Cryptocurrency Market News From tradecoind2.com

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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.


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.


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.


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.


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.


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.


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.


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.



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.



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.


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.


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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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.


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.


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.


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.


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.


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/