Altcoins Talks - Cryptocurrency Forum
Marketplace => Marketplace & Bitcoin Services => Advertise Your Stuff => Topic started by: NewspaperD2 on September 08, 2023, 09:58:24 AM
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The U.S. Commodity Futures Trading Commission (CFTC) announced on Sept. 7 the outcome of a case against a South African company involved in crypto fraud.
The CFTC said that a judge has entered a consent order against Mirror Trading International Proprietary Limited (MTI), finding the company liable for several types of fraud. The order will also require the company to compensate its many victims.
According to the CFTC, MTI offered an investment opportunity in which it advertised trading intelligence software that used Bitcoin as a base currency.
However, according to the statement, the company and its CEO, Cornelius Johannes Steynberg, instead operated a multi-level marketing scheme. MTI solicited Bitcoin from investors and promised them the chance to participate in an unregistered commodity pool in return. Though that pool apparently existed, trading activity did not utilize a proprietary “bot” or software program, contrary to the company’s claims. Instead, the company and its leader misappropriated funds from pool participants either directly or indirectly.
The CFTC claims that MTI convinced investors to contribute a total of 29,421 BTC — an amount that at one point was worth more than $1.7 billion. The company accepted funds from 23,000 individuals in the U.S. and thousands more globally.
Victims will receive $1.7 billion in total
The latest court decision requires MTI to pay more than $1.7 billion in restitution to investors who its fraud has victimized. The court order enjoins MIT from violating the Commodity Exchange Act (CEA); it additionally bans the company from trading in CFTC markets and imposes a registration ban on the firm.
A default judgment against Steynberg in April required the executive to pay more than $1.7 billion in restitution plus a civil monetary penalty above $1.7 billion. It is unclear whether the $1.7 billion that MTI must pay affects Stenberg’s personal penalties.
MTI is currently in liquidation, and its website is not operational. Other descriptions of the company suggest that it paid its employees in Bitcoin, something that the CFTC did not comment on beyond allegations of misappropriated funds.
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The crypto exchange’s focus on non-U.S. markets is part of a next phase in its expansion plans, said the firm.
Coinbase has flagged several countries outside the United States where it intends to focus its operations in the near term, citing their comparatively clearer crypto laws.
In a Sep. 6 blog post, Coinbase’s international business VP, Nana Murugesan and international policy VP, Tom Duff Gordon, marked the European Union, United Kingdom, Canada, Brazil, Singapore and Australia as “near-term priority markets.”
The pair said the countries are “enacting clear rules” and Coinbase would focus on “acquiring licenses, registering, and establishing and strengthening operations” in them.
https://twitter.com/coinbase/status/1699880964342907115
“Every part of the world is seeing progress on crypto-forward regulation — except for the U.S., which is opting for a ‘strategy’ of enforcement of existing rules and new regulations through the courts,” the pair wrote.
They added the country is “sidelining itself” on crypto regulations which puts at risk its influence over the space.
“We’re committed to helping to update the global financial system and providing more economic freedom and opportunity, and won’t stand idle just because the U.S. is,” they wrote.
The crypto exchange faces regulatory action in its native U.S. — with a lawsuit from the Securities and Exchange Commission accusing it of selling unregistered securities and operating illegally.
‘Go Broad, Go Deep’ goes phase 2
Coinbase’s new priority markets are part of the second phase of its expansion plans — which it dubbed “Go Broad, Go Deep.”
It outlined its plans to establish partnerships with global and local banks and payment providers to expand its fiat ramps along with assuring its governance systems are compliant.
Its lobbying and visibility efforts will also intensify ahead of the EU elections next June.
It flagged plans to engage with the G20 aiming to create global crypto standards and will keep a “scorecard” on each country’s crypto regulatory progress.
Coinbase is seemingly focusing its G20 lobbying efforts on Brazil — set to take the G20 chair in 2024.
In March, Coinbase expanded its offering in Brazil and according to the blog post co-founder and CEO Brian Armstrong will visit the country later this year “to engage with key decision-makers and stakeholders.”
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The official marketing specialist of the developer team Shiba Inu known on the X app (formerly known as Twitter) as LucieSHIB has posted a reminder to SHIB Army that Shibarium is now open to the public.
Lucie’s message
to
the community on Shibarium
Lucie invited all developers and third-party companies waiting to start building on this layer 2 blockchain to come and get creative. Lucie wrote in her post that 99% of SHIB Army knows about the recent Shibarium launch event. However, Lucie believes “some people seem confused”, adding that “everyone can now embark on their construction journey here”.
Lucie welcomes everyone who is looking to start building decentralized applications (dApps), smart contracts, Metaverse, etc. on Shibarium, telling them there is nothing in the way for now :
“If you want to build, get involved!”
However, she also issued a warning that the SHIB Army should beware of being rife with scammers and always do your own research.
“Let’s create something amazing together!”.
Shibarium proudly surpasses new milestones
Newly built and launched, the Shibarium blockchain has already achieved remarkable results, breaking some impressive milestones in less than 2 weeks after being relaunched since failing due to heavy traffic. .
According to Shibariumscan, the first achievement is the number of transactions on Shibarium, the total number has now reached 1,283,219. As new users continued to use this layer 2 solution and linked their wallets, the number of users reached 1,118,908.
Finally, the number of blocks mined on Shibarium also grew strongly in less than 2 weeks and now reaches a total of half a million blocks – 506,606. The average time to mine each new block at the moment is 5 seconds.
“It’s Time for
Others
to
Shine on Shibarium
”
In another post, Lucie admitted that the entire SHIB Army is currently suffering financial loss due to the falling SHIB price again. It has gained 4% since Monday but is now down about 2% and is trading at $0.00000759 at the time of writing.
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SHIB 4-hour chart | Source: Tradingview
However, Lucie stated that the entire SHIB team is “doing our best to add value to our ecosystem”.
She said that now that Shibarium is live, everyone who wants to start building on it is allowed, while the SHIB team is busy creating dApps on the Shiba Inu ecosystem.
“It’s time for others to shine on the Shibarium,” Lucie enthusiastically declared.
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As confirmed by a government official today, Taiwan plans to restrict foreign exchanges operating in the country that are not registered in accordance with their upcoming guidelines for companies. electronic money.
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As Taiwan’s semi-official Central News Agency first reported , Taiwan’s Financial Supervisory Commission (FSC) has drafted 10 guiding principles for virtual asset service providers to develop. their own self-regulatory regulations.
On Thursday, FSC officials said the regulator plans to formally issue the guidelines later this month.
These principles are expected to include increased disclosure, require businesses to establish review standards for the listing and delisting of virtual assets, and ensure the segregation and storage of virtual assets. sign (custody) assets of the company, customers.
An important restriction prohibits the solicitation of illegal business by foreign cryptocurrency companies. The FSC plans to state in its guiding principles that if foreign VASPs are not registered under company law and declare compliance with anti-money laundering regulations with the FSC, they are not allowed to solicit business in Taiwan or residents domestic.
Binance Looking for AML Compliant Registration
Taiwan requires VASP to comply with anti-money laundering laws since the FSC introduced anti-money laundering (AML) rules in July 2021. On the other hand, the industry remains largely unregulated in the country.
Binance, the world’s largest exchange, is preparing to register for AML compliance in Taiwan.
Although Binance is not regulated in Taiwan, the exchange has established a local entity called “Binance International Limited Taiwan Branch (Seychelles),” according to Taiwan’s Ministry of Commerce database . Registration information shows that the government approved Binance’s company registration on May 12, 2023, with a registered capital of NT$30 million ($937,000) in Taiwan.
Last month, Taiwan’s Ministry of Economic Affairs announced that it had proposed adding a new business category in related regulations. This could allow crypto-related companies to form more industry associations. The move is aimed at promoting the development of self-regulatory guidelines.
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Worldcoin (WLD) price has been falling inside a corrective pattern since its launch on July 25. The decline peaked at $1.02 on September 5.
However, the price started to bounce on September 5 and has increased nearly 25% since then, showing signs of a potential future breakout.
Worldcoin price bounces from $1
WLD price has started a downtrend since its listing on July 24. The downward movement has been contained inside a parallel descending channel. These channels often contain corrective movements, meaning an eventual breakout from it is the most likely price scenario going forward.
On September 5, the price hit a new all-time low of $1.02 but rebounded almost immediately after. It is possible that this recovery occurred due to news that Worldcoin had 10,000 Argentines registered in 24 hours. The price is currently trading in the upper part of the channel, adding to the possibility of a breakout.
The six-hour RSI supports the possibility of a breakout. Traders use the RSI as a momentum indicator to evaluate whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true. The indicator is above 50 and rising, both of which are considered signs of an uptrend.
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WLD/USDT 6-hour chart | Source: TradingView
In case of a breakout, WLD price could increase by 65% and reach the $2.10 horizontal resistance zone.
However, if the rally loses momentum, WLD could drop to the long-term channel support line, currently at $0.75. This number would correspond to a 40% drop and would create a new all-time low.
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Prosecutors said they had fixed most of Bankman-Fried’s laptop issues with the defense’s help earlier this week. The defense continues to push for a “temporary release.”
Prosecutors are exaggerating the amount of access FTX founder Sam Bankman-Fried really has to defense material, his attorneys said in a memo late Friday.
Bankman-Fried continues to lack decent internet access when produced to a cell block at the Southern District of New York courthouse, and has not had anywhere near the amount of air-gapped computer access that the Department of Justice has said he would have, the letter signed by defense attorney Mark Cohen said.
Bankman-Fried’s defense team has tried to have him temporarily released or given greater computer access to work on his defense, saying his Sixth Amendment rights were being violated. Prosecutors have maintained that he has had access to defense materials after his bail was revoked last month on public safety grounds.
Earlier this week, the DOJ filed a letter saying Bankman-Fried now had access to multiple hard drives with defense material provided by the defense, an air-gapped laptop every day of the week and an internet-enabled laptop with a new battery provided by defense attorneys.
In response, defense attorneys wrote that the plan does not work in practice, leading to Judge Lewis Kaplan ordering Bankman-Fried’s team to describe what, specifically, they found inaccurate.
Friday’s letter detailed these issues, saying Bankman-Fried was only able to load a single document due to poor internet speeds after being produced to the courthouse on Wednesday and granted access to an internet-enabled computer.
“Effectively, Mr. Bankman-Fried had no access to the internet for the entire 5-hour period,” the letter said. “… Despite the Government’s efforts, there does not appear to be a way to solve the internet access problem in the cellblock. That means that Mr. Bankman-Fried has no way to review and search documents the discovery database or the AWS database before trial. The defendant cannot prepare for trial with these kinds of limitations.”
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The cryptocurrency-focused arm of the renowned investment titan Fidelity Investments, which has over $4.5 trillion in assets under management, has recently suggested the second-largest digital asset by market capitalization Ethereum ($ETH) is trading at a discount.
According to a new report titled “Ethereum Investment Thesis,” Fidelity Digital Assets has noted that Ethereum’s current circulating supply is around 120 million ETH and that the network’s annualized fees surpass $6.8 billion, and calculated that the price of ETH should be around $2,090, applying a discounted cash flow model.
Further analysis from the asset manager also revealed that Ethereum’s valuation seems to dance in tandem with its network activity, especially the fees it accumulates. Fidelity Digital Assets foresees this figure, already impressive, embarking on a double-digit ascent over the ensuing seven years, potentially crossing the $20 billion threshold by 2030.
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Web capture 8 9 2023 124058 www.fidelitydigitalassets.com Web capture 8 9 2023 124058 www.fidelitydigitalassets.com
Elaborating on the underlying dynamics, the report explains that the value of Ether is “more easily modeled following the network’s shift to proof-of-stake,” adding that demand for block space “can be measured via transaction fees” which are both burned or passed on to validators.
Per the firm, this means that “fees and ether value accrual should be inherently related over the long term,” with an increasing number of Ethereum use cases creating greater demand for block space, which in turn leads to higher fees and greater value and utility.
Potential roadblocks affecting the Ethereum network, Fidelity Digital Assets noted, include a weakening in the “relationship between ether and the value it provides to network users” if “scaling technology erodes fee revenue unless volumes increase and offset this margin compression.”
The report comes at a time in which large Ethereum whales have bought over $400 million worth of the second-largest digital asset by market capitalization over just 24 hours as their accumulation of ETH is seemingly picking up steam.
The accumulation comes at a time in which the cryptocurrency lost around 4.7% of its value over the course of 7 days amid a wider cryptocurrency market correction that has seen the space’s market capitalization drop to near the $1 trillion mark.
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Billionaire investor Ray Dalio believes a historically massive transfer of wealth has been quietly boosted by central banks around the world.
An estimated $73 trillion transfer of wealth is now underway as baby boomers bequeath assets to the next generation, reports Fortune.
And according to a new economic update from Dalio, that wealth transfer has been buoyed by central banks, which funneled capital into the hands of households and businesses during the “free money” era of low interest rates.
“As a result of this coordinated government maneuver, the household sector’s balance sheets and income statements are in good shape, while the government’s are in bad shape.
In the US and globally, the central governments’ balance sheets and income statements are bad and getting worse because the governments ran and are still running large deficits. They also have big losses on the government bonds they bought to fund the government debts and, with their balance sheets where they are, are losing money where interest rates are.”
Millennials are set to receive the majority of the $73 trillion windfall, which is expected to be completely handed down by 2045.
At the same time, Dalio says the stage is now set for governments to suffer the consequences of loose monetary policies, battling bad balance sheets with “tolerably” slow growth and inflation.
“Over the long term, from looking at history and penciling out what is likely, it is virtually certain that central governments’ deficits will be large, and it is highly probable that they will grow at an increasing rate as the increasing debt service costs plus increasing other budget costs compound upward…
As they increase, governments will need to sell more debt, so there will be a self-reinforcing debt spiral that will lead to market-imposed debt limits while central banks will be forced to print more money and buy more debt as they experience losses and deteriorating balance sheets.”
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A popular crypto trader is updating his outlook on Chainlink (LINK) as the digital asset continues to chop around.
Pseudonymous trader Altcoin Sherpa tells his 196,200 followers on the social media platform X that blockchain oracle Chainlink is likely going to take months before breaking out of a persistent trading range.
“LINK: still one of the best coins in terms of overall crypto infrastructure, but it is still one that is chopping around.
Would consider just buying this one and letting it sit for six months-plus and then selling it much higher later. This isn’t a good active trade in my opinion.”
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Source: Altcoin Sherpa/X
Looking at the analyst’s chart, LINK has traded in a range with a high of $9.33 and a low of $5.53 since May 2022.
Chainlink is trading for $6.28 at time of writing, up 1.7% in the last 24 hours.
The trader is also looking at layer-1 projects, which have dropped in prominence throughout the current crypto cycle. However, he predicts some will be trading for higher values from their current prices a year from now.
Weighing in on Ethereum (ETH) competitor Avalanche (AVAX), the trader’s chart shows AVAX is retesting a potential bottom at $9.82.
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Source: Altcoin Sherpa/X
Avalanche is trading for $10.07 at time of writing, up 1.2% in the last 24 hours.
Next, the trader looks at smart contract platform Fantom (FTM). His chart suggests Fantom could bounce after touching the $0.202 level, which it last retested nearly a year ago.
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Source: Altcoin Sherpa/X
Fantom is worth $0.203 at time of writing, up 0.8% in the last 24 hours.
Lastly, the trader weighs in on the crypto gambling platform Rollbit’s native token RLB, which has soared from a low of $0.0189 on June 11th to $0.154 at time of writing, a 714% increase.
He predicts RLB could decline to retest the support level at $0.135, or even lower at $0.126, after failing to hold the $0.178 level.
“RLB: Had nice moves today due to the stake hack but I still think the chart itself looks like crap. I’m going to hold off on buying this one for now.”
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Source: Altcoin Sherpa/X
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Faruk Fatih Özer, the former CEO of Turkish cryptocurrency exchange Thodex, has received a staggering 11,196 years in prison, ordered by the 9th Anatolian High Criminal Court. The court stated that Özer’s crimes included “the establishment, management and membership of an organization”, “committing fraud” and “money laundering”.
The ruling, reported by Turkish state news agency Anadolu Agency, also applies to Özer’s brothers, who were convicted of the same crime and given the same prison sentence of 11,196 years, 10 months, 15 day. Additionally, all three were fined $5 million as part of their punishment.
The trial attracted considerable attention, seeing Faruk Fatih Özer and his brothers defend themselves against the charges.
Özer said that he and his family had experienced injustice and called for an end to it. He emphasized that Thodex was merely a company and had gone bankrupt.
“There is no mention of a criminal organization in Thodex. I’m smart enough to manage any organization worldwide, as evidenced by the company I founded at the age of 22. If I founded a criminal organization, I wouldn’t act so amateurishly. It is clear that those considered suspects in this case have been victims for more than two years.”
Notably, Özer claimed that even while in prison in Albania, he paid the plaintiffs, asserting this is something a leader of a criminal organization would never do. He argues that those who thrive on chaos have benefited from the company’s demise.
In his conclusion, Özer quoted lyrics from a Turkish folk song by Musa Eroğlu, “Yolun Sonu Görünüyor” (The End of the Road Is Visible), as he demanded his release and acquittal. judgment.
Another defendant, Serap Özer, explained that Thodex was founded in 2017 and that she joined the company in 2018. She denied the accusation of working for the company with criminal intent and asserted:
“I joined this company for a career, not to commit a crime. If it were someone else’s company and not my brother’s, I’d still work there. Working at my brother’s company doesn’t give me any perks. There is no criminal organization in this case.”
The court handed down harsh punishments, with Faruk Fatih Özer, Güven Özer and Serap Özer each receiving 11,196 years, 10 months, 15 days in prison for related crimes. In addition, they were also heavily fined in a separate ruling for “cyber fraud” activities.
The case involves a complex web of allegations involving Thodex, a cryptocurrency exchange with a tumultuous history. The prosecution argued that Thodex deceived its customers through fraudulent practices, resulting in significant financial losses estimated at 356 million Turkish liras (about $13,596,698).
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Anonymous crypto researcher Hildobby, data scientist at Dragonfly VC fund, has revealed the most generous gas spenders on the Ethereum (ETH) network. Besides the “technical” addresses related to wallets controlled by the largest CEXs, the bot operator MEV holds the number 1 position.
$70 million for 1.26 million transactions: Meet the biggest gas guzzler on Ethereum
The Ethereum (ETH) wallet associated with a maximum extracted value (MEV) bot named Jared From Subway (jaredfromsubway.eth) spent nearly 38,000 Ether (ETH) on gas, or more than $70 million. The bot has performed 1.26 million onchain transactions, according to data from Dune.
https://twitter.com/hildobby_/status/1700142166159356135
Thus, this bot becomes the ETH wallet that spends the most gas. Second place belongs to one of the wallets controlled by Binance with more than 7.73 million transactions. It costs less than half of what Jared From Subway transfers to the ETH validator.
It is also important to note that ETH gas prices are moving closer to multi-month lows. The current gas price is 9.39 Gwei, which means a Uniswap (UNI) transaction is charged around $4, according to Etherscan.
The Ethereum (ETH) community is delighted by such impressive statistics of the Ethereum MEV bot. Meanwhile, net profit or PnL data for the account is yet to be calculated.
MEV bots are responsible for the majority of trading activity on DEX. For example, 80% of Uniswap (UNI) trading volume across all pairs is generated by AI-powered MEV bots.
What’s special about JaredFromSubway’s MEV bot?
MEV bots are automated mechanisms designed to frontrun pending transactions in Ethereum (ETH) memory by “bribing” validators with higher fees. When the bot identifies a large transaction, it can manipulate the price of this or that asset and make the transaction at a more attractive price. The first signs of activity from the jaredfromsubway.eth-powered bot were registered in February 2023.
Experts say its algorithm is more complex: It managed to include its transactions in more than 60% of Ethereum blocks. In April 2023, the company spent more than $1.1 million on gas every day. The net number of jaredfromsubway.eth victims could exceed hundreds of thousands of DEX traders.
The bot is named after Jared Scott Fogle, spokesman for the fast food chain Subway, USA. Fogle advertised these restaurants for 15 years before his arrest in 2015.
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The U.S. Commodity Futures Trading Commission (CFTC) announced on Sept. 7 the outcome of a case against a South African company involved in crypto fraud.
The CFTC said that a judge has entered a consent order against Mirror Trading International Proprietary Limited (MTI), finding the company liable for several types of fraud. The order will also require the company to compensate its many victims.
According to the CFTC, MTI offered an investment opportunity in which it advertised trading intelligence software that used Bitcoin as a base currency.
However, according to the statement, the company and its CEO, Cornelius Johannes Steynberg, instead operated a multi-level marketing scheme. MTI solicited Bitcoin from investors and promised them the chance to participate in an unregistered commodity pool in return. Though that pool apparently existed, trading activity did not utilize a proprietary “bot” or software program, contrary to the company’s claims. Instead, the company and its leader misappropriated funds from pool participants either directly or indirectly.
The CFTC claims that MTI convinced investors to contribute a total of 29,421 BTC — an amount that at one point was worth more than $1.7 billion. The company accepted funds from 23,000 individuals in the U.S. and thousands more globally.
Victims will receive $1.7 billion in total
The latest court decision requires MTI to pay more than $1.7 billion in restitution to investors who its fraud has victimized. The court order enjoins MIT from violating the Commodity Exchange Act (CEA); it additionally bans the company from trading in CFTC markets and imposes a registration ban on the firm.
A default judgment against Steynberg in April required the executive to pay more than $1.7 billion in restitution plus a civil monetary penalty above $1.7 billion. It is unclear whether the $1.7 billion that MTI must pay affects Stenberg’s personal penalties.
MTI is currently in liquidation, and its website is not operational. Other descriptions of the company suggest that it paid its employees in Bitcoin, something that the CFTC did not comment on beyond allegations of misappropriated funds.
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In a significant move to regulate the growing cryptocurrency industry, Uzbekistan’s President Shavkat Mirziyoyev has signed legislative amendments aimed at introducing a comprehensive framework for cryptocurrency licensing and taxation.
These amendments cover a wide range of cryptocurrency-related activities, including exchanges, mining pools, storage, and mining operations. Once licensed, entities participating in these activities will be required to pay taxes, marking an important step in the government’s efforts to formalize the cryptocurrency sector in Uzbekistan.
https://azcoinnews.com/president-mirziyoyev-signs-landmark-crypto-legislation-in-uzbekistan.html (https://azcoinnews.com/president-mirziyoyev-signs-landmark-crypto-legislation-in-uzbekistan.html)
The amendments were signed on September 6, 2023, demonstrating Uzbekistan’s commitment to bringing cryptocurrencies within the scope of legal and regulatory oversight. The official statement regarding the legislative changes, highlights the creation of new categories and sub-categories of licensed activities, specifically including exchanges, mining pools, storage and Cryptocurrency store. This comprehensive approach aims to provide clarity and structure to the cryptocurrency ecosystem in the country.
Responsibility for licensing related to crypto assets has been assigned to the National Agency for Advanced Projects (NAPP). After successful registration, legal entities will have to pay a state fee as part of the licensing process. This fee will serve as a means to contribute to the regulation and oversight of the cryptocurrency industry. It is expected that these fees will help fund initiatives aimed at ensuring the security and integrity of the cryptocurrency market in Uzbekistan.
However, the government has also introduced strict penalties for those operating in the cryptocurrency sector without the necessary licenses. Entities providing cryptocurrency services without proper authorization will face a fine of 300 BRV, or approximately $8,150. Similarly, those participating in illegal mining activities will be fined 150 BRV, equivalent to about 4,075 USD. These penalties are designed to discourage unregulated activities in the cryptocurrency space and promote compliance with the new licensing regime.
It is worth noting that Uzbekistan has gradually embraced the cryptocurrency industry over the past year. In June, NAPP issued its first cryptocurrency hosting license to Lockton Hub, signaling the government’s readiness to partner with cryptocurrency service providers. Then, in August, the regulator licensed the operation of cryptocurrency store C-BASE, demonstrating the authorities’ commitment to creating favorable conditions for cryptocurrency-related businesses. legal death.
Furthermore, the government’s decision to allow commercial banks, such as Ravnaq Bank and Kapital Bank, to enter the digital sandbox with the ability to issue cryptocurrency cards demonstrates a forward-thinking approach their progress towards financial innovation. This development opens up new possibilities for integrating cryptocurrencies into the traditional banking system, potentially making digital assets more accessible to the masses.
In summary, the recent legislative amendments represent an important step towards regulating and legalizing the cryptocurrency industry in Uzbekistan. By introducing a licensing and taxation framework, the government aims to strike a balance between encouraging innovation in the sector and protecting the interests of investors and consumers. These measures, along with recent licensing and approvals for cryptocurrency service providers and banks, underscore Uzbekistan’s commitment to embracing the future of finance while ensuring responsible and responsible cryptocurrency movement within its borders.
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Unlocking tokens can have serious implications! After a major unlock, the price of the token usually drops, ranging from negligible to sometimes close to 10%. This September is no different as 3 altcoins are about to unlock a total of around $178 million.
That is a huge number and we could see the price drop drastically as there is currently no money flowing into the cryptocurrency. So who will buy this additional supply? Having said that, such events can also provide great entry points for some altcoins. But let’s wait for the price to stabilize first.
Apecoin (APE)
This month’s Apecoin unlock is by far the largest. The event will release 11% of circulating supply on September 17, equivalent to 40.6 million APE, worth approximately $54.41 million at current prices.
APE has unlocked 50% of their tokens. The most recent unlock was on August 17. However, at that time only 4.23% of the circulating supply was opened, which is 15.6 million APE tokens, equivalent to $20.91 million, but it was enough to cause the APE price to drop from 1.79 to $1.55. .
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Source: CryptoRank_io
Source: CryptoRank_io
So, this upcoming unlock is a big event. It’s very possible that the current price of $1.27 will drop again once unlocked. So, APE holders are in a difficult position as the token continues towards new all-time lows. There are 7 beneficiaries in the upcoming batch, of which the Top 4 take almost all. Specifically:
– 2.22 million tokens equivalent to $2.98 million transferred to Yuga Labs, the founders.
– 25 million tokens or $33.5 million will be reserved for 1 launch contributors.
– 7.34 million tokens or $9.84 million were transferred to the treasury.
– 4.17 million tokens equivalent to $5.58 million transferred to Yuga Labs.
In total, they received $51 million of the $54 million. So, it’s best to stay away from Apecoin for now.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/APEUSDT_2023-09-10_21-47-50.png)
APE price chart | Source: Tradingview
Optimism (OP)
The next big lock event for September is Optimism. To date, only 25% of the token supply has been unlocked.
This upcoming unlock event will take place on September 30. So at the end of the month, they will unlock 3.03% of the circulating supply. That may not sound like much, but it is 24.16 million tokens, or $31.89 million at the current price of $1.27.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/OP.jpg)
Source: CoinW Exchange
Their last unlock event was a month earlier, on August 30. The price dropped from $1.49 to $1.29, about 13%, in less than the next week. The vesting schedule lasts until the end of August 2027. Each month unlocks the same amount. This time there will be 2 beneficiaries:
– 12.75 million tokens equivalent to $16.83 million for core contributors.
– 11.41 million tokens equivalent to $15.05 million for investors.
So there could be some selling pressure here, signaling a price drop. However, this can also be a good entry point.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/OPUSDT_2023-09-10_21-48-25.png)
OP price chart | Source: Tradingview
Apts (APT)
The third major unlock event of September for Aptos. The deadline is September 12, so quite early. The event will release 1.98% of the circulating supply, equivalent to 4.54 million APT or $24.85 million.
So far, Aptos has only unlocked 18% of their total locked supply. In November, we will see the first major token unlock for Aptos. There will be 6 major monthly token unlocks until April 2024 and will entail many negative price impacts for APT.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/APT.png)
Source: Token Unlocks
At the latest unlock event on August 12, the APT price decreased from $7.20 on the 12th to $5.52 on August 18. Currently the price is $5.27 so there hasn’t been too much fluctuation. This unlocking event has two beneficiaries:
– 1.33 million APT or $7.29 million went to the Foundation.
– 3.21 million APT or $17.56 transferred to the community.
In total, Aptos dedicates 51% of their tokens to the community. There are quite a few rumors about the second airdrop. However, there is no date and no description on how to qualify for this potential airdrop.
Therefore, many experts advise interacting with dApps on the Aptos chain and their NFT marketplace for trading. Additionally, you can transfer funds to Aptos and create an Aptos wallet. For example, Martian or Pontem.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/APTUSDT_2023-09-10_21-47-10.png)
APT price chart | Source: Tradingview
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While the launch of Worldcoin has drawn attention to artificial intelligence (AI)-powered tokens, recent trading data from Kaiko indicates that these AI tokens have shown resilience despite controversies surrounding the launch of Worldcoin.
According to recent Kaiko data , trading volumes of AI-related tokens remained stagnant over the past month. The audit found that AI token trading volume increased moderately last month, reaching about $870 million, up from $570 million at the end of July. However, year-to-date volumes were down. significantly.
In the same vein, Dessislava Ianeva, an analyst from Kaiko, noted that enthusiasm for AI tokens began to fade in July, mainly due to a change in global risk sentiment. Total OI for the five main AI tokens, FET, GRT, RNDR, OCEAN and ROSE, decreased from $170 million in February to $60 million in August.
https://twitter.com/KaikoData/status/1700418768575279594
Worldcoin (WLD) made its debut on July 24, 2023, attracting attention from the cryptocurrency community. The buzz around this cryptocurrency mainly comes from co-founder Sam Altman – who is also the CEO of OpenAI. However, year-to-date, Worldcoin (WLD) has experienced a 3.5% decline over the past 24 hours, with the price trading at $1.09.
The main goal of Worldcoin is to create a network consisting only of genuine individuals, excluding automated bots. The San Francisco-based company plans to release ‘World ID’ to people worldwide, aiming for a future in which individuals can interact with websites without revealing their information. personal information such as name, phone number or email address, thanks to a “global identity verification” system.
However, global regulators and privacy advocates have raised significant concerns about the initiative, pointing to a lack of clarity in the organization’s data collection processes. The widespread aggregation of personal data by a single entity raises significant data privacy concerns.
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The “fake deposit” attack enables bad actors to execute a transfer where the requested value is larger than what the user actually owns.
Ethereum staking protocol Lido Finance has assured both Lido DAO (LDO) and staked-Ether (stETH) tokens remain safe despite hackers allegedly exploiting a known security flaw in LDO’s token contract.
Lido didn’t confirm any exploits, but acknowledged the security flaw was known and reassured LDO and stETH funds remain safe in response to a Sept. 10 post by blockchain security firm SlowMist.
SlowMist said LDO’s flawed token contract allows bad actors to facilitate “fake deposit” attacks on exchanges because LDO’s token contract enables users to execute transactions even where they don’t have sufficient funds. This code deviates from the Ethereum Request for Comment 20 (ERC-20) token standard, according to SlowMist.
However, Lido Finance argued the flaw is built into all ERC-20 tokens — not just Lido’s LDO token:
https://twitter.com/SlowMist_Team/status/1700782725593268448
SlowMist said the “fake deposit” attacks came from LDO’s token contract executing transfers where the value is larger than what the user actually owns, triggering a false return as opposed to reverting the transaction. While the firm said Lido’s token contract has recently been exploited via this attack, no on-chain evidence was provided.
Cointelegraph reached out to SlowMist for comment but did not receive an immediate response.
Meanwhile, on-chain analyst “Hercules” explained on Sept. 10 that the security flaw may not be picked up by cryptocurrency exchanges.
SlowMist recommends LDO holders to also check the return values of the token contract transfers in addition to the success or failure of a transaction.
The blockchain security firm concluded that token contract implementations and behaviors vary by project and to conduct comprehensive testing before integrating any new tokens.
However, Lido highlighted in the official Ethereum Improvement Proposal document — co-authored by Vitalik Buterin in November 2015 — that both the “transfer” and “transferFrom” functions must return the transfer status and are only recommended to revert a transaction in exceptional cases.
https://twitter.com/LidoFinance/status/1700888072299462895
To resolve the security flaw, Lido confirmed the LDO token integration guides will soon be updated.
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SOL goes bear crazy Short – What’s next?
SOL’s market landscape is becoming increasingly negative and the numbers don’t lie. Total open interest is rising, reaching a staggering 11.7 million. Meanwhile, aggregate trading volume is plummeting and liquidations spiked to 3,300 contracts. What’s happening?
First, let’s talk about price. According to the most recent data, SOL is trading at $17.80. That number is a far cry from its glory days, and it’s not just retail investors feeling the heat. The DeFi scene on Solana is also showing signs of stress, with liquidity and trading volumes decreasing.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/SOL-4.png)
Source: TradingView
Now, let’s get down to the nitty-gritty: the upcoming liquidation of FTX. As mentioned in previous articles, FTX has been licensed to liquidate a large amount of its assets, including SOL. The exact time has not yet been announced, but the possibility of it happening is enough to make the market worried.
So, why are there so many Shorts? Total open interest shows that bears are rushing in, betting SOL price will continue to plummet. The sharp increase in liquidation proves that many traders are making a mistake when betting on this downtrend. It’s a vicious cycle, and the upcoming liquidation of FTX could be the catalyst that sends SOL spiraling further and further.
In short, SOL is caught in a spiral of bearish sentiment and data points to further weakness. Whether it’s growing open interest, falling trading volumes or a spike in liquidations, all signs point south. And don’t forget to liquidate FTX, which can act as a direct “killing punch”.
Investors and traders alike should be careful. Solana’s current market dynamics are filled with risks and the bearish indicators are too obvious.
SOL incident after
FTX news
SOL price dropped sharply in the past 2 days due to increased selling pressure.
Major support level: $17
Major resistance: $20
The price of SOL dropped after news that FTX would liquidate its SOL position. Even if some coins are vested and cannot be sold, this news has caused market panic. Traders holding Solana positions quickly liquidated and this is reflected in the price drop of 10% compared to the previous week.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/SOL-1.png)
Source: TradingView
With sellers having full control over price action, the best hope for SOL is to hold at the $17 support level, which is the most important level at the moment. If that level fails to halt the downtrend, a return to $15 is likely next. That level was last seen in June.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/SOL-2.png)
Source: TradingView
Lower bottom on MACD
The 3-day MACD chart has made a lower low. This is bad news for SOL as it suggests sellers may continue to put pressure on prices and lower prices in the future. The daily RSI could also reach the oversold zone if SOL continues to recover at $17.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/SOL-3.png)
Source: TradingView
In general, the trend of SOL is bearish.
(http://Short-term prediction of SOL price)
It is expected that the price will continue to decline and test the key support level at $17. If that holds then the bulls may have a chance to reverse this downtrend. Currently, market sentiment is bearish and the FTX news may continue to steer buyers away from SOL.
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In a large-scale cross-border operation, four Chinese nationals and one Lao national were arrested for their alleged involvement in a multi-million dollar cryptocurrency scam that left a trail of devastation and damages amounted to more than 2.7 billion baht (76 million USD), according to the Cyber Crime Investigation Bureau (CCIB).
As Bangkok Post reported, the scam scheme trapped at least 3,280 victims through a fraudulent cryptocurrency investment platform called BCH Global Ltd.
The victims, who started reporting the scam to the police last November, were tricked into investing in gold and USDT. Further investigation by CCIB revealed that many of the individuals running this scam platform were involved in other similar scams. Their arrest was made possible through global cooperation between Homeland Security Investigations and other international law enforcement agencies.
Marking a significant step forward in this transnational crime case, the five suspects were charged with public fraud, conspiracy to commit transnational crimes, money laundering and entering false information into a computer system.
The Bangkok Post reported that the Attorney General’s Office moved to prosecute the suspects on August 10, with Anti-Money Laundering Office officers confiscating assets worth 585 million baht ($16,469,130) from suspects on September 4.
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CCIB spokesperson Kissana Phathanacharoen emphasized to the Bangkok Post that the agency will continue to contact victims to ensure they know their legal rights. Victims can complain through the CCIB hotline or at www.thaipoliceonline.com.
In a broader context, Phathanacharoen considers investment scams to be the most damaging scams reported by the police. Often, victims, many of whom have invested their life savings or taken out second mortgages, are lured into these schemes by strangers who promise high, guaranteed returns. in a short time.
To deal with this growing threat, CCIB advises the public to be vigilant, primarily when dealing with foreign online platforms and mobile applications that attract investments. They also recommend checking the registration numbers of investment companies and verifying the authenticity of investment websites through www.checkdomain.thaiware.com.
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FTX filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware. The announcement sent shock waves throughout the market, as many discovered FTX held a staggering $3.4 billion worth of cryptocurrency as of August 31, 2023. The filing reveals these assets, with FTX holding a series of popular coins.
FTX’s cryptocurrencies as of August 31, 2023 include
1. $1.16 billion SOL
2. $560 million in BTC
3. $192 million ETH
4. $137 million APT
5. $120 million USDT
6. $119 million XRP
7. $49 million BIT
8. $46 million STG
9. $41 million WBTC
10. $37 million WETH
(https://tapchibitcoin.io/wp-content/uploads/2023/09/FTX-1.png)
Source: FTX
These numbers paint a vivid picture of the enormous wealth that FTX has amassed in crypto. However, the situation is even more complicated. The bankruptcy filing also revealed there are 438 investment portfolios related to FTX, holding approximately $4.5 billion in investments. These portfolios are not included in the previously stated $7 billion in total assets, and their current value is still being calculated. Prominent entities such as Genesis, Yugalabs and Paradigm are among the notable investors in this category.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/FTX-2.png)
Source: FTX
As bankruptcy proceedings continue, the cryptocurrency market is closely watching all developments. Internal sources indicate that the bankruptcy court will likely approve FTX’s liquidation plan before September 13, 2023. The upcoming decision adds another layer of uncertainty to an already volatile market.
The risk of liquidating $3.4 billion in coins raises questions about the impact on the market, as a significant sell-off of such magnitude could cause price volatility and impact investor confidence. FTX’s troubles serve as a stark reminder of the challenges and risks involved in the digital currency industry.
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According to executives at Korea Blockchain Week, the future of blockchain will be an interoperable one, killing “chain tribalism,” increasing “hundreds of chains” along with an end to bridge hacks. cross-chain connection.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/cross-chain.jpg)
Supporting the claims are several products scheduled for release before the end of the year that could enhance blockchain interoperability efforts significantly compared to current solutions. According to executives, the products in use do not make sense and are attractive places for hackers.
Vance Spencer, co-founder of crypto-focused venture firm Framework Ventures, told KBW that with more solutions coming soon, including Chainlink’s Cross-Chain Interoperability Protocol (CCIP), there will soon be no more problems. What is the problem with the blockchain that a project uses?
He said most startups are starting out using layer 2 solutions like Optimism or Arbitrum but will soon start wanting their own rollups.
“It’s like everyone is trying to create a standard,” he said.
In a cross-chain interoperable future, the model will change and “it really doesn’t matter which rollup you participate in,” Spencer said.
“In the future, it will probably just be: Can your contract talk to my contract?”
Spencer gave the example of CCIP, which allows users to own assets on one chain and interact with contracts on another chain using cross-chain messages instead of blockchain bridges.
ZetaChain core contributor Brandon Truong argues that it works in a similar way to CCIP – the main difference is that it is sent from ZetaChain’s network.
Truong added they see interoperability becoming the norm with new app builders and there will be less “chain tribalism,” with more focus on utility.
Many legacy blockchain bridge solutions are “fragmented and often insecure.”
Another product is the upcoming MetaMask Snaps, which will allow developers to launch applications that extend functionality to cryptocurrency wallets – allowing use with other blockchains, including Bitcoin, Solana, Avalanche and Starknet .
Hundreds of chains
Speaking at a conference at KBW, Georgios Vlachos, co-founder of cross-chain protocol Axelar believes that, at some point, there will be “hundreds of chains” handling “significant economic activity.”
“At this point, I think it’s undeniable how many important people and companies in this space are building cross-chain and being encouraged to launch their own layer 1.”
Vlachos wants more blockchains because he believes that one blockchain will not be able to handle more than 10 million transactions per day – much lower than the nearly 530 million average daily transactions that giant Visa processed in 2022 .
“If we want to be the foundational architecture for Web2, we need to scale this a lot and this is really difficult. The answer is to scale horizontally and create lots of different blockchains.”
Cross
-chain
bridge
: Eliminate
a lucrative place for
hackers
Currently, users wanting to send assets between networks primarily use blockchain bridges, which founder and CEO Ramani “Ram” Ramachandran says are vulnerable to hacking and will soon be replaced by other cross-chain solutions – including a solution according to his protocol.
Cross-chain bridges rely on locking value to be represented on another blockchain, making them an attractive target and why “so many bridges have been hacked,” Ramachandran explained at KBW.
“It’s extremely inefficient and it’s a huge risk because then you have $1 billion locked up in the bridge and hackers around the world are really hungry, trying to break in and siphon it off.”
Ramachandran said one workaround to overcome this problem is to source liquidity from multiple wallets – a solution that Router plans to launch in the coming weeks.
Those who want to transfer funds between chains will use a tool that more closely resembles a peer-to-peer transfer, with an intermediary taking on the role of executing cross-chain swap orders for a fee.
“This intermediary acts as a courier. They complete the goal and then submit proof that says, “I did this.” Now give me the money,” Ramachandran explained.
“No stable liquidity, locked on centralized bridge or semi-bridge, all in intermediary wallet.”
Adapt or perish
However, Chainlink co-founder Sergey Nazarov said in his keynote at KBW that the need for immediate cross-chain interoperability is not only for the benefit of users but is also necessary for the industry to consolidate. reinforce its relevance by providing real-world use cases.
He believes that successful Web3 applications must be able to connect to all blockchains easily and that users can seamlessly use applications across chains “without worry.”
The idea of choosing a blockchain and being “stuck” there with its market, its infrastructure “really doesn’t make sense because that’s not how the Internet works.”
“Our industry will rely on the ability to provide use cases for reliable systems that do not exist today. If users place value on an application, is that application secure and reliably accessible when they move it elsewhere? If we don’t meet that minimum standard, we’re going to be in a situation where to people this looks like a toy or like a confusing idea.”
Nazarov thinks banking systems will bring the next level of Web3 usage and adoption due to their value.
“Frankly, our industry needs to find a way to take the value in the bank and put it on the blockchain. Global banks and financial systems see a lot of value in blockchain and digital assets. Chainlink is researching how to connect banks with each other and with public blockchains so that the value of banks “flows into the public blockchain world.”
The problem Nazarov sees is the technical and legal barriers between banks and blockchain when both want to combine.
“At least to me, it’s absolutely clear that the banking and public blockchain world wants to connect, but they can’t for two reasons: There’s no legal clarity on how to connect and the technical process connection algorithm does not exist. Frankly, the more value that flows into our industry, the better off we all are.”
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In 2023, a notable wave of “Sleeping Bitcoin” transactions reappeared, totaling a staggering 37,330 BTC worth $958 million based on current BTC rates. Throughout the year, analysis showed that inactive Bitcoin wallets from 2010 and 2011 were becoming more scarce. However, occasionally they stir again, awakening after more than 10 years of inactivity.
2023: $958 million “Sleeping Bitcoin” returns
In recent years, the author has diligently tracked the movements of dormant Bitcoin. Notably, in 2020 and 2021, many transactions appeared from 2010-era wallets. One whale repeatedly issued batches of 20 block rewards multiple times during these years, each batch holding 1,000 BTC.
Currently, such large-scale movements have become rare. However, just last month, a wallet that was dormant in 2010 became active again, transferring 1,005 BTC after more than a decade of silence. “Sleeping Bitcoin” refers to Bitcoin funds that remain untouched in their wallets for extended periods of time.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc1-3-e1694512802823.jpg)
Amount of Sleeping Bitcoins Spent by Year of Creation and Month in 2023, as of September 11 | Source: btcparser.com.
Think of them like dusty old coins in a jar that haven’t been used or moved in years. These Bitcoins have not been traded or sold, even if the value of BTC increases or decreases significantly. Maybe the owner lost access to them, forgot about them, or simply kept them as a long-term investment.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc2-2-e1694512789949.jpg)
Amount of Sleeping Bitcoins Spent by Year of Creation and Month in 2023, as of September 11 | Source: btcparser.com
When these dormant coins change, it becomes clear to the public that the owners are still in control of the assets, choosing to relocate or spend them. The majority of these sleeping Bitcoins remain unsettled, meaning even the smallest fraction cannot be traded until they are detected moving again.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc3-4-e1694512773583.jpg)
Total BTC transferred by year of creation and by month in 2023 | Source: btcparser.com
For example, on April 22, 2023, block rewards originating in 2010 were transferred after many years of inactivity. However, a miniscule transfer of 0.00001094 BTC in 2021 means that by 2023, blockchain analysts tracking dormant Bitcoins have overlooked the transaction, as the address has lost its status. “pure” state after that 2021 operation.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc4-2-e1694512756892.jpg)
Total BTC transferred by year of creation and by month in 2023 | Source: btcparser.com.
In 2023, data from btcparser.com revealed a staggering 37,330.5 BTC returned, originating from inactive accounts from 2010 to 2017. At today’s rates, this treasure trove worth a whopping $958 million. The breakdown for the year shows some intriguing trends: from January to September 11, 2023, there were 9 transactions from 2010-era wallets.
The following years saw 16 deals from 2011, 40 from 2012, 95 from 2013, 81 from 2014, 77 from 2015, 232 from 2016 and 135 deals from 2017. According to the year’s totals Today, dormant Bitcoin has resurfaced with a total of 685 transactions. Dormant Bitcoin’s activity in 2023 epitomizes the long-standing mystery of dormant digital assets.
While many of these long-dormant wallets stem from the network’s infancy, their occasional reactivation has sparked curiosity. With each passing year, the number of unsettled Bitcoins has gradually decreased since the early stages of 2010 and 2011 underscoring the evolving landscape of cryptocurrency ownership and the unpredictable nature of digital wealth.
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Friend Tech, the organization behind the Social-Fi app, has once again made headlines with an impressive milestone. According to the latest data from NFTgators, Friend Tech has achieved a staggering accumulation of over 80,000 ETH inflows, from a staggering 211,000 unique users and supported through 3.7 million transactions. There were 66,700 buyers and 144,300 sellers, showing the growing popularity of this cutting-edge platform.
Statistics revealed by NFTgators depict a significant increase in Friend Tech’s activities, especially since September 10. On average, the platform recorded daily inflows of up to 2,400 ETH across 113,000 transactions, marking an impressive increase in user engagement and investment. Even more notable is the average inflow per transaction, which stands at 0.02 ETH, or about $40, highlighting Friend Tech’s reach to a wide range of users. Furthermore, the platform generates an impressive daily fee of 122.4 ETH, which is equivalent to a staggering $197,000.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ETH-1-3.png)
Source : NFTgators
To get a clearer picture of Friend Tech’s financial success, let’s look at the numbers. Total fees generated by Friend Tech to date have reached 4,000 ETH, illustrating its lucrative nature. This financial milestone demonstrates the platform’s ability to deliver significant returns to users, further driving interest and investment.
Total value locked increased beyond $20 million
Friend Tech’s recent achievements go beyond impressive transaction numbers and fees. As AZCoin News previously reported, Total Value Locked (TVL) on Friend.tech has more than doubled, surpassing the $20 million mark in just the past 4 days. The rapid increase in TVL reflects growing confidence and trust in Friend Tech’s capabilities.
In another monumental achievement, trading volume on Friend.tech skyrocketed to a staggering $12.3 million on September 9, ranking as the 3rd highest trading volume ever recorded in NFT and blockchain space. This achievement signifies the platform’s competitiveness and appeal in the highly competitive cryptocurrency market.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ETH-2-2.png)
Source : TylerD
Perhaps one of the most notable achievements achieved by Friend Tech is its daily trading volume, which has now surpassed OpenSea, one of the most famous NFT marketplaces in the world. Friend Tech’s daily trading volume has increased by over $3 million, showing its ability to compete with and surpass established players in the NFT ecosystem.
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Polkadot (DOT) price has broken below the key horizontal support at $4.40. It hit its lowest weekly close since 2020.
Although the price trades within a short-term correction pattern, this is not enough to negate the long-term bearish structure.
Polkadot price near all-time low
Technical analysis from the weekly timeframe shows that DOT has fallen below a descending resistance line since the yearly high of $7.90 in February 2023. While moving along this line, the price broke below the $4.40 horizontal support zone, which has held steady since the beginning of the year. Breaks from such long-term support levels often cause significant declines.
When combined with a support zone, this line creates a descending triangle, which is considered a bearish pattern. This further legitimizes the break and supports the possibility of a deeper decline.
If the price continues to decline, it could drop another 50% and reach the $2 horizontal support zone. The all-time low in August 2020 forms the support zone.
On the other hand, reclaiming the $4.40 area and the descending resistance line could send DOT up 85% to the $7.50 resistance area.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/dot-giam1.png)
DOT/USDT Weekly Chart | Source: TradingView
The weekly RSI is falling, supporting the continuation of the downtrend. The relative strength index (RSI) serves as a momentum indicator used by traders to assess whether the market is overbought or oversold, guiding them in making decisions about whether to accumulate. or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage. While a reading below 50 shows the opposite. The indicator is below 50 and falling, both of which are considered signs of a downtrend.
DOT Price Prediction: Is There Hope for a Reversal?
Indicators on the six-hour time frame show that the entire decline since July 20 has been contained inside a parallel descending channel. These channels often contain corrective movements. This is inconsistent with a break of long-term support, which is expected to catalyze a significant price drop.
DOT price has bounced off the channel’s support line but is still trading in its lower part.
The RSI indicator gives an interesting signal because it has just moved out of the oversold zone. Last time this happened (green symbol), Polkadot was also trading at the channel’s support line and rallied 11% to the channel’s resistance line.
If the same happens, the price will rally 9% to the channel’s resistance line which will be near $4.30.
Even if this increase materializes, the long-term trend cannot be considered bullish until DOT actually breaks above the channel.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/dot-giam2.png)
DOT/USDT 6-hour chart | Source: TradingView
On the other hand, a breakdown from the channel is likely to accelerate the decline towards the previously stated support at $2.
Despite this bearish forecast, a break above the channel and the $4.40 zone in the process could see it rally 85% to the $7.50 horizontal resistance area.
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In a blog post on Substack, Arthur Hayes, founder of BitMEX, analyzed the correlation between the US Federal Reserve’s (Fed) interest rate policy, the US economy and the $70,000 capital milestone. very elusive for Bitcoin. According to Hayes, the Fed’s mission is to protect financial institutions & manage the nation’s debt and this could unintentionally push the cryptocurrency market towards a brighter future.
The Federal Reserve’s interest rate dilemma
Hayes’ analysis begins by focusing on the Fed’s recent interest rate hike. Since March, the Fed has repeatedly raised interest rates to fight inflation and manage the country’s growing budget deficit. However, the policy has significant consequences for the US Treasury, which must sell an additional $1.85 trillion in bonds by the end of the year to cover existing debt and finance a growing deficit. increase. In fact, the Fed’s rate hikes have increased the interest rate burden on the Treasury.
As of the second quarter, the U.S. Treasury was spending $1 trillion annually to pay interest to bondholders. Hayes argues this essentially amounts to a transfer of wealth to the top 10% of households, as most of the interest rate benefits flow to them.
Fed balance sheet (white) and Bitcoin (yellow) indexed at 100
(https://azcoinnews.com/wp-content/uploads/2023/09/FED-1024x420.webp)
Big impact on price
Beyond the bond market, Hayes noted that rising costs and limited access to credit have hit product companies hard, with some exceptions like Nvidia. The bond market is predicted to suffer consecutive losses for many years to come in terms of total returns. Stock and bond markets remain below 2021 highs and government tax revenues have plummeted.
The revenue decline has been exacerbated by increased government spending and the widening of the deficit. As the government continues to spend beyond its budget, there will be more demand for bond purchases, leading to higher interest rates. Meanwhile, wealthy savers in America haven’t seen interest rates this high in the past two decades.
Bitcoin is the alternative
Hayes sees a potential way out of this conundrum: Bitcoin. It is no exaggeration to say that this cryptocurrency is an attractive alternative to the traditional banking and investment system. Banks now face unprecedented competition and buying Bitcoin becomes a logical choice.
In Hayes’s view, if there is a financial exit in Bitcoin, investors may stop paying taxes to the government… Hayes also believes that rising interest rates will lead to lower prices of risky assets like Bitcoin. . Currently government bond yields, although looking favorable at 5%, could in fact be closer to -4% considering massive government spending and soaring GDP levels. As a result, risky assets remain more attractive to investors.
Despite repeatedly encountering resistance at the $30,000 mark, Bitcoin is still trading well above the $20,000 level. The key to understanding Bitcoin’s performance, Hayes emphasized, lies not in the Fed’s nominal interest rates but in real interest rates relative to nominal GDP growth in the United States.
Hayes concluded meaningfully that Bitcoin has proven its resilience to the Fed’s continued interest rate increases. He is in favor of the Fed cutting interest rates to near zero and returning to quantitative easing, as he believes that cryptocurrency can thrive in such an environment.
According to Hayes, the unique relationship between Bitcoin and Fed policy is a result of the extremely high debt-to-GDP ratio that has distorted traditional economic relationships. In the final lines of his analysis, Hayes challenges the conventional wisdom used by central banks and governments to address the modern economic situation. He argues that, while new-age people can indeed learn new tricks, those in power must know how to adapt. For those who cannot adapt, Hayes believes that Bitcoin created by Satoshi Nakamoto will serve as a new financial hedge, a perfect alternative.
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In a blog post on Substack, Arthur Hayes, founder of BitMEX, analyzed the correlation between the US Federal Reserve’s (Fed) interest rate policy, the US economy, and the $70,000 capital milestone for Bitcoin. According to Hayes, the Fed's mission to protect financial institutions and manage the nation's debt could unintentionally push the cryptocurrency market towards a brighter future.
The Federal Reserve’s interest rate dilemma
Hayes' analysis begins by focusing on the Fed's recent interest rate hikes. Since March, the Fed has repeatedly raised interest rates to combat inflation and manage the country's growing budget deficit. However, this policy has significant consequences for the US Treasury, which must sell an additional $1.85 trillion in bonds by the end of the year to cover existing debt and finance a growing deficit. The Fed's rate hikes have increased the interest rate burden on the Treasury.
As of the second quarter, the US Treasury was spending $1 trillion annually to pay interest to bondholders. Hayes argues that this essentially amounts to a transfer of wealth to the top 10% of households, as most of the interest rate benefits flow to them.
Big impact on price
Beyond the bond market, Hayes noted that rising costs and limited access to credit have negatively affected product companies, with some exceptions like Nvidia. The bond market is predicted to suffer consecutive losses for many years to come in terms of total returns. Stock and bond markets remain below 2021 highs, and government tax revenues have declined.
The revenue decline has been exacerbated by increased government spending and the widening of the deficit. As the government continues to spend beyond its budget, there will be more demand for bond purchases, leading to higher interest rates. Meanwhile, wealthy savers in America haven't seen interest rates this high in the past two decades.
Bitcoin is the alternative
Hayes sees a potential way out of this conundrum: Bitcoin. Bitcoin is considered an attractive alternative to the traditional banking and investment system. Banks now face unprecedented competition, and buying Bitcoin becomes a logical choice.
In Hayes's view, if there is a financial exit in Bitcoin, investors may stop paying taxes to the government. He also believes that rising interest rates will lead to lower prices of risky assets like Bitcoin. Currently, government bond yields, while looking favorable at 5%, could actually be closer to -4% considering massive government spending and soaring GDP levels. As a result, risky assets remain more attractive to investors.
Despite encountering resistance at the $30,000 mark, Bitcoin is still trading well above the $20,000 level. The key to understanding Bitcoin's performance, Hayes emphasized, lies in real interest rates relative to nominal GDP growth in the United States, rather than the Fed's nominal interest rates.
Hayes concluded that Bitcoin has proven its resilience to the Fed's continued interest rate increases. He favors the Fed cutting interest rates to near zero and returning to quantitative easing, as he believes that cryptocurrency can thrive in such an environment.
(https://azcoinnews.com/wp-content/uploads/2023/09/FED-1024x420.webp)
According to Hayes, the unique relationship between Bitcoin and Fed policy is a result of the extremely high debt-to-GDP ratio that has distorted traditional economic relationships. In the final lines of his analysis, Hayes challenges the conventional wisdom used by central banks and governments to address the modern economic situation. He argues that, while new-age people can indeed learn new tricks, those in power must know how to adapt. For those who cannot adapt, Hayes believes that Bitcoin, created by Satoshi Nakamoto, will serve as a new financial hedge and a perfect alternative.
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Cryptocurrency exchange CoinEx has fallen victim to a security breach, leaving users concerned about the safety of their digital assets. The breach occurred on September 12, 2023 and was detected by CoinEx’s Risk Control System , leading to an immediate response to investigate and mitigate the situation.
Preliminary findings show that unauthorized transactions involving several cryptocurrencies, including Ethereum (ETH), Tron (TRX), and Polygon (MATIC), took place during the breach. The exact extent of the damage is still being assessed, but it is important to note that the amount of money compromised represents only a small portion of CoinEx’s total assets.
CoinEx was quick to reassure its user base, emphasizing that all of its assets remain safe and unaffected despite the breach. To further protect user funds and conduct a comprehensive review of security measures, the exchange has temporarily suspended deposit and withdrawal services.
One of the most reassuring aspects of CoinEx’s response to the incident is its commitment to fully compensate affected parties. The exchange pledged to compensate 100% of the losses incurred due to this breach, demonstrating its strong dedication to safety and customer satisfaction.
Furthermore, CoinEx promised to provide a detailed timeline and comprehensive report of the breach as soon as possible. This transparency is important in rebuilding trust with the community and addressing concerns about the incident.
The breach was initially discovered by Cyvers Alerts, an independent security company. Deddy Lavid, CEO of Cyvers Alerts, revealed that his company made significant efforts to contact CoinEx executives about the threat. However, it appears that CoinEx did not respond promptly to these efforts, raising questions about communication and cooperation in dealing with the breach.
Cyvers Alerts estimates that the attack caused approximately $27 million in losses. This includes Ethereum ($18.12 million), Tron ($8.5 million), and Polygon ($291,000), along with many other ERC-20 tokens.
https://twitter.com/CyversAlerts/status/1701617501828796524
CoinEx users and the broader cryptocurrency community are concerned about the security of their digital assets following this breach. CoinEx’s quick response, commitment to compensation, and promise of transparency are positive steps toward regaining trust. However, the incident highlights the ongoing need for strict security measures in the cryptocurrency space and the importance of timely communication between exchanges and security firms to prevent and Respond effectively to those violations.
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According to the latest report by crypto market intelligence firm Glassnode, the digital asset market is witnessing a significant liquidity crunch, with both onchain and offchain volumes plummeting. historic low.
As the market returns to a relatively narrow trading range, the drop in liquidity is reminiscent of 2020’s pre-bullish levels, the Glassnode analyst said — “the phrase that best describes it.” The current popular mentality is ‘apathy and extreme boredom'”.
Bitcoin, Ether and stablecoin flows decrease
Stablecoin supply has seen a steady decline since April 2022, which according to Glassnode attributed to various factors, including the collapse of the Terra ecosystem and the opportunity cost of higher interest rates are not passed on to non-yielding stablecoins.
The analyst noted, while Bitcoin and Ether have seen net inflows since the beginning of the year, all three assets have returned to neutral or negative inflows since late August – indicating stagnation and not sure.
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Analyze changes in net capital according to market value. Source: Glassnode
Among the major stablecoins, Tether’s USDT has expanded its supply by $13.3 billion since its November low. However, USDC and BUSD have seen sharp declines – down 16,000 respectively. 7 billion USD and 20.4 billion USD.
The decline in USDC may reflect US institutions shifting capital to higher interest rate markets. The report states that the decline in BUSD may be due to issuer Paxos suspending token minting operations following enforcement action by the US Securities and Exchange Commission. As a result, Tether’s dominance in the stablecoin market has increased to 69%, up significantly from 44% in June 2022.
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Stablecoin supply dominance. Source: Glassnode
Onchain and offchain quiet periods
Despite a brief period of volatility coming into the month, Glassnode’s onchain metrics show that total Bitcoin USD trading volume has fallen to a daily average of $2.44 billion, reflecting high levels seen in October 2020, with minimal gains or losses locked in by the market as a whole.
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Volume is adjusted to the Bitcoin entity. Source: Glassnode
In the offchain derivatives market, Bitcoin’s daily trading volume has also hit historic levels, falling to $12 billion for the first time since its 2022 low.
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Bitcoin futures volume. Source: Glassnode
However, Glassnode noted some differences in the Bitcoin options market, with trading volumes increasing significantly – although they are still smaller than futures.
“This may reflect the market’s preference for leverage and the capital efficiency of options to express their views during a period of tighter overall liquidity conditions,” the analyst said.
Strong HODL trend
Glassnode reported that despite the quiet state of the market, the “HODL” trend is still strong. The long-term holder pool, which Glassnode defines as onchain entities holding coins for more than 155 days, has reached an all-time high of 14.7 million BTC. Meanwhile, short-term holding supply – less than 155 days – has fallen to its lowest level since 2011.
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Long/Short Bitcoin Hodler. Source: Glassnode
Glassnode notes that while profits are gradually increasing for long-term holders, 26.7% of this supply is currently at a loss. However, below the $26,000 price point, short-term holders are almost completely underwater, leaving this more price-sensitive cohort in a bit of a pickle, the analyst said.
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An anonymous person was discovered creating an entire ecosystem, including 21,877 Sybil wallets, private tokens, and even a decentralized exchange (DEX), to distort on-chain activity.
DeFi analyst exposes on-chain fake operation scheme
According to DeFi analyst Lingland (lingland09), the individual injected each of his wallets with a small amount of Ether (ETH), then deployed a smart contract for a non-open source token called Gemstone (GEM). ).
https://twitter.com/lingland09/status/1700970363713167450
After the token was launched , the fraudster developed a personal DEX, slowly making transactions between his wallets to disguise evidence of actual activities. Transactions are cleverly spread out over different months, weeks, and days to mimic the behavior of other L2 projects.
Once live, the DEX was used to increase the liquidity of the GEM token to the tune of 80 ETH, artificially increasing the value of the token.
Lingland adds:
“He then exchanged the Gem tokens he received from 21,877 wallets in Gem/Eth pairs and obtained a profit value of 0.6-0.7 Eth.”
This person also used the same liquidity multiple times to avoid any negative impact from price slippage. As a result, he was able to carry out transactions on the zkSync Era network with minimal costs.
This person also created a trading bot to automate the process, generating 10 trades with a total volume of $10,000 on the zkSync Era network. Notably, the analyst was only able to track a few fake wallets.
“Zkscan Explorer only supports 1,000 history pages per contract. So I can only track 10k wallets tied to this guy’s activity.”
However, Matter Labs (the_matter_labs) was able to identify all 21,877 fake Sybil wallets linked to the Gem token contract.
Suspicious activity related to alleged fake Airdrop
The motive behind this anonymous character’s actions remains unclear. However, the analyst speculates that this individual is a “professional airdrop hunter” who may be preparing for a fake airdrop by generating activity on the zkSync Era network.
Airdrops, a popular marketing tactic in the cryptocurrency world, were exploited by Sybil attackers to defraud users. Airdrops involve distributing free tokens or coins to attract interest from the community. In a Sybil attack, an attacker creates multiple accounts pretending to be real users with the aim of taking advantage of other users.
A recent example is Arbitrum’s March ARB governance token airdrop, which encountered problems due to increased Sybil activity due to ineffective fraud detection mechanisms. According to cryptocurrency security researcher X-explore, more than 279,328 people and 148,595 Sybil addresses exploited these vulnerabilities.
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VeChain (VET) price increased 12% on September 13, likely boosted by the Coinbase listing announcement.
Although the price has formed a bullish pattern, the reaction to the $0.016 area will be crucial in confirming whether the pattern is valid or not.
Will VeChain Price Regain Horizontal Support?
Technical analysis from the weekly timeframe for VET gives mixed results.
The price fell below the $0.016 horizontal zone in June but regained this level (green circle) almost immediately afterwards. This is a bullish sign that often leads to significant upward movements.
However, this did not happen with VET as the upward momentum only lasted two weeks and the price is now at risk of falling below this zone again. Whether the price falls below this zone or creates a higher low will be a key factor in determining the future trend.
A close below this zone could result in a 35% drop to the next support at $0.010. On the downside, reclaiming this zone could lead to an 80% rally to the next resistance at $0.028.
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VET/USDT Weekly Chart | Source: TradingView
The weekly RSI provided mixed results. Although the indicator remains below 50, it is moving upward, creating a higher low.
Traders use the RSI as a momentum indicator to evaluate whether the market is overbought or oversold to determine whether to accumulate or sell an asset.
When the RSI is above 50 and rising, it shows that buyers have the upper hand. Conversely, when the RSI is below 50 and decreasing, it implies sellers have more control.
VET Price Prediction: Is the double bottom confirmed?
On September 12, Coinbase announced that it would list VeChain and VeThor the next day. This announcement resulted in a 12% price increase.
More importantly, it has formed a double bottom (green symbol) compared to the low made on August 17. The double bottom is considered a bullish pattern, leading to upward movements. up most of the time.
This pattern is even stronger when combined with a significant bullish divergence in the daily RSI (green line).
To confirm the pattern, VET must break above the descending resistance line that has been in place since July. Since this line also coincides with the $0.016 horizontal zone, a break above it would confirm a trend reversal to the upside.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/vet-tang2.png)
VET/USDT Daily Chart | Source: TradingView
Therefore, the future VET prediction will be determined by whether the price will reclaim the $0.016 level or be rejected by it. An 85% increase is possible in the event of a recall, while the price can decrease by 35% in the event of a rejection.
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Cryptocurrency exchange Remitano experienced a large withdrawal under suspicious circumstances on September 14, leading some blockchain analysts to conclude that the exchange may have been hacked.
A total of $2.7 million in cryptocurrency was withdrawn through suspicious transactions. Tether has frozen an address the attacker allegedly used, potentially salvaging $1.4 million in customer cryptocurrency.
At around 7:45 pm Vietnam time yesterday, a Remitano hot wallet started sending funds to an address with no previous history. $1.4 million worth of USDT, $208,000 worth of USDC, and 104,000 Ankr tokens (worth $2,000 at the time) were transferred to the new address.
Blockchain analytics platform Cyvers has warned the crypto community about the alleged suspicious transactions.
https://twitter.com/CyversAlerts/status/1702348063145165016
Tether then froze the address to prevent the hacker from cashing out USDT, which saved $1.4 million in cryptocurrency. Remitano has yet to issue a statement regarding the incident.
Remitano is a payment processor and peer-to-peer cryptocurrency exchange focused on emerging markets, serving users in Pakistan, Ghana, Venezuela, Cambodia, Kenya, Malaysia, India, South Africa, Vietnam, and Nigeria.
So far, there have been a series of cryptocurrency exchange hacks in 2023 that resulted in private keys being leaked and funds being stolen. US authorities attribute these attacks to the Lazarus Group, a cybercrime organization backed by the North Korean government. The group allegedly stole $41 million from gambling site Stake on September 4 and withdrew $27 million from Coinex on September 12.
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Liquidity staking has recently become a focal point in the DeFi space, playing a key role in the growth of Total Value Locked (TVL) across various DeFi protocols.
Polkadot enters the liquidity staking space
In a notable development for the Polkadot ecosystem, a strategic partnership has emerged between ZodiaCustody and paritytech. This partnership aims to improve the staking landscape by facilitating institutional access to the Polkadot network, including participation in the staking process.
In addition to staking, this partnership will also provide important custody services to support the Polkadot ecosystem.
Besides the above developments, the number of staked DOTs continued to increase over the past month. However, this increase coincided with a decrease in reward rates.
The falling reward rate raises questions about the sustainability of the staking model and its appeal to users.
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Source: Staking Rewards
How is DOT doing?
Socially, sentiment around DOT has taken a hit over the past few weeks. This bearish sentiment could have a ripple effect on market behavior and investor confidence, influencing the decisions of both retail and institutional players.
Despite these challenges, DOT has proven to be strong in terms of social engagement. Engagement increased by 64% and DOT-related mentions increased by 16.4%.
Such heightened interest shows that DOT remains on the radar of crypto enthusiasts and investors at the time of writing.
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Source: Santiment
Over the last month, the DOT price has decreased, moving from $5.05 to $4.08 at the time of writing. Furthermore, development activity has declined, suggesting that new developments on the network may be slowing down.
Furthermore, DOT price volatility increased. These fluctuations could affect the trading environment for DOT and potentially impact its adoption and long-term prospects.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/DOT-3.png)
Source: Santiment
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The US Securities and Exchange Commission (SEC) has accused Binance.US of failing to cooperate in an ongoing investigation against the exchange, according to a September 14 court filing .
The SEC in its court filing noted that Binance.US parent company BAM only produced 220 documents during the discovery process. Many of the documents submitted under the Consent Order “included confusing screenshots and documents without dates or signatures.”
The SEC added that BAM refused to provide the necessary witnesses for depositions, instead only agreeing to four witness statements it unilaterally deemed appropriate, saying:
“It has responded to related communications requests with a general objection and refusal to provide documents held in the ordinary course of its business, claiming that such documents do not exist, but then the SEC received those documents from other sources.”
The SEC also raised concerns about Binance.US’s use of Ceffu, the wallet custody software developed by global entity Binance Holdings Ltd. provide. The SEC noted that BAM has made inconsistent statements regarding Ceffu and Binance’s involvement in the management of customer wallets and funds.
The SEC said BAM first claimed Ceffu was BAM’s wallet custody software and services provider but later claimed that Binance was BAM’s wallet custody software provider. Regulators raised concerns that the cryptocurrency exchange’s use of Ceffu violated a previous agreement to prevent funds from being transferred abroad.
The SEC filed a lawsuit against Binance on June 5, making 13 charges against the crypto exchange including its unregistered securities offerings, Simple Earn and BNB Vault products, and its staking program. It. The SEC stated that Binance.com, Binance.US, and BAM Trading should have registered as clearing agents, broker-dealers, and exchanges, respectively. The unregistered offering and sale of Binance.US’s staking-as-a-service program requires BAM Trading to also register as a broker-dealer.
The SEC’s latest charges against Binance.US come amid an internal crisis at the exchange. Binance.US CEO Brian Shorder has joined a long list of top Binance executives to leave the company this year, following the resignation of the exchange’s head of legal and chief risk officer. in a few days.
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Given what has been happening, there is certainly growing interest from Wall Street firms in cryptocurrencies.
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Grayscale’s recent victory before the U.S. Securities and Exchange Commission (SEC) and the ongoing conversation surrounding BlackRock’s Bitcoin spot ETF significantly changes market sentiment in the crypto space . Several companies, including Valkyrie, Bitwise, WisdomTree and Invesco, quickly followed suit and filed their own ETF applications.
Traditional financial players have also made notable strides in the sector. Deutsche Bank, the $1.4 trillion asset manager, has applied for a license to provide cryptocurrency custody services, while Citadel, Fidelity and Charles Schwab support exchanges The new EDX Markets service was recently launched. PayPal continues to enter the space by launching its own stablecoin project.
However, many are wondering whether crypto is ready to retain the huge influx of institutional capital?
That’s for sure.
How ready are you?
Determining whether a cryptocurrency is ready depends on many different factors, including regulatory clarity as well as the robustness of infrastructure providers and market makers. . All play a key role in retaining institutional investors as they ensure healthy, fair and integrated markets are maintained.
Or to put it more generally, centralized finance is ready for Wall Street. When we talk about CeFi, we are talking about well-known digital currency platforms that look a lot like the type of services familiar to traditional financial players. For example, the Coinbase and Gemini platforms.
By largely sticking to Web2 infrastructure, they can handle the scale of Wall Street operations. These CeFi companies have taken into account healthy market volumes and market maker participation. In most jurisdictions there is also increasing regulatory clarity on how to work with these services.
Of course, there are some details that need to be ironed out, such as the lack of a true prime broker and solid coverage at scale. However, given enough time and a larger balance sheet, these will certainly be added to the system. They are not basic clogging problems.
Bringing DeFi into play
Looking at DeFi, we have to see this space can play two different roles in the crypto market. DeFi can be used as a payment layer for non-custodial services that limit some aspects of centralization (called “backend DeFi”). But it can also be fully decentralized (“pure DeFi”).
In case DeFi is the payment layer or backend DeFi, it is similar to CeFi. These types of operations still provide some centralized oversight, making them more compatible with the approach of traditional finance.
Some examples are OTC offerings with atomic settlement capabilities through Fireblocks, Copper, or other digital asset custodians. There are also digital asset settlement platforms for derivatives trading, such as Paradigm for the settlement of digital asset options.
Backend DeFi certainly comes with the necessary infrastructure to function as a payment layer. Many layer 2 DeFi services provide the speed and cost needed for Wall Street operations. At the same time, there are market makers that provide healthy liquidity and the ability to absorb large volumes. Their monitoring capacity also allows them to comply with local regulations.
A longer appraisal process may be needed here when large organizations give the green light. However, it is just a matter of perception for institutions to fully embrace backend DeFi and understand the technology and security behind it.
There is definitely potential for pure DeFi. However, the situation here may be a little different from less decentralized alternatives. When we talk about pure DeFi, we are talking about protocols that operate in a virtually permissionless and decentralized way like Uniswap or Curve Finance. This area represents the biggest paradigm shift, but is still one that is still a long way from being ready for adoption across organizations.
Pure DeFi protocols are still subject to too many black swan factors due to the experimental nature of the infrastructure. The Curve Finance mining attack is a notable recent example. This presents a scenario that seems too risky for most institutional investors to want, as they are not yet ready to trust software to ensure the safety of their money. There are also legal challenges that come with their license-free nature.
However, that does not mean that pure DeFi is not an interesting point of discovery for all market participants – it is perhaps even the most interesting field to explore. For now, however, it should be seen as a springboard for new types of financial tools that could eventually be introduced into more organization-friendly environments.
Ready enough
Overall, the most conservative view of cryptocurrencies’ ability to handle Wall Street inflows is closer to readiness than not. Some areas are more ready than others, but we should only focus on those areas that are likely to attract initial interest.
As traditional financial institutions continue to participate, the most likely scenario is that they will start by entering CeFi – a sector that is already primed for this attention. Wall Street’s attitude towards the crypto market will then continue to improve over time as backend DeFi and pure DeFi grow.
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The Congressional Budget Office (CBO) is revising its projections for this year’s US budget deficit, saying it will be significantly higher than previous estimates.
In a new report, the agency says it now projects government expenditures will outpace revenues to the tune of $1.7 trillion in 2023.
“On the basis of its estimate of the deficit through July and preliminary estimates of revenues and outlays in August and September, CBO now expects that the total deficit for 2023 will be $1.7 trillion, or about $200 billion larger than the estimate it published in May.”
The figure represents a 13% jump from the CBO’s projections from four months ago.
After 2023, the CBO predicts that the country’s budget deficit will range between $1.6 trillion and $1.8 trillion before reaching $2.9 trillion in 2033.
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In a CNBC interview, CBO Director Phillip Swagel says that the US government is facing a challenging and unusual situation.
“The economy is recovering. We’re past Covid. The labor market is looking much closer to normal, and yet the deficit is still wide.”
Swagel also says that while economic growth will likely improve the country’s financial situation, it will likely not be enough to bridge the gap.
“The challenge we face is that the fiscal deficit and trajectory are so difficult that even super optimistic growth is not enough by itself to make us sustainable. Growth will help and will make the policy environment better, but ultimately policymakers need to make some choices whether on spending or on revenue.”
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A closely followed crypto strategist believes that Solana (SOL) is still in a downtrend despite last week’s surge.
Pseudonymous analyst Altcoin Sherpa tells his 196,300 followers on the social media platform X that Solana is facing a key resistance level at around $19.50.
According to the analyst, Solana has been printing bearish lower-high setups ever since hitting its 2023 high of $32.30 in July.
“Would be cautious on this current move up. It’s nice to see some recovery but every rally the last few weeks has resulted in just a lower high. Regardless, if you’re in it for an investment, it cant be bad to accumulate sub-$20.”
(https://pbs.twimg.com/media/F6ASE2uXQAA5oGA?format=png&name=4096x4096)
Source: Altcoin Sherpa/X
At time of writing, SOL is trading for $19.04, up over 8% from its seven-day low of $17.57.
Should SOL’s latest rally fade, Altcoin Sherpa says that the $14 level could act as support. However, he warns that SOL’s prospects of staying above $14 all depend on how the bankrupt crypto exchange FTX liquidates its massive Solana trove to the tune of $1.16 billion.
“This one should take a while to form a bottom though. I don’t know if the FTX stuff is ‘priced in.’ The next few months will be very interesting to see how the price reacts to the large supply on the market.”
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Source: Altcoin Sherpa/X
While Altcoin Sherpa is sounding the alarm about FTX’s large Solana holdings, investor Chris Burniske tells his 263,400 followers on the social media platform X that only a tiny amount of the defunct crypto exchange’s SOL trove is liquid.
“Only ~13% of FTX’s SOL holdings are liquid.”
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Source: Chris Burniske/X
Burniske, who is a partner at the crypto-focused venture capital firm Placeholder, says that he’s long-term bullish on SOL despite its FTX baggage.
“ETH and BTC both have baggage and have made new ATHs (all-time highs) in each major expansion. Every human is flawed, every institution is flawed and every coin is flawed.
In other words, we all have baggage, and many of us, be it a human, institution, or coins, continue to make new ATHs.”
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Chairman Gary Gensler of the United States Securities and Exchange Commission (SEC) is facing aggression that is no longer limited to the cryptocurrency industry as both the Financial Times and Wall Street Journal as well as newspapers Others criticized his leadership.
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Gary Gensler – Chairman of the US SEC
An editorial in the New York Post said Gary Gensler is turning the US SEC into a “banana republic” following action against trading company Virtu after its CEO criticized the agency.
A Wall Street Journal editorial was even harsher when William Barr, senior counsel for the American Free Enterprise Chamber of Commerce, said of Gensler:
“He takes fleeting theoretical problems and attacks them with broad precautionary regulations that rely on too much speculation and paternalism, lack evidence and sound analysis, and fail to pay attention to attention to the Congress and the Constitution of the United States”.
Meanwhile, FT said :
“The U.S. SEC’s interventions are expanding the definition of its role in private markets… The broad scope of the reform agenda is also causing greater concern in the financial and business communities. US industry on exceeding the scope of management”.
The chairman of the US SEC has been facing intense criticism in the cryptocurrency space, but the reaction in the wider business world shows that his approach to expanding his power is popular. and not limited to just one industry.
In addition to the lawsuits involving Coinbase and Binance, as well as the appeal in the Ripple case, the US SEC is currently in court with the US Chamber of Commerce.
They are suing to overturn new rules on corporate share buybacks while a coalition of private equity, venture capital and hedge fund groups have sued over the new disclosure rules.
Under Gensler, the US SEC engaged in a series of regulations, the largest scale since 2008. He declared even NFTs, Monkey JPEGs were securities even though the court found XRP tokens were not securities .
Many in the crypto industry have complained the US SEC is inflexible, with a recent court ruling finding the US SEC’s decisions “arbitrary and capricious”.
Regardless of whether this affects the White House in the upcoming election year, the US Congress may get involved as the business world seeks to limit the overreach of the US SEC.
Several cryptocurrency laws have been proposed in the US Congress, with Republicans said to be more proactive.
If Republicans gain control of both the U.S. House and Senate, the White House leadership may be less concerned about the U.S. SEC overstepping its authority because the agency is circumventing the law through prolonging the status quo. legal interpretation due to the lack of new legislation by the US Congress.
Therefore, the 2024 election could include two elections, one for president that is considered too broad to consider these issues and another for the US Congress, where the branch The cryptocurrency industry and the broader business world could use more effort.
If he loses to the Senate, Gensler will be supported.
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Traders have been advised not to short every time the price pumps. The advice appeared in a post on X by Whale Analysis, a personality that claims to help people make money in the bear market. According to Whale Analysis, there is a new trend in which a few coins increase more than 50% in a single day for no identifiable reason.
https://twitter.com/Whaleanalysis/status/1703053647880626562
Whale Analysis notes that this trend has been present for weeks and is likely to liquidate short positions. He identified several coins that have experienced such significant price increases over the past few weeks, including CYBER , PERP , TRB , and HIFI.
Data from TradingView shows that CYBER increased from $3.65 on August 30 to $16.23 on September 1. It increased 341% in 4 days before falling to its current price of $5.
From September 5 to 8, PERP increased from $0.64 to $1.23, an increase of 91%. The price consolidated after the spike and is now trading at $0.65.
TRB’s rally has lasted longer than CYBER and PERP. The move that began on August 26 saw TRB rise from $9.90 to $48.90 before falling to its current price of $39.20. TRB surged 398% at the start of the bull run, making it one of the top performers in September 2023.
HIFI topped the group with a 589% gain between September 2 and 16. It rose from $0.39 to $2.63 before the consolidation. HIFI was trading for $1.16 at the time of writing, according to data from TradingView.
Whale Analysis advises traders intending to short these coins to use a small percentage of their futures portfolio, keep leverage low and set stop losses. According to the market analyst, no technical or fundamental analysis is effective for these coins as they intend to stimulate as many liquidators as possible. He believes this is a deliberate pump & dump approach used by whales.
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A research report by web3 security experts Forta Network and Blockfence detailed how a phishing operation targeting Ethereum users known as “sleepdropping” led to a total loss of $11.5 million since it was first discovered in December 2022.
This scam works by sending seemingly authentic ERC-1155 tokens, often NFTs, to unsuspecting users. This tactic lures users to fraudulent websites where they are tricked into authorizing transactions, unknowingly transferring their assets to the scammer. The perpetrators behind this operation have not yet been identified.
According to Forta Network and Blockfence, more than half a million addresses received these misleading token airdrops. Currently, more than 20,000 users have been confirmed as victims.
Fake NFT airdrops used to steal funds
In one documented case, users received fake Lido NFT tokens, which presented themselves as “badges” to claim an airdrop.
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An example of an NFT “sleepdropping” scam. Source: Forta
In essence, NFTs do not affect the user’s wallet. However, if users believe the airdrop is legitimate, their curiosity may lead them to interact with the token, possibly confirming the token is malicious on a phishing website.
The distribution appears to originate from an authentic smart contract that, in 2021, issued an airdrop to early Lido stakers. The complex technical aspects of the ERC token contract allow it to be manipulated, even when genuine.
Forta said in the report:
“A savvy user can look at the transfer in more detail and see that the tokens are being transferred from a legitimate Lido: Early Stakers Airdrop account. This is an act of deception that fraudsters carry out by exploiting the implementation of ERC token contracts.”
Research from Forta and Blockfence identified more than 100 separate smart contracts involved in fraudulent activity with similar deployment patterns. The research also points to three main stages of the scam: fraudulent airdrop operations sending NFTs that appear to come from trustworthy sources, websites designed to deceive users, and final malicious contracts trick users into transferring their money.
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In a turbulent 2023, Polkadot has faced many challenges in asserting its prominence, especially amid the emergence of many protocols such as layer 2 solutions and liquidity staking in the cryptocurrency sector. .
What’s happening to Polkadot’s revenue?
However, during these tests, Polkadot revenue volatility spiked. Recent data from Polkadot Insider shows that Polkadot’s revenue volatility increased by a significant 25.6% over the past week.
The revenue gap in the period is the difference between budgeted revenue and actual revenue. A beneficial revenue variance occurs when actual revenue exceeds budgeted revenue and vice versa.
Positive revenue fluctuations will have important implications for the Polkadot protocol, potentially strengthening their position and appeal to users and investors.
However, the level of performance of the protocol is unstable. On September 14, the number of active addresses on the Polkadot network spiked significantly, but this increase was followed by a subsequent decrease in activity.
In contrast, the flow of new addresses registered on the Polkadot network remains relatively small. This shows that although existing users may be actively participating in the network, the number of new participants is still limited.
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Source: Subscan
Furthermore, development activity on the Polkadot network has gradually decreased over the past month. The number of code commits and the number of core developers decreased by 14.9% and 17.9%, respectively.
A decline in development activity may raise concerns about the network’s ability to innovate and adapt.
Bears continue to haunt DOT
When examining price movements, Polkadot faced a downtrend over the past month. The price of DOT has slipped from 6.69 to $4,137 during this time. Besides the price drop, the token’s trading volume is also lower.
The decreasing trading volume is an important factor to consider as it could affect liquidity and overall market sentiment around Polkadot.
Low volume can lead to higher price volatility, potentially frustrating investors.
Speaking of volatility, this metric is on the rise, which could indicate instability and speculative trading. Increased volatility will impact investor confidence in the token and its long-term viability.
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Source: Santiment
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Chinese cryptocurrency blogger and journalist Colin Wu has shared details about the recent hack of cryptocurrency management company Fortress Trust, which was recently acquired by blockchain giant Ripple.
According to Wu, the weakness that hackers attack here is related to the additional security system provided by a primary authentication application.
https://twitter.com/WuBlockchain/status/1703678755385098470
27 accounts on Fortress Trust were compromised
According to Retool, cyber criminals managed to compromise up to 27 accounts from cryptocurrency custody company Fortress Trust. Hackers successfully exploited this vulnerability following a targeted SMS (text) based social engineering attack.
According to Fortress Trust, hackers used the Google account cloud sync feature introduced this spring. The San Francisco-based company that bought it claims that the feature mentioned above makes compromises worse and calls it a “*dark pattern”.
*Dark pattern: refers to web or application software developers using interface design and tricks that take advantage of influence and trust to trick someone into getting information or convincing the victim to do something. something, or some other technique to get users to do things they wouldn’t otherwise do.
Retool calls this type of synchronization “a new attack vector,” according to the company’s head of engineering, Snir Kodesh. The attack that occurred on August 27 occurred at the same time that Fortress Trust was moving its credentials to Okta.
What happened?
The hackers pretended to be one of the members of the Fortress Trust IT group when they initiated the SMS phishing attack. They direct recipients to follow a seemingly legitimate link to help them resolve their salary-related issue. A real employee fell for this trick and visited a fake landing page, where they then shared their login information.
What happened next was that the bad guy called this employee, pretended to be a member of the IT team (with the help of a deep fake that changed their voice), and asked the employee to pass them a multi-authentication code. factor (MFA).
This code allows hackers to add their own extensions to the victim’s Okta account, and the perpetrator can then generate their own MFA code to access the account.
Finally, after setting fire to this employee, the hacker was able to gain deeper access to all 27 accounts mentioned above. Hackers changed the email addresses of those accounts along with the passwords. As a result, $15 million worth of crypto assets were stolen.
The way the attack was carried out shows similar methods to hacker Scattered Spider (aka UNC3944), who is said to be a high-level phishing attack expert.
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Nine US lawmakers have expressed their support for the Anti-Digital Money Laundering Act, which was recently reintroduced in the House by US Senators Elizabeth Warren, Roger Marshall, Joe Manchin and Lindsey Graham. festival. Experts have warned this cryptocurrency bill is the most direct attack on the privacy and personal freedoms of cryptocurrency users.
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US Senator Elizabeth Warren
Anti-Digital Money Laundering Act receives support
Nine U.S. lawmakers joined U.S. Senators Elizabeth Warren (D-MA), Roger Marshall (R-KS), Joe Manchin (D-WV) and Lindsey Graham (R-SC) in sponsoring the Act anti-digital money laundering. The bill aims to “close loopholes in existing laws and bring cryptocurrency companies into better compliance with the anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks that govern the large financial system,” the lawmakers described.
U.S. Senator Warren first introduced the bill last December. In July, U.S. Senators Warren, Marshall, Manchin and Graham reintroduced the bill. Experts have called the bill the most direct attack on personal freedom and user privacy. Last week, U.S. Senators Catherine Cortez Masto (D-NV), Gary Peters (D-MI), Dick Durbin (D-IL), Tina Smith (D-MN), Angus King (I-ME), Jeanne Shaheen (D-NH), Bob Casey (D-PA), Richard Blumenthal (D-CN) and Michael Bennet (D-CO) have announced they also support the bill.
Senator Cortez Masto emphasized:
“We must prevent transnational drug cartels and other criminal organizations from financing their illegal activities through cryptocurrencies.”
“Our bipartisan bill would ensure crypto companies follow the same rules as banks, close loopholes that criminals are exploiting, and provide our financial institutions necessary tools to hunt down bad guys.”
This bill was also endorsed by the Bank Policy Institute, Transparency International US, Global Financial Integrity, National District Attorneys Association, Major County Sheriffs of America, AARP, National Consumer Law Center (on behalf of low-income consumers), and the National Consumers League. confirm.
“The existing Bank Secrecy and Anti-Money Laundering Act framework must take digital assets into account, and we look forward to participating in this process to protect our nation’s financial system against financial illegal in any form,” the Bank Policy Institute describes.
According to a summary provided by lawmakers supporting the bill, the Digital Money Laundering Act would:
Expands Bank Secrecy Act (BSA) responsibilities, including verification of your identity requirements, to digital asset wallet providers, miners, validators, and participants Other networks may act to authenticate, secure or facilitate digital asset transactions.
It would also “address the major “non-hosted” digital wallet vulnerability,” requiring banks and money services businesses (MSBs) to “verify customer and counterparty identities, maintain records and submit reports related to certain digital asset transactions involving non-hosted wallets or wallets hosted in jurisdictions that are not BSA compliant,” the lawmakers said more.
Furthermore, the bill seeks to expand BSA rules relating to foreign bank accounts to include digital assets by requiring U.S. persons to “engage in transactions of value in digital assets Amounts greater than $10,000 through one or more foreign accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) with the Internal Revenue Service.
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Toncoin (TON) price has broken above a descending resistance line and is approaching a local high of $2.97.
Price action is still bullish, but the RSI and Elliott wave counts suggest that the price will soon reach a top.
TON price broke above the 270-day resistance level
TON price has fallen below a descending resistance line since reaching a local high of $2.97 in December 2022. The decline peaked with a low of $1.02 on June 10.
However, the price rebounded strongly afterward, creating a very long lower wick, which is considered a sign of buying pressure. The long wick underneath was huge, leading to a 45% increase on the same day.
After the bounce, TON made a higher low in early August and accelerated thereafter. On September 15, after 270 days of existence, TON price broke above the descending resistance line.
It reached a high of $2.54 the next day. The increase occurred shortly after the TON wallet was integrated with Telegram, attracting more than 800 million users.
The December 2022 high at $2.97 is 27% above the current price, while resistance at $1.90 is 20% below the current price.
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TON/USDT Daily Chart | Source: TradingView
The daily RSI gives mixed signals. Traders use the RSI index as a momentum measure to evaluate whether the market is overbought or oversold in order to make decisions to buy or sell assets. When the RSI is above 50 and sloping up, it suggests an advantage for the bulls. On the contrary, when the index is below 50, the situation is favorable for the bears.
Although the indicator is bullish and above 50, it has also created a bearish divergence (green line). This occurs when a decrease in momentum is accompanied by an increase in price and is a sign related to a local or absolute top.
TON Price Prediction: How long will it continue to increase?
Technical analysis from the short-term six-hour timeframe shows that Toncoin price may be in the fifth and final wave of a five-wave upward movement (white).
Technical analysts use Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, helping them determine the direction of a trend.
According to the wave count, TON price is approaching the end of the fifth wave. The likely target for the top is $2.77. The target is found by projecting the lengths of waves one and three to the bottom of wave four.
This target is achieved when the fifth wave lasts, as is the case with TON.
After reaching the top, a significant correction is possible. While the target for the bottom depends on the exact level at which price peaks, the area that is likely to serve as support on the downside is the 0.5-0.618 Fib Retracement at $1.77-$1.97.
This could coincide with a retest of the long-term descending resistance line.
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TON/USDT 6-hour chart | Source: TradingView
Therefore, the most likely TON price prediction is bullish with a potential target of a December 2022 high at $2.97 but could peak at $2.77. Failure to reach this level could result in a 20% drop to the $1.77-$1.97 zone.
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Worldcoin (WLD) price has been on the rise since hitting a new all-time low on September 12.
This increase helped the price break above the 53-day descending parallel channel, indicating that the correction is complete.
Worldcoin (WLD) price broke out of a correction pattern
Since July 24, WLD price has been falling inside a parallel descending channel. Both the resistance and support lines were confirmed multiple times. These channels are considered corrective patterns, which means they often lead to breakouts.
In the most recent developments, on September 7, Worldcoin price was rejected by the channel’s resistance line (red symbol). This marked the beginning of a downtrend that led to an all-time low price of $1.02 on September 12.
However, Worldcoin price has increased since then and broke above the channel on September 15. This is a sign that the correction is complete and a new uptrend has begun. WLD reached a high of $1.72 the next day. Even though the price has pulled back, it is still trading above the breakout level.
The six-hour RSI supports continued upside. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true.
The indicator is above 50 and rising, both of which are signs that the Worldcoin price prediction is bullish.
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WLD/USDT 6-hour chart | Source: TradingView
If the uptrend continues, the price could rise another 50% and reach the $2.10 resistance area. However, if the rally loses momentum, the price is expected to fall 25% to the channel’s resistance line at $1.08.
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Bitcoin price just passed the $27k mark, as traders received their first green candle in more than a month. This is because optimism has returned to the Bitcoin market ahead of this week’s FOMC meeting. The FOMC (also known as the Federal Open Market Committee) is the monetary policymaking agency of the Federal Reserve Board.
BTC price has increased by more than 8.7% in the past week, and more than 2.6% in just the past 24 hours.
Meanwhile, Bitcoin’s newly launched rival, the new cryptocurrency project Bitcoin BSC, has exploded during its presale program, nearly reaching its soft cap target of $3.9 million in less than two weeks. .
Optimistic Sentiment Is Increasing, Pushing Bitcoin Price Up More Than 8% In Just 7 Days
With the FOMC meeting expected to be held this week, traders are optimistic, with Bitcoin price breaking above the 200-day EMA for the first time since August.
Furthermore, the price of BTC has also rebounded at $25,170. This created a double bottom and is proving to be a strong growth for the world’s number one cryptocurrency, as it also acted as resistance in February when Bitcoin prices started to surge.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Gia-Bitcoin-tapchibitcoin-3.png)
Bitcoin Price Continues to Rise and Exceeds $27 Thousand
The Federal Reserve meeting will decide the future of interest rate policy, and other monetary issues affecting the cryptocurrency sector and other risk assets.
The recent recovery in Bitcoin price shows positive market sentiment. However, due to its proximity to the 200-day EMA, the FOMC results could have a profound effect on Bitcoin price in both directions.
According to CME Group’s FED Watch tool, the FOMC meeting is unlikely to result in a rate increase, with a 99% prediction that interest rates will not see much change. This could help Bitcoin continue its upward momentum.
However, August CPI data showed that inflation increased by 0.6%, which will likely affect the FED’s upcoming decision.
Despite the uncertainty about the outcome of the FOMC meeting, financial markets in general and cryptocurrencies in particular still appear very optimistic.
Many TradingView analysts have published bullish Bitcoin chart ideas, and even TradingView’s composite technical indicators predict that Bitcoin is in a buy zone.
Prominent cryptocurrency analysts have also agreed on Bitcoin’s next price action, with Michael Van Poppe predicting a significant upside move from its current price.
He also noted that Bitcoin’s bullish trend has begun to cause other altcoins to surge in price.
Looking more generally, Bitcoin’s fundamentals are working very well, especially the Bitcoin hash rate which is currently at its highest ever, above 420 million TH/s.
Meanwhile, CoinMarketCap data shows that the number of cryptocurrency wallets holding Bitcoin is also increasing significantly.
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Bitcoin Price Continues to Rise and Exceeds $27 Thousand
While the world’s number one cryptocurrency Bitcoin shows a relative bullish trend, a newly launched competitor, Bitcoin BSC is also recording notable growth.
BSC Bitcoin Stake-to-Earn Cryptocurrency Project Presale Program Raises More Than $2.8 Million in Just Two Weeks
Bitcoin BSC is a new unique presale coin project that aims to provide a more scalable, faster, and significantly more environmentally friendly version of Bitcoin.
After launching two weeks ago, the BTCBSC token presale program has had an explosive start, raising more than 2.8 million USD in just a short time.
BTC BSC has the same number of tokens as Bitcoin (also 21 million tokens) and prioritizes community participation and rewards.
However, the Bitcoin BSC cryptocurrency project is different from Bitcoin because it is built on Binance Smart Chain, which brings many outstanding advantages to this new cryptocurrency project.
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Bitcoin Price Continues to Rise and Exceeds $27 Thousand
As mentioned, the Bitcoin BSC cryptocurrency project integrates the Stake-to-Earn feature.
This feature replaces the traditional Bitcoin mining mechanism, which is often criticized as being very expensive, harmful to the environment, and too complicated for the average cryptocurrency user, who is not very technically savvy. .
Meanwhile, Bitcoin BSC’s mining mechanism only consumes minimal energy, is completely free, and is very easy to get started.
Another feature of Bitcoin BSC is that users can participate in the presale program using a MetaMask account or Trust Wallet, making it much more beginner-friendly than Bitcoin.
Most beginner users are more familiar with these cryptocurrency wallets, as they support Ethereum, Binance, Polygon and other EVM compatible chains as well.
Ultimately, Binance Smart Chain offers an extremely fast, secure, and reliable trading and usage experience, allowing Bitcoin BSC holders to enjoy a seamless user experience without performance bottlenecks. Transactions are slow and expensive, as seen on the Bitcoin and Ethereum networks.
The presale price of BTCBSC is only 0.99 USD per token. So, compared to Bitcoin’s current price of $26.6k, it is no surprise that the presale program of the Bitcoin BSC cryptocurrency project has achieved such resounding initial success. It has also attracted the attention of prominent crypto analysts, with Jacob Bury pegging BTCBSC for a 10-fold increase.
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Chainlink (LINK) price bounced off long-term range support and broke above short-term resistance. It is expected to increase further in the near future.
Long term scope
Chainlink (LINK) price has been trading inside a range of $5.50 to $9.50 since May 2022. When price is trading inside a range, traders tend to buy dips towards support and sell when the price rises to the resistance of the range.
Indeed, traders have been aggressively defending the range’s support over the past five weeks and are now in the process of creating a major bullish candle.
The weekly RSI has made a higher low and reclaimed the 50 level, showing that the bulls are returning.
If the bullish momentum continues, LINK price could rise towards the $8.3 horizontal resistance area. A break above this level would see LINK price rally towards the range’s resistance at $9.50.
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LINK/USDT weekly chart |Source: TradingView
Short-term range breakout
The daily chart shows that LINK price broke out above a consolidation range of $5.7 to $6.4 yesterday. Since this range has been in place for 32 days, the post-breakout movement could be very strong.
The daily RSI has formed a bullish structure and spiked above the 50 level, suggesting that the bulls are in control of the near-term price action.
Therefore, LINK price is likely to break above the short-term descending resistance line and continue to rise towards the $7.7 resistance area over the next few days.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/LINKUSDT_2023-09-19_15-25-12.png)
LINK/USDT daily chart |Source: TradingView
Conclude
Technical indicators suggest that LINK price will move higher in the near future. The nearest target is $7.7 and above it is up to $8.3.
The bullish view will be invalidated when LINK price breaks below the most recent higher low at $6.06.
Source:
http://tradecoind2.com/chainlink-link-price-could-surge-after-recent-breakout/
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Over the past few years, the cryptocurrency ecosystem has grown rapidly. According to Statista, the cryptocurrency market is expected to reach $37.87 billion this year.
Each region around the world has a different reality regarding the growth of the cryptocurrency market.
Germany, Russia and the UK are currently leading the cryptocurrency market adoption in the European region.
But a common concern among users in the cryptocurrency industry around the world is the safety of their data.
Bitsa, a crypto card service provider, researched its users to understand some of the key benefits of using crypto cards as a payment method.
The study revealed some interesting data. 28% consider security to be the main benefit of using a crypto card, 23% say speed is best, and 17% value privacy.
Over the past months, cyber security attacks have increased rapidly. According to Statista, the global average cost per data breach amounted to US$4.45 million, up from US$4.35 million the previous year. Average data breach costs vary across sectors, with the highest average price in the healthcare industry.
Additionally, in 2023, the number of hacks increased by 7% compared to 2022, according to Forbes. According to Statista, in the first quarter of 2023, more than 6 million records of cyber attacks were recorded.
Other crypto players have also suffered hacks, such as Cypher and Zunami.
A recent study conducted by Blackberry’s cybersecurity department revealed some of the most dangerous malware affecting the cryptocurrency industry, such as SmokeLoader, RaccoonStealer, and Vidar.
Hackers are developing new, innovative hacking techniques and moving faster.
Source:
http://tradecoind2.com/what-features-of-cryptocurrency-cards-are-most-valued/
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Bitcoin hit a new monthly high on September 18 as a strong weekly close reinforced a bullish start to trading on Wall Street.
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BTC 1 Day Chart | Source: TradingView
Trader warns of rising Bitcoin open interest
Data from TradingView tracked a BTC price increase of more than 3% on the day, with Bitcoin breaking $27,000 for the first time in September.
As Wall Street opens, market participants are paying attention to the return of “momentum” among Bitcoin bulls.
Michaël van de Poppe, founder and CEO of trading company Eight, summarizes :
“Bitcoin price breaks barrier at $26,800 and reaches high of $27,200.”
“The trend looks to increase from here as altcoins are also awakening. It’s still the best time to buy property.”
Van de Poppe uploaded the latest analysis chart to X (formerly Twitter), showing the resistance area now needed for a recovery.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Bitcoin-2-8.png)
BTC Chart | Source: Michaël van de Poppe/X
Meanwhile, source monitoring Material Indicators has revealed daily buy signals on its proprietary trading tools.
“The bulls appear to have gathered some momentum since candle D opened,” the accompanying commentary said.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Bitcoin-3-3.jpg)
Source: Material Indicators
Elsewhere, cautious Daan Crypto Trades flagged a spike in open interest, returning to levels last seen after a brief BTC price rally following asset manager Grayscale’s legal victory against regulators US management.
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Price: Other Crypto Trades
Meanwhile, trader and analyst Rekt Capital calls for bulls to reclaim higher levels and hold them until the monthly close in September.
“Will return to ~$27,100 (black) soon,” Rekt Capital predicted on the day along with the chart.
“This level acted as support earlier this year and could become new resistance this month, unless BTC reclaims its monthly close above the black.”
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Bitcoin-5-1.jpg)
BTC Chart | Source: Rekt Capital/X
Bitcoin Price Continues to Ignore DXY Strength
With the US Fed’s decision on interest rates looming on September 20, the macro conversation focuses on preparations for the event.
The US Dollar Index (DXY) showed continued strength during the day despite the assumption that interest rates will not rise later in the week.
DXY hovered above 105, breaking above that level for the first time since mid-March.
Bitcoin, which traditionally has a negative correlation with the Index, however shows no signs of weakening.
“Bitcoin hits $27,000, while DXY stays above 105,” noted researcher and data analyst James Straten with a comparison chart.
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BTC and DXY comparison chart | Source: James Straten/X
“The last time DXY traded at 105 was in March when Bitcoin was trading at under $20,000. Previously, in the fourth quarter of 2022, Bitcoin was trading at $17,000.
Mark Yusko: The Bitcoin Tidal Wave is Coming
Morgan Creek Capital founder claims the combination of the Bitcoin network’s upcoming halving and BlackRock’s potential approval of a Bitcoin spot ETF will bring “tens of billions, if not hundreds of billions, of demand.” dollars into the physical spot market.”
On the Forward Guidance podcast ( Spotify / Apple ), Yusko stated the current trend for the crypto industry popular among traditional investment institutions is that “it will all go away” following ETF approval.
Many barriers are currently in place to prevent institutional investors from accessing cryptocurrencies, Yusko said, but that will change. “No one can say no,” Yusko said, “not UBS, not Merrill Lynch, no one.”
But sentiment has faltered significantly since the most recent cryptocurrency bull run, when many other institutional clients were clamoring for access, Yusko said. “They say that less now than they did two years ago because people buy what they wish they bought.”
“It’s on sale now,” Yusko said, “but they’re selling it all.”
In every “other business in the world” besides stocks and cryptocurrencies, Yusko said, people will “clash each other” to get a good deal, but investing exhibits the opposite behavior.
Podcast host Jack Farley commented:
“Demand for something is always highest at the top and lowest at the bottom.”
Yusko replied:
“Humans are really simple animals. They buy what they wish they had bought and they sell what they soon need.”
Volatility is your friend
Turning the conversation to focus on stocks and bonds, Yusko asserted that patterns of irrational behavior can be objectively observed over long periods of time. “Here’s the proof,” Yusko said, citing 20 years of JPMorgan data showing that “stocks earned 8.5% over that period. The bond is implemented for 5.5 years.
“All you have to do,” Yusko said, is simply “pick one.” But over that same period, the average investor earned only a 2.9% return, Yusko said.
“How is that possible?” Yusko asked. “All you have to do is choose one or a little of each.”
“Are not. They buy stocks when prices are hot and sell them when prices are not so high.”
Yusko argues young investors should “embrace volatility” rather than play it safe with “risk-free investments” like bonds.
“It is literally against the law for people between 20 and 65 years old to own bonds. If you’re 20 years old and can’t touch your money for 50 years…you should own the asset with the highest volatility.”
So-called “risk-free” investing ultimately gives the conservative investor near-zero returns because “inflation will destroy what you earn,” Yusko said.
Source:
http://tradecoind2.com/trader-warns-of-rising-bitcoin-open-interest-as-btc-tidal-wave-is-coming/
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US Fed explores real-world asset tokenization (RWA)
The United States Federal Reserve (Fed) has released a comprehensive document discussing the tokenization of real-world assets (RWA), examining both the growth potential and risks involved in the new sector. this float. In this groundbreaking publication, the Fed assesses the relatively small size of the RWA segment, both in terms of its overall size and its degree of representation in the broader asset market. However, it acknowledged the continued development of many RWA projects and expressed optimism about the future development of the sector.
The Fed gives several examples of how traditional financial institutions “tokenize” their assets, including stocks, bonds, real estate, etc. According to the Fed, tokenization of traditional assets has the potential to The ability to bring many benefits, such as lowering investment thresholds, promoting standardization, improving liquidity and digitizing assets through smart contracts.
RWA RWA
(https://azcoinnews.com/wp-content/uploads/2023/09/RWA.jpeg)
Some examples of asset tokenization that the Fed has provided.
Furthermore, RWA can facilitate lending by using tokens as collateral, secured by the assets they represent. RWA can also enable faster and more cost-effective transactions than traditional assets, which often involve complex intermediary processes.
Among the various benefits of RWA, the Fed highlights its potential to reduce barriers between markets and enhance cross-border cash flows.
Risks associated with RWA
The most important challenge the market may face with RWA adoption is its impact on the digital asset ecosystem and the traditional financial system. Significant shocks and fluctuations can be transmitted from one side to the other. Furthermore, there is a risk that RWA issuers may not provide sufficient transparency about the link between the two asset classes.
Additionally, the conversion mechanism and inherent nature of these two asset classes can create conflicts. For example, most cryptocurrency exchanges operate 24/7, while traditional markets only operate during business hours. This timing mismatch can lead to unpredictable consequences if assets are sold off significantly on weekends or outside business hours.
In summary, while the potential of RWAs is undeniable, as the Fed explained, their integration and adoption may not happen soon due to the existing financing gap between different asset classes. However, the release of the Federal Reserve publication on RWA signals support and contributes to the future development of the cryptocurrency industry.
Source:
http://tradecoind2.com/us-fed-explores-real-world-asset-tokenization-rwa/
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While the Chinese regime is fiercely hostile towards cryptocurrencies, the Hong Kong government appears to be moving in the other direction, if the views of local politician Duncan Chiu are any indication.
Chiu, a member of Hong Kong’s Legislative Council, said in a recent meeting that he hopes the special economic zone will issue guidelines for stablecoin issuers by mid-2024.
Hong Kong will launch Stablecoin issuance principles next year
According to the report, Chiu said they are making significant progress in finalizing the guidelines. He said currently, lawmakers are conducting a second round of consultations on this issue.
Chiu has taken a bold stance contrary to the views of Chinese officials. The latter tends to oscillate between hostility and reluctant acceptance of cryptocurrencies. In September 2021, China’s central bank issued a comprehensive ban on digital currencies.
In recent months, the regime’s stance has appeared inconsistent. At the end of August, Chinese officials made a surprising ruling recognizing cryptocurrencies as legal assets.
But any hope this might have given pro-crypto citizens in China and Hong Kong may have evaporated amid the ongoing crackdown on those involved in crypto trading. go out. This includes a life sentence for a former high-ranking official in Jiangxi province who had ties to cryptocurrency mining companies.
The regime accused the former official of accepting bribes, but this may just be an excuse for a harsh sentence.
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Hong Kong eyes the lucrative potential of stablecoins even in the face of draconian opposition from mainland China. Source: Statista
Hong Kong cracks down on unlicensed operations
If Chiu’s prediction is correct, it is clearly good news for companies and exchanges. Many of them see opportunities in Hong Kong’s growing cryptocurrency and fintech market.
But progress toward a stablecoin issuance framework does not indicate a laissez-faire approach. In contrast, the Hong Kong Monetary Authority (HKMA) just last week issued a stern warning about unlicensed businesses.
The regulator warns such bad actors may promote themselves as banks or even in some cases as crypto banks. The use of any such pseudonym without appropriate registration and licensing would be a violation of Section 97 of the Hong Kong Banking Ordinance, the HKMA said .
“According to the Banking Ordinance, only licensed banks, banks with limited licenses and deposit-taking companies (collectively referred to as authorized institutions), which have been licensed by the HKMA may carry out currently banking or accepting deposits in Hong Kong.
If you place any funds in the accounts of cryptocurrency companies purporting to be banks, be aware of the risks, the HKMA added. Your funds will not enjoy any protection under the Hong Kong Deposit Protection Scheme.
Source:
http://tradecoind2.com/hong-kong-moves-closer-to-a-regulatory-framework-for-stablecoins/
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The UK’s financial regulator is facing political pressure to allow cryptocurrency firms to enter the market.
Charles Randell, chairman of the Financial Conduct Authority (FCA) for the 2018 – 2022 term, believes that the regulator should have been more cautious.
At a conference organized by the Bank of England’s Prudential Regulation Authority, he highlighted cryptocurrency firms as an example of politicians trying to influence independent regulators. set up, the Guardian reported on Tuesday.
“In the crypto landscape, in my experience as chair of the FCA, there is a lot of political pressure to welcome companies, some of which are currently under investigation by the US Department of Justice criminal,” he said without disclosing the companies.
Since January 2020, the FCA has received 324 applications from crypto firms. Of these, 225 people withdrew their applications for undisclosed reasons.
Currently, there are only 43 companies registered, including Gemini, Zodia Custody and Zodia Markets, Wintermute, Bitpanda, Galaxy Digital, eToro and Revolut.
Coinbase has received authorization to provide payment services under the name CB Payments, while Binance does not have authorization from the FCA. Both companies are currently facing lawsuits by the US Securities and Exchange Commission.
Randell points out that regulators face challenges in preventing undue influence from political or industry interests.
The UK cryptocurrency industry is preparing for new regulations to be introduced next year. Andrew Griffith, the UK Treasury’s Secretary of State for Economic Affairs, announced in April that cryptocurrency regulations would be finalized over the next 12 months.
Upcoming rules expected to take effect next month will require crypto companies to ensure their marketing is transparent, fair and clearly displays risk warnings.
Rishi Sunak, the UK prime minister, has shown a strong interest in cryptocurrency and blockchain technology.
He has previously outlined his ambitions to make the UK a hub for crypto asset investment and technology, as well as advocating for the recognition of stablecoins as a legitimate form of payment.
Source:
http://tradecoind2.com/uk-watchdog-pressured-to-open-up-to-crypto-firms/
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In finance, “smart money” typically refers to institutional or professional investors who are believed to have greater market knowledge and resources. However, examining the top holders on major DeFi platforms shows interesting patterns.
Analyzing the top 5 wallets (excluding funds and exchanges) and the top 5 fund wallets from major DeFi platforms listed on on-chain data site Cherry Pick . Those platforms include Uniswap, Aave, Curve, Balancer, and 1inch.
Take risks and diversify
Data shows that single wallets linked to institutions typically have lower balances than individual wallets. This could indicate a few things.
First, institutional investors can diversify their investment portfolios to reduce risk. The traditional finance industry advocates diversification as a hedge against volatility, and it seems this principle can be applied to the growing world of DeFi. This is supported by funds having multiple tagged wallets. Second, lower balances may indicate that institutions are still cautiously exploring DeFi, potentially skeptical about the long-term prospects or operational risks of the industry.
Here, the “smart money” seems to be being cautious by not putting all their eggs in one basket or limiting their exposure to the DeFi space altogether.
For example, the average balance in Aave wallets is around $11.46 million, while the median amount is only $528,635. This stark contrast could imply that institutional investors are diversifying their risk or perhaps still testing areas in DeFi.
Increased fund losses
Despite lower balances, the funds had higher realized and unrealized losses. Uniswap’s average realized loss across funds was around $470,000, compared to a whopping $68.6 million average loss for individual wallets.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/defi1.png)
Source: CherryPick
Shockingly, the top UNI wallet had unrealized losses of over $500 million, with all but one of the top five wallets recording nine-figure unrealized losses. Analyzing the top wallet, it appears to be a wallet linked to the protocol itself, as it received 39.7 million UNI in March 2021, worth around $1.1 billion.
At Uniswap’s peak just two months later, that was worth around $1.68 billion.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/defi2.png)
Source: CherryPick
Currently, the wallet is valued at $101 million after sending approximately 16 million UNI out of the wallet over the past 36 months, selling only once to lock in profit.
The difference may indicate that while institutional investors are more cautious with their capital, they are more tolerant of short-term losses, possibly as part of a long-term investment strategy.
Change
Both individual wallets and institutional funds show a strong bias towards Uniswap. With an average balance of $66.9 million in wallets and $104,821 in funds, it’s clear that Uniswap remains a cornerstone of retail and institutional DeFi portfolios.
While platforms like JustLend are making strides with a TVL of $4.611 billion, data shows that “smart money” is still largely invested in legacy platforms, with Lido, Maker, Aave and Uniswap all is in the top 5 DeFi platforms according to TVL.
However, the top 10 that DefiLlama tracks currently does not include traditional DeFi players, such as Balancer, PancakeSwap, SushiSwap and Yearn Finance. Instead, newer protocols like JustLend, Summer.fi, and Instadapp have built their positions.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/defi3.png)
List of DeFi platforms by TVL | Source: DefiLlama
Profit and efficiency
Many predict “smart money” will flock to platforms with higher revenues and fees. However, that’s not necessarily the case. For example, even though Uniswap has cumulative fees of $3.254 billion, that doesn’t stop the “smart money” from incurring average realized losses of over $470,000.
Looking ahead, data from DeFiLlama shows interesting trends in TVL changes over time. Platforms like JustLend have seen TVL increase by 24.46% in just 7 days.
While the data set does not provide a direct correlation, it raises the question: Is “smart money” flexible enough to take advantage of these rapid changes?
Source:
http://tradecoind2.com/is-smart-money-really-smart-top-5-defi-wallets-with-unrealized-losses/
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Rupert Schaefer – CEO at the Federal Financial Supervisory Authority (BaFin), has made a statement that Germany needs clear and effective regulations on cryptocurrencies to prevent negative impacts.
In a recent statement, Schaefer highlighted the fallout from FTX’s collapse, noting that it will not be the last exchange to go bankrupt.
“FTX’s bankruptcy has shown how significant flaws in the system that brings new users to the platform can have a devastating impact. FTX is not the first cryptocurrency provider and will not be the last to go bankrupt.”
Schaefer believes that the digital asset industry will only become trustworthy with the right regulations in place. He asserted the need for “clear and appropriate rules for the cryptocurrency market.”
Furthermore, Schaefer emphasized that these regulations are essential to building trust in the cryptocurrency industry.
He drew a comparison between aircraft regulations and the cryptocurrency industry. He compared uncertainties in the cryptocurrency industry, such as a lack of regulatory clarity, to unidentified foreign objects (UFOs):
“It’s every pilot’s nightmare: Unidentified aircraft moving through their airspace with no identification and no radio communication. They do not follow any flight rules. Air traffic orders and passenger safety are at risk.”
Europe shows strong support for the MiCA bill
Schaefer emphasized that BaFin will only license crypto companies with sound business models and trustworthy CEOs at the helm:
“For us, at BaFin, it is clear: Only those with a sound business model, sufficient start-up capital and trustworthy leadership will receive permission from us. We take regulatory standards very seriously.”
Binance recently decided to withdraw its platform from BaFin. They explained the global market transformation and regulatory changes expected with the Markets in Crypto-Assets (MiCA) bill.
On May 15, the MiCA bill received broad support from all 27 European finance ministers. The framework specifically focuses on closing loopholes in the system that allow tax evasion.
Sweden’s Finance Minister, Elisabeth Svantesson, believes that this will reduce the risk of crypto assets being exploited as a safe haven to avoid taxes.
Binance intends to review its application once regulatory clarity improves , with the aim of strengthening its foothold in Europe.
Source:
http://tradecoind2.com/germany-affirms-the-need-for-cryptocurrency-regulations/
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Google Cloud adds data support for 11 other blockchains
Google Cloud has added 11 blockchains to its public datasets on BigQuery, the tech giant’s data analytics service that first launched in 2010.
According to a blog post on Thursday, users can now query data from Avalanche, Arbitrum, Cronos, Ethereum Goerli, Fantom, Near, Optimism, Polkadot, Polygon, Polygon Mumbai and Tron.
Google says these blockchains were added “by request” and says that users can now retrieve information about “the flow of assets from one wallet to another, which tokens are most popular, and how users interact with the blockchain.” smart copper”.
They also say that customers often ask things like how many NFTs are minted on specific chains or how transaction fees compare between chains.
Google adds that having more access to more networks can help curious individuals answer questions “without the need for nodes to operate or maintain an index.”
Back in 2018, Google’s cloud segment added support for Bitcoin and Ethereum on BigQuery. And with the introduction of Ordinals, essentially Bitcoin NFTs, coming online in January 2023, Google is also now allowing developers to query satoshis and/or Ordinals from the Bitcoin dataset on BigQuery.
Previously, in 2019, six other chains were added to BigQuery in addition to the two major chains, including Bitcoin Cash, Dash, Dogecoin, Ethereum Classic, Litecoin, and Zcash.
Google’s commitment to promoting blockchain is not limited to maintaining large blockchain data sets. Google Cloud has become the oracle operator for LayerZero, a crosschain messaging protocol.
Source:
http://tradecoind2.com/google-cloud-adds-data-support-for-11-other-blockchains/
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While the Bitcoin network has continued to expand over the years, the carbon footprint of the BTC mining industry has remained at a reasonable level, with no comparable growth – an achievement that Bloomberg analysts say “ very few industries can achieve it.” And this could spur the next wave of institutional investment.
On September 20, Bloomberg crypto market analyst Jamie Coutts cited data showing that Bitcoin mining sustainable energy has continued to increase since 2021 and is now at over 50%. , leading to slower emissions growth as Bitcoin continues to expand its network.
“Bitcoin as a global currency network is scaling while its carbon impact declines. Very few industries can achieve this achievement,” said an analyst from Bloomberg. According to him, the growing relationship between Bitcoin network growth and the global push to transition away from fossil fuels could “catalyze a wave of institutional and even sovereign investment capital.”
The analyst added that energy accounts for more than 50% of mining operations costs: “The drive to find the cheapest energy sources is contributing to increasing the network’s hash rate, while reducing emissions or intensity. industry carbon”.
https://twitter.com/Jamie1Coutts/status/1704462136783798379
Energy emissions refer to greenhouse gases and air pollutants emitted as byproducts from various energy sources and activities, while carbon intensity measures how clean electricity is.
On September 18, multiple reports suggested that the next generation of Bitcoin miners are focusing on alternative energy sources for better efficiency. However, the proportion of sustainable energy used in Bitcoin mining remains a point of contention, as the University of Cambridge model (which has not been updated as of January 2022) indicates mining from Sustainable energy sources are only 37.6%.
However, venture capitalist and climate technology activist Daniel Batten argues that this number is actually above 50%. He said in a post on X that Cambridge’s figures were not released because off-grid mining and methane mitigation are not currently included in their calculations.
Earlier this year, Batten reported that Bitcoin mining emissions intensity had dropped to its lowest level ever.
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Source: batcoinz.com/Daniel Batten
Furthermore, he predicts that the Bitcoin network will be carbon neutral by December 2024. Batten claims: “By 2030, the Bitcoin network is predicted to reduce emissions from the atmosphere 10 times more than level it produced, an astonishing achievement.”
Source:
http://tradecoind2.com/this-is-what-bitcoin-has-done-when-few-industries-have-been-able-to/
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The next cryptocurrency bull run won’t be like the last one, and investors should temper their expectations that cryptocurrency prices are about to skyrocket.
At least that’s what Lars Seier Christensen, founder of the Concordium enterprise blockchain, said in a recent interview.
As much of the crypto market looks at the proposed Bitcoin spot exchange-traded funds with a bullish bias, Christensen suspects their approval will be an immediate meaningful boost to the money market. electronic.
“Even if you get a Bitcoin bull run, I don’t think you should automatically assume everything will go up with it.”
“Does that necessarily mean that Ethereum and many older altcoins will also increase in price because of it? I think that will almost certainly not happen,” Christensen added.
Christensen said that, while digital asset prices have fallen over the past 18 months, there is conversely unabated interest in blockchain technology from the enterprise side.
This means that the next big move for the industry will not be marked by a particularly “glamorous” bull run where cryptocurrency prices skyrocket as happened in 2021, but rather a Slower growth will occur gradually over the next 18 months, noting:
“The only reason these types of companies need cryptocurrency is to do what they want to do on a certain blockchain. So I think it’s very clear that you need to keep in mind they don’t really need a certain cryptocurrency to increase in value significantly.”
However, not everyone is inclined to agree with Christensen.
Ben Simpson, founder of crypto education platform Collective Shift, said there is a lot of data and indicators that suggest we are seeing the early stages of a Bitcoin bull market.
“The decline from the all-time high chart and market-to-real value ratio suggests we are in the final accumulation phase, which is often a precursor to the market,” Simpson explains. cow”.
When it comes to the assets with the biggest boom potential, Simpson believes the next bull market will breathe new life into Bitcoin, ETH as well as tokens and application-specific sectors like gaming.
“DeFi tokens have risks but significant rewards, and I believe Bitcoin emerges as the “silent winner” in the wider adoption landscape and the one I am most optimistic about.”
The past two years have been difficult for the cryptocurrency industry. An increasingly hawkish US Federal Reserve combined with several high-profile collapses, including FTX and Celsius Network, has seen investment in the industry decline, dragging down cryptocurrency prices down.
With the US Federal Reserve deciding to pause any interest rate hikes earlier in the week, eToro Markets analyst Josh Gilbert views the broader macro outlook with a sense of optimism.
“We finally have an improving macro environment with central banks globally about to cut interest rates. As interest rates begin to fall and inflation declines, investors will take on more risk, deploy more capital into financial markets, and crypto will take center stage,” said Josh Gilbert.
Like many market commentators in recent months, Gilbert asserted that next year looks set to bring a recovery.
“2024 could be a strong year for Bitcoin and the broader crypto market. Bitcoin halving is at the heart of this theory and it is the main catalyst that bullish investors are focusing on.”
However, Tina Teng, market analyst at CMC Markets, explains that it is too early to start worrying about whether huge profits are imminent. Instead, investors should brace for a new wave of uncertainty.
“It’s too early to say this is the beginning of a bull market. This will depend on the macro environment and on whether central banks are willing to end their interest rate hike cycle to provide enough liquidity to the market,” Teng added. :
“Tight monetary policy is responsible for the decline in riskier asset classes, such as startups, small caps and cryptocurrencies. Historically, crypto market booms have occurred during Fed rate cut cycles, not spike cycles.”
Teng continued:
“Soaring government bond yields and persistent inversions of bond yields provide warning signals of economic instability ahead.”
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Bitcoin-1-6.jpg)
Source: CryptoCon
Teng said that for the impending bull market thesis to be validated, Bitcoin needs to break above the 50-day moving average and catch another bull run.
Source:
http://tradecoind2.com/whether-there-is-a-bitcoin-etf-or-not-dont-expect-too-much-from-the-crypto-bull-run/
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According to a Bloomberg analysis of FTX’s court documents , investors are actively gathering claims against FTX in an unregulated market.
According to Claims Market data, FTX liabilities are trading at approximately 35% of original claim value.
Demands can include anything from customer deposits to electricity bills owed by the exchange.
Bloomberg analysts said more than $250 million worth of FTX debt was sold to three investors in Silver Point Capital, Diaper Capital Partners and Attestor Capital.
They also point to a $23 million claim from a “cookie distributor” sold to Hudson Bay Capital Management for an unspecified amount.
More claims have likely changed hands than currently reported (exceeding $100 million) as investors “sometimes had to wait months to submit paperwork proving delivery,” the report added. pandemic”.
The market value of claims in the secondary market increased sharply, from about 15% at the beginning of 2023 to current levels.
Such increased demand may be due to the fact that the FTX restructuring team led by John J. Ray III has made progress and court proceedings involving FTX founder Sam Bankman-Fried are pending. jailed and his parents.
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Percentage value of common FTX claims on Claims Market | _ _ _ _ _ _ _ _ _ _ _ _ _ Source : Claims Market
According to famous trader Benson Sun, many claim buyers are expecting a 100% return on their investment after 5 years.
Sun added that various factors could influence future secondary market conditions, such as the likelihood of capital recovery, changes in claim size, timing of restructurings, offers, etc. purchase and liquidation price of assets.
FTX customers have 1 week to dispute the claim
According to the latest 9/11 court filings , approximately 72% of individual claimants must agree or contest their scheduled claims. Only 10% agreed with their request and another 18% objected.
Some users have reported experiencing problems with the identity verification (KYC) process. However, the company clarified that it only needs to “initiate the KYC process. You are not required to have a verified KYC status to submit a request.”
Customers have until September 29, 2023 to submit proof of claim if they dispute their scheduled claim.
Source:
http://tradecoind2.com/ftxs-claim-is-nearly-35-of-the-amount-owed-on-the-secondary-market/
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At the beginning of the year, crypto assets linked to the ZK-rollup sector attracted significant attention. In February, the market capitalization of the ZK-rollup coin ecosystem reached a significant $13.7 billion. However, the following months saw a marked transformation, with the ZK-rollup coin sector experiencing a significant decline of over 46%.
ZK-rollup coin downturn: $6.32 billion erased by 2023
In essence, ZK-rollup represents a formidable privacy-preserving layer 2 (L2) innovation, providing a solution to address blockchain scalability, providing faster transaction execution and richer on blockchain.
(https://static.news.bitcoin.com/wp-content/uploads/2023/09/ddf-2.jpg)
Formidable top ZK-rollup coins: MATIC, IMX, MINA, LRC and AZERO, with the list expanding to the top 10 coins, including ZEC, ZEN, HEZ, POND and GAL .
ZK-rollup coins are closely linked to the projects leading the ZK-rollup movement, and they have received attention in early 2023. According to statistics from February 13, 2023, the ZK economy -rollup coin was previously valued at $13.7 billion. Over the course of 219 days, almost half or 46.13% of this value was wiped out.
As of September 20, 2023, the ZK-rollup coin economy is valued at $7.38 billion, with Polygon’s MATIC leading the way. While the valuation of ZK-rollup tokens represents only 0.66% of the $1.11 trillion crypto economy, MATIC represents 68.56% of the ZK-rollup coin sector.
Besides MATIC, the leading tokens of the ZK-rollup coin sector include Immutable x (IMX), Mina protocol (MINA), loopring (LRC), Aleph zero (AZERO), Zcash (ZEC), Horizen (ZEN), Hermez network (HEZ), Marlin (POND), and Galxe (GAL). IMX has a market value of about 644 million USD, accounting for 8.7% of the ZK-rollup coin sector.
In the ZK-rollup coin market, there were transactions totaling 483 million USD in a 24-hour period, with 158 million USD originating from MATIC transactions and approximately 262 million USD originating from swap transactions IMX. The trajectory of the ZK-rollup coin economy mirrors that of artificial intelligence (AI) coins, rebase tokens, Defi, metaverse assets, and other distinct sectors.
Although the initial excitement surrounding these sectors has faded, the ZK-rollup will not fade into oblivion anytime soon. Like many other sectors, these coins are actively finding their place in the complex realm of cryptocurrencies, a landscape that consistently caters to popular market tastes.
Source:
http://tradecoind2.com/the-value-of-the-zk-rollup-coin-economy-plummeted-46-after-7-months/
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Major cryptocurrency tracking service Whale Alert, which tracks large volumes of cryptocurrency moving across various blockchains, has spread information about over 100 million XRP withdrawn from a major exchange based in Korea: Bithumb.
So far this week, this is the largest XRP transfer reported by Whale Alert. Before this withdrawal, it was only discovered that a large amount of XRP was transferred to the Bitstamp exchange by giant Ripple Labs.
The above amount of XRP includes 120,000,000 tokens, worth 61,149,038 USD at the time of transfer.
While some claim this was a huge purchase made by an anonymous whale, in reality, according to additional data provided by the Bithomp XRP wallet tracker, this 120 million XRP were transferred between Bithumb’s internal wallets, as can happen in the case of redistribution of funds.
XRP price
XRP Price Action Since September 11, the fifth largest digital currency, Ripple-linked XRP, has seen a massive 11.49% price increase, trailing Bitcoin’s 8.55% increase. However, on September 20, the leading cryptocurrency started to decline, dragging XRP and other altcoins in the crypto market with it.
Over the past two days, Bitcoin has lost 2.68%, falling from $27,364 to the current $26,630. As for XRP, over the same recent period, it has dropped 2.68%, falling from $0.522 to $0.51 at the time of this writing.
XRP price was blocked by the middle threshold (MT) of the supply zone order block at $0.533. However, the overall outlook remains optimistic, with the RSI tilting north and the AO gradually increasing into positive territory. However, investors should still wait for confirmation above the above level for the uptrend to be considered reasonable.
(https://editorial.fxstreet.com/miscelaneous/XRPUSDT_2023-09-23_02-17-20-638310215373643211.png)
Source: TradingView
A strong rejection from the midpoint, potentially positioning the XRP price below $0.46 could mean that the supply zone will hold at resistance, with further selling pressure pushing the price back to where it originated . The latest upward direction is at 0.46 USD. In severe cases, the downtrend could continue, with XRP potentially hitting its May low of $0.419.
Source:
http://tradecoind2.com/whale-withdraws-120-million-xrp-from-bithumb-exchange-amid-not-very-optimistic-price-outlook/
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(https://f43-zpg-r.zdn.vn/6504777994026383486/125ca15a010cd5528c1d.jpg)
Ethereum’s next major upgrade, Dencun, will likely be delayed according to statements from developers during the meetingon September 21.
Although Dencun is largely complete, it is still being improved and needs testing. Tim Beiko, a member of the Ethereum Foundation, said Dencun still has to be deployed on the testnet. He added that the timing of this step could delay the launch of Cancun on the Ethereum mainnet – where the actual transactions take place – to the new year.
“I think the implication is that if we don’t do testnet before Devconnect November 13-18… it’s probably difficult for us to deploy mainnet before… Christmas holiday… and maybe that’s not the best time .”
The developers previously did not give a firm date for Dencun, but most previous estimates had the upgrade coming before the end of 2023.
News of a possible Dencun delay comes shortly after Ethereum’s Holesky testnet encountered launch problems. Holesky continues to wait for relaunch.
During the current meeting, the Developer mentioned whether the Holesky testnet will be ready to test Dencun before Devconnect in November. Ethereum Foundation member Parithosh Jayanthi said the Holesky reboot is scheduled for September 28 and will be ready for Dencun testing before the upcoming conference.
However, Jayanthi proposed testing Dencun’s first fork on the older testnet, Goerli, which will soon be shut down. He noted that the end of Goerli’s lifecycle means any issues related to Dencun will be isolated to that testnet.
Jayanthi also suggested that Dencun’s second and third fork could be tested on the new Holesky testnet at a later date.
“If Dencun has trouble with Holesky, we have to find a way to save it.”
Dencun will combine two upgrades, Deneb and Cancun, and will bring many new features. The most notable feature among them is proto-danksharding, which will improve Ethereum’s scalability when it finally arrives on the mainnet.
Source:
http://tradecoind2.com/ethereums-dencun-upgrade-may-be-delayed-to-2024/
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Pepe coin (PEPE) appears to have reawakened, testing the upper boundary of the bearish channel with the prospect of more gains.
Pepe OI increased by 110%
Pepe price is up 20% in the past 24 hours, testing the upper boundary of the descending parallel channel at $0.00000071. The recovery comes after a 645% drop, with the meme coin stuck in the confirmation zone of a bearish chart pattern. While an uptrend seems likely, PEPE is not completely out of danger until a confirmed break and close above the $0.00000073 resistance level. Such a move would trigger a 15% increase from current levels.
With the Relative Strength Index (RSI) and Awesome Oscillator (AO) rising, momentum appears to be increasing, which tilts the odds in favor of the bulls.
(https://editorial.fxstreet.com/miscelaneous/PEPEUSDT_2023-09-23_03-40-11-638310282446851069.png)
PEPE chart. Source: TradingView
Data from crypto derivatives data analytics platform, Coinglass, shows that open interest (OI) of PEPE recorded a 110% increase ($13.92 million). Specifically, it increased from $12.57 million to $26.49 million between September 22 and 23.
(https://editorial.fxstreet.com/miscelaneous/PEPE%20open%20interest-638310282735230279.jpg)
OI Pepe. Source: Coinglass
An increase in OI, which includes the total number of Long and Short positions, shows that new money is flowing into the market, which, in turn, is a bullish sign. It increases the possibility of a continuation of the current trend. It also indicates a renewed interest by holders in PEPE, as it means that the number of people opening positions is greater than the number of closing them.
Santiment, a behavioral analytics platform for cryptocurrencies, corroborates the bullish outlook, showing increased activity based on metrics of exchange inflows, exchange outflows, and number of individual transactions. elephant has more than 100,000 USD in their account.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/A%CC%89nh-chu%CC%A3p-Ma%CC%80n-hi%CC%80nh-2023-09-23-lu%CC%81c-14.52.15.png)
Source: Santiment
More money flowing in and out of exchanges shows that investor activity is increasing. Wintermute Trading, a major market maker, transferred 8.3 trillion PEPE to centralized exchanges yesterday. At current prices, these tokens are worth about 5.5 million USD.
On the other hand, a crypto whale with a brief wallet address of 0x9d5 has been actively collecting large amounts of PEPE from exchanges, while many PEPE tokens worth at least $100,000 have been transferred to exchanges. intraday trading. This could be a sign of intent to sell and threaten PEPE’s upside potential.
Increased selling momentum could send Pepe price falling back into the channel’s power zone at $0.00000071, with the potential to neutralize the bullish case on PEPE breaking and closing below $0.0000007. Such a move would cause prices to drop by 30%.
Source:
http://tradecoind2.com/pepe-reawakens-when-oi-increases-110/
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Convex Finance (CVX) price is in the process of regaining an important support line. If successful, a strong rally will follow.
Weekly outlook
Convex Finance (CVX) price has been falling inside a descending wedge pattern since June 2022. The price has validated both the support and resistance of the wedge multiple times, confirming the validity of the pattern.
Technically, the descending wedge is a bullish pattern. This means a breakthrough is expected.
This outlook is further reinforced as CVX price is in the process of creating a false breakout below the wedge pattern (blue ellipse). False breakouts are considered bear traps and often lead to a strong rally afterward.
The weekly RSI has bounced from the oversold zone and is breaking above the descending resistance line, showing that the bulls are trying to make a comeback.
Therefore, if the false breakout is confirmed, CVX price could rise towards the critical resistance zone at 4.2, formed by the horizontal resistance zone and the resistance line of the wedge. This represents a 50% increase from current prices.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/CVXUSDT_2023-09-23_17-06-04.png)
CVX/USDT Weekly Chart | Source: TradingView
Short-term resistance line
The daily chart shows that CVX price broke above a descending resistance line that has been in place since April 2023. The breakout occurred with a large bullish candle, increasing the validity of the breakout.
Therefore, CVX price has likely begun a recovery, at least in the short term.
The daily RSI supports this view, breaking above the 50 level and sloping up.
The nearest horizontal resistance is found at $3.3.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/CVXUSDT_2023-09-23_17-16-15.png)
CVX/USDT Daily Chart | Source: TradingView
Conclude
Technical indicators suggest that CVX price will continue to move higher in the near term. The nearest target is found at $3.3 and above it to $4.2.
This view could be invalidated if the false breakout on the weekly time frame is not confirmed in the next week or two.
Source:
http://tradecoind2.com/convex-finance-cvx-price-creates-false-breakout-will-a-recovery-follow/
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Arkham, an online data platform, has revealed that it has successfully identified a cluster of Bitcoin wallet addresses belonging to popular cryptocurrency exchange Coinbase. The data firm’s findings indicate that Coinbase currently holds about $25 billion worth of Bitcoin, or about 1 million BTC, making it the largest Bitcoin entity on the Arkham platform. This incredible discovery means that Coinbase now controls nearly 5% of the total Bitcoin supply, a figure comparable to Satoshi Nakamoto’s holdings.
https://twitter.com/ArkhamIntel/status/1705254948324233270
Arkham’s meticulous data analysis identified and tagged more than 36 million Bitcoin deposit and holding addresses associated with Coinbase, with their largest cold wallet containing approximately 10,000 BTC. This suggests that Coinbase may possess thousands of additional BTC that remain undisclosed, awaiting further discovery by the platform.
Satoshi Nakamoto, the mysterious founder of Bitcoin, was previously known as the largest independent Bitcoin holder, with a reported 1.1 million BTC. However, Nakamoto’s prolonged absence and the decentralized nature of the Bitcoin network have significantly reduced concerns about the size of their holdings. The Bitcoin community has transitioned to a more decentralized ecosystem, reducing the importance of any individual’s holdings.
Furthermore, Arkham’s data analysis indicates that, based on recent financial reports, Coinbase may hold a significant amount of BTC that remains unknown. This suggests that the exchange’s Bitcoin reserves may be even larger than initially estimated.
With nearly 5% of the world’s total Bitcoin supply, Coinbase has firmly established itself as the leading global holder of Bitcoin on the Arkham platform. Therefore, the cryptocurrency community should pay attention to the actions and strategies of exchanges as they have the potential to influence significant price movements in the cryptocurrency market.
Before identifying Coinbase’s massive Bitcoin reserves, Arkham uncovered similar revelations about other prominent entities in the crypto space. Notably, they revealed that Robinhood is the third largest Bitcoin holder on the Bitcoin network while Grayscale holds the second largest amount of Bitcoin.
Source:
http://tradecoind2.com/coinbase-holds-5-of-bitcoin-supply/
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The U.S. Commodity Futures Trading Commission (CFTC) announced on Sept. 7 the outcome of a case against a South African company involved in crypto fraud.
The CFTC said that a judge has entered a consent order against Mirror Trading International Proprietary Limited (MTI), finding the company liable for several types of fraud. The order will also require the company to compensate its many victims.
According to the CFTC, MTI offered an investment opportunity in which it advertised trading intelligence software that used Bitcoin as a base currency.
However, according to the statement, the company and its CEO, Cornelius Johannes Steynberg, instead operated a multi-level marketing scheme. MTI solicited Bitcoin from investors and promised them the chance to participate in an unregistered commodity pool in return. Though that pool apparently existed, trading activity did not utilize a proprietary “bot” or software program, contrary to the company’s claims. Instead, the company and its leader misappropriated funds from pool participants either directly or indirectly.
The CFTC claims that MTI convinced investors to contribute a total of 29,421 BTC — an amount that at one point was worth more than $1.7 billion. The company accepted funds from 23,000 individuals in the U.S. and thousands more globally.
Victims will receive $1.7 billion in total
The latest court decision requires MTI to pay more than $1.7 billion in restitution to investors who its fraud has victimized. The court order enjoins MIT from violating the Commodity Exchange Act (CEA); it additionally bans the company from trading in CFTC markets and imposes a registration ban on the firm.
A default judgment against Steynberg in April required the executive to pay more than $1.7 billion in restitution plus a civil monetary penalty above $1.7 billion. It is unclear whether the $1.7 billion that MTI must pay affects Stenberg’s personal penalties.
MTI is currently in liquidation, and its website is not operational. Other descriptions of the company suggest that it paid its employees in Bitcoin, something that the CFTC did not comment on beyond allegations of misappropriated funds.
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Brian Armstrong Says Crypto Lobbying Needs To Become Powerful and Sophisticated Before 2024 Election
The chief executive of top US-based digital asset exchange Coinbase says that crypto lobbying needs to be bolstered before the upcoming 2024 election.
In a new interview with Ryan Selkis, the founder of market intelligence firm Messari, Coinbase CEO Brian Armstrong says crypto firms based in the US are facing an “unfair” regulatory environment.
According to Armstrong, certain members of the government are making it difficult for the crypto industry to thrive.
“It turns out this year, we’ve had to turn our attention of course to the policy side as many of you had as well. It’s a really unfair environment that we are in right now where every startup in the space is just getting hit with a subpoena [or] a Wells notice.
There’s a really concerted, focused effort right now to try and curtail and kill this industry. Specifically, I think the two actors I’ve seen that are most responsible for that are probably the SEC (U.S. Securities and Exchange Commission) Chair Gary Gensler and [Senator] Elizabeth Warren.”
Armstrong says that the views of Gensler and Warren are not necessarily shared by other members of the government. The Coinbase CEO also says that the industry needs to step up its lobbying efforts before the 2024 elections if it wants to see meaningful change in the regulatory environment.
“[Their views] do not represent the point of view of the rest of the US government that I interact with…
The members of Congress are very thoughtful on this. They’re very reasonable. They recognize this industry has a lot of innovation potential, and they want to protect consumers with reasonable regulation.
So we need to make sure that the SEC does not get weaponized for the political agenda of a couple of rogue actors. To do that, the crypto industry is going to have to get a little bit more sophisticated and powerful in terms of our lobbying efforts.”
Earlier this month, Coinbase launched a 14-month initiative called “Stand With Crypto,” which asks digital asset owners to contact their representatives and advocate for pro-crypto laws.
Source:
https://tradecoind2.com/brian-armstrong-says-crypto-lobbying-needs-to-become-powerful-and-sophisticated-before-2024-election/
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As the summer season officially concludes this Saturday, the outlook for crypto fundraising appears promising heading into the fall.
Eleven crypto startups raised a combined total of $115.5 million across a variety of disciplines this week. Gaming, though, took the cake.
Proof of Play, which describes itself as an on-chain game studio, raised $33 million in seed funding on Thursday.
Numerous angel investors participated in the round, including Balaji Srinivasan, Justin Kan and many others.
A16z’s crypto arm led the round, giving high praise to Proof of Play founder Amitt Mahajan. Mahajan is no stranger to gaming, having co-created Farmville, the farming simulator that took Facebook by storm in 2009.
“Amitt and the entire Proof of Play team are committed to a gaming future where composability, interoperability and permanence are at the core of gameplay: you own your assets, and anyone can create their own game on top of another,” a16z wrote in a blog post announcing the fresh funding.
Proof of Play’s first game, Pirate Nation, is a role playing title that has NFT functionality and allows for developers to build on top of it thanks to “on-chain game contracts.” The game, which was released back in December, was built on Ethereum and Arbitrum Nova.
Custody and digital assets infrastructure put up big numbers
A16z crypto also had its hand in raising $25 million for a startup called Bastion this week.
The firm, which emerged from stealth on Monday, is aiming to offer crypto custody, wallet management and digital asset trading mostly to corporations, Bloomberg reported.
Nomura’s Laser Digital Ventures, Robot Ventures, Not Boring Capital and others kicked in capital to support the seed round.
Bastion was co-founded by two former a16z crypto executives. Riyaz Faizullabhoy and Nassim Eddequiouaq used to serve as the venture capital firm’s chief technology officer and chief security officer, respectively.
Separately, Jiritsu, a verifiable computing provider, raised $10.2 million from gumi Cryptos Capital with participation from Susquehanna Private Equity Investments, LLLP, Republic Capital, and others.
Alongside the eight-figure raise, Jiritsu is pioneering its asset tokenization platform called Tomei RWA. The platform uses zero-knowledge attestations to better manage crypto assets.
Source:
https://tradecoind2.com/crypto-funding-startups-raise-115m-across-gaming-custody-and-institutional-services/
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In a recently published post, John Reed Stark, a former official of the Securities and Exchange Commission (SEC), has expressed his bewilderment over the apparent lack of action by the U.S. Department of Justice (DOJ) in crypto-related cases, specifically regarding the parents of an entity referred to as SBF. Stark, who has extensive experience in the field, serving close to two decades in the SEC Division of Enforcement, has observed what he terms an “extraordinary dearth” of U.S. DOJ prosecutions related to cryptocurrency, despite the numerous enforcement actions undertaken by the SEC. Stark’s main concerns Stark explicitly voiced his concerns regarding the non-inclusion of SBF’s parents as defendants by the U.S. DOJ and the SEC, stressing the contrast between the plentiful SEC enforcement actions and the scarcity of parallel criminal investigations and prosecutions by the DOJ in the realm of cryptocurrency. Related CREAM Price Soars 60%. Key Reason Why Stark noted that Gemini boss Tyler Winklevoss had dismissed such allegations as “super lame,” likening them to “manufactured parking tickets.” Meanwhile, Coinbase and Binance treat their charges as “badges of honor,” Stark notes.
The former SEC official explained that the SEC, primarily being a civil enforcement agency, can only impose so much restraint. Without the looming possibility of DOJ prosecutions, entities may continue to trivialize the SEC’s regulatory interventions as mere operational costs. Potential fraud charges against Binance According to a report by Semafor, the DOJ is currently contemplating pressing fraud charges against Binance, the world’s largest cryptocurrency exchange. However, federal prosecutors are wary of the potential repercussions, such as market instability and consumer fallout, that might ensue from a possible indictment and are exploring alternative resolutions like fines or non-prosecution agreements. Meanwhile, the Justice Department is restructuring its National Cryptocurrency Enforcement Team (NCET), aiming to reinforce its capability to handle the increasing volume of cryptocurrency-related investigations. This move will see NCET becoming a permanent segment, focusing on computer-related crimes within the department’s criminal division.
Source:
https://tradecoind2.com/former-sec-official-questions-lack-of-doj-action-in-crypto-cases/
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A trader known for making several accurate calls on Bitcoin says a classic indicator suggests that BTC is on schedule for a bull run next year.
Pseudonymous trader and analyst Dave the Wave tells his 140,000 followers on social media platform X that Bitcoin’s monthly moving average convergence divergence (MACD) has fully reset into underbought, bullish territory.
The MACD is a momentum indicator that can signal the reversal of an asset’s trend.
The analyst also uses his own version of logarithmic growth curves (LGC), which aim to plot the highs and lows of Bitcoin’s long-term market cycles while filtering out short-term volatility and noise.
Dave the Wave notes that BTC has been trading at the bottom of the LGC, which he calls the “buy zone,” for 15 months.
“Q4 then 2024. Bring it on.
Monthly MACD shows a maturing market as predicted along the lines of the LGC model.
MACD has crossed bullishly and well re-set just below the zero-line.
Price has now been in the LGC buyzone for 15 months.”
(https://pbs.twimg.com/media/F6p7flEboAAMeEk?format=jpg&name=large)
Source: Dave the Wave/X
While the analyst forecasts rallies in the long term, he’s not ruling out short-term volatility.
“Bitcoin is still in the buy zone for longer-term investors.
While most of my charts emphasize the macro bullish picture, this does not preclude the possibility of further consolidation in the short term…
Were such an event to occur, it would no doubt traumatize many on CT (crypto Twitter).
However, for those subscribing to the LGC model, it would be just another day at the office.”
(https://pbs.twimg.com/media/F6bb3wPaAAA7u-w?format=jpg&name=large)
Source: Dave the Wave/X
Source:
https://tradecoind2.com/classic-bitcoin-indicator-suggests-2024-bull-run-says-trader-who-called-may-2021-collapse/
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Upbit, South Korea’s foremost cryptocurrency exchange, suspended all withdrawals and deposits of Aptos’ native token APT after it was besieged by fraudulent activities involving counterfeit APT tokens on Sept. 24.
The interruption of deposit and withdrawal services also affected the deposit return process for the actual APT token and the fraudulent digital asset.
Upbit said it plans to resume deposit and withdrawal services once the wallet maintenance is successfully completed and assured users that returns will be processed sequentially after deposit/withdrawal support is reinstated.
Fraudulent tokens
Upbit discovered that scammers had generated fake APT tokens, which were then mistakenly identified as legitimate by the platform’s system.
Following this, a substantial quantity of these spurious tokens were deposited into multiple user accounts through automated means. More than 100,000 users were unwitting recipients of these tokens, claiming they received $APT without initiating any transactions themselves.
The deposited tokens were not native to the Aptos Network coin but were a scam token known as ClaimAPTGift.
Crisis response
Upon recognizing the crisis, Upbit promptly reached out to users who had sold the fake APT tokens with refund requests, according to user reports.
The unexpected maintenance was carried out without explicit reasoning provided to the public, causing distress among the platform’s user base. There were reports of delays in deposit processing due to network congestion and other technical disruptions.
Upbit conveyed apologies for the inconvenience caused and assured that normal processing would resume once the confirmation process was completed post-inspection.
Despite the swift response, various users took to social media to express their dismay and concern over the incident.
The incident has amplified the concerns regarding the safety and reliability of digital asset exchanges, even those considered as standard-bearers in the industry.
Source:
https://tradecoind2.com/south-koreas-upbit-experiences-severe-disruption-due-to-fake-apt-tokens/
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Ethereum co-founder recently moved ETH to centralized exchanges. Furthermore, Ethereum’s price, on-chain activity and sentiment towards the world’s 2nd largest cryptocurrency are decreasing.
On September 25, Lookonchain reported that Vitalik Buterin had just deposited 400 ETH worth approximately $632,000 on Coinbase. The move may be harmless, but large transfers of funds to centralized exchanges often signal that a sale is on the horizon.
Expected price drops of Ethereum
Furthermore, ETH price, sentiment and momentum are currently flat and it did not move in tandem with Bitcoin last week.
“There are no signs of buying pressure from Ethereum whales yet,” Ali commented late last week. ETH whales with balances greater than 10,000 have dropped this month, as has the price of the asset.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ETH-1-4.png)
ETH Whale Balance | Source: X/@ali_charts
“Immortal Crytpo” also noted further price drops for ETH. On September 25, he predicted the price could fall back to $1,300 to $1,500 in the coming weeks.
However, the investor is not worried at all and said that he plans to continue accumulating at this level.
“I think ETH will outperform BTC at some point but not like the last cycle.”
Most respondents agreed accumulation is a slow and steady strategy to achieve solid returns over the coming year as cyclical momentum shifts.
On-chain analytics platform CryptoQuant has warned of a possible short squeeze for Ethereum. Furthermore, analysts observe negative funding rates in the derivatives market.
Funding rate represents the periodic payments made to traders based on the difference between the perpetual contract market and the spot price.
“This suggests that futures traders have taken a pessimistic view on ETH, increasing the possibility of further price declines,” it stated before adding:
“Consistently negative funding rates could cause a series of short liquidations, which could lead to a sudden price recovery.”
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ETH-2-3.png)
Funding rate Ethereum
ETH price outlook
ETH price fell again during the Asian trading session Monday morning. As a result, ETH fell 1% on the day, falling to an intraday low of $1,570 a few hours ago.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ETHUSDT_2023-09-25_12-35-35.png)
ETH price 1 day | Source: TradingView
The asset has recovered slightly to trade at $1,576 at the time of writing, but looks likely to fall further.
October is traditionally a bearish month for both stocks and cryptocurrencies. Therefore, the above price predictions may play out in the coming weeks.
However, Ethereum staking is still bullish, reaching new milestones, so the long-term outlook is positive.
Source:
https://tradecoind2.com/vitalik-buterin-continues-to-withdraw-funds-from-eth-further-price-drop-expected/
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4 altcoins could see more price increases, according to Santiment
A leading analytics firm says Chainlink and three other altcoins could continue to see more price increases amid bullish onchain data.
Looking at Chainlink, Santiment said the decentralized oracle network is recovering thanks to increased unique address activity.
“The number of unique LINK addresses interacting on the network reached 3,964 yesterday, a two-month high.”
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Source: Santiment/X
The analyst firm also said that Chainlink could see more price increases if market participants remain largely indifferent to altcoin performance.
“LINK has notably increased to $7.08…Less social volume in cryptocurrencies means more and more projects are moving under the radar.”
At the time of writing, LINK is worth $7.21, up more than 18% from its seven-day low of $6.09.
Santiment is also closely monitoring decentralized application (DApp) platform Loom Network (LOOM), decentralized finance (DeFi) aggregation layer Frontier (FRONT), and layer 2 blockchain ImmutableX (IMX). According to the analytics firm, these three altcoins are performing better than the broader crypto markets amid growing adoption.
“Loom (+145%), Frontier (+138%) and ImmutableX (+29%) were strong performing assets over the past week. Each has major network growth (new addresses created). If this growth is sustained, their prices could continue to rise.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/A%CC%89nh-chu%CC%A3p-Ma%CC%80n-hi%CC%80nh-2023-09-25-lu%CC%81c-11.12.04.png)
Source: Santiment/X
As for Bitcoin, Santiment says that the number of addresses holding less than 100 BTC is at a new all-time high, owning 41.1% of the cryptocurrency king’s available supply. While non-whale wallets are gobbling up the leading cryptocurrency, Santiment noted that whales, or entities holding 100 to 100,000 BTC, have been selling Bitcoin since June.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/A%CC%89nh-chu%CC%A3p-Ma%CC%80n-hi%CC%80nh-2023-09-25-lu%CC%81c-11.12.12.png)
Source: Santiment/X
At the time of writing, Bitcoin is trading at $26,182.
Source:
https://tradecoind2.com/4-altcoins-could-see-more-price-increases-according-to-santiment/
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As digital assets like Bitcoin and Ethereum move towards mass adoption, the need for advanced yet easy-to-use crypto trading platforms is greater than ever. One such platform has established itself as a changing force in the Crypto space, providing robust trading infrastructure on both Crypto and traditional assets.
Now, with the launch of PrimeXBT’s Crypto Futures, the platform is taking a giant step forward to meet the needs of today’s traders. In this in-depth review, we’ll explore the key features of the all-new Crypto Futures trading experience, platform enhancements, and why this new product is a gateway to the future. for crypto trading.
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Learn about Crypto Futures
The brand new Crypto Futures will give traders a powerful new tool to take advantage of opportunities in the volatile crypto market. Crypto Futures allow traders to take both long and short positions to profit from rising and falling crypto prices without needing to own the underlying currency.
Futures Contracts are available in the form of perpetual swaps, meaning they do not have a defined term like traditional futures contracts. Perpetual swaps enable seamless 24/7 trading against the constant price fluctuations of the crypto market.
At launch, the contract will initially support eight leading cryptocurrencies, including stalwarts such as BTC, ETH, LTC and XRP. The contract also offers more exotic altcoins such as BNB, MATIC, ATOM and TRX. Traders can buy or sell these digital assets, giving them the flexibility to execute diverse trading strategies to suit all market conditions.
Leverage and margin control
One of the most important features of this new Crypto Futures platform is the adjustable leverage system. Traders can customize their leverage from a conservative 2:1 to a flexible 200:1. This feature allows users to precisely control the level of risk they want depending on market circumstances.
The innovative cross/separate margin conversion feature also allows traders to seamlessly switch between the two margin modes. Cross margin pools all positions into one account balance, while separate margin separates positions into separate groups. This enhanced level of leverage and margin control will give professional traders the flexibility they need to optimize their trading strategies.
Improved user interface
In addition to trading capabilities, the Crypto Futures platform also offers a fresh user interface to enhance the trading experience. Many widgets such as watchlists, charts, order and position entry forms can be resized and rearranged to create a fully customizable workspace.
Cutting through the clutter and focusing on the most important transaction data will result in greater efficiency and fewer errors. Traders can tailor the platform to fit their workflow regardless of their strategy. This new, easy-to-customize user interface retains the aesthetics and professionalism that the exchange has long been known for.
Advanced analytical tools
The new Crypto Futures platform has been integrated with a number of advanced analytical tools to assist traders in performing market analysis. Detailed interactive order books provide visibility into the current depth of buy and sell orders. Watchlists make it easy to keep track of your priorities or find trading opportunities.
The platform also features sharp, intuitive charts with over 50 technical indicators and drawing tools from the popular charting system TradingView. Various chart types such as candlestick, line and Heiken Ashi are present here to visualize price action. For fast order execution, you can open long or short trading positions with the desired leverage instantly with just one click directly on the chart.
Trade across all asset classes
A key benefit of Crypto Futures is that it belongs to the platform’s comprehensive multi-asset ecosystem. Traders can access Forex, Commodities, Stock Indices and Crypto, all in one account on this award-winning exchange.
This diverse product mix offers the opportunity to hedge crypto positions against moves in the traditional markets. Traders can react to news and macroeconomic impacts across various global markets to execute more advanced strategies. The ability to trade major cryptocurrencies alongside global stock indices, commodities and foreign currencies is a big advantage.
The ability to open positions across asset classes helps manage portfolio risk. If a trader buys Bitcoin but expects poor jobs data to negatively impact US stocks, they can hedge their risk by shorting the S&P 500. Access to global markets and over 100 Various trading tools will expand the range of significant potential.
Copy Trading and mobile application
Also integrated into the platform are useful support features such as Copy Trading, contests and iOS/Android mobile apps. Copy Trading allows users to automatically copy professional traders to quickly achieve beginner success. Instead of learning by trial and error, new traders can replicate portfolios that are already profitable.
Free mobile app, with account management, order entry and charting features to help you react flexibly and quickly. The app’s intuitive interface makes it easy to seize new opportunities anytime, anywhere.
These back-end tools make the platform a complete solution suitable for active crypto traders, going beyond a conventional trading infrastructure to provide useful additional features. benefits, improving convenience and profit potential.
Continuous innovation in the Crypto trading segment
The launch of Crypto Futures kicked off a period of innovation for the platform. As the crypto space evolves, the company is also committed to equipping traders with institutional-grade features and excellent levels of security and user experience.
The addition of perpetual swaps, customizable leverage, cross/separate margin, and an enhanced interface demonstrates that the platform is aiming to focus on meeting the needs of today’s traders. Easy access to Crypto, Forex, Indices and Commodities trading helps diversify opportunities.
For any trader looking to maximize their chances of success in the fast-paced crypto derivatives market, Crypto Futures provides the tools and customization needed to trade at the highest level.
Conclude
With the launch of PrimeXBT’s Crypto Futures , the platform has solidified its position as a pioneer in the crypto trading industry. Custom leverage, short selling capabilities, intuitive user interface, and powerful risk management tools give traders many advantages. Continuous improvements will increasingly make this platform an option that is hard to ignore.
As Crypto increasingly penetrates the mainstream financial industry, trading platforms need to continuously innovate while maintaining reputation and security. Crypto Futures is your gateway to the future of crypto trading, meeting the needs of traders today and for years to come.
Source:
https://tradecoind2.com/primexbt-crypto-futures-review-whats-new-in-2023/
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Hong Kong’s financial regulator, the Securities and Futures Commission (SFC) has announced it will step up efforts against unregulated cryptocurrency trading platforms within its jurisdiction.
According to a September 25 announcement , the SFC said it will publish a list of all licensed, deemed licensed, closed and pending virtual asset trading platforms (VATPs) to help the public better identify VATPs that are likely to be operating illegally in Hong Kong.
The SFC said it will also keep a separate list of “suspicious VATPs” which will be posted in a prominent and easily accessible part of the regulator’s website.
Hong Kong Lists 'Suspicious' Crypto Platforms After JPEX Scandal
This move comes after the scandal of cryptocurrency exchange JPEX, which was accused of advertising services in Hong Kong without a license.
Estimated financial losses are about 178 million USD. At the time of publication, local police had received more than 2,200 complaints from affected users of the exchange.
A total of 11 people including crypto influencers, YouTubers and employees of the alleged scam cryptocurrency exchange were detained for questioning.
In a statement, the SFC said the fallout from JPEX “highlights the risks of uncontrolled VATP processing and the need for appropriate regulation to maintain market confidence”.
Regulators added that they will work with local police to establish a dedicated channel for members of the public to share information about suspicious activity and potential violations of VATP laws, as well as regulations. better investigate the JPEX case to help “bring wrongdoers to justice”.
Since Hong Kong regulators introduced the new VATP licensing regime on June 1, only two cryptocurrency exchanges – Hashkey and OSL Digital – have received licenses allowing them to offer service for retail customers.
Despite the recent disaster, the SFC noted that it has long recognized the “potential benefits” that cryptocurrencies and other digital assets bring to financial markets. The regulator explained that it has also identified a number of risks associated with crypto assets including money laundering and investor protection concerns.
Source:
https://tradecoind2.com/hong-kong-rolls-out-suspicious-cryptocurrency-platforms/
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Aptos (APT) price could skyrocket as it attracts investor attention
Aptos (APT) price has bounced from the long-term support zone and appears to show short-term bullish signals. It is expected to recover in the near future.
Recently, South Korea’s largest cryptocurrency exchange, Upbit, encountered a concerning incident that allowed bad actors to deposit a significant amount of fake APT tokens into multiple user accounts. Although this could cause great damage to Upbit, it attracts the attention of investors to APT. This attention could increase demand in the market.
Weekly outlook
Aptos (APT) price has been falling since reaching an all-time high of $20.50 in late January 2023. This move took the price down to the previous resistance area at $5.30, which is expected to provide support level.
Indeed, the bulls have been successful in defending this zone over the past few weeks. The special thing is that the two candles last week were Spinning top candles (spinning top candles) with a positive closing level and larger trading volume than the previous 3 bearish candles (blue ellipse). It means the bulls are buying aggressively at lower levels.
If the recovery occurs, APT price could rise to the key horizontal resistance area at $8.2.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/APTUSDT_2023-09-25_16-57-09.png)
APT/USDT weekly chart |Source: TradingView
Break out of the short-term resistance line
The daily chart supports the bullish outlook from the weekly timeframe. It shows that APT price has broken above a short-term descending resistance line, formed since August 20. This suggests that APT price may have started a recovery, at least in the short term.
The nearest target is found at $6.
The daily RSI favors continued upside as it sits above 50 and sloping up.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/APTUSDT_2023-09-25_17-06-12.png)
APT/USDT daily chart |Source: TradingView
Conclude
The most likely outlook sees APT price moving higher in the next few days. The nearest target is found at $6 and above it to $8.2.
This bullish view will be invalidated on a break below the $5.3 support zone.
Source:
https://tradecoind2.com/aptos-apt-price-could-skyrocket-as-it-attracts-investor-attention/
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Binance exchange has reopened registration and access to its products and services to cryptocurrency users in Belgium – three months after being ordered by the Belgian financial regulator to cease services related to cryptocurrency.
“New registrations of Belgian residents are once again welcomed on our platform,” Binance confirmed in a September 25 post on X (formerly Twitter). Binance said its various products and services will be accessible again to Belgian users who have accepted the new terms of use.
https://twitter.com/binanceflemish/status/1706310144366129565
On June 23, the Belgian Financial Services and Markets Authority accused Binance of violating Belgian anti-money laundering and counter-terrorism laws for allegedly providing cryptocurrency-related services “from country that is not an EU member.
They ordered Binance to cease all related services in Belgium “with immediate effect” and were told to contact all customers based in Belgium and return all private keys and funds. electronically held by the exchange.
This challenge led Binance to redirect its services to Belgians through Binance Poland sp. z oo—Binance’s Polish-registered branch, registered as a virtual asset service provider in January.
Binance’s statement did not specify what changes had been made to allow it to continue service to Belgian users.
There are reports that Binance has signaled plans to delist stablecoins in the European market by June 2024, as a measure to comply with the European Union’s upcoming Markets in Crypto-Assets (MiCA) law. (EU), scheduled to enter into force in June 2024.
Meanwhile, in the United States, a mass exodus of Binance.US executives has led many industry experts to question whether the company is experiencing some internal problems.
However, Binance CEO Changpeng Zhao has repeatedly denied those rumors.
Source:
https://tradecoind2.com/binance-reopens-in-belgium/
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In a move that has the cryptocurrency community buzzing with excitement, OKX has officially announced the listing of Wall Street Memes (WSM) on its spot trading market. OKX’s listing of WSM promises to bridge the gap between internet culture and cryptocurrency trading, presenting a unique and potentially memorable investment opportunity.
Below are details of the listing schedule:
1. WSM deposits are opened at 1:00 am on September 26, 2023 Vietnam time.
The journey of Wall Street Memes on the OKX platform begins with the opening of deposits at 1:00 a.m. on September 26, 2023 Vietnam time. This gives traders and enthusiasts the opportunity to prepare for the upcoming trading fever.
2. WSM/USDT spot trading starts at 17:00 September 26, 2023 Vietnam time.
The much-anticipated moment arrives at 17:00 on September 26, 2023 Vietnam time, when WSM/USDT spot trading officially begins on OKX. This marks the beginning of a new chapter for Wall Street Memes and crypto enthusiasts looking to ride the wave of meme culture.
3. WSM withdrawal opens at 17:00 September 27, 2023 Vietnam time.
For those who want to withdraw their WSM, the opportunity will open at 17:00 September 27, 2023 Vietnam time. This step ensures that users have full control over their assets and can manage them according to their preferences.
4. WSM trading on OKX Wallet > DEX starts at 21:00 September 26, 2023 Vietnam time.
In addition to spot trading, Wall Street Memes will also be available on OKX Wallet > DEX starting 21:00 September 26, 2023 in Vietnam. This decentralized trading option further expands the opportunities for traders to engage with WSM.
Wall Street Memes, abbreviated as WSM, has a total supply of 2,000,000,000 tokens, making it a notable addition to the cryptocurrency market. For those who want to dig deeper into the technical details, WSM’s contract address is 0xB62E45c3Df611dcE236A6Ddc7A493d79F9DFadEf.
What sets Wall Street Memes apart is its origin. With an impressive community of over 800k members, Wall Street Memes represents the epitome of Web2 Internet culture. It cleverly combines meme-based humor with elements of Web3, creating a digital asset that appeals to both crypto enthusiasts and meme fans alike.
As the crypto landscape continues to grow, it is exciting to see assets like Wall Street Memes finding a home on reputable exchanges like OKX. The combination of internet culture and cryptocurrency trading is not only innovative, but also reflects a broader trend towards mainstream adoption of blockchain technology.
For those looking to explore the world of Wall Street Memes and join the meme revolution in the crypto space, listing on OKX offers an exciting opportunity to participate. Follow the markets, stay updated with the latest news and consider making some memorable investments with WSM on OKX.
Source:
https://tradecoind2.com/wall-street-memes-wsm-is-listed-on-okx/
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Ethereum (ETH) price failed to sustain the gains that began on September 12. The $1,650 horizontal resistance area rejected the price afterward.
While the ETH/USD trend still looks bearish, the ETH/BTC pair shows that a trend reversal to the upside appears imminent.
Ethereum price failed to regain key levels
Ethereum price analysis on the daily timeframe makes bearish predictions for a variety of reasons.
Firstly, the price broke the ascending support line formed back in November 2022. This is considered a bearish sign, meaning the previous upward trend has ended.
Price action since the incident has also been bearish. During the decline, ETH broke below the $1,650 horizontal support zone, established since June 2023.
Between August 18 and September 12, the daily RSI created a bullish divergence (green line). Traders use the RSI as a momentum indicator to evaluate whether the market is overbought or oversold.
If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true. Bullish divergence occurs when falling prices combine with rising momentum. It is a bullish sign that often leads to an uptrend.
In this case of ETH, the price was unable to regain the $1,650 area. Instead, it was rejected by the zone on September 18 (red symbol) and has been falling ever since.
If the sustained decline continues, ETH could drop to the 0.618 Fib retracement support at $1,480. However, if it reclaims the $1,650 area, a 20% rally to the previous ascending resistance line at $1,900 is likely.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/eth-giam1.png)
ETH/USDT Daily Chart | Source: TradingView
It is worth mentioning that Ethereum founder Vitalik Buterin transferred 400 ETH to centralized exchanges. This could be a sign that he is planning to sell.
However, not all news is negative. Ethereum’s daily active addresses have reached 1 million , surpassing Bitcoin (BTC). Furthermore, Grayscale has filed an application for a spot ETH ETF.
Is Ethereum reversing its trend compared to Bitcoin?
Similar to the ETH/USD chart, the ETH/BTC three-day timeframe shows a continuous downtrend since September 2022, when the price was trading at a high of ₿0.085.
However, the decline is also contained inside a descending wedge, which is considered a bullish pattern. The price is approaching the end of the wedge, at which point a decisive movement away from it is expected. Since the wedge is considered a bullish pattern, the possibility of a breakout is higher.
Finally, the 3-day RSI produced a significant amount of bullish divergence (green line). This is another sign of the possibility of an eventual breakthrough.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/eth-giam2.png)
ETH/BTC 3-day chart | Source: TradingView
Therefore, Ethereum price analysis still looks bearish on the ETH/USD pair but bullish on the ETH/BTC pair. Reclaiming the $1,650 area would mean that the ETH/USD trend is now also bullish.
Source:
https://tradecoind2.com/ethereum-eth-price-falls-below-1600-will-it-continue-to-fall/
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Adam Cochran, managing partner at Cinneamhain Ventures, estimates that Justin Sun, who created the Tron blockchain in 2017 and owns a majority stake in cryptocurrency exchange Huobi, has about $2.4 billion in debt. are user assets across the Huobi and Tron ecosystems and there are not enough reserves to cover customer deposits.
https://twitter.com/adamscochran/status/1706329255989174737
The cooperative, formerly known as Huobi, claims to hold $200 million in Ethereum but only has $120.8 million when including wrapped and staked ETH, according to DefiLlama data . The exchange also claims to have $624 million in USDT but has just over $120 million in its wallet.
What is especially worrying is that 14.7% of the Cooperative’s reserves are tied to controversial Tether (stUSTD) staked tokens, which promise a 4.2% return on short-term government debt through a lending platform. Justin Sun’s Tron-based JustLend loan. However, Cochran claims that instead of buying government bonds, the money is being transferred to Sun, Cochran or Binance crypto wallets.
Last week, Sun came under scrutiny for printing $815 million of new TrueUSD, which was also used to mint stUSDT, to leverage JustLend.
stUSDT has grown to more than $1.8 billion in less than three months, Bloomberg reports .
Jonathan Reiter, chief executive of data analytics company Argos, said:
“If Huobi puts all the USDT it has into stUSDT, the exchange’s fortunes will be inextricably linked to the success of the stUSDT platform.”
In March, Sun was sued by the SEC for violating securities laws and market manipulation related to his TRX and BTT tokens.
Source:
https://tradecoind2.com/justin-sun-allegedly-owes-customers-2-4-billion-but-has-no-reserves-to-cover-it/
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According to data from Token Unlocks, the total value of tokens unlocked this week amounts to about 37 million USD based on current market prices. This has attracted the attention of investors, who are closely watching the potential impact on the prices of cryptocurrencies set to unlock.
Acala (ACA) is the first token on the list, scheduled to be unlocked at 4:00 p.m. September 25 (all time frames are Vietnam time). A total of 4.66 million ACA tokens, equivalent to approximately $220,000 in market value, will be issued.
Next is Galxe (GAL) , which will unlock 586,700 tokens worth about 770,000 USD at 16:00 on September 27.
Yield Guild Games (YGG) plans to unlock 12.42 million tokens, worth about 2.68 million USD, at 6:00 on September 28.
Also on the 28th, SingularityNET (AGIX) is expected to unlock 9.68 million tokens, with a market value of about 1.72 million USD at 16:00.
Euler (EUL) will unlock 153,020 tokens worth about 410,000 USD at 16:14 on the same day.
Optimism (OP) , one of the most closely watched projects, will unlock 24.16 million tokens, worth approximately 31.17 million USD, at 8:00 on September 30.
Finally, 1INCH will unlock 15,000 tokens at midnight on October 1, with a market value equivalent to 38.8 million USD.
(https://azcoinnews.com/wp-content/uploads/2023/09/token-unlock-1-1536x572.jpg)
Source: Token Unlocks
Token unlocking is a move to release significant amounts of cryptocurrency into the market by projects. Such large-scale unlocking has become somewhat of a trend for projects like 1 Inch, Optimism (OP), Acala, and Yield Guild Games in recent months. While these events may be seen as opportunities for investors, they also raise concerns about a possible subsequent price decline.
Source:
https://tradecoind2.com/37-million-worth-of-tokens-will-be-released-into-the-market-during-the-week/
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NEAR Protocol (NEAR) price could drop more than 40% from current prices
NEAR Protocol (NEAR) price has broken below a key long-term support zone and shown signs of weakness. It could retest the all-time low at $0.60.
Important support zone
NEAR Protocol (NEAR) price has continued its long-term downtrend since hitting a yearly high at $2.8 in early February 2023. This move took the price towards the key support zone at $1, 2 in June, forming a potential double bottom pattern. This is a bullish pattern, which often leads to a trend reversal to the upside.
However, instead of recovering strongly, NEAR price broke below the $1.2 support zone and confirmed it as resistance in late August. This invalidated the bullish pattern and created a bull trap .
The weekly RSI has also broken below the bullish divergence line, supporting the continuation of the downtrend.
Therefore, NEAR price is likely to plummet to the support zone at the all-time low of $0.6 in the near term. This represents a 46% reduction from current prices.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/NEARUSDT_2023-09-27_16-43-39.png)
NEAR/USDT Weekly Chart | Source: TradingView
Short-term outlook
The RSI on the daily timeframe has created a bearish divergence. This occurs when momentum increases but price makes lower highs. It means that the bears are actively selling on minor rallies and a sell-off will occur soon.
Because of the lack of horizontal support below the current price, the outer Fib retracement level is used to determine the next potential support.
If the price breaks the minor support zone at $1.06, it could drop to the 1.618 Fib retracement support at $0.87.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/NEARUSDT_2023-09-27_16-53-12.png)
NEAR/USDT Daily Chart | Source: TradingView
Conclude
The most likely outlook suggests that NEAR prices will continue to decline in the near term. The nearest target is $0.87 and lower to $0.60.
This bearish view could be invalidated as NEAR price reclaims the long-term support zone at $1.20 on the weekly chart.
Source:
https://tradecoind2.com/near-protocol-near-price-could-drop-more-than-40-from-current-prices/
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Worlcoin’s WLD has started an upward movement, generating significant interest among cryptocurrency users. The token has increased about 80% in value in the past two weeks. Riyad Carey, a prominent cryptocurrency researcher, has observed significant WLD buying activity on Binance over the past 24 hours and thinks it is a notable development for the new blockchain token.
https://twitter.com/riyad_carey/status/1706331038585094261
Carey used data from Kaiko, a cryptocurrency data platform, to analyze WLD’s recent behavior. The researcher shared a screenshot showing net buying activity of about $1 million worth of WLD on the Binance exchange within six hours. That buying led to a 5% increase in WLD, leaving signs that users may be accumulating.
The information shared by Carey revealed the cumulative volume of WLD across multiple cryptocurrency exchanges, including Uniswap, Bithumb, Bybit, Kucoin, OKX, and Binance. As of September 25, only Binance recorded a significant spike in cumulative volume figures.
Worldcoin launched in July 2023 and generated significant interest after listing on multiple exchanges. A large number of users saw token prices skyrocket within hours. WLD rose to $5.29 before retreating and closing its first day of trading at $2.16. That volatility comes as no surprise to crypto users, as it happens regularly with many new projects, especially those with significant hype.
WLD has been trading sideways for the past two months. It ranges from $2.52 to $0.97. The cryptocurrency token’s recent price rally has established mid-term resistance at $1.72. As of press time, WLD is trading at $1.73 as it attempts to overcome medium-term resistance and potentially head towards higher levels.
(https://s3.tradingview.com/snapshots/6/6y2cgEsY.png)
Source: TradingView
Source:
https://tradecoind2.com/wld-surges-5-within-6-hours-following-1-million-net-buying-activity-on-binance/
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September has proven to be a brutal month for financial markets.
The uneasiness is largely tied to the US Federal Reserve, which has signaled that it will maintain current interest rates, with the possibility of future rate hikes later this year. As a result, the market is in dire straits, with stocks consistently in the red over the past five sessions and concerns about an impending recession.
JPMorgan CEO Jamie Dimon even issued a warning to clients, suggesting they prepare for the possibility of interest rates as high as 7%. A Bloomberg strategist who once recommended shifting investments to defensive stocks now sees it as a wise move.
Reflecting on the recent launch of Instacart, a company that previously achieved a staggering $39 billion valuation during more prosperous times, its stock has now seen its capitalization drop significantly by 10%. billion USD compared to the date of public offering.
Turning our attention to the world of cryptocurrency, Bitcoin remains in a narrow trading range and overall cryptocurrency trading activity appears to be stuck in stagnation. Amid that backdrop, however, there are intriguing developments reminiscent of the excitement we’ve seen in the crypto space in 2021.
Individuals are flocking to decentralized social apps like Friend.tech to trade stocks related to their favorite personalities in the crypto Twitter community. Trading volume on the platform is approaching the 8 million mark, and the number of daily transactions has been consistently in the hundreds of thousands since early September.
In addition to Friend.tech, copywriting platforms such as Words.tech and Post.tech have emerged, providing users with the opportunity to access seemingly free money. Notably, Post.tech recorded a trading volume of over 1.8 million USD in a 24-hour period and is almost identical in functionality to X (Twitter). Solana-Friend.tech Fork Friendzy saw weekly trading volume reach about half that of Friend.tech since its launch on September 19.
Meanwhile, Celestia is distributing 60 million tokens as part of its network expansion efforts, and Walmart has started selling Pudgy Penguins in 2,000 of its stores.
There may be distortions and residual traces of fervent speculative sentiment in most markets. However, current market conditions are significantly different from previous bearish cycles. Considering the broader economic landscape, it is reasonable to assume that there will be greater challenges and market volatility ahead than what we are currently experiencing.
Source:
https://tradecoind2.com/cryptocurrencies-continue-to-grow-attractively-despite-a-brutal-september/
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Total cryptocurrency market capitalization (TOTALCAP) has broken above a descending resistance line, while Bitcoin (BTC) price is still struggling to do so. ImmutableX (IMX) is approaching the $0.54 horizontal support area.
The US Securities and Exchange Commission has delayed a decision on the ARK 21Shares Bitcoin ETF until January 2024. This is the maximum amount of time to decide whether the fund will be approved or not.
Total cryptocurrency market capitalization (TOTALCAP) breaks trendline resistance
TOTALCAP has been moving along a downtrend line since July 13, leading to a low of $978 billion on September 11.
Then, TOTALCAP began an upward trajectory, finding support at $1 trillion. This increase is accompanied by a bullish divergence in the daily RSI (green line), a phenomenon in which bearish momentum is not supported by momentum, which often signals significant upside potential.
On September 18, the price succeeded in breaking above the descending resistance line.
However, the price is struggling to maintain this upward momentum, slipping below the pre-breakout level. On September 26, TOTALCAP rebounded from the previous descending resistance line, confirming this as new support, a phenomenon that often occurs after a breakout.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc-totalcap1.png)
TOTALCAP Daily Chart | Source: TradingView
If TOTALCAP continues its previous pattern, it could rally 10% towards the $1.12 trillion resistance level. Conversely, a 3% decline is needed to bring the price down to the $1 trillion support level.
Bitcoin (BTC) price is gradually falling towards support
BTC price has been moving below a descending resistance line since July 13, reaching a low of $24,901 on September 11. Thereafter, the price increased significantly, reaching a local peak at $27,483 on September 19 .
Like TOTALCAP, this BTC uptrend is supported by a bullish divergence in the daily RSI. However, unlike TOTALCAP, BTC was unable to break above the resistance line.
If a breakout occurs, it could push Bitcoin price up 8% to the next resistance level at $29,200.
If the breakout fails and faces rejection, BTC price could fall 11% to the 0.618 Fib retracement support at $24,250.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc-totalcap2.png)
BTC/USDT Daily Chart | Source: TradingView
ImmutableX (IMX) price continues to decline after rejection
IMX price broke above the descending resistance trendline on September 15. Although the price reached a high of $0.77 on September 21, it failed to rise above the 0.618 Fib retracement resistance level.
Rather, it was rejected and created a long upper wick (red circle), which is considered a sign of selling pressure. Prices have dropped since then.
If the decline continues, the nearest support is found at $0.54, 4% below the current price.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc-totalcap3.png)
IMX/USDT Daily Chart | Source: TradingView
On the other hand, if the price suddenly bounces back, it could rally 24% towards the $0.71 resistance.
Source:
https://tradecoind2.com/totalcap-breaks-resistance-as-bitcoin-remains-above-26000-what-next/
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Global money transfer service MoneyGram is expanding its footprint in the world of cryptocurrency and digital payments.
The company is launching its own non-custodial digital wallet, allowing customers to convert fiat to cryptocurrency and vice versa, MoneyGram said in a statement . Additionally, MoneyGram emphasized that the new wallet, expected to be released in Q1 2024, will “leverage stablecoin technology.”
Alex Holmes, CEO of MoneyGram shares:
“Our vision to connect the world community, by empowering customers through innovative financial solutions, today took another step forward. Through the services we provide in partnership with the Stellar Development Foundation, MoneyGram has made strides towards creating equitable access to the global financial system, becoming the largest fiat currency provider on the planet. and off-ramp providing worldwide blockchain access.”
Last month, the Stellar Development Foundation, or SDF, announced it had made a strategic investment in MoneyGram. SDF, built on the Stellar blockchain, established a partnership with MoneyGram two years ago to facilitate cryptocurrency payments and launch a cash-to-crypto service.
In 2022, MoneyGram launched fiat on and off-ramp services for digital wallets, later expanding to eight digital wallets on the Stellar blockchain, the company statement said. MoneyGram also said it offers “cash-out” services (converting fiat money to cryptocurrency) in more than 180 countries and “cash-in” (converting cryptocurrency to fiat money) in more than 30 countries.
MoneyGram previously had a partnership with Ripple, a cryptocurrency predecessor to Stellar, but this relationship ended in early 2021.
Source:
https://tradecoind2.com/moneygram-will-launch-its-non-custodial-crypto-wallet-in-q1-2024/
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Ripple is hosting a party to help the XRP community further engage, and more importantly, celebrate its landmark victory against the US Securities and Exchange Commission (SEC) in mid-July.
However, beyond the spirit of bonding fun, some believe the gathering could see some serious developments surrounding the blockchain business and its future growth.
Ripple IPO and more
According to Brett Hill (Bitrue cryptocurrency exchange ambassador), it is rumored that one reason Ripple wanted to hold a big party on September 29 in New York City was to inform the community about the possibility possibility of filing for an upcoming initial public offering (IPO).
Other things that could happen during this event are the announcement of a settlement between the company and the US SEC or a major partnership between the company and a banking institution. It is worth mentioning that Britain’s largest bank announced a partnership with XRP earlier this week, allowing its customers to pay mortgage bills or loans with XRP instead of fiat currency.
User X (Twitter) 38% of the 2,500 voters believe the big news will be an IPO announcement, while about 17% think a deal with the US securities regulator is imminent.
https://twitter.com/stedas/status/1706783786518577623
Source:
https://tradecoind2.com/anticipation-for-ripples-ipo-skyrockets-ahead-of-the-important-event-on-september-29/
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Cryptocurrency data and analytics platform CoinGecko just released its Ethereum liquidity staking report for 2023, including a detailed overview of Liquidity Staking Derivatives (LSD) following the launch of Ethereum’s Beacon chain in 2020. While ETH holders can stake their assets after launch, a minimum of 32 ETH is required to become a validator. Therefore, to encourage staking for individuals with smaller holdings, LSD was introduced.
As reported by CoinGecko, the Shapella upgrade enabled ETH withdrawals on April 12, which observed outflows from major market players including Coinbase and Rocket Pool. Meanwhile, Lido, a leading LSD provider, consistently recorded daily net inflows of +18K ETH, reaching withdrawals of up to 400K ETH. According to data from Nansen, Coinbase, Binance and Kraken have staked the most ETH with 2.3 million, 852,512 and 799,200 respectively after just 2 weeks of the upgrade.
Furthermore, the report emphasizes that the ETH network maintains a “leaving cap” to regulate the entry and exit of validators. At the end of August, the network saw a daily influx of 2,475 validators, with the login queue reaching 96,508 validators on June 10. Furthermore, at peak times, validators had to wait up to 45 days to start staking.
CoinGecko also revealed the top 8 Ethereum LSDs have generated an average yield of 4.4% APY since January 2022. Additionally, events such as the Ethereum Merge in September 2022, the FTX Crash in November 2022, the USDC Unpeg Event in March 2023, and the Shapella Upgrade in April 2023 have led to increased yields spike, with the highest recorded level being 18.2% in November 2022. Rating report:
Frax’s SfrxETH is the best performing LSD in terms of average return, at 6.2% between October 2022 and August 2023. Lido’s StETH is second, with an average yield of 4.6%, closely followed by StakeWise’s SETH2 at 4.5%. Other LSD protocols offer yields ranging from 3.9% – 4.2%. Ankr’s AnkrETH is an exception, offering an average yield of 3.5%, the lowest among LSD protocols.
Finally, the report highlights that TVL in LSD Finance protocols has increased 5,870% since January, reaching 919 million at the end of August 2023. Lybra is said to have dominated the sector, accounting for 39.1% TVL or $359 million at the end of August.
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TVL on Top 10 LSDFi Protocols Until August 2023 | Source: CoinGecko
EigenLayer then contributed $245 million to TVL since its launch in June 2023. Pendle, launched in 2021, also increased 3%, increasing from $15.4 million to $139.4 million from January to August 2023.
Source:
https://tradecoind2.com/top-8-ethereum-lsds-have-generated-average-yields-of-4-4-apy-since-2022/
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Gary Gensler admitted before the House Financial Services Committee (HFSC) today that Pokémon cards are not securities in his opinion, under US law — but the SEC Chairman did not give a definitive answer when asked about whether tokenized Pokémon cards could be classified as securities.
https://twitter.com/DegenerateNews/status/1707071049857196456
New York Representative Ritchie Torres questioned US Securities and Exchange Commission (SEC) Chairman Gensler during a meeting of the US House Financial Services Committee on Wednesday discussing oversight of the SEC.
“Let’s say I buy a Pokémon card. Does doing so constitute a securities transaction?” Ritchie asked.
Gensler replied:
“You can buy Pokémon cards. I don’t know what the context is, but if you just buy Pokémon cards.
Torres pressed Gensler whether this card was a security or not, Gensler replied:
“At a retail store, it’s not a security.”
The U.S. Representative then asked Gensler whether purchasing blockchain tokens representing physical cards – essentially NFT Pokémon cards – would be similarly classified if purchased from an online exchange.
“I had to know more,” Gensler said.
Torres quickly continued:
“So for you, tokenization is what turns a non-securities transaction into a securities transaction?”
Gensler replied:
“If the investing public predicts returns based on the efforts of others and exchange funds, then that is the core of the Howey Test.”
Status of Bitcoin
Also at the hearing, the SEC chairman clarified his position on Bitcoin, asserting that the largest cryptocurrency is not a security in response to questions posed by Republican committee chairman Patrick McHenry.
Gensler, elaborating on his point, emphasized that Bitcoin does not meet the requirements of the Howey Test, emphasizing its differences from stocks.
However, he did not explicitly classify Bitcoin as a commodity. Gensler has previously discussed the classification of cryptocurrencies such as Ethereum (ETH).
In an interview with New York Magazine, he implied that it could be considered a security.
However, his reluctance to explicitly comment on the status of Ethereum has given rise to speculation and discussions about the legitimacy surrounding various cryptocurrencies.
After the hearing, Torres commented that:
“Chairman Gensler’s answers to my questions are as incoherent as the overall approach he is taking to cryptocurrency management. The manipulation of securities laws that has become his modus operandi is an open door to arbitrary enforcement.”
Source:
https://tradecoind2.com/gary-gensler-reiterates-that-bitcoin-is-not-a-security-but-it-is-uncertain-about-other-types/
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THORChain (RUNE) has been trading in a range between $1.45 and $2.05 since early August. Most recently, the price reached the top of the range on September 18 but faced resistance.
The RUNE price hit a temporary bottom on September 25 and rose to its highest level since then.
THORChain trades in the middle of the range
RUNE price has been increasing since June 14, when it was trading as low as $0.77. After making a higher low in early August, the price accelerated its rise, reaching a new yearly high of $2.03 on August 19.
The price then dropped to the $1.45 horizontal support zone. The subsequent recovery confirmed the cap on volatility, creating a range between $1.45 and $2.05.
Such ranges show consolidation between highs and lows until the price eventually moves out of these limits. Most recently, RUNE was rejected by the top of the range on September 18 (red symbol).
(https://tapchibitcoin.io/wp-content/uploads/2023/09/rune-tang1.png)
RUNE/USDT Daily Chart | Source: TradingView
The daily RSI provides a bullish outlook. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true. The indicator is above the 50 level and moving up, both of which are signs of an uptrend.
RUNE Price Prediction: Will Rune Hit $2?
Elliott Wave Theory involves analyzing long-term price patterns and investor psychology to determine the direction of trends. According to theory, the RUNE price is in the fifth and final wave of the uptrend that began in June.
The defining characteristic of this increase is the symmetrical triangle pattern in wave four. This is the most common structure in such waves.
If the wave count is correct, RUNE price could reach a high near $2.40, 35% higher than the current price. The target is found by the 1.61 external Fib retracement level of wave four (black).
The theory of Fib retracements suggests that after a significant move in one direction, it will partially retrace or return to the previous price level before continuing in the original direction.
This principle can be used to identify the top of a potential future uptrend.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/rune-tang2.png)
RUNE/USDT Daily Chart | Source: TradingView
Despite this bullish prediction, a drop below the September 25 low at $1.65 would invalidate this wave count.
RUNE could fall 18% to the nearest support at $1.45 in that case.
Source:
https://tradecoind2.com/thorchain-rune-price-hits-yearly-high-will-it-break-2/
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In the fast-paced world of cryptocurrency, all eyes are on the upcoming Bitcoin halving event, expected to take place in Q2 2024. Recent data from Glassnode has sparked shockwaves throughout the cryptocurrency community, as the event could have a more profound impact than initially predicted.
The current monthly issuance of Bitcoin stands at a respectable 27,000 BTC, but it appears that this number may not be enough to satisfy the growing demand for the world’s most famous digital asset. A closer look at different groups within the crypto ecosystem, including Shrimp, Whales, Super Whales, exchanges and miners, reveals surprising trends. Over the past 30 days, these groups have added a total of 86,000 BTC to their total Bitcoin holdings, essentially offsetting the entire monthly issuance.
This revelation sent shockwaves throughout the cryptocurrency space, raising questions about the potential consequences of the upcoming Bitcoin halving event. The halving event, which occurs approximately every four years, is an integral part of Bitcoin’s design. It cuts the rewards miners receive in half for validating transactions and adding them to the blockchain. This event will reduce the monthly Bitcoin supply from 27,000 BTC to just 13,500 BTC.
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T all the residuals have changed compared to the issue | _ _ Source : Glassnode
The fundamentals of economics are clear: when supply decreases while demand stays the same or increases, prices tend to rise. In the case of Bitcoin, this could mean a particularly bullish market reaction. What is especially intriguing is data showing that the current monthly issuance is struggling to meet the surge in market demand, raising concerns the market may not be fully pricing in the negative impacts. Dynamics of the upcoming halving event.
The concept of supply and demand is a basic indicator in economics and it is also true in the cryptocurrency market. Bitcoin’s scarcity is one of its defining characteristics, and as supply dwindles, the potential for price increases becomes even more apparent. If the data continues to reflect the trend of high demand and insufficient supply, the Bitcoin halving event could cause a supply crisis that pushes the cryptocurrency to new heights.
The excitement surrounding the Bitcoin halving is palpable, with many crypto enthusiasts and analysts closely monitoring the situation. The market reaction to the reduced supply, coupled with continued institutional interest in cryptocurrencies, could lead to a scenario where Bitcoin surpasses its previous all-time high.
However, it is essential to approach this issue with caution, as cryptocurrency markets are famous for their volatility. While the data points to a potential bull run, unexpected developments or outside factors could affect the results.
In short, the data provided by Glassnode adds a new layer of intrigue to the upcoming Bitcoin halving event. The overwhelming demand for Bitcoin, coupled with its dwindling supply, paints a picture of the market possibly underestimating the impact of this momentous event. As we inch closer to Q2 2024, the crypto world will be holding its breath, eagerly awaiting the next chapter in the Bitcoin story.
Source:
https://tradecoind2.com/bitcoin-halving-2024-will-supply-shortage-create-a-cryptocurrency-boom/
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Anonymous influential analysts, traders, and Bitcoin experts on X (formerly known as Twitter) often analyze what Bitcoin miners do with their block rewards as a psychological gauge of Bitcoin’s price performance. Where can it go?
In theory, Bitcoin miners sending rewards to exchanges heralds selling pressure on asset prices and could reflect the difficulty of miners.
Several publicly listed Bitcoin miners challenged aspects of this method at last week’s Bitmain World Digital Mining Summit (WDMS) in Hong Kong at a panel hosted by Ray Salmond .
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Bitmain’s WDMS on Bitcoin mining and renewable energy
According to Jeff Taylor, vice president of data center operations at Core Scientific:
“Core Scientific can be a model for a hodl strategy. We built a hoard of 10,000 Bitcoin and got it to the top, then that led to some financial struggles that we’re trying to overcome from now on. So what we are doing today is we are selling our Bitcoin yield every day.”
“I think it comes back to three things: How and where can you reduce costs, where and how can you increase efficiency, and what new financial innovations can you bring to the warehouse your money or energy programs essentially to stabilize your company’s overall profitability.
Panelists Taylor Monnig of CleanSpark and Will Roberts of Iris Energy agreed with Jeff Taylor, mentioning their respective companies also sold the majority of the BTC they mined.
“CleanSpark’s strategy is very different, right? So we’re very cautious in the bull market and we’re sad about that,” Monnig said. “We sold Bitcoin at the highest price of $60,000 and we feel sorry for that too. However, I think everyone has seen our strategy pay off this year with the expansion we achieved to 9.5 exahash and now we are starting to increase our holdings . As you may have seen over the past few months Bitcoin prices are at much lower levels.”
“We have taken a much more conservative approach in the bull market. Building in the midst of a bear market is our company’s motto, and I think we’ll continue to expand on that motto. I think people learned a lot during the last market cycle, and I think the CleanSpark strategy will be adopted by many other miners in the future.”
Roberts shares:
“We have sold out of Bitcoin every day since we started mining. I mean our view is that mining Bitcoin and operating data centers is a very different business model than investing in an asset like Bitcoin. We are in the business of creating shareholder value. What we are good at is operating data centers, generating cash flow for investors.”
“Our view is that we can actually create more value by selling Bitcoin today and making that Bitcoin, plus some money in the future, and we have the opportunity and the ability expand to do that or at some stage in the future potentially pay a dividend, whether that’s cash or Bitcoin.”
TeraWulf co-founder, Nazar Khan, commented:
“The last bull market seems two lifetimes away. So I think any approach that we had then is gone and we’ve adapted and modified our current position somewhat.”
“Similar to some of the others here, we sold every Bitcoin we produced and basically, at TeraWulf, we thought we were a convert. We’re using a kilowatt hour of energy to run through the amazing ASICs that Bitmain makes and generate the hash on the back end. Every day, the way we measure this is how effective we are in that transformation. We tell investors that we are converters and measure how effective we are in that transition, and that means we make money on every Bitcoin we sell day”.
So, are Bitcoin analysts doing it all wrong?
When asked about the accuracy and methodology of on-chain metrics like Charles Edward’s hash range indicator, Khan quipped:
“I think being an analyst is an extremely difficult job because by definition you are probably wrong. Besides, I think historically it’s probably been a good measure. Historically, when we realized margins above 80% there was no need to sell. You don’t need to monetize every Bitcoin produced.”
“I think when we look at most companies today, based on the growth plans that we have, the only source of income that we have is the margin that we get by mining Bitcoin or Capital raising has increased and the capital markets we use to grow our business have been difficult over the past few years,” Khan added.
“Therefore, I think, at least for publicly listed miners, looking at their Bitcoin selling strategy is not necessarily a direct indicator of capitulation or difficulty that is relevant with their current position and where their growth plans are tomorrow and how to meet their capital needs.”
Foundry vice president Kevin Zhong’s statement is also in line with the views of publicly listed miners at WDMS.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Bitcoin-2-10.png)
Foundry Senior Vice President Kevin Zhang talks about Bitcoin halving
“The ideal scenario is to rely on our hope that Bitcoin will go up in price and our woes will go away on its own, that is not guaranteed. Bitcoin-only economic drivers may not be there or may come 6 months or 12 months after halving. In that scenario, you have to be really creative. What do we do with block space, how do we increase fees. Are there other ways to subsidize ourselves and subsidize the miners? You also have to be very critical and strategic with what you do with the Bitcoin you mine. Are you hedging, are you taking covered calls? What is your budget plan? If you have a bullish view on Bitcoin, will you liquidate all of it or keep some of it. It requires a lot of layering and modeling, countless models.”
Source:
https://tradecoind2.com/3-reasons-bitcoin-miners-sell-btc-and-why-its-not-a-surrender/
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Amid the ever-evolving landscape of the cryptocurrency industry, MicroStrategy founder Michael Saylor has become a prominent advocate for Bitcoin’s long-term potential. Saylor’s recent social media activity stirred up the crypto community when he posted an intriguing image on platform X that shed light on the weakening of many countries’ fiat currencies when compared to US dollar over the past decade.
Accompanying the image, Saylor provided a thoughtful caption:
“If you don’t have access to dollars, Bitcoin is the solution.”
The statement reflects growing sentiment in the crypto world that Bitcoin can serve as an important financial hedge in the face of devaluing fiat currencies.
(https://azcoinnews.com/wp-content/uploads/2023/09/USD.jpeg)
Source: Michael Saylor
Saylor’s post visually depicted the stark reality that many countries’ traditional currencies have weakened significantly when pitted against the resilient US dollar. The most alarming case is the Venezuelan bolivar, which saw a staggering 99.9998% devaluation. This staggering devaluation serves as a stark reminder of the economic malaise facing many countries.
In addition, the US Federal Reserve’s persistent efforts to fight inflation have been a topic of global concern. Policy measures under consideration, such as raising interest rates to strengthen the US dollar, could exacerbate the depreciation of other national currencies.
In this turbulent economic environment, Bitcoin has emerged as a beacon of hope for those living in countries struggling with fragile financial systems or sanctions. As the leading digital asset by market capitalization, Bitcoin distinguishes itself in a number of important ways.
Firstly, Bitcoin’s scarcity is a prominent feature, with a limited supply capped at 21 million. Unlike traditional currencies, Bitcoin cannot be arbitrarily inflated, making it a strong store of value even in unstable economic conditions. Over the past decade, Bitcoin has delivered impressive returns, cementing its position as a safe-haven asset.
Second, Bitcoin operates independently of government or banking regulations. This decentralized nature gives it the ability to preserve value without being subject to regulation by governments. This has attracted the trust of investors who believe in Bitcoin’s sustainable growth potential over the long term.
As fiat currencies continue to falter and central banks grapple with inflation, Bitcoin’s appeal as a financial lifeline becomes increasingly clear. Its unique attributes, such as scarcity and decentralization, position it as a valuable asset in uncertain times. Michael Saylor’s endorsement of Bitcoin underscores the growing recognition of its role as a safeguard against wealth erosion caused by the devaluation of fiat currencies.
Source:
https://tradecoind2.com/michael-saylor-bitcoin-will-be-the-solution-when-global-fiat-currency-loses-90-value/
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Bitcoin (BTC) price volatility increased slightly in September. Monthly opening close to $26,000; The price dropped to $24,900 but is currently trading at $27,000.
These four analysts used different indicators to make predictions about Bitcoin in the near term.
Elliott Wave predicts a recovery
Technical analysts use Elliott Wave theory as a means to identify long-term price patterns and investor psychology, helping them determine the direction of a future trend.
This method was used to predict the September 11 bottom and subsequent recovery.
Both CryptoTony_ and AltstreetBet believe that the September 11 bottom is the low of the corrective wave A. They then claim that the price will bounce up soon and complete wave B in the process.
After the bounce, BTC price reached a high of $27,483 on September 19 before decreasing slightly. The price then started another upward movement on September 27.
Although the movement so far has been as predicted, the number of waves is yet to be confirmed.
If the recovery is indeed part of wave B, the price will peak inside the 0.5-0.618 Fib retracement resistance zone at $28,400-$29,200 before falling to $23,000 and completing wave C.
However, a decisive close above the 0.618 Fib level would mean the price has bottomed. In that case, Bitcoin could rise to a yearly high of $31,800, a 17% increase from current prices.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc-tang1-2.png)
BTC/USDT Daily Chart | Source: TradingView
Deviation and retraction result in upward movement
To make accurate predictions for Bitcoin’s movement in September, two other crypto traders used deviations below the horizontal support zone and subsequent recovery.
Anbessa100 and Profit8lue both believe that the price will deviate below the $25,400 zone.
Indeed, the price created a deviation and rose to a long-term descending resistance line on September 19.
However, it has decreased since then. A breakout above this trendline would go a long way in showing that BTC has begun a trend reversal to the upside. This could take BTC price to the 0.5 – 0.618 Fib retracement resistance level, a 7% increase from current prices.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/btc-tang2-2.png)
BTC/USDT Daily Chart | Source: TradingView
A decisive breakout above 0.618 is needed to confirm a trend reversal to the upside and rally to yearly highs
Source:
https://tradecoind2.com/top-analyst-correctly-predicted-btc-price-movement-in-september-whats-next/
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Blockchain authentication. Payment between different network layers. Digital asset recommendations in the metaverse.
These are some of the areas the research and development efforts PayPal is focusing on, according to a series of recently published patent applications.
(https://tapchibitcoin.io/wp-content/uploads/2021/02/PayPal.jpg)
PayPal
The most recent filing, published on Thursday and first filed in March 2022, goes into detail about how validators or miners are selected during the process of adding transactions to the blockchain. The document states that the company’s disclosed techniques could “enable smooth steering of blockchain requests to a desired subset of miners/validators.”
Three other patent applications, released on September 21, were also filed in March 2022.
One application laid out new “methods and systems” to enable offchain transactions through the NFT marketplace.
Another application refers to the concept of the so-called omniverse, which in this context suggests a product related to the multi-metaverse. PayPal says it has developed an “online transaction processor” that will provide recommendations on what digital assets users should buy based on the user’s blockchain preferences and what metaverse they are compatible with. work the most.
The third application describes another conceptual online transaction processor. The goal of this processor is to facilitate payments between users and merchants operating on different network layers (layer 1 and layer 2) in a more efficient manner.
In short, these apps provide a window into PayPal’s thinking as it built its suite of crypto products and services.
For example, with PayPal releasing a stablecoin in August, these proposals open the door towards PayPal using the technology for payments. Venmo, the company’s popular payments app, enabled electronic money transfers in May.
Source:
https://tradecoind2.com/this-is-a-sign-paypal-is-interested-in-layer-2-nfts/
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Fetch.ai (FET) price completed a bullish pattern at a key support zone and broke above the short-term resistance line. A sharp increase is possible in the next few days.
Bullish model
Fetch.ai (FET) price has been moving higher since the formation of a Pin bar candle during the week of August 14-21. This move confirmed the $0.17 area as support (blue arrow) and forming a double bottom model when compared to the bottom created in mid-June.
The weekly candle created from August 28 to September 3 is a bullish engulfing candle and helps the price break above the neckline of the double bottom pattern. This suggests that FET may have bottomed and a new rally is on the horizon.
Currently, FET price is in the process of confirming the neckline of the double bottom pattern as support (blue arrow). If successful, FET price could rally to the key resistance zone at $0.385-$0.439, formed by the 0.5-0.618 Fib retracement level of the entire downtrend from the yearly high at $0.61 . This price range corresponds to a maximum increase of 100% from the current price level.
The weekly RSI favors the bullish case as a significant bullish divergence formed before the entire upward move and the divergence line remains intact.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/FETUSDT_2023-09-29_15-52-54.png)
FET/USDT Weekly Chart | Source: TradingView
The resistance line is descending
The 4-hour chart shows that FET price has broken above a descending resistance line formed from the local high at $0.27 on September 5. This suggests that the short-term correction has ended and a A new price increase is likely to follow.
In fact, FET price also broke out above the small resistance area at $0.215 and continuously created bullish Pinbar candles in the past 24 hours. It means the bulls are buying aggressively at lower levels.
Therefore, FET price could rally to the next resistance zone at $0.24 and above it to $0.27 in the next few days.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/FETUSDT_2023-09-29_16-02-49.png)
FET/USDT 4-hour chart | Source: TradingView
Conclude
Technical indicators suggest that FET prices are poised to move higher. The nearest target is $0.24 going higher to $0.27.
The weekly timeframe suggests the possibility of the start of a new rally with a potential target of the $0.385-$0.439 zone.
Source:
https://tradecoind2.com/fetch-ai-fet-price-could-increase-100-in-the-near-future-heres-why/
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Good news for those who support Terra (LUNA), the class action lawsuit in the United States has been voluntarily withdrawn by the plaintiffs. This is the second case to be withdrawn, showing a positive trend for the company.
Terraform Labs’ new CEO, Chris Amani, expressed relief and determination on the matter in his statement.
“The last class action lawsuit against Terra in the United States has been withdrawn by the plaintiffs, bringing the count to two. As long as these baseless legal claims continue to fail, we will continue to fight.”
Coming to the details of the case, first by Nick Patterson and then on behalf of all others similarly situated Terraform Labs, Jump Crypto, Jump Trading, Tribe Capital, Definance Capital/Definance Technologies, Three Arrows Capital, Nicholas Platias and Do Kwon . A countersuit was filed.
However, lead plaintiff Michael Tobias and plaintiff Nick Patterson have voluntarily withdrawn their lawsuit against defendants Terraform Labs and Do Kwon, according to a notice sent to the court and all parties involved.
The notice further clarifies that neither the plaintiffs nor their attorneys have received or will receive any compensation for this retraction.
Source:
https://tradecoind2.com/the-final-class-action-lawsuit-against-terra-and-terraform-labs-has-been-withdrawn/
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About 2,500 ETH ($4 million) from wallets linked to the post-collapse FTX exchange attack are being moved for the first time in nearly a year.
This amount is divided through many transactions. Of this, 700 ETH was transferred using Thorchain Router, a privacy-focused cross-chain bridge. 1,200 ETH was transferred through Railgun, a privacy-focused DeFi wallet that allows for the concealment of transactions. 550 ETH remains in another wallet .
The hacker still has 12,500 ETH ($21 million) in the original wallet.
In addition, hackers still hold a significant amount of other altcoins including:
– Tether (USDT): $3.97 million
– DAI (DAI): $1.69 million
– Binance Coin (BNB): $42.88 thousand
– Bitcoin (BTC): $42.28 thousand
– USC Coin (USDC): $30.24 thousand
– Wrapped Bitcoin (WBTC): $8.84k
The identity of the FTX attacker remains a mystery
Exactly how much money was withdrawn from FTX and who did it remains a mystery.
Accounts tied to the FTX exchange and its US branch were depleted on November 11, 2022, almost immediately after the filing for Chapter 11 bankruptcy protection and the founder’s disgrace. Sam Bankman-Fried resigned.
Immediately after the hack, approximately 21,500 ETH ($27 million at the time) was converted into stablecoin DAI.
Bankman-Fried is expected to go on trial next week. He pleaded not guilty to all charges.
Source:
https://tradecoind2.com/hackers-on-ftx-exchange-move-millions-of-usd-eth-for-the-first-time-in-nearly-a-year/
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Arbitrum (ARB) price has reached a key resistance area and a breakout could send it soaring. However, it is likely to be rejected when trading inside a bearish formation.
Recently, Arbitrum DAO approved the allocation of 50 million ARB to various projects operating in its ecosystem. This has boosted investor sentiment towards ARB and the tokens in its ecosystem.
Daily outlook
Arbitrum (ARB) price has fallen below a descending resistance line since reaching a local high at $1.35 on July 17. This move has caused the price to fall below the key support zone at $0.92 and peaked with a low of $0.75 on September 11.
ARB price has rebounded since then and formed a bullish structure. Currently, it is retesting the $0.92 resistance area. The bears are likely to defend this zone aggressively as it coincides with the descending resistance line.
The daily RSI broke above its descending resistance line and is above 50, showing that the bulls are trying to make a comeback.
Therefore, ARB price is likely to correct towards the $0.80 support zone, a key level of the recent uptrend, before making another breakout attempt.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ARBUSDT_2023-09-30_16-27-25.png)
ARB/USDT Daily Chart | Source: TradingView
Discount model
The 2-hour chart shows that the recovery from the $0.75 low is contained within an ascending parallel channel. This is a bearish model, which often leads to crashes in the majority of cases.
The 2-hour RSI has formed a bearish divergence. This occurs when price increases but momentum decreases and is often followed by a decline.
Therefore, ARB price is likely to drop to the channel’s support line at $0.84.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ARBUSDT_2023-09-30_16-49-07.png)
ARB/USDT 2-hour chart | Source: TradingView
Conclude
The most likely outlook suggests ARB prices could correct in the next few days. The nearest target is $0.84 and lower to $0.80.
Once the correction is complete, ARB price is likely to make another breakout attempt above the $0.92 resistance area.
Source:
https://tradecoind2.com/arbitrum-arb-price-approaches-critical-resistance-is-a-breakout-happening/
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(https://f51-zpg-r.zdn.vn/6479659317209547916/6b88c46f2d41f91fa050.jpg)
XRP Ledger’s native token
According to popular analyst Egrag Crypto split on platform amazed by 300% or more”.
By meticulously analyzing these movements and averaging the increases, EGRG revealed XRP has the potential to increase in price by up to 1,160%. This analysis builds on an exploration of the 4-month timeframe, providing further insight into the anticipated recovery.
Building on previous reporting, EGRG described two trading arenas for XRP and the emergence of a “Steel Foundation” – a historical support for XRP price . Analyst JD noted that XRP’s market capitalization could soon increase after looking at the monthly chart.
The analyst highlighted holding the market cap above the 10-year trendline as a fundamental support level. Analysis shows that XRP has held this trend line since 2015, creating a symmetrical triangle.
Symmetrical triangles are popular patterns in technical analysis, signifying a period of consolidation and uncertainty in the market, and can be a continuation or reversal pattern depending on the direction of its breakout.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/XRP-1-1.jpg)
Source: JD
XRP’s previous symmetrical triangle was broken to the upside during the 2017 bull run, which saw it move to a new all-time high (ATH) above the $3 mark, before entering a bull run. significant adjustment. At the time of writing, XRP is trading at $0.51.
Source:
https://tradecoind2.com/analysts-xrp-price-predictions-show-over-1000-upside-potential-to-6-70/
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The US House of Representatives has rejected a bill passed by the US Senate to fund the government, and Kevin McCarthy’s proposals have so far failed to attract the attention of far-right lawmakers in US House of Representatives – all actions indicate the US government is moving towards at least a partial shutdown starting October 1.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Hoa-Ky-e1696046751506.jpg)
A U.S. government shutdown, which occurs when Congress fails to pass funding legislation for the next fiscal year, would prevent all federal agencies and departments from doing anything deemed “nonessential.” necessary”. Even if the shutdown lasts only a few hours – one in February 2018 lasted less than a day – cryptocurrency bills could take a backseat to lawmakers’ other policies as the Activity resumes.
Bills on the good or bad value of digital assets will be paused during the shutdown and financial regulators, including the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading (CFTC), will operate a core team. After the shutdown in 2019, SEC officials had limited enforcement and oversight capabilities.
Crypto Council for Innovation CEO Sheila Warren shared:
“After the shutdown, it is unclear which issues will be at the forefront of congressional attention. In addition to funding the government, the U.S. Congress also faces several statutory deadlines that will require additional legislative action before the end of the year.”
In July, lawmakers on the U.S. House Financial Services Committee voted to pass the Financial Innovation and Technology for the 21st Century Act (FIT), Blockchain Regulatory Certainty Act, Clarity for Payment Stablecoins Act and Keep Your Coins Act. If a shutdown occurs, no action can be taken on these crypto-focused bills – no amendments, no floor votes.
Warren suggested congressional priorities could easily shift from cryptocurrency to any issues that arise amid the government shutdown, and there could be additional distractions as the 2024 election approaches . US Treasury Secretary Janet Yellen also spoke out against “the inaction of the Republican Party in the US House of Representatives” in her speech on September 29, calling the shutdown “dangerous and unnecessary” and could “cause economic headwinds” in the future.
Before any bill was introduced in the US House of Representatives, many Democratic members of the US House Financial Services Committee firmly criticized the US Republican Party at a hearing on May 27. 9, although the focus is on SEC oversight. Virginia Representative Don Beyer is one of the few US Democrats pushing a cryptocurrency-related bill amid concerns about government funding, but lawmakers are unlikely to resolve it. This law before October 1.
Ron Hammond, director of government relations for the Blockchain Association said:
“The impending shutdown shows how difficult it will be to pass any major legislation in a divided U.S. Congress. As for cryptocurrency legislation, the longer the shutdown, the less time the US Congress has to vote on proposals like stablecoins and market structures. But the good news is that the various cryptocurrency bills in the US House of Representatives have strong bipartisan support and will likely take effect in November.”
At the time of writing, the Bitcoin price has dropped below $27,000 but does not appear to be correlated with any news of a congressional spending bill or the SEC moving ahead of schedule in delaying decisions on with spot Bitcoin exchange-traded funds. In contrast, ETH price has been moving above $1,600 over the past 3 days as companies announced their intention to launch ETFs tied to ETH futures in the first week of October.
Source:
https://tradecoind2.com/industry-leaders-and-policymakers-weigh-in-on-the-possibility-of-a-u-s-government-shutdown/
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PEPE’s fourth quarter starts off promising, can it sustain?
There’s hardly a dull chapter in the short history of Pepe – the frog-themed meme coin. The volatile price fluctuations of memecoin, which can make or break a portfolio, have piqued the interest of many crypto watchers.
PEPE develops unpredictably
On September 28, the meme coin increased over 12% in value. Looking at the trajectory, the bulls may have been headed towards higher returns. But unfortunately, they were not able to maintain it.
(https://s3.tradingview.com/snapshots/f/fmGIOgwC.png)
Source: TradingView
A day later, on September 29, PEPE fell more than 3%. While this could be attributed to traders taking profits, it accurately reflects memecoin’s volatility behavior.
What are whales doing?
The market dynamics of a particular address have attracted significant interest.
According to Lookonchain , traders have been buying and selling PEPE tokens on a regular basis to maximize profits.
After making a whopping $2.34 million from previous trades, the address bought $645,000 worth of PEPE in a single transaction on September 29. Needless to say, the trader is optimistic about the outlook. PEPE’s short-term outlook.
But it is not limited to just one wallet. According to data from Santiment, whales have been accumulating significantly, as evidenced by the spike in supply held by top addresses.
(https://statics.ambcrypto.com/wp-content/uploads/2023/09/Pepe-PEPE-17.35.16-30-Sep-2023.png)
Source: Santiment
Furthermore, supply on exchanges has decreased significantly during the week. This suggests that broader market consolidation is underway and PEPE could rise further after testing support levels.
Remember that the chaotic world of memecoin is full of dangers. Investors should be cautious.
Social activity declines
Surprisingly, public opinion around PEPE has dropped after peaking a week ago, despite a steady increase in the token’s value.
Additionally, weighted sentiment has been in negative territory since September 29, suggesting investors have a pessimistic view.
(https://statics.ambcrypto.com/wp-content/uploads/2023/09/Pepe-PEPE-18.00.04-30-Sep-2023.png)
Source: Santiment
PEPE originates from the countless dog-themed tokens that are dominating the market. The cryptocurrency has exploded tenfold in just a few days since its launch, attracting a large number of profit-hungry traders.
Source:
https://tradecoind2.com/pepes-fourth-quarter-starts-off-promising-can-it-sustain/
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(https://f67-zpg-r.zdn.vn/5864260681126424817/57f5f371fc42281c7153.jpg)
Shiba Inu (SHIB) price is trading in the middle of a long-term range between $0.0000060 – $0.0000080.
In the lower time frames, SHIB price is trading inside a correction pattern.
Cause of failure below support level
Technical analysis from SHIB’s weekly timeframe suggests a bearish outlook due to price movements.
The descending resistance line rejected SHIB price in July (red symbol). This creates a long upper wick and catalyzes the ongoing downward movement. During the decline, SHIB also broke below the $0.0000080 horizontal zone, which was providing support.
After such breakdowns, horizontal support zones often turn into resistance. Another touch of this zone and subsequent decline would confirm the $0.0000080 zone as resistance. The horizontal zone is very close to the descending resistance trend line.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/shib-tang1.png)
Source: TradingView
The weekly RSI is also falling. With the RSI as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset.
The bulls have the advantage if the RSI is above 50 and sloping up, but if the RSI is below 50 the opposite is true.
At the same time the price was rejected by the trendline, the RSI was also rejected by the 50 level (red circle) and is currently falling. Both are considered signs of a bearish trend.
SHIB price prediction: Will a breakthrough happen?
Analysis from the 12-hour timeframe provides a more optimistic outlook.
The main reason for this is that the price is trading in the upper part of the descending parallel channel. These channels often contain corrective movements, meaning that an eventual breakout from this channel is the most likely price outlook going forward.
The fact that the meme coin trades in the upper part of the channel further aligns with this possibility.
Additionally, the RSI is rising and almost moving above the 50 level (green circle), both of which are signs of an uptrend.
If the cryptocurrency breaks out, it could rally 30% and reach a long-term descending resistance line at $0.0000095.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/shib-tang2.png)
Source: TradingView
However, this bullish analysis will be invalidated if the channel’s resistance line rejects the price.
In that case, a 12% drop to the trendline support at $0.0000065 could be the outlook going forward.
Source:
https://tradecoind2.com/shiba-inu-shib-price-outlook-how-to-create-a-30-gain-in-50-days/
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(https://f46-zpg-r.zdn.vn/5506808764363601482/a09f0a230510d14e8801.jpg)
Litecoin (LTC) price has been falling since its yearly high in July, dropping 50% in the process.
This drop caused a breakdown from the long-term ascending support line, taking the price towards the long-term support at $64.
Litecoin returns to long-term horizontal support
Technical analysis from Litecoin’s weekly timeframe shows that the price has been falling since its yearly high of $115 in July. The decline peaked with a low of $56 in August. This is a 50% drop. in 42 days.
During the decline, the cryptocurrency also broke below an ascending support line, formed since June 2022.
Such a break of the long-term structure shows that the previous movement is complete and a new movement has begun in the other direction.
Since the August low, LTC price has been trading inside the $63 horizontal support zone. Previously, this zone acted as resistance at the end of 2022. Due to the continued recovery, it may have turned into support (green symbol).
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ltc-tang1-3.png)
Source: TradingView
The weekly RSI shows a bearish outlook. With the RSI as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset.
The bulls have the advantage if the RSI is above 50 and sloping up, but if the RSI is below 50 the opposite is true. The indicator is below 50 (red line) and is falling, both of which are signs of a downtrend.
LTC Price Prediction: Will the Double Bottom Catalyze a Rally?
While the weekly timeframe is bearish, the daily chart offers a more bullish outlook. This is due to a few reasons.
First, the price has created a double bottom pattern. This is considered a bullish pattern, meaning it often leads to a breakout.
Second, the double bottom is combined with a bullish divergence (green line) in the RSI indicator. This happens when the decline is not supported by momentum. It often leads to a significant uptrend reversal, as has been the case with Litecoin so far.
If the uptrend continues, it could rally 22% to the previous ascending support line at $80.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/ltc-tang2-3.png)
Source: TradingView
Despite this bullish prediction, a close below the $63 horizontal support area would invalidate the bullish double bottom.
In that case, the price could fall 22% to the $50 support zone.
Source:
https://tradecoind2.com/will-this-price-model-help-litecoin-ltc-increase-by-25/
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(https://f42-zpg-r.zdn.vn/2126516468214767371/eb7d4ec141f295accce3.jpg)
Decentralized Oracle protocol Tellor (TRB) has defied bearish sentiment to emerge as one of the bright spots in the crypto landscape in recent weeks. According to CoinMarketCap, TRB price has exploded 270% in the past month, trading at $52.18 at the time of writing.
TRB price increased 270% as whales increased accumulation
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Bieu-do-giaTRB-tapchibitcoin.jpg)
Source: CoinMarketCap
Whales impact prices?
With the surge amid a bear market, speculators looking for a quick buck rushed to own TRB.
However, like many other small and mid-cap cryptocurrencies, the upcoming price movements may be dictated by a few powerful investors.
According to data from Lookonchain dated September 28, six whale wallets have accumulated up to 286,375 TRB, worth more than 15 million USD at the current market rate.
TRB price increased 270% as whales increased accumulation
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Ca-voi-tich-luy-TRB-tapchibitcoin.png)
Source: Lookonchain
It was further revealed that all of these addresses were profitable, with a combined profit value of up to $7 million. Lookonchain says that these whales can take profit-taking action at any time.
Because they control 11% of the supply, a whale sell-off could put significant pressure on TRB’s value.
Although whale movements are often seen as a harbinger of what will happen in the future, you should always exercise caution and DYOR (do your own research on an issue you take in through the media). or someone).
Rumors exploded in the media
According to Santiment, the majority of profit-taking took place around September 17. Apparently, this was the time when most TRB holders transferred their coins to exchanges to sell.
Since then, the supply on and off the exchange has not changed. Even so, prices have increased by 47%.
TRB price increased 270% as whales increased accumulation
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Ca-voi-tich-luy-TRB-tapchibitcoin-1.png)
Source: Santiment
TRB has benefited greatly from the positive buzz. As indicated, the number of mentions in social media dedicated to TRB increased as the price passed $50.
Cryptocurrencies in general soar based on word of mouth and hype. Therefore, rumors may continue to make many investors FOMO and spend money to buy them.
TRB price increased 270% as whales increased accumulation
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Ca-voi-tich-luy-TRB-tapchibitcoin-2.png)
Source: Santiment
Additionally, investor sentiment is in positive territory, suggesting that the number of positive comments surrounding TRB has overshadowed negative public opinion. This is a good signal for TRB in the short term.
Source:
https://tradecoind2.com/trb-price-increases-270-as-whales-increase-accumulation-whats-going-on/
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(https://f43-zpg-r.zdn.vn/7269272030710614085/be9177257916ad48f407.jpg)
Bitcoin price is trading at $26,997 at the time of writing, marking a 60% drop from its all-time peak of $69,000 in 2021. When predicting the next bull market, exports raises questions regarding the potential future price of Bitcoin.
While most predictions are speculative, one analyst has devised a model that leverages historical data to forecast potential peaks and troughs in Bitcoin price over time.
Bitcoin price in previous cycles
(https://tapchibitcoin.io/wp-content/uploads/2023/09/Gia-Bitcoin.webp)
Source: TradingView
Since its inception, Bitcoin has shown outstanding growth that has brought significant benefits to early long-term investors. This price increase can be observed when measuring Bitcoin price from trough to peak and between the highest peaks of consecutive bull markets.
In 2011, BTC peaked at just $33, followed by a peak of $1,240 in 2013, reflecting a 3,800% increase between peaks. Subsequent peaks in 2017 and 2021 were $20,000 and $69,000, representing increases of 1,600% and 350%, respectively. Comparable percentages are also observed when considering the bottoms of different cycles.
Notably, the relative growth between cycles has decreased, likely due to Bitcoin’s increased market capitalization, which requires more capital to influence its price. This decreasing growth is consistent with a mathematical model called logarithmic regression.
Logistic regression model
An analyst has plotted various logarithmic curves on the Bitcoin chart to forecast Bitcoin’s potential tops and bottoms, using time as the only input. Such models can help investors by offering a simple way to see potential market trends and make proactive plans in the unpredictable world of cryptocurrency.
(https://tapchibitcoin.io/wp-content/uploads/2023/09/12.webp)
Source: Bawdy Anarchist/ X
Bitcoin’s tops and bottoms typically occur every four years, allowing for predictions of potential Bitcoin prices in upcoming cycles based on logarithmic regression models.
Bitcoin price prediction
2025-2026: Bitcoin price could peak in the third or fourth quarter of 2025 between $170,000 and $200,000, before bottoming out around $70,000 the following year.
2029-2030: Bitcoin price could peak between $410,000 and $440,000 and bottom the following year at around $230,000.
2033-2034: Bitcoin price could peak between $750,000-800,000 and bottom around $700,000 the following year.
In the late 2030s, the pattern begins to break down as the predicted peaks begin to fall below the predicted troughs, potentially indicating stabilization in Bitcoin’s price after its peak of $750,000-800,000.
Conclude
While models like these make insightful predictions about the potential future price of Bitcoin, it is important to acknowledge their limitations and the need for periodic updates with new data points. . Many external factors, including but not limited to regulatory changes , technological advances, and macroeconomic conditions, can significantly affect model accuracy.
Furthermore, the unprecedented nature of Bitcoin’s trajectory, having never experienced a recessionary environment, implies the potential for more significant failures than the models can predict. Forecasts should be viewed with caution against broader market trends and analysis as with any financial model.
Source:
https://tradecoind2.com/bitcoin-price-is-predicted-to-reach-170000-by-2025/
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The 2021 bull run has exposed some major weaknesses in the Ethereum (ETH ) blockchain. As a result, the term “Ethereum killer” has gained traction as a way to describe the multiple layers competing for the top spot by trying to overthrow the network’s dominance.
At the present time, Ethereum remains the dominant PoS blockchain in several key areas. Therefore, Layer blockchains like Solana (SOL ) and Avalanche (AVAX ) have not been able to dethrone Ethereum.
ETH’s secret weapon is Layer 2, which has allowed it to overcome previous scalability limitations.
A recent analysis by Grayscale revealed that Optimism (OP ), Base , and Arbitrum (ARB ), which are three Ethereum Layer 2s, have surpassed Avalanche and Solana in terms of total asset volume locked (TVL ).
This is because Ethereum is far ahead of its competitors in terms of adoption and number of active dApps on its network.
https://twitter.com/Grayscale/status/1707874684459778499
The Layer 2 network supports Ethereum’s success in overcoming its previous limits. L2 supports transaction processing, allowing dApps to operate efficiently and cost-effectively. There is a key factor that has allowed Layer 2 networks to surpass some Layer 1 blockchains.
While Layer 1 has to build their own dApps and clientele, Layer 2 benefits from Ethereum’s many existing dApps. On top of that, the same Layer 2s can also attract dApps themselves.
https://twitter.com/Grayscale/status/1707874684459778499
Can Ethereum Layer 2 ensure market capitalization dominance?
These figures show that Ethereum is still able to meet strong demand and utility at the time of writing. But while its Layer 2 networks have strong TVL growth, they still lag Solana and Avalanche in market capitalization.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/Layer-2-vuot-troi.png)
Source: Santiment
According to the latest data, Solana’s market capitalization is over $9.8 billion, while Avalanche has a market capitalization of $3.45 billion at the time of writing. The most “modest” among the above mentioned Layer 1 is Arbitrum with 1.23 billion USD, followed by Optimism at 1.12 billion USD.
Base has the lowest market capitalization among them, at just $441 million.
It makes sense that Layer 2 has a lower market cap, since their counterparts are Layer 1 networks that have been around longer. However, Layer 2 market capitalization highlights their rapid growth.
Judging by these factors, they will most likely be closer to Solana and Avalanche. These numbers also highlight the fact that it is now more difficult than ever to beat Ethereum.
Source:
https://tradecoind2.com/how-does-ethereum-layer-2-outperform-layer-1/
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(https://f52-zpg-r.zdn.vn/2462187369132121383/915211e38324577a0e35.jpg)
September has officially become the worst month of 2023 (so far) as stolen cryptocurrency reached $329.8 million.
On October 2, blockchain security firm CertiK said the most significant contributor to total losses for the month came from the Mixin Network attack on September 23, when the decentralized crosschain transfer protocol had Hong Kong-based company lost $200 million after its cloud service provider was hacked.
https://twitter.com/CertiKAlert/status/1708094695832682893
Other major incidents during the month included attacks on exchanges CoinEx and Stake.com, which resulted in losses of $53 million and $41 million, respectively.
North Korea’s Lazarus Group has been criticized as the mastermind behind both attacks. Latest figures from Dune Analytics claim that the group now holds $45.6 million in crypto assets.
The attack caused the total amount of cryptocurrency lost due to exploitation (exploitation attack) annually to reach 925.4 million USD. July was the second biggest loss month, with $285.8 million stolen.
Meanwhile, this month also saw $1.9 million lost to exit scams, $400,000 to flash loan attacks and another $25 million to phishing attacks, according to CertiK.
The total amount of money lost in 2023 due to exploits, scams and hacks now reaches 1.34 billion USD.
According to blockchain security company Beosin, total losses from hacks, phishing scams and exit scams are nearly 890 million USD in the third quarter of 2023.
The loss in the third quarter even exceeded the total amount of the first two quarters, which was $330 million in the first quarter and $333 million in the second quarter.
Source:
https://tradecoind2.com/september-was-the-worst-month-of-the-year-as-hackers-made-329-8-million/
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(https://f52-zpg-r.zdn.vn/6602735292839882562/a6a21e178cd0588e01c1.jpg)
Stacks (STX) price has bounced off long-term support and broken above a bullish formation. It is expected to recover strongly in October.
Weekly outlook
Stacks (STX) price has been moving lower since reaching a yearly high of $1.30 on March 20. This move took the price to the previous resistance zone of $0.40 on August 14. As this zone has provided strong resistance to the price over a period of 154 days so it is expected to provide support when the price retests.
Indeed, the bulls defended this zone aggressively and created a bullish candlestick last week. This shows that the bulls have gained control.
Although the weekly RSI remains below 50, it has broken above a descending and upward-sloping resistance line. This is an early sign that a recovery will occur.
If the price continues to rise, the next key resistance level is found at $0.82.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/STXUSDT_2023-10-02_16-46-28.png)
Source: TradingView
Break out of bullish price pattern
The daily chart shows that STX price has broken above a descending wedge formed from the aforementioned $1.30 high. This shows that the previous downtrend has ended and a new price increase has begun.
The daily RSI has also created a bullish structure and is above 50, showing that the advantage is in favor of the bulls.
Therefore, STX price could rise towards the next resistance zone at $0.64 in the next few days.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/STXUSDT_2023-10-02_16-52-21.png)
Source: TradingView
Conclude
Technical indicators show that STX price is ready for a new rally. The nearest target is found at $0.64 and above it up to $0.82.
Source:
https://tradecoind2.com/stacks-stx-price-could-surge-in-october-heres-why/
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(https://f45-zpg-r.zdn.vn/2898484682188846737/b62e0e8b9c4c4812115d.jpg)
Michael Lewis, famous author of “The Big Short” and “Flash Boys” claims Sam Bankman-Fried, founder of collapsed cryptocurrency exchange FTX, considered spending $5 billion to prevent Donald Trump ran for president in a CBS interview broadcast on Sunday (October 1).
Lewis added that Bankman-Fried is also investigating whether the money was legitimate.
“The question Sam asked was not just ‘Is $5 billion enough to pay Trump not to run’ but ‘Is it legal?’”
Donate to politics
Before FTX’s demise, Bankman-Fried was an active political donor. Federal prosecutors reportedly investigated his donations to both Democratic and Republican lawmakers.
Bankman-Fried could face more than 100 years in prison if convicted on a series of charges, including fraud, in his upcoming trial, scheduled to begin tomorrow (October 3).
Source:
https://tradecoind2.com/sam-bankman-fried-considered-paying-5-billion-to-donald-trump-not-to-run-for-president/
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(https://f45-zpg-r.zdn.vn/4333880488120397394/8e873322a1e575bb2cf4.jpg)
Grayscale Investments in conjunction with NYSE Arca has applied for approval from the United States Securities and Exchange Commission (SEC) to convert the Grayscale Ethereum Trust (ETHE) into a spot ETH ETF.
Grayscale’s ETHE is the world’s largest ether investment product, with nearly $5 billion in assets under management.
Michael Sonnenshein, CEO of Grayscale said:
“At Grayscale, our unwavering commitment is to provide investors with transparent and regulated access to cryptocurrency through familiar product structures. As we apply to convert ETHE into an ETF, the natural next step in our product development, we see this as an important moment to bring Ethereum even further into the US regulatory sphere .”
The company – following a court victory against the SEC this past summer – is also awaiting approval from the agency to convert the Grayscale Bitcoin Trust (GBTC) into an ETF.
Source:
https://tradecoind2.com/grayscale-files-with-sec-to-convert-5-billion-ethe-fund-into-etf/
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In a surprising development, digital asset investment products recorded significant inflows of up to $21 million, breaking a six-week streak of outflows. This data comes from CoinShares Digital Asset Flow Weekly Report , which sheds light on dynamics in the cryptocurrency market.
Investment flows spiked over the weekend, mainly on Friday, and were likely due to a combination of factors, such as positive price momentum, concerns about US government debt and the quagmire. happening around government funding all play a role in pushing investors towards digital assets.
Despite the recent surge in interest, it is worth noting that trading volumes in both investment products and the overall cryptocurrency market remain relatively low. However, the $21 million inflow shows that investors still have strong demand for digital assets.
(https://azcoinnews.com/wp-content/uploads/2023/10/CoinShares-1024x828.jpg)
One of the standout cryptocurrencies in this landscape is Solana, with a notable inflow of $5 million – marking its 27th week of attracting investment, with just four weeks of outflows during the year. now. This impressive performance underscores Solana’s position as one of the most popular altcoins in 2023.
In contrast to Solana’s success, Ethereum, one of the leading cryptocurrencies, saw outflows for the seventh consecutive week, amounting to $1.5 million. This trend puts Ethereum at the bottom of the altcoin list when it comes to investor sentiment, highlighting the challenges it faces in the current market.
On the other hand, Bitcoin saw a significant inflow of $20 million last week, becoming the asset that attracted major investment capital among digital assets. Meanwhile, Short Bitcoin products continue to record outflows, with $1.5 million withdrawn last week. Since April, these products have seen total outflows of up to $85 million, indicating bearish sentiment among some investors.
The global cryptocurrency market continues to exhibit regional differences. While the United States saw outflows totaling $19 million, both Europe and Canada recorded significant inflows of $23 million and $17 million, respectively. These regional differences highlight the complex and evolving nature of cryptocurrencies on a global scale.
Furthermore, blockchain stocks saw outflows of $8.4 million, coinciding with a broader sell-off in the technology sector. This difference shows that investors are making different choices in the digital asset space, choosing cryptocurrencies over traditional technology stocks.
Source:
https://tradecoind2.com/digital-asset-records-21-million-inflows-sol-extends-winning-streak-to-27-weeks/
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(https://f51-zpg-r.zdn.vn/4202356747675863869/059375d0f81a2c44750b.jpg)
Solana (SOL) total value locked (TVL) hit a new yearly high last week. The price accelerated its rise on September 27, peaking at a high of $24.80 today.
Solana price is also trading in a long-term horizontal range between $18 and $32.
Solana ended the week up
Weekly time frame analysis of SOL’s price movements shows a sharp increase since the beginning of the year.
During this uptrend, SOL managed to break above the $18 resistance and the 600-day descending trend line.
Following the breakout, Solana reached a high of $32 before encountering resistance at $27. In early September, SOL price returned to the $18 horizontal level and rebounded (green symbol), confirming this as a reliable support zone.
This has resulted in the creation of a trading range bounded by $18 and $32. In such trading ranges, the price often consolidates between these levels before deciding to break out of them.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/sol-tang1.png)
SOL/USDT Weekly Chart | Source: TradingView
The weekly relative strength index (RSI) is yet to be determined. The RSI plays a key role in helping investors identify momentum to make informed choices to buy or sell assets.
Bulls see an RSI above 50 and sloping up as a positive sign, while a number below 50 is considered a bearish sign. The RSI is moving freely above and below 50, failing to confirm the direction of the trend.
SOL Price Prediction: Acceleration After Daily Breakout
Technical analysis from the daily timeframe shows this trend accelerated after Solana price broke out above a descending wedge on September 14. Prices made a higher low on September 27 and then accelerate. Year to date, SOL price has increased 30%, reaching a high of $24.80.
It is possible that this increase has supported the increase in total value locked (TVL) in the Solana network. TVL hit a 2023 high of $337.49 million last week. TVL has grown steadily since the liquidation of FTX’s assets was approved by the court.
The daily RSI supports continued upside for SOL. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
If the RSI is above 50 and sloping up then the bulls have the advantage, but if the index is below 50 the opposite is true.
First, the RSI has broken above the descending resistance line (green line). It then moved above the 50 trend line (white) and increased since then.
These signs legitimize the breakout and hint at further increases. The next closest resistance is $27, 12% above the current price.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/sol-tang2.png)
SOL/USDT Daily Chart | Source: TradingView
However, despite this bullish prediction, a sudden drop in momentum could send prices down 23% towards the long-term ascending support line at $19.
Source:
https://tradecoind2.com/solana-sol-total-value-locked-hits-2023-high-as-price-jumps-30-2/
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John E Deaton – a US attorney representing thousands of XRP investors in a lawsuit against the US Securities and Exchange Commission (SEC) – continued to criticize Chairman Gary Gensler.
Gensler has been criticized for his negative approach towards the cryptocurrency industry, with some claiming that the Commission’s stance could cause a “brain drain” from the United States.
Gensler must resign
Deaton asserted that the SEC Chairman “didn’t know” what a security was. The agency he is in charge of filed a lawsuit against Ripple in December 2020, accusing the blockchain business of raising capital years ago by selling XRP tokens as an unregistered securities offering to retail investors. .
https://twitter.com/JohnEDeaton1/status/1708492398689390909
However, a court decision from mid-July determined that the sale did not constitute an investment contract offer. In addition to hitting the SEC’s ambitions to win the case, this ruling also positively affected the price of XRP , causing it to skyrocket by more than 70%.
Deaton also added that Gensler “completely ignored the fact that U.S. securities laws do not apply to the purchase of assets for non-investment use cases,” urging him to resign.
A few days ago, the lawyer argued that the regulator can use all its options to delay the final outcome of the lawsuit but does not know how to prevail against Ripple.
“If the early appeal is granted, it will take another year and a half to two years for the United States Court of Appeals for the 2nd Circuit to rule on this matter. If the SEC wins at the 2nd Circuit, which I believe they won’t, then the case will be returned to Judge Torres, who will apply the facts of the case to other factors Howey has not yet analyzed ,” he said.
Gensler’s response to the lawsuit
Gensler seems to prefer remaining silent rather than providing any specific details.
Furthermore, he once again criticized the cryptocurrency sector, describing people and companies operating in the space as “scammers” and accusing them of misusing customer funds.
Source:
https://tradecoind2.com/attorney-john-deaton-us-sec-chairman-doesnt-know-what-securities-are/
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Solana (SOL) total value locked (TVL) hit a new yearly high last week. The price accelerated its rise on September 27, peaking at a high of $24.80 today.
Solana price is also trading in a long-term horizontal range between $18 and $32.
Solana ended the week up
Weekly time frame analysis of SOL’s price movements shows a sharp increase since the beginning of the year.
During this uptrend, SOL managed to break above the $18 resistance and the 600-day descending trend line.
Following the breakout, Solana reached a high of $32 before encountering resistance at $27. In early September, SOL price returned to the $18 horizontal level and rebounded (green symbol), confirming this as a reliable support zone.
This has resulted in the creation of a trading range bounded by $18 and $32. In such trading ranges, the price often consolidates between these levels before deciding to break out of them.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/sol-tang1.png)
SOL/USDT Weekly Chart | Source: TradingView
The weekly relative strength index (RSI) is yet to be determined. The RSI plays a key role in helping investors identify momentum to make informed choices to buy or sell assets.
Bulls see an RSI above 50 and sloping up as a positive sign, while a number below 50 is considered a bearish sign. The RSI is moving freely above and below 50, failing to confirm the direction of the trend.
SOL Price Prediction: Acceleration After Daily Breakout
Technical analysis from the daily timeframe shows this trend accelerated after Solana price broke out above a descending wedge on September 14. Prices made a higher low on September 27 and then accelerate. Year to date, SOL price has increased 30%, reaching a high of $24.80.
It is possible that this increase has supported the increase in total value locked (TVL) in the Solana network. TVL hit a 2023 high of $337.49 million last week. TVL has grown steadily since the liquidation of FTX’s assets was approved by the court.
The daily RSI supports continued upside for SOL. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
If the RSI is above 50 and sloping up then the bulls have the advantage, but if the index is below 50 the opposite is true.
First, the RSI has broken above the descending resistance line (green line). It then moved above the 50 trend line (white) and increased since then.
These signs legitimize the breakout and hint at further increases. The next closest resistance is $27, 12% above the current price.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/sol-tang2.png)
SOL/USDT Daily Chart | Source: TradingView
However, despite this bullish prediction, a sudden drop in momentum could send prices down 23% towards the long-term ascending support line at $19.
Source:
https://tradecoind2.com/solana-sol-total-value-locked-hits-2023-high-as-price-jumps-30/
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A class action lawsuit was filed on October 2 in California federal court accusing cryptocurrency exchange Binance and its CEO Changpeng Zhao (CZ) of unfair competition and manipulation. market to cause the collapse of rival exchange FTX.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/timthumb-2.jpeg)
The lawsuit was filed by an FTX user who lost all of his assets when FTX collapsed and filed for bankruptcy last month. It accuses Binance, which holds a large amount of FTX’s FTT tokens, of making false statements about the sale of those shares, causing the price of FTT to fall, and then making false statements about its intention to buy FTX again, temporarily stabilizing FTT’s price before rejecting the acquisition again.
According to the complaint, Binance invested in FTX’s FTT token in 2019 and owned up to 5% of the total FTT supply. On November 6, CZ tweeted that Binance would sell its remaining FTT due to “recent revelations,” causing FTT to drop 14% in 24 hours. However, the lawsuit claims Binance sold 23 million FTT worth $530 million the day before Zhao’s tweet.
The lawsuit claims CZ intentionally misled the market to cause FTT to decline and undermine confidence in rival FTX. It further alleges that CZ’s tweets on November 7 about Binance signing a non-binding letter of intent to acquire FTX were also deceptive in order to temporarily halt FTT’s slide. The next day, CZ tweeted that Binance would not acquire FTX, causing FTT to plummet again and forcing FTX into bankruptcy.
The class action lawsuit accuses Binance and CZ of unfair competition, market manipulation, fraudulent practices, and making false statements, asserting that their actions were motivated by animosity. opposition to FTX and its founders’ lobbying for stricter regulation of cryptocurrencies. It claims Binance engaged in ‘bait and switch’ tactics to hasten the collapse of FTX after Binance sold its FTT shares.
The lawsuit seeks damages for FTX users who cannot access their funds as well as disgorgement of ill-gotten profits that Binance allegedly obtained from profiting at FTX’s expense. It claims Binance’s market share has increased significantly since eliminating its major rival.
Binance and CZ have yet to comment on the lawsuit. The case highlights the lack of regulatory clarity regarding cryptocurrencies as disputes play out in court.
Source:
https://tradecoind2.com/changpeng-zhao-and-binance-were-sued-for-alleged-market-manipulation-that-caused-ftx-to-collapse/
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On Tuesday (October 3), the US Department of Justice issued sanctions against several Chinese companies and their employees for participating in the production of Fentanyl and Methamphetamine, the distribution of synthetic Opioids and the sale of pre-chemical substances, noting that they use cryptocurrency to hide their identities.
“These Chinese companies often attempt to evade law enforcement by using U.S.-based couriers, fake labels, fake invoices, and fraudulent postage and packaging to hide the true content. of the parcel and the identity of the distributor. Additionally, these companies tend to use cryptocurrency transactions to conceal their identities as well as the location and amount of their funds.”
Distributed in the US
Authorities seized 1,000 kilograms of “fentanyl-related precursors,” and officials said they also tracked packages containing the chemical through the U.S. mail. China-based manufacturers ship “precursors, Opioid and synthetic Opioid additives” Fentanyl and Methamphetamine globally, where drug cartels and other groups mix the substances, officials said. This chemical then distributes drugs in the US.
“We know that the global Fentanyl supply chain, which ends in American deaths, often begins with chemical companies in China. The United States government is focused on breaking every link in that chain, getting Fentanyl out of our communities and bringing those who put it there to justice,” said Attorney General Merrick B. Garland. know.
According to a DOJ statement, Fentanyl is the leading cause of death for people in the United States between the ages of 18 and 49.
“From February 2022 to January, at least 105,263 Americans died from drug overdoses, the majority of which involved synthetic opioids such as Fentanyl and Fentanyl analogs.”
Cryptocurrency sabotage
Other officials have also cracked down on the use of cryptocurrencies to distribute drugs. The Treasury Department’s Office of Foreign Assets Control sanctioned a member of Mexico’s Sinaloa Cartel last week, saying it used an Ethereum wallet to transfer funds related to the smuggling of Fentanyl into the United States. .
Lawmakers in the United States have expressed their concerns about the use of cryptocurrencies in money laundering and drug trafficking. Sen. Elizabeth Warren, D-Mass., with the support of Sen. Joe Manchin, D-W.Va., Sen. Roger Marshall, R-Kan., and Lindsey Graham, R-S.C., introduced introduced a bill in July to bring cryptocurrencies into compliance through tightening money laundering and KYC rules.
Source:
https://tradecoind2.com/doj-sanctions-chinese-companies-that-exploit-cryptocurrencies-to-distribute-drugs/
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Bitcoin price rose 6% from October 1 to October 2 but after failing to overcome resistance at $28,500, the price fell 4.5% on the same day. This decline occurred due to the disappointing performance of the Ethereum futures ETF launched on October 2 and concerns about an upcoming economic recession.
(https://s3.cointelegraph.com/uploads/2023-10/cbbbf5d7-5abf-4482-bf3b-b580c01f257a.png)
Bitcoin price chart. Source: TradingView
This Bitcoin price correction on October 3 marked 47 days since Bitcoin last closed above $28,000 and resulted in the liquidation of $22 million worth of Long leveraged futures contracts. But before discussing the events affecting Bitcoin and the cryptocurrency market, let’s try to understand how the traditional finance industry has affected investor confidence.
An overheating US economy could prompt the Fed to take more action
Investors have raised expectations for further tightening measures by the US Federal Reserve (Fed) following the release of the latest US labor market data on October 3, revealed that there were 9.6 million job openings at the end of August, up from 8.9 million in July.
Fed Chairman Jerome Powell indicated in a speech at the Jackson Hole Economic Symposium in August that “evidence that tightening in the labor market is no longer comfortable may require a response.” monetary policy”.
As a result, traders are now pricing in a 30% chance the Fed will raise interest rates at its November meeting, compared with 16% last week, according to CME’s FedWatch tool.
The launch of the Ether futures ETF was unsuccessful
On October 2, the market welcomed nine new ETF products explicitly designed to mirror the performance of Ether-linked futures contracts. However, these products had a trading volume of less than 2 million USD on the first trading day. Senior ETF analyst at Bloomberg, Eric Balchunas, noted that trading volumes were not as expected.
(https://s3.cointelegraph.com/uploads/2023-10/02454f9b-37bb-4504-92cc-5eb410261e27.png)
Ethereum futures ETF volume on October 2. Source: K33 Reserch
On launch day, the trading volume of the Ether futures ETF lagged significantly compared to the notable price of $1 billion on launch day of the ProShares Bitcoin Strategy ETF. It is worth noting that the Bitcoin futures-linked ETF was introduced in October 2021 during a time when the cryptocurrency market was growing strongly.
This occurrence could dampen investors’ prospects of potential capital inflows behind a spot Bitcoin ETF. However, uncertainty remains regarding the probability and timing of SEC approval of these proposals.
Legal pressure increases as Binance faces a class action lawsuit
On October 2, a class action lawsuit was filed against Binance.US and CEO Changpeng Zhao in the Northern District Court of California. The lawsuit alleges unfair competition aimed at monopolizing the cryptocurrency market at the expense of now-defunct competitor FTX.
The plaintiffs claim that CZ’s statements on social media were false and misleading, especially because Binance had previously sold its FTT token holdings before the announcement on November 6, 2022. The lawsuit asserts that CZ’s intention is to lower the price of FTT tokens.
Despite CZ denying accusations of unfair competition, speculation in the cryptocurrency community continues to circulate.
BTC’s correlation with traditional markets appears to be higher than expected
Bitcoin’s price drop on October 3 appears to reflect concerns about an impending recession and the Fed’s potential monetary policy response. Furthermore, it proves the cryptocurrency market is closely tied to macroeconomic factors.
Excessive expectations for crypto ETFs also signal that $28,000 may not be the consensus level for investors due to pressure and legal challenges, such as class action lawsuits against Binance again, highlighting the ongoing risks in the space.
Source:
https://tradecoind2.com/decoding-the-reason-why-bitcoin-price-lost-its-profits-at-the-beginning-of-the-week/
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XRP price has broken out above a short-term pattern. This could catalyze a breakout above long-term resistance and a strong rally thereafter.
Long-term resistance
XRP price has been moving lower since reaching a yearly high of $0.93 on July 13. The move has caused the price to drop below the $0.55 zone, which was expected to provide support once crossed . The price then fell to the next key support zone at $0.45, marking a 100% retracement from the July 13 increase.
Although the $0.55 zone is a price zone that was formed in September 2022, the price moving decisively through the $0.55 zone on two recent occasions (blue ellipse) has shown that this is no longer the case. Important price areas to monitor in the near future.
The daily RSI has created a bullish structure and moved above the 50 level, showing that the bulls are back. Currently, XRP price is trading just below the $0.55 zone after creating a large bullish candlestick yesterday.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/XRPUSDT_2023-10-04_16-55-34.png)
XRP/USDT Daily Chart | Source: TradingView
While both suggest bulls have the upper hand, this technical signal is not enough to confirm a breakout above the $0.55 zone on the daily timeframe.
If the price successfully breaks out, it could rise to the next resistance area at $0.65.
Short-term model
The 4-hour chart shows that XRP price broke above a symmetrical triangle and confirmed it as support yesterday (blue arrow). This shows that the bulls have taken control of the short-term price action and a new rally will follow.
A move equal to the height of the pattern would take the price to $0.65, coinciding with the resistance area outlined above. This would also help the price break above the long-term resistance zone at $0.55.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/XRPUSDT_2023-10-04_17-24-56.png)
XRP/USDT 4-hour chart | Source: TradingView
(http://Conclude)
The most likely outlook sees XRP price breaking above the $0.55 resistance area and rallying towards the next resistance area at $0.65.
This view could be invalidated on a break below the most recent low at $0.507.
Source:
https://tradecoind2.com/xrp-price-approaches-long-term-resistance-is-a-breakout-happening/
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After an explosive start to the month – with major coins on the market seeing explosive growth in value, the cryptocurrency market is experiencing a significant price drop today.
Bitcoin’s rally to $28k price yesterday failed to surpass the 200-day Moving Average – BTC price corrected by as much as 3% in the past 24 hours.
Leading altcoins such as Ethereum, Dogecoin, and XRP are also mirroring BTC’s bearish move, experiencing sharp declines.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/Hia-BTC-tapchibitcoin.png)
Yet, most experts remain optimistic about Bitcoin’s growth prospects in both the short and long term, and fully expect an “Uptober” scenario to take place. They predict BTC will end October somewhere in the $32,000 to $35,000 price range, thanks to continued positive news surrounding Bitcoin spot ETFs, cooling inflation levels, and financial indicators. Technical policies are favorable and positive.
With new capital expected to continue to be pumped into the market, a new cryptocurrency – Bitcoin Minetrix – is also being highly praised by prominent traders for its potential for explosive growth in time. next. In the short span of a week, the ICO token raised nearly $400k in seed funding.
Experts Predict Bitcoin Price Will Increase Despite Short-Term Decline
Over the past month, Bitcoin has continued to record a trend of showing a bullish breakout move, immediately followed by an almost complete retracement of the rally. This trend continues to overwhelm both bears and bulls, causing the BTC trading market to always have strong fluctuations.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/Hia-BTC-tapchibitcoin-1.png)
Yesterday’s BTC price action was no different, as the world’s largest cryptocurrency hit $28k without being able to hold it. BTC is currently priced at $27.4k, with open interest in the token having now dropped to the same level as before the initial bull run.
However, MN Trading’s Michael van de Poppe, who has nearly 700k followers on X, revealed that the BTC time frame chart still looks great, adding that Bitcoin price could reach 35 thousand dollars over the next 4 to 8 weeks, if it continues to trade above the 200-week EMA as it is now.
Indeed, BTC technical indicators paint an extremely bullish picture, with TradingView issuing a “buy” signal for the token on the daily timeframe. Next, the bulls hope to break the crucial 200-day Moving Average at $28,037, continuing the strong upward momentum.
Similarly, popular analyst @davthewave, who has nearly 150k followers on X, revealed that BTC’s weekly Gaussian channel has turned green – which traditionally marks the start of The next explosive BTC price rally.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/Hia-BTC-tapchibitcoin-2.png)
Trader and analyst @CryptoJelleNL, who has 50k X followers, is much more optimistic about BTC, predicting the world’s number one cryptocurrency Bitcoin will reach the $48k mark in the coming months, with $32k strong possibility for October. He highlighted that Bitcoin is back above the 21-week Explosive Moving Average, an indicator that previously served as key support for the bull market.
IntoTheCryptoverse’s Benjamin Cowen, who has nearly 800K followers on X, points out that BTC dominance has successfully retested the bull market support band and could continue to trend higher.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/Hia-BTC-tapchibitcoin-3.png)
In addition to strong technical factors, anticipation surrounding the Bitcoin ETF Spot will continue to drive the value of BTC. Despite the SEC delaying its decision on pending applications once again, investors continue to believe that a spot BTC ETF is now only a matter of time.
Bernstein analysts and other market insiders have predicted a Bitcoin ETF to be approved as soon as early 2024. Therefore, the SEC delay has not dampened investor enthusiasm for the Bitcoin.
On the other hand, US lawmakers – from both parties – are now actively and publicly pushing the SEC to approve ETFs. This move could lead to more investors opening long positions in BTC.
Finally, Bitcoin could also receive an unexpected but welcome boost from the US economy, as the recent US PCE index shows signs of cooling inflation. While some Fed officials are signaling the possibility of another interest rate hike, experts like Warren Pies of 3Fourteen Research say such a move is highly unlikely.
In short, the market outlook for Bitcoin is very positive and the token could well reach the $35k price mark by the end of October.
“The Next Bitcoin” Project Bitcoin Minetrix Reaches Nearly 400 Thousand Dollars In ICO
BTC is not the only cryptocurrency expected to record a surge in October – new Bitcoin altcoin Minetrix is also gaining strong traction in its ICO, having raised $385k la in less than a week.
The project aims to make Bitcoin mining accessible to individual retail investors, thereby providing a great opportunity to earn passive BTC rewards.
In the early days, Bitcoin mining was much more popular than buying BTC on the open market. In fact, Laszlo Hanyecz – the man who became the butt of many jokes when he once traded 10,000 BTC for two large pizzas – mined all of his tokens himself.
However, the profitability of this Bitcoin mining sector has led to an “arms race” among wealthy corporations, making it impossible for the average enthusiast with a CPU to mine his or her own BTC. Studies have shown that mining 1 Bitcoin can cost up to $200,000 in some countries.
To challenge this monopoly, Bitcoin’s cloud mining platform Minetrix is allowing investors to rent a portion of the computing power without doing the Bitcoin mining themselves. .
Investors can purchase $BTCMTX tokens and stake them to earn BTC mining credits through the power of the Bitcoin Minetrix ecosystem. These credits can be sent to the burn address, thereby exchanging a percentage of cloud mining output or time, and users can reap rewards in BTC coins.
Cloud mining is not essentially a new concept. However, continuous scams and frauds in the past have caused investors to leave this potential industry.
Such investors can now trust Bitcoin Minetrix’s cryptographic approach, as they can unstake and sell their tokens at any time – with complete transparency and no cash contract required long-term.
Interested buyers can purchase and stake BTCMTX tokens in the pre-sale at bitcoinminetrix.com for just 0.011 USD by debit/credit card or by swapping ETH, USDT or BNB.
Source:
https://tradecoind2.com/3-reasons-bitcoin-price-could-hit-35000-in-october-while-this-next-bitcoin-phenomenal-ico-hits-nearly-400000/
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The biggest cryptocurrency predictions for October involve Bitcoin Cash (BCH), Ethereum (ETH), and EOS.
The volatility since early October has been a rollercoaster. A significant increase on October 1 was followed by a sharp decline the next day. With that in mind, Bitcoin Magazine takes a look at cryptocurrency predictions for the month of October.
Bitcoin Cash will hit a new yearly high
BCH price has been falling since reaching a yearly high of $329 on June 30. This drop is contained inside a descending parallel channel, which is considered a corrective pattern.
Movement inside the channel led to a low of $165 on August 17. The subsequent recovery confirmed the channel’s support line and initiated an upward movement. BCH then broke out above the channel on August 29.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/tien-dien-tu1.png)
BCH/USDT Daily Chart | Source: TradingView
The main reason for the bullish prediction comes from the number of waves. Elliott Wave Theory involves analyzing long-term price patterns and investor psychology to determine the direction of trends.
The most likely wave count shows that BCH price is in the fifth and final wave of an upward movement (white), which started in November 2022.
If wave counts are accurate, BCH will reach a new yearly high near $425. The target is found using the 1.61 external Fib retracement level of wave four (black). 75% higher than current price.
Despite this bullish prediction, a close below the horizontal support zone at $225 would mean the wave count is invalid and the price is still correcting.
In that case, a 28% drop to the August 17 low at $168 could be the future price outlook.
EOS will drop to a new all-time low
EOS price has been falling below a descending resistance line since May 2021.
Most recently, this line rejected the price on April 10 (red symbol). This resulted in a low of $0.50 in August.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/tien-dien-tu2.png)
EOS/USDT Weekly Chart | Source: TradingView
This low is important because it coincides with the support zone at the all-time low. The all-time low is $0.48, almost 20% below the current price.
A breakdown from the $0.50 zone could send EOS down to $0.13, 80% below its current price.
Since there is no horizontal support below $0.50, the 1.61 external Fib retracement level of the most recent bounce is used to identify a potential bottom.
Despite this bearish forecast, a break above the descending resistance line would invalidate the bearish forecast.
In that case, a 120% rally to the next resistance at $1.25 could be the future price scenario.
Ethereum Ends October Crypto Predictions
Ethereum has been steadily losing ground against Bitcoin (BTC) for over a year. More specifically, the wedge has been forming since July 2022. ETH/BTC price is currently trading very close to the support line of the wedge.
The point of convergence between the resistance and support lines is approaching, so a decisive movement away from it could happen soon.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/tien-dien-tu3.png)
ETH/BTC 3-day chart | Source: TradingView
Besides the wedge pattern which is considered bullish, the daily relative strength index (RSI) supports the possibility of a breakout.
This indicator has created a bullish divergence (green line), which occurs when price falls but momentum increases. This divergence often leads to a trend reversal to the upside.
If ETH breaks above the wedge, it could rally 25% to the ₿0.075 resistance area. On the other hand, a break of the wedge’s support line would invalidate this bullish prediction, potentially sending the price down 12% to the ₿0.052 support level.
Source:
https://tradecoind2.com/the-biggest-cryptocurrency-predictions-for-october-2023/
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The @satoshi account, which has been silent for a long time on X (Twitter), is once again active. The new message, written in cryptic language, has certainly attracted the attention of the crypto community, sparking speculation as well as some ridicule.
https://twitter.com/satoshi/status/1709261257805570548
Vague warning
The message emphasizes the fundamental principle behind Bitcoin, emphasizing its creation to be globally accessible. It also mentioned the upcoming Bitcoin halving, an important event in which mining rewards are cut in half. The halving is expected to change the economic dynamics of the coin, potentially fueling another major price rally.
Furthermore, the message inexplicably refers to those who want to hide the truth and that “2024 is the year of the Dragon”. Of course, such a vague statement is still open to countless interpretations.
The latest post once again went viral, attracting over a thousand comments and over 300,000 views in just two hours.
A mysterious social network account
The sudden reactivation of the @satoshi account, which had been inactive since 2018, has created a wave of speculation.
One popular theory links the account to Craig Wright, a controversial figure in the cryptocurrency industry who claimed to be Satoshi Nakamoto.
Despite providing some evidence to support his claims, many experts and enthusiasts remain unconvinced of Wright’s identity as the true inventor of the largest cryptocurrency.
With that said, the likelihood of this account being truly linked to the anonymous creator of Bitcoin is extremely low. Nakamoto will prioritize anonymity and is unlikely to participate in platforms that pose a security threat.
User X should exercise caution due to the potential risk of hacking and should not interact with any links that may be shared by the mysterious account.
Source:
https://tradecoind2.com/mysterious-satoshi-account-issues-big-warning/
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As interest in the latest AI efforts, including the GPT-4 and DALL·E 3 generation models, has returned, AI tokens are rising in price once again.
While almost all of the best performers were new low-cap coins, some veteran cryptocurrencies also posted impressive gains.
CQT increased more than 40% in seven days
CQT, the core cryptocurrency of infrastructure manufacturer Covalent, is one of the best performers in CoinMarketCap’s “Top big data and AI tokens” section. Over the past few days, the token has increased by more than 44%.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/CQT_1D_graph_coinmarketcap.jpeg)
Source: CoinMarketCap
This is not the only epic demonstration in the AI segment. New cryptocurrency DexCheck (DCK) has almost doubled its market capitalization in the past seven days. After making 86% with a peak of $0.0327.
Bridge Oracle (BRG), joins the seven-digit capitalization token club for the first time. However, both of these altcoins trade primarily on DEX with very little available liquidity.
Thus, it can be said that the AI money segment outperformed the overall cryptocurrency market last week. The aggregate capitalization of digital assets tracked by CoinMarketCap increased just 2.3% from $1.047 trillion to the equivalent of $1.072 trillion.
Additionally, low-cap AI token Trustverse (TRV) nearly tripled its capitalization in October 2023.
The frenzy around creative AI and its applications has led to two or three AI-related cryptocurrency pumps.
While it remains unclear whether all of them actually use some type of AI for their products, some AI tokens increased 1,000% in Q1 2023.
Source:
https://tradecoind2.com/this-ai-token-is-up-more-than-40-over-the-week/
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On October 4, Binance announced the addition of four tokens to its “Monitoring Tag” list. These tokens are Beta Finance (BETA), BarnBridge (BOND), Waltonchain (WTC) and NEM (XEM).
Monitoring Tags are tokens with greater volatility and higher risk than other listed tokens.
These tokens will be closely monitored and may be delisted if they do not pass periodic tests.
Some of the criteria considered during the evaluation process are:
+Team commitment to the project
+Trading volume and liquidity
+Mass media level
+Secure your network from attacks
+Whether they contribute to a healthy crypto ecosystem remains to be seen
BETA hits yearly low
BETA price broke the ascending support trendline on June 10. It then bounced and validated the line as resistance twice, on June 23 and July 11 (red symbol ). Such movements are normal after an incident.
Altcoins have declined since then. On October 4, it hit a low of $0.067, confirming the descending support line that has been in place since June. This is the last support level before the yearly low.
If BETA breaks below this line, it is likely to fall another 15% and reach the $0.058 horizontal support area.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/altcoin-binance1.png)
BETA/USDT Daily Chart | Source: TradingView
This would be a new yearly low. On the downside, a bounce could send the price up 28% to the next resistance at $0.089.
BOND could fall to an all-time low
BOND price has been falling below a descending resistance trendline since January 22. The line has rejected the price multiple times to date, most recently on October 1 (red symbol). The cryptocurrency has dropped since the rejection.
The daily RSI supports the ongoing downtrend. Traders use the RSI as a momentum indicator to identify overbought or oversold conditions to decide whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.
The RSI was rejected by the 50 level (red circle), while the descending resistance line rejected the price. This supports the validity of the downward movement.
If the price continues to decline, the next support level will be at $1.78, found by the 1.61 external Fib retracement level of the most recent bounce. This would be an all-time low and would constitute a 17% drop.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/altcoin-binance2.png)
BOND/USDT Daily Chart | Source: TradingView
Despite this bearish prediction, a break above the descending resistance line would mean that a significant reversal has begun. BOND price could rally 40% to the next resistance at $3 in that case.
The WTC continues to be rejected
WTC price has been falling below the descending resistance line since February 2023. This line has rejected the price multiple times, most recently on September 23 and October 3 (red symbol). Both created long wicks above, showing that the sellers have the upper hand.
If there is further rejection, WTC price will drop to the nearest support at $0.140. This is a 12% reduction, from current prices.
On the other hand, a sudden breakout above the resistance line could trigger a 25% increase, taking the price towards the $0.200 resistance area.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/altcoin-binance3.png)
WTC/USDT Daily Chart | Source: TradingView
SEE price trades inside a bearish pattern
The last token at risk of being delisted from the Binance platform is NEM (XEM). The Xem price has been falling below the descending resistance line since the beginning of June.
Most recently, the line rejected the price on October 2 (red symbol) and started the current downtrend.
SEE trades above the $0.022 horizontal support zone, established since June. The trendline and support zone form a descending triangle, which is considered a bearish pattern.
Since the triangle is a bearish pattern, a break below it is the most likely future price outlook.
A breakdown that moves the entire height of the triangle could cause the price to fall by 42% and take the Xem down to $0.014.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/altcoin-binance4.png)
SEE/USDT Daily Chart | Source: TradingView
On the other hand, a sudden reversal and breakout above the resistance line could send the price up 33% to $0.033.
Source:
https://tradecoind2.com/binance-could-delist-these-4-altcoins-how-would-that-affect-their-price/
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STORJ price was rejected by the range’s resistance on October 1 and has declined sharply since then.
Before the decline, STORJ had experienced a very optimistic September, up 90%.
STORJ turned down after being rejected by range resistance
On September 14, STORJ broke out above the $0.32 horizontal resistance area. After rising briefly, it returned to confirm this zone as support ten days later (green symbol). This is a common movement after a breakout and suggests a continuation of the uptrend.
The increase peaked with a high of $0.51 on October 1. STORJ price dropped almost immediately after. Similar declines have been seen across the cryptocurrency market.
The decline confirmed the $0.50 horizontal zone as resistance. Movement since September shows that STORJ price is currently trading in a horizontal range of $0.32-$0.50.
Range movements are characterized by a consolidation between a high and low range before a movement out of that range.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/STORJ-tang1.png)
STORJ/USDT Daily Chart | Source: TradingView
The daily RSI does not confirm the direction of the trend. RSI is a momentum indicator used by traders to evaluate whether the market is overbought or oversold to determine whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that bulls still have the advantage, while a reading below 50 shows the trend is down. While the indicator is falling, it remains above the 50 level. Mixed signs suggest an undetermined trend.
STORJ Price Prediction: EW Theory predicts retracement
Technical analysts use Elliott Wave theory as a means to identify long-term price patterns and investor psychology, helping them determine the direction of a trend.
According to EW theory, STORJ has completed a 5-wave rally, which started on August 15 (green symbol).
There are two defining characteristics of this outlook. First, wave five ended at the 1.61 external Fib retracement level of wave four. This is the general level for a local peak.
Second, there is a significant bearish divergence in the RSI between waves three and five. This is also a sign of a downtrend.
If the wave count is correct, the cryptocurrency should gradually drop to the $0.32 horizontal support area, a 25% drop from the current price.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/STORJ-tang2.png)
STORJ/USDT 6-hour chart | Source: TradingView
Despite this bearish prediction, a move above the $0.51 high would mean that the local top is yet to come. In that case, the altcoin could rally to the next resistance at $0.64, a 50% increase from the current price.
Source:
https://tradecoind2.com/storj-price-stalls-after-rising-90-in-september-what-lies-ahead/
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Investors looking for the next high-potential meme coin will feel very “satisfied” when they find Meme Kombat ($MK), a new presale coin project with the perfect combination of memes, arenas and bets for a great experience.
Meme Kombat ($MK) was only launched on September 25, but has already attracted major attention from the meme coin community and several prominent analysts, raising $230k to date . The early promising signs of the Meme Kombat project could very well signal the early stages of the next explosive meme coin phenomenon.
Its early success and fresh and innovative approach have led some experts to draw comparisons to Wall Street Memes, the year’s most popular presale meme coin, which has seen explosive growth of 3 next time it’s released. Here are three main reasons why Meme Kombat could become the next booming meme coin.
112% Lucrative Staking Rewards And Strong Tokenomics, Suggesting Long-Term Growth Potential
One of the most impressive features that sets the Meme Kombat cryptocurrency project apart from other meme coins is its ingenious tokenomics system designed for long-term growth potential.
50% of the total $MK supply will be available in the presale. 10% is allocated to exchange liquidity, 10% to community rewards, and the remaining 30% to staking rewards.
This means the project will be 100% community-owned and completely decentralized, helping to foster a long-term community and provide stability to the $MK token price.
Regarding its staking mechanism, $MK coin holders can deposit their tokens into the Meme Kombat platform to earn a generous annual percentage yield (APY) of up to 112% – which is very impressive. compared to the general level of the current market. Additionally, platform users will be required to stake tokens to fully access its features. This means that many $MK tokens will be locked, reducing the available supply, increasing their value in the long run.
Meanwhile, the project has a clearly defined roadmap and has retained 10% of the tokens as a reward for the community. These factors will likely increase project awareness, community engagement, and drive significant demand for the $MK token.
Attractive Gameplay and Enhanced Betting Mechanics
First generation Play-to-Earn (P2E) genre projects have faced some criticism, such as high cost barriers to entry and most users being traders and not Must be real gamers. So they really don’t want to play the game as much as they want to earn the reward.
However, Meme Kombat solves this problem by combining the fun, playful nature of meme coins with the booming trend of the online betting market, and users are not required to purchase expensive NFTs as in other P2E games. This combination is intended to improve the P2E mechanism and could offer significant upside potential.
The main focus of the project is the stake-to-earn mechanism where users can bet on the outcome of battles between their favorite meme characters using the $MK token.
There are quite a few game modes on offer, in which users can participate in player-versus-player matches and various player-versus-computer modes. Player versus player mode will provide a competitive element to the platform, while greatly enhancing its community element.
Meme Kombat also offers a simple player-to-game version of Live Betting mode, allowing users to bet on specific characters or battles.
Finally, there is a mode called Side Action Betting, which allows users to bet on dynamic elements of the battle, giving more control to the user.
Meme Kombat’s appeal, solid token system, and complex gameplay mechanics certainly offer the potential to become the next meme coin to explode in 2023.
Analysts Highly Evaluate the Project’s Potential
While Meme Kombat’s fundamentals point to a promising future, understanding market sentiment is one of the best ways to determine whether Meme Kombat has the potential to explode. Many traders have already made decent profits with $MK despite its new launch.
Analyst Jacob Bury was one of the earliest to report on the Meme Kombat cryptocurrency project, rating it as the next potential 100x meme coin and highlighting the 112% staking APY as one of the advantages its main. Bury was also famous for being one of the first influencers to give an early take on Wall Street Memes in May – after which $WSM became the most trending presale of 2023 and saw sales growth 3 times.
Additionally, Michael Wrubel told his 300K subscribers that he feels very optimistic about the project, noting that its use case and integration of other meme coins will give it growth potential. big.
With these factors in mind, the Meme Kombat cryptocurrency project appears to be ready for a successful pre-sale and exchange launch. However, with limited pre-sale supply, potential buyers must act quickly or risk missing out.
Visit Meme Kombat’s official website and connect your Ethereum compatible cryptocurrency wallet to purchase $MK meme coin. Investors can use ETH, USDT and BNB to buy $MK.
Source:
https://tradecoind2.com/this-extremely-attractive-new-meme-coin-will-explode-3-reasons-kombat-meme-could-be-3x-in-value-like-wall-street-memes/
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Sui Foundation announces $51.3 million ecosystem fund
Sui Foundation, responsible for the management and development of the Sui blockchain, announced a $51.3 million ecosystem fund to support the DeFi ecosystem and onchain central limit order book-based platform, DeepBook .
The Foundation will request 117 million SUI tokens worth $51.3 million from “external market makers” and direct them towards supporting Sui’s ecosystem.
The additional funds will be used to grow the Sui ecosystem by “providing grants to developers” of DeFi applications and supporting its onchain CLOB platform, DeepBook, for routing and matching onchain transactions.
DeepBook seeks to emulate high-frequency trading capabilities similar to Nasdaq and centralized exchanges by leveraging the rapid trading speeds of the Sui network.
A Sui Foundation spokesperson said that Sui delivers advantages such as “unparalleled low latency and high throughput” through “Sui’s object-centric approach, horizontal scalability, and effective onchain storage”.
The press release claims the network reached “a record of 65.8 million transactions in a single day – surpassing the performance of every other blockchain in history.”
Sui Foundation CEO Greg Siourounis added that the allocation will bring “a breath of fresh air” to “developers and ecosystem participants.”
By the time Sui launched its mainnet in May, the organization had allocated approximately 396 million tokens to market makers, representing 75% of the initial circulating supply.
Now, the Foundation appears to be reclaiming those tokens.
Besides focusing on DeepBook, the Foundation will also look to support other native DeFi applications in decentralized exchanges, liquidity staking, and lending based on automated market makers (AMMs) across network.
Currently, Sui holds 35th place among the top blockchains in terms of total deposits in DeFi protocols, with assets worth $38.2 million.
Source:
https://tradecoind2.com/sui-foundation-announces-51-3-million-ecosystem-fund/
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Juventus Fan Token (JUV) price has bounced off a key support zone and has seen a sharp increase in trading volume over the past few days. This token could increase sharply in the next few days.
Daily outlook
The Juventus Fan Token (JUV) price has dropped after reaching a yearly high of $6.7 on April 8, 2023. At that time, the JUV price increased by 170% in two days.
The bearish move took the price to support at the all-time low of $1.90 on June 12 and again on September 30.
Combining these two lows, we see the presence of a double bottom pattern. This is a bullish pattern that often leads to a trend reversal to the upside.
The daily RSI supports this possibility of a bullish reversal as it created a bullish divergence and spiked above 70 at the time of writing.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/JUVUSDT_2023-10-06_16-25-47.png)
JUV/USDT Daily Chart | Source: TradingView
The important thing is that the trading volume over the past 3 days has increased unusually strongly (blue circle). It is often the beginning of a new uptrend.
There are 3 levels to pay attention to in this increase. They are $3, $4 and $5.2 respectively. An increase to $5.20 would see the JUV price increase by 128% from current prices.
Conclude
The most likely outlook suggests that JUV prices could rise sharply in the next few days. Potential targets for this move are $3, $4 and $5.2.
This bullish view could be invalidated when JUV price breaks below the long-term support zone at $1.90.
Source:
https://tradecoind2.com/this-fan-token-may-increase-sharply-in-the-next-few-days/
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Canada’s securities regulators have provided clarity on their interim strategy for trading stablecoins, which they call valuable crypto assets.
The Canadian Securities Administrators (CSA), an organization of provincial and territorial regulators across the country, has acknowledged the potential utility of stablecoins for Canadian clients.
In light of this, on Friday the CSA announced that it may allow the trading of specific stablecoins tied to the value of a single fiat currency, known as supported crypto assets. fiat-backed, subject to certain terms and conditions.
The interim terms and conditions, influenced in part by feedback from Canadian cryptocurrency market participants, are intended to address investor protection issues related to stablecoins.
These terms stipulate that stablecoin issuers must maintain “appropriate asset reserves” with qualified custodians, for the benefit of crypto asset owners.
Additionally, both stablecoin issuers and the cryptocurrency exchanges offering these stablecoins must disclose specific information about their governance, operations, and asset reserves to the public.
In February, the CSA banned crypto asset trading platforms from facilitating the purchase or deposit of stablecoins without the regulator’s prior consent.
Furthermore, the agency issued a 30-day ultimatum to unregistered cryptocurrency trading platforms operating in Canada, urging them to begin registering or cease operations altogether.
Then, in May, cryptocurrency exchange Binance announced its decision to exit the Canadian market, citing the country’s stablecoin regulations and restrictions on investor activity as reasons. reason behind this move. Some other notable platforms that also decided to withdraw include: Bybit, OKX, Paxos, dYdX and Bittrex.
While the CSA’s stance on cryptocurrencies appears to have softened, the agency still issued a clear warning that while trading in certain stablecoins may be allowed to continue, investors Canada should be cautious as these investments carry inherent risks and are not considered equivalent to fiat currency.
Hong Kong does not yet have regulations for stablecoins
At a time when Hong Kong is increasing its presence to become a “crypto-friendly” country for individual investors, Financial Services and Finance Minister Christian Hui said Hong Kong does not yet have regulations . official regulations for stablecoins like Tether (USDT) or USD Coin (USDC), which means individual investors will not be allowed to trade these assets.
According to Hui, cryptocurrency service providers have adopted stablecoins as their primary trading assets because their value is designed to be stable when pegged to another stable asset, such as gold or fiat currency (USD, EUR, British Pound).
However, the price stability of stablecoins is risky because it requires appropriate reserve management, and in the past there have been serious fluctuations or collapses (typically Terra’s UST). So retail stablecoin trading will not be allowed until Hong Kong officially regulates stablecoins expected by the end of 2024.
The Minister also mentioned the JPEX scandal, which further shows the importance of regulations for this sector to ensure greater safety for users.
Source:
https://tradecoind2.com/canada-loosens-stablecoin-regulations-hong-kong-has-no-official-regulations-yet/
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Bitcoin price has increased 11% in the past month and is surpassing $27,000, causing many analysts to reconsider whether Bitcoin’s $30,000 price level can reappear this year.
However, the strength of the world’s largest cryptocurrency remains uncertain and Bitcoin analysts remain divided on what will happen next for BTC.
BTC price recovers as courts side with Grayscale over Bitcoin ETF
The change in sentiment around Bitcoin from bearish to bullish can be traced back to a legal decision in late August. After months of deliberation, a court decided that the SEC had arbitrarily denied the application signed by Grayscale to turn their Bitcoin trust into a spot Bitcoin ETF.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/image002-7.jpg)
This decision paved the way for a spot Bitcoin ETF and could usher in a new wave of Bitcoin transactions. A Bitcoin spot ETF would be much more accessible to retail traders and non-crypto retirement investors than most existing crypto investment vehicles.
Over the past month, the SEC has delayed a decision on approving any Bitcoin ETF, signaling that it could be months away from approval. However, that hasn’t slowed BTC’s rise, which has surged 11% since the court’s decision.
Analysts are divided on whether Bitcoin can continue to rise in price
Despite its recent price rally, Bitcoin still has many obstacles ahead. The Fed’s hawkish stance has signaled that it could raise interest rates even higher. Yields on relatively safe investments like U.S. Treasury bonds have exploded higher. And the SEC could delay or even block the launch of Grayscale’s spot Bitcoin ETF.
These factors have made analysts cautious when predicting the next price increase that Bitcoin may achieve.
One of the most bullish analysts, Michaël van de Poppe, CEO of MN Trading, predicted on his X account that Bitcoin would retest the $26,700 – $26,900 price range before moving. moving towards $30,000. He did not specify a timeline for when this retest might occur.
Other analysts are more cautious. Tom Esaye, founder of Sevens Report Research, has said that the cryptocurrency market has not yet priced in the Fed’s hawkish stance. That could lead to a severe decline in Bitcoin price before it reaches $30,000.
Bitcoin Minetrix Emerges as BTC Alternative, Launches Bitcoin Cloud Mining Stake-to-Mine Ecosystem
While the future of Bitcoin remains uncertain, a new cryptocurrency is launching to allow more investors to participate in Bitcoin mining.
Bitcoin Minetrix is a new cryptocurrency project building a Stake-to-Mine ecosystem in the world. Investors purchase Bitcoin Minetrix $BTCMTX tokens to be able to stake them and earn mining credits. These credits can be redeemed for hashing power in mining, allowing investors to earn BTC.
This ecosystem helps solve one of the biggest problems with Bitcoin cloud mining. With Bitcoin Minetrix, investors never need to send tokens to an unknown mining farm. Instead, they simply lock up the secure $BTCMTX tokens and receive non-transferable mining credits.
It is a simple and safe solution that helps eliminate cloud mining scams. Bitcoin Minetrix plans to start by renting hashing power from existing mining farms and eventually build its own data centers.
Regardless of what happens to BTC prices in the coming months, mining still has the potential to be profitable.
That reality was reflected in the massive demand for $BTCMTX during the Bitcoin Minetrix presale event. The pre-sale event has raised over $500,000 and is quickly reaching its minimum capitalization.
Currently, investors can buy $BTCMTX for $0.011. However, there is not much time left to own $BTCMTX at the lowest price during the presale event.
Source:
https://tradecoind2.com/waiting-for-bitcoin-price-to-hit-30k-again-in-2023-or-is-it-better-to-invest-in-bitcoin-minetrix/
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Whistleblowing platform Crypto Leaks has published a report accusing crypto intelligence firm Arkham Intelligence of taking advantage of vulnerabilities at major exchanges to discover users’ personal information.
(https://tapchibitcoin.io/wp-content/uploads/2023/07/arkham.png)
The report, released on October 5, centers around the video testimony of a former Arkham engineer, whose name has been revealed but whom we will refer to as ‘Kevin’ to ensure privacy.
In the video, Kevin claims Arkham took advantage of “backdoors” at Binance and FTX to link exchange users with their own cryptocurrency wallets. He accused Arkham’s CTO of asking Kevin to create multiple accounts in his name to bypass AML/KYC restrictions on account creation.
“They asked me to create an account on Binance and FTX… so they could do research because I am a European citizen and they are not.”
If true, it appears the company is using multiple Binance accounts to track transactions at deposit and withdrawal addresses to improve its ability to identify owners of Binance-linked addresses. This would constitute a serious violation of user privacy and terms of service.
After some time, Kevin read Binance’s terms and conditions and noticed that he had violated them.
According to the determination, an individual on LinkedIn named “Kevin” appears to be the person in the video and has the same name. The person’s LinkedIn profile lists a role from June 2022 to October 2022 titled ‘Confidential’. This time period matches the information in the Crypto Leaks report. Crypto Leaks has provided verified whistleblowers in the past, such as the exposé of crypto lawyer Freedman.
However, upon examination of the source material, Kevin’s true identity and connection to Arkham has not been verified.
Arkham publicly advertises technology that de-anonymizes blockchain transactions and connects addresses to real-world identities. However, the company claims this was done legally using public data. If the accusations are true, it would mean Arkham misrepresented its operations.
The Crypto Leaks report also made allegations of securities violations, “cult” management practices, and unethical behavior at Arkham. These broader allegations paint the company negatively but contain fewer specifics than the exchange hacking claims.
Although it cannot be verified, the report raises serious questions about Arkham’s business practices that need to be investigated by regulators and exchanges such as Binance and FTX.
Source:
https://tradecoind2.com/arkham-intelligence-is-accused-of-exploiting-binance-and-ftx-backdoors-to-obtain-user-information/
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The introduction of Ethereum futures ETFs may reduce market volatility but may also reduce the performance potential of ETH. Bloomberg Intelligence analysts say such trends often appear as an asset class matures.
ETF
Spot Bitcoin ETFs could do the same for Bitcoin if the U.S. Securities and Exchange Commission (SEC) approves such products – much like futures contracts for the country’s two largest cryptocurrencies. done in recent years.
Mike McGlone and James Seyffart of Bloomberg Intelligence said in a research report Wednesday:
“It is not uncommon for volatility to be high and performance to decline in a nascent asset class as it moves into the mainstream. US Bitcoin and Ethereum futures as well as ETFs could continue the trend of decreasing volatility and marking price peaks, especially in an unfavorable liquidity environment.”
Fund groups VanEck, ProShares and Bitwise launched six combined funds investing in ETH futures on Monday. Competing firm Valkyrie added ETH futures to the Bitcoin Strategy ETF on Tuesday.
Since ETH futures began trading in 2021, the asset’s 260-day volatility has dropped from around 80% to just under 40%.
According to analysts, the first closing price of an ETH futures contract listed on the Chicago Mercantile Exchange (CME) that year was $1,752. The fact that the price is close to its peak in the first week of October “could have a negative impact on the cryptocurrency,” Bloomberg Intelligence analysts said.
The price of ETH was at around $1,645 at 4 a.m. Thursday (Vietnam time).
McGlone and Seyffart note:
“The #2 cryptocurrency is on the rise in 2021 and liquidity is very positive. Both have reversed.”
Ethereum futures ETFs can provide short-term price appreciation but allow for greater exposure, “volatility containment and performance potential,” they said.
Bloomberg Intelligence analysts added:
“Sustaining above the 100-week average at around $2,000 would be an early sign of strength.”
Bitcoin ETF and volatility
The SEC is currently reviewing planned Bitcoin spot ETFs – which some believe could be approved as early as next year after Grayscale Investments won a court victory against the regulator in August. .
Firms including Ark Invest, VanEck, and Invesco have also submitted spot ETH ETF proposals.
Bitcoin’s annual volatility has dropped from about eight times the Nasdaq 100 stock index in 2017, when Bitcoin futures began trading, to about twice the index today.
McGlone and Seyffart write:
“The long-awaited launch of spot Bitcoin ETFs in the United States comes at a time when liquidity remains negative and risk assets face the threat of a global economic downturn. When including Bitcoin in most value-at-risk models, the reality of flat performance over the past five years or so and more risk could influence decisions to reallocate from stocks, taken easier through spot ETFs.”
According to market director Ruslan Lienkha at YouHodler, Bitcoin’s average daily price change has dropped from 2% two years ago to less than 1% today.
Lienkha said:
“Financial institutions’ current interest in cryptocurrencies is just iterative in the process. But this process started several years ago when the first crypto funds and companies appeared on the market, joining the crypto enthusiasts.”
Institutional investors, especially those in the asset management segment, still face barriers in accessing Bitcoin, said Alex Thorn, head of research at Galaxy Digital.
“Increased institutional market access, supported by vehicles such as ETFs, will enhance liquidity in the Bitcoin spot market and, in turn, serve to reduce overall volatility over time. time”, Alex Thorn shared.
Source:
https://tradecoind2.com/how-are-asset-prices-affected-by-the-launch-of-crypto-etfs/
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Polkadot (DOT) is celebrating another impressive third quarter marked by visible growth across the ecosystem.
The protocol shared performance highlights via the Technical upgrades on a large scale.
Polkadot’s growth through the numbers
According to the numbers shared, a total of 663 million DOT were staked, representing a quarterly growth of 14.7%. In addition to staking, Polkadot noted that its nomination pool that went live in November also received a warm reception. According to published data, these nomination pools have secured more than 7 million staked DOT tokens.
https://twitter.com/Polkadot/status/1710280235877351579
The growing Polkadot ecosystem is shown to be a vibrant one, seeing a total of 190.6 million onchain events recorded in September alone.
By definition, these onchain events include activities such as “transfers, staking events, participation in governance, and smart contract completion.”
Polkadot has always been considered a challenger to Ethereum in terms of speed, scalability, and even developer activity. The Q3 report highlights that the total number of GitHub Commits linked to Polkadot reached a record 49,000.
Overall, Polkadot said interoperability within its ecosystem increased, with the number of XCM messages increasing by as much as 20% during the quarter.
As a community-based and parachain-based protocol, Polkadot’s latest performance announcement could have a fundamentally bullish impact on DOT price.
Source:
https://tradecoind2.com/polkadots-impressive-third-quarter-staking-reaches-historic-high/
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The Avalanche-based social token platform Stars Arena was hit by an exploit and lost all funds locked in its smart contract.
According to security analyst account PeckShield, the scale of the attack was about $2.9 million.
https://twitter.com/PeckShieldAlert/status/1710539901060743432
Looking at data from DefiLlama, the amount of value locked in the project’s smart contract has dropped to $0.47.
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Source: DefiLlama
“There has been a major security breach with smart contracts. We are actively investigating the issue. Do not deposit any money,” Stars Arena said.
The vulnerability is due to a reentrancy issue, which allows attackers to sell tickets for much more than their value, up to $2,740 per ticket, PeckShield said.
App users will still be able to withdraw tokens they have in their wallets on the app but will not receive any value if they sell tickets – representing access to someone else’s chat group – that they own.
At the time of writing, AVAX price plunged more than 10% immediately after the news and is currently trading at $10.74.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/A%CC%89nh-chu%CC%A3p-Ma%CC%80n-hi%CC%80nh-2023-10-07-lu%CC%81c-18.24.26.png)
Source: TradingView
What is Stars Arena?
Stars Arena is a clone of FriendTech, an app that allows you to buy tokens to access an individual’s chat room. Tokens are typically priced on a bonding curve, so they get more expensive as more people buy the token. The fees for these types of applications are also quite high, with FriendTech charging 10% for each transaction, divided equally between the application and the group owner.
Stars Arena recently suffered a much smaller vulnerability , allowing anyone to withdraw Avax coins from the project’s smart contract. However, this bug is difficult to exploit because it is not profitable when transaction fees are high and the amount of money lost before being fixed is very small.
At the time, Ava Labs CEO Emin Gun Sirer described reports of the issue as “FUD” – which actually means unwarranted criticism – and said it was time to get back to having fun. Play in the arena. Stars Arena also posted a lengthy post on ”.
Source:
https://tradecoind2.com/stars-arena-was-hacked-and-drained-2-9-million-in-locked-value/
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Huobi Wallet, now iToken, was suspected to have been hit by an exploit on October 3 after several users reported missing funds in their wallets. Blockchain detective Peckshield reports that the bad guys attempted to move the funds around before withdrawing them.
The reported loss was around 263,000 USDT and 92 TRX (the cryptocurrency that powers Tron) three days ago. Based on reports, the bad guys swapped the stolen funds to approximately 2.9 million TRX before transferring them out. They split the amount, sending about 1.4 million TRX to non-custodial cryptocurrency platform ChangeNow and the remaining 1.5 million TRX to Binance.
https://twitter.com/PeckShieldAlert/status/1710532299929100644
While the loot may have been insignificant for Huobi, it left open wounds with some claiming it was internal to the exchange. The speculation came as Chinese police previously arrested Huobi employees for setting up a Trojan virus to steal from platform user accounts.
Recently, Cooperative Global was hacked for 5,000 ETH, worth about 8 million USD at the time. However, the exchange’s advisor and Tron founder Justin Sun pointed out that the losses have been covered, all issues have been resolved and the safety of customer funds is guaranteed.
However, he still offered the perpetrator a job, along with a 5% ($400,000) white hat hacker bounty valid for seven days. Notably, the deadline expired on October 2.
Amid the debacle, Sun revealed that the platform earns around $8 million in weekly revenue, saying:
“$8 million is a relatively small amount compared to the $3 billion in assets held by our users. It is only equivalent to two weeks’ revenue of the Cooperative platform.”
Source:
https://tradecoind2.com/suspected-internal-staff-of-the-cooperative-huobi-stole-customers-money/
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(https://f48-zpg-r.zdn.vn/1753775302937695491/1c7f69024b869fd8c697.jpg)
Pepe (PEPE) price is trading inside a bullish pattern but has broken below a key support zone. It is expected to continue falling in the short term before making a breakout attempt.
The song channel gradually decreases
Pepe (PEPE) price has been falling inside a parallel descending channel since reaching a local high at $0.0000019 on July 14. This is a bullish pattern, which typically leads to a breakout in the majority of markets. fit.
However, this move caused the price to break below the $0.00000083 support zone and hit a low of $0.00000060 on September 17. This suggests a continuation of the downtrend.
In fact, the subsequent rally was stopped by the confluence of resistance levels at 0.00000083, which includes the channel’s resistance line and the previous support zone.
The daily RSI has also fallen back below 50 in the process. Therefore, the bears are likely still in control of the market and PEPE price may decline further in the near future.
A potential target for this decline is the recent low at $0.00000060. A break of this level could sink the price to the channel’s support line at $0.00000032.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/PEPEUSDT_2023-10-07_16-49-48.png)
PEPE/USDT Daily Chart | Source: TradingView
Short-term outlook
The 4-hour chart favors a continuation of the downtrend as PEPE price broke below the $0.00000073 zone on October 3, which was expected to provide support.
Price has subsequently confirmed this zone as resistance, most recently today (red arrow).
The RSI was also rejected by the 50 level today and sloped down, showing that the bears are in control of the market.
Therefore, the price could drop to the nearest support zone at $0.00000066 in the next few days.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/PEPEUSDT_2023-10-07_17-27-12.png)
PEPE/USDT 4-hour chart | Source: TradingView
Conclude
The most likely outlook suggests a further decline in Pepe (PEPE) price in the near term. The nearest target is $0.00000066 and lower to $0.00000060.
A break below $0.00000060 could trigger a quick decline to the channel’s support line at $0.00000032.
Source:
https://tradecoind2.com/pepe-pepe-price-may-drop-further-in-the-near-future-heres-whypepe-pepe-price-may-drop-further-in-the-near-future-heres-why/
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Decentralized lending protocol MakerDAO (MKR) falls further down the ranking of DeFi platforms in terms of total value locked (TVL), losing 11% over the past month.
According to data from DeFiLlama, MakerDAO’s TVL currently stands at $4.48 billion, placing it in fourth place behind Lido Finance (LDO), Aave (AAVE), and JustLend.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/mkr.png)
Source: DefiLlama
Aave lost to MakerDAO
After the Curve Finance mining attack, Aave’s TVL plummeted severely, quickly losing its position as the protocol with the second highest DeFi TVL to MakerDAO.
As liquidity providers and borrowers look for new “homes” for their coins, MakerDAO increases the Dai Savings Rate (DSR) to 8%, pushing the total number of DAI stablecoins deposited in DSR contracts to increase from 339.4 million to 556 million, according to Makerburn.com data.
The number of wrapped staked Ether (wsETH) tokens increased, leading to a spike in TVL and becoming the second largest DeFi platform in terms of TVL after Lido.
However, shortly after, the protocol passed a proposal to reduce DSR to 5%, causing some whales to remove previously provided liquidity from the DSR pool.
For example, after the DSR cut, Tron founder Justin Sun withdrew 206 million DAI and 235,556 wsETH from the pool, as data tracked by Arkham Intelligence shows.
The decrease in DSR has since caused a steady decrease in the protocol’s TVL, leaving it four places behind Lido.
MKR excels
Despite MakerDAO’s TVL steadily decreasing over the last month, the value of the native token MKR has increased. At the time of writing, the altcoin was trading at $1,399, up 24% on the month, according to data from CoinMarketCap.
Evaluating MKR’s price movement on the daily chart shows that the token started a new bullish cycle on September 1. Its Moving Average Convergence/Divergence (MACD) indicator confirms this.
As the bulls regained control of the market, they pushed spot traders to accumulate on a daily basis. Although accumulation slowed at press time, key momentum indicators remain positioned above their respective neutral lines, suggesting MKR accumulation still exceeds distribution.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/mkr2.png)
Source: Trading View
Source:
https://tradecoind2.com/evaluate-makerdaos-statistics-as-the-project-struggles-to-maintain-market-share/
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A recent report from VanEck analysts has raised concerns in the crypto community as it shows a worrying trend for Avalanche (AVAX). The report points to a significant decline in development and user activity across all Avalanche blockchains, shedding light on the challenges the platform is currently facing.
Users leave and fees fall
One of the most alarming findings of the report is that Avalanche’s number of daily active users plummeted 34% in September compared to August. Additionally, fees generated on the network dropped a whopping 45% , marking one of the most significant drops among Smart Contract Platforms (SCPs) tracked by VanEck.
Developers move to competing platforms
Another related aspect highlighted in the report is the sharp drop in the number of weekly active developers on Avalanche, down to just 28. This number is in stark contrast to the 165 active developers on Solana and 125 of Polygon. This represents a 34% monthly decrease and a staggering 70% decrease compared to September 2022.
Avalanche’s technological innovations
Despite these challenges, Avalanche is still making strides on the technology front. The platform recently released an update to its software development kit (SDK) called “Hyper SDK,” which allows users to create blockchains capable of processing 143k transactions per second (TPS). . This achievement significantly surpasses Solana’s 50k TPS and far exceeds Ethereum’s estimated 200-300 TPS.
Avalanche’s long-term strategy is built around creating a multi-blockchain network powered by its native AVAX token. This strategy is based on developing an SDK designed to encourage others to build blockchains on the Avalanche network, with the aim of attracting new ideas, new users, and fees.
The rise and fall of C-Chain
It’s worth noting that Avalanche’s fortunes have fluctuated significantly in recent times. The platform achieved notable success with its self-developed Ethereum Virtual Machine (EVM) blockchain, known as C-Chain, in the fall of 2021. At its peak, C-Chain boasted a total price Value locked (TVL) amounts to over $10 billion in smart contracts, generating $1 million in daily fees and attracting over 100,000 daily active users.
(https://azcoinnews.com/wp-content/uploads/2023/10/Avalanche-1536x685.jpg)
Source: DefiLlama
However, by September 2023, these impressive numbers had decreased significantly. TVL dropped to $500 million, daily fees plummeted to $11k, and daily active users dropped to 34k. This decline is likely due to a combination of factors, including the bankruptcy of Avalanche’s main backers, Three Arrows Capital, and the lack of product diversification that has become apparent in the market. bear.
The way forward
Avalanche’s recent challenges are a sign that the crypto landscape is highly competitive and rapidly evolving. The platform’s innovative technology and ambitious multi-blockchain strategy suggest a potential path to recovery. However, it is important for Avalanche to address the decline in user activity and developer engagement, while also diversifying its product offerings to maintain its position as a strong competitor in the market. SCP school.
Source:
https://tradecoind2.com/vaneck-reports-worrying-signs-for-avalanche-avax/
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Bitcoin price has increased 11% in the past month and is surpassing $27,000, causing many analysts to reconsider whether Bitcoin’s $30,000 price level can reappear this year.
However, the strength of the world’s largest cryptocurrency remains uncertain and Bitcoin analysts remain divided on what will happen next for BTC.
BTC price recovers as courts side with Grayscale over Bitcoin ETF
The change in sentiment around Bitcoin from bearish to bullish can be traced back to a legal decision in late August. After months of deliberation, a court decided that the SEC had arbitrarily denied the application signed by Grayscale to turn their Bitcoin trust into a spot Bitcoin ETF.
This decision paved the way for a spot Bitcoin ETF and could usher in a new wave of Bitcoin transactions. A Bitcoin spot ETF would be much more accessible to retail traders and non-crypto retirement investors than most existing crypto investment vehicles.
Over the past month, the SEC has delayed a decision on approving any Bitcoin ETF, signaling that it could be months away from approval. However, that hasn’t slowed BTC’s rise, which has surged 11% since the court’s decision.
Analysts are divided on whether Bitcoin can continue to rise in price
Despite its recent price rally, Bitcoin still has many obstacles ahead. The Fed’s hawkish stance has signaled that it could raise interest rates even higher. Yields on relatively safe investments like U.S. Treasury bonds have exploded higher. And the SEC could delay or even block the launch of Grayscale’s spot Bitcoin ETF.
These factors have made analysts cautious when predicting the next price increase that Bitcoin may achieve.
One of the most bullish analysts, Michaël van de Poppe, CEO of MN Trading, predicted on his X account that Bitcoin would retest the $26,700 – $26,900 price range before moving. moving towards $30,000. He did not specify a timeline for when this retest might occur.
Other analysts are more cautious. Tom Esaye, founder of Sevens Report Research, has said that the cryptocurrency market has not yet priced in the Fed’s hawkish stance. That could lead to a severe decline in Bitcoin price before it reaches $30,000.
Bitcoin Minetrix Emerges as BTC Alternative, Launches Bitcoin Cloud Mining Stake-to-Mine Ecosystem
While the future of Bitcoin remains uncertain, a new cryptocurrency is launching to allow more investors to participate in Bitcoin mining.
Bitcoin Minetrix is a new cryptocurrency project building a Stake-to-Mine ecosystem in the world. Investors purchase Bitcoin Minetrix $BTCMTX tokens to be able to stake them and earn mining credits. These credits can be redeemed for hashing power in mining, allowing investors to earn BTC.
This ecosystem helps solve one of the biggest problems with Bitcoin cloud mining. With Bitcoin Minetrix, investors never need to send tokens to an unknown mining farm. Instead, they simply lock up the secure $BTCMTX tokens and receive non-transferable mining credits.
It is a simple and safe solution that helps eliminate cloud mining scams. Bitcoin Minetrix plans to start by renting hashing power from existing mining farms and eventually build its own data centers.
Regardless of what happens to BTC prices in the coming months, mining still has the potential to be profitable.
That reality was reflected in the massive demand for $BTCMTX during the Bitcoin Minetrix presale event. The pre-sale event has raised over $500,000 and is quickly reaching its minimum capitalization.
Currently, investors can buy $BTCMTX for $0.011. However, there is not much time left to own $BTCMTX at the lowest price during the presale event.
Source:
https://tradecoind2.com/waiting-for-bitcoin-price-to-hit-30k-again-in-2023-or-is-it-better-to-invest-in-bitcoin-minetrix-2/
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XRP (XRP) price rose more than 7% last night after the SEC’s appeal to extend its ongoing court battle with Ripple Labs was denied.
This legal victory has injected new momentum into the XRP price, which has been declining since its mid-July jump.
Although XRP currently appears to be on an uptrend, investors are looking for cryptocurrencies that could get the next price boost – notably the Bitcoin Minetrix (BTCMTX) project .
Court Rejects SEC Appeal Gives Ripple Advantage in Court Battle
On October 3, federal judge Analisa Torres denied the SEC’s appeal in its lost case with Ripple Labs.
The SEC sought to challenge Torres’ initial ruling in July – the judge had declared the sale of XRP to retail customers through exchanges did not violate federal securities laws.
However, Torres found that the SEC failed to meet its legal burden to provide substantial grounds for appeal.
This is a major setback for the SEC’s efforts to regulate the cryptocurrency market under securities laws.
Notably, this is not considered a complete loss for the regulator as Torres announced a trial date of April 2024, which will focus on other issues between the SEC and Ripple Labs.
But for now, Ripple Labs has the upper hand in this legal battle. Cryptocurrency advocates are celebrating the court’s curbing of the SEC’s power.
Ripple Labs Chief Legal Officer Stuary Alderoty tweeted that the original July ruling was “the law of the land” and that XRP “is not a security” – a statement echoing the sentiment of the community broader cryptocurrency.
XRP price soars as it beats the SEC while the broader market is falling
The SEC’s immediate rejection of the appeal boosted XRP’s price, and it jumped more than 7% after the news broke.
This is in stark contrast to most other leading cryptocurrencies, which are trading at lower levels on the day.
XRP has managed to hold on to most of its gains but the price has eased slightly from its intraday high of $0.547.
XRP’s sharp rise underscores how the long-running SEC lawsuit has weighed on XRP’s price over the past few years.
Now, with a clear advantage over the SEC, many investors are betting on the outcome of the April 2024 lawsuit ending in Ripple’s favor.
XRP is up 4% over the past month, and these investors hope the appeal rejection will pave the way for the coin to maintain its upward momentum.
While there is still some uncertainty surrounding XRP, the token now appears to be decoupled from the broader market, which could be good news in the short term.
Which Cryptocurrency Could Get a Price Boost Next?
With XRP soaring on news of positive regulatory developments, investors are still looking for the altcoin that could achieve the next big boost.
Among them, the emergence of a new project that is making a splash is Bitcoin Minetrix – a Stake-to-Mine platform that is currently in a very successful pre-sale event.
Bitcoin Minetrix Offers Unique Way to Earn BTC Rewards, Raises $430K Through Presale Event
Bitcoin Minetrix (BTCMTX) is a decentralized cloud mining platform aimed at making Bitcoin (BTC) mining accessible to retail investors.
Using a unique Stake-to-Mine mechanism, users can purchase and stake BTCMTX tokens on Ethereum-compatible wallets, such as MetaMask.
In return, users will receive non-transferable mining credits that can be used to create cloud mining capacity.
Ultimately, this process will allow users to earn BTC rewards for mining, while also making it possible for investors to mine Bitcoin without having to pay large sums upfront on specialized hardware.
Additionally, the project has been audited by blockchain security firm Coinsult, which adds transparency that traditional cloud mining companies often lack.
Currently, the Bitcoin Minetrix #DevelopmentTeam is offering $BTCMTX tokens to investors through a 10-phase presale, with the token currently priced at $0.011 per token.
The minimum investment in the presale event is $10, so that many investors can reach out and become part of the project.
More than $430,000 was raised during the pre-sale event before Bitcoin Minetrix just went public, a testament to the high level of interest from the investment community.
Members of the crypto influencer community have also taken notice, including YouTuber Michael Wrubel, who has more than 310,000 subscribers.
Recently, Wrubel released an analysis video about Bitcoin Minetrix and he declared “optimism” about its future.
With strong buzz from influencers like Wrubel and a low barrier to entry, Bitcoin Minetrix could benefit greatly from the crypto community’s optimism surrounding the latest regulatory victory. of XRP.
Source:
https://tradecoind2.com/xrp-price-soars-as-sec-appeal-is-rejected-can-bitcoin-minetrix-price-pump-continue/
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Meta: If BTC fails to break above $35K by the end of October, it could trigger a series of dumps. If left unchecked, the price could drop to just over $20K.
The cryptocurrency market has fluctuated continuously for a long time, revealing no signs to investors and traders. Predictions that Bitcoin price could drop to $20k are becoming stronger. This is reinforced by the lack of sharp volatility, despite the approaching Bitcoin halving.
If BTC fails to follow a trajectory above $35K by the end of October, it could lead to a string of selling. If left unchecked, the price could drop to just over $20K.
This could be bad news for investors who have limited their crypto portfolio to just BTC. This is the time when projects like eTukTuk appear. In this article, we will take a close look at the project and how it has become a safe haven in a volatile market.
eTukTuk has many development opportunities
The important point is to understand an asset’s potential for growth before investing in it, regardless of its reputation. For example, Bitcoin has struggled to deliver significant returns to investors this year. Even though it continues to be the world’s largest cryptocurrency, this doesn’t make much of a difference in terms of ROI.
Investors are looking for cryptocurrencies that can give them high returns. While short-term investors prefer volatile assets like meme coins that can increase (or decrease) 10X to 50X in a week, long-term investors eyeing utility-rich assets can experience test of time.
Reputable cryptocurrencies like BTC, ETH, ADA, and SOL all have utility. But they don’t have much room to grow, with their market value already in the billion-dollar range.
New cryptocurrencies like eTukTuk, on the contrary, are rich in utility and offer many growth opportunities for early investors. The key lies in discovering them early.
What is eTukTuk’s position in the market?
eTukTuk has a real purpose in the real world – to transform EV public transport systems in developing countries and reduce their carbon footprint.
It stands out from the majority of emerging cryptocurrencies with its specific mission. eTukTuk’s EV infrastructure operates on BNB Chain’s Layer-2 opBNB protocol and uses AI technology for better optimization.
Due to its contribution to climate action, eTukTuk is relevant not only in developing countries but also in developed countries. It recognizes that fighting climate change is a global effort that requires participation from both developed and developing economies. This is something most EV brands miss.
To provide a clearer picture, there are more than 270 million registered tuk-tuks worldwide. They are one of the most popular means of public transport in developing countries and contribute to air pollution.
eTukTuk ‘s goal is to guide the tuk-tuk industry towards carbon neutrality. The peer-to-peer EV ecosystem includes a diverse revenue model that combines sustainability and innovation, along with local EV manufacturing.
More than five years of development
eTukTuk’s development journey spanned over five years, in stark contrast to the countless crypto projects that appeared overnight based on ephemeral trends.
The project worked to optimize electric three-wheelers for drivers in developing countries. Tech and affordability are important when entering a growing economy because most people cannot afford a personal vehicle, let alone an EV.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/image003-4.jpg)
Today, eTukTuk has set groundbreaking standards in EV manufacturing. Meticulously engineered with fewer than 200 parts, eTukTuks can be manufactured locally, thereby reducing the initial investment for drivers.
eTukTuks have incorporated patented roll cage designs and LFP batteries, making them a safe alternative to conventional Tuk Tuks. With its scalability, eTukTuk has the potential to capture a significant proportion of the market in the coming years.
Furthermore, to increase driver efficiency, optimize routes, minimize battery consumption and predict optimal times for charging, eTukTuk has integrated AI solutions into its infrastructure.
Peer-to-peer network eTukTuk
eTukTuk operates under the decentralized vision of blockchain.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/image004-2.jpg)
It introduces a peer-to-peer network based on blockchain. The main pillars of this network are Territory Partners, Electric Depositors and eTukTuk drivers.
* Territory Partners are responsible for operating charging stations in strategic locations.
* Electricity Stakeholders secure the payment network.
* Drivers use charging stations operated by Territory Partners and make payments using TUK tokens, which are redistributed to both Territory Partners and Electricity Stakeholders.
This circulatory system ensures smooth operation and encourages participation.
eTukTuk is coming to Sri Lanka!
Sri Lanka has more than 1.2 million registered tuk-tuks. This explains why eTukTuk has decided to start its journey in this island nation. But fuel costs in Sri Lanka are rising, making it a strategic decision that could have a major economic impact.
eTukTuk will help drivers transition to a more cost-effective system, potentially increasing their earnings by up to 400%.
eTukTuk has signed partnership deals with leading industry companies and organizations such as Capital Maharaja Group (CMG), CityAM, AsiaTokenFund and NuFi, expanding its network and position in the industry. This network will expand in the coming months as eTukTuk enters more areas.
How to invest in eTukTuk?
If you are interested in becoming an early stage investor in eTukTuk, the best way to participate is through the ongoing TUK presale. With the project’s huge growth potential and rising popularity, it will be difficult to buy TUK at a low price after the presale ends.
TUK token staking is now enabled, offering a notably high annual yield (APY) of up to 41,646% at the time of this writing.
Source:
https://tradecoind2.com/why-is-etuktuk-a-safe-haven-when-bitcoin-price-drops-to-20000/
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ETH price drops 3% as Ethereum Foundation sells 1,700 tokens
ETH price has dropped around 3% in the past few hours as traders reacted to a wallet that appears to belong to the Ethereum Foundation selling part of its token allocation.
(https://s3.tradingview.com/snapshots/g/gWiXBtIy.png)
Source: TradingView
Arkham data shows wallet “0x9eE457023bB3De16D51A003a247BaEaD7fce313D” swapped more than 1,700 ETH for $2.7 million in USDC on Monday. The wallet is tagged as “Sponsoring Provider” on blockchain tracker Etherscan and holds nearly $400,000 worth of tokens as of press time.
Until now, the Ethereum Foundation has not publicly disclosed specific details about what it plans to do with the proceeds. However, traders reacted to the move causing ETH price to drop to an intraday low of $1,583.
The Ethereum Foundation develops applications and programs for the Ethereum network, but is not an official organization or centralized group that controls what happens on the chain. However, it is still very influential and can impact the token price or the inherent prospects of Ethereum among investors or developers.
As of April 2022, it held nearly $1.29 billion in ETH, representing more than 0.297% of total ether supply at the time, and about $300 million in non-crypto investments.
Source:
https://tradecoind2.com/eth-price-drops-3-as-ethereum-foundation-sells-1700-tokens/
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If you are a liquidity provider or an active trader on the Uniswap (UNI ) protocol then you will know that the most basic type of market maker is the Time-Weighted Average Market Maker (TWAMM).
Uniswap defines TWAMM as an on-chain version that maintains exchange rate balance with market prices.
However, there is a new upgrade for TWAMM, and the Automated Market Maker (AMM) revealed the details in a blog post on October 7. According to Uniswap, the new update to TWAMM will reduce the impact of sudden price fluctuations on large transactions.
No more unexpected discrepancies
Uniswap further explained that market participants will be able to achieve price stability by dividing a large order into small parts. Although TWAMM has been operating since 2021, its role is only to help traders send long-term orders on a fixed number of blocks.
With the latest update, the order sending process will change. Despite this, Uniswap still maintains its lead as the AMM with the highest DEX volume. According to Dune Analytics, Uniswap’s trading volume over the past seven days was $2.83 billion.
As a result, the protocol was able to earn a total liquidity fee of 3.53 million USD. This ensures that it holds around 58% of the total DEX market share , followed closely by PancakeSwap (CAKE).
(https://tapchibitcoin.io/wp-content/uploads/2023/10/1-1.png)
Source: Dune Analytics
With the new upgrade, Uniswap could recover from its recent volume decline. Additionally, TWAMM has the potential to help attract more liquidity providers and traders. So, there is a possibility that the protocol’s trading volume could once again surpass some CEXs like it did in May.
Social dominance increases as players remain optimistic
Another part of Uniswap that could be affected by this development is social dominance. At the time of writing, Uniswap’s social dominance has increased to 1.07%. This is an index used to measure the rate of discussion about any project.
Therefore, the increase in this index shows that Uniswap is a project with a high level of promotion in crypto media. Furthermore, the development of TWAMM may also help increase social dominance.
This is because market participants may pay more attention and may soon increase trading on the Uniswap protocol.
Meanwhile, the broader market seems to be optimistic about the Uniswap project. This is because the weighted sentiment index increased to 0.345. Weighted sentiment considers positive and negative comments mentioning a project through conversations on social platforms.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/2-1.png)
Source: Santiment
With the increase in metrics, Uniswap, along with its native token UNI, may continue to play an important role in the market for a long time.
Source:
https://tradecoind2.com/will-uniswaps-new-upgrade-give-uni-a-boost/
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Digital asset investment products continued to see significant inflows last week, reaching their highest volume since July 2023, according to a new report.
Crypto asset management firm CoinShares reported in its weekly analyst report on October 9 that crypto investment products saw inflows for the second consecutive week, with a total value of 78 million USD.
According to CoinShares, cryptocurrency exchange-traded product (ETP) volume also increased 37% last week, reaching $1.1 billion. The report notes that Bitcoin volume also increased by 16% on trusted exchanges.
Solana, the eighth-largest cryptocurrency by market capitalization, has continued to establish itself as the “altcoin of choice” as its weekly inflows hit their highest since March 2022. At As of writing, the cryptocurrency is up about 14% over the past 30 years but is still down about 32% over the past year, according to data from CoinGecko.
(https://s3.tradingview.com/snapshots/4/4WC0yeVb.png)
Solana (SOL) price chart. Source: TradingView
Despite the significant overall growth in flows into crypto products, some major crypto investment products have seen more muted movements. CoinShares reiterated that the US Ethereum futures ETF – which launched trading on October 2 – only attracted around $10 million in its first week, indicating a lack of demand.
In addition to asset analysis, CoinShares also reported that 90% of total inflows into crypto assets came from Europe, while the United States and Canada combined for only $9 million in capital inflows.
(https://s3.cointelegraph.com/uploads/2023-10/ab8648ce-4bfa-4a34-98a2-acfa2ce1aaee.png)
Cryptocurrency flows by country. Source: CoinShares
According to the data, Germany and Switzerland were the largest contributors to the increase in capital flows, reaching 37.3 million USD and 31.3 million USD, respectively. Combined, these countries accounted for 88% of total inflows into crypto asset products last week.
Source:
https://tradecoind2.com/cryptocurrency-investment-products-saw-largest-inflows-since-july/
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According to Upbit’s operating company, the South Korean cryptocurrency exchange was targeted by hackers more than 159,000 times in the first half of 2023.
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Algorand (ALGO) and Audius (AUDIO) surged after being listed on the Upbit exchange
These figures were reported by Dunamu – the company that owns and operates Upbit – to Korean Representative Park Seong-jung of the People’s Power Party, Korean news agency Yonhap reported on October 9 .
The report shows a 117% increase compared to the first half of 2022 and a whopping 1,800% increase compared to the first half of 2020.
Upbit is one of South Korea’s largest cryptocurrency exchanges, with a 24-hour trading volume of about $1.2 billion, according to CoinGecko. Other major Korean exchanges include Bithumb, Coinone, and Gopax.
To combat hacking attempts and increase security, Dunamu said Upbit has increased the proportion of coins held in cold wallets to 70%. Upbit also increased security measures for funds held in hot wallets.
Hot wallets tend to be hacked more often than cold wallets because their private keys are stored online, unlike in the past where keys were stored offline on external hard drives and USBs.
A Dunamu spokesperson told Yonhap that Upbit was hit with a $50 million mining attack in 2019. But since then, Upbit has not experienced a security breach.
“After the 2019 hack, we took various measures to prevent a recurrence, such as distributing and operating hot wallets, and to date, there has not been a single cyber breach. ”
However, Upbit had to suspend Aptos token offerings at the end of September after the platform failed to recognize the fake token “ClaimAPTGift.com,” which reached 400,000 Aptos wallets.
Seong-jung admitted that cryptocurrency hacks have increased on a large scale and called on the South Korean government to do more:
“The Ministry of Science and IT must conduct large-scale whitewashing simulation tests and investigate information security conditions to prepare for cyberattacks against virtual asset exchanges, where Hacking incidents frequently occur.”
“The role of the Ministry of Science and IT in managing and supervising them is unclear.”
Meanwhile, cryptocurrency exchanges were targeted in a series of attacks in September.
Hong Kong-based exchange CoinEx was hacked for $70 million in September after one of the company’s private keys was compromised. The company claims that affected users will be compensated for any lost funds.
In a separate attack, Huobi Global’s HTX exchange lost $7.9 million in a mining attack on September 24
Source:
https://tradecoind2.com/upbit-was-targeted-by-hackers-159000-times-in-the-first-half-of-2023/
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Bitcoin (BTC) price momentum stalled last week, failing to close above $28,000.
Bitcoin has now been falling since October 2, when it reached a high of $28,580. It is trading in the middle of a horizontal range. Which direction will it move from here?
Bitcoin’s rally stalls at $28,000
Weekly time frame analysis shows that Bitcoin price has increased since the week starting September 11. This upward movement has confirmed the horizontal level of $25,300 as reliable support.
BTC price has gained momentum since the last two weeks, forming a bullish engulfing candlestick pattern. This candlestick pattern shows a positive outlook on the future price trend as the losses of the previous period have been completely erased.
However, Bitcoin was unable to maintain its upward momentum last week, creating a weekly candle with long wicks on either side, considered a sign of indecision.
BTC price is currently trading in the middle of a horizontal range between $25,300 and $30,500.
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BTC/USDT Weekly Chart | Source: TradingView
The weekly RSI is not yet determined. With the RSI indicator as a momentum indicator, traders can determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
The bulls have the advantage if the RSI is above 50 and sloping up, but if the RSI is below 50 the opposite is true.
The RSI has been trading very close to the 50 trend line since August (green circle), suggesting an undetermined trend.
BTC Price Prediction: Will the Deviation Lead to a Retest of the Range Low?
Technical analysis from the daily timeframe of BTC is trending down. The main reason for this is the decline that began on October 2 (red symbol), when Bitcoin created a bearish candlestick (red symbol) after seemingly moving above $28,000 (red line ).
The subsequent decline confirmed that the previous move was just a deviation and not a valid breakout.
While BTC price action is decreasing, the RSI gives hope that the gains will continue. This is because the bullish divergence line (green) that preceded the entire rally is still intact. In addition, this index is above 50.
If the rejection continues, BTC could fall another 7% and reach the previous descending resistance line at $26,000.
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BTC/USDT Daily Chart | Source: TradingView
Despite this bearish prediction, a daily close above the $28,000 resistance area would likely result in a 9.50% rally to the next resistance at $30,500.
Source:
https://tradecoind2.com/bitcoin-btc-upside-stalled-at-28000-what-next/
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FCA UK issues 146 cryptocurrency warnings within 24 hours
The UK Financial Conduct Authority (FCA) announced on Monday that it has issued 146 warnings in the first 24 hours of the new cryptocurrency marketing regime . Noting that changes to the law bringing crypto asset promotion schemes under jurisdiction are now in effect, the FCA wrote:
“We issued 146 warnings about crypto asset promotions on the first day of the new regime.”
“We expect businesses including social media platforms, app stores, search engines, domain registrars and payments companies to consider the warnings we have issued and contribute section on protecting UK consumers from illegal promotional programs”.
The FCA continues to urge consumers to check the Warning List before making any cryptocurrency investments.
HTX (formerly Huobi) and Kucoin, were among the cryptocurrency trading platforms added to the FCA’s Unauthorized Firms Warning List on Sunday. A Huobi spokesperson told Bloomberg that the cryptocurrency exchange “does not operate or market its services or products in the UK.” Kucoin also told the publication that it does not operate in the UK but is committed to regulating its products and services “to the extent possible” to ensure compliance with relevant laws and regulations in each country. nation.
The UK Financial Conduct Authority explains that as of October 8, companies wishing to promote crypto assets in the country “must be authorized or registered” by the FCA or their marketing activities. approved by an authorized company.
“Under FCA regulations, promotions must also be clear, fair and not misleading, carry prominent risk warning labels and must not inappropriately encourage people to invest. These changes bring crypto assets in line with other high-risk investments.
“We also continue to remind people that buying crypto assets remains highly risky and they should be prepared to lose all of their money.”
Source:
https://tradecoind2.com/fca-uk-issues-146-cryptocurrency-warnings-within-24-hours/
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In a year filled with economic destabilization, persistently high inflation, and concerns about rising interest rates, Bitcoin continued to grow and outperform other traditional asset classes. The crypto king’s performance has been remarkable even though its price has largely traded in consolidation.
In particular, Bitcoin emerged as the top-performing asset class in 2023, with a 63.3% gain, leading among 40 selected asset classes, according to data released by NYDIG on June 6 . ten.
Among these assets, the second best performers were shares of large-cap companies in the U.S. market, up 28.2%. Meanwhile, Bitcoin outperformed other notable assets, including the US stock market (12.2%), commodities (6%), cash (3.8%), and gold (1 ,first%).
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Returns of asset types from the beginning of 2023 to present | Source: NYDIG
One of the most striking aspects of Bitcoin’s performance this year has been its ability to maintain a relatively narrow trading range despite significant external pressure. The top cryptocurrency by capitalization held in the $25,000 to $31,000 range, resolutely resisting breakout attempts in either direction. Notably, year-to-date gains have been maintained, although Bitcoin slowed in the third quarter, when the asset fell 11.1%.
According to the report, that stability has been maintained despite a series of events, including court rulings, macroeconomic changes, government shutdown concerns, debate over the debt ceiling and others. ongoing efforts to gain approval for a Bitcoin spot exchange-traded fund (ETF) in the United States.
Potential factors driving Bitcoin price increase
However, the report authors claim Bitcoin still has upside potential, thanks to several driving factors.
“However, it is important to acknowledge Bitcoin is largely driven by idiosyncratic factors. Looking ahead, we are optimistic for key industry developments, such as the potential launch of spot ETFs and the upcoming halving, which will play a more prominent role in driving the value of Bitcoin in the future,” the report said.
Meanwhile, the market is closely watching potential price levels that could signal the start of a bull market. According to the report, Bitcoin needs to maintain bull market support at $24,900.
Besides the ETF news, analysts are also looking at near-term catalysts that could fuel a short-term rally, such as a significant deviation from the gains in the jobs report.
Specifically, the US Bureau of Labor Statistics reported adding 336,000 jobs in September, surpassing economists’ forecast of only 170,000. The unemployment rate remained unchanged at 3.8%, despite forecasts for a fall to 3.7%. While this development initially caused Bitcoin’s price to drop slightly, the asset has made some gains since then.
Gold vs Bitcoin
Is gold still considered the most suitable hedge investment tool or has that strong belief disappeared?
Since the concept of investment existed, gold has been one of the most popular investment tools for preserving asset prices. This is due to gold’s unique characteristics such as limited supply (scarcity) and no central governing authority governing its creation. However, gold’s performance on a weekly, annual and even 10-year scale has not been so impressive.
Meanwhile, BTC is a much newer concept, taking the unique properties of gold to a new level. And, although it has its own drawbacks, it’s been working much better lately.
As a less volatile and risky asset, gold price performance often increases sharply during periods of economic uncertainty. This could be seen during and mainly after several previous global financial crises, including the one from 2008. The precious metal skyrocketed to new peaks a few years later but never got close to the coveted $2,000 mark.
The next eight years (2012-2020) were one of the most prosperous periods in terms of global economic growth, leading to skyrocketing prices of risky assets, such as stocks and Bitcoin.
During this time frame, gold disappeared from investors’ vocabulary and its price fell from over $1,900 to less than $1,100 during its worst days. But when Covid-19 shocked the world, gold exploded due to a new wave of economic instability.
The same thing happened again when the Russia-Ukraine “special military operation” (in other words, war) broke out. The end of speculation by the US government and the country’s inability to pay its debts led to similar developments.
However, the past few weeks have been particularly difficult for bullion, with prices down 7% (over $130). Its price against the dollar is already quite solid (relative to other currencies), at $1,820 as of Friday’s close. This leads to some compelling conclusions: 1) gold lost all of its annual gains in the latest price drop and 2) the metal is now valued lower than it was more than a decade ago when it peaked after the 2008 banking crisis.
At the same time, it should come as no surprise to anyone that the dollar has lost massive amounts of purchasing power, especially in the wake of the pandemic and after multiple extraordinary bailouts (i.e. staggering amounts of greenbacks). printed and sent to everyone to resolve suspicious reasons).
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XAU/USD weekly | Source: TradingView
Therefore, the question is whether gold is still a safe haven investment asset or not. Also, is gold’s performance still linked to US interest rates?
Bart Melek, head of commodity strategy at TD Securities, said:
“The whole story of keeping interest rates higher for longer is the main reason people are taking their positions out of gold because the opportunity cost of holding it has gone up.”
What about Bitcoin?
So gold’s performance against the US dollar was quite impressive until around 2012, when it peaked above $1,900, as it did during previous major economic crises. But how has the landscape changed?
While there may be a number of reasons why gold appears to no longer serve as a safe haven, perhaps the most central of these is the existence of Bitcoin. The flagship cryptocurrency created during the aforementioned 2008 banking crisis, carries a message designated for the billions and trillions of fiat currency printed at that time in its original code and also contains many properties of gold but also takes them to a completely different level.
While also scarce (but with proven scarcity, unlike gold), Bitcoin lacks a central governing authority that could increase the amount in circulation for reasons that only Satoshi Nakamoto himself just know. At the same time, Bitcoin is also censorship-resistant, accessible, non-discriminatory, and digital.
It is this digital nature that has made Bitcoin especially lucrative during the pandemic when the world shut down, limiting gold production and transportation. People cannot get their hands on physical gold. Because BTC is completely digital, transfers take just a few minutes and usually cost very little.
BTC’s price performance was quite spectacular and volatile until 2020 but skyrocketed in the year after the pandemic and jumped from $8,000 to $69,000.
Although 2022 brings a completely different mentality, due to the ongoing war, industry collapse and rising interest rates, the network is still performing well across the board. 2023 has also been quite positive so far, with the number of BTC transactions 65% higher than on January 1, unlike the precious metal gold.
Of course, it would be considered quite arrogant and perhaps incorrect to suggest that BTC has overtaken gold as the most preferred hedge against inflation and economic instability. However, this asset class will find a place among gold’s notable successors or alternatives, as many financial experts and prominent investors have asserted over the past few years.
Source:
https://tradecoind2.com/bitcoins-best-performer-of-2023-beating-40-global-assets/
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Cardano is one of the largest and most actively developed blockchains, but it continues to face criticism from various quarters. Critics have made many accusations against the project, including a lack of on-chain development, inherent protocols unsuitable for real-world applications, and anti-personnel attacks. Cardano founder Charles Hoskinson.
While some FUD is currently prevalent in the crypto industry, Cardano seems to be facing more than its fair share. To solve this problem, Hoskinson proposed a strategy to mitigate attacks by changing its marketing and branding initiatives.
Level up marketing game
During a recent AMA (Ask me Anything), Hoskinson revealed that there are plans to allocate more funds to marketing activities. The Cardano founder stated that the proposal would require the community to decide how much to spend on new marketing and branding functions as part of a revised strategy on investor perception and perspective .
Hoskinson explained IOG (Input Output Global) was struggling in the marketing space and had “much better, lower cost and more qualified people” to carry out the marketing function. The Cardano founder hopes hiring dedicated marketing experts will reduce FUD surrounding the project.
“We did what we could with Cardano360 and other things, but this is really not the place for a core developer to try to learn and invent how to be a marketer and system builder. Ecological”.
Hoskinson also mentioned that the upcoming implementation of Cardano Improvement Proposal (CIP) 1694 will greatly help in changing the narrative around Cardano, especially from the IOG perspective, and Hoskinson left Cardano after the proposal was approved. full implementation.
Proposed improvements to Cardano 1694
CIP-1694 is the main proposal of the Voltaire era, aiming to turn the Cardano network into a self-sustaining ecosystem. While CIP 1694 includes various moves, such as the establishment of regulatory bodies, the ultimate goal is for IOG and Hoskinson to hand over Cardano to the community and leave.
FUD Cardano
Overview of CIP-1694 from Emurgo
Hoskinson predicts that once CIP-1694 is passed, his and IOG’s departure will appease FUDders, leading to a decrease in negative sentiment towards Cardano.
In another aspect
Marketing changes cannot completely eliminate tribalism and the spread of FUD, which are deeply ingrained in human nature.
To date, no project has made significant headway in assuming the title of “Ethereum killer.”
Cardano is consistently among the top blockchains for developer activity.
Why is this important?
Cardano’s shift in focus to marketing and branding represents an acknowledgment that the project has so far placed too much emphasis on its technical capabilities. While Cardano’s scientific approach has created a powerful blockchain platform, its focus on its highly technical nature has limited the growth potential of individuals, creating space for FUD to spread. transmit.
Source:
https://tradecoind2.com/cardano-plans-to-end-crypto-fud-attacks/
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A Bitcoin developer has proposed a new way to bring off-chain smart contracts to Bitcoin without the need for a soft fork.
According to Robin Linus, ZeroSync project leader announced in a whitepaper on October 9 titled “BitVM: Compute everything on Bitcoin”, BitVM allows Turing Complete Bitcoin contracts without changing the rules Bitcoin consensus.
A Turing Complete system is a system that can theoretically provide an answer to any computational problem.
With BitVM, the “logic” of Bitcoin contracts will be executed off-chain but verification will be performed on Bitcoin, similar to Ethereum optimistic rollups.
BitVM’s architecture is based on a fraud proof and challenge response model where “provers” can make statements and “verifiers” present evidence of fraud to punish the prover for making statements. make false statements.
Linus explained that Bitcoin in its current form is limited to basic operations, such as signatures, time locks, and hash keys – but that can now be extended using BitVM. Linus says it can compute a variety of interesting applications.
“Potential applications include games like Chess, Go or Poker and especially verifying proof of validity in Bitcoin contracts.
In addition, it is possible to connect BTC with foreign chains, build prediction markets or simulate new opcodes.
Linus said the model’s limitations are that it is limited to a two-party setup with provers and verifiers, and that it requires a significant amount of off-chain computation and communication to execute programs.
Linus said the next “milestone” is the full implementation of BitVM alongside Tree++ – a high-level programming language for writing and debugging Bitcoin contracts.
BitVM was activated by the Taproot soft fork that took place in November 2021.
Linus cited Ethereum research on optimistic rollups and a study on Merkle Trees in contributing to the eight-page whitepaper.
Bitcoiner responds to BitVM
Prominent Bitcoiner Eric Wall posted on
Bitcoin analyst Dylan LeClair was also impressed with BitVM’s whitepaper. But Bitcoin Core contributor Adam Back suggests people shouldn’t get too excited about this development just yet.
One builder in the blockchain space, “dotta,” noted there is already a proof of concept on GitHub.
Another X user, Sam Parker, attempted to address the common fear of Bitcoin maximalists by explaining BitVM will not force Bitcoin to be “locked” into these contracts.
“Ultimately, this is opt-in. If you don’t trust your coins to be locked to some (perfectly reasonable) Turing Complete contract then don’t lock them to a Turing Complete smart contract. One of the good points of the UTXO system is the security sandbox.”
Others, such as “psage” say BitVM adds to the list of factors that will push Bitcoin prices forward in the next bull market.
Source:
https://tradecoind2.com/bitcoiner-announces-bitvm-brings-off-chain-smart-contracts-to-bitcoin/
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Binance, one of the world’s leading cryptocurrency exchanges, has announced the listing of Neutron (NTRN). This marks an important moment for Neutron and opens up exciting possibilities for crosschain development in the cryptocurrency ecosystem.
Effective from 19:00 on October 10, 2023, Binance will begin trading for Neutron with three spot trading pairs: NTRN/BTC, NTRN/USDT and NTRN/BNB. This listing provides users with greater flexibility and accessibility when trading Neutron.
https://twitter.com/binance/status/1711649560588632475
Cryptocurrency enthusiasts and traders can start depositing NTRN tokens immediately, preparing to participate in the trading frenzy expected to follow this announcement.
In the next development, Binance will also introduce NTRN as a new borrowable asset within 48 hours of the trading launch, giving traders the opportunity to engage in margin trading with NTRN. This move opens up new avenues for traders to explore leveraged positions with Neutron.
It is important to note that the Seed Card will be applied to NTRN, suggesting that this project may have higher volatility and risk than other listed tokens. As always, traders should exercise caution and conduct thorough research before engaging in trading activities.
What is Neutron (NTRN)?
Neutron is a blockchain network designed to simplify crosschain application development through Inter-Blockchain Communication Protocol (IBC). Additionally, it provides DeFi dApps with the full economic security of Cosmos Hub.
Neutron’s unique offer
Neutron stands out in the crypto space for its ability to bring Smart Contracts to the Cosmos ecosystem blockchain using CosmWasm. Furthermore, Neutron works seamlessly with networks using the IBC protocol and its security is ensured through the Cosmos Hub network using Interchain Security.
Cosmos SDK and Interchain security
Neutron leverages the Cosmos SDK framework, known for its modularity and capability-based security principles. Interchain security, on the other hand, ensures that Neutron is secured by the Cosmos Hub’s validator set, eliminating the need for a separate validator set just for the Neutron blockchain.
Interchain queries and transactions
Neutron brings customizable Interchain Queries (ICQ) to smart contract developers, allowing them to securely retrieve data remotely. Additionally, it introduces inter-chain accounts (ICA) to the CosmWasm smart contract, facilitating the execution and tracking of transactions in offshore regions without the need to deploy additional code .
Importance of CosmWasm
CosmWasm, the heart of Neutron’s operations, is a smart contract platform designed specifically for the Cosmos ecosystem, providing a solid foundation for Neutron’s capabilities.
The addition of Neutron (NTRN) to Binance’s ever-expanding cryptocurrency portfolio signals a new chapter in crosschain development. As Neutron finds its place in the Binance ecosystem, it will certainly attract interest from traders, developers, and crypto enthusiasts eager to explore the potential of this cutting-edge blockchain network. .
Following the Binance listing announcement, the price of Neutron’s NTRN token increased by approximately 41% and is currently trading at $0.50.
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Source: Coingecko
Source:
https://tradecoind2.com/binance-announces-neutron-listing-ntrn-price-increases-41/
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SBF’s crimes pile up: Trying a prostitute’s wallet to unlock frozen money before bribing Chinese officials
Details on how Sam Bankman-Fried (SBF), the former CEO of FTX who is currently on trial for seven counts of fraud, attempted to unlock funds frozen on cryptocurrency exchanges Asian electronics Huobi and OKX appeared in court today.
Caroline Ellison, the former director of FTX-affiliated trading firm Alameda Research, who also had an on-again, off-again relationship with her boss, SBF, gave testimony today.
Alameda’s accounts on Huobi and OKX — containing about $1 billion — were frozen in 2021 as a result of a money laundering investigation by the Chinese government focused on an Alameda partner, Ellison said. At the time, Bankman-Fried was CEO of Alameda.
To try to release the money, Alameda hired a lawyer in China to negotiate with the government, but to no avail. The company then turned to what Ellison described as different trading strategies.
Asked to give an example, Ellison said:
“On OKX, we created several accounts using the IDs of different people who I believe were Thai prostitutes and essentially we managed to have our main account lose money and let other accounts make money, then make very unbalanced trades between the two accounts so those other accounts can make money and withdraw money.”
Bribing Chinese officials
Another Alameda employee came up with the idea of bribing a Chinese official to unlock the account. Bankman-Fried was initially opposed to the idea, but he eventually agreed.
When asked how the accounts were eventually unblocked, Ellison said:
“My impression is that the blockade was lifted thanks to Alameda paying bribes to Chinese government officials.”
Bankman-Fried faces seven counts of fraud in this trial, but even if he is found not guilty in this first trial, he still faces a second trial – on five counts addition – currently scheduled for March next year. Those charges include bank fraud and foreign bribery conspiracy. Prosecutors said the alleged bribe paid to a Chinese official violated the Foreign Corrupt Practices Act. Bankman-Fried has pleaded not guilty.
Alameda lost at least 190 million USD due to hacking
A former Alameda Research employee claims FTX’s sister company at one point lost $100 million after a trader clicked on a fraudulent link. And that wasn’t the only time the company was scammed and lost millions of dollars.
Bankman-Fried “believed that the most important thing for a startup like Alameda… was to be able to grow very, very quickly, so much so that he decided to bypass the engineering and accounting practices that are considered standard in other countries.” technology and financial services company,” Aditya Baradwaj posted to X.
Baradwaj added that moving at Bankman-Fried’s rapid pace “means virtually no code testing and incomplete balance audits.” “Security checks for transactions will only be added when necessary, and the blockchain private key and transaction API key are stored as plaintext in a file that can be accessed by several employees.”
According to Baradwaj, the company ultimately lost at least $190 million.
Source:
https://tradecoind2.com/sbfs-crimes-pile-up-trying-a-prostitutes-wallet-to-unlock-frozen-money-before-bribing-chinese-officials/
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Ethereum (ETH) price has been falling since reaching a yearly high in April.
The decline took the price to the long-term ascending support line and horizontal support zone.
Ethereum recovers from support near 500 days
The weekly time frame chart shows that ETH price has been falling since reaching a new yearly high at $2,140 in April. While it appears that the price has broken above the $1,950 horizontal resistance area, this is just a degree away. deviation (green circle).
Ethereum price then confirmed this zone as resistance in July, creating a long wick above (red symbol). It has declined at a rapid rate since then.
The decline resulted in a low of $1,546 this week. The subsequent recovery confirmed the near 500-day ascending support line and the $1,560 horizontal support area, which has existed for 350 days.
Both of these structures are extremely important as they have supported the upward trend for a long time.
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ETH/USDT Weekly Chart | Source: TradingView
News about the Ethereum network is mostly negative. A report raises concerns that the Ethereum blockchain has become more centralized following The Merge and Shanghai upgrade.
To address these centralization concerns, Ethereum founder Vitalik Buterin proposed a two -tier staking system.
In particular, the main participants will be the Node Operators and Delegators groups. This both addresses centralization concerns and increases security in staking pools.
To summarize simply, the Node operator will be the validator, while the Delegator will stake assets on the Node operator of their choice.
On top of that, the low trading volume of Ethereum Futures ETFs and the sale of ETH by the Ethereum Foundation are clearly causes for concern.
What are analysts saying?
Views from some leading analysts are mixed.
@CryptoTony_ definitely a discount. However, he does not believe that the ascending support line is of any importance.
Instead, he suggested that ETH price will initially bounce but then fall to the lower part of the descending parallel channel (white).
Once it reaches support near $1,400, he predicts a new upward price movement will occur.
@TheCryptoCactus confirms the validity of the support line (black). He believes that the loss of long-term support will cause the price to plummet to the $1,100–$1,200 region.
Unlike the above two analysts, analyst @IncomeSharks has a more optimistic view. He believes that the support line will help the price bounce up to the $1,900 resistance area.
ETH Price Prediction: Breakthrough or Crash?
A closer look at the weekly chart shows the trend is bearish, suggesting that a breakdown is more likely than a breakout.
The main reason for this is the Relative Strength Index (RSI). With the RSI as a momentum indicator, traders can determine whether the market is overbought or oversold and decide whether to accumulate or sell an asset.
If the RSI is above 50 and sloping up, the bulls have the advantage, but if the index is below 50 the opposite is true.
In January, the RSI moved above the 50 level (green), indicating an uptrend. However, it fell below 50 in August (red). Last week, it confirmed the 50 line as resistance (red symbol). This shows that the trend is decreasing.
If ETH price breaks below the support line, it could fall nearly 20% and reach the $1,300 horizontal support zone.
Despite this bearish prediction, a bullish weekly close would mean the support line holds.
In that case, the price could rally 25% and reach the $1,950 resistance area.
Source:
https://tradecoind2.com/ethereum-eth-price-returns-to-500-day-support-amid-centralization-concerns/
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Since September, LINK price has increased more than 25%, outperforming Bitcoin, ETH and most altcoins. Currently, the project is the leading decentralized blockchain oracle solution and ranks 15th in market capitalization when excluding stablecoins.
In September, LINK’s price increased by an impressive 35.5%, but compared to its performance so far in October, LINK has faced a 10% correction. Investors fear a break of the $7.20 support could lead to further downward pressure, potentially erasing all of the gains from the previous month.
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LINK Price Index 12 Hours | Source: TradingView
It’s worth noting that the $8.21 close on September 30 marked its highest in over 10 weeks, but when looking at the bigger picture, LINK’s price is still 86% below its peak. all time in May 2021. Furthermore, over the past 12 months, LINK showed very little growth, while ETH increased by 21.5% during the same period.
LINK puts all its hopes on the SWIFT test
The LINK bull run began after SWIFT, the leader in messaging for international financial transactions, released a report on September 31 titled “Connecting the Blockchain: Overcoming Fragmentation in tokenized assets,” suggesting that linking existing systems to blockchain is more feasible than unifying different central bank digital currencies (CBDCs).
After a series of tests, SWIFT reported the ability to provide a single access point to multiple networks using existing infrastructure. The system is based on Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and is said to significantly reduce operational costs and challenges for organizations supporting tokenized assets.
Part of the reason for the skyrocketing value of LINK may also be due to Australia and New Zealand Banking Group (ANZ) successfully testing Australian dollar-denominated stablecoins using Chainlink’s CCIP solution. In a statement dated September 14, ANZ described the transaction as a “milestone” moment for the bank. Nigel Dobson, ANZ’s banking executive, noted ANZ sees “real value” in tokenizing real-world assets, a move that has the potential to revolutionize the banking industry.
On September 21, Chainlink announced the mainnet launch of the CCIP protocol on the Ethereum layer 2 Arbitrum One protocol, aiming to promote cross-chain decentralized application development. This integration provides access to Arbitrum’s low-cost, high-throughput scaling solution. StarkWare, another notable Ethereum scaling technology company, has previously used Chainlink’s oracle services.
Changes to Chainlink’s multi-signature protocol and decreasing fees have reduced investor interest
However, the positive news flow was interrupted on September 24 when user StefanPatatu criticized Chainlink on social network X (formerly known as Twitter) for quietly reducing the number of approvals needed on multi-wallet its signature. The previous agreement, which required four out of nine signatures to authorize the transaction, was seen as a security measure.
Chainlink responded by downplaying concerns and claiming the update was part of the normal signer rotation process. This explanation does not invalidate analyst Chris Blec’s criticism that “the entire DeFi ecosystem could be intentionally destroyed in the blink of an eye” if Chainlink signatories ever “went rogue.” ”.
However, Chainlink’s most important metric, the protocol revenue generated by its price feed, has decreased over the past four months when measured in LINK terms.
In September, the Chainlink price feed generated 142,216 LINK ($920,455) in fees, down 57% from May. Part of this movement can be attributed to a decrease in total value locked (TVL) of Ethereum, has dropped from 28 billion in May to $20 billion currently, representing a 29% decrease. However, this does not explain the entire discrepancy and may cause investors to question the sustainability of Chainlink’s revenue model.
It’s important to note that Chainlink offers a range of services beyond creating price feeds and operating across multiple chains, including CCIP, although Ethereum’s oracle pricing services remain core in the protocol’s business operations.
For comparison, Uniswap, the leading decentralized exchange, has a market capitalization of $2.38 billion, 42% less than Chainlink. Uniswap also boasts a total value locked (TVL) of $3 billion and generated $22.8 million in fees in September alone, according to DefiLlama.
Therefore, investors have reason to question whether LINK can maintain the $7.20 support level and maintain its $4.1 billion market capitalization.
Source:
https://tradecoind2.com/is-link-increasing-35-just-buying-rumors-selling-the-truth/
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Data from blockchain analytics firm Glassnode shows that long-term investors continue to buy bitcoin (BTC) at a breakneck pace, contributing to the market’s lack of liquidity.
Hodler net position change metrics show that long-term investors or wallets with a history of holding coins for at least 155 days have accumulated 50,000 BTC ($1.35 billion) per month.
The total number of BTC held by long-term holders has reached a new all-time high of more than 14.859 million BTC, accounting for 76% of the cryptocurrency’s circulating supply.
Glassnode said in its latest weekly report:
“More than 50k BTC per month is currently being secured by holders, indicating a tightening supply and widespread reluctance to trade.”
Inactive coins are coins that have not been used onchain for a certain period of time. Increased coin dormancy means coins are being held for longer periods in an illiquid state.
In other words, it indicates a relative weakening of supply-side pressures in the market and the possibility of excessive price increases.
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Source:
https://tradecoind2.com/hodler-hoards-1-35-billion-in-bitcoin-every-month/
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LTC price has been and will likely continue to follow Bitcoin. But in addition to its high correlation with the leading asset, this altcoin is also vulnerable to decline due to lack of action from whale addresses.
LTC price near new low
At the time of writing, LTC is trading at $61.25, about 2.4% above the current yearly low of $58. The price is likely to slip below this level and record a new 2023 bottom and test the support line at $58.
The relative strength index (RSI) indicates rising momentum in the case of LTC, signaling a bearish move that could lead to further declines as the indicator is below its neutral 50 line.
But if LTC bounces off the $58 support and rises back to the $63 support line, the price will have a chance to surpass the 50-day Exponential Moving Average (EMA), which it failed to do at the beginning of the month.
Whale activity signals a slow recovery
Litecoin has a pretty strong correlation with Bitcoin. Over the past few weeks, this correlation has hovered around 0.73, making LTC price action vulnerable to BTC fluctuations.
However, in addition to broader market signals, the lack of recovery in LTC price in September was due to a decline in whale activity. Even though whale addresses (addresses that conduct more than $100,000 worth of transactions) control only 11% of the entire circulating supply, their buying and selling activities still have the ability to activate the market.
Similarly, the LTC market maintains liquidity when these addresses make transactions, and a lack of them will cause price fluctuations. At the time of writing, their average weekly trading volume has reached $3.01 billion, the lowest since November 2020.
This could make investors cautious, reducing transactions and on-chain activity, causing LTC price to recover more slowly.
Source:
https://tradecoind2.com/ltc-price-nears-new-low-what-next/
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These 2 game tokens can increase sharply in the next few days
Both COMBO (COMBO) and BinaryX (BNX) are showing decisive bullish signals. They are expected to move higher in the next few days.
Game tokens appear to be attracting attention as the Big Time token (BIGTIME) has increased 15-fold since its listing on major exchanges on October 11.
COMBO technical analysis
COMBO (COMBO) price has created a bullish structure since hitting a yearly low at $0.41 on August 17. In the process, the price retested the strong resistance zone at $0.70 on the 11th. October and was denied thereafter.
The subsequent decline caused the price to break below the keylevel of the bullish structure at $0.54 on October 10, suggesting an end to the uptrend.
However, the price reclaimed the keylevel 2 days later with a large bullish candle. This shows that the previous breakdown was just a deviation (blue ellipse) and the bullish structure is still intact.
Additionally, such deviations are often followed by strong price increases.
Therefore, COMBO price is likely to retest the $0.70 area in the near future. This marks a 27.68% increase from the current price.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/COMBOUSDT_2023-10-13_16-42-53.png)
COMBO/USDT Daily Chart | Source: TradingView
BNX technical analysis
BNX price has been trading inside an ascending parallel channel since reaching a yearly low at $0.17 on August 17. This is a bearish pattern, which usually leads to a breakdown in the majority of cases .
However, BNX price broke above this channel on October 11. Invalidation of the bearish pattern usually leads to a strong upward movement afterward.
In addition, the price also broke out above the strong resistance zone at $0.55 on the same day, further reinforcing the bullish thesis.
Currently, BNX price is confirming both the channel resistance line and the $0.55 area as support (blue arrow). If successful, it could accelerate to the next key resistance area at $0.33, a gain of 25.63% from the current price.
The daily RSI favors continued upside as it sits above 50 and sloping up.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/BNXUSDT_2023-10-13_17-13-54.png)
BNX/USDT Daily Chart | Source: TradingView
Source:
https://tradecoind2.com/these-2-game-tokens-can-increase-sharply-in-the-next-few-days/
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RUNE saw a staggering 16.6% increase as THORSwap, the decentralized exchange based on THORChain, went live again.
THORSwap suspended trading last Friday (October 6), after receiving illegal funds linked to the attack on the FTX exchange in November 2022.
Services such as lending, borrowing and staking still operate.
THORSwap uses assets deposited on THORChain, a Layer-1 blockchain optimized for interoperability between different blockchains, as liquidity to facilitate cross-chain swaps.
THORSwap went live yesterday (October 12) with a “terms of service” update, adding “several additional protections” to prevent illicit flows and stay compliant law.
However, RUNE has remained in a downtrend since THORSwap suspended trading, falling from $2.03 to a low of $1.48 just before yesterday’s bullish reversal, down 27% on the week .
Trading volume via THORChain increased to $62 million on Thursday (October 12), after falling below $30 million over the past few days.
Thorswap blocks sanctioned countries
In addition to illegal funds on the blockchain, the THORSwap team also updated its terms of service to block users from countries sanctioned by the United States.
They also announced that they had “partnered with an industry leader” to add barriers.
Uniswap, a decentralized exchange on Ethereum, uses a similar guardrail to identify financial criminals. They partnered with investigative firm TRM Labs in April 2022 to analyze and block transactions potentially related to illegal activity.
Some users were quick to raise concerns about the new regulations, claiming that it contradicts the principle of decentralization.
Matt Ahlborg, a cryptocurrency researcher, told THORSwap that blanket bans are unethical because they adversely affect “hundreds of millions of innocent people.”
Accordingly, a THORChain supporter responded that there are other applications that users from sanctioned countries can use instead of THORSwap, as it was built by “an American team” and “must legally compliant”.
Source:
https://tradecoind2.com/rune-surged-more-than-16-as-the-thorswap-exchange-resumed-operations/
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The altcoin market has been hit hard after most cryptocurrencies fell into price corrections. The top three altcoins Ethereum (ETH), BNB Chain (BNB) and XRP are no exception.
Altcoins Could See a Bull Run If…
Mags, a famous cryptocurrency analyst, recently posted a tweet on X (formerly known as Twitter), sharing an interesting event related to altcoins. Currently, the total market capitalization of the top 3 altcoins is $320 billion and there are two possible outcomes…
https://twitter.com/thescalpingpro/status/1712000590820360278
If the price falls below current support, we can expect a retest of the 2017 all-time high, which is currently within a strong monthly support zone around $240 billion. The second possibility is that if the price breaks through the local trendline resistance and runs ahead of the monthly support, we can expect a strong uptrend from here. Since both possibilities are contradictory, a closer look at all three altcoins provides more certainty as to which is more likely.
Ethereum is likely to drop in price
CoinMarketCap data reveals that ETH price fell more than 4% last week. At the time of writing, ETH is trading below the $1,600 mark at $1,560.32 with a market capitalization of over $187 billion. There is more bad news as most on-chain metrics also favor sellers.
For example, Ethereum’s exchange reserves are increasing at the time of writing. This means the pressure to sell tokens is quite high. In fact, both ETH’s Korean premium and Coinbase’s premium are also in the red – a sign that investors from the US and South Korea are selling off.
ETH trading volume has also dropped sharply over the past few days, showing that investors have been reluctant to trade the token. Selling sentiment also prevails in the derivatives market, as the buy/sell ratio of ETH recipients recently turned red. However, CryptoQuant data reveals that ETH is in oversold territory, which is likely to help increase buying pressure and thereby push up the token price in the coming days.
How is BNB Chain doing?
The status of BNB is quite similar to Ethereum when its value drops. Over the past seven days, the price of BNB has decreased by more than 3%. At the time of writing, it is trading at $205.39 with a market capitalization of $39.5 billion.
If market indicators are to be believed, BNB price could fall further. Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) fell. BNB’s Chaikin Money Flow (CMF) is also hovering below the neutral zone. On top of that, the MACD shows a clear bearish advantage, adding to the possibility of a prolonged downtrend.
However, unlike Ethereum, BNB’s derivatives market statistics seem optimistic. For example, Coinglass data indicates that while the price of BNB fell, its funding rate also fell, suggesting that investors were reluctant to buy BNB at lower prices. Additionally, a similar downward trend was also observed in BNB’s open interest (OI), suggesting a possible trend reversal.
Whales are interested in XRP
During this time, XRP whales showed extreme interest in this cryptocurrency. This is evident in the increase in total whale transactions over the past few days. Additionally, the level of discussion about XRP on social media remains quite high, reflecting its popularity in the cryptocurrency market.
XRP was the most affected of the top three altcoins in the latest correction, as its value dropped more than 8% in the past seven days. Thanks to the unprecedented price drop, XRP’s 1-week price fluctuation also skyrocketed.
At the time of writing, XRP is trading at $0.4772 with a market capitalization of over $25.5 billion, along with a 7% decrease in daily trading volume. XRP’s fate is similar to the other two, as its market indices remain bearish. Its CMF and MFI both recorded a decrease and are near the neutral zone.
Looking at the performance of all three top altcoins, it seems that their situation going forward is not very positive. Therefore, the second possibility of expecting the 2017 ATH level to be retested seems very likely.
However, the cryptocurrency market is famous for its unpredictability, so how things will play out in the future will be extremely interesting…
Source:
https://tradecoind2.com/assessing-the-price-increase-of-ethereum-xrp-bnb/
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Bitcoin (BTC) price has been falling since reaching a high of $28,592 on October 2.
The decline confirmed a deviation above the $28,000 horizontal zone, which is now confirmed as resistance.
Bitcoin drops after being rejected at the high end of the range
Technical analysis from the daily timeframe shows that Bitcoin price has been falling since reaching a high of $28,580 on October 2 (red symbol). At the time, it appeared that BTC had broken above the $28,000 horizontal resistance area.
However, the price could not maintain its upward momentum. BTC fell below this zone shortly after, confirming this as resistance (black symbol) on October 6.
Bitcoin has fallen at a rapid pace since then, reaching a low of $26,538 on October 11.
The daily relative strength index (RSI) is bearish. Market traders use the RSI as a momentum indicator to identify overbought and oversold conditions to decide whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.
The indicator is below 50 and falling, both of which are signs of a downtrend. Additionally, it broke below the bullish divergence line (green line), which preceded the entire upward movement.
There is some very interesting Bitcoin news today.
Today marks the deadline for the U.S. Securities and Exchange Commission (SEC) to object to the court’s decision, which it deemed insufficient to block a spot Bitcoin ETF.
If the SEC drops its objection to this ruling by the end of the day, it will exhaust its options to reject any other spot Bitcoin ETFs.
Therefore, they are obliged to license all such ETFs. If the SEC doesn’t act today, it’s increasingly likely that we’ll see a green light for all of these funds.
In other news, 24,000 Bitcoin options contracts worth $640 million will expire today. This amount is 50% larger than last week.
Finally, the US Consumer Price Index (CPI) in September was at 3.7% , only slightly higher than the forecast of 3.6%.
When combined with a slightly higher-than-expected Producer Price Index, this could cause interest rates to rise slightly at the next meeting. While the US dollar index reacted positively to the CPI index, Bitcoin decreased slightly.
BTC price prediction: When will the price bottom?
Technical analysts use Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, helping them determine the direction of a trend. The most likely Elliott wave count is bearish.
Starting from the November 2022 low of $15,479, BTC price completed a five-wave upward movement. If so, it is now inside a regulatory structure in response to that increase.
If the decline continues, the most likely level for the bottom of wave C would be $21,800. This zone coincides with the 0.618 Fib retracement support level (white) and will create a 1:1 ratio A:C wave (black).
Analysis of the BTC halving cycle also supports this possibility. A drop to $21,800 would be nearly 20% off the current price.
Despite this bearish prediction, a rise above the wave B high of $28,592 could result in a 15% upside movement towards the $30,500 resistance area.
Source:
https://tradecoind2.com/bitcoin-btc-etf-decision-is-imminent-how-will-price-react/
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Grayscale Investments scored a resounding victory in its long-running lawsuit against the U.S. Securities and Exchange Commission (SEC) in late August. The lawsuit began in October 2022 after the company filed a lawsuit in D.C. Circuit Court to order conversion of Bitcoin Trust (GBTC) into ETF.
The US SEC
has until the morning of October 14 to appeal
The US SEC has until the morning of October 14 (Vietnam time) to appeal the losing judgment against Grayscale Investments. According to the August 29 victory for Grayscale, the court determined that the SEC’s rejection of Grayscale’s spot ETF proposal was “arbitrary and capricious.”
“Ordered and heard Grayscale’s petition for reconsideration is granted and the Commission’s order is vacated, in the opinion of the court.”
The basis for such a ruling was that the commission could not explain why similar products were treated differently. Accordingly, the SEC will have to reconsider the rejection decision and will likely approve the first spot Bitcoin ETF in the United States.
The SEC has 45 days to appeal the ruling: starting on August 29 and the deadline is the morning of October 14 (Vietnam time). There were two options presented to the committee. The first is to go to the Supreme Court or the En banc Council for reconsideration (En banc is a retrial of the case with the participation of the entire court, not just the 3-judge panel). Second, refuse the application on other grounds for another time.
However, if the SEC does not appeal, that is roughly equivalent to approval. Furthermore, it could serve as a signal whether a Bitcoin spot ETF may soon appear on the market.
Previously, Berenberg analysts pointed out that the SEC could use other arguments to reject Grayscale’s Bitcoin spot ETF. According to German Bank analysts, Coinbase’s participation in the Bitcoin spot ETF campaign could add to regulators’ concerns while strengthening their arguments against it.
This comes as Coinbase is involved in a lawsuit initiated by the US SEC, fighting charges of operating as an unregistered securities exchange.
Bitcoin
spot ETF
could create a lot of selling pressure
Meanwhile, a YouTuber and analyst has predicted there will be a lot of selling pressure if a spot Bitcoin ETF is approved, given the current 17% Grayscale GBTC discount. The trust currently records approximately $16.6 billion in assets under management (AUM). However, it trades like a closed-end fund so the price can vary significantly from the underlying asset value.
With Grayscale currently holding around 636896 BTC (about $17.082 billion at current rates), they typically have more Bitcoin than the actual market value ($16.6 billion), hence the discount. .
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Source: Crypto Rover
Once the ETF is approved, investors can sell it for a profit margin of at least 20-30%. This implies that the 636,696 Bitcoins that Grayscale owns may be available on the market.
Source:
https://tradecoind2.com/what-will-the-us-sec-do-when-the-deadline-to-appeal-the-grayscale-ruling-expires-tomorrow-morning/
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Warren Buffett, often revered as the Oracle of Omaha, has never shied away from expressing his skepticism towards Bitcoin. He once suspected Bitcoin and other cryptocurrencies were “gambling tokens” with no intrinsic value.
However, the situation seems to be changing. Although unintentional, Buffett’s investment in Nubank brought him to the cryptocurrency industry.
Warren Buffett’s Indirect Bitcoin Venture Pays Off
In 2021, ahead of its Initial Public Offering (IPO), Warren Buffett’s Berkshire Hathaway invested $500 million in Nubank, a digital bank headquartered in Brazil. This fintech giant facilitates traditional banking services and allows customers to trade Bitcoin and other cryptocurrencies.
After the IPO, Berkshire Hathaway invested an additional $250 million in Nubank, bringing the total investment capital to $750 million. The value of this position currently stands at $840 million, given that Berkshire has not bought or sold any shares since the end of the second quarter.
Nubank took a further leap into the cryptocurrency industry by launching its altcoin Nucoin earlier this year. This move is nothing less than a financial boost. With its stock price up more than 100% this year, Nubank’s market performance has eclipsed other heavyweights in Buffett’s portfolio. These include giants like Amazon, Apple, Coca-Cola, Bank of America and Kraft Heinz.
As global financial markets move through turbulent times, Buffett’s indirect connection to cryptocurrency through Nubank is ironic. The investment strengthens Berkshire Hathaway’s financial position amid a potentially seismic market loss of $17.7 trillion. Therefore, this is a testament to the nuanced change in the way traditional investors interact with the crypto industry.
Buffett’s inadvertence turned out to paint a story that shows that traditional finance and cryptocurrency are finding an intersection. Despite his fierce criticism, Nubank’s performance underscores the fact that even its staunchest critics cannot ignore the financial potential inherent in the emerging sector.
For example, veteran hedge fund manager Paul Tudor Jones suggests that in the current challenging US political environment, Bitcoin and gold may now make up a larger part of one’s portfolio than Normal.
“I really like gold and Bitcoin. I think they may represent a larger percentage of your portfolio than they have in the past because we are going through both challenging political times in the United States and a complex geopolitical situation.” , Jones said.
Although Buffett’s views on Bitcoin remain unchanged, even calling it “rat poison”, his indirect involvement through Nubank’s thriving venture is a stirring story. Investment power is growing in the modern financial era.
Source:
https://tradecoind2.com/warren-buffett-is-benefiting-from-bitcoin-despite-constant-criticism/
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In a groundbreaking move, Italian luxury sports car manufacturer Ferrari announced on October 14, 2023 that it has officially started accepting cryptocurrency as a form of payment for its premium vehicles in the United States. The company’s Chief Marketing and Commercial Officer, Enrico Galliera, revealed that this bold payment option will soon expand to Europe due to growing demand from wealthy crypto investors and clientele. traditional.
https://twitter.com/azcoinnews/status/1713102339811500508
This notable decision sets Ferrari apart from the majority of blue-chip companies, which have been hesitant to embrace cryptocurrency due to its apparent volatility and regulatory uncertainties. The company’s entry into the world of cryptocurrency payments has similarities with Tesla, the electric car giant which, in 2021, began accepting cryptocurrency payments but quickly stopped due to concerns about its environmental impact.
Enrico Galliera provided insights into Ferrari’s decision to embrace cryptocurrency, underscoring the automaker’s commitment to meeting the growing needs of its customer base, including manufacturers. Young crypto investors and traditional investors looking to diversify their portfolios. This change is in line with the evolving landscape of modern finance, where digital currencies have become a mainstream asset class.
“Some of our clients are young investors who have accumulated their wealth through cryptocurrency, while others are traditional investors looking to diversify their portfolios. Surname”.
Ferrari has selected BitPay as its payment processing partner, allowing customers to complete transactions using major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH) and USD Coin (USDC). One of the key benefits of this partnership is the seamless conversion of crypto payments into fiat on behalf of authorized Ferrari dealers, protecting them from market volatility. digital asset market.
“This is one of our main goals: avoiding direct processing of cryptocurrency payments, protecting both our agents and ourselves from price fluctuations,” Galliera emphasized.
Furthermore, BitPay ensures that the cryptocurrency used for payment is legitimate and not involved in money laundering or illegal activity, providing additional security for both Ferrari and its customers.
Source:
https://tradecoind2.com/ferrari-officially-accepts-cryptocurrency-payments-in-the-united-states/
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ETH price dropped 7% between October 6 and October 12, hitting a seven-month low at $1,520. Despite a slight recovery to $1,550 on October 13, it appears that investor confidence and interest in ETH is waning, according to multiple metrics.
Some may argue that the move reflects a broader apathy toward cryptocurrency, as evidenced by Google searches for “Ethereum” hitting a three-year low. However, ETH is 15% worse than the total altcoin market capitalization since July.
Interestingly, this price movement coincided with Ethereum’s 7-day average transaction fee falling to $1.80, its lowest level in the past 12 months. By comparison, these fees were at more than $4.70 just 2 months ago, a cost threshold considered high even for initiating and closing layer 2 transactions in batches.
Regulatory uncertainty and
lower staking
yields cause ETH prices
to
fall
An important event affecting the price of ETH was Cardano founder Charles Hoskinson’s comments on the US Securities and Exchange Commission Director William Hinman’s classification of ETH as a non-securities asset in 2018. Hoskinson also co-founder of Ethereum, alleged on October 8 that some form of “bias” influenced the regulator’s decision.
Ethereum staking also attracted less interest from investors participating in the network’s validation process as yields dropped from 4.3% to 3.6% in just two months. This change occurred alongside an increase in ETH supply due to reduced activity in the burn mechanism, reversing the current scarcity trend.
On October 12, regulatory concerns escalated after the Autorité de Contrôle Prudentiel et de Résolution (ACPR – part of French Central Bank) highlighted the risk of “paradoxically high concentrations” in Decentralized finance. The ACPR report recommends the need for specific rules governing the certification and governance of smart contracts to protect users.
Derivatives data and falling TVL reflect bear control
A closer look at derivatives metrics will provide insight into how professional ETH traders are positioned following the price correction. Typically, monthly ETH futures trade at an annual premium of 5–10% to compensate for delayed transaction settlement, and this practice is not unique to the cryptocurrency market.
ETH futures spreads hit a five-month low on October 12, signaling a lack of demand for leveraged long positions. Interestingly, even the 8.5% ETH price increase between September 27 and October 1 could not push ETH futures above the 5% neutral threshold.
Ethereum’s total value locked (TVL) has decreased from 13.3 million to 12.5 million ETH over the past 2 months, indicating a decrease in demand. This trend reflects increasingly low confidence in the DeFi industry and has fewer advantages than the 5% yield that traditional US dollar finance offers.
To assess the significance of TVL decline, it is useful to analyze metrics related to decentralized application (DApp) usage. Some DApps, including decentralized exchanges (DEXs) and NFT markets, are not financially centralized, making the value sent irrelevant.
Unfortunately, for Ethereum, the drop in TVL was accompanied by reduced activity in most DApps, including leading DEX Uniswap and largest NFT marketplace OpenSea. The drop in demand is also evident in the gaming sector, with Stargate showing just 6,180 active accounts on the network.
While regulatory concerns may not be directly related to the classification of ETH as a commodity, they do adversely affect the DApp industry. Furthermore, there is no guarantee the main pillars of the ecosystem, such as ConsenSys and the Ethereum Foundation, will not be affected by potential regulatory actions, especially in the United States.
Considering reduced demand for leveraged Long positions, lower staking yields, regulatory uncertainty, and lack of popular interest (as reflected via Google Trends), the likelihood of ETH falling below $1,500 la is still relatively high.
Source:
https://tradecoind2.com/eth-price-falls-to-7-month-low-more-drops-next/(http://)
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France’s banking and insurance regulator, Autorité de contrôle Wiseiel et de résolution (ACPR), has published a summary of its findings from a public consultation on regulating DeFi.
The consultation received significant participation from DeFi stakeholders globally, providing valuable insights to inform potential regulatory approaches in Europe.
According to ACPR, the two-month consultation provides a deeper understanding of the risks and opportunities of DeFi. While DeFi is often described as “decentralized,” the regulator argues that “disintermediation” may be more accurate due to its centralized infrastructure with major cloud providers, demonstrating Potential operational vulnerabilities.
The consultation also revealed widespread support for smart contract certification, the core of DeFi protocols, with proposals around proportionality and incident reporting. The management of intermediaries and user interfaces also received widespread consensus.
Most participants favored continued deployment on public blockchains while enhancing resiliency. The feedback will help shape ACPR’s contributions to European regulatory discussions under the Markets in Crypto-Assets (MiCA) law, focusing on issues such as:
*The rules governing blockchain trust are important for DeFi.
*Smart contract certification framework.
*Governance and conduct standards for DeFi platforms.
*According to ACPR, managing infrastructure, smart contracts, and business operations will enable DeFi to grow while protecting consumers. Incumbent and crypto-native financial institutions submitted responses along with auditors and consultants, offering diverse perspectives.
Although MiCA provides the platform, the regulator believes that additional rules are needed to ensure the unique nature of DeFi and tokenized finance. The consultation allows for the synthesis of specific recommendations to expand the scope of regulation.
DeFi centralization problem
ACPR’s claim that DeFi has a hardware centralization problem is shared by some within the crypto community itself, as the data shows. In July 2022, Amazon AWS supported approximately 32% of Ethereum nodes, with 47% of nodes running through major US internet and cloud providers. Analysts at the time said the network’s reliance on companies like AWS could still allow coordinated attacks between providers to disrupt operations.
The charts below show the distribution of Ethereum ndoe by provider in July 2022 and on October 12, 2023. Interestingly, ethernodes.org no longer tracks individual providers but instead That, now only distinguishes between ‘residential’ and ‘storage’.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/defi.webp)
Source: ethernodes.org
According to the most recent data , assuming ‘residential’ does not include residential contracts with cloud providers, reliance on hosting providers has decreased by about 1% over the past 15 months .
(https://tapchibitcoin.io/wp-content/uploads/2023/10/defi-2.webp)
Source: ethernodes.org
Source:
https://tradecoind2.com/acpr-france-highlights-defis-focus-risks-and-opportunities/
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(https://f55-zpg-r.zdn.vn/4080106447546001118/1ecf0a32456f9231cb7e.jpg)
Maker price (MKR) bounced off the previous resistance and broke out of the short-term bearish structure. It is likely to continue to increase in the near term.
Daily outlook
Maker (MKR) price has been trading inside an ascending triangle since July 14. This is a bullish pattern, which usually leads to a breakout in the majority of cases.
Indeed, the price broke out above this pattern to a new yearly high at $1,600. This move confirmed the previous horizontal support zone at $1,650 as resistance (red arrow) and the price has turned lower since then.
Despite the decline, MKR price successfully flipped the triangle’s resistance as support when it created a bullish engulfing candle yesterday (blue arrow). This shows that bulls are buying aggressively on minor dips as they expect a continuation of the uptrend.
An upward movement equal to the height of the pattern would take MKR price to $1,900, an increase of 34.23% from the current price.
The daily RSI favors a bullish continuation as it bounced from the 50 level and formed a hidden bullish divergence.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/MKRUSDT_2023-10-14_16-48-29.png)
MKR/USDT Daily Chart | Source: TradingView
Break the reduced structure
MKR price has formed a short-term bearish structure since reaching the aforementioned local high of $1,600. This structure has a key level at $1,410.
Today, MKR price succeeded in breaking out above this key level, indicating that the previous downtrend has ended and a new bull run may begin.
Currently, MKR price is in the process of confirming this key level as support. If successful, it could retest the yearly high at $1,600 in the next few days.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/MKRUSDT_2023-10-14_17-24-01.png)
MKR/USDT 2-hour chart | Source: TradingView
Conclude
The most likely outlook sees MKR prices moving higher over the next few days. The nearest target is $1,600 and above it up to $1,900.
This view could be invalidated if the price breaks below the previous triangle’s resistance at $1,350.
Source:
https://tradecoind2.com/maker-price-mkr-bounces-from-previous-resistance-how-high-will-it-rise/
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How does XRP “kick” USDC out of the prestigious cryptocurrency index?
XRP replaced USDC as the 5th largest asset of the largest global virtual asset index Hong Kong Virtual Asset Consortium (HKVAC) released on October 13. HKVAC is designed to reflect the broad range of investable digital assets.
The organization does this by evaluating regulatory, risk and reliability standards for assets before recommending a top five.
XRP dominates, USDC is deposed
Previously, USDC was in the top 5 along with Bitcoin, ETH, BNB and USDT. However, XRP’s victory and some of the losses Circle suffered earlier in the year contributed to the change.
Since the HKVAC considers regulation and performance as a criterion, it can be concluded that Ripple’s partial victory against the US SEC helped XRP earn its place on the list. Additionally, it is worth noting that the token is up 41.5% year-to-date (YTD).
While USDC has been able to maintain its peg to the US dollar, the stablecoin’s association with the challenges that have befallen some traditional institutions has really affected it. In March, Circle revealed $3.3 billion of its reserves had been transferred to troubled Silicon Valley Bank (SVB).
Due to this revelation, USDC quickly fell to $0.86 but was able to regain its dollar peg shortly after. However, one area that USDC has not been able to revive is market capitalization. In addition to increasingly losing stablecoin dominance to USDT, USDC’s market capitalization is gradually losing to XRP.
At the time of writing, XRP’s market capitalization is $26.05 billion while USDC is lower at $25.12 billion. This data confirms there has been more XRP in circulation than USDC for some time.
Stablecoins reign here
Regarding Network Growth, both USDC and XRP have declined recently. According to Santiment, XRP’s network growth is 286 at the time of writing. On the other hand, USDC is much higher at 2278.
Network growth measures the number of new addresses interacting with the network. When figures increase, it means there have been a lot of transactions involving new entrants and vice versa.
So USDC’s network growth outpacing XRP’s is not necessarily evidence that the Circle network is performing better. Instead, it could be a sign that market participants are leaning towards holding stablecoins as many appear to be preparing for a bullish cycle.
Meanwhile, there are many other cryptocurrencies listed in the HKVAC top 30 index. After Internet Computer (ICP) was dropped from the list, MakerDAO (MKR) and Quant (QNT) entered the fray.
Source:
https://tradecoind2.com/how-does-xrp-kick-usdc-out-of-the-prestigious-cryptocurrency-index/
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(https://f49-zpg-r.zdn.vn/7736455779222992762/d33df21f2f78f826a169.jpg)
Coinbase is ramping up its efforts to push for a response from the U.S. Securities and Exchange Commission (SEC) regarding its rulemaking petition. This move comes amid many legal battles between the two sides over the past year.
In a renewed effort, Coinbase has formally requested an ordinance directing the SEC to issue a response to the July 2022 rulemaking petition within a 30-day time frame. The exchange is seeking explicit approval or rejection of its request.
Coinbase sets a
30-day
ultimatum
According to court filings dated October 13, Coinbase emphasized that the 30-day ultimatum was intended to force the SEC to issue a formal response. Because the committee may persist in avoidance and delaying tactics if not forced to act.
Coinbase wrote:
“The words and actions of the SEC and its officials outside of this proceeding only further confirm that the agency has denied Coinbase’s motions in all but name.”
Paul Grewal, Coinbase’s Chief Legal Officer, called the SEC’s response unclear, calling it just a bureaucratic procedure. Grewal said :
“The SEC’s unclear “update” is nothing more than a bureaucratic pantomime and confirmation that nothing but executive orders will make the agency take its obligations seriously.”
Meanwhile, the recent court filing continues the ongoing legal standoff between Coinbase and the SEC. Since last year, the two entities have filed several legal actions against each other, including one in which the regulator accused Coinbase of violating securities laws in its cryptocurrency offerings.
In response, Coinbase dismissed the case, citing the emerging industry’s lack of clear regulation.
The SEC’s lukewarm response
On October 11, Grewal shared an update from the SEC on However, the regulator’s update does not include further details on these proposals.
At the time, Grewal said the regulator should have responded considering legal actions against crypto-related companies.
“A formal, public response to the petition is long overdue. And with the ongoing enforcement campaign against cryptocurrencies, the SEC should at least inform the Court of the timing of its decision.”
Coinbase’s petition asks the Commission to clarify how securities laws apply to digital assets.
Source:
https://tradecoind2.com/coinbase-sends-a-30-day-ultimatum-to-the-us-sec/
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Bitcoin (BTC) recently underwent a correction, but the largest cryptocurrency continues to trade in a familiar range below $30,000. Meanwhile, technical indicators suggest that Bitcoin is poised for a bull run based on historical price patterns.
In this context, analyst Thescalpingpro pointed out in an X (Twitter) post on October 15 that Bitcoin’s Moving Average Convergence Divergence (MACD) just made a bullish crossover for the second time after slide below the zero line.
It’s worth noting that such an incident has only happened once before in Bitcoin’s history, in 2016. This pivotal moment was followed by a significant bull run that caused Bitcoin’s price to skyrocket the following year.
“A strong bullish cross in the MACD occurs when it crosses below the zero line. In 2016, the MACD bullishly crossed below the zero line for the first time, triggering a price rally. Now, in 2023, MACD has bullishly crossed below the zero line for the second time.”
The analyst admitted that as Bitcoin targets the $27,000 mark, the indicator signals long-term trends. However, he warns that in the short term, investors should be prepared for prices to fluctuate and move sideways before a recovery occurs.
“Remember, while MACD signals long-term trend changes, short-term fluctuations are normal. Price may move sideways or even slightly decline on LTF before the Bull Run begins,” he added.
Bitcoin targets $27,000
As the market awaits a potential Bitcoin bull run, the first cryptocurrency recently fell below $27,000, hitting a new two-week low. It managed to regain some ground but still struggled to overcome the $27,000 barrier.
While technical indicators can influence Bitcoin’s valuation, the asset is subject to external factors such as macroeconomic data and regulatory developments, especially approval from the US Securities and Exchange Commission (SEC).
Now, the possibility of a bull run could be sparked if Bitcoin can secure a sustainable close above $28,233.
Bitcoin price analysis
At the time of writing, Bitcoin was trading at $26,836, reflecting a drop of nearly 4% on the weekly chart.
In terms of technical analysis, Bitcoin is currently dominated by bearish sentiment. The one-day summary from TradingView shows a ‘sell’ rating at 14 while the moving averages show ‘strong sell’ at 12. On the other hand, oscillators are signaling ‘buy’ at 4 .
Based on recent price movements, Bitcoin’s potential to reach a new all-time high depends on its ability to sustain above the $27,000 resistance level.
Source:
https://tradecoind2.com/is-bitcoin-ready-to-increase-in-price/
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ETH price remains in a downtrend on the daily timeframe, in a move characterized by lower lows and highs. The largest altcoin by market capitalization is down around 12% so far this month, but signs of recovery appear to be emerging.
Former Frog Nation CFO bets
ETH price will increase
According to Frog Nation’s former CFO 0xSifu, the price of ETH could soon increase. The identity of this trader was recently confirmed as Michael Patryn, co-founder of Canadian exchange QuadrigaCX.
According to a report by Wu Blockchain, Perps Watcher discovered that 0xSifu made a bold investment, Long ETH with a position size of more than $20 million. Based on the report, this trader “opened and gradually increased Long ETH positions on Kwenta over the past 3 days,” proactively taking Long ETH positions at an average price of $1,562 and with 5.2 leverage time.
It is known that Sifu.eth previously opened a Short ETH position during the recent price drop that lasted about the past 2 weeks. However, he gradually closed this Short position before switching to Long three days ago.
Dormant ETH whales sell millions of dollars on Binance
As blockchain detective OnchainDataNerd reported earlier today, a whale has awakened after 3 years of inactivity and made a large transfer of ETH to the Binance exchange.
The whale deposited 4,500 ETH now worth nearly $7 million into Binance while the price remained at $1,542.
OnchainDataNerd points out that this whale bought a total of 11,900 ETH for $2.89 million in June 2020 on the Bitfinex exchange. Three years ago, this whale paid $243 per ETH and now the price has increased more than 6 times.
If he sold all the ETH purchased at the moment, the profit would be $15.56 million, according to OnchainDataNerd’s post.
Besides, a lot more ETH was transferred to centralized exchanges than the amount sent by the above-mentioned whale. According to recent X posts by popular blockchain tracker Whale Alert, whales have transferred a total of 59,860 ETH to two leading exchanges Coinbase and GateIO.
Anonymous whales deposited large amounts of 22,699 ETH and 22,157 ETH into Coinbase, and 15,000 ETH were transferred to GateIO. In total, these cryptocurrencies account for $92.3 million in fiat money.
Top
10 Ethereum wallets increase accumulation
As reported by on-chain data aggregator Santiment earlier this week, the top 10 Ethereum wallets both belonging to exchanges and not affiliated with them have accumulated the second largest amount of the cryptocurrency.
Currently, the top 10 addresses on exchanges contain 8.51% of the total ETH supply. As for wallets outside the exchange, they increased their holdings to a whopping 39.22 million ETH.
ETH
price
shows bullish
divergence
Meanwhile, ETH price has a bullish divergence for the ETH/USDT trading pair on Binance on the daily timeframe. As reported, prices recorded lower lows since around August 18. Along with that, the Relative Strength Index (RSI) shows higher lows, forming a strong bullish divergence.
The presence of oversold conditions on the RSI and subsequent higher lows reinforces this outlook, suggesting underlying strength.
However, it is important to note that you must conduct your own research when trading and do not rely entirely on the investment choices of others. Additionally, according to the industry’s oldest precaution, only trade what you can lose.
Source:
https://tradecoind2.com/nearly-60000-eth-pushed-onto-the-floor-as-former-frog-nation-cfo-longed-eth-for-20-million/
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Governor Gavin Newsom of California has officially signed a new bill into law, marking a pivotal moment for the Golden State’s cryptocurrency scene.
The measure, aimed at regulating California’s growing cryptocurrency industry, has been met with enthusiasm from both supporters and skeptics of the digital asset space.
According to the report, the cryptocurrency bill was passed by the California legislature in August, essentially requiring cryptocurrency companies to have a license to operate in the state.
The legislation comes on the heels of growing concerns over the collapse of the FTX exchange last year and other market upheavals.
With federal action still uncertain, California lawmakers took it upon themselves to establish a basic regulatory framework for the industry.
Governor Newsom is an outspoken supporter of blockchain technology and cryptocurrency.
It’s worth noting that this is not the first time California has tried to regulate the cryptocurrency industry. In a similar move last year, Governor Newsom rejected a bill, citing concerns that it resembled New York’s BitLilance regulation, which has often been criticized for its strict approach to regulation. electronic money regulations.
Enforcement of California cryptocurrency laws
The new rules will take effect in January 2025, giving crypto companies time to respond to regulatory changes. Notably, the law expands the scope of regulation to include stablecoins. Under this law, stablecoins must be issued by a bank or licensed by the California Department of Financial Protection and Innovation.
Additionally, the market value of the stablecoin will be calculated using US generally accepted accounting principles (GAAP). This regulatory step is intended to ensure the stability and security of these digital assets, protecting both issuers and users.
This new California law also clarifies which federal agency, the SEC or CFTC, has the authority to regulate cryptocurrency businesses in the United States. This is an important step in defining the regulatory landscape for cryptocurrencies, which have become an important part of the global financial system.
Source:
https://tradecoind2.com/california-officially-signs-cryptocurrency-bill-into-law/
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Grayscale appears ready to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) after the U.S. Securities and Exchange Commission (SEC) missed an appeal deadline. Meanwhile, GBTC stock’s discount to net asset value (NAV) has decreased significantly from 48% to 16%.
Grayscale gets closer
to
ETFs
After the deadline for the securities regulator to appeal Grayscale’s conversion request expired, the company issued a statement. They expressed their willingness to convert the Bitcoin Grayscale Trust (GBTC) into an ETF.
Grayscale’s statement shared with Fox News said :
“Team Grayscale stands ready to work on converting GBTC to an ETF upon SEC approval, and we look forward to sharing more information as soon as possible.”
The statement came after the SEC decided not to appeal the court’s approval of Grayscale’s fund conversion application. Bloomberg analyst James Seyffart predicts Grayscale and the SEC will begin dialogue this week to get a clear answer on ETF approval.
While investors expect approval, GBTC’s market capitalization is nearly $3.5 billion based on Yahoo Finance data. The next important approval deadline for the SEC is on January 10, related to applications previously filed by ARK Invest and 21Shares.
Additionally, the SEC is evaluating multiple other spot Bitcoin ETF proposals, including those from financial heavyweights like Fidelity and BlackRock.
GBTC discount
narrows
Meanwhile, GBTC’s discount to net asset value (NAV) fell from nearly 48% in December 2022 to 16% on Friday according to YCharts data. Cryptocurrency investor and KOL Scott Melkar noted :
“Closing the discount gap between market price and NAV could be a sign of changing market sentiment and could potentially increase demand for GBTC shares.”
A fund’s discount to NAV essentially means that the market price of the shares is trading at a lower price than the actual value of the assets held by the fund. In simpler terms, investors are buying something for less than its value at a bargain price.
Melkar explains further:
“Reducing the discount to 16.59% could be interpreted as a more optimistic market view for GBTC, but it should be noted that there is no guarantee the discount will continue to narrow or even move to a premium. deviated”.
According to investor Mike Alfred, amid recent developments, arbitrage trading has skyrocketed . He explained that as the GBTC discount dwindles over the next few weeks, these traders will likely buy back or cover their Bitcoin Short positions to reduce the risk of holding GBTC. This is likely to lead to increased demand for both Bitcoin and Bitcoin futures contracts.
“A lot of GBTC arbitrage traders are shorting spot BTC as a hedge against their long GBTC positions. As the GBTC discount approaches zero in the coming weeks, there will be a lot of short covering in spot and futures as people begin to sell off their GBTC holdings. Please be patient”.
Source:
https://tradecoind2.com/grayscale-is-getting-ready-to-convert-gbtc-into-an-etf/
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(https://f53-zpg-r.zdn.vn/7599908745460548038/a80f14ab18decf8096cf.jpg)
Stablecoin issuer TrueUSD has been affected by a third-party security breach that resulted in the exposure of some customers’ personally identifiable information.
Information includes the customer’s full name, email address, and phone number (for customers who joined in 2018-2019). Customer addresses, dates of birth, bank names, transaction history, and public addresses of blockchain accounts were also exposed.
The breach involved TrueUSD’s bank, customer management service provider, and former product management service provider – TrueCoin.
Vector attacks third parties
TrueCoin informed TrueUSD that on September 20, 2023, a third-party provider notified them of “unusual account changes within TrueCoin’s organization due to a compromised support provider violation”. TrueCoin added it has no logs of attackers downloading, changing or deleting personally identifiable information from its systems.
Immediately following this announcement, TrueCoin’s technical and cybersecurity teams initiated an investigation to determine the extent of the breach, the email said.
“TrueCoin has taken swift action to prevent any further unauthorized access. TrueCoin’s internal systems were not compromised,” the announcement noted.
TrueUSD added that following this incident, it recommends that customers carefully monitor their personal accounts for any suspicious activity. TrueUSD further emphasized that customers should be careful of any phishing attacks and contact the company if they notice anything unusual.
Source:
https://tradecoind2.com/trueusd-customers-blockchain-wallet-address-was-exposed-due-to-a-third-party-breach/
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Digital asset investment products from asset managers such as CoinShares, Bitwise, Grayscale, ProShares and 21Shares recorded net inflows for the third consecutive week. The funds added a net $15 million – mostly in Bitcoin.
According to the latest report by CoinShares, Bitcoin products saw inflows of $16 million last week, pushing inflows to $260 million year-to-date. Bitcoin short funds also recorded inflows of $1.7 million.
The data, as of late Friday, “are unlikely to yield positive news from the U.S. over the SEC’s failure to appeal Grayscale’s legal challenge, potentially paving the way for a U.S. spot ETF.” Ky,” head of research at CoinShares James Butterfill wrote.
Solana and XRP products recorded inflows
Solana’s investment products added $3.7 million to the $24 million registered last week. XRP funds also recorded modest inflows of $0.42 million – the 25th consecutive week of positive inflows for the product. Butterfill said:
“The steady cash flow underscores the support of the investment community, especially considering the successful legal challenges against the SEC.”
Butterfill added that overall net inflows are a sign that “sentiment is steadily improving.”
(https://www.tbstat.com/wp/uploads/2023/10/Screenshot-2023-10-16-at-12.31.32-649x675.png)
Screenshot 2023 10 16 at 12.31.32 Screenshot 2023 10 16 at 12.31.32
However, inflows were not always positive, with Ether funds seeing outflows of $7.4 million – largely reversing the $10 million inflows added after the launch of six Ethereum funds futures ETF last week. Butterfill shares:
“This perhaps reflects ongoing protocol design concerns.”
This was followed by Chainlink, Litecoin and Tezos products, with outflows of $0.31 million, $0.28 million and $0.25 million respectively last week.
Regional division still exists, transaction volume still declines
US markets continued to see minimal inflows into crypto funds, adding $2.1 million last week, while Germany was behind most inflows for the week, adding 16.1 million USD. Canada registered a capital inflow worth 3.5 million USD. Sweden was the only European country to report outflows – totaling $7.5 million.
Despite continued net capital inflows, trading volumes remained 27% below the 2023 average, Butterfill noted.
Source:
https://tradecoind2.com/crypto-funds-recorded-net-inflows-for-the-third-consecutive-week/
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Several reports emerged on Monday claiming that the United States Securities and Exchange Commission (SEC) has finally given the green light to a spot Bitcoin ETF.
Despite the ongoing uncertainty over the news, BTC price responded by immediately skyrocketing to around $30K.
(https://s3.tradingview.com/snapshots/6/6q8yCXGS.png)
Source: TradingView
While the SEC has approved several futures-based BTC ETFs, the securities watchdog has delayed and rejected every spot ETF application for about a decade now.
Hopes were raised earlier this year after the world’s largest asset manager – BlackRock – applied to launch such a project.
However, the SEC delayed making a final decision on BlackRock’s application, as well as several other applications.
On Monday, October 16, news broke from several sources that the Commission had finally approved a spot ETF product for US residents.
🚨 BREAKING: SEC APPROVES ISHARES BITCOIN SPOT ETF.
— Cointelegraph (@Cointelegraph) October 16, 2023
The price of the underlying cryptocurrency responded by jumping immediately. It was pumped to $28,000, but the hype surrounding the possibility of approval caused it to increase by about two thousand dollars.
Update:
BlackRock said the company’s application for a spot Bitcoin ETF is still under review by the SEC after the price of the world’s largest cryptocurrency spiked following social media rumors that the fund had been approved.
https://twitter.com/EleanorTerrett/status/1713913109272809602
A BlackRock spokesperson confirmed that the iShares Bitcoin application is still under review by the regulator. The SEC has yet to approve a bitcoin spot ETF in the US.
After the correction news appeared, BTC price dropped back to 28,101 USD at the time of writing.
Source:
https://tradecoind2.com/btc-price-spikes-to-30000-as-sec-report-approves-spot-bitcoin-etf/
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According to onchain data , popular blockchain analytics firm Arkham Intelligence appears to be selling its ARKM tokens through crypto market maker Wintermute.
On October 16, crypto detective Lookonchain reported that the Arkham Ecosystem Fund Wallet transferred 21.58 million ARKM, worth approximately $7.34 million, to Wintermute, of which 1.5 million ARKM ( worth more than 500,000 USD) was deposited into the Binance cryptocurrency exchange.
https://twitter.com/lookonchain/status/1713846322732863880
The motive behind these transactions remained undisclosed as of press time. The transfer of tokens to the exchange is usually for sale.
Meanwhile, Arkham’s alleged sales follow similar transactions made by the ecosystem wallet recently. According to Lookonchain, this wallet transferred 25.75 million ARKM worth 8.74 million USD to the same wallet “0xfF3E” on October 3. Through this transaction, Arkham sent about 4.15 million ARKM worth 1 .41 million USD for Binance between October 5 and October 12.
Another blockchain analytics company, SpotOnChain, further corroborated these transactions.
Arkham Intelligence launched the ARKM token at the beginning of the year and faced a lot of criticism after introducing the onchain smart market. The ARKM token is integral to the platform as it is used to set up and receive bonuses.
However, the blockchain analytics company’s technology has come under fire after being linked to a market crash in April. Whistleblowing platform Crypto Leaks also reported that Arkham used backdoor exploits at Binance and FTX to link exchange users to their private cryptocurrency wallets.
Despite speculation about trading activity, Arkham’s ARKM token is up 3.8% over the past 24 hours and trading at $0.34 at press time. This price movement reverses a negative trend that saw the digital asset lose more than 10% in value over the past month.
(https://s3.tradingview.com/snapshots/k/KnAfJRmy.png)
Source: TradingView
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Meitu decided to sell all 31,000 ETH and 940.89 BTC, turning to AI
In a strategic move due to financial losses incurred due to investments in cryptocurrencies, Chinese technology company Meitu has decided to divest its entire cryptocurrency portfolio, redirecting capital to the intellectual sector. Artificial intelligence (AI) is developing strongly. The decision comes after significant losses to their cryptocurrency holdings amid a macroeconomic downturn in the cryptocurrency market.
https://twitter.com/azcoinnews/status/1714076453686362445
Back in March 2021, Meitu invested 100 million USD to acquire 31,000 ETH and 940.89 BTC. However, given the current market conditions, the company is struggling with a loss of approximately $24.76 million due to significant fluctuations in the cryptocurrency market influenced by macroeconomic factors.
Kang Yikong, Meitu’s Senior Investor Relations Manager, has confirmed that the company has no intention of continuing its cryptocurrency holdings. Instead, Meitu plans to gradually liquidate its Bitcoin and Ethereum assets at the appropriate time, reallocating these resources into the promising field of artificial intelligence. The AI sector has proven to be a lucrative source of revenue for Meitu, fueling the company’s rapid growth and providing stability in the face of current economic uncertainties.
Recently, Meitu introduced MiracleVision 3.0, an AI solution specifically designed for the company’s video design applications. Kang Yikong believes that artificial intelligence will be the foundation for Meitu’s sustainable development. By adopting AI technology, Meitu aims to strengthen its position as an industry leader and pioneer in harnessing the power of AI for innovative applications.
Source:
https://tradecoind2.com/meitu-decided-to-sell-all-31000-eth-and-940-89-btc-turning-to-ai/
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Veteran trader Peter Brandt recently posted an ETH chart highlighting a pattern. He asked his followers if the highlighted pattern was a rising wedge and if not, what would need to happen to turn it into one.
A rising wedge is a chart pattern used in technical analysis to predict a possible bearish reversal. It is depicted by a narrowing price range with higher highs and higher lows, both surrounded by upward sloping trend lines.
Veteran traders are not surprised to ask this question, as there are other chart patterns that resemble the rising wedge pattern, both in structure and trading strategy. Falling wedges, ascending and descending triangles, symmetrical triangles, flags and pennants are examples.
User X responded to Brandt’s question by saying that price action would need to touch the upper trendline a third time for the pattern to meet the definition of a wedge.
Brandt agrees that a third contact point above is needed for the wedge to form properly while adding that, more likely, the pattern presented on the ETH chart could turn into something else.
Ethereum has experienced a decline over the past week, hitting a seven-month low at $1,520. The downward price movement coincided with Ethereum’s total transaction fees falling to their lowest level in years.
Source:
https://tradecoind2.com/veteran-trader-peter-brandt-comments-on-the-ethereum-chart-pattern/
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In a recent fund analysis conducted by Bitrace on Tron addresses involved in OTC trading, findings indicated that over 3.439 billion USDT classified as “at risk” flowed into addresses this in the past 24 months.
The above figure does not include addresses associated with centralized exchanges, compliant cryptocurrency acceptance platforms, and major money laundering organizations.
Risk funds flood OTC addresses
Recent findings after Bitrace analyzed Tron addresses conducting OTC activity show that an alarming 34.39 billion at-risk USDT was transferred to these wallets over the past 24 months.
The report also revealed that more than half of the funds pouring into USDT were medium to high risk funds. Specifically, 14.7% of this USDT is related to online gambling, 20.1% to black and gray market products, 19.4% is related to money laundering.
(https://tapchibitcoin.io/wp-content/uploads/2023/10/USDT-1.jpg)
Source: Bitrace
Receiving USDT from these addresses can “contaminate” the wallets involved and be vulnerable to risk management enforcement by centralized platforms. Furthermore, investors linked to those addresses may be subject to scrutiny by law enforcement agencies.
Anonymity is an important aspect of the cryptocurrency industry as users increasingly seek privacy-enhancing technologies. However, it is important to note that this trend also entails higher associated risks. Bitrace research demonstrates OTC trading markets with higher levels of anonymity tend to attract a higher proportion of risky cryptocurrencies.
Bitrace cited a case of cryptocurrency being used for online gambling and illegal funds finding their way into an exchange, ultimately leading to money laundering charges. The OTC address “TGTKDo” has been active since September 2022, with a cumulative trading volume exceeding 28.8234 million USDT.
This address made multiple money transfers related to money laundering and online gambling, potentially putting the accounts on the platform receiving these funds at risk of being controlled or frozen.
JPEX thunderstorm incident
The cryptocurrency world is facing many challenges, as evidenced by the ongoing “JPEX storm incident”. Specifically, several “OTC exchange shop” operators in Hong Kong were arrested for helping victims deposit money into JPEX.
Bitrace’s previous audit results of JPEX hot wallet addresses revealed a 22.04% risk pool. As a result, the operators of these acceptance companies may be subject to anti-money laundering investigations in the future.
Bitrace advises regular crypto investors to exercise caution when choosing a licensed and compliant platform to conduct OTC transactions to prevent “tarnishing” their addresses. Ignoring these risks can have serious consequences for investors and the broader cryptocurrency ecosystem.
Source:
https://tradecoind2.com/bitrace-reveals-over-3-4-billion-trc20-usdt-risk-flows-to-otc-addresses/
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FTX Trading Ltd. and the affiliated debtors (collectively, the “FTX Debtors”) announced a proposal to resolve customer asset disputes in pending Chapter 11 bankruptcy cases. This breakthrough is called “Addressing the Customer Deficit” and is expected to be proposed with the revised Reorganization Plan by December 16, 2023. Pending Bankruptcy Court approval, this settlement will mark an important step in resolving client estate litigation and has the potential to confirm the Revised Plan in Q2/ 2024.
The core of the customer asset lawsuits revolve around FTX.com and FTX US customers, asserting interests in specific assets, rather than being treated as uninsured claimants. guaranteed, like common creditors. The Customer Deficit Settlement Agreement is designed to end the dispute by granting the customer an unsecured claim against the FTX Debtors. This request will have equitable priority in relation to certain assets segregated or otherwise reserved from exchanges.
This remarkable settlement was reached after months of lengthy, arduous negotiations between Debtor FTX, the Executive Committee of the Ad Hoc Committee of Non-US Customers (representing approximately $1 billion in claims of FTX.com customers), Official Committee of Unsecured Creditors and hypothetical group representatives. All parties involved have committed to implementing the “Settlement and Planning Assistance Agreement” (“Support Agreement”), which has been publicly disclosed on file with the Bankruptcy Court for the purpose of providing provide information.
John. J. Ray III, CEO and Chief Restructuring Officer of Debtor FTX, expressed the importance of this proposed settlement, stating:
“The agreement to resolve our client’s property matters is another important milestone in our case. Starting from the most challenging financial disaster I have ever seen, debtors and creditors came together to create enormous value from a situation that could easily have left customers with almost total loss. ”.
Updated Revised Reorganization Plan and Recall for customers
The revised Plan has significant similarities to the Draft Plan presented by Debtor FTX for discussion on July 1, 2023. Under this plan, the FTX Debtors intend to classify their assets into 3 groups based on the conditions at the commencement of the Chapter 11 cases:
– Assets are segregated for the benefit of FTX.com customers.
– Assets are segregated for the benefit of FTX US customers.
– A “General Fund” for other assets.
FTX.com and FTX US customers will also have the opportunity to request a “Deficit Claim” from the General Fund, corresponding to the estimated value of lost assets on the respective exchanges. The estimated Deficiency Claim value is approximately $8.9 billion for FTX.com and $166 million for FTX US. To balance property rights requirements and the complexity of asset tracing, a negotiated portion of the Deficit Claims will be given equitable priority within the General Fund. This means that 66% of the General Fund will be dedicated to paying Deficit Claims, with the remaining 34% allocated to paying other Deficit Claims and general creditors.
Debtor FTX anticipates that, if the Amended Plan is approved, customers of both exchanges will receive more than 90% of the worldwide deliverable value by the end of the second quarter of 2024. However, they also predict customers may not receive full payments and FTX.com customers may suffer larger percentage losses.
Recovery plans for customers and non-customers will depend on many factors, including tax and government claims, recovery efforts, the outcome of litigation, and the relief process required. demand, among many other factors.
Recommended priority resolution proposed
The Customer Deficit Settlement Agreement also provides the opportunity for eligible customers to resolve priority risks associated with their claims. Under the terms of the agreement, the FTX Debtor has committed to provide qualified customers accepting the Amended Plan with a means to resolve its exchange preference liability.
This settlement involves reducing their claim or paying in cash, with the amount specified on the Plan Amendment ballot called the “Preferred Settlement Amount.” The priority settlement amount for each eligible customer will be equal to 15% of the difference between their withdrawals in the nine days prior to the Chapter 11 cases and their deposits during the same period.
It is important to note that the preferred settlement offer has not yet received approval from the Bankruptcy Court and may be subject to change by Debtor FTX prior to approval.
In summary, the proposed Client Deficit Resolution represents an important step toward resolving client asset disputes and brings much-needed clarity to Chapter 11 cases. FTX debtor. This development opens a path to a fair resolution and recovery for customers, although there are certain uncertainties that will need to be resolved as the process progresses. The final outcome will largely depend on many different variables, causing this case to continue to attract attention and scrutiny from all parties involved.
Source:
https://tradecoind2.com/ftx-announced-a-proposal-to-settle-customer-assets/
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A widely followed crypto analyst is issuing a warning that most altcoins are in the midst of a severe downtrend that will eventually trap them below all-time highs (ATHs) forever .
In a new video update, Benjamin Cowen speaks that most altcoins are currently in a “severe decline,” forgotten due to the relative resilience of Bitcoin (BTC).
Cowen also noted that while Bitcoin’s price fell, it crushed even worse altcoins.
“A lot of altcoins in the top 100 are falling pretty hard right now and a lot of people are completely ignoring it… The only reason people are ignoring it is because Bitcoin is doing well so it’s easy for altcoin prices to fall…
If you want exposure to the crypto world in the year leading up to halving, Bitcoin can often give you a decent amount of upside exposure while minimizing your downside risk in the altcoin market. Some people think that means Bitcoin can’t fall – it can.
I mean it fell in the second half of 2019, it even fell in the early stages of the halving cycle last year, so it could go down. It’s just that if it goes down, it will likely drag down the altcoin market.”
According to Cowen, very few altcoins that exist today will reach new ATH levels again.
“I think the entire altcoin market will recover. The issue is not ‘will the altcoin market recover?’
In my mind, the question is ‘will the altcoins that people are using DCA, will they recover?’ And there might be one out of 10 or one out of 50 or one out of 100 that go on to make new highs, but a lot of those might go away.”
Cowen went on to note that the next bull market could be sparked by a major capitulation event for Bitcoin, eliminating the weak before the price rally.
“Even Bitcoin is likely to capitulate and we will have to find out how low the secondary fear level will go before we actually move that movement to a more sustainable bull market.
There is an interesting thing to look at with Bitcoin over the past two cycles and that is what really started the bull market… Hitting ATH will not happen until Bitcoin capitulates massively.”
Source:
https://tradecoind2.com/benjamin-cowen-most-altcoins-will-never-return-to-ath/
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The community is concerned that fake approval news could affect Bitcoin ETF chances
On October 16, a false report was published by major cryptocurrency-focused media outlet Cointelegraph, sending shockwaves throughout the industry as it claimed the U.S. Securities and Exchange Commission (SEC) ) approved BlackRock’s Bitcoin spot exchange-traded fund (ETF) application.
After this news, the price of BTC increased to more than $30,000, but quickly dropped to around $28,000 after determining it was fake news.
The incident has sparked a flurry of responses and discussions about its potential impact on the SEC’s upcoming decision regarding the many Bitcoin spot ETF applications pending approval or rejection.
The article below will summarize some reactions from key stakeholders in the community.
This event
hurts the ETF’s chances
Many believed the news hurt the chances of ETF approval as the regulator consistently claimed the market could be easily manipulated and cited the asset’s price fluctuations in its statements.
Over the past decade, the SEC has rejected many spot Bitcoin ETF applications it received because fund issuers failed to demonstrate adequate measures to protect investors from market manipulation.
According to stakeholders like Adam Cochran, a partner at Cinneamhain Ventures, fake news has given financial regulators more grounds to reject spot Bitcoin ETFs.
Cochran said :
“Cointelegraph has seriously damaged the chances of ETF approval…The SEC is really looking for any reason to say no and we just gave them even more ammunition.”
Kraken FX editor-in-chief Pete Rizzo echoed the same sentiment and said the event “delayed the ETF by at least six months.”
“We won’t get a spot Bitcoin ETF anytime soon, at least not until 2024. One of the reasons the SEC did not approve an ETF was concerns about market manipulation and then this is happening ”, user X Victor commented .
People who think differently
However, some community members have a more optimistic view of the event, saying the reaction following the news is evidence of how much the market waited for approval.
In an October 16 interview with Fox Business, BlackRock CEO Larry Fink commentedThe market reaction is “an example of pent-up interest in cryptocurrencies” and evidence of a “flight to quality.”
Jeff Dorman, chief investment officer at crypto-focused investment management firm Arca, had more insight. According to him, the SEC cannot cite “deceptive media” reports as evidence of market manipulation.
Dorman gave the example of how a false report that the White House was hacked in 2013 caused hundreds of billions of dollars in stock and debt losses.
“It doesn’t matter what asset you are trading. Wrong news will create sensational price action,” he concluded .
Source:
https://tradecoind2.com/the-community-is-concerned-that-fake-approval-news-could-affect-bitcoin-etf-chances/
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In a move to dispel rumors and speculation surrounding his recent ETH transfers, Vitalik Buterin, the famous founder of the Ethereum blockchain, addressed the growing concerns of the cryptocurrency community . .
In a tweet, Buterin clarified the nature of the transactions, asserting that any reports that he personally sold ETH are false. He clarified that these transfers were mainly charitable donations made to organizations and projects, which needed to be liquidated to cover operating costs.
“I have not “sold” ETH for personal gain since 2018.”
The message from the co-founder of Ethereum came in response to widespread questions in the cryptocurrency community about the nature of these money transfers. Many people considered it a sell-off, leading to bearish sentiment in the market.
A notable recent example is the Kanro charity closely linked to Vitalik Buterin which transferred a significant amount of approximately 15.43 million USDC. Of this total, 500,000 USDC was transferred to Coinbase on October 14, while 14.93 million USDC was sent to Gemini on October 16.
Buterin previously introduced Kanro on June 9, 2023, emphasizing that they received funding primarily from Crypto Relief, led by Polygon founder and Buterin himself. Kanro’s mission is to research global solutions for pandemics and potential future epidemics.
Despite Buterin’s efforts to clarify the situation, the mysterious nature of his recent activities continues to raise questions. While some questions have been answered, there is still an air of mystery surrounding his transactions, making many people curious. As the cryptocurrency world speculates about the motive, it seems like there’s still a lot left to this story.
ETH
whales
hold 1/3 of the supply but selling continues
According to the latest data from on-chain analytics provider Santiment, ETH is increasingly concentrated in the hands of whales.
On October 18, Santiment reported billionaire investors with more than 1 million ETH held 32.2% of available supply for the first time since 2016.
Furthermore, ETH transactions exceeding $1 million have reached their second highest in a month.
With whales controlling 1/3 of the supply, Ethereum becomes very concentrated in the hands of the wealthy. However, Santiment did not specify whether these figures include entities such as centralized exchanges or stablecoin issuers that hold large amounts of ETH.
On the other hand, the selling pattern was also analyzed and whales have been selling ETH for the past few months.
According to data from Glassnode, there are “notable differences” in the behavior of holding large amounts of Bitcoin and ETH, demonstrating differing views among crypto whales.
Since 2020, Ethereum whales, or whales holding over 1,000 ETH in this case, have gradually reduced their holdings, resulting in the sale of approximately $20 million in ETH.
However, according to CoinMarketCap data , Bitcoin whales holding more than 1,000 BTC mainly maintain their inventory of assets.
Meanwhile, Ethereum staking has never been stronger, with more assets staked than ever despite the network allowing unstaking starting in April.
According to Beaconcha.in, there is currently a record 27.6 million ETH staked worth approximately $43.4 billion. This number accounts for about 23% of total supply.
Furthermore, the supply has decreased by 260,640 ETH or $409 million since The Merge last September, according to Ultrasound.Money
Source:
https://tradecoind2.com/the-community-is-concerned-that-fake-approval-news-could-affect-bitcoin-etf-chances/
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Updating his latest BTC price estimate on October 17, prominent trader and analyst CryptoCon pointed to a two-year target of around $130,000.
Many Bitcoin
price forecasts
converge at
$ 130,000
by 2025
Bitcoin market participants are divided on how price behavior will react to next year’s halving, but for CryptoCon, the long-term roadmap appears to be firmly bullish.
In an updated post that charts both Bitcoin price cycles as well as their highs and lows, the analyst reiterated that the area around $130,000 is quickly becoming a magnet.
“I’ve been doing a lot of testing of Bitcoin cycle tops lately and I keep seeing the same price level of $130,000,” he summarized .
The accompanying chart highlights the “early” peak in each price cycle, which along with the actual cycle peak constitutes a new all-time high.
Early peaks occurred on average three weeks before or after July 9, CryptoCon explained. The new all-time high occurred 3 weeks before or after November 28.
The timing for these events is determined by drawing simple diagonal trend lines from the first early peak.
Post X continued:
“Doing so found the price of the last two cycle tops accurately and our trend from the previous cycle gave us a price of around 138,000 VND. I was prepared for lower prices, but the stars are pointing towards $130,000 for Bitcoin this cycle!”
According to the model’s timeline, 2025 will be the year of the next cycle peak, nearly double the current record set in 2021.
“History favors bears”
Meanwhile, the four-year halving cycle forms the guiding principle for many prominent Bitcoin market commentators.
Among them is prominent trader and analyst Rekt Capital, who continues to emphasize that the year before the halving of 2023 could bring some new local lows before the bull market reaches full force.
Previously, he warned the peaks around $32,000 earlier this year could create a double top structure, helping to promote an extension of the BTC price decline.
“At this same point in the cycle (~180 days before halving)…BTC retraced -25% in 2015/2016 and -38% in 2019. The only question is: will history repeat itself? Or will 2023 produce something completely different? I am a macro bull but history favors bears,” reads one of his latest X posts .
Rekt Capital added that any new lows “should be seen as an opportunity for re-accumulation.”
Source:
https://tradecoind2.com/bitcoin-price-model-suggests-target-of-130000-after-2024-bitcoin-halving/
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In a recent announcement, Immutable, the layer 2 solution for NFTs on the Ethereum blockchain, revealed an important decision regarding the unlocking of 125 million IMX tokens allocated to the project #DevelopmentTeam . Co-founder Robbie Ferguson made this announcement through a series of tweets on October 17, 2023, highlighting delays in unlocking and changes in unlocking mechanics.
Last year, Immutable committed to locking up IMX 125 million for Project Development allocation for another year. These tokens were initially scheduled to unlock early, but the team has now decided to extend the lockup period until at least July 2024. Robbie Ferguson’s tweet conveys a commitment to long-term success and sustainability of the project, stating:
“We are committed to long-term operations.”
https://twitter.com/0xferg/status/1714270599214981164
Furthermore, Robbie Ferguson revealed that they are updating the unlocking mechanism so that it happens more slowly. When the decision is finally made to unlock these tokens, they will be released on a linear monthly vesting schedule rather than a single massive release.
This decision to delay unlocking and modify the unlocking mechanism reflects Immutable’s dedication to ensuring the stability and longevity of the IMX token and the project as a whole. It is designed to prevent sudden and potentially destabilizing fluctuations in token supply, which could impact the market and value of IMX.
This move is also in line with Immutable’s strategic vision for the future. Robbie Ferguson highlighted that over the past year, Immutable has made significant progress, with more than 200 fully funded games on its platform and a win rate that doubled to more than 60% after partnering with Polygon . The upcoming launch of immutable zkEVM and cross-liquidity plans demonstrate the ambitious goals of the project.
Immutable has now spent around four years in the web3 gaming space and its team of 270 individuals is pushing the boundaries of the industry. The organization has also expanded its presence in key markets such as Japan and Korea.
In terms of token supply, Immutable holds 25% of IMX on its balance sheet. The initial private sale tokens, most of which remain unspent, ensure a majority of holders are committed to the success of the project.
Immutable’s approach to funding focuses on time-based and milestone allocations, accelerating the growth of the protocol and protecting the value of IMX. This approach contributes to improving the efficiency and sustainability of the ecosystem.
Robbie Ferguson concluded by expressing pride in Immutable’s efforts in the web3 gaming industry, saying they will not stop until digital ownership of 3 billion players becomes the norm . Immutable’s vision focuses on the success of the games it has funded over the past two years, emphasizing that they will significantly impact the web3 user adoption curve.
Source:
https://tradecoind2.com/immutable-delays-unlocking-125-million-imx-tokens-until-july-2024/
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Amid a volatile NFT market downturn, leading NFT developer Yuga Labs is implementing a strategic restructuring plan. During his 6 months in office, CEO Daniel Alegre always actively interacted with the community and attended meetings to better understand Yuga.
This engagement has resulted in initiatives such as Made by Apes and a focus on elevating the art form of CryptoPunks.
Yuga Labs provides insight into the company’s future
During his tenure, Alegre attended many real-world events on BAYC, CryptoPunks, Meebits, and 10KTF in many cities around the world.
Alegre shares :
“Since day one, I was determined to attend as many meetings as possible. I took it all in and it was invaluable.”
Under Alegre’s leadership, Yuga Labs has identified three core priorities: supporting existing communities, focusing on the Otherside project, and leveraging partnerships to ensure seamless implementation of innovations. big ants.
Yuga Labs’ top products include CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside.
Alegre explains:
“After spending time doing a deep dive into everything we’re doing and everything we value, three core priorities emerged: Supporting existing communities, focusing on implementing Otherside, Leveraging partnerships to ensure seamless execution of our high stakes projects.”
Yuga Labs’ restructuring plan was launched after realizing that the team was spread too thin across many projects. Some of these teams are also outside their core competencies.
Restructuring the bear market
The exact number of employees downsized has not yet been disclosed, but the company promises comprehensive support, including severance and promotion packages.
The strategic shift focuses on prioritizing partnerships and promoting key projects like Bored Apes. These efforts will primarily grow the community, especially the Otherside project and various web3 initiatives powered by Yuga Labs.
The company aims to celebrate crypto’s artistic legacy through educational resources and the integration of Meebits and 10KTF into the upcoming 2024 Otherside gaming venture.
Despite the challenging industry landscape, Yuga Labs remains committed to its mission of building culture on blockchain. The company’s restructuring and refocusing efforts are a testament to its dedication to its community, its art form, and its long-term success.
Source:
https://tradecoind2.com/yuga-labs-shares-new-focus-post-restructuring/
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The future of DAOs is limited due to the lack of a legal framework
Decentralized Autonomous Organizations (DAOs) need a comprehensive regulatory framework if they are to gain a foothold in the future of finance, as proposed in the Occasional Paper Series (OP) – a regular report of the European Central Bank (ECB).
OP “The future of DAOs in the financial sector – legal status is needed” written by Ellen Naudts, Market Infrastructure Payments Specialist at the ECB, highlights how the technology is going beyond regulation regarding DAO – has a negative impact on the safety and sustainable growth of the ecosystem.
Exponential Growth of the DAO Ecosystem Amid Uncertain Regulatory Conditions | Source: Ecb.europa.eu
As DAOs continue to flood the market with unique offerings, implementing a “registry framework built for the pen-and-paper era” does not address the various legal responsibilities they present to the investors.
“Until DAOs are fully regulated globally, in the sense that the above challenges have been addressed so that they do not and will not pose a serious threat to financial stability in the future, payments and securities systems will operate smoothly and consumers will be properly protected, the place for DAOs in the financial sector in the future will necessarily remain limited,” the article concluded.
In parallel with calls for a regulatory framework, ECB executive board member Fabio Panetta recently said a digital Euro could “help Europe take the lead in advanced economies.”
“Executive Board member Fabio Panetta said the digital Euro will be a new form of central bank money. Now lawmakers must ensure that it replicates the key characteristics of cash in the digital realm, especially its privacy.”
Panetta backs the European Commission’s legislative proposals for a digital Euro, claiming it would ensure Europeans always have access to a public payment option, whether cash or digital digitally, even as “closed-loop solutions are becoming increasingly popular” in private payments services.
Source:
https://tradecoind2.com/the-future-of-daos-is-limited-due-to-the-lack-of-a-legal-framework/
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The Aptos blockchain, known for its Move language and mainnet launch in October 2022, was down for more than four hours this morning. The unexpected downtime sent shock waves throughout the market, causing major exchanges such as Upbit and OKX to temporarily suspend Aptos (APT) deposits and withdrawals.
According to block explorer AptoScan, onchain transactions on Aptos stopped at block 104621314, with the last transaction recorded at 8:11 on October 19 (Vietnam time).
At around 12:00 on the same day (Vietnam time), Aptos officially announced that the network had returned to normal operation and continued block production.
https://twitter.com/Aptos_Network/status/1714799744231539064
Following the news of the resumption, the price of the native APT token recovered more than 4% from an intraday low of $4.79 – recorded after the network crashed. Currently, APT price is fluctuating near the $5 mark.
Aptos made headlines over the past year thanks to its successful mainnet launch and famous airdrop campaign that distributed thousands of dollars in APT tokens. The project has successfully raised 350 million USD through many funding rounds. Its integration with Indian social network Chingari led to a 900% increase in new users on the layer 1 network by the end of July.
According to data from DeFi Llama, despite current challenges, Aptos has managed to maintain a total value locked (TVL) of around $64 million. This reflects the strong fundamentals and community support of the Aptos blockchain.
Source:
https://tradecoind2.com/aptos-blockchain-returns-after-incident-apt-price-recovers-more-than-4/
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(https://tradecoind2.com/lightning-labs-introduces-rwa-minting-protocol-stablecoin-on-bitcoin/)
Lighting Labs has announced the mainnet alpha of its Taproot Assets daemon, providing the network with the ability to hold tokenized assets.
According to a post by business development manager Ryan Gentry at Lightning Labs, this release provides a comprehensive developer experience in issuing, managing, and exploring stablecoins and other assets on the Bitcoin blockchain. .
The launch of Taproot Assets on the Bitcoin mainnet is expected to facilitate the issuance of multiple global currencies in the form of Taproot Assets. These transactions will be processed instantly via the Lightning Network, routing Taproot Assets transactions through existing Bitcoin liquidity.
The protocol’s design allows nodes to route transactions without realizing they are Taproot Assets, thereby expanding Bitcoin’s global network effect while strengthening the blockchain’s strong security foundation. Meanwhile, developers are exploring bringing many other potential real-world assets on-chain, such as gold, US Treasuries, and corporate bonds.
The Taproot Assets v0.3 protocol presents a complete set of tools for developers looking to start issuing, managing, and exploring on-chain mainnet assets. It introduces several new functionalities and improvements in scalability, security, and developer experience.
Multi-asset platform
Taproot Assets’ stated goal is to turn the Lightning Network into a multi-asset platform. Important steps toward this goal have been completed, including running unannounced Taproot channels in production with lnd v0.17 and publishing draft specifications for Taproot Asset Protocol channels as an Enhancement Proposal Lightning Bitcoin (bLIP).
Lightning Labs introduced Taproot Assets in May 2023, calling it “a new protocol powered by Taproot for issuing assets on the Bitcoin blockchain. These assets can be transferred over the Lightning Network to perform instant, high-volume, low-fee transactions.”
The protocol’s promise to allow users to send and receive their chosen currency over the Lightning Network, using Bitcoin liquidity as a globally routed currency and medium of exchange, has the potential to redefine or at least make significantly disrupt the progress of global currency transactions.
Source:
https://tradecoind2.com/lightning-labs-introduces-rwa-minting-protocol-stablecoin-on-bitcoin/
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How Much Can Bitcoin Halving Drive Price Increase?
A workshoprecent Swan Pacific Bitcoin festival was aptly titled “are halving cycles bullshit for prices?”. During the discussion, host and Bitcoin Layer founder Nik Bhatia asked Marathon Digital CEO Fred Thiel, Swan CIO Ralph Zagury, and Swan product manager Andy Edstrom to share their thoughts on whether the Bitcoin halving is real. Is it a bullish event or just another story that inexperienced investors buy into?
While the conference title may be off-putting to some, the discussion is of great interest to Bitcoin and cryptocurrency investors. The commonly held belief among many in the space is that the Bitcoin supply halving is a bullish phenomenon that, when completed, will lead to almost parabolic price increases for BTC.
Ask any Bitcoin enthusiast what they’re most excited about in the coming year, and if they don’t mention the chances of spot Bitcoin ETF approval first, they’ll probably talk about the upcoming halving.
While previous performance provides some compelling evidence of what might happen during the next halving, it is not uncommon to question long-standing confirmations and price expectations for an asset. A highly volatile asset like Bitcoin is probably something every investor should do more often – especially considering the number of bearish events that have occurred in the past 2 years.
At the beginning of the discussion, host Nik Bhatia immediately asked “will halving be the main driving force behind Bitcoin price?”.
Thiel quickly responded:
“In this cycle, not, I think, liquidity.”
Zagury agreed, adding “flow is really what drives the market, so by definition the halving will have no impact on price.”
Interestingly, Edstrom takes a different view, suggesting:
“I think the halving is still bullish and we can debate how much of an impact it has, but nonetheless it is important for prices.”
Each panelist, including host Bhatia, seemed to agree that while the halving may have some ability to move markets, its influence appears to diminish over time. According to Bhatia:
“Halving affects supply. The influence becomes less and less over time and has no effect on demand. But from a psychological perspective, we can argue.”
Basically, speculation is the root of all investment activities. While Zagury and Thiel argue that investors have placed more hope than reality on the anticipated impact of the Bitcoin halving, Edstrom sees the event as a manifestation of a “psychological feedback loop moving towards demand.” .
“We think Bitcoin prices will be higher in the future and, more broadly, we are applying an investment lens when investing in Bitcoin.”
Another popular belief long held by many investors is the role of derivatives in Bitcoin price discovery. Bhatia asked whether derivatives play a bigger role than spot trading in influencing Bitcoin price action and Zagury said:
“The reality is that the data points we have on the halving are not enough to draw any conclusions. If you look at historical Bitcoin prices, we have a whole host of price data. When you try to find distribution patterns, how returns actually work, you’ll quickly see that there’s a lot of extrinsic correlation, meaning price depends on time and also past performance. ”.
According to Zagury, “one thing about Bitcoin is extremely curious and I think there is no other asset class like this out there. “Most of the time, Bitcoin is moving sideways, in terms of days it’s been flat or down.”
The time Bitcoin spends trading in a limited range or in a downtrend is what Zagury says “makes holding really difficult, because it means you’re going to have years of pain and suffering.” glory days. By definition, being a holder by allocating to the prices you see historically is extremely difficult.”
Returning to the original question about the role of derivatives in Bitcoin price discovery, Zagury replied:
“When we talk about derivatives, the first thing you will talk about is probability. It’s impossible to conclude what will actually happen to Bitcoin price, which is the first thing you conclude by looking at historical returns.
Coming back to the halving, the reality is that it is actually highly correlated, especially in times of low liquidity. A small move pushes the price up, the marginal sellers will switch to the short sellers and then the price will spike significantly. This explains why prices increased so quickly.”
Liquidity will be the focus
Although the halving has lessened the impact on BTC price, each panelist expressed a positive long-term bullish view on its value.
With liquidity being the agreed future price catalyst for the crypto king, Zagury said:
“I am very optimistic. I think we’ll see that soon because liquidity has gone down and we see that these things are starting to happen. It won’t take long to see a big move.”
When asked when and how this all-important liquidity would return, Edstrom alluded to 10-year U.S. Treasuries rising above 5%, risking regional bank bankruptcies as seen seen six months ago and the losses many banks holding long-term government debt are signs that the US Federal Reserve may soon return to quantitative easing.
Source:
https://tradecoind2.com/how-much-can-bitcoin-halving-drive-price-increase/
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In an October 18 interview , Mike Novogratz, CEO of Galaxy Digital, believes that a spot Bitcoin ETF will eventually be approved.
Speaking on SquawkBox, Novogratz highlighted a visible change in the US Securities and Exchange Commission’s (SEC) stance on ETFs. According to the CEO, significant progress has been made in the dialogue with the SEC, towards early approval, possibly in 2023.
Novogratz drew attention to the SEC’s recent decision not to appeal a decision in its legal battle with Grayscale, saying the decision could be pivotal.
“The judge said… you have a futures ETF and you said you can’t have a cash ETF. Intellectually, that makes no sense. And I think that puts the SEC at a disadvantage. And I think Gensler needs a win – there’s a huge pressure to do something sensible. The American public wants this. BlackRock, the world’s largest asset manager, has publicly said we will get this done… it looks like the conversation with the SEC is on track.”
Galaxy Digital’s CEO credits a fundamental shift in sentiment and growing acceptance of Bitcoin as a trusted asset by institutional players like Blackrock as contributing to this optimistic outlook. .
Furthermore, Novogratz said that public filings and comments regarding the Bitcoin ETF approval process have become more constructive, implying that the SEC’s approach to Bitcoin ETFs has fundamentally changed. .
However, Novogratz’s predictions need to be considered in context. Critics say his particular interest in Bitcoin and its wider acceptance may influence his views. However, a momentum is seen building around the approval of a spot Bitcoin ETF.
Novogratz further noted that the market would likely react positively to any such approval, suggesting Bitcoin’s potential to increase in value. He emphasized that this potential increase is not merely speculative but is backed by the commitment of major firms such as BlackRock, Invesco and Fidelity.
Bitcoin ETF is a matter of when, not if
According to Craig Salm, chief legal officer at Grayscale Investments, an upcoming Bitcoin spot ETF will be a matter of when, not if.
Salm expressed his optimism for such a product on SiriusXM radio on Wednesday, days after the Securities and Exchange Commission said it did not plan to appeal the court’s ruling on Wednesday . August asked it to reconsider Grayscale’s proposal to convert its flagship GBTC fund into a spot Bitcoin ETF.
Salm also said Grayscale has been spending a lot of time in Washington as lawmakers consider two bills aimed at regulating cryptocurrencies. One bill focuses on rules for stablecoins, while the other takes a comprehensive approach to regulating cryptocurrencies. Both were approved by the House Financial Services Committee over the summer and await a full House vote. However, the outlook in the Senate is less certain.
Source:
https://tradecoind2.com/mike-novogratz-predicts-bitcoin-etf-will-be-approved-in-2023/
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More than 100 US lawmakers called on the Biden administration to clarify its efforts to combat global terrorist financing using cryptocurrencies.
The letter follows reports that Hamas, the Islamist organization that carried out attacks on Israeli civilians earlier this month, has used cryptocurrency to raise millions of dollars over the past two years.
Terrorism and cryptocurrency
Citing the Wall Street Journal, the lawmakers allege that between August 2021 and June 2023, both Hamas and Palestinian Islamic Jihad (PIJ) raised more than $130 million in cryptocurrency, of which $12 million was sent to the Islamic militant group Hezbollah this year.
“Given the clear and ongoing danger posed by funding for these and other militant organizations, we ask the Administration to provide further details on its plans to prevent their use. using cryptocurrency to finance terrorism.
Several efforts to combat the funding of Hezbollah and Hamas have been undertaken by the Israeli government. Days after the attacks, Binance announced that it had successfully cooperated with Israeli police in seizing more than 100 accounts linked to Hamas.
In June, Israel also seized $1.7 million related to Hezbollah and Iran. By August, the military wing of Hamas also announced the closure of its cryptocurrency donation program due to successful efforts to prosecute donors.
However, the lawmakers said that only a “small percentage” of cryptocurrencies funding Hezbollah and Hamas had been confiscated and that authorities “must take strong action” to prevent cryptocurrencies “from being used.” used to finance another tragedy.”
Some of the letter’s demands include an estimate of the amount of cryptocurrency Islamist militant groups currently own and a description of any challenges the government may face in preventing a successful capital raise. through cryptocurrency channels.
It also requested information on which actors are facilitating such transactions, noting that most PIJ accounts at Binance “primarily use Tether’s USDT stablecoin for trading.”
On Monday, Tether froze more than $800,000 in USDT on addresses linked to terrorism in Israel and Ukraine.
Senator Warren’s latest request
Lawmakers leading the request for information include U.S. Representative Sean Casten (D-Ill.) and senators Roger Marshall (R-Kan.), and Elizabeth Warren (D-Mass.) – who are from has long criticized cryptocurrency for its role in tax evasion, money laundering, terrorist financing and sanctions circumvention.
In August, Warren joined a host of Democratic senators in petitioning the Treasury and IRS to propose rules to address the estimated $50 billion tax gap plaguing the U.S. cryptocurrency industry. USA. In May, she also urged the Senate Banking Committee and others to oppose the use of cryptocurrencies in global fentanyl trading.
Amid terrorism and drug trafficking, the U.S. Treasury took action. On Wednesday, the Office of Foreign Assets Control announced sanctions against a Gaza-based Bitcoin exchange and its founder for ties to Hamas.
Source:
https://tradecoind2.com/more-than-100-us-lawmakers-call-for-combating-cryptocurrency-funded-terrorism/
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Pendle (PENDLE) price has been rejected by a long-term resistance zone and is trading inside a short-term bearish formation. It is expected to continue to decrease in the near future.
Weekly outlook
Pendle (PENDLE) price has been falling since being rejected by the long-term resistance zone at $1 during the week of July 3-9, 2023. Over the next 2 weeks, PENDLE price formed an evening star ellipse green). This is a bearish pattern, which usually appears at the end of an uptrend.
Indeed, the price broke below the low point of the evening star pattern and confirmed it as resistance two weeks ago (red arrow).
This confirms that the PENDLE price has peaked and a sharp decline will follow.
The weekly RSI supports this possibility as it forms a significant and downward sloping bearish divergence.
Therefore, PENDLE price could drop to the critical support zone of $0.36 in the near term. This represents a 46.19% decrease from the current price.
Parallel channel ascends
The daily chart shows that PENDLE price has been trading inside an ascending parallel channel since the bounce on August 17. This suggests that this is just a relief rally within the downtrend and a breakdown is being expected.
This outlook was further strengthened when the price was rejected by the channel’s midline on October 17 (red arrow).
A breakdown from the channel would take the price down to the next support zone at $0.51.
Conclude
The technical outlook shows that PENDLE price has peaked. It is expected to fall to $0.51 and lower to $0.36 in the near term.
Source:
https://tradecoind2.com/pendle-pendle-price-faces-nearly-50-drop-heres-why/
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Bitcoin SV (BSV) price has accelerated over the past 4 days, reaching a new 100-day high yesterday.
During the rally, BSV also broke above the $40 horizontal resistance area, which has existed since July.
Bitcoin SV clears the $40 resistance area
BSV price has been rising along with the ascending support line since hitting a low of $15.70 in June.
The trend line has been validated multiple times (green symbol), most recently on October 9.
During the time BSV moved along this support line, it traded below the $40 horizontal resistance area. When combined with the support line, it creates an ascending triangle, which is considered a bullish pattern.
It is worth mentioning that this cryptocurrency will be listed on the Bitrue exchange today.
The altcoin’s price accelerated significantly on October 16, reaching a 100-day high of $43.50 yesterday. The rise also caused a decisive breakout above the $40 horizontal zone.
Although BSV has not yet achieved a daily close above this zone, it is trading some distance above this zone.
BSV Price Prediction: Will the Price Hit $50?
Price action and the Relative Strength Index (RSI) support the current breakout.
When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true.
The RSI is above 50 and rising, both of which are considered signs of an uptrend. However, it is worth mentioning that the indicator is in an overbought state (white symbol), a sign related to local peaks.
The most potential target for BSV’s top can be found by projecting the height of the triangle (red symbol) to the breakout level.
Doing so would give a target of $56, 30% above the current price. Since this target coincides with the $56 horizontal resistance area, it will likely act as a top.
Despite this bullish prediction, a daily close below $40 would invalidate the breakout’s validity.
In that case, the price would likely fall 20% to the ascending support line at $34.
Source:
https://tradecoind2.com/bitcoin-sv-bsv-hits-100-day-high-can-it-maintain-its-upward-momentum/
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Stellar (XLM) price has been falling below a long-term descending resistance line since July 13.
On October 9, XLM broke the $0.110 horizontal support area and was rejected in an attempt to reclaim it. How long will this denial continue?
Stellar cannot reclaim long-term support
Technical analysis from the daily timeframe shows that XLM price has been falling below a descending resistance line since July 12. At that time, the cryptocurrency had just hit a yearly high of $0.197.
During the price decline, the altcoin continuously bounced up from the $0.110 area. When combining it with the long-term downtrend line, we see the presence of a descending triangle. This is a bearish model, which often leads to crashes in the majority of cases.
Indeed, XLM price broke below the pattern on October 9 and rejected it on October 16 (red symbol).
This rejection catalyzed the current decline.
The daily relative strength index (RSI) shows a bearish bias. Traders rely on this momentum indicator to evaluate whether the market is overbought or oversold, which helps them decide whether to buy or sell an asset.
When the RSI is above 50 and sloping up, the bulls have the advantage. Conversely, if the RSI is below 50, it shows the opposite.
The RSI is below 50 and decreasing, which shows that Stellar’s trend is down.
However, it is worth mentioning that the indicator reached the oversold zone on October 15. When this happened on the previous two occasions (white symbol), a significant increase followed.
XLM Price Prediction: How long will it continue to decline?
Due to the drop in the RSI and the unsuccessful attempt to regain it, the future outlook for XLM is most likely to continue to decline.
A bearish movement equal to the height of the pattern (black) connecting on the breakout point would see the XLM price drop to a level slightly below the $0.076 horizontal support zone, which has been in place since March.
The reduction will be 30% when calculated from the current price.
Despite this bearish prediction, the oversold RSI could catalyze a rise. For this to happen, the altcoin must break above the resistance line and the $0.110 resistance area.
In that case, a 30% increase to $0.140 is possible. The extent of the increase will be in line with previous upward movements (green) due to overextension in the RSI.
Source:
https://tradecoind2.com/stellar-xlm-price-could-drop-another-30-after-losing-key-support/
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The New York Attorney General’s Office filed a lawsuit against Genesis Global Capital, Gemini Trust, and Digital Currency Group (DCG) this morning.
The complaint also includes allegations against Soichiro Michael Moro, former CEO of Genesis, and Barry E. Silbert, founder and CEO of DCG.
“These crypto companies lied to investors and tried to hide more than $1 billion in losses, and middle-class investors suffered as a result,” said Attorney General Letitia James. know in a statement .
https://twitter.com/NewYorkStateAG/status/1714975010815696897
Genesis Global Capital was a New York-based loan marketplace that went bankrupt in January. It was one of many Genesis entities.
Gemini is a cryptocurrency exchange run by Tyler and Cameron Winklevoss, while DCG is a large conglomerate focused on cryptocurrency, owning various assets in the industry, including Genesis, the first Cryptocurrency investor Grayscale and media outlet CoinDesk.
NYAG’s lawsuit alleges that these three entities defrauded 232,000 customers out of more than $1 billion.
This is said to have been accomplished through “two separate fraud schemes,” labeled throughout the lawsuit as the “Gemini Scheme” and the “DCG Scheme.”
NYAG alleges that Gemini’s scheme saw Gemini misrepresent Genesis Global’s creditworthiness when attracting users to its Earn program. Before pausing withdrawals last year, Gemini offered users a yield on their idle cryptocurrency through the program. To generate that profit, Gemini deposited those shares into Genesis Global.
“However, Gemini’s internal risk analyzes contradicted its assurances regarding Genesis Capital,” the complaint reads, stating that Gemini once downgraded Genesis’s credit rating from investment grade to junk. .
Earn users were also defrauded by the DCG Scheme after Genesis entities sought to hide “structural holes” at Genesis Capital worth more than $1 billion following the collapse of Three Arrows Capital – a hedge fund based The Singapore headquarters went bankrupt last year.
The Genesis entities, along with Moro, Silbert and DCG, were then accused of misrepresenting Genesis Capital’s financial condition.
The lawsuit comes amid a dispute between the Winklevoss twins and DCG CEO Barry Silbert over the amount of money owed.
In January, Gemini CEO and co-founder Cameron Winklevoss went so far as to ask Silbert to step down as CEO, declaring him “unfit” to run DCG.
Silbert countered that same day, calling the move designed to deflect blame from Cameron Winklevoss and Gemini themselves.
Source:
https://tradecoind2.com/new-york-attorney-generals-office-sues-genesis-gemini-dcg-for-defrauding-investors-of-more-than-1-billion/
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Peter Schiff: ‘Nobody needs Bitcoin’
Peter Schiff, chief economist and global strategist at Europac, criticized the utility and scarcity characteristics of Bitcoin.
In a recent post on X (Twitter), Schiff emphasized that Bitcoin advocates are like a cult.
“No one needs Bitcoin. So people only buy it after someone else convinces them to do so. After purchasing, they immediately try to convince others to buy. It’s like a cult.”
Schiff made these comments after pondering statements made by Galaxy Digital CEO Mike Novogratz on CNBC’s Squawk Box. In addition to talking about the possibility of approval of a spot Bitcoin ETF this year, he also stated that Bitcoin “has always been an instrument that is sold, not bought,” and that with institutions, “for the first time attract people and explain to them what it is.”
Schiff has repeatedly attacked Bitcoin and its economic thesis in the past, calling it a scam, a collectible digital token, saying it is undesirable and emphasizing that there are many ways to lose it. money other than buying Bitcoin.
Not scarce at all
Schiff also addressed Bitcoin’s scarcity, criticizing its value. Responding to a follower who pointed out that Bitcoin is “digital gold” and a “finite resource with unlimited fiat pursuit,” Schiff stated :
“Bitcoin is not a resource. It has no value.”
Another user compared Bitcoin to gold, adding that gold is also sold instead of bought, and traders have been trying to convince other traders to buy gold. Schiff ignored the comment, saying the user who made the comment “knows nothing about gold.”
Another user commented that Bitcoin is valuable to individuals who live in high inflation environments and who cannot have bank accounts.
Source:
https://tradecoind2.com/peter-schiff-nobody-needs-bitcoin/
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Chainlink, an Ethereum-based platform that supports decentralized oracles, is preparing for a significant upgrade with the introduction of v0.2 staking.
The v0.2 upgrade will enable staking access after the v0.1 migration period ends. According to the official release, “Chainlink Stake is being restructured into a staking platform with a total pool size of 45 million LINK.”
https://twitter.com/ChainLinkGod/status/1714715001314046368
This transition is said to be a significant overhaul of the network, promising greater flexibility for investors, improved security, seamless future upgrades, and a reward mechanism dynamic.
If the market sees the upgrade as a game-changer for Chainlink, the value of the LINK token may have room to grow. It is possible that the upcoming v0.2 upgrade will be fully priced into the value of the LINK token once the general access migration from v0.1 to v0.2 is finished.
Chainlink’s exchange reserves paint a positive picture
LINK could see a spike in demand once Chainlink Stake V0.2 is deployed. However, it likely won’t have much impact on its price action. This is because most of the price impact on LINK comes from speculative trading.
The impact on LINK’s price action will be clearer if the implementation of Chainlink Stake V0.2 causes a significant change in market sentiment. This announcement has triggered a significant increase in social dominance over the past 24 hours. However, market sentiment remains low as shown by weighted sentiment remaining near a four-week low.
Two important factors present a mixed picture for Chainlink’s LINK token. Firstly, LINK reserves on exchanges have continued to decrease over the past seven days. Reduced reserves typically indicate lower selling pressure, which drives LINK price increases. According to CryptoQuant data, with lower available reserves on exchanges of nearly $146 million, LINK price has the potential to move higher.
LINK whale addresses have also increased their accumulation, adding $38 million worth of tokens in the last week. This is a positive contribution to its price.
In contrast, total exchange net flows, which represent net deposits on exchanges, have shown higher activity based on a 7-day average. This increase in deposits is typically bearish as it predicts higher selling pressure.
Summary of LINK price action
The long-term descending resistance line reinforces LINK’s upper boundary while the lower range is moving along the ascending support. The token’s $7.55 price action at press time represents an 8.27% decline from where it started October after retesting descending resistance.
Currently, LINK is at a crossroads characterized by directional uncertainty. The market shows signs of improvement but macroeconomic factors show that a liquidity crisis is also possible.
As Chainlink’s v0.2 upgrade progresses and the migration from v0.1 continues, the outlook for LINK is promising. However, increased net deposits may limit LINK’s upside scope. The potential impact of the upgrade on LINK price will ultimately depend on how the market perceives the features.
Source:
https://tradecoind2.com/chainlink-stake-restructured-into-a-staking-platform-how-will-link-price-react/
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Until Bitcoin breaks its long-established $25,000 – $30,000 trading range, the cryptocurrency market is said to be in a “crab market.” It will likely take a specific macroeconomic or crypto catalyst to break out of it. This did not happen in September.
BTC price briefly tested the lower end of its established trading range and touched $25,200. However, in the second half of the month, the price recovered to $26,900 and the monthly close was +3.92%. This goes against both the historical trend of a negative close in September and against traditional markets. The S&P 500 fell 5.4% in the same time frame.
However, Bitcoin’s relative resilience has not stabilized the entire industry. Crypto stocks have suffered an even bigger correction than the S&P, and altcoins continue their months-long losing streak against BTC. With its overview of developments across the industry, it is an invaluable resource, especially during bear market conditions when many of the less mature sectors of the industry no longer make the headlines.
Major Mining Companies 30% Off
Most publicly traded crypto companies faced a challenging month in September and their stocks underperformed. In many cases, stock prices fell between 10% and 40%, and the industry average decline was 22.4%. Cryptocurrency mining stocks were hit particularly hard.
TeraWulf, Marathon Digital and Iris Energy all lost nearly a third of their value. Miners affected by these major corrections surged in the first half of the year, sometimes up +300%. However, the stock price began falling in July and has now almost erased the previous gains. Some of the reasons for this adjustment are specific to the mining sector and are unlikely to affect cryptocurrencies more broadly.
Bitmain releases new version of Antminer
Among other things, the large inventory revision of mining stocks can be attributed to tightening mining economics. In April 2024, the next Bitcoin halving event will take place, which will cut rewards for validating votes in half overnight. Despite this outlook, the network’s hashrate and difficulty show no signs of slowing down and continue to reach all-time highs.
As a result, Bitcoin mining is becoming increasingly competitive and profit margins are becoming thinner. Once miners exhaust their ability to raise new capital, they could be financially squeezed post-halving unless Bitcoin increases in price significantly.
In September, Bitmain, the largest manufacturer of ASIC mining hardware, announced a new Antminer rig model that will intensify this competition even further in the coming months. The new S21 rigs will have a mining efficiency of 17.5 J/TH – an increase of more than 20% compared to the previous rig. Miners that can raise capital to upgrade quickly will be able to command higher prices than their competitors when the effects of the halving take effect.
Source:
https://tradecoind2.com/major-mining-company-shares-fall-30-despite-bitcoins-rising-price/
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On October 20, Polkadot released its latest treasury spending report and provided some insight into the state of the network.
The Treasury spending report reveals how the Polkadot ecosystem performed over the past 12 months and more broadly over the past four years. According to the report, Polkadot Treasury spending recorded four consecutive years of growth.
Their spending increased from $13.4 million in 2022 to $21.06 million in 2023. Note that this number is calculated over the past 12 months, to October 18.
The report reveals the majority of the network’s spending has been put into development. A significant amount is spent on community outreach, including educational activities, media products and social activities. Most of the funding is allocated for development which is a good sign. Because it shows that the network focuses on building the Polkadot ecosystem.
While the data mentioned above shows that Polkadot Treasury maintains its focus on growth, there are still concerns. Projects related to Polkadot are said to have cut their workforce. So it seems the ecosystem is feeling the pressure of crypto winter.
DOT tries to bounce back from new year-to-date lows
Concerns regarding a crypto winter are evident in Polkadot’s native cryptocurrency DOT, which recently fell to a new three-year low of $3.57. Still, the lower highs of the Relative Strength Index (RSI) compared to the lower lows of price action suggest some bullish momentum is building that could explain the bullish action over the past 24 hours. .
Technically, reduced selling pressure will give way to demand. However, there also needs to be demand to create momentum to push prices higher.
The demand situation in the derivatives industry shows that negative funding rates have prevailed over the past four weeks. Therefore, the focus is on the downside. It reflects bearish price action but negative funding rates are falling.
Although negative funding rates are decreasing, positive funding rates are almost non-existent. This suggests demand in the derivatives market. At the same time, a similar situation also occurs with open interest (OI) data. Binance’s OI and volume profile dropped sharply over the past 3 days in contrast to the performance over the previous few days.
The same data also shows a sudden increase in the volume and number of open interest in the past 24 hours. This reflects bullish price action, suggesting a spike in demand.
Source:
https://tradecoind2.com/polkadot-treasury-releases-latest-report-as-concerns-arise-about-dots-future/
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When will XRP “go to the moon”?
Cryptocurrency analyst Jaydee recently shared on X (Twitter) another intriguing chart of XRP. The analyst presented a 2-month XRP dominance chart spanning 2014 to present, shedding light on the cryptocurrency’s historical price action and future potential. This test focuses on the downtrend line and horizontal resistance line, which shows a key XRP dominance level at 2.62%, which could be key to the price’s next parabolic move.
XRP dominance is just below the critical level
Diving into historical performance, the chart shows moments when the token experienced rapid growth and sharp declines in crypto market dominance. There was a time when XRP experienced a staggering 39x price increase, reaching $0.39 in just 56 days in 2017. Soon after, another bull run saw the digital asset increased 17 times within 28 days, marking its value at $3.31.
Both times, the dominance rate was rejected at the yellow 5.5-year trendline. This resistance line has continuously acted as a major barrier to XRP dominance in the cryptocurrency market. Any approach or touch of this line results in significant price action to the downside.
Notably, the price of the cryptocurrency experienced a similar situation from 2015 to 2017 when the dominance rate also held below the downtrend line for over two years. However, the breakout of this trend signaled a major bull run as XRP dominance increased from just 1% to over 30% in just four months in 2017.
Fast forward to today, the cryptocurrency may be in a similar situation to 2017. It has broken the trend and is moving beyond the red trend line. However, instead of a spike like in 2017, XRP dominance now faces a key milestone of 2.62%.
According to analyst charts, the ratio is currently at 2.55%, very close to the critical level. Notably, over the past 14 months, dominance has failed to close above 2.62% on the two-month chart. However, if it breaks above this level, it could signal the start of the next parabolic move, as outlined by Jaydee.
Currently touching the yellow resistance line. If we can have a full 2-month candle close above the yellow resistance line, wait for the next parabolic move! Will 2024 happen?
Weekly chart: When will it “go to the moon”?
Jaydee shared another chart on X (Twitter) today, saying regarding the weekly XRP/USD chart:
“Price remains making higher highs (HH) while lower lows (LL) in the weekly RSI and SRSI, while bouncing on the 2-year trend line.”
From this, he realized three important points before XRP can “go to the moon”.
First, cryptocurrencies need to gain momentum. He suggested that it needs to break above the $0.54 mark, at least on the daily chart. Second, the Stochastic RSI (SRSI) on the weekly timeframe will cross the 20 level, indicating the possibility of a bullish move. Finally, the most important point in Jaydee’s analysis is the yellow 6-year trend line. For XRP to witness a parabolic move, a break of this trendline is required.
Source:
https://tradecoind2.com/when-will-xrp-go-to-the-moon/
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While the Bitcoin Halving event is about to take place, traders and market analysts are predicting a consensus end for 2023. Right now, one cryptocurrency is considered the most promising meme coin As the year comes to a close, it is Meme Kombat – a pre-sale project that holds practical utility that redefines the potential of meme coins.
Since its launch , this project has raised more than $580k and attracted the attention of some of the most famous experts . While its long-term potential remains to be seen, many analysts are calling it a significant profit over its current pre-sale price.
Analysts predict a 10x profit for Meme Kombat
One trader who showed significant support for Meme Kombat was Jacob Bury. According to Bury, this project could be the next 10x pre-sale event and he has invested $1k of his own capital in this project.
Jacob Bury is a respected analyst, known for predicting high-potential presale events early. Some of his recent predictions include Wall Street Memes (which increased in price 3x after launch) and BTC20 (which increased in price 7x after launch).
Meanwhile, YouTuber Inspector Mindblow has emphasized that this project holds remarkable growth potential. This analyst’s recent video highlights the utility of the $MK token, its revolutionary use case, and the early presale by investors, providing opportunities for significant gains tell.
Michael Wrubel also reported on the project and predicted the pre-sale event to take place and end quickly . Wrubel boasts more than 300,000 subscribers, so the project was able to sell out quickly thanks to his contributions. However, this means those looking for the best prices must act early.
GambleFi Meme Coin is fun
Meme Kombat is a meme coin in the Play-to-Earn ecosystem that allows users to bet on the outcome of AI-generated meme battles using the $MK token .
This web-based platform ensures everyone can easily start their Meme Kombat journey . However, the game is still complex and feature-rich, with multiple game modes to promote engagement in a variety of ways.
It offers player versus player gameplay and users can bet against each other, encouraging community participation and competitiveness.
Meme Kombat also offers a player-versus-game play option that leverages traditional betting mechanics to deliver a fair, realistic, and engaging betting experience.
Furthermore, users can participate in “Live Betting” where they bet on the outcome of specific battles or characters. This is a simple mode for those looking for a quick and easy game.
However, it also offers a “Side Events Betting” mode where users can bet on dynamic combat events such as next moves or specific match results.
Overall, Meme Kombat offers a comprehensive betting experience with a fun meme coin appeal, demonstrating high demand for the platform and the $MK token.
Powerful utilities and vibrant community hint at becoming the next Shiba Inu
Shiba Inu rose to prominence during the 2021 bull run as a meme coin that advances ecosystem expansion and real-life utility. This gives it a competitive advantage over the market-leading meme coin Dogecoin, and has allowed it to reach a market capitalization of £37 billion.
However, the ever-changing crypto landscape has made Shiba Inu somewhat irrelevant, with its market price falling 33% in the last year and 92% from its ATH. This leaves a gap in the market for a new utility-oriented meme coin that takes advantage of current market trends.
The Kombat meme fits perfectly into this scene, integrating crypto and P2E betting to deliver a rich and competitive experience where users can earn crypto while having fun.
Furthermore, this project will enjoy utility-driven demand, providing additional demand alongside the speculative demand and hype of known meme coins.
It has also had significant influence on social networks, with Meme Kombat’s Telegram channel boasting 2.3k subscribers and the Meme Kombat account on X gaining 7k followers in just 3 weeks .
While there’s no guarantee that Meme Kombat will create millionaires like the Shiba Inu, the similarities in utility and community interest, combined with analyst optimism, suggest a a bright future for this meme coin.
Staking tokens reward holders with 112% APY and help drive scarcity
The Meme Kombat token also has a staking facility, allowing users to earn a whopping 112% annual percentage return on their holdings . As many analysts expect, this token staking yield could translate into significant profits if the token price increases.
Users can take advantage of the discounted presale price by staking and earn profits immediately.
Another benefit is that the token will be 100% in the hands of the community, facilitating sustainable and long-term price action . The #DevelopmentTeam has allocated 50% of the tokens to the presale event, 10% to liquidity on DEX exchanges, 30% to staking and battle rewards, and 10% to be used as community rewards.
However, with such support from industry players and a pre-sale event expected to sell out quickly, those who want to buy $MK at rock-bottom prices should not wait and act now.
Source:
https://tradecoind2.com/traders-are-thinking-that-this-new-token-could-be-the-most-successful-meme-coin-in-q4-2023/
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Anthony Scaramucci believes Bitcoin will reach $750,000 by the end of the decade
Founder and managing partner Anthony Scaramucci at SkyBridge Capital, a company operating in the field of cryptocurrency investments, used social media platform X (formerly known as Twitter) to refute the rumors that he predicts Bitcoin will reach an insane $31 million after becoming a Bitcoin ETF spot receives the green light from regulator SEC.
In the same X post, Scaramucci shared his current view on how Bitcoin could rise in price over the next few years.
“$750,000 by the end of the decade”
Responding to a request for comment from Jason A. Williams, investor and entrepreneur, partner at Morgan Creek Digital, Scaramucci never said he expected Bitcoin to go as high as $31,000,000 per coin. “This is clearly a typo,” he wrote.
However, Scaramucci believes that, according to his publication
Scaramucci believes in the power of the Bitcoin ETF
Overall, according to Scaramucci’s recent statement, it seems that Bitcoin price will increase as soon as the Bitcoin spot ETF filing filed by BlackRock with the SEC is approved. BlackRock is the world’s largest asset management fund with trillions of dollars.
At the beginning of the week, news was spread by several crypto media and later reported to mainstream media, such as Reuters and Bloomberg, that the US securities regulator had application approval. Bitcoin price then spiked nearly 10%, almost reaching the psychologically important level of $30,000.
However, shortly after BlackRock head Larry Fink denied this rumor, saying that its iShares Bitcoin Spot ETF filing was still under review, BTC fell about 8%.
This week, financial expert and head of Galaxy Digital fund Mike Novogratz said that he expects the first Bitcoin spot ETF to be approved this year.
Robert Kiyosaki expects Bitcoin to reach $135,000
Financial expert and author of the book “Rich Dad, Poor Dad” on financial literacy Robert Kiyosaki recently published a post dedicated to leading cryptocurrency Bitcoin.
Kiyosaki wrote that currently Bitcoin is testing the $30,000 price level but he expects the “next stop” to be $135,000, as Bitcoin Magazine reported.
Source:
https://tradecoind2.com/anthony-scaramucci-believes-bitcoin-will-reach-750000-by-the-end-of-the-decade/
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In his keynote speech at the 6th meeting of the Standing Committee of the 14th National People’s Congress, Pan Gongsheng (潘功胜) – Governor of the People’s Bank of China issued the ” Full Report Representative on Financial Work of the State Council” on October 21, 2023. The report outlines a series of key points and strategic measures to maintain financial stability, promote economic recovery and prevent risks in China’s financial sector.
The most notable aspect of this report is its strong stance against cryptocurrency speculation in China. Governor Phan Cong Thang made it clear that the Chinese government is determined to resolutely prevent speculative cryptocurrency trading in the country. The announcement is in line with China’s longstanding stance on cryptocurrencies that bans ICOs, closes exchanges and warns against cryptocurrency trading.
https://twitter.com/azcoinnews/status/1715893742652268809
Furthermore, the Governor emphasized the need to strictly handle illegal fundraising and money laundering activities. The Chinese government remains vigilant against illegal financial activities and has a renewed focus on combating them, emphasizing its commitment to maintaining a clean, safe financial ecosystem .
In an effort to maintain stability while promoting economic progress, the Governor raised 6 main points in the report:
1. Prudent monetary policy: China will continue to implement a prudent monetary policy, focusing on controlling every small detail, ensuring large-scale money supply growth consistent with the growth rate nominal economy.
2. Strengthening financial supervision: The Government is actively making efforts to improve modern financial supervision, enhance financial capacity to serve the real economy and promote stable operation of the market finance.
3. Financial reform and openness: The report emphasizes the importance of strengthening financial reform and expanding access to financial markets with international organizations. This reflects China’s commitment to global financial integration.
4. Financial risk prevention: The Chinese government is committed to preventing and resolving financial risks, especially in small and medium-sized financial institutions. Measures to resolve underperforming assets and reduce risks are underway.
5. Support the real economy: Financial institutions are encouraged to provide ample financing to support key sectors, including technology-based, manufacturing-based SMEs, to create conditions for economic growth.
6. Legal framework and anti-corruption: The report places significant emphasis on financial legislation and commits to severely punishing financial corruption. The regulatory framework will be improved to ensure appropriate oversight.
The report further emphasizes the importance of guiding and stabilizing financial market behavior and expectations. The central bank will take timely measures to prevent the spread of risks in the stock market, bond market and foreign exchange market, while maintaining the stable operation of the financial market.
This comprehensive report highlights the Chinese government’s commitment to maintaining financial stability, preventing risks and promoting economic growth. It’s clear that China’s new central bank governor is intent on addressing the evolving financial landscape, resolutely implementing policies that ensure China’s financial system remains safe and reliable.
Source:
https://tradecoind2.com/chinas-new-central-bank-governor-announces-tough-measures-on-cryptocurrency-speculation/
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Many airdrop hunters expect some Ethereum rollup solution to release their cryptocurrency in 2024 and are preparing by all means to qualify as beneficiaries in the initial distribution phase.
ZKsync and Starknet are among the most prominent projects in the Ethereum layer 2 scene that will most likely issue their own tokens, accompanying the launch with an airdrop to users of the decentralized network.
Data from the valuation of the respective companies in line with the growth of the 2 ecosystems in the market over the past year shows that the rewards could be truly significant in the event of an airdrop.
Then there are also “second-tier” projects that are less mentioned than the first mentioned projects, but still worth considering. Such as Linea, Scroll and Fuel.
Airdrops
of
ZkSync, Starknet and LayerZero projects among the best for 2024
In 2023, it is rumored that several cryptocurrency projects will issue their own tokens later this year, considering the development of a variety of decentralized ecosystems, especially Ethereum zero-knowledge (ZK) rollups.
Unfortunately, the prolonged bear market following the brief bull run in early 2023 has caused some companies in the blockchain infrastructure development sector that had planned these events to postpone the year. Present.
Regarding this issue, the Starknet team, specifically StarkWare, announced in October that they decided to postpone the first round of unlocking STARK tokens from November 2023 to April 2024 in a plan to reorganize the internal roadmap. set.
Many airdrop hunters expect Starknet’s future cryptocurrency to be distributed via airdrop to all users who contributed to the development of the chain and the various Dapps built on it.
With an enterprise valuation of $8 billion, a total value locked (TVL) on the infrastructure of $130 million, and a total of 17 million transactions in the past 30 days, it’s very likely that rewards are for the community. The coin will be very significant in case of airdrop implementation.
As for ZkSync Era, one of the most important layer 2 of Ethereum using ZK cryptographic proof-of-concept technology, token airdrop from the project is also expected to be announced by the end of the year. now.
However, once again, the plan to decentralize sequencers and provers took a long time, postponing the coin release for the ZK ecosystem to next year.
Then, the crypto world is focused on the Bitcoin spot exchange-traded fund (ETF) story and the possibility of its approval soon. Launching a token in a situation like this could be counterproductive for the issuing company.
Some suggestions such as the team’s revelation about the feasibility of rewards for layer 2 users have attracted airdrop hunters in 2023, so these events have a huge impact on the development of the chain.
ZkSync has a TVL of $432 million, 28 million transactions in the past 30 days, and a billion-dollar valuation from parent company Matter Labs.
All these factors suggest that when the rumored airdrop is confirmed in 2024, backers will be rewarded with a three-digit amount.
Best layer 2 crypto airdrops:
Speculate heavily
on Linea, Scroll, and Fuel
While expectations for the Starknet and ZkSync airdrops are high, we should not forget that there are also other “layer 2” projects that could bring their tokens to the crypto market in 2024.
Typically, three other Ethereum ZK rollups have recently attracted public attention thanks to the development of the ecosystem.
The most prominent among them is undoubtedly Linea, a secondary scale-up solution that in just 3 months since launch has achieved a total TVL of $72.8 million.
Linea is a product of software development company Consensys. The company received significant funding this year from Animoca Brands and Coinbase Ventures for layer 2 development.
Linea only recently joined the mainnet, so it will likely be several months before the utility token is actually released. Therefore, logically speaking, during 2024 we could see Linea’s airdrop, along with celebrations involving the first contributors of this crypto network.
Another notable infrastructure is Scroll, one of the crypto community’s most anticipated Ethereum rollups that recently came to mainnet, opening up hope for airdrop hunters.
Like other ZK networks, internal project tokens are expected to be created and distributed to early adopters in the chain.
Scroll has been in development since 2021 and received $80 million in private funding. The project team will use a portion of it to compensate their community.
Currently, the chain has a very small TVL but could see huge inflows in the short term due to the hype being created on social media about a rumored airdrop.
In addition, it is impossible not to mention Fuel, one of the most important module implementation layers currently being developed.
The network’s team has raised $81 million in funding, and its growth prospects show that its infrastructure is one of the fastest growing in the Ethereum layer 2 landscape.
Fuel is currently still in the testnet phase, so it will likely be several months before it is launched on the mainnet and creates the ecosystem’s native cryptocurrency.
Quarter 4/2024 is the most likely time frame for Fuel airdrop, however, preparations need to be made from now until the next 6 months.
How
to earn cryptocurrency from these projects
Earning cryptocurrency from airdrops is not an easy activity and requires minimal experience and ability to navigate the Web3 industry.
In any case, this is not a complicated method to implement once you understand the main elements and what’s more, it allows you to get decent rewards even if you haven’t actually Experienced in the crypto world.
First of all, to get started, you need to own a non-custodial wallet, such as Metamask and Trustwallet.
If you have so far only used your crypto through exchanges, it is best that before diving into the world of airdrops, get a clear grasp of all the mechanics of DeFi and Web3.
In addition to a decentralized wallet, it is mandatory to have at least a few hundred dollars in cryptocurrency to perform transactions in the infrastructure you will be interacting with.
In the case of the Ethereum layer 2 ZK airdrop, we can find many similarities in the strategies used by so-called “hunters” to receive gift tokens without much effort.
In principle, it is necessary to follow these 4 transaction types to properly receive airdrops from ZkSync, Starknet and other layer 2s:
– Bridge from Ethereum to rollup: each layer 2 has an interface where you can transfer your coins (ETH) from the Ethereum core network.
– Provide liquidity and swaps on reference decentralized exchanges of these networks. On the official Ethereum rollup websites, you can find all the links to the platforms in the “Ecosystem” section.
– General interaction with the network’s smart contracts (at least 10 different protocols).
– Activities on the main Ethereum network: keep a minimum balance of $50 and occasionally make some transactions even for small amounts.
The criteria by which the teams of these projects decide to conduct an airdrop may vary and include different requirements, but they will likely consider at least some of the four items just listed.
The more you participate in these rollups (both in terms of trading volume and number of transactions), the larger the rewards you will receive.
Source:
https://tradecoind2.com/top-ethereum-rollup-airdrops-expected-in-2024-focus-on-zksync-and-starknet/
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Top trader sets an ambitious price target for DOGE: $1
In a recent post on social media X, AngeloBTC, a legendary Bitcoin trader and market commentator, made an optimistic prediction about the meme-inspired cryptocurrency, Dogecoin. Trader set an ambitious target of 1 USD.
https://twitter.com/AngeloBTC/status/1716287412140482987/history
Dogecoin’s rapid rise and subsequent decline
The beginning of 2021 saw Dogecoin turn heads and dominate the headlines. Its price has skyrocketed, due to a combination of factors that have made it the talk of the air.
Celebrity endorsements, especially from influential figures such as Elon Musk, along with growing interest from retail investors, have played a key role in the growth. its superiority.
Furthermore, widespread cryptocurrency adoption and subsequent bullish market sentiment acted as a catalyst, pushing Dogecoin to an all-time high.
However, this rapid ascent did not last. As the months passed, Dogecoin went through a strong correction. The coin is currently down at a staggering -91.39% from its ATH.
Several reasons contributed to Dogecoin’s sharp correction, including early profit-taking by investors, concerns about the coin’s fundamental value and utility, and a pullback in the cryptocurrency market across the world. wider range.
Dogecoin is trading at $0.062 after gaining 2.9% in the past 24 hours. Boasting a market capitalization of nearly $9 billion and a 24-hour trading volume of over $296 million, Dogecoin certainly remains a cryptocurrency of significant interest among traders.
In fact, it remains in the top 10 largest coins by market capitalization. However, it remains to be seen whether certain bullish catalysts can push Dogecoin price to the $1 mark that it could not reach during the previous bull run.
Source:
https://tradecoind2.com/top-trader-sets-an-ambitious-price-target-for-doge-1/
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Whale Alert, the blockchain detective that tracks major cryptocurrency transfers, has released some curious data – in the past 24 hours, anonymous whales have transferred nearly half a billion XRP tokens linked to Ripple Labs.
The larger of the two transactions moved over 400 million XRP.
https://twitter.com/whale_alert/status/1716114260449706313
Ripple’s role
Whale Alert reports that the two XRP transfers were back-to-back; first, a total of 412,334,412 XRP were sent from one anonymous wallet to another, then 26,500,000 XRP were transferred by an unknown blockchain wallet to the cryptocurrency exchange Bitstamp.
These two lots of XRP were worth $213,373,038 and $13,807,682 respectively at the time the transactions were made.
XRP-focused analytics platform Bithomp shared that the second transfer was made by San Francisco-based blockchain decacorn Ripple Labs, as it transferred its regular batch of XRP to Bitstamp.
https://twitter.com/whale_alert/status/1716174834667757994
Over the past few months, Ripple has transferred 26 million – 30 million worth of XRP to Bitstamp and less frequently to Bitso, a cryptocurrency unicorn based in Mexico. Persistent sending tens of millions of XRP to these two exchanges may be more than simply selling cryptocurrency.
Both of these crypto exchanges have been collaborating with Ripple for the past few years on the ODL (On-Demand Liquidity) project recently renamed “Ripple Payments”. It uses XRP for high-speed and low-cost international payments in XRP through RippleNet.
Last week, Whale Alert also discovered a transaction that moved a staggering 400,000,000 tokens from one anonymous address to another.
Following a series of recent victories by Ripple in court, interest among large investors (known in the crypto community as whales) in XRP appears to have increased.
Last week, Ripple and the entire XRP community celebrated another big win for the crypto giant.
US regulator, SEC, has dropped pending charges against Ripple chief executive Brad Garlinghouse and Ripple co-founder Chris Larsen. Both were charged by the SEC with selling more than $1 billion worth of XRP to financial institutions since 2013.
With this news, the price of XRP increased by 5%, but the community believes that the coin did not create the momentum that this news should have brought.
However, while Ripple and its community are celebrating this big win, the SEC is preparing to file an appeal to the court over the recent ruling that secondary market sales of XRP do not qualify as stock.
Source:
https://tradecoind2.com/nearly-500-million-xrp-transferred-in-the-last-24-hours/
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Bitcoin (BTC) price peaked at $30,985 on October 23, just slightly below its yearly high of $31,804.
BTC trades below the major resistance zone at $31,300. Will the price rise above it?
Bitcoin nears yearly high
Technical analysis from the weekly timeframe shows that Bitcoin price has been rising since September (green symbol), when it bounced from the long-term $25,000 horizontal support zone.
The gains accelerated last week and BTC created a massive bullish engulfing candle. This is a bullish candlestick where the entire decline of the previous week is covered by the next week.
Bitcoin peaked at $30,985 before falling slightly. While the yearly high was at $31,900, the highest weekly close of the year was $31,600.
Therefore, if the current price holds through the weekend, it would be the highest weekly close this year.
Since the price has not yet reached this closing level, some traders do not believe that the rally has begun.
There is also mixed news regarding Bitcoin. The price has posted its strongest weekly gain in 17 weeks, which may be related to growing rumors about the approval of a Bitcoin Spot ETF.
However, a key developer of the Lightning Network resigned after discovering a serious security vulnerability in the network.
The weekly RSI is rising. Market traders use the RSI as a momentum indicator to identify overbought and oversold conditions in the market to decide whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage. A reading below 50 indicates the opposite. The indicator is above 50 and rising, both of which are signs of an uptrend.
More importantly, the RSI broke above the bearish divergence (green line), formed from the yearly high.
Will BTC reach a new yearly high?
Daily time frame analysis shows that BTC price broke above the $29,000 horizontal resistance area. This area has been available since August. This breakthrough accelerated the rate of increase.
BTC price is currently approaching the $31,300 resistance area. This is the final resistance area before the yearly high.
The daily RSI supports continued upside above 50 and sloping up. Even though the indicator is in an overbought state, it has not yet created any bearish divergence.
If BTC price breaks out, it could reach the next resistance levels at $33,700 and $36,000, respectively, which are 10 and 18% above current prices.
Despite this bullish prediction, a rejection by the $31,300 resistance area could send the price down nearly 6% to the nearest support at $29,000.
Source:
https://tradecoind2.com/bitcoin-btc-price-moves-above-30000-will-it-hit-a-new-yearly-high/
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LINK is the native token of the Chainlink decentralized oracle network platform. This altcoin is leading the market this morning, with an optimistic start to the new week.
The price spiked to $10.93 earlier today. This is the highest level since May 2022, shortly before the Terra ecosystem collapsed, dragging the market into crypto winter. At the time of writing, LINK is trading at $10.27.
Accordingly, the price has increased 10% in the past 24 hours and nearly 50% in 72 hours.
Chainlink’s impressive performance can be attributed to the increasing popularity of the Cross-Chain Interoperability Protocol (CCIP). This is a recently launched technology stack upgrade aimed at simplifying cross-chain transactions.
Introduced in July this year with early adopter projects including Avalanche, Ethereum, Optimism, Polygon, as well as DeFi lending protocols Aave and Synthetix, CCIP has created a standard communication system between Different blockchains, often incompatible.
Last month, Chainlink also integrated CCIP into the Base – layer 2 Ethereum network incubated by Coinbase, allowing developers to build secure cross-chain applications and services.
In addition to Chainlink, the cryptocurrency market in general continues to record upward momentum. According to data from CoinGecko, total market capitalization increased nearly 3%, reaching $1.16 trillion. Among the top 10 coins, DOGE led the gains with 6.09%, followed by SOL (4%), ETH and BNB (2.6%).
Bitcoin is up just 2.4% and is currently trading at around $30,658.
Chainlink CCIP
creeps into businesses
By simplifying token transfers between blockchains and reducing complexity compared to third-party bridges, CCIP provides users with an enhanced level of protection. This is a factor that could play an important role in driving digital asset adoption given the susceptibility of cross-chain bridges to security breaches and malicious activities.
Notably, CCIP also aims to reach beyond the cryptocurrency sector, opening up access to traditional finance for crypto.
To that end, Chainlink is partnering with major financial institutions (including Swift, BNY Mellon, Citigroup, and BNP Paribas) to conduct several blockchain interoperability tests to enable token asset transfers chemistry.
Most recently, Depository Trust & Clearing Corporation (DTCC) — the leading post-trade market infrastructure for the global financial services industry — became Chainlink’s latest enterprise partner to integrate CCIP.
“The partnership between DTCC and Chainlink opens the door to countless use cases that could redefine how the financial industry works,” Chainlink tweeted .
DDTC’s partnership with Chainlink is part of Swift’s interoperability expansion project, in which Swift uses CCIP to facilitate secure token transfers and cross-chain messaging, while DTCC acts as token issuer and central securities depository (CSD).
Source:
https://tradecoind2.com/link-leads-the-crypto-market-up-nearly-50-in-72-hours/
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AAVE Derivatives recorded a roughly 50% increase in derivatives trading volume at the beginning of the week and an increase of more than 100% at the beginning of Monday in Asia, due to a sharp increase in Short trading. Open interest (OI) is also significantly higher and prices show strong performance over the past 7-day period. Accordingly, whether the bull run will continue depends on the selling pressure that the liquidity protocol may encounter.
Short AAVE liquidation increased dramatically
AAVE derivatives trading volume increased more than 100% from Sunday to Monday due to a jump in Short trading. At the time of writing, AAVE derivatives had a volume of $442 million, according to Coinglass data. Open interest also increased to $110 million.
Based on Coinglass data, the Long/Short Ratio for this period of time for the AAVE/USDT pair is 1.01. In the past 24 hours, almost $60,000 of Long positions were liquidated, while Short positions had a significantly higher liquidation of $770,000.
The liquidity protocol’s native token increased by 6% during the same period. CoinGecko data records a 26% price increase over the past 7 days, suggesting that AAVE may have entered a bullish phase and is currently testing new support levels. Accordingly, trader Crypto Tony emphasized the importance of a 3-day close above $75 to maintain an optimistic sentiment. Trader said:
“This is also the first time AAVE has closed above trend line resistance in 500 days.”
At the time of writing, the price of AAVE was at $83.8 with volume on the daily timeframe of $220.4 million.
AAVE’s RSI signals a trend reversal
AAVE’s Relative Strength Index (RSI – a momentum indicator that measures the speed and change of price movements) shows the possibility of a trend reversal as it fluctuates in an overbought range based on CryptoQuant data. This comes as exchange reserves are also increasing, indicating higher selling pressure.
IntoTheBlock’s volume indicator recorded 7-day exchange inflows of $21 million compared to outflows of $15 million. Net deposits on exchanges are currently below the 7-day average, which could be interpreted as a sign of reduced selling pressure.
In the short term, AAVE appears to be on an upward trajectory with recent gains and higher trading volumes in the derivatives market. However, the sustainability of this trend probably depends on the ability to overcome selling pressure. AAVE’s RSI also signals a trend reversal but selling pressure may still be limited.
Source:
https://tradecoind2.com/liquidation-of-short-aave-increased-dramatically-what-will-the-price-be/
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FC Barcelona Fan Token (BAR) and Juventus Fan Token (JUV) prices both bounced off important support zones and showed bullish signals. They are expected to increase sharply by the end of October.
Recently, OKX exchange is attracting cash flow when tokens listed on OKX have created short-term trends. The 34-time trigger of Big Time (BIGTIME) created the gamefi trend and the 4-time trigger of Wall Street Memes (WSM) created the meme trend.
Today, OKX announced that they will list Tottenham Hotspur FC Fan Token (SPURS) at 5:00 p.m. on October 26 (Vietnam time). This will likely trigger the Fan Token trend at the end of October. Especially Fan Tokens have undergone a long period of accumulation and are located very close to their support zone.
BAR technical analysis
FC Barcelona Fan Token (BAR) price has bounced off a long-term support zone at $2 and broken above a descending resistance line formed since a local high at $3.1 on August 7. Here it is a bullish signal that the correction is over and a new price increase is possible.
The daily RSI created a significant bullish divergence and spiked above the 50 level. This shows that the bulls have gained control.
If a rally occurs, BAR price could rise to the key horizontal resistance zone at $3.1 (40.47%) and above it to $3.5 (64%).
JUV technical analysis
Juventus Fan Token (JUV) price bounced from the key support zone at $1.90 on October 20.
It is important to note that JUV’s trading volume has increased sharply over the 5 trading days, including October 4,5,6, 10 and 11 (blue ellipse). Trading volume increases when the price trades near the support zone, which is a sign of whale consolidation.
The daily RSI generated a significant bullish divergence and spiked above the 50 level, favoring a recovery.
Therefore, JUV prices are likely to fluctuate strongly (increase) when the recovery occurs.
Potential targets are $2.4 (21.95%), $3 (50%), and $3.9 (100%).
Source:
https://tradecoind2.com/okx-list-fan-token-bar-and-juv-prices-may-increase-sharply-at-the-end-of-october/
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A famous Friend.Tech user sold 850 Ether (ETH) worth of keys yesterday (October 23) before switching to New Bitcoin City, a similar social app built on Bitcoin.
User X (Twitter) @Vombatus_eth, who goes by the same name on Friend.Tech, pocketed about $1.5 million after selling 176 keys. Vombatus, one of the largest holders on the platform, still holds 150 keys.
Friend.Tech, which allows X-characters to issue ‘keys’ on its app to access closed group chats, is one of the fastest-growing cryptocurrency platforms shortly after launching in November. 8. It attracted millions of dollars in revenue from more than 100,000 users in less than three weeks after launch – driving expansion on other networks.
Newer opportunities have stymied the initial wave of growth, and Friend.Tech’s applications, such as New Bitcoin City, are quickly emerging as one of the biggest bets. Users like Vombatus are attracting their followers to New Bitcoin City – helping the platform reach more than $3 million in locked value on Monday.
https://twitter.com/Vombatus_eth/status/1715125846426665323
New Bitcoin City launched in early August as a Bitcoin gaming and arcade platform, released a social app at the end of September, targeting the social app market.
Developer @punk3700 has previously said that the use of Bitcoin in DeFi applications has so far been limited to tokenized representations of Bitcoin on other chains, such as Ethereum or Solana, but New Bitcoin City believes that there is still space for wealthy Bitcoin holders to use their assets on interactive applications.
The introduction of the BRC-20 standard earlier this year enabled developers to issue tokens and build DeFi applications on top of Bitcoin.
The appeal of New Bitcoin City comes at a time when Bitcoin prices are on an upward trend, up about 20% in the past week on hopes of possible approval of a Bitcoin spot exchange-traded fund (ETF) in the United States. Ky, which traders say could boost demand for BTC.
Source:
https://tradecoind2.com/friend-tech-user-sells-1-5-million-in-keys-moves-to-bitcoin-dapp/
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Maker (MKR) price increased to $1,650 today. This is the highest price since May 2022.
The price could not sustain the gains and fell back below the $1,600 resistance area. What will happen next?
MKR quickly reached $1,650
MKR price has been rising alongside the ascending support trendline since June. Most recently, the line was confirmed in August before the price continued to rise.
The bounce (green symbol) also confirms the $1,000 horizontal zone as support.
On October 24, MKR hit a new yearly high at $1,651. This is the highest price since May 2022. Despite the increase, MKR failed to close above the $1,600 resistance area, creating a long upper wick (red symbol).
An interesting fact about this increase is that one whale has deposited $14.6 million worth of MKR tokens into Binance since the beginning of October. It is common for such large deposits to be sent to exchanges. Concentration is indicative of selling.
However, this is not the case with MKR, which has increased significantly since October.
The weekly RSI is rising. RSI is a momentum indicator that traders use to evaluate whether the market is overbought or oversold and whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.
The indicator is rising and above the 50 level, both of which are signs of an uptrend. Although the current reading is overbought, there are no bearish divergences warning of an impending decline.
MKR Price Prediction: Is $2000 the next target?
Although MKR price is at a yearly high, the daily timeframe suggests a possible pullback before the upward momentum resumes.
The first reason is that MKR price is trading inside an ascending wedge pattern, which is considered a bearish pattern. Price confirmed the wedge’s resistance line with its yearly high today (red symbol).
The second is the bearish divergence (green line) in the daily RSI. Bearish divergence occurs when the uptrend is not supported by momentum. It usually happens before prices drop.
If MKR price turns down, the altcoin could fall 15% to the ascending support line.
Despite this bearish prediction, a breakout above the $1,600 zone and the wedge could result in a 45% rally to the next resistance level at $2,300.
Source:
https://tradecoind2.com/maker-price-mkr-rises-to-new-yearly-high-is-2000-in-sight/
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Chainlink’s LINK hit a 17-month high on Monday, but there are signs that investors are taking profits after the massive surge.
The token price has fallen slightly over 1% in the past 24 hours after rising nearly 50% in the past two days to reach a high of $11 after trading sideways in a range of around $5-$9 since May 2022. Since then, it has given up some gains but still managed to gain 45% over the past month, making it one of the best performers among large-cap digital assets.
The native token of decentralized oracle network Chainlink is benefiting from the recent hype surrounding the tokenization of real-world assets (RWA). Tokenization means bringing traditional assets such as equity, bonds or real estate onto the blockchain, and oracles play a crucial role in delivering data from the real world to networks and applications. blockchain-based.
However, blockchain data suggests the rally may pause as exchange deposits increase, a sign that investors are taking profits.
Depositing tokens to an exchange typically signals an investor’s intention to sell, while withdrawing tokens indicates a purchase.
Monday marked the largest net LINK outflow – nearly 1.4 million – to centralized exchanges, data from digital asset analytics firm CryptoQuant showed, spanning four consecutive days.
On-chain analytics firm Arkham Intelligence noted on social media platform on Monday before withdrawing $3 million USDT.
https://twitter.com/ArkhamIntel/status/1716512113970282985
The entity then sent an additional 380,447 LINKs worth $3.9 million to Binance. The investor still holds $3.1 million in LINK value after depositing.
Source:
https://tradecoind2.com/link-reversed-to-decline-as-investors-rushed-to-take-profits/
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Tellor (TRB) price has increased more than 700% since its yearly low on August 17.
The increase has moved along an ascending parabolic support line. How long will TRB maintain its upward momentum?
Tellor hit a yearly high
TRB price has been increasing rapidly since late August. In 63 days, the price has increased 760%, reaching a new yearly high of $85 today.
The altcoin reclaimed the $80 horizontal resistance zone during a bull run that dates back to May 2021. Today’s high is the highest price in nearly 900 days.
One interesting development during the bull run has been whale activity.
On October 20, a group of whale wallets withdrew $9.50 million from centralized exchanges. Today, two other wallets withdrew nearly $2 million worth of TRB from the OKX and Binance exchanges.
Withdrawing such large amounts of coins from centralized exchanges could cause a supply shock.
The weekly Relative Strength Index (RSI) points to a bullish outlook. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
If the RSI is above 50 and sloping up, the bulls still have the advantage, but if the index is below 50 the opposite is true.
The RSI is above 50 and rising, both of which are signs of an uptrend. However, it is worth mentioning that this indicator is deep in the overbought zone and has reached an all-time high of 90.
TRB price prediction: How long will it continue to increase?
Technical analysis from the daily timeframe shows that the price has been rising parabolically since late August. While this is not sustainable in the long term, the rise could continue if the ascending parabolic support line remains original.
If the line remains intact, there will be a confluence of resistance levels between $104.50 and $108.50.
Resistance levels are created by the 0.618 Fib retracement level of the entire decline since the all-time high (white) and the 2.61 Fib outside of the most recent decline (black).
Therefore, they could act as a potential top if Tellor price reaches that level. This zone is 30% higher than the current price.
The daily RSI supports continued upward movement. The indicator has broken above the bearish divergence line (green) and is increasing.
Despite this bullish prediction, a daily close below the ascending parabolic support line could result in a 45% decline to the next support at $45.
Source:
https://tradecoind2.com/tellor-trb-price-hits-2-5-year-high-will-it-continue-toward-100/
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Can Bitcoin Price Hit $40,000 When Crypto Markets Recover? Bitcoin Minetrix Hits $2.1 Million Milestone
The cryptocurrency market is showing signs of strong growth again. The clearest evidence is from the world’s top cryptocurrencies – Bitcoin (BTC) has now risen again above 33,000 USD, and Ethereum (ETH) is also currently trading above 1,800 USD.
With many current positive factors in both economics and law, many experts predict that Bitcoin price could reach $40,000 in the near future.
In this article, join us to learn about the main factors driving the growth of Bitcoin price as well as the entire cryptocurrency market, and learn more about a potential presale coin project Bitcoin. Minetrix (BTCMTX). This new virtual currency project is also attracting great attention from the investor community, after raising more than $2 million in the pre-sale phase.
Excitement Around Spot BTC ETF Approval Could Push Bitcoin Price Above $40K
The first reason why Bitcoin could rise above $40,000 is the excitement of the investor community surrounding the possibility of a Bitcoin Exchange Traded Fund (ETF) possibly being approved in the US. America.
The prospect of a new, easier, more convenient way for mainstream investors to access Bitcoin through their regular brokerage accounts has the cryptocurrency community especially buzzing and excited.
In particular, the attention of the entire crypto world is currently focused on BlackRock’s spot BTC ETF application, which appears to be progressing very well and has the greatest prospects for success at present.
Leading financial analysts have pointed to new developments such as BlackRock securing a specific license for a Bitcoin exchange-traded fund and preparing to cash in on the fund this month.
While the initial seed amount will be quite small, these moves signal that BlackRock is truly ready for a potential green light from the U.S. Securities and Exchange Commission.
With spot BTC ETFs likely to be approved and licensed soon, investors are betting a more inclusive approach could significantly boost demand for the cryptocurrency Bitcoin, via That could soon push the value of this virtual currency up to $40,000.
Capital Flow Continuously Pours Into Cryptocurrency Investment Products, Creating More Growth Momentum for Bitcoin
In addition to the excitement surrounding Bitcoin-related ETFs, continued capital inflows into cryptocurrency investment vehicles are driving Bitcoin prices back up to $40,000.
According to the latest report from CoinShares, crypto products marked the fourth consecutive week of new capital inflows, with an estimated total value of up to $66 million.
Most of these capital flows poured into Bitcoin-related products, accounting for 55.3 million USD – 84% of the total capital flows of the entire cryptocurrency market.
While lower than the investment fever seen earlier this year around the time BlackRock filed for a BTC spot ETF, this steady increase still represents growing interest among institutional investors. for cryptocurrencies as a valuable asset class.
With major firms like BlackRock and Grayscale fighting to get their ETF applications approved, demand for Bitcoin appears set to skyrocket, if regulators allow it.
And this consistent demand points to building momentum that could lift BTC back to test $40,000 soon.
Fed “Dovish” Dovish Monetary Policy Strengthens BTC’s Chances of Reaching $40 Trillion
Finally, after a series of aggressive interest rate hikes aimed at curbing inflation, the Federal Reserve appears to be shifting to a more dovish stance, a very positive sign for the overall economy and markets. cryptocurrency market in particular.
In recent comments, Fed Chairman Jerome Powell admitted that rising bond yields have caused conditions for economic and financial development to deteriorate significantly.
Despite warning that more interest rate hikes were likely, Mr. Powell – the current Chairman of the US Federal Reserve, took a surprisingly dovish stance – making financial markets prices that the likelihood of further interest rate hikes will be significantly reduced.
This apparent pivot is weakening the value of the dollar and boosting risk assets like Bitcoin.
As the Fed potentially nears the end of its monetary policy tightening cycle, crypto traders are betting that the removal of this “headwind” could significantly boost demand for Bitcoin.
This improved macroeconomic outlook could be the final catalyst to push BTC prices back towards $40,000.
Bitcoin Minetrix Also Rises As Cloud Stake-to-Mine Model Hits $2.1 Million Milestone
With the world’s number one cryptocurrency Bitcoin returning to a positive trajectory, a number of new cryptocurrency projects are also seeking to take advantage of the new dynamics of the cryptocurrency market.
One such project is Bitcoin Minetrix (BTCMTX) , which is currently in the presale phase before its official launch.
This pre-sale phase of Bitcoin Minetrix raised over 2.1 million USD in just under a month – showing growing market demand, especially from retail individual investors.
The main driver of this demand is Bitcoin Minetrix’s unique value use cases, which revolve around making cloud mining safer and more accessible. through the novel “Stake-to-Mine” model.
Users can purchase and stake BTCMTX tokens, the project’s native token, to earn non-tradable credits, which can then be burned to gain online BTC mining power through the infrastructure. of Bitcoin Minetrix.
This new decentralized method allows investors to mine BTC without the need for expensive hardware or depositing money with shady companies.
With Bitcoin price likely to return to $40,000 soon, Bitcoin Minetrix offers a way for everyday crypto enthusiasts to gain access to valuable BTC mining rewards.
More than 2,900 people have opted in to Bitcoin Minetrix’s Telegram channel in recent weeks, while the Bitcoin Minetrix project’s X (formerly Twitter) account has grown to nearly 4,000 followers in just a short period of time.
The Bitcoin Minetrix #DevelopmentTeam has also outlined a detailed roadmap with four “phases,” including plans for a Stake-to-Mine mobile app and partnerships with cloud miners. Top.
With BTCMTX still available to purchase via presale for just $0.0112 per token, Bitcoin Minetrix could be positioned as a potential new token worth adding to the portfolio.
Source:
https://tradecoind2.com/can-bitcoin-price-hit-40000-when-crypto-markets-recover-bitcoin-minetrix-hits-2-1-million-milestone/
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After Bitcoin price hit an impressive mark above $35,000, ProShares Bitcoin Strategy ETF (BITO) – the first US fund to hold Bitcoin futures contracts – saw trading volume of 21.1 million shares , nearly tripled the average of about 8 million shares.
That number increased on Tuesday (October 24), when 32.5 million BITO shares were traded as of 1:30 p.m. Vietnam time, according to Nasdaq data. The BITO price at the time was 17.2 USD, resulting in a trading volume of approximately 557 million USD.
BITO’s Tuesday trading volume was poised to easily surpass the 33.5 million shares traded on October 16. That day, Bitcoin quickly rose from around $28,000 to $30,000 after a press release. Erroneous media reports claim that the United States Securities and Exchange Commission (SEC) has approved BlackRock’s Bitcoin spot.
Trading volume on the two days of October 24 and October 16 was the highest since August 29 at 58.3 million shares, reflecting optimism following Grayscale Investments’ court victory against the SEC.
High BITO trading volumes earlier this week coincided with a Bitcoin price rally that appears to be partly driven by optimism about the approval of a Bitcoin spot ETF.
Fund issuers have updated Bitcoin ETF applications in recent weeks – a move that industry watchers say signals continued dialogue with the SEC. Grayscale said Monday that the firm intends to “move as quickly as possible” in its efforts to convert Bitcoin Trust (GBTC) into a spot ETF after a court formalized its legal victory over the SEC. .
Additionally, BlackRock’s iShares Bitcoin Trust (IBTC) was listed on the Depository Trust and Clearing Corporation (DTCC) website on Monday, before being delisted on Tuesday.
Gabor Gurbacs, director of digital asset strategy at VanEck funds group, said in an X post on Tuesday that he does not consider the removal of IBTC from the DTCC website to be bearish.
“Everything is going smoothly with momentum said to be increasing. Discussions are ongoing. Questions are answered. The problems are being resolved. To me, it’s all good news in terms of direction and the right kind of cooperation within industry and regulation.”
Nasdaq data shows other Bitcoin-linked ETFs have seen increased interest amid the rally, with Volatility Shares’ 2x Bitcoin Strategy ETF (BITX) recording trading volume of more than 800,000 shares as of 1:30 p.m. on Tuesday.
BITX trading volume reached 1 million shares only three times since its launch in June, including on October 16.
Trading volume of the ProShares Short Bitcoin Strategy ETF (BITI) also spiked on Tuesday, reaching 4 million shares before the market closed – the highest level since August 29.
Source:
https://tradecoind2.com/bito-volume-and-price-jumped-amid-btc-price-increase/
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With the development of the cryptocurrency market, more and more people are realizing the importance of crypto assets. Meanwhile, cryptocurrency security has attracted attention, especially in light of a series of blockchain security incidents that have occurred in recent years.
In the cryptocurrency space, security breaches and attacks have occurred with cryptocurrency exchanges, public chains, and crosschain bridges, as well as private key theft. Data shows that the cryptocurrency industry encountered 306 security incidents in 2022 alone, resulting in $10.1 billion in losses. Hacking, the most common type of attack, accounts for 37% of incidents. DeFi projects were hit hard, suffering a whopping $7.21 billion in losses (see image below). These malicious actors pose a serious threat to the industry’s ecosystem and growth environment.
Build the will to secure cryptocurrency
Cryptocurrency security goes beyond individual cases or certain crypto companies. It is a concern that requires collective action from all industry stakeholders, as cryptocurrency security affects not only our personal interests but also the growth and industry sustainability. Hackers pose a significant threat to the security of crypto assets. They infiltrate the system, steal information and manipulate data in many different ways, creating major vulnerabilities. Therefore, all stakeholders, from cryptocurrency exchanges and security organizations to users and experts, must join forces to fight hacker attacks and together protect the security of their assets. electronic money products.
We need to take a series of effective measures to mitigate cryptocurrency security risks. First and foremost, cryptocurrency exchanges must strengthen their own defenses. They should use multiple protections to establish a strong asset security system, enhance platform security, and prevent hacks and malicious changes.
For example, CoinEx recently introduced a new web segment Asset Security, taking its security system to the next level. This page covers all the exchange’s security efforts and improvements, including a self-developed offline storage system, multi-signature protocol, multi-location backups, and several backup plans , providing comprehensive asset protection for users.
CoinEx’s asset security page also includes a series of security measures, such as a self-developed wallet storage system, multi-signature protocol, real-time monitoring of remittances, deposits and withdrawals unusual money as well as automatic warning system. These powerful measures keep users’ assets safe and secure, minimizing the risk of theft. Additionally, the exchange has established the CoinEx Protection Fund to ensure the integrity of user assets in case of uncontrollable risks. CoinEx has built an internal security committee and security team to develop advanced security strategies, perform rigorous security monitoring and risk assessments, and detect and address threats potential threat as soon as possible.
Another focus is to increase cooperation and information sharing between security organizations and cryptocurrency companies. Sharing information about hacker attacks and mitigating security vulnerabilities allows the industry to respond more quickly to potential security concerns, which will ultimately help make the crypto space safe than. CoinEx recently announced a strategic partnership with SlowMist Technology, a leading blockchain security company, and the exchange has also committed to building deep partnerships with more security organizations. With the help of security experts, CoinEx will access the latest industry security intelligence and protection strategies to ensure the security of its systems. In this sense, the asset security website marks an important step for CoinEx to strengthen its asset security, which reflects the exchange’s consistent dedication to the interests of its users.
Last but not least, cryptocurrency users should be more aware of security issues. Users need to create strong password combinations, update them regularly, and store passwords securely to avoid leaks. Additionally, we should exercise caution when conducting cryptocurrency activities and verify the legitimacy of relevant links and addresses to avoid becoming victims of scams.
Cryptocurrency security is a complex and serious issue that should not be attributed to just a few cryptocurrency companies or viewed solely as a matter of personal privacy. Only through the joint efforts of all stakeholders can we effectively prevent hacker attacks, protect the legitimate rights and interests of cryptocurrency users in general, and promote promote a more secure and trustworthy trading environment.
Source:
https://tradecoind2.com/security-concerns-in-the-cryptocurrency-landscape-are-frequently-hacked/
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Polkadot (DOT) price has bounced off long-term support and generated short-term bullish signals. However, the direction of the future trend is still undecided.
Important price zone
Polkadot (DOT) price has been falling below a descending resistance line since reaching a yearly high of $7.9 in February 2023. In the process, the price broke below a key support zone at $4.3 and confirmed it as resistance during the week of October 2-8 (red arrow).
Since this support has been in place for 245 days, a break below it could cause a 50% decline to the all-time low support of $2.
However, instead of falling sharply, DOT price bounced from the long-term $3.60 support zone, where the 2020 bull market began. The bounce created a candle that engulfed growth in the week 16 to October 22 (blue arrow), signaling bulls are buying aggressively at lower levels.
Despite this, DOT price is still trading below the $4.30 zone, which is confluenced by a descending resistance line and the previous key support zone.
Therefore, to confirm this is a sustainable rally, DOT price needs to reclaim the $4.30 zone on the weekly timeframe.
Reclaiming this zone would create a bear trap and could help the DOT price rally quickly to the next resistance zone at $5.70. However, DOT price could fall 50% to the support zone at the all-time low of $2 if rejected.
The weekly RSI is still trading below the descending resistance line, providing no support for a recapture.
Daily outlook
The daily timeframe shows a more positive outlook. It shows that DOT price has broken above the short-term resistance line, formed from the local high at $5.7 in mid-July. This is a positive signal, suggesting that the previous correction has ended and a new price increase is possible.
Although the price is being rejected by the previous support zone at $4.3, the bullish candle formed on October 23 (blue ellipse) was a large bullish engulfing candle and closed above the $4 zone, 3.
This shows that the bulls are returning and the selling pressure in this area is being absorbed.
The daily RSI has formed a significant bullish divergence ahead of the rally and is near the overbought zone, supporting the possibility of continued growth.
Therefore, DOT price is likely to break above the $4.30 zone in the next few days.
Conclude
While signals from the weekly timeframe remain bearish, the daily timeframe suggests that DOT price will reclaim the $4.30 area and rally to the next resistance area at $5.70.
This view will be invalidated once the price breaks below the $3.6 support zone.
Source:
https://tradecoind2.com/assessing-the-resilience-of-polkadot-dot-going-forward/
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PEPE price has broken above the long-term descending resistance line and the short-term ascending parallel channel.
The PEPE team just announced that they will be minting a large amount of tokens. Will this help the continued increase?
PEPE clears long-term resistance
PEPE price has been falling below a descending resistance line since July. The decline resulted in a low of $0.00000060 on September 22.
After an uptrend, PEPE price broke above the resistance line on October 20.
At the time of the breakout, the trend line had existed for 110 days.
On October 24, PEPE hit a high of $0.00000106, its highest price since August. This rise also took PEPE above the $0.00000080 horizontal resistance zone.
The daily relative strength index (RSI) is rising.
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions to decide whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.
The RSI is rising and above 50, both of which are considered signs of an uptrend.
PEPE hires new advisor – token burn
A new team of advisors is now guiding PEPE. Additionally, the group announced on October 24 that it burned 6.9 trillion PEPE tokens worth nearly $6.4 million.
The team now intends to use the remaining 3.79 trillion tokens from the original team’s CEX multi-signature wallet for strategic partnerships and marketing.
This news comes on the heels of a recovery in the Memecoin market, which was also evident in another popular memecoin, Dogelon Mars (ELON), which surged 57% last week.
PEPE Price Prediction: Where Next?
The shorter-term six-hour timeframe also offers a bullish forecast. The first reason is that the price broke out above an ascending parallel channel and confirmed it as support (green symbol).
Such breakouts show that the upward trend is valid and are often preceded by a significant increase.
The second reason comes from Elliott Wave theory. Technical analysts use Elliott Wave theory to identify long-term price patterns and investor psychology, helping them determine the direction of trends.
The most likely wave count shows that PEPE is in the third wave of expansion in a five-wave upward movement (white). The number of sub-waves is shown in black.
If the wave count is correct, PEPE price will rise to the next resistance at $0.00000145. This would be a 55% upward movement, calculated from current prices.
Despite this bullish prediction, a close below the channel’s resistance line would invalidate the breakout. In that case, the price is likely to fall 35% to the support line at $0.00000060.
Source:
https://tradecoind2.com/pepe-price-hits-2-month-high-has-a-new-price-increase-begun/
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Whales are taking particular interest in this altcoin amid an 835% increase in two months
Crypto analytics firm Santiment says that whales are showing significant interest in a Chainlink (LINK) rival.
The native asset of decentralized oracle protocol Tellor ( TRB ) hit 51 unique transactions worth more than $100,000 on Monday, a new all-time high.
TRB is trading at $112 at the time of writing, up from around $9.83 two months ago, a staggering increase of more than 835%. However, despite the huge gains, the asset is still down more than 30% from its all-time high of $161.12 reached in May 2021.
Santiment also noted that TRB’s unique active addresses and newly created addresses are both surging. In a post on X, the analytics platform writes:
“The price of Tellor is now up ~+750% since July and whales are showing more interest than ever while new addresses continue to pour in. TRB is currently the #192 market cap asset (and rising) as it led altcoins in October.
Additionally, the analytics firm notes that LINK, blockchain scaling solution Polygon ( MATIC ), layer 1 blockchain Aptos ( APT ), and lending platform Aave ( AAVE ) are all seeing “decoupling.” best” of the year.
“Unlike Bitcoin’s two previous hits to $30,000, the latest resistance break that ended this weekend occurred as altcoins surged, rather than falling behind BTC price.
Source:
https://tradecoind2.com/whales-are-taking-particular-interest-in-this-altcoin-amid-an-835-increase-in-two-months/
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In a dramatic development, the 3-month-old First Digital USD (FDUSD) has overtaken leading stablecoins to become the 2nd most traded stablecoin on centralized exchanges (CEXes).
According to crypto market data provider Kaiko, FDUSD’s market share has increased dramatically to 16%, leading the market and the largest stablecoin by market capitalization, Tether (USDT).
TUSD’s loss is FDUSD’s gain
FDUSD is a 1:1 USD-backed stablecoin issued by Hong Kong-based First Digital Labs and launched on Binance in July. As is quite clear from the chart above, FDUSD’s rise coincided with the market. The share of stablecoin TrueUSD (TUSD) dropped sharply.
TUSD was supported by Binance in March after Binance USD (BUSD) fell due to regulatory scrutiny. Binance began actively marketing TUSD, supported by its successful free trading program.
The promotional strategy aims to promote trading activity by waiving maker and taker fees for specific trading pairs. The gimmick paid off and TUSD’s market share increased from 1% to 23% in a short period of time.
Interestingly, the majority of the volume is generated from the BTC-TUSD pair.
However things turned out, Binance removed the no-fee promotion for the said pair in early September.
While the rationale behind the move remains unclear, rumors of exposure to bankrupt custodian Prime Trust have been circulating for some time. TUSD’s stablecoin volume ratio to CEX has since plummeted to 1% at the time of this writing.
At the same time, FDUSD trading activity increased dramatically. Incidentally, FDUSD is also promoted by Binance through its free program.
TUSD still has something to be excited about
Despite the drop in trading activity, TUSD’s market capitalization has not seen any notable decline. On the contrary, it has increased slightly by 2.7% as of press time, data from Glassnode shows.
Furthermore, TUSD continues to maintain its position as the 4th largest stablecoin, with a market capitalization of $3.36 billion as of this writing.
It remains to be seen which way the growing stablecoin landscape will veer from the current scenario. Binance’s support of FDUSD could go a long way in strengthening its position in the market.
At the same time, the gap in market capitalization between FDUSD and TUSD is huge and it would be unfair to consider FDUSD as a replacement for TUSD.
Source:
https://tradecoind2.com/fdusd-increased-tusd-decreased-shedding-light-on-binances-moves/
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Ripple (XRP) price has been rising since October 19, reaching a new 70-day high at $0.586 yesterday.
During the rise, XRP moved above the $0.550 horizontal resistance area but has yet to close above it. Will it finally do that?
Ripple attempts to reclaim an important price zone
Technical analysis from the weekly timeframe shows that XRP has been rising alongside a long-term ascending support line since the beginning of the year. This line has been validated several times, most recently in the first week of October (green symbol).
The subsequent recovery confirmed the ascending support line and created a bullish engulfing candle. This is a bullish candle where the entire decrease from the previous period will be covered by the next period.
After this candle, XRP price reached a high of $0.586. While this appears to have caused a retracement to the horizontal $0.550 zone, a weekly close above this zone has yet to occur.
The weekly relative strength index (RSI) is yet to be determined.
With the RSI indicator as a momentum indicator, traders can determine whether the market is overbought or oversold to decide whether to accumulate or sell an asset.
The bulls have the advantage if the RSI is above 50 and sloping up. The opposite is true if the reading is below 50.
While the indicator is bullish, it is right at the 50 level (green circle), so it does not help confirm the direction of the trend.
Yesterday, Ripple Labs announced that it has established a partnership with Uphold.
The Ripple Labs partnership allows Ripple Labs to strengthen its infrastructure platform. Uphold’s deep understanding of liquidity will help Ripple further strengthen its fast and adaptable international payment solutions around the world.
XRP Price Prediction: How long will it continue to rise?
Short-term daily price action and the Relative Strength Index (RSI) both support the possibility of XRP price reclaiming the $0.550 area and continuing to rise.
Price action shows that the cryptocurrency broke above a descending resistance line on October 19. Before the breakout, this line had existed since July.
On the daily timeframe, XRP broke above the $0.550 resistance area and closed above it. Price is currently confirming it as support.
The daily RSI is also above 50 and rising, both of which are considered signs of an uptrend.
XRP could reach the 0.5-0.618 Fib retracement resistance at $0.680-$0.740 if the bullish momentum continues. The resistance zone is 30% higher than the current price.
Despite this bullish prediction, a daily close below the $0.550 horizontal support area could send the price down 20% to the nearest support at $0.430.
Source:
https://tradecoind2.com/ripple-xrp-price-hits-70-day-high-after-announcing-new-partnership/
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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler declined to outline any of the agency’s plans for spot Bitcoin ETFs on Wednesday, although his agency must now decide decided their next move after the court ordered them to remove objections to Grayscale Investments’ proposal.
“All proposals are being reviewed by staff,” he shared at the Securities Enforcement Forum event in Washington. He said he would “let things take their natural course” and not pre-judge the situation before SEC staff makes recommendations to the five-member commission.
When asked to give any indication of when or how the order might be reviewed, Gensler declined.
Grayscale and the rest of the industry are now awaiting the outcome of the court order quashing the SEC’s rejection of the company’s attempt to convert GBTC into an ETF. Major financial firms like Fidelity and BlackRock are also on the same front lines, eager to learn how regulators will approach pending spot ETF applications. Grayscale is owned by Digital Currency Group.
Gensler also declined to comment on other lawsuits his agency is pursuing against cryptocurrency companies.
“I will let each of these cryptocurrency exchange cases speak for themselves and they will stand before the jurists. They will play themselves where they should play.”
Gensler attended the event to speak about SEC enforcement, and those comments mainly contained criticisms of the cryptocurrency industry which he said – in an oft-repeated phrase – is “rife with non-compliance”.
“We have a $110 trillion capital market. Worldwide cryptocurrency may be a trillion, but in the US it is less. So it represents less than 1% of the U.S. capital market.”
Discussion about Bitcoin ETF
Asset manager Hashdex recently held a meeting with the SEC to address the regulator’s concerns about allowing the Hashdex Bitcoin Futures ETF to hold spot Bitcoin.
According to a memo released by the Division of Exchange Markets, the meeting took place on October 13, and was attended by six SEC officials and representatives of Hashdex, NYSE Arca, Tidal Financial Group and law firm K&L Gates.
During the meeting, Hashdex presented its mechanism that allows spot Bitcoin to be traded and held in ETFs on the Chicago Mercantile Exchange (CME), regulated by the Commodity Futures Trading Commission.
Hashdex’s profile differs from other Bitcoin spot applications because it does not have a custodial sharing agreement with cryptocurrency exchange Coinbase. Instead, Hashdex proposes to buy spot BTC from physical exchanges in the CME market, thus making it completely dependent on CME prices for trades, according to NYSE Arca’s SEC filing in late August .
A presentation shared with SEC officials during this month’s meeting shows that the strategy also builds on the commission’s Teucrium Order, which stated that the Bitcoin futures market was mature enough to supports financial products seeking exposure to BTC.
The next step is for the SEC to request more information before the first application deadline on November 17, according to the person with knowledge of the matter.
Source:
https://tradecoind2.com/gary-gensler-declined-to-comment-on-the-secs-plans-for-spot-bitcoin-etfs/
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Solana (SOL) price increased rapidly in October and reached a new yearly high of $32.81 today.
Solana price also broke above the $28 horizontal resistance, while the Relative Strength Index (RSI) reached its highest value since November 2021.
Solana recouped all of the decline from the FTX incident
In November 2022, SOL price fell from a high of $31.72 to a low of $12.34 in two days. The decline occurred due to the bankruptcy of the FTX exchange.
Today, crypto analyst Joe McCann noted that the SOL price has recouped all of its decline.
This comes shortly after trading volume hit $1.7 billion, the highest value in more than three months.
Finally, the Total Value Locked (TVL) in the Solana blockchain was $367 million, which was a new yearly high. This is still just 3% of the all-time high of 10 billion as of November 2021.
What are analysts saying?
Cryptocurrency analysts on X are mostly bullish as the price has broken above its major resistance zone.
Pentosh1 believes SOL will rally to at least $37 as soon as it breaks above the $32 average.
Solana price prediction: How long will it continue to increase?
The weekly time frame chart of SOL is clearly bullish.
It shows that the price finally closed above the $28 horizontal resistance area. This is the highest closing level since the FTX incident (red symbol). The closure helped Solana price reach a yearly high of $32.81.
Additionally, the weekly Relative Strength Index (RSI) supports continued gains.
Market traders use the RSI as a momentum indicator to identify overbought and oversold conditions in the market to decide whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.
The indicator is moving up and showing 65, the highest level since November 2021.
If the bullish momentum continues, the nearest resistance area in this time frame will be at $46, 45% above the current price.
Despite this bullish prediction, a weekly close below the $28 horizontal resistance area would invalidate the breakout.
In that case, the price could fall nearly 40% to the long-term ascending support line at $20.
Source:
https://tradecoind2.com/solana-sol-price-breaks-out-strongly-how-high-can-it-rise/
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Arthur Hayes picks Bitcoin, gold and tech stocks to counter negative real interest rates in the US
Former BitMex CEO Arthur Hayes once again made headlines by emphasizing Bitcoin’s pivotal role in the current global financial landscape, especially in the face of growing economic challenges. Hayes, known for his insightful views on digital currencies, recently highlighted the pressing concern of negative real interest rates in the United States.
Hayes, who previously led BitMex, one of the world’s largest exchanges, drew attention to this related financial phenomenon via tweet . In his post, Hayes used a simple yet powerful calculation to make his point. Hayes subtracted the third-quarter nominal GDP growth rate of 6.3% from the 1-year Treasury yield of 5.4%, to arrive at a real rate of -1.1%. This negative real interest rate shows that after adjusting for inflation, investors are actually losing purchasing power by holding money in U.S. Treasury bonds.
In his tweet, Hayes urged individuals to carefully consider their financial options, highlighting the risks involved in allowing the government to profit at their expense due to negative real interest rates. Instead, Hayes recommends a multifaceted approach to protecting and enhancing one’s purchasing power. Hayes advocates investing in tech stocks, gold and Bitcoin, arguing that these assets are more suitable options in the current financial environment.
https://twitter.com/azcoinnews/status/1717825661908451604
This is not the first time Arthur Hayes has shared his views on the importance of Bitcoin in today’s economic landscape. The former BitMex CEO previously explored this topic in his essays, in which Hayes advocated the idea of Bitcoin as a hedge against economic instability. However, it’s worth noting that there was a slight error in the formula Hayes used in his recent tweet. The correct method to calculate real interest rates is to subtract the inflation rate from the nominal interest rate, not the GDP growth rate, as mentioned in Hayes’ tweet.
Hayes’ support for Bitcoin as a means of preserving and growing one’s wealth in a financially unstable world reflects the growing sentiment among investors and economic experts. As the global financial landscape continues to face challenges and uncertainties, individuals are increasingly looking to alternative assets such as cryptocurrencies and precious metals as a way to hedge against inflation and interest rates. negative real productivity.
In summary, Arthur Hayes’ recent tweet drew attention to negative real interest rates in the United States and the potential implications for investors. While the formula used in Hayes’ calculations may be slightly off, Hayes’ core message of considering alternative investment options, including Bitcoin, remains relevant in the economic climate. unstable.
Source:
https://tradecoind2.com/arthur-hayes-picks-bitcoin-gold-and-tech-stocks-to-counter-negative-real-interest-rates-in-the-us/
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Following yesterday’s highly anticipated blockchain launch , dYdX is now rolling out its unique new token economic plan.
Perhaps the most notable change is that trading fees on this decentralized derivatives platform will now be charged in the US dollar-pegged stablecoin USDC.
Maintained and minted by Circle, USDC is a cryptocurrency that tracks the price of the US dollar and aims for every token to be backed by a dollar equivalent in a variety of asset classes, including corporate bonds and Treasuries. silver.
The dYdX Foundation also shared the new role that the project’s native governance token DYDX will take on.
dYdX is a Cosmos-based PoS blockchain optimized for fast transactions and low fees. The exchange’s governance token can now also be used for staking purposes.
This means token holders can become validators of the DYDX chain by staking the tokens themselves and securing the network. Holders can also delegate their holdings to other validators.
All fees generated from transactions on the platform will be given to validators and stakers. Depending on the platform’s financial situation, that could yield a fairly generous payout.
Data collected from Token Terminal shows that dYdX has raked in over $5.6 million in fees.
Source:
https://tradecoind2.com/new-dydx-chain-charges-transaction-fees-in-usdc/
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As of October 27, FLOKI was up more than 140% to $0.00004261, its highest level in five months. Memecoin, known for its controversial marketing tactics , rebounded after Grayscale Investments filed for a new spot Bitcoin ETF on NYSE Arca, as shown below.
Reason for price increase
Floki developers have announced the launch of a token platform dedicated to the growing real-world asset (RWA) segment in an effort to position the former memecoin project as a serious DeFi contender.
Called TokenFi – with token (TOKEN) as the native digital asset – the platform allows users to launch any cryptocurrency without writing code. Users can then raise funds from the Floki community, connect with exchanges and market makers for liquidity, and float tokens tied to real-world assets that are not considered stock.
Developers say they are trying to capture a piece of the global asset tokenization market.
“The tokenization industry is predicted to become a $16 trillion industry by 2030,” Floki lead developer ‘B’ said in a Telegram message. “BlackRock, the world’s largest institutional investor with $10 trillion in assets under management, believes strongly in the potential of the industry, which it calls “the next evolution in the market.” .
RWA refers to a physical asset, such as real estate or a car, that is digitized and offered in decentralized finance (DeFi) applications. Some analysts see this as a “trillion dollar opportunity,” as such products could theoretically allow anyone in the world to trade or invest in any global asset which – capital is currently a complex process strictly regulated by financial and business laws.
The protocol will initially launch on the top 5 networks Ethereum, BNB Chain, opBNB, Base and Arbitrum but will expand to more blockchains in the coming months.
Incentives will be provided to users using the protocol to launch their tokens or smart contracts. A percentage of TokenFi tokens will be set aside to reward usage of the protocol based on daily activity – this could create a flywheel effect that attracts users to continue using the platform to receive more rewards more rewards.
Initial trading for the TOKEN scheduled for 10:00 p.m. Vietnam time will launch on the Ethereum and BNB Chain networks on Friday, where the cryptocurrency will be offered at its original fully diluted market cap. The initial amount is $500,000.
The TokenFi supply will be divided equally between the BSC and ETH chains: There will be 5 billion tokens on the BNB Chain and 5 billion tokens on Ethereum for a total of 10 billion tokens.
However, more TOKEN supply can be obtained by staking FLOKI tokens.
“Users will be able to earn reward tokens by locking up their FLOKI tokens for a period of 3 months to 4 years,” B said last week. “We envision this will result in a significant portion of FLOKI tokens being locked for an extended period of time, which will significantly reduce the number of FLOKI tokens in circulation and add significant value to the FLOKI token.” .
Looking at the past 24 hours, FLOKI’s profits increased further thanks to the launch of tokenization platform TokenFi.
Where will FLOKI price go next?
FLOKI’s ongoing rally has taken its daily relative strength (RSI) to its most overbought level since January 2023.
Overbought RSI often precedes a period of correction. In the case of FLOKI, its previous period with an overbought RSI was followed by a sharp price decline, thus increasing the likelihood of a similar bearish reaction in the coming days or weeks.
If FLOKI’s rally stalls, the FLOKI/USD pair risks falling to the 0.5 Fibonacci retracement line near $0.00003548 in October 2023. A decisive close below this level could push the price down to the Fib line 0.236 near $0.00003069 in November 2023, a 20% drop from the current price.
Conversely, the price could surpass the current resistance at $0.00004027 to gain momentum towards $0.00004078.
Source:
https://tradecoind2.com/decoding-the-reason-why-floki-increased-by-more-than-140/
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Binance, one of the world’s leading exchanges, has unveiled its 39th project on Binance Launchpool – Memecoin (MEME), Memeland’s native ecosystem token. Memeland is a Web3 venture studio closely affiliated with the hugely popular meme platform 9GAG.
Staking opportunity and rewards
Binance Launchpool will allow users to stake their assets, including BNB (Binance Coin), TUSD (TrueUSD), and FDUSD, into separate pools for MEME token farming for a period of 30 days. This farming opportunity will begin at 07:00 on October 28, 2023 (Vietnam time), opening up opportunities for cryptocurrency enthusiasts to participate in the ecosystem and potentially reap the rewards. reward.
https://twitter.com/azcoinnews/status/1717911247616958845
In addition, Binance plans to list MEME at 15:00 on November 3, 2023 (Vietnam time) and trading pairs will include MEME/BTC, MEME/USDT and MEME/BNB. Seed tokens will be applied to MEME, bringing higher value and potential to traders and investors.
Key details about Memecoin
Here are some key details of Memecoin:
– Token name: Memecoin (MEME)
– Total number and maximum token supply: 69,000,000,000 MEME
– Launchpool token reward: 1,380,000,000 MEME (2% of total token supply)
– Initial circulating supply: 8,797,500,000 MEME (12.75% of total token supply)
– Smart contract details: Memecoin (MEME)
– Staking terms: KYC (identity verification) required
Limited staking and pools are supported
There is a hard hourly limit per user per pool:
– 153,333.33 MEME in BNB pool
– 19,166.67 MEME in TUSD pool
– 19,166.67 MEME in FDUSD pool
The supported pools are as follows:
– Stake BNB: Rewards worth 1,104,000,000 MEME (80%)
– Stake TUSD: Rewards worth 138,000,000 MEME (10%)
– Stake FDUSD: Rewards worth 138,000,000 MEME (10%)
Time of cultivation and distribution
MEME farming time is scheduled from 07:00 on October 28, 2023 to 06:59 on November 27, 2023 (Vietnam time). MEME token distribution will take place daily and it is important that users stay updated on the daily rewards for each pool.
Additional support for BNB Vault users
Binance BNB Vault will support MEME Launchpool. Users who have staked their BNB into the BNB Vault will automatically join the MEME Launchpool and receive daily MEME rewards in their Spot Wallets.
Important considerations
Users should note they can only stake tokens in one pool at a time. For example, the same BNB cannot be staked in two different pools at the same time, but asset allocation across multiple pools is allowed.
Users also have the flexibility to unstake their funds at any time without delay and join other available pools immediately. At the end of each farming period, staked tokens in each pool and any unclaimed rewards are automatically transferred to each user’s spot account.
Be eligible and participate
It is worth noting that participation in Memecoin Launchpool is subject to eligibility based on the user’s country or region of residence. Users need to complete verification of their account and be from an eligible jurisdiction to participate in MEME farming. Currently, residents of certain countries or regions, including Belarus, Canada, Cuba, Iran, New Zealand, Netherlands, North Korea, South Sudan, Syria, United States and their territories nor will Zimbabwe be able to engage in MEME farming. It is important to stay updated as this list is subject to change due to evolving rules and regulations.
Source:
https://tradecoind2.com/binance-launches-memecoin-meme-in-its-39th-project-at-binance-launchpool/
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Floki Network successfully launches TokenFi with $27.2 million TVL in 24 hours
Floki is a decentralized autonomous organization (DAO) that announced the launch of TokenFi, becoming a cryptocurrency and asset tokenization platform in an effort to advance the tokenization industry. Recent reports suggest the launch event was a success. Evidence is that excitement about Floki staking has so far prevailed, raising expectations for more capital inflows to come.
Floki
Network
successfully launched TokenFi
Floki Network’s plans to capitalize on the tokenization industry are off to the best start, recording a total value locked (TVL) of $27.2 million within the first 4 hours of launch. TVL is the total number of tokens staked.
With this successful record, the network predicts more inflows in the coming weeks and months, thanks to the “huge excitement surrounding the Floki staking launch.” The project offers rewards in TokenFi’s TOKEN tokens, earned by staking FLOKI tokens.
“There is no limit to the amount of FLOKI tokens you can stake and you can claim your rewards at any time!”.
The network states that staked FLOKI tokens will be locked for a minimum of 3 months and a maximum of 4 years. During this period, although you can request, you cannot withdraw money.
User traded wrong TOKEN on CEXes
In an updated tweet dated October 28, the network pointed to concerns about users possibly trading the wrong token, noting that “any centralized exchange (CEX) TokenFi listing occurring today are not authorized by us. If you bought TOKEN on CEX today, you are likely not trading the correct TokenFi.”
https://twitter.com/RealFlokiInu/status/1717985938364608622
In the initial announcement, the Floki ecosystem noted that the TOKEN will be available for trading on decentralized exchanges Uniswap and PancakeSwap from 10:00 p.m. on October 27 (Vietnam time). They also said they are coordinating the listing with the main exchanges and will soon announce the timeline.
Investors who purchased TOKEN on CEX are requested to withdraw their tokens immediately as they are most likely trading in the wrong token.
“Try withdrawing these tokens to your wallet from the CEX you purchased it from. If you cannot withdraw your tokens then they are not real coins.”
This warning has raised concerns about CEX listing the token without notifying the producers. This can be considered a freedom gap in the world of decentralized finance. One user said:
“I bought from CoinW (900,000 tokens) suddenly they withdrew the tokens without my permission and then returned me USDT without asking me. Can I sue them for that? I want my tokens back.”
However, that puts traders in a deadlock, especially when they want to take profits contrary to the initial direction of the network.
Floki (FLOKI) price has responded by dropping 15% and is trading at $0.0000366 at the time of writing.
Source:
https://tradecoind2.com/floki-network-successfully-launches-tokenfi-with-27-2-million-tvl-in-24-hours/
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According to XRP advocate John Deaton, approximately 5,000 Coinbase users have signed up as potential amicus curiae in the legal battle against the US Securities and Exchange Commission (SEC).
In an October 27 post on
Amicus curiae, which translates from Latin as “friend of the court,” is a legal term referring to a person who is not a party to a case but who provides information, expertise, or understanding. know deeply about the case. They provide this assistance to the court through a brief to help the court reach an informed decision. The role of the Amicus Curiae can be very important in cases where the court feels it needs more information before making a decision.
Deaton believes the filing could make a difference in the case just like in Ripple’s fight against the SEC. This attorney represented 75,000 XRP hodlers against financial regulators and has pushed for similar actions in support of Ethereum hodlers against New York Attorney General Letitia James in the case against KuCoin.
While Coinbase users want to join the legal fight, the exchange has received support from a number of crypto stakeholders, including Senator Cynthia Lummis, a group of legal scholars, and the Chamber of Deputies. Digital Commerce.
Oral arguments are scheduled for January
Meanwhile, the ongoing legal dispute between Coinbase and the SEC will move to the next stage as Judge Katherine Polk Failla has granted an oral argument regarding Coinbase’s motion for defense judgment . The court will hear the case on January 17, 2024.
Paul Grewal, Coinbase’s Chief Legal Officer, expressed appreciation for the court’s decision and affirmed that the exchange is ready to resolve any questions raised by the Court. In response to the SEC’s case, Coinbase sought rebuttal, arguing that the regulator was exceeding its authority by classifying cryptocurrencies listed on its platform as securities.
Source:
https://tradecoind2.com/5000-users-file-amicus-curiae-in-coinbase-sec-lawsuit/
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Near Protocol (NEAR) price has bounced from the long-term support zone and broken above the short-term resistance line. It is expected to recover strongly in the near future.
Weekly outlook
NEAR Protocol (NEAR) price fell below the critical support zone at $1.25 and confirmed it as resistance during the week of August 28 to September 3 (red arrow). This caused the price to drop to the long-term support zone at $0.95, where the 2020 bull market began.
There is a positive signal that NEAR price bounced right after touching this support zone last week and created a bullish pin bar candle (blue arrow). This shows that the bulls bought aggressively when the price reached it.
Indeed, the price has rallied this week and is currently retesting the $1.25 zone. If a breakout occurs, NEAR price could rally quickly to the next resistance area at $1.62. This figure is 30% higher than the current price.
The weekly RSI favors continued upside on a break above a long-term, upward-sloping descending resistance line.
Break through the resistance line
The daily chart shows that NEAR price has broken above the descending resistance line, formed since the yearly high of $2.80 in February 2023. This is a bullish sign, indicating a trend The previous decrease has ended and a new increase is possible.
This view is further reinforced when NEAR price has created 9 consecutive green candles on the daily chart with strongly increasing trading volume (blue ellipse). This is the beginning of a sustained price increase.
The daily RSI supports this view as it spikes from oversold to overbought territory.
Conclude
The most likely outlook suggests that NEAR prices will continue to rise in the near term. The potential target for this movement is $1.62.
Source:
https://tradecoind2.com/near-protocol-near-price-rebounded-strongly-from-the-long-term-support-zone-this-is-a-potential-target/
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Long-term expectations have crept back into Bitcoin investor sentiment over the past few weeks. This may partly be the reason for the bullish activity and whales are surprisingly not left behind.
Now, Bitcoin’s long-term outlook looks more optimistic and demand for the leading cryptocurrency has also increased. New data suggests traders can see more upside in the coming weeks as institutional demand returns.
According to IntoTheBlock analysis, institutional demand for BTC is growing and recently reached a new high in 2023. This is evident in the increase in the number of transactions worth over $100,000.
Evaluating Bitcoin’s HODL status
Analysts believe that the newfound institutional demand could be a result of the excitement surrounding the Bitcoin ETF. The return of institutional demand coincides with recent on-chain observations.
Take for example the amount held by the largest BTC addresses. Those holding at least 100,000 BTC and those holding over 1 million BTC have been actively accumulating Bitcoin over the past two weeks.
In fact, the recent accumulation of whale activity could be considered notable as whale address balances have similarly returned above May 2022 levels. This is important because May and June 2022 saw strong capital outflows due to the failure of Terra LUNA and FTX and subsequent FUD.
The spike in whale activity and organizational demand over the past two weeks last occurred in January 2023. Furthermore, when looking at BTC Open Interest (OI) from the derivatives segment, it is clear that negative funding rates have decreased in recent weeks.
Positive OI has been especially dominant in the past few weeks due to increased optimism. However, the same data reveals BTC’s OI still has room to spare before reaching its highest level in the past 12 months.
The increasing demand for BTC and the long-term outlook changing in favor lead to more HODL. The number of BTC HODLed or lost coins recently reached its highest peak since early 2023.
Additionally, Bitcoin miner balances have also grown positively on a year-to-date basis. This is consistent with the return of confidence. However, the outflow from miner balances over the past few days could point towards short-term profit-taking.
However, most of the above figures highlight the fact that Bitcoin demand is gradually increasing. This means its future is shaping up for a healthier long-term bullish outlook.
Source:
https://tradecoind2.com/these-new-2023-milestones-could-change-bitcoins-2024-outlook/
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Long-term expectations have crept back into Bitcoin investor sentiment over the past few weeks. This may partly be the reason for the bullish activity and whales are surprisingly not left behind.
Now, Bitcoin’s long-term outlook looks more optimistic and demand for the leading cryptocurrency has also increased. New data suggests traders can see more upside in the coming weeks as institutional demand returns.
According to IntoTheBlock analysis, institutional demand for BTC is growing and recently reached a new high in 2023. This is evident in the increase in the number of transactions worth over $100,000.
Evaluating Bitcoin’s HODL status
Analysts believe that the newfound institutional demand could be a result of the excitement surrounding the Bitcoin ETF. The return of institutional demand coincides with recent on-chain observations.
Take for example the amount held by the largest BTC addresses. Those holding at least 100,000 BTC and those holding over 1 million BTC have been actively accumulating Bitcoin over the past two weeks.
In fact, the recent accumulation of whale activity could be considered notable as whale address balances have similarly returned above May 2022 levels. This is important because May and June 2022 saw strong capital outflows due to the failure of Terra LUNA and FTX and subsequent FUD.
The spike in whale activity and organizational demand over the past two weeks last occurred in January 2023. Furthermore, when looking at BTC Open Interest (OI) from the derivatives segment, it is clear that negative funding rates have decreased in recent weeks.
Positive OI has been especially dominant in the past few weeks due to increased optimism. However, the same data reveals BTC’s OI still has room to spare before reaching its highest level in the past 12 months.
The increasing demand for BTC and the long-term outlook changing in favor lead to more HODL. The number of BTC HODLed or lost coins recently reached its highest peak since early 2023.
Additionally, Bitcoin miner balances have also grown positively on a year-to-date basis. This is consistent with the return of confidence. However, the outflow from miner balances over the past few days could point towards short-term profit-taking.
However, most of the above figures highlight the fact that Bitcoin demand is gradually increasing. This means its future is shaping up for a healthier long-term bullish outlook.
Source:
https://tradecoind2.com/vaneck-predicts-sol-will-reach-3211-and-eth-soar-to-11800-by-2030/
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US President Joe Biden’s administration is rapidly drafting an executive order to address the dangers associated with artificial intelligence (AI) and provide guidance to government agencies on its capabilities. use.
According to media sources, Biden will announce the administration’s long-awaited executive order on AI. This could significantly derail XRP and the larger cryptocurrency market.
The game-changing executive order is expected to reshape AI integration
The directive, expected to be issued as early as Monday, aims to simplify the immigration process for highly skilled people, establish more government agencies and specialized groups, and facilitate Facilitate the integration of AI in various sectors influenced by the federal government, including healthcare, commerce, housing, education and more.
According to Forbes , the market value of XRP, Bitcoin and other digital assets could be affected by this decision. It is worth mentioning that Forbes senior contributor Billy Bambrough commented that specific information regarding the upcoming ruling was revealed in a leaked article.
The long-awaited directive is the most significant attempt yet to impose national order on a technology whose explosive growth has surprised many. This is especially true given the exceptionally human-like capabilities of the most recent and powerfully creative AI models.
Cryptocurrency landscape too crowded?
Forbes has forecast the emergence of a congested cryptocurrency market, driven by the recent surge in prices of XRP, Bitcoin and other cryptocurrencies.
Market participants say the increased optimism could be due to the growing enthusiasm surrounding BlackRock’s registration of a Bitcoin spot ETF.
Bambrough highlighted the positive trend that signifies growing attention from the financial industry towards cryptocurrencies, especially from Wall Street. However, as a senior contributor to Forbes stated, it is very likely that the US government will begin to significantly change the prevailing trend.
In a recent conversation, Bambrough provided details about the upcoming executive order, its emphasis on AI, and the expected announcement by US President Biden.
The report claims this event caused a lot of anxiety in the cryptocurrency sector. Bambrough emphasized that the program is expected to be announced in the coming weeks to ensure safe and reliable AI deployment.
Concerns arise over potential “national resources” tag – Impact on XRP, crypto markets
Forbes reports cryptographic experts are worried about the possibility of computer power being designated a “national resource.”
Possible legal changes or limits on energy use related to cryptocurrency mining and blockchain technology stem from this classification. Accordingly, it leads to far-reaching consequences for the industry.
The potential consequences of this action could significantly impact decentralized characteristics and energy usage, raising concerns within the cryptocurrency industry.
According to Arati Prabhakar – Director of the White House Office of Science Policy and Technology, the popularity of synthetic AI tools like ChatGPT has caused concern for US President Biden. As a result, the administration is actively engaged in developing an executive order to provide guidance to federal agencies on the optimal use of AI technology.
Restrictions on purchasing computing power if imposed could adversely impact the broader cryptocurrency market, extending the impact to assets such as XRP. Such concerns arise because Bitcoin miners may face limitations in obtaining computing power, affecting their productivity.
Alexander Grieve, director of government affairs at Paradigm, expressed concern about potential limitations, comparing the situation to “Operation Choke Point but for computing power.”
This involves classifying computing power as a “national resource,” which could force cloud computing giants like Google and Amazon to disclose information if customers exceed the limits set in the purchase of computing resources for activities such as Bitcoin mining.
Source:
https://tradecoind2.com/xrp-price-is-predicted-to-be-chaotic-due-to-the-upcoming-executive-order-of-the-us-president/
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Goldman Sachs (GS) bank said in a note on Thursday that Ethereum’s Dencun upgrade , which could take place in Q1 2024, is the next step in its journey to becoming an open payments layer. breadth of blockchain.
“The primary impact of Dencun will be to increase the availability of00 data for layer-2 rollup via proto-danksharding, resulting in reduced rollup transaction costs that will be passed on to end users.”
The layer 1 network is the base layer or basic infrastructure of the blockchain . Layer 2 refers to a set of offchain systems or separate blockchains built on layer 1. Rollup processes transactions on another, faster, blockchain, or layer 2, then transfers the data back to the blockchain original at a fraction of the price.
Proto-danksharding will also “serve as a foundation for future scalability upgrades, including danksharding, as part of the blockchain’s ‘Surge’ roadmap,” the report said. Danksharding is a way of making Ethereum more scalable and applies the same concept of dividing the network into shards, but instead of using these shards to increase transactions, it uses them to increase space for data groups.
“Dencun will enhance the scalability of Ethereum through rollups” and will “optimize gas fees, improve network security, and make several internal updates.”
Source:
https://tradecoind2.com/xrp-price-is-predicted-to-be-chaotic-due-to-the-upcoming-executive-order-of-the-us-president/
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Total value locked in DeFi, a key metric for programmable blockchains, is increasing in the Ethereum-based layer 2 solution segment. Despite overall market indifference, the net TVL of the top 30 platforms has increased 32% over the past 4 months.
TVL of Ethereum L2 reaches ATH
Yesterday, October 27, 2023, the aggregate locked value across all Layer 2 platforms on Ethereum (ETH) reached a new all-time high. It quickly hit the $12 billion mark, but then stabilized at nearly $11.87 billion.
The previous historic high was recorded on April 17, at $11.85 billion.
In the past hours, it has decreased slightly to 11.81 billion USD. Thus, measured in USD value, TVL has increased more than 114% in the past 12 months despite the lackluster performance of the cryptocurrency market. In terms of ETH value, the record was registered on October 11, 2023.
The ecosystem reached 6.72 million ETH locked, while it barely surpassed 3.5 million Ether (ETH) a year ago.
Over the past seven days, the L2 ecosystem has added 10.36% TVL in dollars. A selection of the largest L2s — Arbitrum, OP Mainnet (formerly Optimism), Starknet, ImmutableX and Loopring — achieved even more impressive gains. Ethereum (ETH), the most important asset for L2, is up 10.14% in the corresponding period.
Meanwhile, L2 on Ethereum (ETH) remains highly dominated by whales. The two largest networks – Arbitrum and OP Mainnet – are responsible for over 90% of TVL in the ecosystem.
Base, the fastest growing L2, is defending third place with 4.83%. Next are zkSync Era and dYdX with rates of 3.8% and 3% respectively.
Source:
https://tradecoind2.com/ethereum-l2-surprisingly-sets-new-ath/
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October saw significant advancements in the industry thanks to the launch of six ETH Futures ETFs, giving investors the opportunity to delve deeper into ETH futures. Bitcoin also reacted positively to this development. Further gains were driven by speculations about BlackRock approving a BTC spot ETF application in the United States.
As a result, total assets under management (AUM) of digital asset products increased by 6.74%, reaching $31.7 billion in October. This was the first increase since July 2023 .
According to the latest report by crypto data provider CCData, Grayscale’s discount is narrowing and reached a low of 12.6% on October 18. This is further evidence of change. Because the reduction in the spread between the Trust’s market price and Net Asset Value (NAV) reflects growing confidence in the approval of a Bitcoin ETF for immediate delivery.
Solana-based products see AUM increase 74%
Despite links to FTX and its disgraced founder Sam Bankman-Fried, as well as outages, Solana has managed to bounce back this year. This is evident in the continuous string of inflows over the past few weeks.
According to CCData’s report , Solana-based products stood out from competitors and had the most significant AUM growth during the period, increasing 74.1% to $140 million in October.
Meanwhile, AUM for Bitcoin-based products also increased 11.1%, reaching $23.2 billion and accounting for 73.3% market share, up from 70.5% in September.
However, Ethereum-based products declined despite the launch of new ETFs. These products overall fell 5.45%, with AUM to $6.35 billion and market share of 20.1%, down from 22.6% in September.
Meanwhile, ATOM-based products, including 21Shares ATOM and CoinShares COMS, recorded the second-highest gain, up 58.6% to $2.15 million.
In October, the average daily combined trading volume of digital asset investment products increased significantly, increasing 44.3% to reach $230 million. This increase underscores market participants’ optimism about the possibility of ETF approval.
Notably, this upward move marks the third largest monthly volume increase, with January and March 2023 being the only months to surpass it.
Cryptocurrency-related stocks are affected
For the 2nd month in a row, crypto-related stocks have slumped against Bitcoin, as enthusiasm around the BTC ETF and a significant 11.4% increase in the asset’s price in October took center stage. .
Interestingly, COIN (Coinbase Global Inc), RIOT (Riot Platforms Inc) and GLXY (Galaxy Digital Holdings Ltd) all saw declines of 0.56%, 4.93% and 3.01% respectively.
CCData cited this trend as largely attributable to ongoing macroeconomic conditions, which inherently represent a more “hawkish stance.” This change in economic sentiment is driven by concerns about an impending recession and the US Federal Reserve’s reluctance to lower interest rates, at least until May 2024.
Source:
https://tradecoind2.com/products-on-solana-led-the-way-with-a-74-increase-in-aum-in-october/
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The spike in Bitcoin (BTC) value has brought increasing profits to miners, with the world’s largest mining pools continuing to provide significant hashpower to the network. On October 12, based on 7-day SMA, Bitcoin hashrate reached an unprecedented 456 exahash per second (EH/s), marking a major milestone.
As of now, the hashrate has stabilized at around 443 EH/s, according to the seven-day average. Forecasts currently show that difficulty is expected to increase between 2.21% and 2.5% on October 30. This follows the recent 6.47% increase observed in block height 812,448 on October 16, as well as two previous increases.
Notably, the current block generation interval is consistently shorter than the typical 10-minute average, ranging from 8 minutes to 30 seconds and 9 minutes 48 seconds, suggesting that 2,016 blocks are likely to be mined quickly. more than the two-week average.
Around 42 mining pools are transferring their SHA256 hashrate to the Bitcoin blockchain, pushing Namecoin’s hashrate above the 300 EH/s threshold. Namecoin, which shares its mining infrastructure with BTC through merge-mining, reached a record 396 EH/s at block height 687,123.
Among these 42 pools, Antpool has taken the lead over the past three days, capturing a significant 29.56% of the total hashrate, equivalent to 132 EH/s. Following closely behind, Foundry USA holds a significant market share of 27.56% with 123 EH/s, while Viabtc holds 11.56% of the hashrate with 51.86 EH/s.
Behind Antpool, Foundry and Viabtc are F2pool and Binance pool. As of October 28, 2023, there are still over 25,000 more blocks left to mine before the next halving event. Although the halving event is expected to take place on April 21, 2024, the possibility of March 2024 or earlier appears if the trend of rapidly increasing block generation times persists. exist.
Source:
https://tradecoind2.com/bitcoin-miners-prepare-for-fourth-consecutive-difficulty-increase-as-hashrate-jumps/
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80% of all cryptocurrency transactions in the country are USDT
According to data from Brazil’s revenue services agency, USDT has seen a significant increase in adoption in Brazil, accounting for 80% of all cryptocurrency transactions in the country.
As of mid-October, USDT transactions in Brazil this year amounted to 271 billion Brazilian Real (BRL), ~$55 billion, almost double the volume of domestic Bitcoin transactions (which reached 151 billion BRL, ~ 30 billion dollars). Stablecoins are cryptocurrencies designed to have a stable value, often pegged to the value of fiat currencies, such as the US dollar.
USDT transactions have been on the rise in Brazil since 2021, but surpassed Bitcoin volumes for the first time in July 2022, right at the height of last year’s crypto industry storm, when companies Cryptocurrency lenders Three Arrows Capital and Voyager Capital collapsed.
The government reported that crypto winter wiped out nearly 25% of domestic crypto trading volume in 2022, ending at 154.4 billion BRL, or ~31 billion USD.
Brazilian tax authorities track citizens’ cryptocurrency-related activities using a complex system based on artificial intelligence and network analysis. According to a blog post, the system can detect suspicious activity as well as track the location of individuals trading cryptocurrency.
The agency is also targeting cryptocurrency investments held abroad by the country’s citizens. On October 25, the Brazilian Congress passed a law recognizing cryptocurrencies as “financial assets” for tax purposes on foreign investments . Overseas income from 6,000 to 50,000 BRL (~10,000 USD) will be subject to a 15% tax starting January 2024. Above this threshold, tax will be applied at 22.5%.
Since 2019, cryptocurrency exchanges operating in Brazil are required to disclose all user transactions to the government. Income from cryptocurrency sales exceeding 35,000 BRL (~7,000 USD) per month is subject to progressive taxes ranging from 15% to 22.5%.
Global cryptocurrency exchanges such as Coinbase, Binance, Bitso and Crypto.com operate in the country alongside local players such as Mercado Bitcoin and Foxbit.
Source:
https://tradecoind2.com/80-of-all-cryptocurrency-transactions-in-the-country-are-usdt/
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At least 25 people were affected by a 2022 data breach affecting password storage software LastPass that saw $4.4 million in cryptocurrency withdrawn from 80 wallets.
In an X (Twitter) post dated October 27, on-chain researcher ZachXBT said he and MetaMask developer Taylor Monahan tracked the fund movements of at least 80 compromised wallets on October 25.
“Most, if not all, victims were long-time LastPass users and/or confirmed to have stored their crypto wallet keys/seeds in LastPass,” Monahan said in an accompanying Chainabuse report .
https://twitter.com/zachxbt/status/1717901088521687330
In December 2022, LastPass revealed that attackers used information previously stolen in a breach in August of the same year to steal the login information of a LastPass employee and decrypt customer information. stored goods.
Also stolen was an encrypted backup of customer vault data that LastPass warned could be decrypted if an attacker guessed the account’s master password.
In a September blog post , cybersecurity journalist Brian Krebs reported that several LastPass customer vaults appeared to have been cracked and more than $35 million worth of cryptocurrency was stolen. stole from about 150 victims.
In January, LastPass was hit with a class action lawsuit from individuals claiming that the August 2022 breach resulted in the theft of approximately $53,000 worth of Bitcoin.
In its latest X post, ZachXBT advised anyone who has stored wallet seeds or private keys in LastPass to “move your crypto assets immediately.”
Source:
https://tradecoind2.com/at-least-35-million-in-crypto-was-stolen-from-victims-of-the-2022-lastpass-breach/
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A widely followed cryptocurrency analyst says the US Federal Reserve (Fed) will likely keep interest rates higher for longer draining risk assets like altcoins until something serious happened.
In a new strategy session, trader Benjamin Cowen told his 788,000 YouTube subscribers that the Fed will not be interested in cutting interest rates until the S&P 500 sees a serious corrective move.
“Liquidity is shifting from high risk to low risk. That doesn’t mean lower-risk things can’t fall, just that when they fall, that usually marks the end because then the Fed makes an announcement.
When the S&P fell, the Fed started to pay attention. Do you think the Fed cares about the S&P when it’s at 4,600? No, it’s too high.
Do they care about the number 4,100? Sure is not. So do they care when it’s at 3,500 or 3,400? Yes, they will start to care and that’s when they will start cutting back, I guess. So keep an eye on the S&P if you’re curious about when altcoins are bullish relative to Bitcoin.”
As long as the stock market remains elevated, Cowen believes that the Bitcoin (BTC.D) dominance chart, which tracks the percentage of total market capitalization belonging to Bitcoin (BTC), will continue to rise, causing many altcoins to lagging behind the king of cryptocurrency.
Cowen also said that historically, BTC.D has tended to reverse its uptrend when the Fed begins an interest rate cut cycle. Until then, he expects crypto investors to redirect their capital from altcoins to Bitcoin.
“What’s more important to realize is that BTC dominance peaked in September in the last cycle because the Fed started cutting interest rates – we haven’t even seen the Fed start cutting rates yet and the cycle Last period it took a month or two after the first rate cut for the dominance ratio to peak…so why think that dominance has peaked?”
Source:
https://tradecoind2.com/altcoins-will-not-recover-until-this-happens/
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In the rapidly evolving world of cryptocurrency, security breaches and hacks are unfortunate events but not uncommon. The hack that CoinEx, a popular cryptocurrency exchange, recently experienced shocked the entire industry. However, what is to be welcomed in the wake of this hack is CoinEx CEO Haipo Yang’s unwavering commitment to his users and the crypto community at large.
On October 27, Haipo Yang sent the CoinEx community a message on safer than ever. His message read:
“To the CoinEx community, the recent attack is the biggest challenge we have faced since CoinEx launched. We are truly sorry for the inconvenience that has affected everyone. But my commitment to all of you remains as strong as ever. Thank you everyone for your continued support during this difficult time.”
https://twitter.com/yhaiyang/status/1717904866713145590
In his post, Yang expressed gratitude for the tireless efforts of the team, who worked around the clock to strengthen CoinEx’s infrastructure and security measures. He outlined the priorities for CoinEx moving forward, laying out a roadmap for recovery and growth.
Key priorities include:
Security Upgrade: Comprehensive upgrade to CoinEx’s security architecture, focusing on enhancing the capabilities of both hot and cold wallets as well as the early warning system.
Asset security: Asset security becomes the core of all CoinEx business lines. This ensures that the safety of users’ assets is always a top concern.
Strategic partnerships: CoinEx is actively collaborating with industry-leading security companies to strengthen defenses against potential threats.
CoinEx Protection Fund: This fund was established to further secure user assets, pledging that all losses are compensated.
Furthermore, Yang emphasized that CoinEx has always been committed to “users first” and this principle will continue to guide their product and service offerings. The company plans to upgrade system architecture, enhance product offerings, build compliance teams, and actively comply with regulations.
In a move to strengthen the CoinEx community, Yang also announced the upcoming ‘ CoinEx Creator Program ‘, which will gather influencers and offer various interactive campaigns to further engage users .
CoinEx CEO admitted that 2023 has been a challenging year for the cryptocurrency industry, with increasing regulations, market collapse and a series of project shutdowns. However, he pointed out that CoinEx has weathered these storms together with its users, emphasizing the importance of their long-term support.
Yang expressed gratitude to the CoinEx community, realizing that entrepreneurship is hard but perseverance is even harder. He vowed to make user experience the core of CoinEx’s mission, driving innovation and security to protect user assets and shape a better future for the cryptocurrency industry .
In summary, Haipo Yang’s message highlights CoinEx’s unwavering commitment to its users and the broader cryptocurrency community. Despite the challenges and risks inherent to the crypto world, CoinEx’s quick response and strengthened defenses demonstrate its dedication to driving the industry through adversity. As the cryptocurrency industry continues to grow, it is clear that CoinEx is ready to welcome the future with renewed resilience and determination, as Haipo Yang stated: “Our shining moment remains not yet!”
Source:
https://tradecoind2.com/coinex-ceo-haipo-yang-admitted-the-hacking-incident-outlined-a-plan-to-escape-the-situation/
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Kasikornbank, the second largest bank in Thailand, has made a breakthrough in the cryptocurrency sector after announcing the acquisition of Satang Corporation Co. Ltd., a local cryptocurrency exchange. The acquisition was made through its wholly owned subsidiary, Unita Capital, and signals a significant step forward in capturing the growing digital asset market.
In an official letter filed with the Stock Exchange of Thailand, Kasikornbank, commonly known as KBank, disclosed that it held 97% of Satang Corporation’s shares as of October 27. Satang Corporation is an exchange. Famous digital asset translators are operating in Thailand. As part of its strategic vision, KBank plans to rename Satang Corporation to Orbix Trade Co. Ltd., marks a shift towards incorporating digital assets into its services.
KBank’s participation in the acquisition demonstrates its strong commitment to remaining at the forefront of financial innovation in the rapidly evolving digital asset ecosystem. With the financial sector witnessing growing interest and adoption of cryptocurrencies and blockchain technology, this move positions KBank as a pioneer in the traditional banking industry.
The acquisition was carried out through Unita Capital, a subsidiary of KBank with a registered capital of 3.7 billion Baht, equivalent to about 102.8 million USD. This significant investment demonstrates the bank’s seriousness in entering the world of cryptocurrency and digital assets.
Furthermore, to strengthen its position in the digital asset market, Unita Capital has established three more subsidiaries:
Orbix Custodian: This subsidiary specializes in digital asset management, ensuring secure storage and management of cryptocurrencies on behalf of customers. The move is in line with the growing demand for secure and reliable custody solutions in the cryptocurrency space.
Orbix Invest: Focused on fund management, Orbix Invest is positioned to meet the investment needs of customers interested in digital assets. This development strengthens KBank’s strategy to provide comprehensive financial services in the cryptocurrency sector.
Orbix Technology & Innovation Co. Ltd.: This subsidiary is ready to develop blockchain infrastructure. The bank recognizes the importance of blockchain technology in various industries and this subsidiary will contribute to the advancement and innovation of blockchain solutions.
Kasikornbank’s announcement is an important milestone in integrating traditional financial institutions with the world of cryptocurrency and blockchain technology. It represents a progressive approach to meet the evolving needs and preferences of customers increasingly interested in digital assets and blockchain applications.
Source:
https://tradecoind2.com/thai-banking-giant-kbank-expands-into-cryptocurrency/
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The price of Bitcoin (BTC) has recently increased quite strongly, ranging from $26,500 to a peak price of $35,200 last Tuesday.
Although the price of the world’s number one cryptocurrency has dropped slightly from its previous peak, investors are still closely watching a number of factors that could affect Bitcoin’s price this week, before making adjustments in their investment decisions.
In this article, we will highlight three key factors that are important to keep in mind for Bitcoin, and also identify an alternative cryptocurrency that many early advocates believe could be a breakthrough project. next of the crypto market.
1. Uptober Is Nearing an End as Bitcoin Aims for $35,000
After achieving its highest weekly close in 18 months last week, Bitcoin price stabilized at $34,000 over the weekend, with the “last candle” of October now fast approaching.
Many crypto analysts are bullish on Bitcoin’s price strength and the end of the “Uptober” – a great month for the crypto market that saw BTC skyrocket from lows below $27,000.
For those who don’t know, Uptober is a term composed of the words “Up” and “October”, the month when Bitcoin in particular and many other virtual currencies in general recorded strong growth. , according to historical cryptocurrency market data.
Popular analyst Bitcoin Archive believes that Bitcoin is well positioned to maintain its growth momentum, and could likely close this week at its highest price in 78 weeks.
This will create a foundation for Bitcoin prices to continue rising in November, and even beyond.
Analysts are also expecting a BTC price breakout above $35,000 this week, a key resistance level just above Bitcoin’s current trading range.
While some remain skeptical about the strength of this cryptocurrency and BTC market rally, most Bitcoiners are focused on the weekly close to consolidate Uptober’s gains.
2. Fed Interest Rate Decision Could Be Important Factor Triggering Volatility for BTC
The Federal Reserve’s next interest rate decision on November 1 is the second major event that could affect Bitcoin prices this week.
Although the cryptocurrency market has changed a lot since the Fed’s previous bull runs, such a significant policy move usually causes major market volatility.
The CME FedWatch tool shows a 96% chance that interest rates will remain unchanged at the upcoming FOMC meeting.
However, recent hotter-than-expected inflation data, and recent geopolitical tensions mean the Fed could surprise with another rate hike.
This will put strong pressure on risky asset classes like cryptocurrencies, as investors will likely flock to safer investment options like bonds.
The Fed’s policy decision is in line with a number of other economic data released this week – making this an especially important week for the cryptocurrency Bitcoin and broader financial markets. .
3. ETF Continues To Attract Attention As It Creates Big Momentum For Bitcoin’s Growth
The third reason investors should keep a close eye on BTC price movements this week is the increased activity around Bitcoin investment products.
Analysts are paying attention to trading volumes of up to $1.7 billion in ProShares’ Bitcoin Strategy ETF (BITO) last week, and up to $800 million in the Grayscale Bitcoin Trust (GBTC).
This significant increase in trading volume and the decreasing discount of GBTC shows that the enthusiasm of the investor community for Bitcoin in particular and cryptocurrencies in general is increasing, and especially for US-based BTC spot ETFs.
Fueled by regulatory hints and investment roadmaps from institutional investors, interest in the world’s number one cryptocurrency Bitcoin has clearly increased over the past two weeks.
Therefore, this week could also be a big one for Bitcoin price, as these figures could be an early sign of the next explosive wave in demand and wider mainstream adoption in the future. BTC’s global financial system.
Which Other Cryptocurrencies Should Investors Watch This Week?
In addition to Bitcoin, several other altcoins could also see promising price action this week.
And one such altcoin is Bitcoin Minetrix – a new virtual currency project that is continuing to create great attraction with the original token presale program BTCMTX.
Bitcoin Minetrix ushers in the future of decentralized cryptocurrency mining, quickly raising over 2.8 million USD through presale program
Bitcoin Minetrix (BTCMTX) is a new unique virtual currency project built on top of Ethereum, offering a unique value proposition – democratizing and decentralizing BTC mining through a world-first tokenization model. world.
By staking the native token BTCMTX, holders will receive cloud mining credits to earn BTC mining blockchain rewards without investing in computer hardware. Expensive and does not require too much technical expertise.
This opens the door to cryptocurrency mining for everyone, regardless of their experience or resources.
BTCMTX also incentivizes long-term holding of BTCMTX tokens by investors through staking rewards of up to 216% per year.
The project’s presale program saw over 192 million BTCMTX tokens staked, showing strong interest from the investor community in the project.
With the Bitcoin Minetrix presale now in Phase 4, potential investors can purchase BTCMTX at a price of just 0.0113 USD per token.
This setup helped the Bitcoin Minetrix presale program raise over $2.8 million in funding. And this money will be used for staking rewards, marketing and developing the project’s ecosystem even further.
To further increase engagement, Bitcoin Minetrix developers launched a “Minedrop” giveaway worth up to $30,000 USD.
To participate, individuals must complete various social media activities, such as following Bitcoin Minetrix on Twitter and joining the project’s Telegram community.
With many leading crypto experts expecting billions of dollars to flow into the market if a BTC spot ETF is approved in the US, Bitcoin derivatives projects like Bitcoin Minetrix could be poised to benefit greatly .
Therefore, BTCMTX may be the most notable potential altcoin this week as Uptober prepares to end.
Source:
https://tradecoind2.com/3-reasons-to-closely-monitor-bitcoin-price-this-week-bitcoin-minetrix-is-also-preparing-to-hit-the-3-million-usd-milestone/
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Dogecoin (DOGE) price has moved above a long-term descending resistance line that has been in place since its all-time high.
Although there was a breakdown from the long-term support zone, the price did not drop significantly. On the contrary, it started an upward movement four days later.
Dogecoin breaks above 900-day resistance
Technical analysis from the weekly timeframe shows that DOGE price has fallen below a descending resistance line since the all-time high of $0.740 in May 2021. This decline resulted in a low of $0.049 in June 2022.
Although the price bounced back afterward, it failed to break above the descending resistance line. Rather, it made three unsuccessful attempts (red symbol), creating lower highs and long wicks above.
All of this changed last week when DOGE price broke above 900-day resistance.
It reached a weekly close at $0.069, its first close above the trendline since its all-time high.
Traders use the RSI as a momentum indicator to identify overbought and oversold conditions to decide whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.
The RSI is currently at 50, a sign of an unknown trend.
DOGE Price Prediction: Is This the Start of a New Bull Run?
Technical analysis from the daily timeframe also suggests a bullish outlook consistent with a break above the 900-day resistance line. On October 20, DOGE price also broke above the short-term descending resistance line.
This not only prompted a continuation of the increase but also resulted in a recovery to the $0.060 horizontal support area, suggesting that the previous decline below this level was just a deviation.
Similar to the weekly timeframe, the daily RSI is increasing. The indicator is rising and above the 50 level, both of which are considered signs of an uptrend.
However, it is worth mentioning that DOGE price was rejected by the 0.618 Fib retracement resistance (red symbol). It has been down since October 26.
The principle behind Fib retracement levels suggests that after a significant price movement in one direction, the price will retrace partially before resuming the move in the original direction.
The 0.618 Fib level is often used to determine whether the upward movement is corrective or not. So, DOGE price must move above it to confirm a trend reversal to the upside.
If so, the price could rally 20% to the July high at $0.083.
Despite this bullish prediction, a close below the minor support at $0.066 could send the price down 13% to the nearest support at $0.060.
Source:
https://tradecoind2.com/dogecoin-doge-price-breaks-out-of-900-day-resistance-has-the-reversal-started/
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Billionaire investor Stanley Druckenmiller has praised Bitcoin for building a “brand” over the past 15 years, admitting that while he doesn’t own any Bitcoin, he should.
The billionaire shared his latest thoughts on BTC in an October 30 interview with hedge fund manager Paul Tudor Jones. Here, he makes a comparison between Bitcoin and gold as a store of value.
“I’m 70 years old. I own gold. I was surprised when Bitcoin took off, but you know, it’s clear that young people see it as a store of value because it’s a lot easier to use. 17 years for me it’s a brand. I like gold because it is a 5,000 year old brand. So I like both. Honestly, I don’t own any Bitcoin, but I should.”
Druckenmiller previously held Bitcoin. However, in an interview in September 2022, he revealed that he sold due to central banks applying tightening measures.
However, according to him, the digital assets sector will grow strongly in case people lose faith in the central banking system, citing the example of Bank of England after the British pound plummeted in mid-2022. .
“I can see cryptocurrencies having a big role in the Renaissance because people won’t trust central banks.”
Druckenmiller founded Duquesne Capital Management in 1981 and closed the fund in 2010. During that time, he achieved an average annual return of 30% and never had a down year.
His investment philosophy revolves around holding a group of Long stocks, a group of Short stocks and using leverage to trade futures contracts during market ups and downs.
He also praised blockchain technology, predicting the ledger-based system could replace the US dollar as the world reserve currency in the future.
In 2021, Druckenmiller said Ethereum is like “Myspace before Facebook” and predicted ETH will eventually topple BTC.
Sentiment towards Bitcoin among Wall Street firms has gradually improved over the past year, the most notable evidence being the wave of Bitcoin ETF filing proposals from major financial companies.
However, the cryptocurrency industry still has its fair share of critics.
Famous veteran investors Warren Buffett and Charlie Munger have long called Bitcoin and cryptocurrency “rat poison” and an asset class that does not create value.
Source:
https://tradecoind2.com/legendary-investor-druckenmiller-i-dont-own-bitcoin-but-i-should/
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New record: Nearly 40 million Bitcoin addresses are profitable
Bitcoin now has more profitable wallet addresses than ever before even though the BTC price is 50% below its all-time high (ATH).
Latest data from on-chain analytics firm Glassnode shows a record number of profitable addresses.
The $
34,000 price
brings profits to over 80% of Bitcoin addresses
Bitcoin may be hitting 18-month highs, but the recent rally has been enough to trigger significant changes in investor returns.
According to Glassnode data, the number of profitable addresses as of October 30 was 39.1 million.
This is the highest figure ever recorded for Bitcoin and beats the previous peak of 38.1 million in November 2021.
At the time, BTC itself was trading at ATH and therefore 100% of the addresses in existence with a non-zero balance were profitable.
Although the current spot price is still 50% below that level, the total number of non-zero addresses is now up to 48.3 million.
In percentage terms, profitable addresses have not yet achieved comparable performance in absolute numbers but are still at an 18-month high of 81.1%.
Glassnode also shows that this number increased from 60% to 80% in the past two months.
In contrast, there are currently just over 9 million losing addresses. At its peak in December 2022 after the FTX crisis, this total was more than 20 million.
Long-term
holders take
“minimum”
profits
As reported, the past week saw BTC price action breach multiple resistance levels while delivering profits to both long-term (LTH) and short-term (STH) holders.
Accordingly, this has prompted speculative holders to take profits – especially when the market exceeds $34,000.
For James Van Straten, researcher and data analyst at crypto insights firm CryptoSlate, this highlights the psychological differences between groups. He argued on October 29:
“Bitcoin showed outstanding strength above $34,000 over the past 5 days while also seeing one of the strongest profit-taking in the past 2 years from STH. LTH was largely uninterested and recorded only the sixth largest profit taking this year, but minimal over the larger time frame.”
The charts below from Glassnode track the flow of funds to exchanges from LTH and profitable STH entities.
Source:
https://tradecoind2.com/new-record-nearly-40-million-bitcoin-addresses-are-profitable/
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Celestia has completed the deployment of its mainnet beta, marking the launch of the module network.
Operating under the codename Lemon Mint, the mainnet beta introduces data availability sampling (DAS). This technology aims to provide a new scaling method that allows blockchain nodes to confirm data availability without having to download the entire data set for a given block. Initially, the idea was presented in a whitepaper titled “LazyLedger” 4 years ago.
Ekram Ahmed, spokesperson for Celestia Foundation, said:
“What was once considered a wild moonshot has now become a reality four years later with the publication of the LazyLedger whitepaper. Celestia is the first modular blockchain network that securely scales with the number of users, making it easy for anyone to create their own blockchain.”
Following the mainnet launch, Celestia’s native token TIA will be available for trading on major centralized exchanges, including Binance, Bybit, and KuCoin. Additionally, decentralized exchange Osmosis announced plans to list tokens for trading on their platform.
The ecosystem surrounding Celestia
Celestia’s architecture is designed to allow nodes to simultaneously reach consensus on transactions across different chains, while executing these transactions off-chain. The reason they can do this is because they can clearly separate the consensus and data availability layers from the execution layer. This configuration allows Celestia to focus primarily on creating an organized and systematic approach to data storage, while leaving transaction execution to individual chains.
Although in early beta, Celestia’s mainnet beta allows other rollups and chain modules to use their platform for data availability and consensus.
Accordingly, an ecosystem centered on Celestia is forming. MilkyWay, the liquidity staking protocol on Osmosis, has announced support for Celestia and will soon introduce a liquidity staking derivative token (stTIA) on the Osmosis blockchain.
Additionally, Arbitrum has integrated Celestia into the Orbit and Nitro technology stack, while Cosmos-based smart contract platform Neutron has launched Nexus , aiming to enable developers to deploy rollups on Celestia.
Source:
https://tradecoind2.com/celestia-module-network-operates-on-mainnet/
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Onyx Protocol was hacked for 2.1 million USD
Decentralized peer-to-peer lending platform Onyx Protocol lost approximately $2.1 million in an illiquid market exploit deployed on October 27.
Blockchain investigator PeckShield explained shortly after the hack warning that the protocol went unnoticed.
https://twitter.com/peckshield/status/1719656987124965677
PeckShield’s independent investigation into this matter found that the allegedly illiquid oPEPE market “abused donations to borrow capital from other liquid markets”.
“The donated funds were then used by taking advantage of a known rounding issue.”
Previously, on April 16, attackers exploited the same bug to steal $7 million from multichain lending protocol Hundred Finance.
https://twitter.com/CertiKAlert/status/1647330607565885441
In the case of Hundred, the attacker manipulated the exchange rate between ERC-20 tokens and hTOKENS, allowing them to withdraw more tokens than the initial deposit, according to CertiK.
Continuous efforts from hackers require a deeper understanding of the art of cryptocurrency tracking.
Tracking stolen cryptocurrency using blockchain analytics typically involves six key steps: transaction tracing, address clustering, behavioral analysis, pattern recognition, regulatory vigilance, and collaboration .
Source:
https://tradecoind2.com/onyx-protocol-was-hacked-for-2-1-million-usd/
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Global payments giant PayPal has been approved by the UK’s Financial Conduct Authority (FCA) to provide cryptocurrency services in the country.
According to official FCA data , PayPal is registered to provide “certain electronic money activities” in the UK as of October 31, 2023. PayPal must implement requirements or restrictions on the financial services activities in which it may operate.
Information on the FCA register says:
“This includes, but is not limited to, closing on new customers and restricting existing customers from keeping and selling active features. The Company cannot expand its current cryptocurrency offering,” the registrar noted, adding “including but not limited to” exchange services, participation in ICOs, staking, peer-to-peer exchanges, and decentralized financial activities such as lending and borrowing.
Source:
https://tradecoind2.com/paypal-receives-uk-cryptocurrency-license-after-halting-local-bitcoin-purchases/
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Blockchain detective account on the X app OnchainDataNerd has reportedly noticed another portion of ETH sent by Ethereum co-creator Vitalik Buterin to the largest exchange in the US – Coinbase.
This is not the first time Buterin has sold ETH this year. He sent ETH not only to Coinbase but also to Bitstamp platforms. Previously, according to reports, he transferred a significant portion of this altcoin to Coinbase at the end of September this year.
Buterin sold ETH in small chunks – 400 ETH on Coinbase in September – and has now transferred another 100 ETH there. According to the aforementioned source, Vitalik sold 100 ETH for $181,000, or $1,810 per coin.
In August of this year, Buterin deposited about 600 ETH (worth about $1 million) to Coinbase. On October 7, he transferred 1,000 ETH to the Bitstamp exchange and sold it for about $1.64 million. Overall, Buterin’s wallet transferred 4,400 ETH to that centralized exchange in September and October, according to data shared by “Smart Money” tracker Lookonchain. This amount of ETH is equivalent to approximately $7.23 million.
Does not affect ETH price
Today’s ETH transaction with Buterin’s Coinbase and the possible subsequent sale did not have any discernible impact on the price of the second-largest cryptocurrency by capitalization.
Since October 24, after a 48-hour peak of 12.87%, pushing ETH to $1,848, the price has lost a total of 2.3% but is still trading above the $1,800 price level.
At the end of October, the aforementioned source reported several new wallets making notable ETH purchases on exchanges as they withdrew 47,760 ETH worth $82.97 million into cold wallets at the time. .
ETH Price Prediction $8,000
According to a recent report, global bank Standard Chartered announced that it expects the price of ETH to skyrocket to $8,000 within the next few years.
The basis for this bold prediction is the leading role of the Ethereum blockchain in the world of smart contracts, gaming, DeFi and traditional asset tokenization.
Additionally, several major fund managers recently applied to the US securities regulator for permission to launch a spot Ethereum ETF. Many market participants expect the price of ETH could skyrocket if approved. So far, the SEC is reviewing about a dozen spot Bitcoin ETF filings, but Galaxy Digital head Mike Novogratz expects the first BTC ETF to be approved in 2023.
Buterin shares about the L2 ecosystem
According to Ethereum co-founder Vitalik Buterin in a recent blog post , the Ethereum layer 2 ecosystem continues to expand and diversify. As new scaling solutions emerge, Buterin predicts increasing heterogeneity in layer 2 designs based on specific cost and security trade-offs.
Rollup, validium, sidechain, and other layer 2 architectures provide different balances between decentralization, security, and scalability. Financial applications require the highest security guarantees, while social networks and games can accept some downtime in exchange for lower fees.
Buterin noted projects transitioning from layer 1 standalone to layer 2 Ethereum will likely take a gradual, multi-phase approach. Moving all operations to rollup at once will impact usability, but waiting too long risks missing the opportunity. Niche centralized and layer 1 projects also want enough decentralization to ensure additional security without sacrificing high throughput.
Validium relies on zero-knowledge (ZK) proofs to ensure correct computation without storing all data directly on Ethereum. This saves costs compared to rollups, but validators face data availability risks if the operator does not make the data available. Rollup ensures users can always withdraw funds from the Ethereum mainnet.
Disconnected systems like sidechains have even lower overhead but require trust in a small group of validators. Hybrid approaches are also gradually emerging, such as validium which allows users to pay for Ethereum data availability periodically.
Buterin emphasized the importance of external chains maintaining close links to Ethereum. This reduces the security risks of bridging Ethereum native assets and allows for shared account abstraction between chains.
Validating bridges can provide validium-level security, proving correct state transitions. However, handling extreme cases like 51% attacks requires social commitment to coordinate upgrades. Reading Ethereum data and reverting when Ethereum reverts is also important. Chains that only read the last blocks of Ethereum avoid some of the complexity but will give up functionality during low precision.
Overall, Buterin sees value in multiple layer 2 designs. Applications will continue to tailor solutions to their specific security, scalability, and decentralization needs. However, staying connected to Ethereum offers benefits regardless of architecture. He believes that, as technology develops, projects can strengthen their relationship with Ethereum in stages.
Source:
https://tradecoind2.com/vitalik-buterin-moves-large-ethereum-to-coinbase-amid-8000-eth-price-prediction/
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Along with the recovery of the cryptocurrency market, Bitcoin (BTC) transactions reached a new peak in 2023. In particular, online data shows increasing activity levels of whales electronic money.
This increase in large BTC transactions comes amid a high likelihood of a Bitcoin ETF spot being approved in the United States, creating great excitement and optimism among the virtual currency investor community.
At the same time, an emerging Bitcoin mining token called Bitcoin Minetrix (BTCMTX) has also been attracting significant attention, raising more than $2.9 million from early investors through a presale program. native token BTCMTX.
Bitcoin Whale Trading Rises to 2023 High as Big Investors Start Accumulating Wealth
The number of high-value Bitcoin transactions has increased significantly in recent weeks, reaching its highest level since the beginning of the year.
According to an article from CoinDesk, the number of BTC transfers worth over $100,000 reached 23,400 transactions last week – surpassing the previous 2023 high set in late June.
This spike in Bitcoin cryptocurrency whale activity comes after the Bitcoin price quickly crossed the $35,000 mark, reaching its highest level since May 2022.
Analysts believe that several key factors are driving this increase in Bitcoin transactions.
First, the catalyst is the optimism of the crypto investor community around the possibility of a Bitcoin ETF spot being approved by the SEC in early 2024. Bitcoin ETF spot applications from regulators Large asset managers like BlackRock are said to be nearing their final stages.
Additionally, rising inflation this year has further increased Bitcoin’s appeal as the perfect asset to hedge against the effects of inflation.
More and more individuals and high net worth investors are looking at BTC as a store of value in the current uncertain economic context.
Overall, the combination of regulatory changes, inflation concerns, and changing perceptions of Bitcoin is contributing to a significant increase in high-value Bitcoin transactions.
Bitcoin Options Traders Bet on Further Rise in BTC Price
This bullish sentiment from crypto whales is supported by recent data from the Bitcoin options market. This shows that coin traders are increasingly confident in the possibility of BTC prices increasing further.
Between October 23 and October 24, BTC options trading volume increased to its highest level in more than six months, coinciding with the spike in Bitcoin prices on those days.
According to analytics firm Laevitas, Bitcoin options interest also hit a 12-month high on October 26, as cryptocurrency investor activity showed signs of surging.
Analysts believe this “frenzy” in BTC options trading signals confidence that Bitcoin prices will continue to rise in the final weeks of fiscal 2023.
Put/Call Ratio (PCR) has also been consistently maintained below 1 in the second half of October, showing strong demand for call options from Bitcoin traders looking to benefit from potential profits. power.
High demand for call options and low put-to-call ratio suggests that most traders are betting on the price of Bitcoin to rise rather than fall.
Such levels of community optimism often result in a sharp increase in the price of Bitcoin – attracting more buyers and creating a “snowball” effect.
Bitcoin Minetrix Enables Users to Earn Passive BTC Payments and Quickly Raise Up to $2.9 Million
As Bitcoin whales accumulate and options traders bet on further BTC upside, another sector of the crypto market that is also heating up is the cryptocurrency mining sector.
And a rapidly growing project in this space is Bitcoin Minetrix (BTCMTX), a new platform that tokenizes BTC mining with a unique cloud mining feature, currently in the process of implementing a presale program. .
The core innovation of the Bitcoin Minetrix presale project is its unique and valuable staking-to-earn mechanism.
Users can purchase the native BTCMTX token and stake it to earn mining credits (which cannot be transferred or traded). These credits can be burned to access the powerful cloud mining power of the Bitcoin Minetrix platform.
Through this advanced mechanism, Bitcoin Minetrix users can earn recurring BTC payments without needing to own expensive mining hardware or require advanced expertise.
Not only that, users can also pledge their BTCMTX tokens to the staking pool and earn up to 206% yield per year.
Bitcoin Minetrix’s presale program has raised more than $2.9 million as investors look to invest in the future of decentralized mining.
BTCMTX tokens are currently priced at just $0.0113 each in the presale, although they will increase by 10% in less than two days.
With 42.5% (equivalent to 1,700,000,000 tokens) of the total BTCMTX supply earmarked for Bitcoin mining, and a clear roadmap, cryptocurrency investors have flocked to Bitcoin Minetrix’s Telegram channel. to update the latest developments of the project that is considered the future of online coin mining.
As crypto whales snap up BTC and options traders buy in, Bitcoin Minetrix offers another avenue to capitalize on positive market sentiment with the world’s number one cryptocurrency Bitcoin – benchmark destined for a good ending to 2023.
Source:
https://tradecoind2.com/bitcoin-whale-trading-hits-yearly-high-as-investors-pour-up-to-2-9-million-into-this-btc-mining-token/
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Pantera Capital: Stablecoins Set to Succeed Where BTC, ETH Failed
According to an executive at Pantera Capital, Bitcoin and Ethereum – despite being “extremely successful” – have yet to meet the initial expectations many had for cryptocurrencies.
But stablecoins are ready, Jeff Lewis, a product manager at the crypto-focused hedge firm, wrote in a letter Tuesday.
He noted that 15 years after the Bitcoin whitepaper, BTC’s lack of speed and scalability has affected its ability to be a good alternative to money. Ethereum “has become the programmable decentralized system that Bitcoin alone cannot be,” paving the way for an ecosystem of NFTs, Web3 applications, and DeFi powered by ETH.
“Unfortunately, Ethereum is almost as volatile as Bitcoin, making it unsuitable as a stable currency.”
Stablecoins, on the other hand, are set up to enable peer-to-peer value transfers. They will also help people protect against unstable currencies and eliminate the need to put their trust in service providers, Pantera’s CEO said.
Lewis compared payments giant PayPal to a stablecoin, noting that it allows users to transfer $1 worth of digital ledger entries cheaply to merchants and peers around the world. The company even launched its own stablecoin, PYUSD, in August.
The largest stablecoins – USDT and USDC – are essentially non-yielding. However, Lewis argues that a trustless, transparent and profitable “PayPal 2.0” may be in the works.
This vision seems hypothetical as PayPal has not announced any such plans.
“That stablecoin is coming because as soon as the regulations are clear, market conditions will force providers to offer money market yields to compete. We are seeing an explosion in the stablecoin market with yield being generated from the underlying investments in the currency markets as well as the tokenization of the currency markets themselves,” Lewis wrote.
Franklin Templeton, a fund group that manages about $1.5 trillion in assets, in 2021 launched a money market fund that uses public blockchain to record transactions. One share of the fund is represented by one BENJI token — allowing it to function like an interest-bearing stablecoin.
JPMorgan is already building blockchain-based applications, while Citi’s new Citi Token Services intends to give customers access to tokenized deposits, cross-border payments and automated trade finance solutions around the clock. hours/day.
Ondo Finance launched bond offerings and tokenized US Treasury products earlier this year before Adapt3r Digital in late August announced a tokenized fund on the Archblock decentralized market.
Stablecoins “represent one of the most clearly promising models for tokenization today,” Coinbase head of institutional research David Duong and analyst David Han wrote in a report Monday.
“We think stablecoin liquidity may be one of the clearest ways that tokenization intersects with the broader crypto economy as part of the next market cycle,” Duong and Han added.
PayPal’s platform is more attractive than banks because of its ease of use and speed, Pantera’s Lewis notes.
Source:
https://tradecoind2.com/pantera-capital-stablecoins-set-to-succeed-where-btc-eth-failed/
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In the past few years, the community has been buzzing with the Play-to-Earn (P2E) trend – playing to make money – and is most popular at the time of COVID-19. However, life has returned to a new normal and P2E is no longer a trend. Currently, users have found many new ways to make money. They no longer need to work hard in the game but can have fun while earning large profits for themselves, depending on their level of luck. & its capabilities with the European betting and entertainment platform, BONS. Let’s learn about this platform with Bitcoin Magazine!
Experience the betting platform from Europe – BONS
BONS is an entertainment betting platform originating from Europe, specializing in providing a variety of games including sports betting (football, basketball, esports…), western casino (baccarat, dragon tiger, poker). ) and many other entertaining slot games. After many years of operation, BONS is trusted by millions of users and operates in large and small countries in Europe and Asia.
The Platform is operated by NestlingCorn Limited, registered in the Republic of Cyprus, which is a subsidiary of Owl In NV, incorporated under the laws of Curacao. This is one of the betting platforms with the fastest response speed to user operations, supports many popular languages around the world, and especially has fast, easy, and free cryptocurrency payments. spend a lot of transaction fees.
The special feature of BONS is that, besides bringing high entertainment, players can both play and earn real money when winning or winning lottery prizes. Instead of spending a lot of time playing the game and only earning virtual money for trading in the game, it cannot be converted to real money and there is a risk of violating the law (such as playing a fish shooting game for coins and wasting time reselling it). cent), you can see this as a new form of investment, making the most of your leisure time while entertaining while still making money.
Evaluate the quality of BONS
Prestigious, trustworthy, information security
As informed, BONS is an entertainment betting platform originating from Europe, so the brand is also prestigious and classy, completely different from mass casinos of unknown origin and non-transparent information.
The registration process on the platform is also quite fast and there are many options such as registering by email or through Metask, Google. The final step is to simply enter your personal phone number to complete the process.
Diverse forms of betting from sports to casino
Regarding sports betting, BONS offers a variety of popular sports from basketball, football, tennis, volleyball, etc. to sports with less popular platforms such as skiing, water polo, sumo wrestling. ,… The odds here are also higher than other bookmakers and there are more bets.
Besides owning many diverse casino games such as baccarat, dragon tiger, poker, BONS also has a live Casino and each casino has a live dealer, adding the most realistic experience for users.
If you are still wondering which game to join, you can also choose the top or newly updated games that the platform recommends. These forms of games are both highly entertaining and earn real money, quickly withdrawn to your account. You can consider this a form of investment instead of simply playing games to make the most of your time and capital.
Huge, continuous promotions and diverse payment methods
BONS offers a variety of promotions to reward loyal players, new players and birthday gifts (requires a verified account and at least 5 successful deposits). Not only that, this European betting platform also offers promotions for each category such as Tournaments, Contests & Lottery (weekly, daily). You can follow this information in the promotions section.
In addition to attractive promotions for new players, BONS also offers an EXCLUSIVE DEAL with an additional 10% bonus when depositing with cryptocurrency. BONS is one of the betting platforms that provides a variety of convenient deposit and withdrawal methods for players from bank transfer, Momo, Visa/Mastercard to cryptocurrency trading, accepting popular currencies. like Bitcoin (BTC), Ethereum (ETH), Tether (USDT). Electronic money has the advantage of freedom of payment, easy and fast transactions with low costs and high information security. That’s why BONS started a crypto-based platform, so that users can quickly withdraw their winnings when needed instead of waiting for money to be transferred from the bank, which takes time and has transaction fees. translation is high.
Besides, it is equally important that Bons has a professional customer care team, serving 24/7 to support customers. You just need to click on the “Contact us” tab and send your question, the customer service team will respond immediately.
Instructions for depositing cryptocurrency into BONS
Step 1: After logging in to your Account, click on the “Deposit” tab and select payment method (bank transfer or type of Electronic Currency to deposit). Then select the Network (if any) of each cryptocurrency, copy the QR code.
Step 2: Open the existing E-Wallet application, make a withdrawal order, select the transaction network corresponding to the network you just selected in Bonn, paste the QR code you just copied into the Withdrawal Address.
Step 3: Monitor processing progress and check transaction history if necessary.
Although not a pioneer in the Play and Make Money trend, the betting platform from Europe, BONS, always tries to help users make the most of their idle time and capital to make more money. However, their disadvantage is that the platform is not well known in Vietnam, so it is still quite young and does not have many discussion topics, so it is difficult for users to approach and ask for support if any problem occurs. However, you can rest assured because platform-related issues are supported 24/7 by the customer service team and to ensure safety and avoid unnecessary conflicts, you should carefully read the deposit and withdrawal instructions. money because each casino has its own rules.
BONS currently has many incentives and promotions for new users. You can register an account here to ensure you access the correct website of the platform, avoiding being directed to other scam sites. Wishing you the smoothest experience at Bons!
Source:
https://tradecoind2.com/forget-p2e-typical-of-the-current-trend-is-to-play-and-make-money-with-bons/
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Cardano (ADA) recently made an important announcement regarding its scaling solution, Mithril. The project has released a research paper titled “Mithril 2,” highlighting specific results from its efforts.
Launched on the Cardano mainnet in July, Mithril has now introduced what the developers call “advanced cryptographic techniques” to prove knowledge about a large data set without revealing the entire data set .
IOG’s Romain Pellerin highlights ALBA
Romain Pellerin, CTO of research company Input Output Global (IOG), summarized the main points covered in the Mithril 2 paper.
Pellerin explains that the paper introduces a technique called “Approximate Lower Bound Arguments” (ALBA). The goal of ALBA is to allow individuals to prove ownership of a large data set without exposing the entire record.
According to Pellerin, this method has the necessary applications to prove the possession of multiple digital signatures from different individuals without revealing each signature.
The core idea behind ALBA is that the prover only reveals a small, intelligently selected sample of the data set. This prevents “cheating” by making it difficult for the sample to be constructed if the actual data set is small.
On the contrary, if the real data set is large, at least one such sample may exist. This is said to ensure the success of an “honest prover”. The Telescope technique introduced in the paper facilitates efficient recursive pattern construction.
The Mithril 2 paper also covers situations in which a dataset is distributed among multiple parties that jointly produce evidence. It demonstrates how ALBA can be used to extract linear witnesses in short, non-interactive arguments about knowledge (SNARKs).
By using ALBA instead of custom structures, the prover’s workload can be reduced, leading to shorter proofs when extracting witnesses from SNARKs.
Charles Hoskinson expressed pride in Mithril 2
The paper explains that ALBA allows a prover to succinctly prove knowledge of multiple factors that satisfy a given predicate or weight function. Although the argument is only approximate because there is a small gap between what the prover knows and what the verifier believes, this gap allows for highly efficient schemes.
Furthermore, the study presents non-interacting structures of ALBA in the unified reference chain and random oracle models, demonstrating a near-optimal proof size.
Additionally, it introduces efficient communication structures when proofs are distributed among multiple provers, which is especially relevant in decentralized environments.
Cardano founder Charles Hoskinson expressed pride in the Mithril 2 paper, emphasizing its importance on X (formerly known as Twitter)
Mi’thril 2 is out now. I am very proud of this article. It’s a great job.”
The Cardano community eagerly awaits the implementation of these new “cryptographic techniques,” which demonstrate the project’s commitment to enhancing the scalability and privacy of the Cardano blockchain.
On the other hand, ADA price has achieved significant gains over the past 30 days. Currently trading at $0.2910, which has seen the price increase by 18% in the past two weeks.
Of particular note, ADA ended October above the key $0.30 level. This performance is pivotal for the price outlook and the continuation of the upward momentum, as it quickly broke the structure of a four-month downtrend.
It remains to be seen whether the upcoming positive developments in the Cardano ecosystem have the potential to take ADA to new heights in 2023 and maintain its competitive position among the Top 10 cryptocurrencies in the market.
Source:
https://tradecoind2.com/cardano-is-proud-to-release-mithril-2-introducing-alba-that-promises-to-prevent-fraud/
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After 15 years of operation, many experts are wondering whether Bitcoin today accurately reflects the vision of founder Satoshi Nakamoto presented in the Whitepaper?
Overall, the cryptocurrency king still has key correlations. For example, Bitcoin is a PoW blockchain that relies on consensus between nodes to function properly.
However, the narrative presented in the 2008 Whitepaper – Bitcoin as a form of digital currency – is evolving and expanding over time. Some people now view BTC as a reserve asset, or in other words, a form of digital gold.
But, the focus of Nakamoto’s original proposal was a framework for a digital currency, without the need for trust in intermediaries or central governance:
“What is needed is an electronic payment system based on cryptographic proof rather than trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Computationally irreversible transactions protect sellers from fraud, and conventional escrow mechanisms can easily be implemented to protect buyers,” Nakamoto wrote in the Whitepaper.
But what Bitcoin will eventually become and how its users and investors view it has begun to take shape in the first years since the Whitepaper was published.
Mining
pools and hardware
The introduction of mining pools is arguably one of the first notable departures from the blueprint laid out in the Whitepaper.
Satoshi originally intended for individuals to be able to use regular computers to mine Bitcoin. This is still technically true, but over time, Bitcoin mining gradually evolved to focus on one defining principle: scale.
Satoshi’s original concept ensured anyone could participate in authenticating and securing the network without the need for specialized equipment, thus making the ecosystem more inclusive and resistant to censorship. central control. The development of mining pools and advanced mining hardware has changed the dynamic, leading to increased centralization.
“PoW also solves the problem of determining representation in majority decision-making. If the majority is based on a one-IP-address vote, it can be overthrown by anyone with the ability to allocate multiple IPs. PoW is essentially one CPU one vote,” Nakamoto wrote.
The first mining pool was initially named bitcoin.cz and later renamed Slush Pool, created by Marek “Slush” Palatinus in 2010 to address the fact that people started using GPUs instead of CPUs for mining. BTC waterfall. Mining pools are supposed to help solo miners find blocks, even if they don’t have high-powered gaming computers.
GPU mining continued to grow throughout the early 2010s until Canaan Creative released the world’s first application-specific integrated circuit (ASIC) for BTC mining.
ASICs have become more and more efficient over the years, pushing the cost of these specialized devices into the tens of thousands of dollars. Plus, powering them requires large amounts of electricity. This effectively makes mining completely unprofitable for miners working independently from home.
Now, large corporations dominate the goods manufacturing industry despite being completely digital.
Bitcoin
Improvement Proposals
Completely different mining incentives aside, the very mechanics of the Bitcoin network have also changed over the past 10 years or so.
In 2012, the Bitcoin network introduced Pay to Script Hash (P2SH) through BIP 16 to simplify multi-signature transactions. Before P2SH, multi-signature transactions were complex and risk-prone, requiring the entire redemption script defining the spending conditions to be disclosed in advance.
With P2SH, users send funds to a standardized Bitcoin address that represents the hash of the exchange script, masking its complexity. Only when coins are spent is the full script revealed and conditions met, streamlining transactions, enhancing user-friendliness, and improving scalability.
Segregated Witness (also known as SegWit) is another important Bitcoin improvement proposal (BIP) that took effect in 2017. It addresses transaction portability and effectively raises the block size limit from Initial 1 MB to 4 MB.
SegWit has opened the door for a 2021 proposal called Taproot. Taproot makes transactions more efficient and private, while allowing users to engage in more complex types of transactions.
Exchanges
, ETFs and traditional instruments
The Bitcoin trading market has also become much more complex over the years, as companies offer a wide variety of products.
The possibility of large institutions offering Bitcoin-related financial products is not mentioned in the Whitepaper. Nakamoto’s intention was for Bitcoin to function as an alternative, decentralized method of exchange, which may not be a means for traditional investors to make money.
Not to mention, the concept of buying something like a Bitcoin exchange-traded fund (ETF) inherently means that users are giving custody of their money to major financial institutions rather than holding the BTC themselves.
Nakamoto’s loss of confidence in banking is made clear through the first two sentences of the Whitepaper.
“Internet commerce relies almost exclusively on financial institutions acting as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust-based model,” Nakamoto wrote.
Last week’s Bitcoin ETF spot speculation is said to be evidence that, despite Satoshi’s apparent intentions to the contrary, segments of the crypto ecosystem are wanting some connection to that trust model . Bitcoin price increased sharply due to speculation that a Bitcoin ETF was about to be approved.
While a spot Bitcoin ETF is not yet authorized in the US at this time, the first ETF launched in Europe in August 2023.
Bitcoin futures ETFs have been authorized by the US Securities and Exchange Commission, with ProShares Bitcoin Strategy ETF (BITO) becoming the first to go live in October 2021.
DeFi, Ordinals
and others
Entering DeFi with Bitcoin Ordinals is an attempt to merge “ancient” blockchain with the Ethereum-like demand for digital collectibles or NFTs.
Even so, it’s impossible to discuss Ordinals without mentioning its predecessor, Counterparty. The protocol launched in 2014 on Bitcoin and allowed people to exchange rare digital collectibles long before NFTs exploded in 2021. Rare Pepe, a meme-inspired collection of NFTs Pepe the Frog, originally from Counterparty.
Of course, NFTs weren’t around when Bitcoin was first born. However, the 2021 Taproot upgrade that allows for much faster verification of multi-signature transactions has opened the door to recording text, images, SVG and HTML on the smallest denomination of bitcoin, called satoshis ( Sat).
Ordinals has achieved remarkable success. On May 1 this year, Ordinals contributed to the largest number of Bitcoin transactions in a single day to date.
This record of more than 682,000 transactions was broken in September 2023 with more than 703,000 transactions on September 15, 2023, with Ordinals simultaneously reaching new peaks.
When Bitcoin was in its infancy in 2009 and 2010, an average of less than 1,000 transactions were processed per day. By 2011 and 2012, transactions were often in the single-digit thousands.
Source:
https://tradecoind2.com/looking-back-at-15-years-of-bitcoins-life/
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Avalanche (AVAX) price reclaimed an important price range and generated bullish signals. It is expected to increase by nearly 30% in the near future.
Important price zone
After forming a bullish engulfing pattern during the week of October 16-22 (blue arrow), Avalanche (AVAX) price succeeded in reclaiming the key support zone at $10.7-$11 this week. before.
This move leaves the previous breakdown below the $10.7-$11 zone as a deviation (blue ellipse). Such deviations are considered bear traps and are often followed by a very strong rally.
The weekly RSI has broken above the descending resistance line and is sloping up, supporting the possibility of continued growth.
Therefore, AVAX price is likely to rise to the next resistance area at $15. This represents a 26.84% increase from the current price.
A break above this zone would confirm that the long-term trend has turned bullish and AVAX price could rise to the resistance zone at the yearly high of $22.
Daily outlook
The daily chart supports the bullish outlook from the weekly timeframe. This is because AVAX price confirmed the $10.7-$11 zone as support with a large bullish candlestick yesterday (blue arrow).
The move also invalidated the bearish divergence on the daily RSI (red line). This is a signal that the upward momentum is strong and the bulls have complete control of the market.
Conclude
The most likely outlook sees AVAX price continuing to rise towards the $15 resistance area. A break above this zone could lead to a sharp increase to $22.
This bullish view will be invalidated when AVAX price breaks and closes below $10.7-$11 once again.
Source:
https://tradecoind2.com/avalanche-avax-price-could-increase-another-30-in-the-next-few-days-heres-why/
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FTX’s claim price increased 57% after Sam Bankman-Fried’s conviction
FTX’s current claim price has skyrocketed by a staggering 57%. For comparison, Celsius hovers around 35-40%, Genesis hovers around 50%, Alameda is set at 10-15%, and 3AC hovers around 7%-9%.
In essence, a claim represents a right to a certain amount of money. In cases where companies encounter financial difficulties or even bankruptcy, creditors will make claims in the hope of recovering some of their investment. Now, where there is uncertainty, there is opportunity. Investors often trade these claims based on their prediction of the ultimate recovery amount. As claim prices increase, it indicates that recovery values are expected to increase.
https://twitter.com/WuBlockchain/status/1720324244436086831
The unexpected increase in FTX’s claim price may be related to its initial successful investment in AI start-ups. As the valuations of these AI companies skyrocket, the potential recovery value of FTX claim holders also increases. Essentially, thanks to FTX’s foresight in investing early in these promising startups, claimants are now looking at the opportunity to receive significantly more than initially anticipated.
For example, let’s say there is a claim worth $1,000 with an expected recovery of 40%, or $400. Now, thanks to FTX’s strong investment in AI companies, the recovery is expected to increase to 57%, giving you $570 – a clear increase of $170, based on trading activities alone. the company’s fundamental business success.
This entire scenario highlights the complex web of financial opportunities that exist even in seemingly bleak situations. FTX claim holders, who were once skeptical about their returns, now find themselves in an enviable position, especially after the FTX co-founder was convicted on all seven counts.
Source:
https://tradecoind2.com/ftxs-claim-price-increased-57-after-sam-bankman-frieds-conviction/
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In a day marked by significant developments in the cryptocurrency sector, Trust Wallet Token (TWT) took center stage with a massive 22% increase in value. The driving force is the long-awaited listing of TWT on Binance futures . The move immediately pushed the token price to $1.3568, its highest level since April 2023.
Trust Wallet, the popular non-custodial cryptocurrency wallet closely associated with Binance, recently rebranded and completely redesigned its interface. While it has been available for spot trading for several years, TWT entering the futures market on Binance marks an important moment for the token.
Notably, Bybit is the first exchange to introduce TWT futures contracts.
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TWT / USD | Source: CoinMarketCap
TWT’s immediate price increase after listing on Binance futures is not unusual in the cryptocurrency space. Major exchanges like Binance and Upbit have a history of triggering double-digit price increases for tokens when launching futures trading.
This model emphasizes the immediate influence of news on the valuation of digital assets.
Cryptocurrency investors are certainly closely watching developments surrounding the Trust Wallet token, as it still has untapped potential. On one hand, it belongs to the wallet category along with the long-awaited MetaMask token.
On the other hand, due to its close association with Binance, this opens the door for TWT speculation to go the way of BNB. And if you look at the BNB chart, you will understand that.
Source:
https://tradecoind2.com/trust-wallet-token-twt-skyrocketed-22-after-a-new-listing-on-binance/
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Bitcoin has grown and outperformed since the 2022 – 2023 crypto winter at a faster rate than most assets. And perhaps people are wondering: “What will happen to Bitcoin in 2024?”, in response we will only answer: “Bitcoin Halving event, halving the supply in 2024”.
In today’s article, Bitcoin Magazine will share about Bitcoin halving and related concepts and meanings, such as when it takes place, whether this event has positive or negative meanings, and whether Halving will help Bitcoin increase in price. and whether the event will promote a reduction in BTC supply…
Information about Bitcoin Halving
First, to understand the event, you must understand Bitcoin. Bitcoin is a decentralized cryptocurrency so anyone can create it through a digital mining process. This involves using computers with sophisticated algorithms to decode complex mathematical problems encrypted through Proof-of-Work (PoW) – the algorithm used for verification. transaction and add it to the blockchain. Successful miners, also known as miners, receive a pre-set Bitcoin reward amount. In essence, the block subsidy reward that miners receive will be reduced by 50% due to the Halving event.
Satoshi Nakamoto, the pseudonym of the person (or group) who developed Bitcoin, created the Halving event to control the Bitcoin inflation rate. Reducing mining rewards will reduce the incentive to mine even more, increase Bitcoin scarcity, and increase the coin’s circulation rate. Furthermore, creating scarcity makes BTC more valuable, aiding in maintaining and increasing value over time, especially if demand continues to increase.
History of the Bitcoin Halving event
When the Bitcoin network went live in 2009, the mining reward (or Bitcoin mining subsidy) was at 50 BTC per block. Satoshi Nakamoto worked on a miner reward reduction protocol and added it to the Bitcoin code as part of his monetary policy. Therefore, the block subsidy halving code will automatically execute every time miners complete 210,000 blocks. It is estimated that cuts in the rewards granted to miners will occur every four years.
Since its launch in 2009, there have been three Bitcoin Halving events, the first occurred in 2012, followed by 2016 and the most recent in 2020. Therefore, the second Halving event The fourth will occur in 2024 with a block height of 840,000, the fifth is expected to occur in 2028.
Bitcoin Halving Cycle
It is almost impossible to determine the exact date or time that the Halving event will take place because everything depends on the completion of 210,000 blocks. Since confirming or adding a new block to the Bitcoin network takes about 10 minutes, the schedule for Halving is estimated to be approximately every four years.
The Bitcoin Halving cycle is significant, as it drives innovation and resilience in the native cryptocurrency code, setting it apart from fiat. This 2024 event is also extremely meaningful because it will have an impact on the speed at which new BTC circulates into the market. This event will reduce the reward from 6.25 BTC to 3.125 BTC, potentially motivating miners to increase their efficiency. To remain profitable, miners must find ways to optimize their operations as rewards dwindle. This could spur technological advances in mining hardware, leading to the creation of mining rigs that are both more energy efficient and more powerful.
Bitcoin’s limited supply policy ensures no more than 21 million BTC can exist, unlike fiat currencies which have no limit.
Economic significance of the Bitcoin Halving event in 2024
Bitcoin Halving events have historically caused cryptocurrency scarcity in the market, putting upward pressure on prices while also explaining the surge in prices expected after each halving.
Based on past appearances, popular social media pundit and commentator BitQuant has predicted that Bitcoin price could reach an all-time high before or after the halving event in 2024. Confirmed This is hardly surprising, as all past events occurred before Bitcoin’s all-time high price. BitQuant speculates that the price could reach $250,000 – nine times the current value.
Bitcoin Halving in 2024 is also important because it is after the 2022 crypto winter and 2023 recession. By slowing down BTC creation, it will limit Bitcoin supply over time . This scarcity is similar to the scarcity for gold. Bitcoin’s deflationary nature will appeal to investors trying to retain their capital in a world where inflation devalues traditional currencies.
Having events are predetermined, transparent and predictable, unlike arbitrary central bank rulings in traditional monetary systems. Investors are reassured by this regularity, especially in unpredictable economic times. Bitcoin’s tightening monetary policy, enforced by the Halving event, will appeal to those who are concerned about unclear, unplanned actions and policy changes by central banks.
Many gold enthusiasts consider Bitcoin a valuable asset. Gold always protects us from inflation and is a safe haven during economic downturns. Bitcoin, in its digital form, has similar characteristics. Gold investors love Bitcoin Halvings because they reduce supply, similar to gold mining. The concept of “digital gold” suggests that Bitcoin could play an equivalent role in the digital age. The Bitcoin halving event is notable for long-term gold investors because both Bitcoin and gold are deflationary in nature.
The impact of the Halving cycle on Bitcoin price
Since the Bitcoin Halving event reduces the incentive to mine Bitcoin, it creates scarcity and thus also raises a pertinent question: Will the Bitcoin Halving event increase the price of BTC?
Looking at historical data, from past halving events will give us valuable insights as they all follow a similar pattern. This is mainly due to reduced mining rewards and reduced inflation as the amount of BTC circulating in the market will be tightened.
1. Accumulation phase
Bitcoin users often accumulate BTC before the halving, causing stagnation or affecting the price of BTC, causing a slight bullish trend. This phenomenon occurs before the first three Halvings, lasting from 13 to 22 months.
2. Price increase phase
Past halving events have typically triggered bull market periods lasting 10-15 months, with prices steadily increasing and reaching all-time highs afterward. Only once (in 2016) did Bitcoin suffer a short-term retracement, but it recovered and followed its characteristic bullish trajectory.
3. Bear market period
All previous price increases ended in pullbacks or price corrections that lasted about 600 days, although the last one only lasted about a year.
Impact of the Bitcoin Halving event on miners
Bitcoin mining consumes a lot of resources and energy. According to some estimates, it takes 1,449 kilowatts of electricity per hour to complete one Bitcoin transaction. That’s the amount of energy a typical American household will use in 55 days. The halving of Bitcoin mining rewards will impact miners as mining costs remain high while rewards decrease.
The standard for measuring profitability in the BTC mining industry is dollars per terahash (TH) per second. This number refers to the amount of money generated by a mining rig that generates one trillion hashrate per second. One can use a mining calculator to calculate hashrate and evaluate profitability.
While Bitcoin prices are volatile, Bitcoin mining at its peak in 2017 earned $3.39 per TH/s, but by mid-2022, it had dropped to $0.104 per TH/s . The reward halving will continue to impact miners’ profits, so most of them can only hope to profit during the bull run.
Is Bitcoin Halving good or bad?
Bitcoin Halving has its own pros and cons. For example, the Halving event affects the rate of new BTC issuance, creating a scarcity of capital that can cause BTC prices to increase. This comes at the cost of short-term Bitcoin price volatility, fueled by the uncertainty and hoarding created by the halving.
On the other hand, Bitcoin halving will reduce profits, meaning miners will only have half of what they earn to confirm new blocks while they have to spend the same amount on electricity costs. math and energy.
The halving could also negatively impact Bitcoin network security, as fewer miners would continue to mine due to reduced profits. That could theoretically expose the network to a 51% attack, as mining power would consolidate among fewer participants.
Source:
https://tradecoind2.com/heres-what-you-need-to-know-about-bitcoin-halving-2024/
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In a recent exchange on X (formerly Twitter), Charles Hoskinson, founder of Cardano, commented on the criticism and misunderstandings that have arisen in the ADA community. As for user exasperation at the apparent internal criticism, Hoskinson strongly defended IOG’s strategy and commitment to growth.
https://twitter.com/IOHK_Charles/status/1719826983415156970
Cardano founder promises growth
“I seem to be noticing a lot of this lately. Nami, Midnight, etc. Lots of great people are building and bringing new users, capabilities, and experiences into the ecosystem. IOG is a builder. We are no different from any other DApp company in Cardano,” Hoskinson replied.
He expressed confusion at the criticism IOG has faced for deploying significant capital into the ADA ecosystem, especially as the group has “always been open, direct and transparent about its plans and projects.” ”.
This statement comes after IOG’s recent acquisitions and launches, which have been questioned by some community members. He addressed concerns about IOG’s recent actions, stating:
“We have products and services and are here to attract millions of people into the ecosystem. I don’t understand why when we started doing that and putting in millions of dollars, some were hostile.”
Hoskinson also expressed frustration with misunderstandings regarding IOG’s transparency about its plans. He specifically mentioned CIP 1694, which he said had been misinterpreted by some as an attempt to establish a hierarchy of powers. The founder of Cardano has vehemently denied this.
He also emphasized the important role of recent acquisitions, stating:
“Lace is here to be the best wallet in the entire crypto space and helps all Bitcoin and Ethereum users gain access to the Cardano ecosystem over time. So when we bought Nami to help accelerate a wonderfully simple user experience, was this bad for Cardano? Midnight making Cardano the leader in data security technology is somehow abandoning Cardano!?”
In his next message, Hoskinson provided a more detailed roadmap for platform user growth.
“ Midnight will bring tens of millions of users into the Cardano ecosystem, Lace will retain them, giving them a space to chat with each other, CIP 1694 gives them a voice in the future. Yes, this is exactly what is happening,” he added.
Latest advances
Two days ago, the highly anticipated Cardano protocol Midnight onboarded the first group of pioneers to its devnet. Input Output Global (IOG) tweeted about the milestone, revealing that they have chosen the best for the Midnight devnet.
Midnight aims to provide a data protection sidechain designed to facilitate the creation of secure and regulatory compliant smart contracts and decentralized applications (dApps). Furthermore, the Midnight protocol will introduce its token – DUST. The first phase of the devnet is expected to include approximately 100 #DevelopmentTeam s.
In another important move that highlights IOG’s ambitions to expand and strengthen the Cardano ecosystem, Nami, a leading independent wallet known for ADA transactions, has been acquired by input Output Global (IOG). Since its founding over two years ago, Nami has been a favorite among ADA users. Its acquisition signifies a strategic step by IOG to enhance its suite of products and services in the Cardano universe.
Source:
https://tradecoind2.com/cardano-founder-promises-growth-after-criticism/
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As confirmed by the company on Friday, popular NFT marketplace startup OpenSea has laid off about half of its employees.
A company representative said that about 50% of the workforce across the company was affected but did not specify the number.
A spokesman said:
“Today, we are making important organizational and operational changes as we focus on building a more agile and ultimately better version of OpenSea. With these changes, we are better positioned to serve the community, deliver high-impact efforts, and stay relevant at the pace of growth in this space.”
OpenSea co-founder and CEO Devin Finzer detailed the announcement on Twitter, highlighting how the company is streamlining its team in an effort to launch the next-gen market release.
“We heard your feedback loud and clear: sometimes, OpenSea feels like a follower, not a leader. And that’s not what we’re aiming for. We want to move with speed, quality and conviction to make bets more meaningful.
Currently, we are reorienting the team around “OpenSea 2.0”, a major upgrade to our product, covering the underlying technology, reliability, speed, quality and experience.”
OpenSea will adopt an organization-focused approach going forward, the spokesperson added. Employees affected by layoffs will receive four months’ worth of severance pay, six months of health care and mental health services, as well as faster vesting time. and issue tokens, to create leverage to enter the market) shares.
OpenSea was the largest marketplace during the NFT market boom throughout 2021 and 2022, regularly achieving billions of dollars in monthly trading volume for artwork, profile photos, and collectibles another tokenized range during that time period.
The startup has parlayed that success into significant funding, most recently raising $300 million at a $13.3 billion valuation in January 2022 for its Series C round. That funding was co-led by Paradigm and Coatue.
However, the NFT market started losing momentum in mid-2022 along with falling cryptocurrency prices. When rival marketplaces began denying creators royalties—or in other words, a small fee from secondary market sales that was returned to the project creator—OpenSea came under harsh criticism. late last year for considering a similar move.
OpenSea decided not to change its royalty policy at the time, following significant pushback from creators, but this summer it finally announced it would stop enforcing payments Mandatory royalties on most NFT sales as of August 31.
At the time, OpenSea fell behind market leader Blur in terms of NFT trading volume, due to Blur’s token-based trading incentives, although OpenSea still boasted the most traders of any market any.
According to data from Dune , OpenSea had over 32,000 unique wallets between the standard and Pro markets in the past week, more than double that of Blur. But Blur took about 70% of the total market share of NFT sales over the past week with more than $51 million worth of sales.
OpenSea previously laid off about 20% of its staff in July 2022, with Finzer citing an “unprecedented combination of crypto winter and widespread macroeconomic instability” in the face of a “protracted recession.” long” potential.
Source:
https://tradecoind2.com/the-nft-market-is-in-trouble-opensea-cuts-50-of-its-workforce/
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Cardano shows an unprecedented level of dominance in the top 10 crypto markets
Cardano (ADA) has proven its strength in a competitive market landscape. A close look at its recent chart dynamics will provide investors with a comprehensive view of the ongoing development, highlighted by a series of positive indicators.
Starting with Cardano’s increasing performance, there has clearly been a notable upward trajectory. It is on a steady growth path, increasing with each successive candle. Such consistent bullish price behavior typically indicates strong investor confidence, and with ADA, this sentiment appears to be strongly supported.
Along with the rising price, Cardano’s trading volume also shows an escalating trend. Increasing trading volumes, in tandem with rising price movements, often indicate that the rally is not just a mere blip but that there is solid ground beneath it. Increased volume indicates a larger number of traders participating in activity, providing greater liquidity and potentially bringing stability to the asset.
The relative strength index (RSI), a momentum oscillator that measures the speed and variability of price movements, remains stable for Cardano. A stable RSI amid an uptrend signals that the asset is neither overbought nor oversold, suggesting its current performance is sustainable.
An important point to note in Cardano’s journey is the breakout to the 200-day Exponential Moving Average (EMA). Crossing this key indicator often acts as a bullish sign, attracting a flood of new investors looking to ride the trend.
However, every protest must have a cooling-off period. While Cardano’s performance is commendable, it is very likely that this price increase will stop at the current price level. Such stability is essential to prevent the asset from entering overbought territory, ensuring an extension of its bullish phase.
Source:
https://tradecoind2.com/cardano-shows-an-unprecedented-level-of-dominance-in-the-top-10-crypto-markets/
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QCP said in its latest report that Bitcoin’s recent rally is mainly driven by macroeconomic factors, such as US Treasury supply estimates and US Federal Reserve predictions. United States (Fed) will end its monetary tightening campaign, rather than expect the possibility of approving a spot Bitcoin ETF.
“This latest rally has less to do with spot ETF developments and more to do with macro forces. This is because yesterday’s Treasury Q1 supply estimate was smaller than expected and a dovish FOMC sent bond yields tumbling and risk assets in turn soaring.”
The report adds:
“Whether this marks the start of a new global equity and bond bull trend remains to be seen.” QCP analysts are bullish on the digital asset, arguing that only regulatory pressure can bring Bitcoin price back below $32,000.
Fed temporarily suspends interest
rates
to support risky assets
CoinShares Research analyst Max Shannon sees most of Bitcoin’s recent price move due to weaker-than-expected U.S. payroll data. “This data shows weakening economic conditions, with investors thinking Bitcoin acts as a hedge,” he said.
Shannon agrees with some of the analysis from the QCP report and claims the Fed’s recent pause in interest rates, a less hawkish tone rather than suggesting a peak in interest rates, could end the tightening cycle.
He shared:
“This is supportive for riskier assets, and at the same time, yields have fallen across the board.”
The Bitcoin ETF spot story
remains a market driver
However, according to Ryze Labs Managing Partner Matthew Graham, the current rally is still largely driven by anticipation of impending spot ETF approval. He emphasized that “some TradFi companies support this view”.
“The false alarm in October caught the attention of many allocators who did not want to be left out of the bull run as prices improved,” the Ryze Labs managing partner said. On October 16, a false report that a spot Bitcoin ETF had been approved sparked a weeks-long price rally for the world’s largest digital asset by market capitalization.
YouHodler Market Director Ruslan Lienkha commented that Bitcoin investors are following the model of “buying rumors, selling the truth”. “Once spot ETFs are approved, it will be the right time to sell and take profits,” he added.
Optimism towards Bitcoin is increasing
According to Bitnomial exchange President Michael Dunn, optimism towards Bitcoin is increasing.
“This is reflected in the futures and options markets, where open interest (OI) has reached an all-time high. We also see volatility well beyond the lows, suggesting the market may be positioned for more upside.”
The world’s largest cryptocurrency by market capitalization is up 0.12% in 24 hours, currently trading at $34,717.
Aside from a spike on Thursday that almost hit the $36,000 mark, Bitcoin has been trading in a narrow range between $34,000 and $35,000 for about a week now.
Source:
https://tradecoind2.com/qcp-bitcoins-rally-is-primarily-driven-by-macroeconomic-factors-rather-than-etfs/
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JOE (JOE) price bounced from the long-term support zone and broke above the short-term pattern. It is expected to increase sharply in the near future.
Arbitrum DAO has started distributing incentive tokens to winning projects in the ecosystem.
In particular, Trader Joe is the first project in the ecosystem to implement an incentive program. This could stimulate community attention to the JOE token.
Weekly outlook
JOE (JOE) price has been moving lower since reaching a yearly high of $0.716 in mid-April 2023. This move sent the price down towards the long-term support zone at $0.20 during the week of August 14-20 Price has remained above this zone since then.
During the week of October 16 to 22, JOE price created a doji candlestick and formed a morning star pattern (blue ellipse) the following week. This is a bullish pattern, which often leads to a trend reversal to the upside.
Indeed, the price has continued to rise and is now in the process of creating another bullish candle.
The weekly RSI broke above the descending and upward-sloping resistance line, supporting the possibility of continued growth.
If the bullish momentum continues, JOE price could rise to the long-term horizontal resistance area at $0.45.
Break out of bullish price pattern
The daily chart shows that JOE price has broken above a descending wedge, which has been in place for 173 days. This is a bullish signal that the previous correction has ended and a new price increase is possible.
This outlook was further strengthened when JOE price flipped the previous horizontal resistance area at $0.26 as support over the past 2 days (blue arrow).
The RSI indicator is sloping up and approaching the oversold zone, showing that the bulls have the advantage.
Therefore, JOE price could rise to the next resistance area at $0.35, a 24% increase from the current price level.
Conclude
The most likely outlook suggests JOE prices will continue to rise in the near term. The nearest target is found at $0.35 and above it up to $0.45.
Source:
https://tradecoind2.com/will-the-price-of-joe-joe-increase-sharply-when-the-incentive-program-is-implemented/
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Coinbase announces temporary trading suspension of CRPT, MXC, QSP, REN and TONE
In a recent announcement, cryptocurrency exchange Coinbase made the decision to temporarily suspend trading of five specific altcoins on its platform. The move is aimed at enhancing the security and integrity of trading activities on their platform.
Coinbase revealed that trading for a select group of cryptocurrencies has been temporarily disabled. Affected altcoins include Crypterium (CRPT), MXC (MXC), Quantstamp (QSP), Ren (REN) and TE-FOOD (TONE). However, it is important to note that users’ funds remain accessible and they still have the freedom to withdraw at any time during this pause.
https://twitter.com/CoinbaseAssets/status/1720503315333517316
The decision to suspend trading for these specific altcoins comes as Coinbase proactively evaluates its services to ensure the highest level of security and trust for its user base. Such actions are not uncommon in the cryptocurrency industry, where security concerns are paramount.
During this time, users will maintain full control of their holdings and can initiate withdrawals whenever they see fit. Coinbase has assured customers that the measure is designed to protect the security and integrity of transactions conducted on the platform, underscoring their commitment to maintaining user trust. .
Security and integrity are two of the biggest concerns in the world of cryptocurrency, where billions of dollars worth of digital assets change hands every day. By temporarily suspending trading for specific altcoins, Coinbase aims to prevent any potential vulnerabilities or security risks associated with them. This is a responsible step to ensure that users’ investments remain safe and protected.
The suspension will also allow Coinbase to conduct a thorough review of these altcoins and assess whether they meet the exchange’s strict listing and security standards. While the specific reasons behind the suspension of these five altcoins have not been publicly disclosed, Coinbase is known for its rigorous review process before listing or delisting any digital asset.
Source:
https://tradecoind2.com/coinbase-announces-temporary-trading-suspension-of-crpt-mxc-qsp-ren-and-tone/
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A new security proposal is introduced for the BRC-20 token on the Bitcoin blockchain
In a recent development in the Bitcoin blockchain community, Domo, the originator of the BRC-20 token standard, revealed a new proposal called “Fraction” that aims to increase security for users. This update is set to address inherent vulnerabilities in the current BRC-20 framework, allowing the creation and transfer of inscriptions to any address without restriction – something that has put users at risk. opportunity to be exploited by nefarious entities.
The “Fraction” proposal advocates incorporating strict transfer validity requirements into the BRC-20 code. It seeks to erect barriers that prevent malicious actors from harming users. This protection, although such attacks are rare, is a proactive step to increase user protection and prevent exploits.
Furthermore, the proposal details how users can apply code to secure the addresses that hold their assets. As this modification is intended for a one-time implementation, it is anticipated that most users will experience minimal disruption, if any, in their normal interactions with the BRC-20 token.
Additionally, since its launch at the beginning of the year, the BRC-20 token has introduced a set of functions to the Bitcoin network, renowned for its robustness. These tokens have given enthusiasts fresh perspectives on Bitcoin’s capabilities, fostering a vibrant and dynamic ecosystem.
The introduction of the “Fraction” proposal is expected to rekindle interest in these novel digital assets, which have seen a decline following a surge of excitement towards Ordinal inscriptions. Potential updates promise to revitalize the scene and maintain Bitcoin’s competitive edge amid the diverse digital collectibles sector.
The community reaction to Domo’s proposal was quite positive. Notably, Shrink, an active community member, confirmed the update, highlighting the broader impact the enhanced security will have, not only on individual users but also for businesses that grow around BRC-20 innovation.
The BRC-20 token standard continues to be a hotbed for innovative ideas. Proposals like UniSat’s Runes Module and Modular Proposal represent only a partial, forward-looking contribution to expanding Bitcoin’s functionality.
The “Fraction” proposal represents a significant step forward in the ongoing evolution of Bitcoin’s capabilities. As it attracts support and moves toward implementation, the Bitcoin community watches with anticipation, ready to embrace a more secure and robust framework for the BRC-20 token.
Source:
https://tradecoind2.com/a-new-security-proposal-is-introduced-for-the-brc-20-token-on-the-bitcoin-blockchain/
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Whales stir up the market by transferring 20,775 BTC to Binance and Coinbase
In a dramatic development for the cryptocurrency world, a significant amount of Bitcoin, the world’s leading digital currency, is being moved. According to Whale Alert, a cryptocurrency tracking service, approximately 16 hours ago, an anonymous wallet made a significant transfer of 10,000 BTC to Binance, the largest cryptocurrency exchange by volume. This transaction was worth a staggering $345,041,344 at the time it happened.
https://twitter.com/Token_Unlocks/status/1691648214553014458
The purpose of this large transfer appears to be to sell and it comes on the heels of a change in market sentiment. On Friday, the Bitcoin Fear and Greed Index, a key gauge of market sentiment, moved into the Greed zone with a score of 65. This change indicates the potential for market overheating. , where investors may be looking to secure a profit by selling their assets.
Before this monumental 10,000 BTC transfer, another notable Bitcoin transaction took place on Friday, in which 7,000 Bitcoins were transferred to the Bitfinex exchange. This transaction was also conducted by an anonymous whale, adding to the intrigue surrounding large-scale movements in the cryptocurrency space.
Coinbase, one of the largest and most reputable cryptocurrency exchanges based in the United States, has also received significant amounts of Bitcoin. A total of 10,775 BTC were sent to Coinbase in five separate transactions, for an impressive amount of $374,025,032. These transactions, carried out by anonymous investors, further contribute to increased speculation in the cryptocurrency community.
https://twitter.com/whale_alert/status/1720518603861090340
The sudden influx of Bitcoin into major exchanges and the change in the Fear and Greed Index have raised questions about the potential implications for cryptocurrency markets. When market sentiment shifts into Greed territory, it typically indicates that investors are increasingly driven by a desire to take profits, potentially signaling an impending correction.
The cryptocurrency market has been characterized by volatility and rapid price fluctuations in recent years. Large-scale transfers of Bitcoin to exchanges could cause significant price fluctuations and increased trading activity. Such actions are closely monitored by traders, investors and analysts as they can have a far-reaching impact on overall market stability.
Source:
https://tradecoind2.com/whales-stir-up-the-market-by-transferring-20775-btc-to-binance-and-coinbase/
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Polkadot 2.0 is almost here – Is it time to buy DOT?
This year marks an important turning point for Polkadot (DOT). A closer look at performance in the third quarter reveals both the network’s strengths and weaknesses.
Polkadot 1.0 is complete
According to recent analysis conducted by Messari, Polkadot made significant progress in the third quarter of the year, with key developments highlighted.
The report shows a number of important developments, including the completion of the Whitepaper. The completion of the Whitepaper also marks the completion of Polkadot 1.0.
Furthermore, this has led to the initiation of discussions about Polkadot 2.0. Additionally, the network introduces various enhancements, such as Asynchronous Backup.
Additionally, the notable metric that has improved is the DOT staking rate. This rate increased 12% quarter-on-quarter, reaching 49%.
However, this increase leads to a decrease in staking rewards. In addition, it also caused annual nominal yields to fall 12% from the previous quarter to 15%.
Despite these positive developments, the report also revealed a trend regarding decreasing active addresses on the network.
Daily active addresses have been decreasing quarter-on-quarter, with 6,900 addresses at the end of the first quarter. It dropped to 5,800 at the end of Q2 and further dropped to 5,200 in Q3.
Developer activity maintains momentum
According to analysis of the development activity graph, Polkadot has consistently maintained strong levels of developer contributions.
The chart shows the history of high developer activity on the network. Even so, a slight decline can also be noticed at the time of this writing.
Furthermore, there is a high possibility that development activity may increase. The increase is possible due to ongoing discussions about the new version of the network. It is likely that developer activity will increase once this new iteration is activated.
Polkadot’s fortunes improved
A look at Polkadot’s daily price trend chart shows that its value decreased towards the end of Q3. During this period, DOT lost significant value, falling by more than 22%.
At the beginning of July, DOT was trading at around $5.35 but fell to around $4.11 by the end of September.
However, in the current quarter, Polkadot’s performance has improved. A notable increase in value of over 9% has been recorded so far. At the time of writing, it is trading at around $4.70, with a slight increase of less than 1%.
Additionally, DOT is currently in an uptrend, as indicated by the Relative Strength Index (RSI). It is trending slightly below the 80 level, signaling a very strong uptrend.
Source:
https://tradecoind2.com/polkadot-2-0-is-almost-here-is-it-time-to-buy-dot/
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SHIB Whales Refuse to Trade – What’s Next for Price?
Shiba Inu (SHIB) price momentum weakened this week after the bulls failed to break the resistance at $0.000009. On-chain analysis reveals key data points that could determine SHIB price action in the coming days.
SHIB price entered a consolidation phase this week as bullish momentum weakened. Will the 2nd largest memecoin by market capitalization break down and recover?
SHIB whale
refuses
to trade
SHIB price increased by double digits as the Bitcoin market rally spread to memecoin markets in the last week of October. However, on-chain data shows that whales have reduced trading activity since SHIB price rejected $0.000008 on October 24.
According to IntoTheBlock, Shiba Inu whales made a two-month high of 69 large transactions on October 24. But as of November 2, that number had gradually decreased to 39 whale transactions, representing a decrease of 44%.
Daily transaction figures provide the total number of daily transactions valued in excess of $100,000. Typically, a sharp decline in whale trading is considered a bearish signal.
It shows that large institutional investors are increasingly indifferent. Importantly, it can also influence strategic retail traders to have a negative attitude. If this argument holds, SHIB will have low market demand in the coming days.
SHIB sell order exceeds current market demand
The aggregated order book is another important on-chain chart that is currently pointing towards weakening demand in the SHIB spot markets. As depicted below, SHIB traders have placed orders to sell 6.5 trillion tokens. And worryingly, this number is higher than the 6 trillion SHIB purchase order currently listed on 10 exchanges.
Exchanges’ aggregated order books show a snapshot of the total number of active market orders for an asset. Logically, when demand is lower, many sellers may have to compete by lowering prices.
Therefore, a decline in whale trading activity and weakening market demand could combine to push SHIB prices down in the coming days.
SHIB Price Prediction:
G
Drops to
$ 0.000005
?
Based on current on-chain statistics, Shiba Inu is likely to see a further price drop to $0.000006 in the coming days.
The Global In/Out of the Money chart, depicting the input price distribution of current SHIB holders, also supports this bearish narrative. Shiba Inu losing critical support at $0.00007 could trigger larger losses.
As shown below, 52,920 addresses purchased 19.37 trillion SHIB at a maximum price of $0.000007. Considering this is the largest cluster of support below the current price, they will likely make a frantic effort to HODL.
But if whale demand continues to decline, the price of the Shiba Inu will fall even further to $0.000005.
Additionally, the bulls could negate that bearish prediction if the Shiba Inu reclaims $0.00001. But that now seems far-fetched, as 153,700 addresses holding 68.5 trillion SHIB were purchased at an average price of $0.000008. If you take profits early, SHIB price may fall again.
But if that resistance is removed, the price could rise to $0.00001.
Source:
https://tradecoind2.com/shib-whales-refuse-to-trade-whats-next-for-price/
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Radiant Capital (RDNT) price broke out strongly, this is the next target
Radiant Capital (RDNT) price has broken above a long-term pattern and flipped the previous horizontal resistance area as support. It is expected to continue to increase in the near future.
Long-term model
Radiant Capital (RDNT) price has been trading inside a descending wedge since making a lower high at $0.44 in late April 2023. This is a bullish pattern, which typically leads to a breakout for the most part cases.
Indeed, after bouncing from the long-term horizontal support at 0.20 on October 20, RDNT price broke out above a descending wedge pattern on October 27.
This is a bullish development, suggesting that the previous downtrend has ended and a new bullish run has begun.
The daily RSI has crossed above the 50 level and sloped up, showing that the bulls have the advantage.
Therefore, RDNT price is likely to continue rising towards the next resistance area at $0.33, an increase of 23.36% from the current price level.
Important price zone
The daily chart also shows that the $0.24 zone is an important price zone, which has acted as both support and resistance since early June 2023 (except for the deviation created in early October – ellipse green).
On November 3, RDNT price flipped this zone as support and created a growth engulfing candlestick pattern (blue arrow).
This is a bullish signal, showing that the trend has now turned to up. This favors a continuation to the $0.33 region, as outlined above.
Conclude
The most likely outlook suggests that RDNT prices will continue to increase in the near term. The potential target for this movement is $0.33.
This view could be invalidated when the price breaks and closes the daily candle below the key zone at $0.24.
Source:
https://tradecoind2.com/radiant-capital-rdnt-price-broke-out-strongly-this-is-the-next-target/
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Mysterious mega transfer: $35.82 million worth of SHIB tokens being moved
In a shocking turn of events, the on-chain momentum of the SHIB token has increased dramatically, marked by an unprecedented increase in significant transactions. Blockchain analytics platform IntoTheBlock has revealed a notable spike in transactions valued at $100,000 or more, signifying a drastic shift in the cryptocurrency ecosystem.
Over the past 24 hours, large SHIB-related transactions have seen explosive growth, soaring by a staggering $33.78 million, representing a staggering 420% increase. This sudden increase resulted in a staggering 4.11 trillion SHIB being exchanged, bringing the total daily transactions to a phenomenal 5.44 trillion.
The main catalyst behind this incredible rise on the blockchain was the transfer of 4.4 trillion tokens from one anonymous wallet to another, valuing SHIB at a whopping $35.82 million. The bustle of these giant transactions raises intriguing questions about the motives and goals of those involved in these giant transactions.
Notably, this significant increase in SHIB transactions coincided with a sharp increase in token prices. Currently trading at 0.00000815, SHIB price suggests a breakout could be imminent, following a period of consolidation over the past 10 days. This is the highest token price since late August when the Shibarium project was launched, emphasizing the significance of the recent price increase.
The surge in large transactions and subsequent price surge raises questions about the motivation behind the phenomenon. One possible explanation is that institutional investors or high net worth individuals may be entering the SHIB market, leading to these significant transfers and skyrocketing prices. The exact identities and motives of those involved remain a mystery due to the anonymous nature of cryptocurrency transactions.
It is important to note that the cryptocurrency market is highly volatile and price movements can be influenced by many factors, including market sentiment, news events and investor speculation. SHIB market traders and investors will closely monitor these developments to determine whether this increase in trading and prices is sustainable.
In short, the SHIB token has seen a significant increase in the number of large on-chain transactions, accompanied by a significant increase in price. The cryptocurrency market, with its unique blend of excitement and unpredictability, continues to be a source of appeal for both seasoned investors and newcomers. As the SHIB story unfolds, the crypto community eagerly awaits deeper insights into the motives and identities behind these important transactions as well as the implications for the future of the token.
Source:
https://tradecoind2.com/mysterious-mega-transfer-35-82-million-worth-of-shib-tokens-being-moved/
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Anonymous Grok token increased 1,300% after introduced chatbot
The recent launch of the “Grok” Chatbot by Elon Musk’s XAI Ventures has pushed the value of an unknown Grok token by more than 1,300% since its launch.
On November 5, Elon Musk’s new AI company, XAI, launched Grok, a new chatbot to compete with OpenAI’s ChatGPT. Although still in beta, the Grok chatbot is designed to be more humorous and uncensored than other chatbots.
Since the company launched, nearly 400 AI-related tokens have appeared on several blockchains. This creates many speculative opportunities, motivating low-cap traders to invest millions in these tokens, pushing their market capitalization to an all-time high.
According to data from Dextools, one of the GROK tokens launched on the Ethereum blockchain has increased 1,300% since its launch. The token has a market capitalization of approximately $10 million and approximately 4,310 holders as of press time. Despite a 17% loss in the past 24 hours, its trading volume still reached $7.32 million.
Another GROK token created on Saturday now has a market capitalization of $4.52 million, with 381 holders. Additionally, it also saw $4.78 million worth of transactions in 24 hours, with a growth of 387.19 % .
Despite the surge in new GROKs in the market, XAI has not yet announced the launch of its exclusive token.
Musk’s influence on the cryptocurrency community
Before and after acquiring X (Twitter), Elon Musk continued to maintain a strong influence on the cryptocurrency community. Over the years, Musk’s actions and tweets have continuously shaken the markets.
It is worth noting that Musk’s actions can be credited with the majority of Dogecoin’s gains.
Source:
https://tradecoind2.com/anonymous-grok-token-increased-1300-after-introduced-chatbot/
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Cryptocurrency products achieve record capital inflow of $767 million
According to CoinShares’ latest weekly report, this year’s cryptocurrency influx has eclipsed last year’s total even though the year’s end is still weeks away.
According to the report , weekly inflows into crypto products reached a robust $767 million, exceeding the $736 million recorded in 2022.
Record performance
This yearly record-breaking performance comes on the heels of a $261 million inflow last week, which marked the sixth straight week driven by positive sentiment surrounding the potential approval of spot Bitcoin ETFs by the SEC. Ky.
CoinShares noted that this recent surge in inflows is reminiscent of the price surge observed in July 2023 and marks the largest since December 2021.
Notably, Bitcoin continues to dominate this rally, attracting capital inflows of $229 million last week and pushing year-to-date capital flows to an impressive $842 million. Even in the face of this bullish sentiment, Short Bitcoin products also saw significant inflows, totaling $4.5 million.
Ethereum, after experiencing constant outflows since early October, had its first positive week, accumulating $17.5 million. Despite losing around $107 million this year, this week marks the most significant inflow since August 2022 for ETH.
Solana, a prominent Ethereum competitor, also saw notable inflows of $10.8 million. Additionally, several other altcoins, including Chainlink (LINK), Polygon (MATIC), and Cardano (ADA), recorded inflows of $2 million, $0.8 million, and $0.5 million, respectively.
American investors promote capital flows
Surprisingly, US investors, who have been mostly cautious in their approach, are now actively participating in the digital asset product market.
According to CoinShares, US investors contributed the largest portion of capital inflows recorded last week, totaling about $157 million.
This increased interest from US investors can be attributed to recent developments in Bitcoin spot ETF applications, which have attracted significant attention and investment from the crypto community. more extensive.
Germany followed closely, recording inflows of $63 million, while Switzerland and Canada also made notable contributions, with inflows of $36 million and $9 million respectively.
Source:
https://tradecoind2.com/cryptocurrency-products-achieve-record-capital-inflow-of-767-million/
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LINK hits new yearly high amid news-filled markets
According to data, Chainlink’s native token LINK has increased more than 60% in the past month to a yearly high of $12.65.
During the reporting period, LINK broke through key resistance levels, reaching a high not seen since April 2022.
Why did LINK increase?
While the broader crypto market has rebounded strongly over the past month due to optimism surrounding the Bitcoin spot exchange-traded fund, Chainlink is also quietly enjoying some strong stories driving performance its price.
Data from Glassnode shows that LINK’s bullish trend is supported by an increase in the number of addresses with non-zero balances, reaching a new high this year of more than 685,000.
This signals digital assets are increasingly being adopted by investors who buy multiple crypto tokens. For context, on-chain analyst Lookonchain reported whale addresses acquired 312,901 LINK worth approximately $3.81 million on November 5.
Chainlink’s planned Staking v0.2 upgrade will attract renewed interest to its ecosystem. The upgrade will introduce flexible withdrawals, liquidity rewards, a modular structure, and dynamic rewards. These innovations aim to enhance user experience and encourage participation in the network.
Additionally, the digital asset Cross-Chain Interoperability Protocol (CCIP) is being widely adopted by large traditional institutions.
In August, global financial messaging network Swift revealed it was partnering with Chainlink and several financial institutions to conduct tokenization trials that involve transferring tokens across multiple blockchains.
CCIP technology will also be adopted by Korean gaming giant Wemade to support an interoperable Web3 gaming ecosystem in October. At that time, the gaming company also made Chainlink Labs a member. the first of a consortium focused on omnichain ecosystem development and innovation.
Furthermore, Hong Kong revealed it is using CCIP technology to exchange value in Central Bank Digital Currency (CBDC) trials.
These developments have made LINK one of the best performing digital assets in the crypto ecosystem this year. Data from TradingView shows that the asset is up 125% year-to-date.
Source:
https://tradecoind2.com/link-hits-new-yearly-high-amid-news-filled-markets/
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Revealing the identity of the mysterious holder of 250,000 ETH from ICO 2014 but lost the private key
Blockchain detective Lookonchain reported that the mysterious holder in possession of 250,000 ETH from the 2014 Ethereum ICO has been identified. The investigator cited Conor Grogan, Coinbase’s director of product strategy and business operations, on the matter.
https://twitter.com/lookonchain/status/1721807002832429548
$437 million in ETH locked due to lost wallet keys
Data shared by Grogan in a recent tweet shows that he has identified the anonymous whale that purchased approximately $77,500 worth of ETH.
Grogan commented that the cryptocurrency is completely unaffected and that not a single transfer has been made from it since 2014.
Hodler turned out to be the founder of Baltic-based LHV Bank Rain Lohmus. Apparently, he lost his private key and was unable to transfer ETH or convert it to fiat money. To date, the ETH he holds is worth about 437 million USD – witnessing a growth of 5,333 times.
Grogan mentioned that if someone can help him get back these hundreds of millions, he is willing to pay a generous reward:
“If you can help him get them back somehow, he’s willing to share them with you.”
A total of nearly 910,000 ETH was lost forever
Summing up his recent estimates, Conor Grogan stated that the total amount of Ethereum that has been lost forever with a very low chance of recovery is currently 886,000 ETH – equivalent to over $1.63 billion. With a few additional addresses added, the total lost Ether increases to 909,800 ETH worth over $1.73 billion – which is over 0.75% of the entire circulating supply of Ethereum on the market.
Largest ETH outflow from CEX
As reported by onchain data provider IntoTheBlock earlier, over the past week, centralized cryptocurrency exchanges have seen their largest Ethereum outflows since August.
In total, over $210,000,000 worth of Ethereum was transferred by investors to self-custodial wallets.
One possible reason for this is that investors plan to hold ETH for the long term, which is best done in one’s own wallet rather than holding the digital currency on cryptocurrency exchanges.
From Sunday to Monday this week, the second largest cryptocurrency, Ethereum, saw a small growth of 3.13%, reaching $1,914. However, within the past 24 hours, ETH has failed to hold that level. Instead, the cryptocurrency fell 1%, currently trading at $1,875.
Source:
https://tradecoind2.com/revealing-the-identity-of-the-mysterious-holder-of-250000-eth-from-ico-2014-but-lost-the-private-key/
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Evaluate the likelihood of LTC price reclaiming $100
LTC price has struggled to find steady demand in the current crypto market landscape. However, some on-chain data trends suggest that may soon change as 2024 draws closer.
LTC funded addresses grow rapidly in the second half of 2023
Large-cap coins like Bitcoin and SOL delivered annual gains of over 100%. Meanwhile, LTC price has only recently erased its losses and regained $70.
On-chain data shows that Litecoin’s recent price recovery is largely driven by steady growth in network demand. First, blockchain data analytics platform IntoTheBlock reports the number of funded LTC wallets has increased by 44,000 since the beginning of the second half of 2023.
The chart below illustrates that LTC now has 9.21 million non-zero addresses, up from 8.77 million on June 30.
The Funded Addresses metric is also sometimes referred to as addresses with a non-zero balance. When it increases as above, it shows increasing adoption and expansion of the blockchain network.
If the number of funded addresses continues to grow, increasing demand could push LTC prices towards the $100 mark as 2024 approaches.
The network is attracting a high number of transactions from new users
In further confirmation of the increased network demand, the number of LTC transactions by new users increased significantly this month.
According to IntoTheBlock, the new adoption rate on the Litecoin network reached a 1-month high of 49.44% on November 4. Accordingly, this rate is much higher than the 30-day average of 44.26%.
The new Adoption Rate metric measures the percentage of active addresses that made their first transaction on a given day. This provides clear insight into the rate at which new investors are joining the Litecoin network.
In summary, the growing number of funded addresses and higher demand from new investors confirm that the Litecoin network is growing. If it develops into explosive market demand, it could push LTC price up to $100.
LTC Price Prediction: New target is $80
From an on-chain perspective, LTC’s recent price breakout above $70 was largely driven by network growth. And with these metrics still trending upward, LTC is well-positioned to extend its rally towards $80.
Global In/Out of the Money (GIOM – grouping current Litecoin holders by their entry price) data also confirms this bullish prediction.
However, it shows that LTC must first scale the initial resistance at $76 for the bulls to confidently reclaim $80. As depicted below, 364,400 holders purchased 4.53 million LTC at an average price of $75.99. If those holders close their positions prematurely, they could slow down the price increase.
But if the bulls push that resistance aside, LTC price is likely to reclaim $80 as predicted.
Source:
https://tradecoind2.com/evaluate-the-likelihood-of-ltc-price-reclaiming-100/
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SOL outperforms ETH since September by nearly 135%
SOL and ETH tokens are often compared for strength in the layer 1 (L1) space. Their performance over the past 2 months has been remarkable, with both ecosystems growing alongside the broader market as talks of an impending bull market continue to trend.
SOL price outperforms ETH
SOL price is currently far ahead of ETH with a nearly 135% increase since September compared to ETH’s 23%, a 6x difference. With this move, the $41 SOL price is testing a level last seen in August 2022, while ETH returns to its July 23, 2023 high of $1,894.
Data from Kaiko highlights SOL’s outperformance, with prices up nearly 115% since mid-October. That suggests a strong recovery from FTX’s low around the $10 range in November 2022. . Research points to significant growth in network activity, especially where liquidity token staking protocols such as Jito (Second Liquid Staking Protocol on Solana) are of interest. Jito has recorded funding of up to $12 million and a total value locked (TVL) of approximately $224 million.
The research notes the ratio between Solana and Ethereum more than doubled since October 18, from 0.011 to nearly 0.025 and thus surpassing the ratio just before the collapse of Sam Bankman-Fried’s (SBF) crypto empire pour.
Coinbase exchange leads the US market with net purchases of 2.2 million SOL tokens (worth about $88.57 million at current prices) since the bull run began on October 18. Binance, the largest exchange by trading volume, trailed Coinbase in the United States until early November as the broader market saw buying pressure accelerate.
SOL also topped the list of most traded altcoins on US-based exchanges in 2023, ahead of DOGE, LTC, MATIC and XRP.
Meanwhile, South Korea’s leading exchange, Upbit, grew surprisingly well considering the cryptocurrency industry is expanding outside the United States, recording net sales of nearly 4 million SOL tokens in October.
However, it is worth mentioning that Upbit is often a controversial platform due to the typical tendency of Korean traders to pump & dump price trading. At some point in 2021, CryptoQuant CEO Ki Young Ju admitted that Korean traders especially like to pump & dump altcoins. This habit is due to “the region’s very strict capital controls, which prevent arbitrage opportunities between global exchanges.”
Overall, however, Kaiko’s research concludes a difficult year for altcoins in the United States has improved significantly throughout October, especially starting the 18th.
Source:
https://tradecoind2.com/sol-outperforms-eth-since-september-by-nearly-135/
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Could NEAR price increase soon thanks to NEARCON ’23 conference?
NEAR, the Layer-1 blockchain token, recorded a decline in price on November 7, however, on-chain metrics indicate that it is resilient.
NEARCON 2023, an event bringing together Web3, DeFi and blockchain experts will take place today (November 7) and could prove a catalyst for NEAR’s recovery.
NEARCON ‘23
NEARCON, considered one of the biggest Web3 events of the year, took place in Lisbon on November 7. The conference ends on November 10, and the event features a week-long hackathon.
The conference attracts developers, Web3, DeFi and blockchain experts and protocols built in the NEAR ecosystem. With the NEARCON conference taking place, NEAR prices recorded a decline of nearly 3% on the day, after rising 16% during the week.
There is a possibility that this event turns out to be a “semi-truth” transaction, however, it is also possible that NEAR price recovers according to on-chain metrics.
On-chain metrics point towards price recovery
Three key on-chain metrics help determine NEAR price trends: Social dominance, development activity, and trading volume.
Social domination
Social dominance is an on-chain metric that shows an asset’s dominance in conversations on platforms like X. This helps determine the demand and relevance of an asset.
Based on data from crypto tracker Santiment, NEAR’s social media dominance increased from 0.68% to 0.74% between November 4 and November 7. . The number of mentions of NEAR in conversations on social media platforms has increased and this strengthens the bullish thesis.
Development activities
Recent development activity in the NEAR blockchain has reached a three-month high, as seen in the chart below. With NEARCON, there has been a surge in developments on the blockchain, increasing correlation with NEAR’s bullish outlook.
Trading volume
There has been a consistent increase in NEAR trading volume over the past three months, increasing from $39.75 million on October 7 to 79.5 million on November 7. Trading volume nearly doubled in the past three months. last month, which can support the recovery thesis of NEAR price.
At the time of writing, NEAR price is $1,536, which may start to recover soon.
Source:
https://tradecoind2.com/could-near-price-increase-soon-thanks-to-nearcon-23-conference/
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Why PancakeSwap (CAKE) Exploded Nearly 100% in Two Weeks
PancakeSwap’s CAKE is one of the hottest tokens in the crypto community as in just 1 short week, the token has increased by over 92%, making it one of the top gainers in the market.
CAKE saw a sudden sell-off in the early months of 2023 and remained flat throughout the rest of the year. On October 31, CAKE began to increase in price, surpassing 2.45, a price level not seen since May.
But what is driving this explosive growth? PancakeSwap has been rolling out a number of features for users, including the listing of the Cake USDⓈ-M CAKE Perpetual Contract on the Binance Exchange, giving users more exposure to the scale of the community Binance.
https://twitter.com/PancakeSwap/status/1720011771388583945
More recently, PancakeSwap announced the implementation of Location Manager – the result of a collaborative integration between the DEX and other protocol partners. This collaboration aims to make capital deployment more efficient by automating the liquidity provision process; That way, users can get higher yields compared to manual “yield farming.”
The Position Manager feature supports several coins and stablecoins, including USDT, BNB, BTC, and ETH. To encourage usage, PancakeSwap increased CAKE rewards for the first four weeks, causing the token to go even higher.
In short, most of this growth comes from recent work done by the PancakeSwap team in an effort to bring new features to its community, thereby stimulating CAKE usage. Many of these features have resulted in greater accessibility and ease of use. In September, the DEX integrated with Transak, a Web3 infrastructure provider, making it possible for the protocol to allow its users to purchase cryptocurrency with debit cards, Google Pay, and other methods through Transak.
PancakeSwap strengthens as DEXs reach 1 million growth
Volume on top DEXs has been tepid throughout 2023. According to data from Coingecko, DEXs recorded new monthly lows starting in May, levels not seen since 2020. However, volume Transaction volume increased in October, with the TVL of most protocols in the green.
It can be seen that the volume reached monthly lows mainly due to the lack of new incentives and features on DEX (also DeFi in general). That said, DeFi users are always chasing higher returns, and one of the main areas that has been delivering returns above 10% is RWA , with some RWA-based protocols yielding 10% APY while APY DeFi’s average is unlikely to reach 3%.
Leading DeFi protocols are now stepping up and providing users with new features and tools that can benefit them, while also incentivizing the usage of their respective tokens. In that regard, Pancakeswap is one of the fastest growing DEXs.
It is worth noting that in June, CAKE increased 9% after Binance Labs made an undisclosed strategic investment.
Source:
https://tradecoind2.com/why-pancakeswap-cake-exploded-nearly-100-in-two-weeks/
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CrossFi Foundation Announces $50 Million Grant Program for Ambassadors and Developers
CrossFi Foundation ‘s grant program awards 50 million USD of XFI and MPX, two native coins of CrossFi Chain, to active users of Cross Finance ecosystem products. This funding program aims to bring together all users of CrossFi technology to create and promote products that can facilitate the interaction between cryptocurrencies and traditional financial systems.
The program includes four main types of funding for users, ambassadors, developers, testers and validators, with rewards for testing and developing solutions on the CrossFi blockchain, for registration on CrossFi’s social networks and participate in advertising campaigns, etc
The grants aim to reward users for using CrossFi Chain-based solutions and testing new products. Creators and distributors are encouraged to create useful content about the capabilities of the Cross Finance ecosystem and its products, such as the CrossFi APP, which provides fast and inexpensive cross-border payments, Bank cards, fiat accounts, cross-chain transfers. Finally, the CrossFi Foundation encourages developers to build decentralized applications and services (dApps) on the CrossFi EVM compatible blockchain and motivates users to act as validators in the CrossFi Chain. Details of the sponsorship program are published on the CrossFit Foundation website.
As part of the funding program, on November 2, the CrossFit Foundation launched an airdrop of $100,000 in MPX coins. To participate, users need to visit the Taplink airdrop , complete all tasks, access the XFI dashboard to create a wallet, and fill out the Airdrop form.
The results will be announced on December 2, 2023. During November, the CrossFit Foundation will launch the remaining programs for ambassadors, developers and validators.
According to a CrossFi Foundation spokesperson, the organization welcomes users willing to test CrossFi Chain-based solutions, propose their own solutions, and build decentralized applications. “Community is the main value of any decentralized ecosystem,” he said. The funding program will help accelerate the creation of in-demand fintech products and clearly demonstrate to millions of users how cryptocurrency and traditional finance can coexist in one environment.” .
CrossFi Chain is a decentralized network with a modular architecture based on the Byzantine Fault Tolerant (BFT) Tendermint consensus protocol. Blockchain uses two coins, with XFI serving as the medium of exchange, while MPX serves as the unit of minting power to create XFI.
Grants for blockchain developers and users are an effective tool for growing communities around decentralized ecosystems and play a key role in promoting innovation and development. CrossFi Foundation’s $50 million funding program aims to unite active users to create and promote products and solutions that combine cryptocurrency and traditional finance, and create opportunities Finance becomes more accessible to everyone, ensuring the continued growth of the blockchain industry.
Source:
https://tradecoind2.com/crossfi-foundation-announces-50-million-grant-program-for-ambassadors-and-developers/
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Toncoin (TON) increased more than 10%, kicking Dogecoin out of the top 10
Toncoin (TON), a cryptocurrency created by popular messaging app Telegram, is enjoying another bullish moment as the token gained more than 10% overnight.
At the time of writing, TON is changing hands at $2.65, a level last seen in February 2022, as the latest price action also saw the asset’s market capitalization increase skyrocketed above $10.5 billion and quickly regained the 10th position from Dogecoin (DOGE).
TON, a blockchain system based on the PoS model, was introduced by Telegram in 2018. However, due to a lawsuit from the SEC alleging that Telegram’s $1.7 billion ICO in 2018 violated the Securities regulations so the project was canceled.
The TON Foundation then assumed control of the project, allowing users to make free cryptocurrency transfers to other Telegram users. The Open Network also offers additional features, such as TON Storage and TON Proxy, which act as a decentralized VPN service.
According to data from CoinGecko, TON is also up 24.5% over the week and up as much as 32% over the past 30 days.
TON price increase time
TON climbed into the top 10 in September thanks to news that TON Space, a self-managed digital wallet, launched on Telegram, allowing users to buy, sell and trade cryptocurrencies directly through the app. messaging app.
Last week’s token price surge came after the TON Foundation announced it had performed live performance testing of the TON blockchain “to achieve the highest transaction speeds for a blockchain in the world,” claiming to across all layer 1 blockchains and centralized payment networks such as PayPal, Visa and Mastercard.
According to the TON Foundation, the TON testnet has been deployed on 256 validators, reaching a speed of 104,715 transactions per second (TPS) under heavy load. The data generated by this test was also verified by The Open Network’s security partner, Web3 smart contract testing company CertiK.
CertiK’s audit also showed that the TON blockchain reached an average of 78,134TPS .
Established cryptocurrencies such as Bitcoin and Ethereum have faced persistent challenges related to transaction speed. Bitcoin’s speed ranges from 5 to 7 TPS, while Ethereum performs a little better at 15 TPS. Even Solana (SOL), often considered one of the fastest blockchains, reached 50,000 TPS during testing, but is currently processing an average of 4,000 TPS.
Adding to the momentum, the Dubai International Financial Center (DIFC) last week recognized TON , along with XRP, for use in the special economic zone, allowing more than 4,000 financial institutions and companies to use the two currencies. This digital asset for transactions and services.
In the most recent development, Telegram founder Pavel Durov earlier this week announced plans to give away 10,000 paid subscriptions to random subscribers of his channel. According to Durov, he purchased $200,000 worth of Toncoin subscriptions.
Source:
https://tradecoind2.com/toncoin-ton-increased-more-than-10-kicking-dogecoin-out-of-the-top-10/
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FTX transferred 316 million USD in cryptocurrency to CEX, the most is still SOL
According to on-chain data, FTX recently transferred approximately $316 million in digital assets to various cryptocurrency exchanges.
Over the past few weeks, the cryptocurrency exchange has been quick to divest a portion of its crypto assets, including assets like Solana (SOL) and Ethereum (ETH) — as part of bankruptcy proceedings. product.
Against this backdrop, FTX made cryptocurrency transfers worth more than $60 million between November 7 and November 8, according to details from Lookonchain.
https://twitter.com/lookonchain/status/1722068242037166120
These transactions have added to the selling pressure in a market affected by optimism about the possibility of approval of a Bitcoin ETF by the United States Securities and Exchange Commission (SEC).
Solana dominates FTX’s moves
An analysis of FTX transfers by Lookonchain has revealed that Solana (SOL) accounts for more than half of transfers made by the exchange.
As of November 8, the bankrupt exchange had transferred 4.8 million SOL tokens, equivalent to $187 million.
These transactions could add further selling pressure to the token, which has seen a recent resurgence. However, SOL’s price is still stable, trading above 40 USD.
In the past 24 hours, it even increased by 2.82%, reaching $43.18. This positive trend has been a topic of interest throughout the year, with SOL increasing more than 330% since the beginning of the year, recently reaching a peak for the year of $46.
SOL is the most important asset on FTX’s balance sheet, worth more than $1 billion.
Other assets are transferred
In addition to its Solana transactions, FTX has made significant transfers of other digital assets. These transfers include approximately $32 million in ETH, $14.3 million in Polygon’s MATIC, and $4.46 million in Lido’s LDO.
FTX also transferred $4 million in Maker, $3.1 million in Sushi, and $1.6 million in Aave tokens, among others. These transactions are intended to compensate FTX customers and investors who suffered losses due to last year’s bankruptcy. The exchange recently sold $744 million worth of Trust assets held at Grayscale and Bitwise.
Source:
https://tradecoind2.com/ftx-transferred-316-million-usd-in-cryptocurrency-to-cex-the-most-is-still-sol/
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ETH could hit $3,000 as spike in network activity causes token deflation
Markus Thielen, head of research at Matrixport, noted in a report this week that Ether (ETH) has broken out of the downtrend and could be heading towards $3,000 amid the recent frenzied altcoin network activity. has revived.
“Ethereum ecosystem revenue is bottoming out from a low; This could signal a potential trading bottom for ETH.”
Token Terminal data shows that Ethereum’s weekly revenue – which is income from the network’s transaction fees, also known as gas – recently rose above $30 million for two consecutive weeks, up from a yearly low. was $12 million reached in early October. Fees on the 30-day timeframe are now $112.75 million, an increase of 37.18%.
“A tactical bullish trade could be worthwhile as long as weekly Ethereum fees remain above $30 million,” Thielen added, setting a $3,000 price target based on technical chart patterns.
The bullish outlook marks a change from Thielen’s bearish stance on ETH in September, when he cited declining network revenue and user activity. Indeed, ETH in early October fell to a 7-month low, while its relative valuation to BTC fell to a 15-month low.
Alongside the massive rally in Bitcoin and the rest of the crypto market since then, ETH has gained around 20%, currently trading at $1,883.
Ether (ETH) turns deflationary
IntoTheBlock points out that the movement of capital from Bitcoin to altcoins has helped boost user activity on Ethereum, which is the foundation of many Defi and DEX protocols.
The network settled $250 billion in asset transfers last week, the highest value since the mid-March regional banking crisis and up from $105 billion at the end of August.
Due to the spike in activity on Ethereum, blockchain data shows that more ETH has been burned than added to its supply over the past week, causing the token to deflate after two months of inflation.
According to Lucas Outumuro, research director at IntoTheBlock, increased on-chain activity signals that crypto market fundamentals are improving.
Source:
https://tradecoind2.com/eth-could-hit-3000-as-spike-in-network-activity-causes-token-deflation/
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Arbitrum DAO votes on $24 million “refund” for projects that missed out on grants
Arbitrum DAO is currently voting on a proposal that could inject 21.4 million ARB tokens ($24 million) into approved projects that did not reach the total funding of 50 million ARB in the first funding round in last month of the Short-Term Incentive Program.
If the current request for comment process is successful, it will move to the official Arbitrum Improvement Proposal and on-chain voting before implementation.
Dubbed a one-time “reimbursement fund,” it outlines plans to increase the total STIP budget to ARB 71.4 million, funding an additional 26 protocols beyond the initial 29 successful projects.
By nearly doubling the number of projects receiving support, the proposal prepared by the Arbitrum STIP Inclusion Working Group follows a series of community calls and workshops, arguing that it represents an important opportunity to “support emerging, diverse builders” and “avoid the irreversible harm of putting pressure on small, high-potential builders.”
The majority of voter opinions, about 90.3%, currently support this proposal, with 8.3% opposing and 1.4% abstaining. Voting begins on Wednesday and is expected to end on November 14.
Gains Network, Synapse and Wormhole can benefit
While the budget for the grants was ARB 50 million, the working group initially proposed ARB 75 million, in line with the proposal’s recommendations. If approved, this program maintains STIP 1 progress and processes, approving an additional 21.4 million ARB funding through the end of January 31, 2024.
Projects that could benefit from this proposal if enacted include decentralized exchange Gains Network, cross-chain platform Synapse, and DeFi bridge Wormhole – respectively requiring 4.5 million ARB (5 million), 2 million ARB ($2.2 million) and 1.8 million ARB ($2 million). Notably, DEX provider PancakeSwap rescinded its 2 million ARB ($2.2 million) request, citing KYC requirements.
Arbitrum’s $ 40 million initial funding
Arbitrum’s first round of funding applications ended last month, with 29 projects receiving a total of 49.6 million ARB tokens, worth $40 million at the time. Perpetual trading protocol GMX was the biggest recipient of funding, decentralized exchange Camelot garnered the most votes, and liquidity staking solution Lido Finance was one of the biggest projects to completely miss out. .
GMX confirmed receipt of the funding yesterday. The platform then launched the GMX V2 incentive program today, with yields currently offering between 60% and 75% for Arbitrum, Solana, Uniswap, Litecoin, Dogecoin and XRP pools.
Source:
https://tradecoind2.com/arbitrum-dao-votes-on-24-million-refund-for-projects-that-missed-out-on-grants/
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Coinbase, the largest cryptocurrency exchange in the United States, has announced plans to end support for Bitcoin SV (BSV) on its platform.
This decision comes more than two years after the exchange initially removed BSV from trading.
Coinbase finalizes BSV withdrawal deadline
According to the announcement, Coinbase will stop supporting BSV assets starting early next year and users are encouraged to take action before January 9, 2024 to protect their holdings.
The notice states:
“Users can withdraw BSV until support for this asset ends completely on January 9, 2024, approximately 12:00 ET (0:00 January 10, 2024 Vietnam time) . If you do not withdraw all your BSV, Coinbase will liquidate any remaining BSV in your account.”
https://twitter.com/gladstein/status/1721585359220568089
Coinbase further mentioned that the liquidated funds will be converted to the cash equivalent market value of another digital asset, warning that they may be subject to taxes.
This move by Coinbase is not entirely unexpected, as the exchange previously delisted BSV in 2021. The decision to remove BSV from its trading services was motivated by concerns about the stability of the blockchain , mainly due to the “51% attack” the network suffered.
Despite the delisting, Coinbase still allows users to retain their BSV holdings in their wallets on the platform.
Immediately after the news was announced, BSV dropped its price slightly and slid below 50 USD.
Bitcoin SV, also known as Satoshi’s Vision, emerged in November 2018 due to a hard fork of Bitcoin Cash, a spin-off of the original Bitcoin blockchain. Currently ranked as the 53rd largest digital asset with a market capitalization of $967 million, Bitcoin SV has unique and controversial origins.
Cryptocurrency developers claim that BSV is the “original Bitcoin,” with “SV” standing for “Satoshi’s Vision.” Such hard forks, where the blockchain splits into two, can occur due to upgrades or disputes between network developers. The cryptocurrency scene has seen many Bitcoin forks, but BSV is one of the most prominent and infamous alternatives.
Notably, Bitcoin SV has received support from Australian computer scientist Craig Wright, who has made unverified claims that he is Satoshi Nakamoto, the anonymous creator of Bitcoin. Wright’s aggressive stance, including legal cases against exchanges like Coinbase and Kraken that questioned his identity, contributed to BSV being delisted from various platforms.
Source:
https://tradecoind2.com/coinbase-ends-bsv-support-completely-causing-price-to-slide-below-50/
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This is why network activity and Ronin (RON) price are exploding
Ronin may be best known as the Ethereum sidechain network behind Axie Infinity, the P2E monster-fighting game that brought NFT gaming into the spotlight in 2021. But now Ronin is attracting attention. attention to other games – and online activity is surging after the launch of a game called Pixels last week.
According to data shared on X (Twitter) by Alex Svanevik, founder and CEO of cryptocurrency analytics company Nansen, the number of active wallet addresses on Ronin has tripled in recent days. As of early Wednesday, it showed a jump from more than 20,000 daily active wallet users to around 70,000.
https://twitter.com/ASvanevik/status/1722224510613778844
Meanwhile, Ronin’s native token RON is surging, marking a 14% increase in the past 24 hours to its current price of around $0.68. RON continues to grow 37% over the past week and 62% over the past 30 days, although other gaming tokens have seen similar jumps in recent weeks.
Pixels, which was previously available on the Ethereum Polygon extension network before moving to Ronin, officially launched on the Axie network on October 31. The game recreates the feel of a classic 16-bit role-playing adventure, allowing Players navigate through a pixel art world as they interact with each other, farm the land, play mini-games, and earn token rewards.
It also allows owners of select NFT profile photo (PFP) collections to use their owned avatars in-game, with projects such as Bored Ape Yacht Club and CrypToadz supported.
Ronin, developed by Axie Infinity developer Sky Mavis, has brought additional games to the Ethereum extension network, including The Machines Arena, Zoids Wild Arena and CyberKongz Play and Kollect.
The Ronin network experienced a $622 million hack in March 2022, which the US Treasury Department later blamed on the notorious North Korean state-sponsored hacking group, Lazarus. Sky Mavis eventually refunded users’ stolen funds and recovered about 10% of the stolen funds transferred through centralized exchanges.
Axie Infinity’s own tokens have also increased in price in recent weeks, with the AXS governance token increasing 42% in the past 30 days to its current price above $6.17, while the SLP reward token has increased 71% in the past 30 days. that period to $0.002.
Source:
https://tradecoind2.com/this-is-why-network-activity-and-ronin-ron-price-are-exploding/
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STORJ Hits 440-Day High – Can It Rise to $1?
STORJ price broke above the $0.50 horizontal resistance area this week. It spiked to $0.64, its highest level in 440 days.
The price has yet to reach a weekly close above this zone, which would confirm a breakout. Will the price do the same?
STORJ broke out of long-term resistance
STORJ price has traded between $0.25 and $0.50 since the beginning of the year. During this time, both the resistance and support zones were validated multiple times (red and green symbols).
Most recently, STORJ bounced off its August low, creating a very long lower wick, which is considered a sign of buying pressure. This has catalyzed the ongoing price rally.
After another failed breakout attempt in October (black symbol), STORJ price finally broke out this week, reaching a high of $0.64. This is the highest price in 440 days.
The relative strength index (RSI) is a momentum indicator that traders use to evaluate whether the market is overbought or oversold to decide whether to accumulate or sell an asset. A reading above 50 and trending up shows that the bulls have the advantage, while a reading below 50 shows the opposite.
The weekly RSI is rising and above 50, both considered positive signs. Furthermore, the indicator created a bullish divergence at the August low (green line). Bullish divergence occurs when the bearish momentum is not supported by momentum.
STORJ Price Prediction: Can it reach $1?
Technical analysts use Elliott Wave theory as a means to identify recurring long-term price patterns and investor psychology, helping them determine the direction of a trend.
The number of Elliott waves in the daily timeframe is increasing. It indicates that STORJ is in wave three of a five-wave upward movement.
The daily RSI supports this bullish outlook for the altcoin. The indicator is above 50 and rising, both of which are signs of an uptrend. Furthermore, the RSI broke above the bearish divergence (green line), a sign that the correction is complete.
If waves one and three are the same length, STORJ will reach a high of $0.70, 12% above the current price. If wave three lasts and is 1.61 times the length of wave one, the price could increase by 45% and reach the next resistance at $0.91.
Despite this bullish prediction, a close below the $0.50 horizontal zone would invalidate the breakout. In that case, STORJ could fall 60% to long-term support at $0.24.
Source:
https://tradecoind2.com/storj-hits-440-day-high-can-it-rise-to-1/
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The US SEC is running out of time to approve 12 Bitcoin ETFs starting today
Starting November 9, there will be little time left for the US Securities and Exchange Commission (SEC) to approve the 12 pending Bitcoin exchange-traded fund (ETF) applications.
According to analysts James Seyffart and Eric Balchunas, it is possible that the BlackRock iShares Spot Bitcoin ETF and convertible Grayscale Bitcoin Trust will be approved among them.
Their rationale: When the SEC itself extended the deadline for pending ETF applications, it chose November 8 as the last day to submit rebuttal comments. It’s also possible that the SEC will approve several funds between now and November 17, but require all to begin trading on the same day.
Seyffart wrote on Twitter:
“The SEC issued deferral orders simultaneously to BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie. If the agency wants to allow all 12 filers to appear — as we think — this is the first time frame since Grayscale’s court victory was confirmed.”
The Bitcoin ETF will allow investors to gain exposure to the world’s largest cryptocurrency without having to hold the asset itself. Instead, they can buy shares backed by the Bitcoin the issuer has purchased.
Seyffart pointed out another caveat: Even if the SEC approved a rule change allowing ETFs to trade, that would be entirely separate from approving the fund’s registration statement. Both filings need to be approved before any pending Bitcoin ETF can begin trading
Even if it may take months before the Bitcoin ETF is traded, the recent price increase proves that investors are optimistic about the event. BTC rose more than 20% in October, thanks to hopes that the long-awaited approval of a spot Bitcoin ETF may finally come to fruition.
Earlier yesterday, a person familiar with Grayscale’s efforts to convert GBTC into a Bitcoin ETF said that the company is actively discussing its application with the SEC.
But a potential Bitcoin spot ETF isn’t just aimed at sending BTC prices soaring.
Analysts say that a spot Bitcoin ETF could attract capital inflows of $50 billion to $100 billion over the next five years. This will significantly change the market dynamics of the asset. That could be good news and bad news for Bitcoiners. Some of them said they would be happy if Wall Street giants were no longer sitting on their traditional favorite assets.
According to cryptocurrency manager CoinShares, in the past six weeks alone, crypto funds have attracted deposits worth $767 million.
Source:
https://tradecoind2.com/the-us-sec-is-running-out-of-time-to-approve-12-bitcoin-etfs-starting-today/
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Illuvium token (ILV) skyrocketed 22% after listing on Epic Games Store
NFT game Illuvium will be available on the Epic Games Store and the upcoming launch event appears to have brought a price jump for the Illuvium token. Indeed, after Wednesday’s announcement , ILV prices increased sharply.
Illuvium is currently listed on the Epic Games Store ahead of its Beta 3: Arena launch on November 28, focusing on player-versus-player (PVP) action. The beta will launch through the popular PC game store.
News of Illuvium entering the prominent PC gaming market that had 230 million users as of the end of 2022 appears to have had an immediate impact on the price of the Illuvium token (ILV) on Ethereum, which had previously been increasing rapidly.
ILV prices rose from around $65 before the news to a high of $80.49, adding nearly 24% in just a few hours. The price is currently stable at $78.13 at the time of writing, which still marks a 22% increase over the past 24 hours — not to mention a 103% increase over the past 30 days.
Built on the Ethereum Immutable X scaling network, Illuvium is a fantasy action game spanning multiple play styles, including open-world adventure and competitive auto-battle. The game uses various NFTs, including virtual plots of land, with one such digital land NFT sale bringing in $72 million in June 2022.
The Illuvium Overworld open-world beta in May impressed with its visual quality and fluid movement, pointing towards a blockchain game with real “AAA” rating potential. We’ll see how the game has evolved over the past few months when the latest beta launches on November 28.
The Epic Games Store has proven to be friendly to games with NFTs and tokens, with titles like Gods Unchained, Raini: The Lords of Light, and Blankos Block Party coming to the marketplace. Meanwhile, rival store Steam has rules against blockchain games, although some developers have found ways to circumvent or circumvent the rules.
Source:
https://tradecoind2.com/illuvium-token-ilv-skyrocketed-22-after-listing-on-epic-games-store/
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October trading volume increased sharply on both CEX and DEX
October saw spot trading volume on centralized exchanges (CEX) increase for the first time in four months, CCData reported on Wednesday . The digital asset market insights provider put total trading volume for the month at $632 billion, up 87.2% from September.
Spot trading volume reached its highest level
in
many months
CCData analysis shows that spot trading volume in October was at a high not seen since March this year.
“This is the highest monthly spot trading volume recorded on centralized exchanges since March 2023 and the largest monthly increase since January 2021.”
Insights report shows increased activity in digital asset markets driven by anticipation of potential Bitcoin exchange-traded fund (ETF) approval and overall bullish price action major coins in the past few weeks.
Blue-chip digital assets, such as BTC and ETH, have increased in price since mid-October. Recent positive activity has been largely led by Bitcoin, as the coin has received increased capital inflows since its emergence The “duck” news of approval of a spot Bitcoin ETF stimulated the cryptocurrency market on October 16.
CCData analysts added:
“With crypto markets approaching a potential deadline for a decision on a Bitcoin ETF spot application early next year, increasing spot volumes combined with positive price action on last month showed renewed interest in the digital asset market.”
Splitting October spot volume data between top-tier and lower-tier exchanges, the market insight report shows top-tier spot volume increased 88.7% to $426 billion dollars and lower-end spot volumes increased 84.3% to $207 billion.
Over the past month, leading exchanges such as Coinbase and Binance increased their market share of trading activity.
“Senior exchanges now account for 67.3% of total spot volume based on CCData’s latest November 2023 Exchange Benchmark Rating, compared to 66.8% last month.”
DEX trading volume increased 32% in October
According to recent statistics, decentralized exchanges (DEX) recorded a $9.76 billion increase in trading volume in October compared to the previous month. October volume reached $39.98 billion, also slightly exceeding August’s total value of $39.52 billion.
As the first week of November 2023 ended, DEX platforms achieved $15 billion in transactions, showing stronger volumes, accounting for 37.51% of the entire October volume in just 7 days. Of October’s total DEX volume of $39.98 billion, Uniswap dominated with $26.86 billion, more than two-thirds of the month’s volume at 67%.
November figures so far show Uniswap continuing to dominate, with $9.1 billion of the $15 billion traded, accounting for 60% of volume from November 1 to November 7. 2023. During the same 7-day period, Pancakeswap scored $2.56 billion, while Curve Finance had $732 million. Notably, 57.7% of all DEX trading activity takes place on the Ethereum blockchain.
BNB accounts for just over 20% and Arbitrum a little over 15%. Last week, Maverick hit the $541 million mark, while Balancer hit $506 million and Dodo hit $360 million in trading volume.
Quickswap reached $283 million, Kyberswap $188 million, and Trader Joe finished with $152 million, completing the top 10 DEX platforms by 7-day trading volume. Although DEX trading volume increased over the past 7 days, it did not match the higher daily trading volume on October 9, 11 and 13.
Source:
https://tradecoind2.com/october-trading-volume-increased-sharply-on-both-cex-and-dex/
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Yuga Labs co-founder spends $1.5 million to revive NFT market
It appears that Wylie Aronow, co-founder of Yuga Labs, is taking it upon himself to try to revive the waning NFT market.
After teasing the idea of purchasing NFTs outside of the Bored Ape Yacht Club collection created by Yuga Labs on Monday, Aronow (aka Gordon Goner) went on perhaps one of the wildest NFT spending sprees yet since the last bullrun. After starting with the purchase of a rare CryptoPunk on Monday for 600 ETH ($1.14 million), Aronow has spent a total of more than $1.5 million, according to data from The Block Research.
Purchasing more than a dozen new tokens, Aronow spread love everywhere. He selected popular collectibles outside of the Yuga Labs universe, including NFTs from Doodles, Meebits, Pudgy Penguins, and popular digital artist Beeple.
“This week I’m buying some non-BAYC NFTs. Do not worry. I’m still a little monkey and I love you very much,” he said on Monday.
In another tweet on Wednesday, he continued to inspire:
“In all seriousness, I’ve always wanted to join more communities in the Web3 space but felt I had a limited responsibility to do that while I was still at Yuga.”
While Aronow co-founded Yuga Labs and is the most famous NFT creator, he announced his retirement earlier this year citing health issues.
More motivation
The Block Research analyst Brad Kay said:
“Yuga Labs founder continues to purchase popular NFT collectibles to add momentum, volume and traders to the market, similar to what celebrities and big figures did when NFTs were at their peak to create FOMO. That’s definitely not normal. It’s not every day someone buys $1.5 million worth of NFTs across multiple collections.”
Aronow’s aggressive buying comes after the NFT market’s best month in some time. According to data from The Block Research, in October, NFT volume increased by more than 20%. But the sector continues to struggle with a downturn that has forced both Yuga Labs and marketplace giant OpenSea to lay off staff.
Source:
https://tradecoind2.com/yuga-labs-co-founder-spends-1-5-million-to-revive-nft-market/
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US SEC: Binance’s attempt to dismiss lawsuit has no legal basis
The US Securities and Exchange Commission (SEC) said that Binance’s arguments used in its move to dismiss the lawsuit were based on inaccurate legal analysis and had no legal basis.
In a Nov. 7 court hearing , the SEC rejected Binance’s previous attempt to have the regulator’s lawsuit dismissed, saying that no court would accept the regulator’s “inaccurate interpretation of the law.” Binance.
The SEC sued Binance in June alleging that Binance.US and its founder Changpeng Zhao “CZ” sold unregistered securities and were not registered as an exchange in the United States.
Binance argued that the SEC failed to issue cryptocurrency guidelines, misinterpreted securities laws and applied them to cryptocurrencies, and called the lawsuit beyond its jurisdiction.
In its latest rebuttal, the SEC claims Binance “never complied” with federal securities laws, which was an “intentional choice.”
“Binance’s chief compliance officer summed up the case crudely but succinctly when he admitted that Binance was ‘operating as an unlicensed securities exchange in the United States.’ He was right.”
It adds to Binance’s argument that comparing cryptocurrencies to “supermarket items such as oranges […] is absurd” and claims the crypto exchange’s crypto sales are investment contract according to Howey test.
The regulator reiterated its statement that the BNB ICO sale violated securities laws and that Binance USD (BUSD) along with its profitable staking programs, Vault and Earn programs are investment contracts .
It also rejected Binance’s argument that the lawsuit violates the doctrine of primary questions — a 2022 U.S. Supreme Court ruling that said Congress did not delegate authority to agencies, which money companies other electronics have invoked in an attempt to push back against the SEC’s claimed authority.
The SEC claims that granting Binance’s motion to dismiss would “dismantle decades of precedent underpinning the nation’s securities laws” and would instead introduce a “rigid framework” that would enhance “the nation’s securities laws.” “broadness and flexibility” of current law.
Source:
https://tradecoind2.com/us-sec-binances-attempt-to-dismiss-lawsuit-has-no-legal-basis/
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Bitcoin fees skyrocketed nearly 1,000% since August
Bitcoin fees have surged to their highest level since last May’s meme coin craze amid the rise of Bitcoin-linked NFT, Ordinals.
At $6.84 on Wednesday, average transaction fees when using the Bitcoin blockchain are now up about 970% from August’s low of $0.64, BitInfoCharts data shows.
Digital asset management firm 21Shares pointed out in a report Wednesday that the increase was driven by increased Ordinal minting, with nearly 1.9 million inscriptions uploaded to the blockchain in two weeks. via.
As Bitcoin Magazine reported, Bitcoin became the leading blockchain by NFT sales volume (excluding wash trading) over the past 24 hours, surpassing Ethereum.
Ordinals – a protocol that allows users to store NFTs on Bitcoin – saw demand spike this spring during the short-lived meme coin craze and pushed fees to a nearly 2-year high . Binance, the world’s largest cryptocurrency exchange, listed Ordinals’ ORDI token earlier this week and its price nearly doubled before erasing some of the gains on Wednesday.
21Shares analysts said:
“While Ordinals are limited in their implementation of memecoins, they act as a form of delegation to increase demand for Bitcoin block space.”
The report points out that Ordinals’ resurgence is also helping Bitcoin miners, with blockchain transaction fees now accounting for about 8.5% of their revenue.
This is especially important for miners as the quadrennial Bitcoin halving event scheduled for April 2024 approaches, which will cut block rewards in half.
Source:
https://tradecoind2.com/bitcoin-fees-skyrocketed-nearly-1000-since-august/
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RWA is taking over crypto
Michael Hsu, the acting U.S. Comptroller of the Currency, said Tuesday that he has seen interest in cryptocurrencies drop while curiosity about tokenization is growing.
After speaking with financial institutions, technology companies and other regulators globally over the past few years, Hsu, who describes himself as a cryptocurrency critic, said he noticed many concerns. What is the difference between cryptocurrency and the tokenization of real-world assets? According to Hsu, the cryptocurrency world is primarily retail-focused and “remains rife with fraud, scams, and hacks.”
“It tends to be driven by the hope of speculative profits,” Hsu said Tuesday at DC Fintech Week. “That seems to be the main fuel and interest in crypto is the ability to make some money by investing in X, Y or Z.”
The cryptocurrency industry has suffered some serious blows over the years, including the collapse of algorithmic stablecoin Terra, crypto exchange FTX, and other crypto companies. The sector also faces ongoing regulatory scrutiny as agencies voice concerns about the potential for fraud.
‘Solve a real problem’
Tokenization, on the other hand, focuses on “solving a real problem” such as payments, Hsu said, noting it can simplify fees and friction during the transaction process.
“When I talk to people, interest in tokenization is growing because it solves a problem, and there is less and less interest in cryptocurrencies.”
His statement Tuesday was largely consistent with comments he made in June.
“Some have estimated that tokenizing real-world assets could save 35-65% across the payments value chain, such as cost savings of up to $5 billion on equity-post transactions . Tokenization of fiat currencies for cross-border payments also promises to reduce friction, costs and delays. The important thing is that tokenization requires no decentralization and trustlessness .”
Source:
https://tradecoind2.com/rwa-is-taking-over-crypto/
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India busts $300 million crypto scam: 8 new arrests, 1,000 police involved
In the ongoing investigation into a $300 million cryptocurrency scam in India, local authorities have made eight new arrests, further exposing the fraud network that ensnared an estimated 100,000 victims. core. The ongoing scandal has sent shockwaves across the country, as it now involves not only the alleged fraudsters but also law enforcement officials.
https://twitter.com/azcoinnews/status/1721724487106998783
The complex scam, centered on Himachal Pradesh, was discovered in late September, with authorities suspecting it may have started as early as 2018. Fraudsters lured victims potential with the opportunity to invest in a local cryptocurrency called Korvio Coin (KRO coin). There are a number of other cryptocurrencies that have been used through scam websites, with at least one case of “rug pulling” where a cryptocurrency project was canceled after investors had purchased token.
What is especially surprising in this case is the involvement of police officers, including four recently arrested officers. According to the findings of the Special Investigation Team (SIT), victims of this scheme included 5,000 government officials and about 1,000 police officers.
The apparent legality of this scam was bolstered by police involvement. More than 1,000 police officers were caught up in this conspiracy; some were cheated, while others profited significantly. What is amazing is that some people even volunteer and become promoters of scam cryptocurrencies, which further complicates the problem.
The scam in Himachal Pradesh was investigated for more than two years, during which time around 56 complaints were lodged with the local police station. The investigation was extended to multiple agencies, including the Enforcement Directorate, in coordination with regional police teams. The extensive investigation, led by the SIT, was intensified with dozens of searches conducted in late October, leading to the discovery of some 250,000 identification cards linked to the suspects.
The seriousness of this fraud is clearly demonstrated by the significant profits obtained by those involved. Investigations uncovered more than 100 individuals who allegedly profited $240,000 each from the scheme, while another 200 people allegedly made about $120,000 each.
While a total of 18 arrests have been made so far, the alleged mastermind, Subhash Sharma, is yet to be arrested. Authorities have identified and confiscated several assets linked to Sharma as part of an ongoing effort to hold the villain accountable to justice.
The unraveling of this $300 million cryptocurrency scam has revealed the deep complexity of the case, with its far-reaching impact on government officials, law enforcement officers, and countless victims.
Source:
https://tradecoind2.com/india-busts-300-million-crypto-scam-8-new-arrests-1000-police-involved/
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Nil Foundation introduces zkSharding to Ethereum
Ethereum Scaling Solution Generator = nil; The Foundation introduced zkSharding to Ethereum, aiming to achieve faster transaction speeds while maintaining the security that is Ethereum’s advantage.
Sharding, unlike other popular scaling solutions, is designed to split the Ethereum network into different parts and process transactions in a cheaper, more efficient way.
ZkSharding uses zero-knowledge (zk) technology to create proofs, ensuring that transactions are valid across different Layer-2 shards before being sent to the Ethereum mainnet. The larger the sub-shard, the higher the maximum throughput on Ethereum.
This technique should not be confused with Proto-Danksharding, which refers to Ethereum Improvement Proposal (EIP) 4844 and whose main purpose is to reduce transaction costs for zk rollups by storing them in data blobs temporarily, according to Misha Komarov, CEO and co-founder of =nil;.
All zk rollups can benefit from Proto-Danksharding, but only applications built on =nil; can benefit from zkSharding. Komarov noted that data-intensive and high-load environments will be able to benefit the most from zkSharding.
“Is a zk rollup, =nil; benefits from Proto-Danksharding which reduces fees for storing transactions on Ethereum, however zkSharding as a scaling concept addresses the fragmentation of liquidity and economic security,” said Komarov.
Komarov said that ZkSharding represents a combination of modular and monolithic blockchain architecture, and provides a suitable solution based on its features in a competitive Layer-2 environment.
“We believe zkSharding addresses the drawbacks common to other alternatives on the market, by design, with application-specific scaling capabilities.”
Specifically, Komarov noted that applications built on other zk rollups can only interact with liquidity or data that has been migrated to its specific zk rollup environment, limiting market efficiency and incur costs and assumptions through bridges for interoperability.
“zkSharding introduces separate shards as dedicated Execution Layers that are fully composable, meaning one transaction can trigger the creation of new transactions on other shards,” Komarov said. clearly.
However, these goals are familiar from other zk-based scaling approaches, such as that of zkSync.
Source:
https://tradecoind2.com/nil-foundation-introduces-zksharding-to-ethereum/
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Bitcoin antifan Nouriel Roubini launches own token – Changpeng Zhao sarcastically “shameless”
For years, economist Nouriel Roubini has been one of the most outspoken critics of cryptocurrencies. He called Bitcoin a “shitcoin,” mocked Ethereum as a worthless currency, and even dismissed blockchain technology as a whole as “no better than a spreadsheet.”
Now, in a coup as old as time, Roubini is launching his own cryptocurrency. Hearing this news, Binance co-founder and CEO Changpeng Zhao scoffed.
“Some people are shameless.”
Zhao, the richest person in the crypto world, seems to be not only disgruntled about Roubini’s change in stance towards cryptocurrencies in general but also towards his comments regarding Binance in particular.
Late last year, right after the collapse of FTX, Roubini – who always had a bad opinion of financial markets and was often called “Dr Doom” – repeatedly criticized Zhao at a live event in Abu Dhabi, labeled the crypto entrepreneur a “walking time bomb.” Roubini said at the time:
“There are seven Cs in cryptocurrency: Concealed, corrupt, crook, criminal, charlatan, carnival barker. and finally CZ”.
Just a few months later, Roubini’s new crypto venture, Atlas Capital, touted the experience of one of its leadership team members at Binance as proof of the new company’s bona fides.
“After publicly lashing out at Binance on stage a year ago, Roubini is now issuing tokens and placing the Binance logo on their website without permission,” Zhao fumed on Twitter, before adding a clown emoji , shrugged and smiled.
Since Zhao first posted this tweet, Atlas Capital has removed the logos of all external companies from its “Team” page, including Binance.
However, the company’s website still claims the company benefits from the “deep experience” of former Binance employees, including Senior Vice President of Product Mayur Kamat, who previously served as Director of Binance. Global product manager under Zhao at Binance.
Source:
https://tradecoind2.com/bitcoin-antifan-nouriel-roubini-launches-own-token-changpeng-zhao-sarcastically-shameless/
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HSBC partners with Ripple Labs subsidiary to launch tokenized securities custody service
Banking giant HSBC is set to introduce a digital asset custody service for tokenized securities such as bonds on the blockchain. The bank expects to launch this service in 2024.
The service is aimed at institutional investors and will further expand the lender’s offerings in the digital assets sector. The move comes just a week after the bank launched a blockchain platform that allows ownership of tokenized gold.
HSBC’s upcoming capability aims to provide a secure storage solution for tokenized securities, including bonds and other financial products issued on third-party platforms.
However, it is worth noting that the custodial services will not include cryptocurrencies or stablecoins. According to media reports, HSBC maintains a cautious stance towards custody of crypto assets other than tokenized securities, as these assets remain largely unregulated.
TradFi promotes Web3
HSBC has partnered with Ripple Labs subsidiary Metaco to facilitate the new venture. Metaco is a custodial infrastructure company known for its product Harmonize, which provides comprehensive solutions to institutions related to tokens, cryptocurrency custody, and smart contract management.
Harmonize is designed to integrate seamlessly with financial institutions’ existing systems, making it an invaluable tool as distributed ledgers continue to play an increasingly prominent role in capital and mass markets. property area.
HSBC’s push into Web3 is in line with growing demand from asset managers for digital asset custody and fund management services. Many financial industry leaders, including BlackRock CEO Larry Fink, have praised the potential of tokenized securities to improve efficiency and expand access to other financial instruments. together.
Meanwhile, regulators are much more open to the idea of tokenization than they are of cryptocurrencies. Acting OCC Director Michael Hsu said at a conference on November 7 that tokenization holds great promise in solving the long-standing problem of payments.
This trend is especially evident in projects that aim to provide easier access to US Treasury yields, among others.
Metaco is supported by Ripple
Metaco’s partnership with HSBC is the first major customer announcement made by the company after being fully acquired by Ripple Labs in early May.
Metaco currently serves the second largest bank, HSBC, third largest, Citi and fourth largest, BNP Paribas, among the list of systemically important banks globally.
The company’s full list of banking clients includes BBVA, BNP Paribas Securities Services, Citi, DBS, SocGen Forge, Standard Chartered’s Zodia Custody, as well as German banks DekaBank and DZ Bank.
Source:
https://tradecoind2.com/hsbc-partners-with-ripple-labs-subsidiary-to-launch-tokenized-securities-custody-service/
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Top 3 Cryptocurrencies Under $0.10 Potential for Next Week
The cryptocurrency market is currently experiencing a significant spike, attracting the attention of investors. While cryptocurrencies like Bitcoin and ETH still stand out with notable achievements, there is growing interest in more affordable alternatives.
For investors with a higher risk tolerance, allocating a portion of their investment capital, between 10% and 20%, to these altcoins can provide attractive opportunities to diversify their portfolio. investment portfolio and earn significant profits in the upcoming bull market. The article will review 3 cryptocurrencies priced under $0.10 to consider.
Shiba Inu (SHIB)
SHIB is a meme-inspired cryptocurrency introduced in August 2020, using the Shiba Inu dog breed as its mascot.
Created by an anonymous entity called “Ryoshi,” SHIB operates on the Ethereum blockchain and bills itself as an experiment in decentralized community building.
With a total supply of 1 quadrillion tokens, a significant portion of which is locked in decentralized exchanges, SHIB aims to establish a decentralized ecosystem with community participation in its development. and promote.
ShibaSwap, a decentralized exchange affiliated with SHIB, provides a platform for trading this token and other decentralized finance functions. The project also introduced two other tokens, Leash and Bone, each playing a distinct role in the Shiba Inu ecosystem.
However, it is important for potential investors to approach SHIB with caution due to its speculative nature and the inherent risks associated with memecoins in the cryptocurrency market.
The Shiba Inu is generally in a bullish trend, currently slightly down trading at $0.00000903, reflecting a decline of 4.69% over the past 24 hours.
Despite this, the cryptocurrency achieved an overall growth of 9.53% for the week. Sustained buying momentum and a strong 61.01% increase in trading volume to $282,688,671 indicate a solid foundation for Shiba Inu’s ambitious targets, with the potential to shave off yet another zero in the near future.
PEPE
PEPE has quickly grown in popularity as a memecoin operating on the Ethereum blockchain since its public launch in April 2023.
In a remarkable feat, PEPE achieved a market capitalization exceeding $1 billion in just 3 weeks, a milestone that took DOGE nearly 4 years to achieve. Despite wild price fluctuations, PEPE has attracted a significant and growing community of individual holders.
The original design included a deflation mechanism, burning a small percentage of tokens with each transaction to create scarcity and potentially increase the value of remaining tokens over time.
Pepe Coin implemented a redistribution system at launch, ensuring a portion of every transaction goes to existing token holders.
This mechanism aims to promote user participation and encourage long-term investment. Despite subsequent changes to the project, the status of the redistribution system remains unclear.
Investors should stay informed about such developments and exercise due diligence when considering participating in projects such as PEPE.
PEPE operates with a maximum token supply of 420,690,000,000, of which 93.1% is initially placed in a liquidity pool and the remaining 6.9% is allocated to a multi-signature wallet for future purposes. hybrid.
With memecoin growing in popularity in recent years, Pepe has gained attention. After a 1.3% increase, it trades at $0.0000012 at the time of writing.
The coin’s trading volume increased 163.39% to $396.37 million, accompanied by a 0.37% increase in market capitalization to $556.38 million.
With the eye on another bull run in early 2024, Pepe Coin could serve as a strategic investment for those expecting potential new highs.
Kaspa (KAS)
Kaspa (KAS) is a growing cryptocurrency claimed to be the fastest, open source, decentralized and fully scalable layer 1 in the world.
Touted as the world’s first blockDAG (Directed Acyclic Graph), Kaspa uses a digital ledger that facilitates parallel blocks and instant transaction confirmations.
This innovative blockchain is built on a powerful PoW engine with extremely fast one-second block times.
Key features of Kaspa include a fair launch without the need for a pre-mine or any pre-allocation, emphasizing community-driven development similar to coins such as Bitcoin, Litecoin or Monero.
Launched on November 7, 2021, Kaspa operates on the kHeavyHash hash algorithm, uses a Proof of Work consensus mechanism and a unique BlockDAG structure.
Supporting multiple platforms such as Windows, OSX, Linux and Raspberry Pi, it has an impressive one-second block time. With a circulating supply of 21.49 billion KAS and a maximum supply of approximately 28.7 billion KAS, Kaspa’s market capitalization stands at $1.9 billion.
Kaspa implements the GHOSTDAG protocol, which differentiates itself from traditional blockchains by allowing parallel blocks to coexist and be ordered by consensus, preventing orphaned blocks.
The Kaspa implementation includes various features and sub-protocols, such as Reachability for querying DAG topology, block data truncation, SPV proofs, and upcoming subnet support, facilitate the deployment of layer 2 solutions in the future. The project’s commitment to innovation and community-driven ethos have established Kaspa as a pioneering force in the cryptocurrency space.
KASPA has recently attracted investors looking for cost-saving opportunities, achieving notable growth of over 2094% last year.
Notably, it is up 75% in the last week, although currently KASPA is trading at $0.08932 with a slight daily gain of 0.53%.
A notable indicator of its growing prominence is the jump in trading volume, reaching $114,934,098.78 in the past 24 hours — a significant 121.5% increase from the previous day. This increase indicates increased market activity and growing confidence in the project.
Source:
https://tradecoind2.com/top-3-cryptocurrencies-under-0-10-potential-for-next-week/
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The 236% increase in 0x (ZRX) price is no coincidence, here’s why
Coin 0x (ZRX) has emerged as a standout performer, with its market capitalization seeing a staggering 238% increase over a 2-month period. The price increase is not just a number, it is a testament to the confidence and patience of 0x holders. Recent data indicates the 0x price has nearly doubled, increasing 89% in just 2 days, signaling strong market activity and soaring investor interest.
The underlying factors contributing to this explosive growth are diverse. Whale trades for ZRX, which are large-scale trades that often exceed $100,000, have hit a 1.5-year high. This level of activity typically reflects significant interest from high net worth individuals or institutional investors, indicating an optimistic outlook for the asset’s future performance.
Another important part is the movement of dormant coins. The average age of 0x investments has dropped significantly, suggesting that older wallets that held their coins are now re-entering the market. The circulation of these older coins could signal increased liquidity and token distribution, potentially leading to a more dynamic and healthy market.
The data provided also shows a notable increase in the number of transactions, with 23 transactions exceeding $100,000 taking place in a single day, the highest recorded in a single day since April 21, 2022. . This impressive trading volume is often a harbinger of a bull run, as it demonstrates both high activity and liquidity.
From a technical analysis standpoint, ZRX’s price chart shows an uptrend with consistent higher highs and higher lows, a pattern that typically indicates a strong uptrend. Trading volume along with increasing prices also confirms the real interest of investors rather than speculative trading.
Source:
https://tradecoind2.com/the-236-increase-in-0x-zrx-price-is-no-coincidence-heres-why/
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Bithumb is preparing for an IPO on Nasdaq US in 2025
Bithumb, a Korean cryptocurrency exchange, is attempting the industry’s first initial public offering (IPO). To regain market dominance from Upbit, which is about 85%, and regain the leading position in the market, increasing trust in the company is the most important thing.
On November 12, Bithumb Korea, the operator of Bithumb, said it selected Samsung Securities as the underwriter late last month and began working on the IPO. The target listing date is set for the second half of 2025. First of all, the focus is on listing on KOSDAQ (Korean Securities Dealers Automated Quotations), but it is known that in some cases, there is still a possibility of changing the destination into KOSPI (Korea Composite Stock Price Index).
Bithumb declined to comment on IPO plans but said:
“It is true that we have chosen an underwriter.”
Through this IPO, Bithumb Korea appears to be looking to increase market confidence in its trading operations by improving transparency in governance and management while also receiving external verification of its trading system. its internal control system. This is because the context behind the IPO seems far removed from the fundraising intent. According to Bithumb Korea’s semi-annual report this year, the company holds financial product assets worth more than 400 billion won (~ 7,370,262,884,000 VND). In fact, it will be difficult to regain the market leadership lost to Upbit if confidence cannot increase.
It seems that work on improving the corporate structure has begun following the IPO push. According to an official familiar with Bithumb’s situation, Lee Jeong-hoon, former chairman of the board of directors of Bithumb Korea and Bithumb Holdings, has returned to the Bithumb Holdings board. As former Chairman Lee was appointed as a representative director, Lee Sang-jun, CEO of Bithumb Holdings, who was suspected of soliciting coin listings, was removed from the board. The position of CEO of Bithumb Holdings will be held concurrently by Jaewon Lee, CEO of Bithumb Korea, who is trusted by former Chairman Lee. For the IPO to be successful, former Chairman Lee is expected to strengthen control and begin internal consolidation.
Source:
https://tradecoind2.com/bithumb-is-preparing-for-an-ipo-on-nasdaq-us-in-2025/
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This is why Avalanche (AVAX) price is up more than 30% on the day
In a recent tweet, Emin Gün Sirer, CEO of AVA Labs, the company that powers Avalanche Blockchain, revealed a future where users can seamlessly exchange tokens across different blockchains with just one click. The tweet outlines a vision in which a dedicated aggregator app would facilitate the rapid exchange of X tokens on Ethereum for Y tokens by routing portions of X through Solana and Optimism, ultimately provide users with optimal prices. Sirer emphasized that this capability is a direct result of a strategic decision from AVA Labs to incorporate parallel global state replication into Avalanche’s core design.
“This is not a negative comment about other ecosystems. It is simply a consequence of not having parallel global state replication as a primary design choice. When you design crosschain communication from the ground up, it’s a different story,” Sirer said.
https://twitter.com/el33th4xor/status/1723408833245052949
A key enabler of this vision is Avalanche’s AWM (Avalanche Wire Message), a primitive messaging service deployed at the network layer. AWM allows any subnet in the Avalanche ecosystem to send and verify messages from other subnets or application-specific blockchains, providing a foundation for seamless crosschain communication.
Avalanche’s consensus mechanism, which allows transactions to complete in less than a second, further enhances the efficiency of crosschain swaps. The platform’s P-Chain, the registry of staking validators, uses the Boneh-Lynn-Shacham (BLS) signature scheme to verify messages. This encryption technique aggregates multiple authentication signatures into a single, efficient signature, significantly reducing the time needed to authenticate a message compared to other platforms.
Sirer emphasized that AWM has the potential to provide messaging guarantees in the future. Because AWM operates between subnets in the Avalanche ecosystem, it imposes no additional trust assumptions beyond the security of the subnet and P-Chain.
However, it should be noted that while AWM excels in messaging capabilities, it currently lacks a bridge to facilitate asset transfers. Therefore, AWM is not currently a viable option for handling asset transfers between different blockchains.
This announcement has had a significant impact on the market performance of the AVAX token. At the time of writing, AVAX is up more than 30% in the past 24 hours, trading at $18.69 — an impressive 50% increase in just seven days. The market reaction highlights the potential importance of AVA Labs’ vision for the future of crosschain swaps and its positive impact on the Avalanche ecosystem.
Source:
https://tradecoind2.com/this-is-why-avalanche-avax-price-is-up-more-than-30-on-the-day/
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Gamefi Token’s valuation increased by $4.5 billion, eclipsing the growth of AI crypto
Gamefi tokens have recorded notable gains over the past week, with several assets posting double- to triple-digit gains. Coins associated with gaming finance are digital assets used in blockchain-based gaming platforms, either as in-game currencies or for governance purposes, allowing voting on decisions that affect to the development and operation of the game.
Currently, the total value of the top gamefi tokens today is 11.49 billion USD. This valuation represents less than 1% of the total $1.4 trillion crypto economy, or about 0.82%. The largest game token by market capitalization is Internet computer (ICP), valued at approximately $1.9 billion. The value of ICP increased by 8.1% over the past week.
Immutable x (IMX), the second largest gamefi token, saw a 57.7% increase this week, with a valuation of $1.35 billion. The four gamefi tokens that posted triple-digit gains over the seven-day period were Netvrk (NTVRK) up 319%, Planet ix (IXT) up 261%, Sinverse (SIN) up 185%, Sipher (SIPHER) up 109.1 %. Meanwhile, Virtua kolect (TVK) is up 86.3%, Senate (SENATE) is up 71.5% and Illuvium (ILV) is up 56.46% over the past week.
However, there are two gamefi tokens that are underperforming: affyn (FYN) is down 28% and starlink (STARL) is down 11.1%.
Although the appeal of the metaverse and gamefi has diminished compared to the excitement surrounding the artificial intelligence (AI) sector, the leading gamefi token ecosystem is still significantly more valuable than the pre-money token economy AI electronics, currently valued at 3.37 billion USD .
Source:
https://tradecoind2.com/gamefi-tokens-valuation-increased-by-4-5-billion-eclipsing-the-growth-of-ai-crypto/
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THORChain becomes third largest DEX as RUNE increases 50% in one week
THORChain trading volume grew significantly last week, recording the third largest among decentralized exchanges as users are attracted by large returns.
Specifically, THORChain transaction volume reached 1.32 billion USD, ranking third only after Uniswap and PancakeSwap with 10.85 billion USD and 2.77 billion USD respectively, according to DefiLlama. THORChain also boasts the second largest trading volume with $334.3 million in the past 24 hours, nearly $50 million more than PancakeSwap.
Meanwhile, the price of the protocol’s native token, RUNE, has also increased 51% in the past week and more than 200% in the past 30 days, according to CoinGecko. At the time of writing, RUNE is trading at 5.23 USD.
THORChain’s rise to Curve Finance happened earlier than THORChain core developer Chad Barraford predicted. He initially estimated the ouster would occur before the end of 2023.
“Okay, this happened faster than I thought. It only took 2 days instead of 2 months,” Barraford emphasized in a post on X (formerly Twitter) on November 13.
https://twitter.com/CBarraford/status/1723880833658855862
THORChain is considered a multi-chain version of Uniswap because users can swap Bitcoin for Ether. THORSwap is the name of the decentralized exchange powered by the THORChain protocol. The platform offers an average annual percentage rate (APR) of nearly 44%, but some liquidity pools offer much higher APRs, such as Bitcoin and RUNE pairs which have an APR of over 353%.
Bitcoin advocate Erik Voorhees noted that THORChain processed nearly 2%, or $224 million, of total Bitcoin spot trading volume in the 24 hours between November 11 and 12.
“Principled Bitcoiners should familiarize themselves with THORChain. This is the only market that trades Bitcoin at scale without intermediaries… that’s the whole point of Bitcoin.”
https://twitter.com/ErikVoorhees/status/1723729673744466218
The THORChain project was run by a team of developers at Binance Dexathon in 2018. Most of the project developers’ identities remain confidential.
Source:
https://tradecoind2.com/thorchain-becomes-third-largest-dex-as-rune-increases-50-in-one-week/
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Mad Lads NFT hits all-time high as Backpack reveals plans to launch exchange
Following the recent news that Solana-based NFT wallet app Backpack will launch a cryptocurrency exchange based in Dubai, the company has added former FTX general counsel Can Sun to lead the exchange. And now Backpack’s related NFT project, Solana Mad Lads, has skyrocketed to an all-time high price.
Sun will lead Trek Labs, according to the Wall Street Journal, the Dubai-based startup tied to Backpack and maker Coral. The news comes just weeks after Sun testified in the US government’s fraud trial against FTX co-founder and former CEO Sam Bankman-Fried. Sun cooperated with prosecutors and signed a non-prosecution agreement.
According to the report, Trek Labs aims to sell 10% of the company’s shares to investors at a valuation of over $100 million.
According to the report, Coral co-founder and CEO Armani Ferrante is listed as a minority shareholder of Trek Labs, while his wife Claire Zhang also holds shares. Zhang was previously Sun’s deputy at FTX, while Ferrante himself worked at both Alameda and FTX before founding Coral.
Trek Labs announced in October that it received a Virtual Asset Service Provider license from the Dubai Virtual Asset Regulatory Authority (VARA) to launch a regulated exchange in the country. Sun disclosed its history with FTX during the regulatory application process, according to the Wall Street Journal.
Amid surging prices and demand for NFTs in recent weeks, Coral’s Mad Lads avatar project (PFP) on Solana has surged to an all-time high in US dollars.
The Mad Lads NFT currently has a starting price of 82.37 SOL on the secondary market, which equates to $4,480 USD based on Solana’s current price. This is more than double Mad Lads’ all-time high (USD) before November, as Solana has surged in recent weeks – in the past 30 days alone, it is up 148%, to Current price is over 54 USD.
Trek Labs opened beta registration for the Backpack exchange on Sunday, and it’s exclusive to Mad Lads NFT holders in the first batch. That early access benefit could also spur purchases of Solana NFTs.
Source:
https://tradecoind2.com/mad-lads-nft-hits-all-time-high-as-backpack-reveals-plans-to-launch-exchange/
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Binance Japan plans to list 13 more tokens, getting closer to the goal of 100
Binance Japan is expected to list 13 more tokens, bringing the total to 47 – the highest number in the country, according to the exchange’s statement.
The 13 new tokens are Hedera Hashgraph (HBAR), Near Protocol (NEAR), Optimism (OP), Immutable X (IMX), Arbitrum (ARB), The Graph (GRT), Render Token (RNDR), Decentraland (MANA), EOS (EOS), GALA (GALA), ApeCoin (APE), Klaytn (KLAY) and Lisk (LSK), Binance Japan said on Wednesday. The listing of these tokens is scheduled for November 27.
Binance Japan said all 13 tokens have been listed on other registered exchanges in Japan and are classified as tokens eligible for a simplified review process by the self-regulatory body in Japan. , Japan Virtual Asset and Cryptocurrency Exchange Association.
Takeshi Chino, general manager of Binance Japan, said:
“This is another big step towards our ambition of offering 100 tokens in Japan. We will continue to strive to enrich our service offerings in Japan by leveraging our global expertise and leading blockchain ecosystem.”
Binance Japan was launched in August after Binance acquired local licensed cryptocurrency exchange Sakura Exchange BitCoin in November 2022, subsequently changing its name. The move marks Binance’s re-entry into Japan after the country’s financial regulator once again warned the exchange would operate without permission in 2021.
Source:
https://tradecoind2.com/binance-japan-plans-to-list-13-more-tokens-getting-closer-to-the-goal-of-100/
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$2.1 billion stored in old wallets at risk of hacking
While the crypto community is still overcoming the effects of the recent $100 million Poloniex hack, another cybersecurity threat that could affect billions of dollars worth of cryptocurrencies has emerged. discovered by a team of blockchain security experts.
On November 14, cybersecurity company Unciphered published information about a vulnerability called “ Randstorm ,” which is said to affect millions of cryptocurrency wallets created using web browsers from 2011 to 2015.
According to the company, while attempting to obtain Bitcoin wallets, they discovered a potential issue with wallets created by BitcoinJS and derivative projects. According to the cybersecurity company, this issue could affect millions of wallets and approximately $2.1 billion in cryptocurrency.
The company also believes that more blockchains and projects could be affected. In addition to BTC, the company emphasized that Dogecoin, Litecoin, and Zcash wallets may also contain vulnerabilities.
Additionally, the company said millions of people have received warnings about the issue. For those using cryptocurrency wallets created in the 2011 to 2015 timeframe, the company recommends transferring their assets to a more recently created wallet. It reads:
“If you are an individual who created a self-custodial wallet using a web browser before 2016, you should consider transferring your funds to a more recently created wallet created by trusted software.”
While the company said not all wallets are affected equally, it also confirmed that the vulnerability can be exploited. However, the company did not provide any details about exploiting the vulnerability to avoid providing further information to bad actors in the space.
Source:
https://tradecoind2.com/2-1-billion-stored-in-old-wallets-at-risk-of-hacking/
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Microsoft, Tencent and 16 Web2 giants cooperate with Consensys in the mission to decentralize the Infura network
Microsoft, Tencent and 16 other Web2 giants have partnered with Consensys on the mission to decentralize the Infura network – the primary access point to Ethereum for much of the decentralized finance (DeFi) sector.
The partnerships aim to increase decentralization on the Infura network — key to preventing outages of Web3 services leveraging the network, including the MetaMask wallet service.
Consensys senior product manager Andrew Breslin said the importance of partnerships is not about “who they are” but about big-name companies aligning with Infura in “wanting decentralize every layer of the blockchain infrastructure.”
Scheduled for launch in Q4, the Decentralized Infura Network (DIN) is a solution to Infrua’s centralization problem, with the network currently controlled by Consensys, meaning there remains a single point of failure.
“The cost and complexity involved in operating a service like Infura limits who we can partner with to serve this traffic. There is now a thriving ecosystem of Web3 infrastructure providers that can provide free services to Infura.”
Breslin said one of the first major features offered in DIN is “failover support” for the Ethereum and Polygon networks. Failover support means traffic can be rerouted to one or more DIN partners during an outage, ensuring higher operating speeds over the long term.
According to Breslin, when launched, DIN will enable more trustworthy and censorship-resistant access to Ethereum as decentralized applications (DApps) will not need to rely on a single service provider in one place. .
Developed by blockchain software giant Consensys, Infura offers a development kit that provides API access to the Ethereum and IPFS networks. Currently, Infura is the access point for most DApps to access real-time online data from the Ethereum blockchain.
In November 2020, centralization issues were exposed when the MetaMask wallet went down due to Infura experiencing a temporary outage. Several centralized exchanges and DeFi projects were also affected by the downtime.
Decentralizing blockchain data providers on the Infura network is important to resist censorship over the long term because currently, centralized data providers can be shut down with a single attack. well-planned public or adequate legal action.
Breslin said the current lineup is not a closed set, and Infura wants to let other “highly reliable” internet infrastructure providers know that Infura is open to them joining DIN as well.
“DIN’s success depends on us partnering with more and more operators over time.”
The group of new companies is partnering with Infura during DIN’s “association phase” – a temporary testing period during which the network remains centralized.
“Infura and these 18 partners are now participating in the DIN association phase, which means we work as equal partners.”
Going forward, Breslin said DIN would ideally be governed as a decentralized autonomous organization or some other type of governance structure that would ensure each partner has a democratically weighted say over the network net.
Source:
https://tradecoind2.com/microsoft-tencent-and-16-web2-giants-cooperate-with-consensys-in-the-mission-to-decentralize-the-infura-network/
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Former Polygon Labs President Ryan Wyatt joins Optimism
In a strategic move that has made waves in the blockchain and cryptocurrency community, former Polygon Labs president Ryan Wyatt recently took on the role of Chief Growth Officer at Optimism. Optimism is a leading company actively developing the Ethereum layer 2 OP Mainnet scaling protocol.
This process marks a significant change for Wyatt. He decided to leave his consulting position at Polygon to join Optimism. Despite this, Wyatt remains committed to his responsibilities on the Board of Directors of the non-profit organization Gamers Outreach and as a venture partner at venture capital firm Bitkraft.
https://twitter.com/azcoinnews/status/1724222316006035740
As the newly appointed Chief Growth Officer, Wyatt will play a key role in expanding the Optimism ecosystem. His duties include collaborating with developers, strengthening partnerships, and coordinating with external contributors to continue the growth and development of Optimism’s offerings. Notably, Wyatt expressed particular excitement about Optimism’s Superchain, a groundbreaking layer 2 network chain designed to share security, communication layers, and open source development stacks.
In an exclusive statement, Wyatt shared his enthusiasm for the new position:
“We’re at a point now where we’re finally starting to solve this big infrastructure problem, and Superchain does that. So it will be fun.”
He emphasized the unique personal opportunity here, highlighting the excitement the position brought as it was new to his career.
The move follows Wyatt’s tenure at Polygon from February 2022 and plays a key role in expanding the platform’s reach across various sectors, including gaming, fashion, entertainment , news and sports. His departure from Polygon represents a shift in strategy, shifting to focus on innovative developments in the Ethereum layer 2 scaling protocol space.
The decision to join Optimism underscores the growing importance of experienced and visionary leaders in the blockchain industry. Wyatt’s track record in expanding Polygon’s presence across a variety of sectors positions him well to contribute to the growth and success of Optimism’s ambitious projects.
As Chief Growth Officer, Wyatt is tasked with steering Optimism toward new heights, leveraging his extensive experience in the industry to drive innovation, collaboration and strategic partnerships. The crypto community will certainly be watching closely to see how Wyatt’s influence shapes the future of Optimism and their ambitious Superchain project.
Source:
https://tradecoind2.com/former-polygon-labs-president-ryan-wyatt-joins-optimism/
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Jupiter offers an airdrop to early adopters next week
Jupiter, the largest decentralized exchange (DEX) aggregator on Solana by swap volume, has announced the Retroactive Airdrop program – an event that distributes governance tokens to users who have used and supported Project support in the early days from trading or liquidity provision.
The airdrop is part of a community-focused initiative to distribute 4 billion tokens (40% of supply) of Jupiter to users in four phases, Meow’s founder announced on X.
Starting next week, the first phase will release 1 billion Jupiter tokens to users who have swapped a minimum volume of 1,000 USD, with 955,000 wallets eligible after the snapshot on November 2. The airdrop has different levels of rewards based on the user’s swap volume. The team clarified that future airdrops will reward new users.
The Jupiter token allocation website will go live next week, allowing anyone to verify their allocation amount and other pertinent details.
Jupiter consolidates liquidity from multiple DEXs on Solana, ensuring users find the most favorable price for their token swaps. The platform was developed by a team of well-known developers in the industry in October 2021.
Currently, the Jupiter DEX aggregator is one of the prominent projects on Solana, with a trading volume of nearly $1 billion in October.
Source:
https://tradecoind2.com/jupiter-offers-an-airdrop-to-early-adopters-next-week/
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When Uniswap Wallet (UNI) launches on Android, will the price increase to $10?
UNI prices have risen sharply since falling to a low of $3.80 in October.
The price is close to hitting the long-term descending resistance line this week. Will it explode?
Uniswap (UNI) bounces back, avoids potential crash
UNI price has been trading above the $4 horizontal support zone since April 2022. During this time, it has also been below the descending resistance line. Most recently, the line rejected price in July 2023 (red symbol), resulting in a downtrend.
The decline took UNI back to the $4 horizontal support zone in October, where UNI price started to rebound and is still continuing.
The altcoin hit a high of $5.60 this week, slightly below the descending resistance trendline at $5.90.
The descending resistance line has been in place for 475 days. Combined with the $4 zone, it creates a descending triangle, which is considered a bearish pattern.
On Wednesday, the Uniswap team announced that they will launch the Uniswap wallet on Android. The team also announced that they will be holding a talk at 10:00 a.m. EST to discuss the decisions to include Uniswap on Android as well as new features and languages, etc.
UNI Price Prediction: Can Price Hit $10?
A zoomed-out look at the weekly chart shows that UNI may have broken above the long-term descending resistance line (white) that has existed since its all-time high. If so, the price is currently confirming it as support.
Another interesting development came from the weekly Relative Strength Index (RSI).
Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions to decide whether to accumulate or sell an asset.
A reading above 50 and sloping up shows that the bulls still have the advantage, while a reading below 50 shows the opposite.
The RSI is sloping up and just broke above 50. More importantly, it created a bullish divergence (green line) on the most recent recovery.
Bullish divergence occurs when the bearish momentum is not supported by momentum. It often occurs before a trend reversal to the upside.
If the altcoin breaks above the descending resistance line, it could rally 40% to the $7.50 resistance area and could rally 130% to the $12 resistance area.
Despite this bullish prediction, a failure to break above the short-term descending resistance line could cause the price to drop 25% to the $4 support zone.
Source:
https://tradecoind2.com/when-uniswap-wallet-uni-launches-on-android-will-the-price-increase-to-10/
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Paxos launches new stablecoin in Singapore
Cryptocurrency firm Paxos has established a new entity in Singapore to launch a new USD-backed stablecoin in the country.
Paxos Digital Singapore Pte. Ltd. has received in-principle approval from the Monetary Authority of Singapore, the company said late on Wednesday. The new entity will issue a USD-backed stablecoin, complying with Singapore’s recently finalized stablecoin regulatory framework before the legislative amendments take effect.
In August, MAS finalized its stablecoin regulatory framework, which applies to stablecoins pegged to the Singapore dollar or any G10 currency, including the US dollar. Cryptocurrency companies that want to recognize their stablecoins as “MAS regulated stablecoins” must comply with this framework.
“Paxos is the only company to receive this approval from MAS,” a company spokesperson said. “We will issue a new stablecoin with a completely new brand. That’s because it was launched in Singapore.”
Paxos does not yet have a name or specific details about the new stablecoin, other than that it is backed by USD and issued by the company’s new entity in Singapore, the spokesperson said.
Expand to Singapore
Paxos already offers a USD-backed stablecoin called USDP from the United States. The Singapore entity was established to ensure compliance with local regulations and facilitate partnerships with corporate clients to issue USD-backed stablecoins in Singapore – similar to PayPal’s partnership. Paxos in the United States.
In August, PayPal launched a USD-backed stablecoin called PYUSD, issued by Paxos. Binance also served as Paxos’ partner for the crypto exchange’s stablecoin BUSD. However, Paxos is no longer minting BUSD after the New York Department of Financial Services ordered it to stop issuing stablecoins.
Paxos Digital Singapore Pte. Ltd. is Paxos’ second Singapore regulated entity. The first entity received a license from MAS last year to provide digital payment token services under the country’s Payment Services Act 2019. At the time, Paxos claimed to be the first US-based cryptocurrency company to obtain such a license. That license gave Paxos access to Singapore-based clients for its cryptocurrency brokerage platform, allowing them to buy, sell, hold, send and receive cryptocurrency, a company spokesperson said. death.
Paxos is backed by prominent investors, including Bank of America, Peter Thiel’s Founders Fund, and Coinbase Ventures. To date, the company has raised more than $540 million in total funding and was valued at $2.4 billion in its latest Series D round in 2021.
Source:
https://tradecoind2.com/paxos-launches-new-stablecoin-in-singapore/
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The AI race heats up as Microsoft launches a new chip in partnership with OpenAI
Microsoft unveiled a new chip designed for use in artificial intelligence (AI) applications in a November 15 post .
The company said it unveiled the chip called Azure Maia 100 AI Accelerator at the Microsoft Ignite conference taking place on the same day. They say the Maia 100 chip is optimized for use in artificial intelligence applications, including general AI.
Microsoft’s blog post also quoted OpenAI CEO Sam Altman, who said that his company – famous for ChatGPT – contributed to the chip’s design.
“Since our first partnership with Microsoft, we have collaborated to co-design Azure’s AI infrastructure at every layer… We are excited that Microsoft is sharing their design for the Maia chip for the first time and together we refined and tested it with our models.”
Altman added that Azure’s architecture is “now optimized for silicon with Maia.” He says this improvement will lead to more capable and more accessible AI models. OpenAI has paused paid subscriptions due to high demand.
In a separate interview with CNBC, Microsoft Corporate Vice President of Azure Hardware Systems Rani Borkar said Microsoft is currently testing how Maia 100 works with the Bing AI chatbot and the GitHub Copilot coding assistant. It is also testing the chip’s ability to power OpenAI’s GPT-3.5 Turbo large language model (LLM).
Microsoft also announced the Azure Cobalt CPU Cobalt 100 Arm chip, for general-purpose computing in the cloud. The company said both chips will be introduced in early 2024 in its own data centers.
AI race
In addition to Microsoft, several other industry heavyweights are also making strides in developing AI chips. Nvidia is currently leading the way with its H100 Tensor Core GPU chip, which is widely used in the AI industry.
In fact, Microsoft said in its latest blog post that it is developing industry partnerships to give customers access to Nvidia’s H100 chip and its upcoming H200 chip. Meanwhile, CNBC believes that Maia will compete with the H100 chip.
The lack of supply and demand in the market presents a significant opportunity for other technology companies to increase their chip production. Reports in October said OpenAI could begin in-house chip production. Meta announced details about its next generation of AI chips in May. Google in August announced a chip called Cloud TPUv5e for use in AI.
Source:
https://tradecoind2.com/the-ai-race-heats-up-as-microsoft-launches-a-new-chip-in-partnership-with-openai/
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Altcoins are getting stronger despite the dominance of Bitcoin
Total cryptocurrency market capitalization decreased by 2.3% on the day. However, it made more than $300 billion in the past month and held on to those gains.
Altcoin market dynamics
On November 17, analyst CryptoCon observed that altcoins are getting stronger despite the big moves made by Bitcoin. They stated:
“This is clearly demonstrated by both the altcoin’s upward trend in strength and its break above the 50-week SMA (simple moving average) barrier.”
In previous market cycles, such as 2016 and 2017, strong bullish price action occurred after this technical indicator was crossed.
However, the crossover has come a bit early in this cycle, as is usually expected next year.
The analyst added that “stronger Bitcoin and altcoin price action like 2016 – 2017 and less nonsense than 2020” is expected.
However, analyst Jelle pointed out things are still very early for altcoins as the total altcoin market capitalization has yet to break out of the accumulation range.
Analyst Mustache highlighted the “Supertrend Indicator” in a November 17 post about altcoins. The indicator has switched to a buy signal for altcoins, which it did before previous bull markets.
Crypto influencer and Cardano advocate Dan Gambardello offered another bullish angle on the altcoin:
“Did you know Blackrock knows altcoins are decreasing Bitcoin dominance and they have openly admitted it in their filings?”
Bitcoin is the market leader that makes the first move when the cycle turns. It was then followed by Ethereum and other high-cap altcoins before the rest of the altcoin market typically lagged behind.
Cryptocurrency market
Overall, it’s still early days for altcoins, but things are starting to wake up.
However, total capitalization fell to $1.43 trillion in the past 24 hours as the cooling-off period began.
However, not all altcoins are in the red, DOGE bucks the trend with a 4.63% increase. AVAX exploded today, pumping 18% to a high of $24, while Kaspa (KAS) gained 20% on the day.
The biggest altcoin losers were SOL (10%), LINK (8.23%), and MATIC down 9.62% on the day.
Source:
https://tradecoind2.com/altcoins-are-getting-stronger-despite-the-dominance-of-bitcoin/
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This AI token increased 421% in 30 days, entering the top 50
Bittensor (TAO), an AI-focused cryptocurrency that markets itself as a “peer-to-peer smart marketplace,” is making waves in the hot trending altcoin segment.
Its price almost quintupled in less than 30 days due to the excitement surrounding the AI cryptocurrency.
As of press time, the price of TAO, the core native asset of the Bittensor platform, has reached an all-time high of $239.35 on major spot exchanges. In the past 30 days, TAO price has increased by more than 421%. The price rally accelerated yesterday: In 24 hours, TAO price increased by 37%.
As a result, on the CoinGecko tracker, Bittensor (TAO) has become the largest AI cryptocurrency, surpassing Render Network (RNDR), the undisputed segment leader in recent months.
Developed by the Opentensor Foundation, the Bittensor (TAO) protocol highlights the need for decentralization in the AI segment, against the centralized heavyweights of the emerging sector.
As an open source AI protocol, Bittensor (TAO) was launched by former Google developer Jacob Steeves on September 19, 2023.
Source:
https://tradecoind2.com/this-ai-token-increased-421-in-30-days-entering-the-top-50/
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Poland discovers cryptocurrency mining pool in Supreme Court
Polish officials discovered a series of cryptocurrency mining machines hidden inside the Supreme Administrative Court building in Warsaw.
Polish investigators found a large number of excavators operating in August and September, but the information was only confirmed by authorities last week. “We reported to the police about the equipment installed in the building’s technical infrastructure. They took appropriate measures, including dismantling and confiscating the equipment,” judge Sylwester Marciniak, Head of the Legal Information Department of the Polish Supreme Administrative Court, said.
Polish media said the machine is hidden in ventilation pipes and under the floors of floors, consuming more than 1,000 USD per month in electricity. Installers equipped the modem and established an Internet connection, rather than using the building’s public network, to limit the risk of detection.
The identity of the suspect behind it has not been announced. However, TVN24 television channel said those were two employees of the business in charge of managing the information technology infrastructure at the building. Both were fired, while the Polish Supreme Administrative Court terminated the contract with the operating company.
Polish officials continue to investigate, including determining the total time the mine has been in operation. The suspects may be charged with electricity theft.
Bitcoin miners often use specialized machines because mining cryptocurrency requires high computing power. This process generates a lot of heat, requiring a large amount of electricity to operate. This is the reason why places with cheap electricity prices and cool weather are often given priority to build mining facilities, as well as the appearance of underground mines using stolen electricity.
Source:
https://tradecoind2.com/poland-discovers-cryptocurrency-mining-pool-in-supreme-court/
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Community Attention to Binance’s Move of $3.9 Billion USDT Following Report of Settlement with US DOJ
Cryptocurrency community members on The US Department of Justice (DOJ) is negotiating with the exchange about a $4 billion settlement.
On November 20, a Bloomberg report citing anonymous sources said the DOJ was negotiating a deal with the world’s largest cryptocurrency exchange that would require the company to pay a $4 billion fine. Once paid, the company will be allowed to operate in the United States while complying with local laws. The report said this could be announced as soon as the end of November.
On November 9, Binance moved 3.9 billion USDT from a wallet called “Binance-Cold 2” on Tron to wallet labeled “Binance 3”. Then, 300 million USDT was transferred to another wallet, leaving about $3.6 billion in “Binance 3”. According to blockchain intelligence firm ChainArgos, the transaction is the eighth largest USDT transaction on the Tron blockchain.
https://twitter.com/ChainArgos/status/1724096558675775760
Following reports of negotiations between the exchange and the DOJ, various accounts on social media began speculating about the $3.9 billion transfer.
Some ask questions about this money, ask that where the money came from and whether it was to prepare to pay a fine. With the transfer of funds and reports of negotiations with the DOJ so close together, some Twitter users are trying to connect the pieces and figure out see if there is any connection between the two things.
https://twitter.com/DumpWatcher/status/1726715463806361666
Source:
https://tradecoind2.com/community-attention-to-binances-move-of-3-9-billion-usdt-following-report-of-settlement-with-us-doj/
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FTX’s FTT increased by 53% amid Binance’s trouble
In a surprising development, FTX’s native token, FTT, experienced a significant spike of 53% on the day. This sudden increase in value comes on the heels of the announcement that Binance CEO Changpeng Zhao (CZ), resigned as part of a settlement with the US Department of Justice (DOJ). Meanwhile, Binance’s native cryptocurrency, BNB, has faced a 13% decline in value, trading at $232 at press time.
Traders migrate to FTT
While many may attribute the decline in BNB’s value to CZ’s departure, it is important to note that altcoins have experienced a decrease in market capitalization. Interestingly, some traders have transferred capital from BNB to FTX’s FTT, showing a change in sentiment in the cryptocurrency market. Santiment, an onchain analytics company, commented on this development, highlighting the ongoing trend.
https://twitter.com/santimentfeed/status/1727131878195663127
Coinglass reports significant liquidation of Long BNB positions, totaling $3.73 million, and Short positions amounting to $1.61 million. Additionally, options volume for BNB increased significantly by 68%, reaching $2.41 million, accompanied by a 29% increase in open interest (OI) of options, currently at $3.47 million.
Changpeng Zhao, the departing CEO of Binance, took to Twitter to open up about his decision to step down, emphasizing his commitment to holding himself accountable for his actions.
“We must admit that letting go is not easy. But I knew it was the right thing to do. I made a mistake and I must take responsibility. This is what’s best for our community, for Binance, and for me.”
The sudden increase in the value of FTT and the decline in the price of BNB raise a number of questions about the future of these cryptocurrencies and the broader crypto market. CZ’s exit from Binance, one of the world’s largest cryptocurrency exchanges, sent shock waves throughout the industry.
Some experts speculate that CZ’s decision to resign may have been influenced by continued scrutiny from regulators, including the DOJ, which has increased its focus on cryptocurrency exchanges. death. The move could be seen as an attempt to address regulatory concerns and pave the way for a more compliant future for Binance.
On the other hand, FTX’s FTT has gained popularity among traders, possibly due to its stability and resilience during market fluctuations. This change in sentiment highlights the dynamic nature of the cryptocurrency market, where investors are quick to adapt to changing circumstances.
What lies ahead for FTT and BNB?
As the crypto market continues to react to CZ’s departure and the broader regulatory landscape, the future of FTT and BNB remains uncertain. Traders and investors are closely watching these developments as they could have a lasting impact on the cryptocurrency ecosystem.
FTX’s FTT, with its recent surge, has demonstrated its potential to become a competitor in the market. BNB’s ability to lure away traders suggests that it could continue to gain momentum in the coming days.
However, the cryptocurrency market is notoriously volatile and investors should exercise caution and conduct thorough research before making any investment decisions.
On the other hand, Binance’s BNB, despite facing a temporary setback, should not be underestimated. Binance remains one of the largest and most influential cryptocurrency exchanges globally, and its future decisions and actions will certainly shape the trajectory of the market.
Source:
https://tradecoind2.com/ftxs-ftt-increased-by-53-amid-binances-trouble/
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DOJ: Changpeng Zhao ‘poses an unacceptable flight risk’, should stay in US
US government prosecutors are trying to stop former Binance CEO Changpeng Zhao (CZ) from leaving the country, expressing concerns about his potential flight risk.
In a filing filed with Seattle federal court on November 22, US prosecutors asked to reconsider and overturn the judge’s decision allowing Zhao to return to his home in the United Arab Emirates. (UAE) with a bail worth $175 million on the condition that he return to the US two weeks before sentencing in February 2024.
In the proposed order, U.S. prosecutors wrote that CZ “poses an unacceptable flight risk and failure to appear if he is allowed to leave the United States to await sentencing.”
In an accompanying letter, prosecutors said if Zhao decides not to return to the United States, the government “will not be able to guarantee his return.”
In its argument, the government pointed to Zhao’s connections and favored status in the UAE, along with the country’s lack of an extradition treaty with the US, as reasons to block him from leaving.
“He has three children and a wife in the UAE; had been in the UAE and faced the prospect of returning to the United States with the risk of 18 months in prison, he could have chosen instead to remain in the UAE with his family.”
Prosecutors said Zhao could live in the UAE indefinitely thanks to his wealth, as most of it was held overseas, outside of US jurisdiction.
The government also said Zhao’s bail was inadequate because most of the $175 million used to secure his release was beyond the reach of the United States.
Zhao recently pleaded guilty, and part of his plea agreement required him to resign as CEO of the exchange and pay a $50 million fine.
Industry experts and observers have argued that Binance’s settlement with the Department of Justice is a positive outcome for the cryptocurrency industry, further legitimizing it in the United States.
Additionally, the cryptocurrency market has recovered from bad news regarding one of the most influential players in the industry.
Total market capitalization has returned to pre-Binance news levels, reaching $1.47 trillion at press time.
Source:
https://tradecoind2.com/doj-changpeng-zhao-poses-an-unacceptable-flight-risk-should-stay-in-us/
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Montenegrin court approves Do Kwon’s extradition
The High Court in Podgorica, the capital of Montenegro, has approved the extradition of Do Kwon, co-founder of Terraform Labs, based on requests from Korea and the United States.
The court said on Friday that extradition was requested on charges related to financial crimes in both countries. The court added that Kwon has agreed to extradite to South Korea, but Montenegro’s Attorney General will make the final decision on which country is given priority for extradition.
The charges against Kwon range from allegations of violating financial investment laws to conspiracy to commit fraud. South Korea is seeking his extradition for alleged crimes related to financial investment services and capital markets laws. At the same time, the United States is pursuing Kwon on charges of conspiracy to commit fraud, involving sales contracts, securities transactions and interstate transfers, among other charges.
Kwon became the focus of a worldwide pursuit in September 2022 when the international criminal police organization Interpol issued a red notice a> for him, stemmed from the collapse of two tokens he created in May 2022 – TerraUSD and Luna – which wiped out about $40 billion of investor dollars within a few days.
In April this year, Terraform’s other co-founder, Daniel Shin, was indicted in South Korea for violating capital markets laws, leading to prosecutors freezing $185 million in assets. However, Shin denied any involvement in the Terra collapse, asserting that he had left the company two years before it occurred.
Source:
https://tradecoind2.com/montenegrin-court-approves-do-kwons-extradition/
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Fan mail and ETH tip sent to KyberSwap hacker who stole $48 million
Some victims of the $48 million KyberSwap hack are no doubt anxiously waiting for the DeFi platform attacker to make his next move.
However, others appear to be taking a more proactive approach: talking directly to miners through the Ethereum blockchain.
“Hello! You did a great job, you are a great person!”, one person wrote in a message accompanying the transaction. I lost more than $155,000 USDC, you can check my wallet. Can you please send some money to help my family? I can transfer money to any wallet, please help me!”.
Other messages are much more formal:
“Hello grandparents! I am a liquidity provider on Arbitrum — 259809.7 DAI. I want to negotiate and ask how much bonus you want? I believe that code is law and that is completely up to you. Thanks in advance!”.
KyberSwap aggregates DeFi liquidity into a single pool, providing services such as a decentralized exchange and wallet for end users to instantly swap tokens through a network of smart contracts.
Following this chain first discovered something was wrong with KyberSwap on Wednesday night. Millions The cryptocurrency was suddenly withdrawn from KyberSwap contracts deployed to Ethereum, Polygon, Coinbase’s Base, Arbitrum, and Optimism, with the last two most affected.
A series of complex flash loan attacks and other targeted mining activities have depleted token liquidity pools.
KyberSwap responded by urging users to withdraw funds from the platform, and approximately $77 million was quickly withdrawn. Currently, less than $8 million is held in KyberSwap, according to DeFiLlama.
To date, the stolen money is still hidden at many different hacker addresses. After the attack subsided, the hacker initiated a transaction with the following message:
“Dear Kyberswap developers, employees, DAO members, and liquidity providers, negotiations will begin in a few hours once I am fully rested.”
This happened about a day and 18 hours ago. But nothing since then.
Ethereum allows adding a message to the input field when sending a transaction and costs around $2.
While some of the messages told the hacker he could keep some of the cryptocurrency if he returned the rest, it’s unclear whether notes like “if that money runs out, my child can’t go to school anymore, Because I don’t have any more money, please help me” are true stories from victims or not.
Some more gentle messages:
“Hello. Congratulations on that hit it was crazy, you look like a smart, arrogant and funny guy, can we talk on Telegram?”.
“Hello legend, please send me 1 million to become a dangerous person in my life, thank you, love you,” another person wrote.
There are others who advise: “I don’t know what you want to do next, but just wanted to remind that stablecoins like USDC have blocking addresses in the smart contract code.” Some even sent tips, including one worth 0.001 ETH ($2.06) and one worth 0.0000069 ETH ($0.014).
Typically, hackers have to wait days, months, or even years before attempting to launder stolen cryptocurrency. Sometimes hackers return the money after taking 10% or 20%, treating the whole thing as a gray hat joke.
Source:
https://tradecoind2.com/fan-mail-and-eth-tip-sent-to-kyberswap-hacker-who-stole-48-million/
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Cosmos officially reduces the maximum inflation rate to 10%, staking interest rate is only 13.4%
In an important decision, the Cosmos Hub community voted to enact the “Reduce ATOM Production” proposal, setting the maximum inflation rate at 10%. This proposal received 41.1% support while the opposition rate was 31.9%.
The move represents a significant reduction in ATOM’s maximum inflation, reducing the maximum inflation rate from 20% to 10%. At the same time, the annual staking interest rate decreased significantly, from 19% to 13.4%. These changes aim to redefine inflation dynamics and change the reward structure in the Cosmos network.
Proposal, to be recorded on Mintscan, a Cosmos blockchain explorer, detailing the transition and providing a comprehensive analysis of the changes.
Bitcoin Magazine recently has highlighted discussions in the Cosmos community regarding to this proposal. The report sheds light on the division among stakeholders in the Cosmos ecosystem, presenting differing views and opinions regarding the drastic halving of ATOM’s inflation rate.
This decision marks an important moment in the evolution of the Cosmos ecosystem. The reduction in staking interest and ATOM production represents a conscious effort by the community to recalibrate economic incentives, potentially affecting validators, delegators, and the overall dynamics of the Cosmos network.
Source:
https://tradecoind2.com/cosmos-officially-reduces-the-maximum-inflation-rate-to-10-staking-interest-rate-is-only-13-4/
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A federal judge in Seattle ruled on Monday that Changpeng Zhao, the former CEO of Binance, must remain in the United States.
This decision follows Zhao’s guilty plea to charges of violating US anti-money laundering laws, putting him in a legal predicament with potential implications for the crypto industry.
Former Binance CEO Changpeng Zhao detained in the US
Changpeng Zhao, a citizen of both Canada and the United Arab Emirates (UAE), is required to stay in the US until the Seattle court decides whether he should remain in the country through his sentencing in February 2024. US District Judge Richard Jones is set to review this matter, especially after the US government appealed an earlier decision allowing Zhao’s return to the UAE.
“Having considered the briefing, and the files and pleadings herein, the Court determines it will review the decision of Magistrate Judge Brian A. Tsuchida permitting Defendant to return to the United Arab Emirates pending sentencing pursuant to the conditions of his appearance bond. It is ordered that the condition permitting Defendant to return to the UAE pending sentencing is stayed until such time as this Court resolves the Government’s motion for review,” read the court filing.
Last week, the case took a dramatic turn when Zhao agreed to a $175 million bond as part of his bail arrangement. His resignation as CEO of Binance came amidst these legal challenges.
Binance, the company, also agreed to pay over $4.3 billion in a settlement. Subsequently, pleading guilty to breaking US anti-money laundering and sanctions laws.
“I made mistakes, and I must take responsibility,” Zhao said.
Facing a maximum prison sentence of 10 years, Zhao agreed not to appeal any sentence of up to 18 months. As the Justice Department spokesperson noted, the prosecution’s stance on Zhao’s jail time will be decided closer to his sentencing.
Despite Binance’s legal troubles, the crypto market has shown resilience. Bitcoin and Ethereum closed the week slightly up despite initial outflows exceeding $1 billion from Binance. Although the market depth for top traded instruments on Binance dropped by about 25%, it quickly recovered.
However, Binance’s market share tells a different story. From commanding over 70% at the start of 2023, its market share has dwindled to 46%.
The settlement and the ensuing changes have led to fluctuations in Binance’s native BNB token and trading volumes. Still, “Binance emerged mostly intact save for a large fine, the loss of its CEO, and ongoing monitoring,” said researchers at Kaiko.
Source:
https://tradecoind2.com/former-binance-ceo-changpeng-zhao-must-remain-in-the-us-said-federal-judge/
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Binance in decline, Cristiano Ronaldo faces a collective lawsuit
Professional football superstar Cristiano Ronaldo is facing a proposed class-action lawsuit from plaintiffs who claim they suffered damages from his promotion of the Binance cryptocurrency exchange, which is now facing legal scrutiny.
Documents filed in a Florida district court on November 27 state that Ronaldo “promoted, supported, and/or actively participated in the solicitation and sale of unregistered securities in coordination with Binance.”
Binance had initiated a collaborative relationship with Ronaldo in mid-2022 to promote a series of his own NFTs, including at least three collections closely associated with Binance.
The complaint alleges that users who registered for Ronaldo’s NFTs were likely to use Binance for purposes beyond, including investing in what they believe to be unregistered securities, including Binance’s BNB and its cryptocurrency profit programs.
“Ronaldo’s promotional programs attracted or supported Binance in attracting investment in unregistered securities by encouraging millions of his followers, fans, and supporters to invest in the Binance platform.”
The complaint argues that Ronaldo played a crucial role in increasing Binance’s popularity due to his influence and reach, with 850 million social media followers. They claim his NFT sales were “extremely successful” in promoting the exchange, with searches for “Binance” increasing by 500% in the week following the first sale.
The lawsuit alleges that Ronaldo knew or should have known “about Binance selling unregistered cryptocurrency securities” because he had “investment experience and abundant resources to recruit outside advisors.”
The lawsuit cites guidance from the U.S. Securities and Exchange Commission (SEC), which warns celebrities about the need to disclose payments received for cryptocurrency advertising – something the complaint alleges Ronaldo failed to do.
The named plaintiffs in the class-action lawsuit are Michael Sizemore, Mikey Vongdara, and Gordon Lewis, who are seeking compensation for damages and funds to cover legal expenses.
Meanwhile, Binance and its founder Changpeng Zhao (CZ) are dealing with their own legal troubles, having pleaded guilty and paid a $4.3 billion fine to the U.S. government for charges related to money laundering and operating an unregistered money services business.
Zhao resigned as CEO and may face 18 months in prison, while Binance agreed to Justice Department and Treasury Department compliance monitoring for five years.
The SEC has sued Binance, alleging – among other charges – that they sold unregistered securities and is reportedly investigating whether Binance misappropriated customer funds.
Source:
https://tradecoind2.com/binance-in-decline-cristiano-ronaldo-faces-a-collective-lawsuit/
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The websites of two DEXs, Velodrome and Aerodrome, have been compromised.
The decentralized exchanges Velodrome and Aerodrome have warned users that their websites have been compromised.
The incident appears to be a Domain Name System (DNS) system attack aimed at taking control of official website links. In such incidents, hackers gain control of a website and redirect users to a fraudulent site linked to a malicious contract designed to steal users’ funds.
Both Velodrome and Aerodrome have cautioned users not to interact with their websites until further notice.
“Our user interface is currently compromised. Please do not interact with Velodrome at this time. The team is investigating,” noted the team. A similar announcement was made through Aerodrome’s official account on X.
The Domain Name System is a widely used protocol that websites rely on. However, attackers can exploit DNS vulnerabilities to carry out attacks.
While there has been no official statement on the impact of the incident on user assets, analyst ZachXBT has identified over $40,000 transferred to two specific addresses, potentially funds stolen in the attack.
Velodrome is the second-largest decentralized trading protocol on the Optimistic Ethereum (formerly Optimism) Mainnet in terms of total value locked and revenue. It has a total value locked of over $139 million. Meanwhile, Aerodrome is the largest protocol on the Base by TVL, holding over $63 million.
Source:
https://tradecoind2.com/the-websites-of-two-dexs-velodrome-and-aerodrome-have-been-compromised/
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AntPool will refund the 83 BTC transaction fee
Bitcoin miner AntPool will refund $3 million worth of transaction fees it processed last week after a bug cost one user a transaction fee highest ever on the Bitcoin network.
“On November 23, some users sent 83 BTC as gas fees,” AntPool said in an announcement on Thursday. “ANTPOOL’s risk control system temporarily freezes fees when packaging transactions.”
Miners are entities that use vast computing resources to process transactions on blockchains like Bitcoin, receiving predetermined rewards each time they successfully mine a “block.”
Miners are under no obligation to return fees to users but may choose to do so when the amount is unusually large.
AntPool says it will verify the sender’s identity if they sign an onchain message through another Bitcoin transaction using the same message – which will prove ownership.
Source:
https://tradecoind2.com/antpool-will-refund-the-83-btc-transaction-fee/
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Names that benefited from Binance’s $4.3 billion settlement
After exchange Binance reached a significant multi-billion dollar settlement with US regulators last week, the on-chain data analytics firm reported a spike in Coinbase’s market share. .
On November 21, Binance and the US Department of Justice (DoJ) reacheda settlement worth 4.3 billion dollars, resolving allegations related to anti-money laundering.
However, according to research firm Kaiko Research, regulatory challenges have caused other exchanges to increase their market share.
The company recently released a report indicating that Coinbase’s trading volume increased during the trading day in Asia. Europe, outside of regular US trading hours:
“Coinbase shares rose the most outside of U.S. trading hours (9:00 p.m. – 5:00 a.m. Vietnam time), instead rising sharply in the middle of the trading day in Europe and early in the trading day in East Asia ”.
Meanwhile, Bybit is said to be changing significantly throughout the day.
The report said:
“Bybit was an immediate standout winner, gaining market share every hour and growing more than 20% over 16/24 hours.”
However, Binance has reportedly maintained its liquidity across all cryptocurrencies despite facing regulatory challenges:
The report states:
“Despite Coinbase’s growing volume market share, Binance remains the leader in liquidity, for both BTC and altcoins.”
Meanwhile, some industry leaders believe Binance partnering with the DoJ is positive for the crypto community.
Galaxy Digital’s Mike Novogratz believes that the recent legal action against Binance is a positive for the entire cryptocurrency industry.
“I think they have mitigated the risk in many ways. People are nervous when trading with Binance. Now I’m a lot less worried,” he said.
In recent news, Coinbase’s market share hit an 18-month high following Binance’s legal troubles.
According to TradingView data, on November 27, Coinbase closed at $119.77, its highest level since May 2022 ($114.25).
Coinbase reports a threefold increase in law enforcement requests, totaling 13,079 in 2023
The largest US-based exchange has seen a threefold increase in law enforcement requests in the current year compared to 2020, as revealed in its latest transparency report.
The total number of claims during the reporting period amounted to 13,079, marking an increase of about 6% over the previous year. Notably, the United States maintains its position as the leader in both 2022 and 2023, with inquiries increasing slightly in 2023.
Of the 13,079 requests sent to Coinbase from Q4 2022 to Q3 2023, 4 countries include the United States, Germany, the United Kingdom and Spain account for nearly three-quarters or 73% of the entire volume.
The United States led the way with 5,686 requests, up significantly from 5,304 the previous year, with 90.4% of these originating from criminal enforcement agencies. Germany secured second place with 1,906 claims, ahead of the UK, which saw a slight drop to 1,401 claims.
Spain ranked 4th with 732 requests. Australia emerged in 6th place with a notable 262% increase in requests to Coinbase, reaching 453. Ukraine more than tripled, while Portugal’s requests more than doubled, although These countries do not make the top 15.
Meanwhile, the number of French requests also increased significantly from 351 in 2022 to 535 in 2023.
It is important to note that these requests from government agencies and law enforcement agencies related to civil, criminal, or other investigative matters include subpoenas, court orders, warrants, and warrants. searches and other formal legal processes. Coinbase emphasizes its obligation to meet these requirements as valid under financial regulations and other relevant laws.
Coinbase further stated it may object to requests by governments, law enforcement agencies and the decision to do so will depend on the specifics of each request. In certain cases, exchanges reserve the right to request governments or law enforcement agencies to refine or limit the scope of their investigations.
The latest development follows a global trend where law enforcement agencies are increasing their efforts to combat cryptocurrency-related criminal activities. Many of these agencies are beefing up their investigative units to track potentially illegal digital asset transactions.
Harsh conditions can’t stop Coinbase
Earlier this year, Coinbase announced its decision to double down on expansion and is now touting a network of 245,000 ecosystem partners spread across 100 countries. However, the San Francisco-based cryptocurrency giant was sued by the US Securities and Exchange Commission (SEC), accusing it of selling unregistered securities. In response, Coinbase challenged the SEC’s jurisdiction in court filings in October.
Despite successive regulatory shocks, Coinbase beat its revenue forecast, revealing $674 million in the third quarter, exceeding analysts’ previous predictions. This marks a 14.2% increase compared to the same period last year.
Coinbase’s recently launched Base has expanded to become one of Ethereum’s leading layer 2 networks, competing with the likes of Arbitrum and Optimism.
In November, the company unveiled a new update to its Coinbase Commerce product, built on top of the recently introduced open source Onchain Payment Protocol. The main goal of this update is to provide merchants and customers with instant payouts, minimal fees, and broad asset support to enhance the overall payment experience.
Source:
https://tradecoind2.com/names-that-benefited-from-binances-4-3-billion-settlement/
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El Salvador’s Bitcoin Investment Ultimately Profited More Than $3 Million
The President of El Salvador today excitedly shared on
“We have no intention of selling; That was never our goal. We are fully aware that prices will continue to fluctuate in the future, which does not impact our long-term strategy.”
https://twitter.com/nayibbukele/status/1731653743668572498
Based on public statements from Bukele, it is estimated that the country owns approximately 2,744 Bitcoins.
Source:
https://tradecoind2.com/el-salvadors-bitcoin-investment-ultimately-profited-more-than-3-million/
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Terraform Labs seeks summary judgment in SEC case
Terraform Labs, the blockchain company embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC), made a significant move on December 4, 2023, by seeking summary judgment. turn off to conclude the ongoing incident.
The lawsuit was originally filed by the SEC in February 2023 against Terraform Labs and co-founder Do Kwon, for allegedly selling unregistered securities, aiming to raise billions before the project collapsed and cashed out. Electronics lose value afterwards.
Attorney defense for Terraform Labs specifically pointed to a separate case involving DEBT Box, a different entity entangled in a lawsuit with the SEC to strengthen its stance. Defense attorneys argued that the SEC misrepresented the facts in the DEBT Box case, an argument supported by the presiding judge’s comments.
In a significant development, Terraform Labs’ legal team previously sought a motion for summary judgment after a completely unsuccessful attempt to dismiss the case. The latest move draws attention to the similarities between the DEBT Box case and the Terraform Labs situation, specifically highlighting Judge Robert J. Shelby’s criticisms of past SEC conduct.
According to Terra’s legal representatives, Judge Shelby’s findings demonstrate the SEC’s seriously inaccurate representations to the court in the DEBT Box case.
The crux of Terraform Labs’ argument lies in the implications of the DEBT Box case, suggesting that the SEC’s use of excerpts of evidence in the Terra case may have been similarly flawed. This contention extends to a specific aspect of the SEC’s amended complaint against Terraform Labs and Kwon, calling into question assertions regarding control of funds or other allegations made against them. Surname.
The release of Terraform Labs’ strategy for the DEBT Box lawsuit signals a strong challenge to the SEC’s actions, leading to doubts about how the regulator handled evidence and representations in the case their ongoing.
This development marks an important turning point in the legal dispute between Terraform Labs and the SEC, providing insight into the intricate complexities of the case and the meticulous scrutiny applied to the actions juridical. The upcoming decision on Terra’s request for summary judgment will certainly resonate in the landscape of cryptocurrency regulation and the interpretation of securities laws.
Source:
https://tradecoind2.com/terraform-labs-seeks-summary-judgment-in-sec-case/
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Shiba Inu’s Shibarium will process transactions faster with the next hard fork
Shibarium, the layer 2 solution that underpins the Shiba Inu, is on the cusp of achieving a significant leap in performance.
Shytoshi Kusama, the head of the project, recently revealed that Shibarium’s current transaction processing capacity is at a robust 200 transactions per second. But that’s just the tip of the iceberg.
According to Shiba Inu developer Kaal Dhairya, the upcoming hard fork will push these numbers even higher.< /span>
Scalability problem
In the blockchain world, scalability remains an important issue, with leading networks like Ethereum, Bitcoin, and others always trying to balance efficiency and security.
Ethereum processes about 13-14 transactions per second and Bitcoin processes about 4-7 transactions per second, but newer blockchains like Solana and Polkadot are pushing the boundaries with higher capacity.
For example, Solana claims to process 50,000 transactions per second, and Polkadot’s multi-chain design offers significant scalability advantages.
Hard fork của Shibarium
The Shibarium network has undergone a significant hard fork, migrating to the Sepolia network to improve scalability and efficiency (especially in the DeFi and NFT sectors).
This upgrade introduces a strategic token burning mechanism to strengthen the network’s economic model and potentially increase token value.
The Shibarium fork, an integral part of the network’s development, aims to reduce transaction costs, increase transaction speed, and provide greater utility for its native tokens.
Source:
https://tradecoind2.com/shiba-inus-shibarium-will-process-transactions-faster-with-the-next-hard-fork/
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Binance Announces 40th Project on Launchpool: Fusionist (ACE)
Binance has announced the anticipated addition of the 40th project on Launchpool – Fusionist (ACE). ACE, the native token of the Endurance blockchain, will take center stage as it powers Fusionist, a highly anticipated AAA-rated Web3 game.
The buzz surrounding the launch is palpable, with the Fusionist website going live this afternoon, just before Launchpool kicks off. Users will have the opportunity to stake their BNB and FDUSD into separate pools to farm ACE tokens over a period of 5 days, starting exactly at 07:00 on December 13, 2023 (Vietnam time). .
Binance plans to list ACE at 13:00 on December 18, 2023 (Vietnam time), announcing trading pairs such as ACE/BTC, ACE/USDT, ACE/BNB, ACE/FDUSD and ACE/TRY . To add a layer of exclusivity, a Seed Tag will be applied to ACE, hinting at its potential for growth and development within the Binance ecosystem.
Here are the key details about the Fusionist Launchpool:
– Tên token: Fusionist (ACE)
– Total token supply: 147,000,000 ACE
– Launchpool token reward: 10,290,000 ACE (7% of total token supply)
– Initial circulating supply: 21,969,520 ACE (14.95% of total token supply)
– Smart contract address: Endurance, BNB Smart Chain
– Staking terms: Requires identity verification (KYC)
– Hourly hard limit per user:
+ 6,860 ACE in BNB pool
+ 1,715 ACE in FDUSD pool
– Pools supported:
+ Stake BNB: Reward 8,232,000 ACE (80%)
+ Stake FDUSD: Reward 2,058,000 ACE (20%)
– Farming time: 06:00 December 13, 2023 to 06:59 December 18, 2023 (Vietnam time)
The Fusionist project merges elements of blockchain gaming and the social/gaming infrastructure layer through Endurance. Fusionist is the product of a team of seasoned gaming experts, leveraging Unity and HDRP technology to promise an unparalleled gaming experience.
Meanwhile, Endurance is a decentralized/social blockchain game that has existed since January 2023, providing an extended infrastructure layer with a full range of gaming and social options such as Expeditions, Auction House, ACEdomain, and testing. Beta test. With over 1.86 million token-holding wallets and 100 million transactions since launch, Endurance boasts a rapidly growing user base and activity.
The core of this ecosystem is ACE, the native token of Endurance Blockchain, which brings multifaceted benefits:
– Spend/Earn in-game: Facilitate purchases, tournament tickets, rewards… in Fusionist and upcoming games of Fusionist team and partners.
– Ecosystem participation: Enables trading of goods and services across the entire Endurance ecosystem, including domains and social products.
– Staking and governance: Empower ACE holders to stake tokens, enhance network security, and participate in important governance decisions.
– Gas Endurance Blockchain: Acts as the transaction fuel for all activities taking place on the Endurance Blockchain.
Fusionist Launchpool marks a pivotal moment in the convergence of blockchain and gaming, underscoring Binance’s commitment to driving innovative projects in the crypto space. As the countdown to launch begins, enthusiasts and investors alike await the dawn of a new era in gaming powered by blockchain technology.
Source:
https://tradecoind2.com/binance-announces-40th-project-on-launchpool-fusionist-ace/