wall at $18,000 is absorbed and turns into a bull trap. Aside from that event, increasing position size at the occurrence of an oversold weekly RSI has yielded positive results for those brave enough to take a swing. Another interesting metric to view in the longer timeframe is the moving average convergence divergence (MACD) oscillator. Like the RSI, the MACD became deeply oversold as Bitcoin’s price collapsed to $17,600, and while the MACD (blue) has crossed above the signal line (orange), we can see that it still lingers in previously untested territory. BTC weekly MACD. Source: TradingViewThe histogram has turned positive, which some traders interpret as an early trend reversal sign, but given all the macro challenges facing…
  • CFTC takes legal action against Digitex futures exchange and CEO
    Cointelegraph.com News - 1 day ago
    Many in the space have criticized regulators including the CFTC and SEC for taking a “regulation by enforcement” approach to crypto in the United States. The United States Commodity Futures Trading Commission, or CFTC, filed a complaint against Digitex LLC and its founder and CEO Adam Todd for failing to register the cryptocurrency futures exchange and manipulating the price of its DGTX token.According to a Sept. 30 court filing in the Southern District of Florida, Todd allegedly pumped up the price of DGTX tokens in an effort to inflate Digitex’s holdings. The U.S. regulator claimed the Digitex CEO used different corporate entities as part of a scheme to launch and operate an illegal digital asset derivatives trading platform, in violation of the Commodity Exchange Act. CFTC rules require performing Know Your Customer (KYC) checks and implementing a customer information program. Todd said in 2020 that he planned to remove all KYC procedures from Digitex in an effort to protect user data.The complaint said the CFTC sought a court order blocking Todd and Digitex from engaging in digital asset transactions considered commodities under the regulator’s purview. In addition, the regulator intended for Digitex to pay civil monetary penalties, disgorgement, and restitution to the affected parties. At the time of publication, both Digitex’s and its futures websites were offline. Related: SEC alleges fintech and ‘market maker’ firms manipulated crypto market in token schemeMany in the crypto space have criticized regulators including the CFTC and Securities and Exchange Commission, or SEC, for taking a “regulation by enforcement” approach to crypto in the United States. While the SEC is currently engaged in a legal battle against Ripple over whether the firm’s Ripple (XRP) sales violated securities laws, CFTC commissioner Caroline Pham met with Ripple CEO Brad Garlinghouse as part of a “learning tour” on crypto and blockchain in September.
  • Amber Group uses simple hardware to show just how fast, easy the Wintermute hack was
    Cointelegraph.com News - 1 day ago
    The Hong Kong-based group documented its reproduction of the hack on its tech and security-oriented blog, seeking insights into Web3’s attack surface spectrum. Amber Group has reproduced the recent Wintermute hack, the Hong Kong-based crypto finance service provider announced on its blog. The process was fast and simple and used hardware easily accessible to consumers. Wintermute lost over $160 million in a private key hack on Sept. 20.Reproducing the hack can help “build a better understanding of the attack surface spectrum across Web3,” Amber Group said. It was only hours after the hack of United Kingdom-based crypto market maker Wintermute was revealed that researchers were able to pin the blame for it on the Profanity vanity address generator. One analyst suggested that the hack had been an inside job, but that conclusion was rejected by Wintermuteand others. The Profanity vulnerability was already known before the Wintermute hack.classy— wishful cynic (@EvgenyGaevoy) September 27, 2022 Amber Group was able to reproduce the hack in less than 48 hours after the preliminary setup, which took less than 11 hours. Amber Group used a Macbook M1 with 16GB RAM in its research. That was far speedier and used more modest equipment than how a previous analyst had estimated the hack would play out, Amber Group noted. Related: The impact of the Wintermute hack could have been worse than 3AC, Voyager and Celsius — Here is whyAmber Group detailed the process it used in the re-hack, from obtaining the public key to reconstructing the private one, and it described the vulnerability in the way Profanity generates random numbers for the keys it produces. The group notes that its description “does not purport to be complete.” It added, repeating a message that has often been spread before:“As well documented by this point — your funds are not safe if your address was generated by Profanity […] Always manage your private keys with caution. Don’t trust, verify.”The Amber Group blog has been technically oriented from its inception, and has addressed security issues before. The group achieved a $3-billion valuation in February after a Series B+ funding round.
  • What is regenerative finance (ReFi) and how can it impact NFTs and Web3?
    Cointelegraph.com News - 1 day ago
    NFT Steez chats with Celo’s NFT lead Mashiat Mutmainnah about the promise of ReFi and its capacity to promote environmental and social good. On Sept. 30, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with Mashiat Mutmainnah to discuss how regenerative finance (ReFi) can provide more accessibility and inclusivity to blockchain technology. As a “mission-driven movement,” Mutmainnah explains that ReFi enables users to redefine their relationship with the current financial system and their relationship with finance and wealth. Currently in many countries, millions of people lack basic equitable access to the financial services that would allow them to meet their daily needs. What if there were newer models that could sustainably alleviate this? According to Mutmainnah, ReFi can redefine what money means and how it’s used. What is the impact of ReFi? Mutmainnah emphasized that ReFi brings awareness to how the present financial systems operate in an “extractive” and “exploitative” manner. She also drew a comparison to fast fashion by explaining that what enables a user to purchase a shirt for $5.00 comes at the expense of a child laborer. These “extractive” systems are no longer working for people since a core tenet of ReFi is equitable accessibility and distribution. Mutmainnah explained that often ReFi is seen as synonymous with climate, and while that is a pillar, ReFi has enabled “tangible and accessible use-cases.” Users can “plugin” and participate in models and systems that can increase their overall prosperity and that of the ecosystem. Therefore, ReFi can be considered a way of triangulating elements of sustainability via “stabilizing” the climate and “biodiversity,” while also keeping equitable access within global communities. This has the potential to create new financial models and systems that can increase prosperity. As Mutmainnah puts it:“ReFi is helping folks change the way they relate to money.”Related: NFT Steez and Lukso co-founder explore the implications of digital self-sovereignty in Web3Can Web3 and NFTs be used for social and public good?When asked whether nonfungible tokens (NFTs) could be used for the social and public good, Mutmainnah referenced a pilot program that involved a “loyalty NFT rewards program.” Akin to Starbucks’ latest NFT loyalty program, Mutmainnah explained how a similar scheme could yield positive and sustainable benefits.For example, imagine purchasing an NFT that can grant the holder one free coffee for 10 days. In these models, NFTs can yield more economically feasible benefits than buying the item while also bringing more awareness to the good or service.Contrary to the hype and speculation circulating NFTs in 2021, more creators and platforms are expanding and exploring practical use cases from peer-to-peer and peer-to-business initiatives. However, that does not mean adoption comes with ease. According to Mutmainnah, beyond NFTs, there are many “infrastructure pieces” to explore, including building out more dynamic products that enable this. Mutmainnah explained that it’s a dance of sorts between “making a product frictionless” for seamless adoption and empowering the user to be an “advanced” user that takes full “ownership of their assets.”To hear more from the…
  • Crypto Market Integrity Coalition inducts 8 new members, plans training
    Cointelegraph.com News - 1 day ago
    The self-regulatory organization backed by Solidus Labs is known for its integrity pledge; BitGo, Bittrex and Merkle Science are among the new members. The Crypto Market Integrity Coalition (CMIC) announced the induction of eight new members, the organization announced on Sept. 29. The organization, which now has 38 members who have all taken a pledge to uphold market integrity and efficiency, describes itself as such:“CMIC […] gives a unified voice to the crypto industry’s commitment to continually improving market integrity and collaboration with regulators.”According to its statement, CMIC is also developing market integrity training for digital asset markets to help compliance professionals counter manipulation. The new CMIC members are digital asset trust and security company BitGo, crypto exchange Bittrex, blockchain analytics platform Crystal Blockchain, fintech firms FinClusive and Oasis Pro Markets, Web3 risk mitigation platform Merkle Science, digital assets platform Tokenomy and forensic services provider VAF Compliance. .@FinClusiveCap is proud to join the Crypto Market Integrity Coalition (CMIC). Looking forward to working together to elevate standards and enable safe and regulated crypto growth. Go to https://t.co/2suE9kovi1 to join the effort #CryptoMarketIntegrity— Amit Sharma (@ASharma_VT) September 29, 2022 CMIC is the brainchild of market surveillance firm Solidus Labs. Solidus cofounder and CEO Asaf Meir said, “Now more than ever before, it is clear that crypto’s potential depends on the ability to mitigate its new risks and provide demonstrable market integrity.”Related: BitGo sues Galaxy Digital for acquisition breach, seeks $100M in damagesThe organization was founded in February with 17 members that included such names as Coinbase, Circle, Huobi Tech and CryptoUK. A second cohort of 13 members joined CMIC in April. Solidus Labs chief operating officer Chen Arad told Cointelegraph, “CMIC does not define itself as an aspiring self-regulatory organization and rather works closely with, and has among its signatories, some of the leading industry membership associations like cryptoUK, the Chamber of Digital Commerce and the Global Blockchain Business Council.”The CMIC pledge reads, in part:“We support and seek to participate in digital asset markets that demonstrate Market Integrity. […] Digital assets and digital asset market structure may present novel forms of market activity and market manipulation. We agree to continually educate ourselves as to these unique challenges and how to address them.”
  • DeFi needs appropriate regulation before moving to retail, says Fed Chair: Finance Redefined
    Cointelegraph.com News - 1 day ago
    Majority of the top 100 DeFi tokens had a mixed week, with several tokens trading in green on weekly charts, with the total value locked seeing a minor increase of $4 billion. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.United States Federal Reserve chairman Jerome Powell has given his verdict on the evolution of the DeFi market, claiming there is a definite need for robust regulation before the nascent market could expand to retail.Maple Finance CEO believes that separating the risk from lending saved DeFi from the market crash. He added that crypto lending has operated as intended through the crypto winter because of the transparency.Members of the Ooki DAO are discussing various ways to respond to the recent lawsuit filed by the Commodity Futures Trading Commission. Another interesting turn of events from the DeFi ecosystem saw a Maximal Extractable Value (MEV) bot gain massive profits worth $1 million by seizing an arbitrage opportunity. However, it was tricked into authorizing a malicious transaction that drained the funds.Top 100 DeFi tokens by market cap have a mixed week in terms of price action, where an almost equal number of tokens were trading in green and red on the weekly charts.DeFi needs appropriate regulation before expanding to retail: Fed Chair PowellUnited States Federal Reserve chairman Jerome Powell has spoken out about the expansion of DeFi and its impact on the traditional finance ecosystem, calling for appropriate regulation.During an event titled the “Opportunities and challenges of the tokenization of finance” hosted by the Banque de France on Tuesday, Jerome Powell said there were “very significant structural issues around the lack of transparency” in the DeFi ecosystem.Continue readingMEV bot earns $1M but loses everything to a hacker an hour laterIn a Twitter thread, Robert Miller, who works at the research firm Flashbots, shared how an MEV bot with the prefix 0xbadc0de was able to earn 800 Ether (ETH), or around $1 million, through arbitrage trades.According to Miller, the bot took advantage of a huge arbitrage opportunity that came when a trader attempted to sell $1.8 million in cUSDC through the decentralized exchange (DEX) Uniswap v2 and only got $500 worth of assets in return. The bot detected this chance and immediately sprung to action and gained massive profits.Continue readingMaple Finance CEO: Separating risk from lending saved DeFi from market crashMaple Finance co-founder and CEO Sid Powell says that transparency has been the saving grace of DeFi amid the prolonged crypto market slump.Speaking to Cointelegraph on the sidelines of the Converge22 conference in San Francisco, Powell noted that throughout the crypto winter, DeFi has continued to operate as intended while centralized finance (CeFi) has become “pretty inactive.”Continue readingOoki DAO members explore options in response to CFTC lawsuitMembers of the decentralized autonomous organization (DAO) known as the Ooki DAO have started looking into an appropriate response to charges filed by the United States Commodities Futures Trading Commission (CFTC).On…
  • Bitcoin 2021 bull market buyers ‘capitulate’ as data shows 50% losses
    Cointelegraph.com News - 1 day ago
    Those who bought BTC between six and 18 months ago are losing out big, says the research, but now there is even more reason to buy their supply. Bitcoin’s (BTC) spot trading below $20,000 is seeing a new “capitulation” event encompassing an entire year’s worth of buyers, research reveals.In one of its Quicktake market updates on Sept. 29, on-chain analytics platform CryptoQuant flagged intense selling by a large number of recent hodlers.2021 bull market coins “have been sold aggressively”As BTC/USD lingers near levels barely seen since 2020, it is not just miners feeling the pinch.Analyzing Bitcoin’s Exchange Inflow Spent Output Ages Bands (SOAB), CryptoQuant contributor Edris showed that those who bought between April 2021 and April 2022 have been selling coins en masse — for less than they bought them.“Looking at the chart, it is evident that coins aged between 6–18 months ago have been sold aggressively recently,” he concluded.“These coins have been bought between April 2021 and April 2022 at prices above $30K. This signal means that many holders who have entered the market during the 2021 bull market and above the $30K mark, have recently capitulated and exited the market at an approximate 50% loss.”Bitcoin exchange inflow Spent Output Age Bands (SOAB) chart (screenshot). Source: CryptoQuantSuch events should not be taken lightl because they tend to occur at the bottom of bear markets. The only question is whether the recent macro bottom in June at $17,600 will be this one’s floor.Edris added:“These types of capitulations tend to occur during the last months of a bear market, pointing to a potential bottom formation in the near future.” Profit warning meets profit potentialInvestigating Bitcoin’s Spent Output Profit Ratio (SOPR) metric, meanwhile, fellow CryptoQuant contributor Caue Oliveira highlighted another historical bear market trend repeating itself.Related: Bitcoin price due ‘big dump’ after passing $20K, warns traderSOPR divides the price paid for an amount of BTC by the price it is sold at. The resulting figure fluctuates around 1, with values below indicative of a bear market as investors begrudgingly shoulder net losses.According to data from fellow on-chain analytics firm Glassnode, as of Sept. 29, entity-adjusted SOPR was just over 0.95.The metric is trending back towards 1, having seen a local bottom in June, suggesting that the prime buying opportunity may have already hit.“Looking at the on-chain spending pattern of long-term holders, measured through the Spent Output Profit Ratio… we can find the biggest selling points at a loss,” Oliveira wrote.“Historically these points have been the best risk-adjusted entries in the last two bear market floors.”Looking ahead, a “maximum pressure point” for long-term holders (LTHs) is on the cards, he added, referencing selling pressure decreasing as SOPR inches higher.Bitcoin entity-adjusted Spent Output Profit Ratio (SOPR) chart. Source: GlassnodeThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Crypto and decentralization could influence voters in 2022 US midterm elections: Report
    Cointelegraph.com News - 2 days ago
    “Voters are less likely to support candidates perceived as standing in the way of a decentralized internet,” said Haun Ventures. A poll of 800 likely midterm voters in four U.S. swing states suggested that the overwhelming majority favored ideas around decentralization, and many were HODLers.According to a Sept. 29 report from venture capital firm Haun Ventures on a survey conducted by business intelligence company Morning Consult, roughly one in five voters polled in New Hampshire, Nevada, Ohio and Pennsylvania said they owned cryptocurrency or nonfungible tokens. In addition, 91% of respondents supported a “community owned, community governed” internet that “gives people greater control over their information.”Poll of 800 swing state voters who own digital assets. Source: Haun Ventures“Significantly, and reflective of how the values that voters associate with Web3 will drive electoral behavior, voters are less likely to support candidates perceived as standing in the way of a decentralized internet,” said Haun Ventures. “In other words, as both parties consider how good Web3 policy will translate into good politics, the values of Web3 are what voters want to see elected officials supporting, not standing in the way of.”Today, we’re sharing a poll commissioned by Haun Ventures and conducted by Morning Consult of likely 2022 midterm voters in four key swing states (OH, PA, NH and NV) that surveyed voters’ views on web3 and how they might impact their vote in November. https://t.co/NhMSviztDJ— Haun Ventures (@HaunVentures) September 29, 2022 The survey noted that the voters polled leaned slightly Democratic, but promoting a decentralized and democratized internet seemed to be a bipartisan issue, with both sides having “limited faith in the government’s ability” to regulate Web3. Haun Ventures reported that 55% of voters surveyed would be less likely to vote for political candidates who opposed internet decentralization policies, while 72% of HODLers in the poll said they owned digital assets “because they want an economic system that is more democratized, fair, and works for more people.”“This poll makes it clear that in these swing states, Web3 Voters now represent a significant cohort of the middle class electorate, and are younger and more diverse than the population as a whole.”Source: Haun VenturesRelated: US lawmaker hints at calling for Republican votes in 2022 midterms over crypto policiesThe poll targeted people planning to vote in the 2022 midterm elections in the United States, to be held in November with candidates taking office in January. Morning Consult conducted the survey from Sept. 15–20. Katie Haun, a Coinbase board member and former board member for OpenSea, raised $1.5 billion to form Haun Ventures in March for investments in Web3.
  • Price analysis 9/30: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT
    Cointelegraph.com News - 2 days ago
    Equities markets have extended their decline, but Bitcoin and select altcoins have not given up much ground, leading some traders to believe that the bottom is in. The United States equities markets have been under a firm bear grip for a large part of the year. The S&P 500 and the Nasdaq Composite have declined for three quarters in a row, a first since 2009. There was no respite in selling in September and the Dow Jones Industrial Average is on track to record its worst September since 2002. These figures outline the kind of carnage that exists in the equities market.Compared to these disappointing figures, Bitcoin (BTC) and select altcoins have not given up much ground in September. This is the first sign that selling could be drying up at lower levels and long-term investors may have started bottom fishing.Daily cryptocurrency market performance. Source: Coin360In the final quarter of the year, investors will continue to focus on the inflation data. Any indication of inflation topping could bring about a sharp recovery in risk assets, but if inflation remains stubbornly high, then a round of sell-offs could follow.Let’s study the charts of the S&P 500 index, the U.S. dollar index (DXY) and the major cryptocurrencies to determine if a recovery is on the cards.SPXThe S&P 500 index (SPX) has been under intense selling pressure for the past few days but the bulls have held their ground. This indicates that bulls are buying the dips near $3,636.SPX daily chart. Source: TradingViewThe first resistance on the upside is $3,737. If bulls thrust the price above this level, the index could rise to the 20-day exponential moving average (EMA) ($3,818). In a downtrend, this is the important level to keep an eye on because a break and close above it will suggest that the bears may be losing their grip. Sharp declines are usually followed by strong rallies. That could carry the index to the downtrend line and then to the 50-day simple moving average (SMA) ($4,012).The bears are likely to have other plans. They will try to extend the downtrend by sinking and sustaining the price below $3,636. If they manage to do that, the index could plummet to $3,500 and later to $3,325.DXYThe U.S. dollar index surged to $114.77 on Sept. 28, which pushed the relative strength index (RSI) into deeply overbought territory. This may have attracted profit-booking by the short-term traders that pulled the price near the 20-day EMA (111).DXY daily chart. Source: TradingViewThe bears will have to yank the price below the 20-day EMA to suggest that the bullish momentum could be weakening. That could clear the path for a possible drop to the 50-day SMA (108). The zone between the 50-day SMA and the uptrend line is likely to witness aggressive buying by the bulls because if they fail to defend the zone, it will indicate that the index may have topped out.On the other hand, if the price turns up from the current level or rebounds off…
  • MicroStrategy takes its BTC maximalism to the next level with new engineer hire
    Cointelegraph.com News - 2 days ago
    The world’s largest holder of Bitcoin is looking for a software engineer to create cybersecurity solutions and enable e-commerce use cases on the Lightning Network. MicroStrategy, the business intelligence and tech company that holds the world’s largest Bitcoin (BTC) reserve, is hiring a Bitcoin Lightning software engineer to create a Lightning Network-based software-as-a-service platform.The new engineer will be responsible for building a Lightning Network-based platform to address enterprise cybersecurity challenges and enable new e-commerce use cases, according to a job posting linked to the MicroStrategy website. Besides “an adversarial mindset,” the applicant should have certificates, knowledge of tools and programming languages, and experience with decentralized finance technologies.MicroStrategy is looking to hire a Bitcoin Lightning Software Engineer to build a Lightning Network-based SaaS platform. #bitcoin pic.twitter.com/XFYrkIaFA9— Neil Jacobs (@NeilJacobs) September 30, 2022 MicroStrategy, founded in 1989, began a Bitcoin buying spree in August 2020 that has culminated in a reserve of 130,000 BTC, worth $2.57 billion at the time of writing. The purchase of the final 301 BTC of its holdings was announced on Sept. 20, paying around $3.98 billion for the entire reserve. Bitcoin profitability for long-term holders recently hit a four-year low. MicroStrategy now holds 0.62% of all the BTC that will ever exist. MicroStrategy co-founder and former CEO Michael Saylor is well known as a Bitcoin maximalist and defender of the cryptocurrency. Saylor resigned as CEO on Aug. 2 but remains the executive chair of the company. Saylor said the change would:“Enable us to better pursue our two corporate strategies of acquiring and holding Bitcoin and growing our enterprise analytics software business.”Saylor and MicroStrategy were sued at the end of the same month for tax evasion by the office of the Washington, DC attorney general.Related: How high transaction fees are being tackled in the blockchain ecosystemThe Lightning Network is a Bitcoin layer-2 protocol designed to raise payment throughput and lower transaction fees. It has been making slow progress in facilitating peer-to-peer transactions since it debuted in 2018.
  • Crypto Biz: The Voyager Digital auction is over — What now?
    Cointelegraph.com News - 2 days ago
    FTX US was the successful bidder in the Voyager auction. But one industry insider tells Cointelegraph that the deal didn’t have depositors’ best interests in mind. Voyager Digital filed for Chapter 11 bankruptcy in July after its exposure to the toxic Three Arrows Capital led to its ultimate downfall. This week, rumblings of a Voyager Digital auction surfaced, with Cointelegraph breaking the story on the afternoon of Sept. 26 after a reputable source confirmed the parties involved. A few hours later, a winner was announced: crypto exchange FTX US. But, not everyone is convinced that Voyager’s depositors will be taken care of.This week’s Crypto Biz chronicles the bidders involved in the Voyager Digital auction. It also documents the resignation of a disgruntled crypto boss and major funding plans from a blockchain-focused hedge fund. FTX US wins auction for Voyager Digital’s assetsCointelegraph reported this week that crypto exchanges FTX, Binance and CrossTower were competing to acquire the assets of beleaguered crypto lender Voyager Digital. A few hours later, it was confirmed that FTX US had secured the winning bid for around $1.3 billion. The acquisition means that existing Voyager users can access funds through FTX US once the crypto lender’s Chapter 11 case concludes. Voyager is just one of several distressed crypto firms to implode during this year’s bear market. Its fate was tied to the catastrophic downfall of Three Arrows Capital, which failed to repay $650 million to the lender. Today, after a competitive auction aimed at returning maximum value to customers, @FTX_Official US was selected as the highest and best bidder. Press release linked below. More information about what this agreement means for customers to follow.https://t.co/OmOd7pvSza— Voyager (@investvoyager) September 27, 2022 Voyage’s auction did not serve depositors’ best interests, alleges Wave Financial repFTX US may have won the auction for Voyager’s assets, but the outcome didn’t serve depositors’ best interests, according to a Wave Financial representative. In an exclusive interview with Cointelegraph, the representative for the Los Angeles-based asset management firm confirmed that Wave was also in the mix to acquire Voyager’s assets. They claimed that Wave’s proposal was better because it sought to “restore value in the VGX token via new and improved utility, saving $200 million worth of funds and redistributing assets back to existing Voyager customers.” What’s done is done, but Wave certainly made a compelling offer. Pantera plans to raise $1.25 billion for second blockchain fund: ReportCrypto-focused hedge fund Pantera Capital remains uber bullish on digital assets. According to CEO Dan Morehead, the company is “very bullish for the next 10 or 20 years” and is prepared to put its money where its mouth is. The company disclosed this week that it plans to raise a whopping $1.25 billion for its second blockchain fund. If all goes according to plan, the fund will achieve its target by May 2023. If you’re committed to Bitcoin (BTC) and digital assets, like Morehead is, the next six to 12 months will surely test your resolve. Pantera Capital is…
  • Blockchain interoperability goes beyond moving data from point A to B — Axelar CEO Sergey Gorbunov
    Cointelegraph.com News - 2 days ago
    Axelar’s co-founder shared his views on blockchain infrastructure and adoption at Converge22 in San Francisco. Cross-chain communication between blockchains is more than just moving data from point A to B, but how it can connect applications and users for enhanced experiences and fewer gas fees in Web3, outlined Sergey Gorbunov, Axelar Network co-founder and CEO, speaking to Cointelegraph’s business editor Sam Bourgi on Sept. 28 at Converge22 in San Francisco. As the crypto industry has developed over the past few years, blockchain interoperability has seen a surge in demand, attracting venture capital and welcoming players, such as Axelar, which reached unicorn status in February. According to Gorbunov, the company, founded in 2020, started with a premise that cross-chain and multichain capabilities would come to define the crypto space. “The idea is not just to talk about how to connect A to B, but how to connect many to many, right? How to connect everybody with everyone else. And that includes applications and includes users,” he explained. Interoperability is a buzzword in the crypto industry that refers to the ability of many blockchains to communicate, share digital assets and data, and work together, thereby sharing economic activity. As an infrastructure, interoperability is crucial for broader adoption of the technology, as Gorbunov explained:”We need an ability for the user to execute one call on one chain, and that transaction actually taking place on other chains without them having to go and get a native token of that chain, pay gas, execute themselves and move it back and forth.”Axelar’s CEO highlighted that, beyond better experiences for users, interoperability also means higher economic outcomes, as interoperable chains can have unified liquidity and thus spend less on gas fees for transactions. “Our Web2 experience is a lot simpler, and we have to get to the same level in Web3 with simpler experiences, and that is what cross-chain enables us to do, to help build those simple experiences.”Related: Circle Product VP: USDC chain expansion part of ‘multichain’ visionAt Converge22, Axelar was announced as one of the networks set to integrate with Circle, the financial technology company behind the USD Coin (USDC) and Euro Coin (EUROC). Circle is launching a new cross-chain transfer protocol to help developers build frictionless experiences for sending and transacting USDC natively across blockchains. Earlier this week, Axelar disclosed a partnership with Mysten Labs, the infrastructure company behind the Sui blockchain, to deliver cross-chain communication for developers through General Message Passing and advance the prospect of a so-called “super DApp.”Writer and editor Sam Bourgi contributed to this story.
  • NEXO risks 50% drop due to regulatory pressure and investor concerns
    Cointelegraph.com News - 2 days ago
    Analysts fear NEXO price could come under pressure if regulatory action in the United States begins to intensify. Crypto lending firm Nexo is at risk of losing half of the valuation of its native token by the end of 2022 as doubts about its potential insolvency grow in the market.Is Nexo too centralized?For the unversed: Eight U.S. states filed a cease-and-desist order against Nexo on Sep. 26, alleging that the firm offers unregistered securities to investors without alerting them about the risks of the financial products. In particular, regulators in Kentucky accused Nexo of being insolvent, noting that without its namesake native token, NEXO, the firm’s “liabilities would exceed its assets.” As of July 31, Nexo had 959,089,286 NEXO in its reserves — 95.9% of all tokens in existence.“This is a big, big, big problem because a very basic market analysis demonstrates that Nexo would be unable to monetize a significant chunk of these tokens,” noted Mike Burgersburg, an independent market analyst and author of the Dirty Bubble Media Substack, adding: “Given that fact, the true value of the $NEXO tokens on Nexo’s balance sheet is likely close to $0.”NEW: “IS NEXO NEXTO?”According to state regulators, Nexo is insolvent without counting $NEXO tokens on their balance sheet.This is the same situation Celsius Network was in… and basic market analysis suggests real value of their $NEXO is ~$0 https://t.co/txt1kOSydH— dirtybubble.usd (@MikeBurgersburg) September 28, 2022 Comparisons with CelsiusBurgersburg also alleged that Nexo faces insolvency risks because it holds the vast majority of NEXO’s token supply on its platform. He drew comparisons to Celsius Network, a now-defunct crypto lending firm that owned more than 50% of its native token, CEL.The top 100 NEXO holders collectively own 95.53% token supply. Source: EtherscanCelsius ended up holding over 90% of the total CEL tokens in circulation after attracting deposits and collateral from customers. This made CEL extremely illiquid and, thus, volatile. In other words, CEL became a deeply imperfect asset for patching Celsius’ troubling balance sheets.“NEXO token is even more illiquid than the bankrupt Celsius Network’s CEL token,” warned Burgersburg, noting that the token’s average daily trading volume comes to less than 1% of its market capitalization.However, a Nexo spokesperson denied the allegations, clarifying that the data they provided to Kentucky regulators was for one of the Nexo Group’s entities. “We can confirm that on a consolidated basis, NEXO tokens represent less than 10% of the company’s total assets,” they told Cointelegraph, adding:“That, in return, exceeds the company liabilities even when excluding the company’s net position in NEXO tokens.”As to why Nexo holds more than 90% of the NEXO supply, the firm’s spokesperson cited the token’s economics and utility, saying that they create natural incentives for clients to keep their tokens on the platform.“In addition to earning higher interest rates on their digital asset balances by holding NEXO tokens on the Nexo platform, clients can use NEXO tokens as collateral, earn interest on them and exchange them directly on the Nexo platform,” they explained, adding: “The same is true for the tokenomics…
  • Binance launches New Zealand-based offices following regulatory approval
    Cointelegraph.com News - 2 days ago
    New Zealand lawmakers and regulators largely have not imposed strict guidelines for crypto firms to operate in the country, nor for Kiwis to use cryptocurrencies freely. Global cryptocurrency exchange Binance has registered with New Zealand’s Ministry of Business, Innovation and Employment and opened local offices in the country.In a Sept. 29 tweet, Binance said it was registered as a financial service provider in New Zealand, allowing residents to access services including spot trading, nonfungible tokens and staking. The move to the crypto-friendly Pacific nation followed regulators in Dubai, Abu Dhabi, Kazakhstan and Italy giving the green light for Binance to open an offshoot.“New Zealand is an exciting market with a strong history of fintech innovation,” said Binance CEO Changpeng Zhao. New Zealand! We are kiwis. https://t.co/UtxbVlvXFV— CZ Binance (@cz_binance) September 30, 2022 New Zealand lawmakers and regulators have largely not imposed strict guidelines for crypto firms to operate in the country, nor for Kiwis to use cryptocurrencies freely. The country’s tax authority said in 2019 that income from crypto was legal, and the Reserve Bank of New Zealand has been exploring the potential benefits and risks of a central bank digital currency.In June, Huobi Global secured registration as a registered financial service provider in New Zealand but later suspended its derivatives trading services for residents, citing compliance with local regulations. With a population of roughly 5.1 million, New Zealand is a smaller market compared with that of its neighbor Australia, where a reported 4.2 million people own crypto. Related: Aussie banks ANZ and NAB won’t ‘endorse’ retail speculation on cryptoThough expanding to many countries around the globe, Binance has still been the target of some regulators. In July, the Netherlands’ central bank fined Binance Holdings $3.3 million for offering crypto services without registering. The firm also formed a task force called the Global Advisory Board on Sept. 22 aimed at tackling regulatory issues related to crypto, blockchain and Web3 adoption.
  • Bitcoin surges above $20K after 6% BTC rally gains steam ahead of the monthly close
    Cointelegraph.com News - 2 days ago
    Classic volatility accompanies the final hours of the month, with $20,000 representing the battleground between bulls and bears. Bitcoin (BTC) swiftly climbed above $20,000 after the Sept. 30 Wall Street open as end-of-month volatility began. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin volatility back for monthly closeData from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 3% in a single hourly candle to hit local highs of $20,171 on Bitstamp.The move followed predictions from traders, who were looking for slightly higher levels to precede a fresh downside move.“Moving my stop to my entry now at 19.3k but letting it ride first to 21.7k where I think there’s some major resistance,” popular trader Pentoshi wrote in part of a fresh Twitter update about his trading plans.“Looks like strength to me,” trading account IncomeSharks continued.“Great way to finish the week off after seeing people switch back to being bearish every other day depending on the candle color.”Fellow trader Cheds called $20,000 a “pivot,” focusing attention on the psychologically significant level. Cheds previously flagged declining U.S. dollar strength — a classic catalyst for risk-asset performance. The downturn in the U.S. dollar index continued on the day, approaching 112 points after meeting resistance during a rebound.U.S. dollar index 1-hour candle chart. Source: TradingViewA further macro catalyst came in the form of United States Personal Consumption Expenditures Price Index data, which came in hotter than expected, increasing pressure on the Federal Reserve.In Europe, record Consumer Price Index readings brought shock for some, with highlights including the Netherlands’ 17.1% year-on-year increase.The fate of September’s candle hangs in the balanceMeanwhile, with hours to go until the September monthly candle close, eyes were firmly on whether bulls could stay the course.Related: Bitcoin profitability for long-term holders declines to 4-year low: DataWhether BTC/USD would finish the month up or down versus the start remained open to interpretation, as did the fate of monthly support. BTC/USD 1-month candle chart (Bitstamp). Source: TradingViewAt publication time, the pair was 0.35% higher than on Sept. 1 — still enough to post its first “green” September since 2016, data from Coinglass confirmed.Looking ahead, analyst William Clemente reiterated that statistically, Q4 was a solid period of returns for hodlers.“Historically Q4 has been Bitcoin’s best performance by far, with an average quarterly return of +103.9%,” he tweeted. “October and November have been its best performing individual months with avg returns of 24% and 58%. Does seasonality matter? Let’s see.”Coinglass data likewise showed that for Q3, BTC/USD was currently at 0.92%.BTC/USD monthly returns chart (screenshot). Source: CoinglassThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • How NFTs and the Metaverse can keep fashion luxurious
    Cointelegraph.com News - 2 days ago
    Luxury in the metaverse isn’t just exclusive to owning the biggest land plot or the best NFT avatar — it’s more than that. It’s no secret that the fashion industry has started to explore the cryptoverse, with brands like Dolce & Gabbana, Gucci, Philipp Plein and Tiffany & Co. taking their own path down the metaverse runway. Decentraland’s Metaverse Fashion Week hinted at a new wave of fashion, while Philipp Plein brought the metaverse and nonfungible tokens (NFTs) right into his London shop. The innovative technology mixed with the ever-changing fashion world was an inevitable pair, but there is always room for more.Even during its inception, the promise of the metaverse has convinced people to pay millions for land in the virtual worlds — so, why not fashion? The fashion industry is always looking for new ways to innovate and create new traditions. While the metaverse removes the tangible aspect that captivates many in the fashion industry, it is a new way to experience wearing and using beautiful pieces digitally on a personal avatar. Lokesh Rao, CEO of Trace Network Labs, previously told Cointelegraph that “a digital avatar can wear any garment without any constraints of type, design, fabric and use.”As many know, however, the fashion industry remains one of the most exclusive industries in the world. With Chanel’s bag quota or purchase criteria and the long waiting list to get a Hermès Birkin or Kelly, a lot of the influence in the fashion industry comes from exclusivity, price, outfits and, in many cases, who one knows. And as many fashion enthusiasts understand, there is nothing like opening the box of a long-coveted piece and holding, wearing and loving it for the first time. The idea of luxury is a melange of both exclusivity and passion. Why should fashion in the metaverse be any different?Keep and grow traditions While prominent brands value their traditions, they should also evolve as time goes on. However, appealing to a new user base while keeping the existing ones entertained is not easy. In a fight to keep customers and enthusiasts loyal to the brand, Indrė Viltrakytė, a fashion entrepreneur and the founder of Web3 fashion venture The Rebels, suggested they “co-create digital wearables with members of their community and sharing commercial rights/profits or royalties with them.” In this case, Viltrakytė told Cointelegraph that digital collectibles could help showcase fashion enthusiasts’ interest in a brand. These would not only be available to influencers, or the lucky ones who are given PR packages for their large following and interest in a brand, but could be for everyone. For example, Maison Margiela could offer a set amount of digital wearables when buying a pair of the Bianchetto Tabi Boot. The boots can be worn in the Metaverse and in real life for those diehard fans who do not necessarily have a following behind them.Recent: The Caribbean is pioneering CBDCs with mixed results amid banking difficultiesTiffany & Co. has already done something similar with its CryptoPunk NFT collection NFTiff, a collection of…
  • Blockchain could help anonymously document war crimes
    Cointelegraph.com News - 2 days ago
    Blockchain combined with decentralized storage could ensure data preservation and anonymity when reporting war crimes. Human rights investigators appointed by the United Nations have confirmed that war crimes have been committed by Russian forces in Ukraine. The Independent International Commission of Inquiry on Ukraine was created in March 2022 to provide a framework for UN human rights investigators to report war crimes in the region. Erik Møse, chair of the Independent International Commission of Inquiry on Ukraine, stated in the UN’s article that “Investigators visited 27 towns and settlements and interviewed more than 150 victims and witnesses.” Møse also noted that “Sites of destruction, graves, places of detention and torture, as well as remnants of weapons,” were inspected. While the report developed by the commission has allowed UN investigators to document war crimes in Ukraine, tools and protocols are still needed to enable individuals to accurately and securely report these acts. Additionally, the need to preserve war crime evidence has become critical as the war in Ukraine enters its seventh month. Given these challenges, industry experts believe that blockchain technology has the potential to solve many of the issues faced by individuals and organizations documenting war crimes. For example, Jaya Klara Brekke, chief strategy officer at Nym — a platform powered by the Cosmos blockchain that protects the privacy of various applications — told Cointelegraph that Nym is developing a tool known as AnonDrop that will allow users to securely and anonymously upload data. She said:“The intention is for AnonDrop to become a tool that democratizes the gathering of evidence that can be used to pursue human rights cases. In the current climate in Ukraine, this would be particularly important for the purpose of securely documenting and sharing evidence of war crimes anonymously.”“The core technology of Nym is a mixnet, which takes data from ordinary users and mixes it together using encryption to make everything look identical. It protects against people watching the network, along with metadata surveillance and IP tracing,” she elaborated. While Nym provides an anonymity layer to allow users to transmit data without revealing who they are, information then gets stored on the decentralized storage network Filecoin. Will Scott, a software engineer at Protocol Labs — a company working with Filecoin on its decentralized storage solution — told Cointelegraph that some of humanity’s most important information is stored on Filecoin to ensure that data remains publicly available. Recent: Are decentralized digital identities the future or just a niche use case?A blockchain network combined with decentralized storage could be a critical tool for documenting war crimes since it allows individuals in regions like Ukraine to anonymously report, share and retain data. A Wall Street Journal article published in May 2022 stated that “Prosecutors say that, with Russian forces having occupied so much of the country, it is impossible to process all of the evidence of every potential war crime.” Moreover, Ahmed Ghappour, Nym general counsel and associate professor of law at Boston University, told Cointelegraph that it’s becoming critical for witnesses of…
  • Are You Ready For ‘Uptober’? Is it Time for a Bitcoin (BTC) Price Rally?
    Coinpedia Fintech News - 4 hours ago
    The post Are You Ready For ‘Uptober’? Is it Time for a Bitcoin (BTC) Price Rally? appeared first on Coinpedia Fintech News The fluctuating price behavior of Bitcoin (BTC) continues to play havoc with traders’ and investors’ sentiments. Traders are still making predictions about what Bitcoin (BTC) will do in the upcoming month of October. According to a well-known crypto analyst, the fourth quarter of the year may see rallies in the cryptocurrency markets.  The host of …
  • Bitcoin Providing Historical Buying Opportunity – Here’s The Best Entry Levels To Watch
    Coinpedia Fintech News - 10 hours ago
    The post Bitcoin Providing Historical Buying Opportunity – Here’s The Best Entry Levels To Watch appeared first on Coinpedia Fintech News The price of bitcoin (BTC) has been moving sideways for the second week in a row due to the persistence of two bearish caps and the lack of new lows being made by the price action itself. Is now the ideal moment to accumulate Bitcoin, nevertheless, given all the price drops? The historically ideal times …
  • Will October bring the Much Needed Rally for Bitcoin Price? Here’s what Traders Can Expect in First Week
    Coinpedia Fintech News - 12 hours ago
    The post Will October bring the Much Needed Rally for Bitcoin Price? Here’s what Traders Can Expect in First Week appeared first on Coinpedia Fintech News Even if Bitcoin ended September with a loss, previous good rallies in October may encourage bulls. Only twice since 2013 has BTC ended the month of October in the negative, according to data from coinglass: in 2014 and 2018. This makes a recovery in October more likely. Since last week, the price of BTC has …
  • Will Q4-2022 Be The Season of Altcoins With Ethereum Hitting This level?
    Coinpedia Fintech News - 12 hours ago
    The post Will Q4-2022 Be The Season of Altcoins With Ethereum Hitting This level? appeared first on Coinpedia Fintech News Two weeks ago, Ethereum received praise and attention for successfully completing its highly-anticipated Merge, a historic switch to a new “proof-of-stake” blockchain intended to significantly reduce energy consumption—by as much as 99%. However, when investors awoke shortly after the upgrade,the token’s price was at its lowest point since July. Ethereum has dropped more than 20% …
  • Caution Ahead! Here’s How Ethereum (ETH) & Bitcoin (BTC) Will Perform In October
    Coinpedia Fintech News - 12 hours ago
    The post Caution Ahead! Here’s How Ethereum (ETH) & Bitcoin (BTC) Will Perform In October appeared first on Coinpedia Fintech News There was a strong bearish sentiment that grew throughout September and Bitcoin’s price has had a difficult time sustaining itself above the $20,000 psychological support level. All eyes are looking for greener price charts for the leading cryptos in the final three months because Ether (ETH) and the majority of altcoins are in the red …
  • Bitcoin and Ethereum Not Best Bet For Traders in the Next Bull Market, Here’s Why
    Coinpedia Fintech News - 12 hours ago
    The post Bitcoin and Ethereum Not Best Bet For Traders in the Next Bull Market, Here’s Why appeared first on Coinpedia Fintech News A bearish scenario has made for a challenging day in the crypto market as a downward trend may be seen in the most recent Bitcoin price action. The market had a significant loss as a result of its inability to maintain momentum and the erratic changes have caused the market to move in an unusual …
  • Cardano Price Forecast – What’s in Store For ADA Price This October
    Coinpedia Fintech News - 12 hours ago
    The post Cardano Price Forecast – What’s in Store For ADA Price This October appeared first on Coinpedia Fintech News Following the two firm rejections that the price movement of Cardano (ADA) experienced in the previous two weeks, the price is in danger of ending the week in the red once more. When the buyers hold the $0.42 support level, the bulls’ pressure may cause the price to break up $0.46, at which point the …
  • Polkadot(DOT) Price to Skyrocket, but Only After a Minor Correction
    Coinpedia Fintech News - 1 day ago
    The post Polkadot(DOT) Price to Skyrocket, but Only After a Minor Correction appeared first on Coinpedia Fintech News The Polkadot price has recently dropped significantly and has been trading below a previously established range for some time. The recent effort leading to the bottom reversal pattern is anticipated to result in a swift rally.  The DOT price reached a high of $24.00 before beginning to decline progressively. & later fell dramatically to the …
  • This Crypto Asset Could Surge in October, With the Entire Altcoin Market looking bullish!
    Coinpedia Fintech News - 1 day ago
    The post This Crypto Asset Could Surge in October, With the Entire Altcoin Market looking bullish! appeared first on Coinpedia Fintech News Crypto trader Justin Bennett warns tells his 109,600 Twitter followers about the explosion in the altcoin and crypto markets excluding Bitcoin (BTC). Benett told his followers that something big is soon to come up in October as Altcoin market cap chart is seen to be coiled while he tagged Ethereum (ETH), as well as once-hot …
  • WazirX Lays Off 40% of Its Employees
    Coinpedia Fintech News - 1 day ago
    The post WazirX Lays Off 40% of Its Employees appeared first on Coinpedia Fintech News WazirX, an Indian exchange, announced in a statement shared with CoinDesk on Saturday that it had fired a number of staff members. 50 to as many as 70 employees or 40% of the exchange’s workforce of 150, were laid off. The laid-off workers were told on Friday they would be paid for 45 days, they …
  • Bitcoin (BTC) Flashing Weak Hand Capitulation, Holding Steady Amid Stock Market Drop: Analytics Firm Santiment
    The Daily Hodl - 3 hours ago
    A leading digital asset analytics firm says one reliable technical indicator is suggesting that weak hands have already left the crypto markets. Santiment says it’s keeping a close watch on Bitcoin’s (BTC) volume, which the firm says has been in an uptrend since June when the king crypto printed its current bear market low. According […] The post Bitcoin (BTC) Flashing Weak Hand Capitulation, Holding Steady Amid Stock Market Drop: Analytics Firm Santiment appeared first on The Daily Hodl.
  • Terra (LUNA) Collapse Big Step Backward for Crypto Decentralization: Ethereum (ETH) Creator Vitalik Buterin
    The Daily Hodl - 5 hours ago
    The co-founder of Ethereum (ETH) says the implosion of stablecoin issuer Terra (LUNA) earlier this year dealt a big blow to the decentralization of crypto. In an interview with The New York Times, Vitalik Buterin says decentralization in the crypto space has been progressing in the right direction since the epic collapse of defunct digital […] The post Terra (LUNA) Collapse Big Step Backward for Crypto Decentralization: Ethereum (ETH) Creator Vitalik Buterin appeared first on The Daily Hodl.
  • Arthur Hayes Says Ethereum (ETH) Merge Still Not Priced In, Lays Out Bottom Scenario for Crypto Markets
    The Daily Hodl - 8 hours ago
    BitMEX co-founder Arthur Hayes says that the market still hasn’t priced in the significance of Ethereum’s (ETH) successful transition to a proof-of-stake consensus model. In an interview with Raoul Pal of Real Vision, Hayes says that the Ethereum network is now capable of supporting a new ecosystem filled with new businesses and protocols, something that […] The post Arthur Hayes Says Ethereum (ETH) Merge Still Not Priced In, Lays Out Bottom Scenario for Crypto Markets appeared first on The Daily Hodl.
  • Billionaire Mark Cuban Reveals Biggest Crypto Opportunities He’s Most Excited About
    The Daily Hodl - 11 hours ago
    Shark Tank investor Mark Cuban says he has his eye on multiple opportunities that he believes could be the next big thing for the crypto industry. In a new interview with Forbes, Cuban says that non-fungible tokens (NFTs) present a huge opportunity in the book industry. “NFTs as books, I think particularly for textbooks. Now, […] The post Billionaire Mark Cuban Reveals Biggest Crypto Opportunities He’s Most Excited About appeared first on The Daily Hodl.
  • Top Analyst Makes Case for Q4 Bitcoin and Crypto Rally As Fiat Currencies Get Crushed
    The Daily Hodl - 13 hours ago
    A popular crypto analyst is making the argument that the last quarter of the year could bring rallies to the digital asset markets. In a new discussion with fellow analysts Benjamin Cowen and Mike from Digital Asset News, the host of InvestAnswers says that a number of fundamental catalysts are currently stacked up in favor […] The post Top Analyst Makes Case for Q4 Bitcoin and Crypto Rally As Fiat Currencies Get Crushed appeared first on The Daily Hodl.
  • The Ethereum Merge Is Successful – How Will It Impact Traders and the Global Crypto Market?
    The Daily Hodl - 16 hours ago
    After months of speculation, the long-awaited Ethereum (ETH) merge finally took place on September 15, 2022. The merge saw the popular blockchain network move from its hardware-based PoW (proof-of-work) model to the more environmental-friendly PoS (proof-of-stake) model. The merger will see the Ethereum blockchain reduce its carbon footprint by 99.9%, resulting in faster transactions and […] The post The Ethereum Merge Is Successful – How Will It Impact Traders and the Global Crypto Market? appeared first on The Daily Hodl.
  • Decentralized Social (DESO) Outpaces Crypto Market and Surges 102% This Week Amid Integration With MetaMask
    The Daily Hodl - 22 hours ago
    A social media-focused altcoin is surging this week after the announcement of a new partnership with the popular crypto wallet MetaMask. Decentralized social media platform Decentralized Social (DESO) rallied to a weekly high of $11 today, marking a 102% increase from its seven-day low of $5.43 The 226th-ranked crypto asset by market cap has retraced […] The post Decentralized Social (DESO) Outpaces Crypto Market and Surges 102% This Week Amid Integration With MetaMask appeared first on The Daily Hodl.
  • XRP Airdrop Incoming: Flare Outlines Schedule for Long-Awaited Spark (FLR) Token Giveaway
    The Daily Hodl - 1 day ago
    Flare is hinting that its long-awaited Spark (FLR) token airdrop to XRP holders is just around the corner with a new announcement to validators. The company notes in a new schedule that validators can now onboard to the Flare network. Flare also says it is currently working to onboard crypto exchanges to ensure the airdrop […] The post XRP Airdrop Incoming: Flare Outlines Schedule for Long-Awaited Spark (FLR) Token Giveaway appeared first on The Daily Hodl.
  • FTX Scoops Up Bankrupt Crypto Broker Voyager at Discount Price of $51,000,000: Report
    The Daily Hodl - 1 day ago
    Crypto exchange giant FTX is reportedly acquiring troubled crypto broker Voyager Digital at a discounted price after placing a bid to acquire the firm earlier this week. According to a new report by CNBC, FTX won the auction to purchase Voyager after placing a $1.42 billion bid, though the digital asset exchange will pay just […] The post FTX Scoops Up Bankrupt Crypto Broker Voyager at Discount Price of $51,000,000: Report appeared first on The Daily Hodl.
  • Binance Expands Crypto Trading Operations to Pacific Ocean Country of 5,000,000
    The Daily Hodl - 1 day ago
    Binance, the largest digital asset exchange by trading volume, is opening its doors to serve crypto enthusiasts residing in an island country located in the Pacific Ocean. According to a new blog post, the exchange says it has successfully registered as a financial services provider in New Zealand and officially launched “Binance New Zealand.” Binance […] The post Binance Expands Crypto Trading Operations to Pacific Ocean Country of 5,000,000 appeared first on The Daily Hodl.
  • Bitcoin Price Is Sitting On A Gun Powder, Will It Explode?
    NewsBTC - 4 hours ago
    BTC price trades below key resistance as prices get rejected under daily EMA. BTC’s monthly candle closes with so many mixed feelings ahead of October.  The price of BTC must close above $21,500 to renew bullish sentiments. The price action of Bitcoin (BTC) continues to toil with the emotions of traders and investors as it moves in an indecisive and uncertain fashion. Traders continue to speculate about what Bitcoin (BTC) holds for this new month of October. The price action and movements of Bitcoin (BTC) continue in its choppy, leaving most traders at loose ends due to an unstructured Bitcoin (BTC) price movement. (Data from Binance) Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31 Bitcoin (BTC) Price Analysis On The Weekly Chart Despite showing some fake movement of a bounce ahead of the monthly close, the price has found some rejection around $19,500 as the price struggles to break above. The price of BTC retraced to a region of $18,700 but swiftly bounced from this region as price rallied to $19,300 but was faced with resistance to breaking above. BTC’s price needs to break and hold above $20,500 before it can resume bullish sentiment as the price trades at a key level. BTC’s price needs to trade away from this region of $19,000 as a break below $18,100 could mean the price going to a low of $17,500 and even a low of $16,000. Ahead of the weekly close, the price for BTC needs to close above $19,500 for a little bit of haven; a close below this range indicates exposure to more risk to go higher.   Weekly resistance for the price of BTC – $19,500. Weekly support for the price of BTC – $18,100. Price Analysis Of BTC On The Daily (1D) Chart On the daily timeframe, the price of BTC remains below key resistance as it attempts to break above higher levels, with the price being rejected on several occasions. The price of BTC has shown strength, rallying from a low of $18,700, with the price attempting to break above the $20,500 daily price range but facing rejection as the price trades between $18,800-$19,500. The price of BTC trades at $19,100 below the 50 and 200 Exponential Moving Average (EMA). The prices of $20,400 and $27,000 correspond to the prices at 50 and 200 EMA for BTC on the daily timeframe. A break and close above $20,500 could see the price of BTC assume some bullish sentiment in October as many traders and investors anticipate a green October, which could spell a rally to a region of $24,000 or higher. Daily resistance for the BTC price – $20,500. Daily support for the BTC price – $18,100. Related Reading: Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price? Featured Image From zipmex, Charts From Tradingview 
  • Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31
    NewsBTC - 1 day ago
    Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate. The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics. This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem. Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood. Related Reading: Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price? Will Robinhood Team-Up Bring Good Results? The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind. According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings. Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture. From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states. By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada. The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token. With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news? Rally In The Offing For Crypto? As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday. Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761). The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south. If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand. Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase. Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com Featured image from VOI, Chart: TradingView.com
  • Ethereum Classic (ETC) Sheds 30% In Last 2 Weeks – More Pain Ahead?
    NewsBTC - 1 day ago
    Ethereum Classic (ETC) has been in the clutch of the bears as it has shaved off as much as 30% in the past two weeks.  Ethereum Classic price down 30% in the past two weeks ETC trading at $27.69 as of press time ETC’s downturn opens up opportunities for short-term positions ETC has dropped below the $33.9 zone barely two weeks ago and it seems Bitcoin is suffering the same fate as it failed to barrel past the key resistance of $19.7k. The selling pressure has been intermittently high in the crypto market.  Coming from the larger Ethereum, ETC is predominantly viewed as secure as it is designed to alleviate key problems encountered with the larger or main token Ethereum, especially in line with amplifying speed and lowering fees.  In fact, Ethereum Classic has evolved to be one of the most trusted and largest smart contract platforms as it is dubbed to be a valuable long-term investment to beef up and diversify one’s portfolio.  Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? Ethereum Classic Price Seeing Bearish Pressure According to CoinMarketCap, ETC price has plunged by 1.01% or trading at $27.69 as of press time. At this point, a bearish block is seen close to the $30 level. A climb by 8% will prove to invalidate the bearish outlook of ETC. Traders should wait awhile for a price jump before entering any short position at the $27 to $29 range, which is considerably near $30.54, the key support zone. Chart: TradingView.com Judging by the daily and 12-hour timeframe, ETC is looking predominantly bearish with waves of lower highs and lower lows observed in the past couple of weeks. With that in mind, traders of ETC can trade in sync with this trend and wait for any selling opportunities.  Ethereum Classic’s RSI is below the 50 zone which has also been revisited as a resistance.  Hence, the RSI depicts a downtrend. OBV also validates that sellers are dominating the market with lower highs seen for about three weeks so far hinting at a high selling volume.  With this trend, ETC short sellers can rake in profit somewhere along the key support levels of $26.9 and $24.5. Now, a jump above the $30.7 zone can pump up a stop-loss order.  ETC Social Metrics Down Since August 2022 Ethereum Classic had its strongest troughs in July, especially in terms of social metrics which is higher compared to September figures. Apparently, the social metrics of ETC such as engagement have dropped since August which also triggered a price drop.  On the other hand, the uptick in Ethereum Classic’s development activities in August has improved social metrics for ETC. Despite the price decline, ETC is recovering in terms of social dominance which is a good place to start. The downturn of ETC is said to be brought about by the bleeding of BTC as the king of cryptocurrencies wallows under the key resistance of $19.7.  In order to recover, Bitcoin…
  • Cardano (ADA) Is About To Die and Turn into A ‘Zombiechain,’ Ethereum Maxi Says
    NewsBTC - 1 day ago
    Cardano (ADA), the 8th ranked crypto asset in terms of market capitalization, remains in the red as it loses 6.3% of its value in the last seven days. Cardano lost more than 6% of its value for the past week UniSwap surpassed ADA in terms of daily average transactions Positivity remains among crypto enthusiasts for Cardano As of this writing, according to Coingecko, the asset is trading at $0.43 but still remains one of the top 10 digital assets thanks to its market capitalization which stands at almost $14.7 billion. They hefty market cap, however, is not enough to fend off some negative criticisms and projections about the crypto created by the Hong Kong Input-Output (IOHK) led by Ethereum co-founder Charles Hoskinson. In fact, Evan Van Ness, a well-known die-hard fan and Ethereum maximalist, claims the token is already at death’s door and will soon turn into a “zombiechain.” Let’s check in on the $ADA zombiechain 🧟⛓️ Not only does Cardano do less than one transaction per second… Uniswap does substantially more transactions than Cardano pic.twitter.com/wg0fNoFPck — Evan Van Ness 🦇🔊 (@evan_van_ness) September 29, 2022 ADA Losing Steam Aside from his belief that Ethereum is the best crypto out there, Ness has some alarming information regarding Cardano which could spell its immediate future. ADA’s network is currently living at an incredibly low transaction count of less than one per second. That’s lesser than other assets with lower market capitalization. UniSwap, for example, only has $4.9 billion market cap, but is beating Cardano on the seven-day average of daily transactions. Related Reading: Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price? Source: Evan Van Ness This is surprising, considering that UniSwap also has significantly higher daily fees count, currently at $1 million, compared to ADA’s $10,000. What Lies Ahead For Cardano While Ness says a lot of negativity towards a crypto asset that was once making breakthroughs, some remain positive about its future. Coin Quora, armed with the results of their price monitoring for Cardano, said the asset will have a bullish run and will close the year with a price of $12. It also predicted that by 2023, its value will increase up to $18. By 2025, however, the crypto, having experienced price corrections, will change hands at significantly lower prices. Analytics Insights place the value of Cardano at $3.81, going as low as $3.68 and as high as $4.38. Both prices are way higher than its current value, $0.43. It remains to be seen if the Ethereum’s maximalist’s claims pack some truth into them, but ADA’s recent performance so far is not helping its case. Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? ADA total market cap at $14.7 billion on the daily chart | Source: TradingView.com Featured image from Cute Wallpaper.org, Chart: TradingView.com
  • The RLWC 2021 is Coming Soon, CoinEx Cheers for Athletes as the Exclusive Cryptocurrency Trading Platform Partner
    NewsBTC - 1 day ago
    The Rugby League World Cup (RLWC) 2021 is set to kick off with a match between England and Samoa men on 15 October at St James Park and conclude in Manchester with the wheelchair final on 18 November and the men’s and women’s finals in a spectacular double header at Old Trafford on 19 November. For the first time in tournament history the men’s, women’s and wheelchair competitions will take place at the same time with all 61 matches set to be broadcast live on the BBC, with over 600 players and 32 teams taking part in fixtures across 17 host towns and cities and 21 stadiums across the country including London, Manchester, Newcastle, York, Leeds, Coventry, and Sheffield. This year’s tournament, delayed from 2021 to 2022 due to the Covid-19 pandemic, will be the 16th edition of the Rugby League World Cup and world-renowned crypto exchange Coinex will be cheering on all the teams as the Exclusive Cryptocurrency Trading Platform partner of the tournament Cryptocurrencies are playing an increased role in the sports industry and CoinEx are committed to making crypto trading easier, striving to become a gateway for global crypto users providing easy-to-use crypto products and pleasant, convenient crypto trading experiences. Available in 16 languages, including Chinese, English, Spanish, French, and Portuguese, CoinEx offers products and services that span spot trading, futures contracts, margin trading, mining, AMM, CoinEx Dock, Pledging, etc. The exchange provides easy-to-use, secure, and reliable crypto trading services for over 3 million users across more than 200 countries and regions. Additionally, it features trading sections for BTC, BCH, and stablecoins, as well as 600+ first-rate, innovative cryptos, providing crypto users with more trading options. Over the last year, CoinEx has earned user recognition with easy-to-use products, fast, stable performance, and smooth deposits/withdrawals. CoinEx is now looking forward to witnessing the extraordinary performances of the competitors at RLWC2021 and being part of the biggest, best and most inclusive Rugby League World Cup in history.        
  • Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price?
    NewsBTC - 1 day ago
    The original release of the blockchain implementation of Shiba Eternity occurred in Australia on September 17. Shiba Inu followed the larger market sell-off that began on September 13 and rallied nearly 7% from September 17-18. During this time span, the rally did not significantly alter market sentiment. New information about the game’s release, though, may add some hype. According to a recent tweet by Shib Rumours, the release date of the game is set for October 1. However, the latest post on the official Shiba Inu Twitter account indicates that the worldwide launch of the game will take place on October 6. SHIB has a current trading range of $0.00001073 – 0.00001154. Could the meme coin see a resurgence after the game’s release? Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? Shiba Inu: Increasing Speed After the latest sell-off on September 18, an uptrend has been noted and has been very consistent up to the time of writing. Given that this occurred only a day after the Australia release, it’s likely that long-term token holders witnessed the price increase and sold off their holdings. During this period, the memecoin saw a pullback and plummeted 8.5% immediately. Currently, the recent price movements have created a head and shoulders pattern before to today’s breakout. During this breakout, the price increased by 2.9% Given the current state of Shiba Eternity, this price movement can be regarded as a sign of increased anticipation for the game’s October 6 release. ETH whales are also contributing to the hype train. According to WhaleStats, the top 1,000 Ethereum whales have more than $147.5 million. WhaleStats also regarded Shiba Inu as the token with the highest dollar value position. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? Keeping A Close Eye On The Market Therefore, there are a few things that future Shiba Inu players and investors/traders should be aware of. One of these is that a price increase is frequently followed by a severe market correction, similar to what we experienced on September 18 following the rally on September 17. As of this writing, SHIB is trading at $$0.00001137, up 2.5 percent in the last seven days, data from Coingecko show, Saturday. As October 6 approaches, we will have a better sense of whether Shiba Inu will increase in value or decline further. SHIB total market cap at $6.29 billion on the daily chart | Source: TradingView.com Featured image from VOI, Chart: TradingView.com
  • Why Bitcoin, Ethereum May Not Be The Best Plays For The Next Bull Market
    NewsBTC - 1 day ago
    Since the launch of bitcoin, there have been massive gains recorded by those that got in early and held on long enough. The same was the case with Ethereum, whose market cap grew to the hundreds of billions. However, the growth that these digital assets have already seen over the years, it has put a hamper on how much they can still grow over the coming years. This is why investors are looking elsewhere for larger gains. Bitcoin, Ethereum Gains Are Lower Over the last bull market, it became apparent that bitcoin and Ethereum will no longer be able to give the kind of returns that early investors had gotten. During the previous cycle low, bitcoin had dropped to as low as $6,000 but had reached $69,000 during its peak. This was a 10x growth for the digital asset. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes The case was similar to Ethereum, the second-largest cryptocurrency by market cap, although it had fared much better compared to bitcoin. It had grown from its cycle low of around $100 to $4,800 at its peak. This was about a 500x growth for the digital asset. BTC grows 10x | Source: BTCUSD on TradingView.com However, their already massive growth has been putting investors off of them, not because they are not good investments but because the potential to explode exponentially has been greatly reduced. An example is that from bitcoin’s current price, even if it were to reach $100,000 per coin, it would still be a less than 10x growth. The same with Ethereum, although the digital asset does carry more potential for larger growth compared to bitcoin due to it being much younger. If ETH were to grow to $10,000 per token, it would barely be a 10x growth. Altcoins Take The Cake Altcoins had barreled ahead of market leaders such as bitcoin and Ethereum when it came to gains in the last bull market. Where these large digital assets were doing below 500x, smaller altcoins such as Dogecoin and Shiba Inu had recorded ROI in the thousands. Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity Mainly, meme coins were notorious for such returns, but altcoins from other spheres had seen the same kind of growth too. FTM is a token that had traded as low as $0.2 and peaked above $3.4 during the bull market. DOGE’s price had made an impressive run-up from $0.004 to $0.7 at the height of its rally. However, these are only, but a small example of the many ways altcoin had been great investments during the bull market. With the next bull market expected to happen in 2024, it is no surprise when investors are turning to smaller cap tokens in hopes of catching the next DOGE or SHIB. Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Featured image…
  • XRP Price Rallied By Double Digits, Will Buyers Defend This Level?
    NewsBTC - 1 day ago
    The XRP price has increased significantly in the past 24 hours. The coin registered over 10% growth in the past day. Over the last week, the coin brought in 10% appreciation as well. Overall, XRP bulls seemed to take control of the charts. The coin could slowly attempt to trade near its next resistance mark, and with growing demand, it could get past that price mark. The support zone for that price rested between $0.43 and $0.39, respectively. It is important for XRP to get back up to $0.51, which has been acting as a rigid price ceiling for the coin. Once XRP moves up beyond $0.51, the coin will strengthen its bullish move. The technical indicator of the coin has signalled an increased bullish momentum. The buyers have returned to the market, albeit with a decline. The decrease in selling strength will help XRP to move past the $0.51 level. The global cryptocurrency market cap today is $978 billion, with a 2.2% positive change in the last 24 hours. XRP Price Analysis: One Day Chart The altcoin was trading at $0.43 at the time of writing. XRP price had rallied sharply to $0.56 and then retraced on its chart. Over the past day, however, the coin started to move up on its chart. The immediate resistance for the coin stood at $0.51 and then at $0.56. On the other hand, the support line was at $0.41 and a fall from that level would cause the XRP price to dip to $0.34. That would make the bears stronger in the market. The amount of XRP that was traded in the last session showed signs of decline, which indicated that buying strength might have dipped on the chart. Technical Analysis The altcoin was still controlled by the bulls on the one chart. The coin had gone through a pullback, which is why buying strength also fell on its chart. The Relative Strength Index was above the half-line, and that indicated an increased number of buyers as compared to sellers. If demand falls, the sellers can take over at any moment. The XRP price was above the 20-SMA line as well as 50-SMA, which indicated that demand was still quite high for the coin. It means that buyers were in control of the price momentum in the market. Related Reading: Uniswap Price Continues Bearish Spell, Can It Move Past $6? Other indicators also continued to display that buyers were present in the market. The Moving Average Convergence Divergence depicts the price momentum and overall price action of the coin. MACD was positive with green signal bars, and that meant buy signal for the coin. The green signals were receding, which could mean that there might be a price pullback over the next trading sessions. Bollinger Bands indicate price volatility and fluctuations. The bands widened, which is a signal that there could be heavy price volatility over the next trading sessions. Related Reading: Litecoin Price Recovers But The Bears Might Drag The Altcoin…
  • Solana (SOL) Holds Its Gains While Most Coins Bleed
    NewsBTC - 2 days ago
    Solana (SOL) has managed to keep most of its gains over the past 48 hours while most coins bled out. The token started yesterday, September 29th, at $33.25, going as high as $34.34 at midday. Solana (SOL) suffered a loss in value on September 28th, when it dropped from $32.85 to $31.74. However, it quickly recovered before the end of the trading day and has been steadily increasing since then. The Price of SOL currently sits at $33.72 at the time of writing. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins SOL Holding On For Dear Life The past few days have seen most coins in the top 100 drop in value by more than 10%. SOL is one of the few tokens that have held its ground during this time. The coin price was off to a rocky start, entering the new week at $32.1. At a point, it seemed like it would rally up to $40 when it reached $35.02 on Tuesday, the 27th. However, the run was short-lived as it fell to $31.77 the next day. Later, the token left investors smiling as it slowly galloped back up to $34.34 the next day, September 29th. So far, it has kept a decent amount of profit for itself and is currently sitting at $33.89. Gains Amidst Troubled Waters SOL’s performance is nothing short of impressive, considering how volatile the market has been for other tokens.  It seems like there are no signs of slowing down anytime soon, either, with the coin still holding strong at above $33. SOL’s price stays modestly above a crucial support level of $30, which serves as a good buying zone for traders. For SOL to trend upward, the price must break over $35, its weekly resistance. If the price of SOL breaks and remains over $35, it might significantly rise to the $45-$58 range. Historically, SOL pricing has found breaking out of this range tough. Based on its performance in the last three months, it’s likely that SOL will likely continue to climb higher. Some people are already predicting the token to go up to $41. An analyst on TradingView noted that a move in the US market could be a catalyst for SOL to reach the $35 mark. Social Engagement And NFTs Might Just Be What SOL Needs The past week has been an eventful one for Solana on social media. According to a recent tweet by PHOENIX, Solana was the best-performing project in terms of social activity. The token had a total of 35,100 mentions and 58.3 million engagements across social media platforms.  Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? But that’s not all. Statistics from Delphi Digital show an increase in Solana’s share of NFT trading volume. According to the tweet, Solana’s NFT volume increased from 7% to 24% in the past six weeks. This gained traction in the NFT sector can help push SOL beyond its resistance…
  • Bitcoin Slowly Trends Upwards Into $20,000, Will The Monthly Candle Turn Green?
    NewsBTC - 2 days ago
    Bitcoin has seen some profits over today’s trading session as September’s monthly candle is coming to an end. Market participants were expecting a tight battle between bullish and bearish forces, but the cryptocurrency has been moving sideways with slight upward pressure. Related Reading: Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins At the time of writing, Bitcoin (BTC) trades at $19,700 with a 2% and 1% profit over the last 24 hours and 7 days. Other cryptocurrencies in the crypto top 10 by market cap are displaying similar price action, but BTC seems to be leading the low timeframe bullish momentum. People Buy Bitcoin To Hedge Against Their Currencies Downside Trend? Data from Material Indicators shows that investors with buying orders from $1,000 to $10,000 bought into Bitcoin’s recent price action while other investors sold their coins. In that sense, a rally into the monthly close seems unlikely. However, Material Indicators also show that ask (sell) liquidity has been decreasing as Bitcoin is rejected from the area of around $20,000. If the price can resume its bullish momentum and can gain more support from larger buyers, bears might be unable to defend $20,000. This might lead BTC to higher levels, and possibly for a reclaim of the levels around $26,000, according to a report from NewsBTC. The cryptocurrency must flip $20,100 into support, analyst from Material Indicators wrote the following about BTC odds as the market heads into the monthly close: There are short term signs of a potential pump, but the crossing of key moving averages suggests the broader trend will continue down. Resist the urge to overtrade or FOMO in. Additional data provided by research firm Messari picked a spike in buying pressure from investors in the Eurozone and the United Kingdom (UK). This pressure is related to a decline in the value of their currencies as the U.S. dollar rallied to a multi-decade high. The New Narrative, Will The Fed Pivot Leading Bitcoin To New Highs? This data from Messari has been put into question by several users. Regardless of its legitimacy, this data speaks about an increasing trend in the sector: more and more market participants are highlighting the impact of central banks in the financial sector and the global economy. According to a report from Charles Gasparino, a reporter for FOX Business, members of the U.S. Federal Reserve (Fed) are aware of the negative consequences of their monetary policy. They have brought a steep downside pressure for equities and risk-on assets, such as Bitcoin. SCOOP (1/2): @federalreserve officials getting increasingly worried about “financial stability” as opposed to inflation as higher rates begin to crush bonds, several big investors tell me. Fed growing worried about possible “Lehman Moment” w a 4% FF rate as Bonds and derivatives — Charles Gasparino (@CGasparino) September 30, 2022 Related Reading: Uniswap Could Slide Below Support Zone – No Demand For UNI This Week? If the pressure inside the Fed becomes too high, the financial institution might pivot its…
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