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  • Wealth managers and VCs are helping drive institutional crypto adoption — Wave Financial execs
    Cointelegraph.com News - 5 hours ago
    “Things are much more encouraging, even though this is clearly a time of pain,” said Wave Financial’s head of business development Mike Jones. Two executives at Wave Financial, an asset management firm providing bespoke strategies to high-net-worth individuals and entities, have reported seeing increased institutional demand for crypto products amid the bear market.Speaking to Cointelegraph at the Blockchain Futurist Conference in Toronto on Wednesday, Wave Financial’s head of business development Mike Jones said institutional investment in crypto could be driven by the high end of wealth management firms including Morgan Stanley, Merrill Lynch and Goldman Sachs looking for ways to allow their clients to get exposure to the space. Jones cited the example of BlackRock partnering with Coinbase on Aug. 4, a move that will give users of the asset manager’s institutional investment management platform Aladdin access to crypto trading, custody, prime brokerage and reporting capabilities.In addition to wealth managers, the Wave exec said venture capital may see “a lot of growth” in part due to demand for innovative investment vehicles. Wave Financial’s investment and venture principal Gerard Berile added that VCs giving clients exposure to crypto without going through centralized exchanges and still dealing in large scale volume has been a “net positive for the industry as a whole.”“On the venture side of the house, the bear market has been somewhat of a positive thing,” said Berile. “Over the past year, year and a half, we’ve seen valuations of a lot of different companies get incredibly high — a bit frothy, you could say. In the past six months or so, we’ve seen valuations on companies come down to a bit more realistic valuations, and it’s become a great time to begin allocating capital.”Blockchain Futurist Conference in Toronto, Canada“What’s encouraging from a market perspective in general is that you think about the last cycle — a few years ago, a lot of the chatter that was surrounding the ecosystem then was: ‘Is this the end of crypto? Is crypto dead?’” said Jones. “From an institutional adoption standpoint and an institutional demand standpoint, the question now seems to be much more surrounding ‘Is this the right time to get in?’”He added: “Things are much more encouraging, even though this is clearly a time of pain. That comes with opportunity as well, particularly for people that are building in the space.”Related: Bitcoin institutional buying ‘could be big narrative again’ as 30K BTC leaves CoinbaseData from the blockchain seem to support some of Berile’s and Jones’ claims. Crypto intelligence firm IntoTheBlock reported in March that the number of large transactions on the Cardano blockchain increased more than 50-fold in 2020, suggesting “increasing institutional demand.” However, United States regulators have not approved certain crypto investment vehicles like an exchange-traded fund with direct exposure to Bitcoin (BTC) — many have said such a listing could attract new investors to the market.
  • Coinsquare chief operating officer shares thoughts on being the first regulated crypto dealer exchange in Canada
    Cointelegraph.com News - 5 hours ago
    The past actions of bad actors has forced the country’s regulators to take a tough stance on crypto exchanges. It’s a story that still haunts the early generation of Canadian crypto users to this day. Four years prior, Gerald Cotten, co-founder of Canada’s then-largest cryptocurrency exchange QuadrigaCX, died under mysterious circumstances in India. But, before his passing, Cotten took virtual keys for digital wallets and moved them into cold storage, leading to the permanent loss of $190 million in user funds.The incident triggered a crisis of confidence in the country’s emerging crypto sector and made regulators deeply skeptical of blockchain technology. However, old wounds eventually heal. Fast forward to today, and Coinsquare has taken over to become one of Canada’s largest crypto exchanges, with $8 billion in cumulative trading volume since 2014.In an interview with Cointelegraph business editor Sam Bourgi, Coinsquare chief operating offic Eric Richmond explained that a regulatory framework now exists to prevent similar incidents in the future:“We’ve taken a much different approach than the U.S. Unlike firms south of the border, all crypto trading platforms here need to be registered with the Investment Industry Regulatory Organization of Canada (IIROC). There is a backlog with processing applications at the moment, while we had ours submitted from back in Nov. 2020 as we wanted to be one of the first regulated players out there.”As the regulation only came into force recently, all crypto exchanges are given a two-year exemption where they must register with the IIROC during this period. Currently, Coinsquare is the only firm in the space that is IIROCregistered. Similarly, the company has a strict set of rules in place when it comes to listing new tokens to ensure its users do not fall victim to scams:“We put it through evaluating the underlying technology, the marketing, the team behind it, analyzing potential legal issues, irregular price movements, etc. We go through his in-depth analysis across different teams, such as compliance, business, legal, and security. It’s about genuinely understanding the token. And if it passes the tests, then the listing threshold is set.”Canadian regulators have taken a harsh stance on exchanges allegedly not abiding by the new rules. In March, Binance ceased operations in the province of Ontario and admitted to the Ontario Securities Commission (OSC) that it was unregistered there. Similarly, the OSC took enforcement action against cryptocurrency exchanges KuCoin and Bybit, claiming a violation of securities laws. 
  • SBI Group reports investee getting CFTC approval for OTC derivatives trading in US
    Cointelegraph.com News - 6 hours ago
    Under the U.S. Commodity Exchange Act and CFTC regulations, derivatives exchanges must have approval to operate as a Designated Contract Market or a Swap Execution Facility. The United States subsidiary of electronic trading platform developer Clear Markets has reportedly received approval from the Commodity Futures Trading Commission, or CFTC, to offer over-the-counter crypto derivatives products with physical settlement.In a Tuesday notice, SBI Holdings — a stakeholder of Clear Markets — said the CFTC had approved the U.S. subsidiary operating a Swap Execution Facility, in which it plans to offer derivatives trading for U.S. dollar and Bitcoin (BTC) pairs. The Japan-based financial services company said its market maker planned to expand its trading partners in the United States following pilot transactions on Clear Markets.SBI Holdings announced it had acquired a 12% stake in Clear Markets in August 2018, which it planned to increase in the future. At the time, the Japanese firm said the investment was aimed at creating a crypto derivatives trading platform catered toward institutional investors. Under the Commodity Exchange Act and related CFTC regulations, derivatives exchanges — whether dealing with crypto or other assets — must have approval to operate as a Designated Contract Market or a Swap Execution Facility in the United States. According to the Fiscal Year 2023 budget request released in March, the CFTC was considering expanding its authority over financial products using crypto.Related: What really goes on at a crypto OTC desk?In May, a federal court ordered three co-founders of BitMEX to pay $30 million in civil monetary penalties for allegedly violating the CFTC’s conditions. Major investment bank Goldman Sachs has also reportedly been looking into breaking into crypto derivatives products through the U.S. subsidiary of cryptocurrency exchange FTX.Cointelegraph reached out to the CFTC and Clear Markets, but did not receive a response at the time of publication.
  • $475M in Bitcoin options expire this week — Are bulls or bears poised to win?
    Cointelegraph.com News - 7 hours ago
    BTC futures data shows bulls are not sure that Bitcoin price will hold above $24,000, but range-bound action could help them profit from Aug. 12’s $475 million options expiry. Bitcoin (BTC) has been posting higher lows for the past eight weeks, but during this time, BTC has not been able to flip the $24,000 resistance to support on at least three different opportunities. This is precisely why the $475 million Bitcoin options expiry on Aug. 12 might be a game changer for bulls.Considering the current regulatory pressures in play, there seems to be a good enough rationale for avoiding bullish bets, especially after the U.S. Securities and Exchange Commission pressed charges against a former Coinbase manager for illegal securities trading on July 21. The additional impact from the Terra (Luna) — now renamed Terra Classic (LUNC) — ecosystem imploding and subsequent crypto venture capital firm Three Arrows Capital (3AC) registering for bankruptcy continue to weigh on the markets. The latest victim is crypto lending platform Hodlnaut, which suspended user withdrawals on Aug. 8.For this reason, most traders are holding back their bets above $24,000, but events outside of the crypto market might have also negatively impacted investors’ expectations. For example, according to regulatory filings released on Aug. 9, Elon Musk sold $6.9 billion worth of Tesla stock. Moreover, on Aug. 8, Ark Investment manager CEO Cathie Wood explained that the 1.41 million Coinbase (COIN) shares sold in July were caused by regulatory uncertainty and its potential impact on the crypto exchange’s business model.Most bearish bets are below $23,000Bitcoin’s failure to break below $21,000 on July 27 surprised bears because only 8% of the put (sell) options for Aug. 12 have been placed above $23,000. Thus, Bitcoin bulls are better positioned for the $475 million weekly options expiry.Bitcoin options aggregate open interest for Aug. 12. Source: CoinGlassA broader view using the 1.23 call-to-put ratio shows more bullish bets because the call (buy) open interest stands at $262 million against the $212 million put (sell) options. Nevertheless, as Bitcoin currently stands above $23,000, most bearish bets will likely become worthless.If Bitcoin’s price remains above $23,000 at 8:00 am UTC on Aug. 12, only $16 million worth of these put (sell) options will be available. This difference happens because there is no use in the right to sell Bitcoin at $23,000 if it trades above that level on expiry.Bulls could pocket a $150 million profitBelow are the four most likely scenarios based on the current price action. The number of options contracts available on Aug. 12 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:Between $21,000 and $22,000: 70 calls vs. 4,200 puts. The net result favors bears by $90 million.Between $22,000 and $24,000: 1,600 calls vs. 1,460 puts. The net result is balanced between bulls and bears.Between $24,000 and $25,000: 3,700 calls vs. 120 puts. The net result favors bulls by $90 million.Between $25,000 and $26,000: 5,900 calls vs. 30 puts. Bulls increase their gains to $150 million.This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.Related: Bitcoin braces for US inflation data as CPI nerves halt BTC price gainsFutures markets show bulls are less inclined to show strengthBitcoin bears need to pressure the price below $24,000 on Aug. 12 to balance the scales and avoid a potential $150 million loss. However, Bitcoin bulls got $265 million worth of leverage long futures positions liquidated between Aug. 8 and 9, so they are less inclined to push the price higher in the short term.With that said, the most probable scenario for Aug. 12 is the $22,000 to $24,000 range, providing a balanced outcome between bulls and bears. Considering Bitcoin’s negative 50% performance year-to-date, even a small $90 million win for bulls could be regarded as a victory, but that would require sustaining BTC above $24,000.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
  • Crypto exchange Hotbit says it froze customer funds due to alleged criminal ties of formal employee
    Cointelegraph.com News - 7 hours ago
    It’s not yet clear how the alleged criminal misconduct of a former employee led to a law enforcement freeze on users’ funds. On Thursday, cryptocurrency exchange Hotbit said it “suspended trading, deposit, withdrawal and funding functions,” with no timeframe for resumption. In explaining the decision, Hotbit stated:”A former Hotbit management employee who left in April this year was, unbeknownst to Hotbit, involved in a project in 2021 that law enforcement authorities now think is suspected of violating criminal laws. As a result, a number of Hotbit senior managers have been subpoenaed by law enforcement since the end of July and are assisting in the investigation. Furthermore, law enforcement has frozen some funds of Hotbit, which has prevented Hotbit from running normally.”The firm further claims that the remainder of its employees are not involved in the project and possess no knowledge of the alleged illicit activities. With regards to the frozen assets, Hotbit says:”The assets of all users are safe on Hotbit. Hotbit will resume normal service as soon as the assets are unfrozen. All user’s assets and data on Hotbit are secure and correct. However, we are still actively cooperating with the law enforcement authorities in their investigations and are continuously communicating with them through our lawyers and applying for the release of funds.”Hotbit is currently headquartered in Hong Kong. As a result of the trading freeze, all unfilled orders will be canceled, and all leveraged exchange-traded fund positions will be liquidated. Meanwhile, Hotbit claims that the income of users’ investment products will be distributed normally and that a “compensation plan” for users will be published when the website is resumed. In the past 24 hours, Hotbit processed $25.6 million worth of digital asset transactions.
  • Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
    Cointelegraph.com News - 7 hours ago
    After Aug. 10’s neutral CPI print, Bitcoin and altcoins are attempting to flip stiff overhead resistance levels to support in order to prepare for the next leg up. The Aug. 10 Consumer Price Index (CPI) report shows year-over-year inflation rose 8.5% in July and while this figure is below economists’ expectations of 8.7%, it is still high. Although inflation remains much higher than the Federal Reserve’s 2% target, the marginal slowdown raises hopes that the rate hikes by the Federal Reserve have started to work. That has reduced the probability of a 75 basis point rate hike in the September meeting from 68% on Aug. 9 to 37.5%, according to CME group data.Risky assets, including the cryptocurrency markets, responded positively to the CPI print. Compared to Bitcoin (BTC), the altcoins are enjoying a stronger rally. This has pulled Bitcoin’s dominance near its yearly lows while Ether (ETH) has climbed near its yearly high.Daily cryptocurrency market performance. Source: Coin360According to CoinShares data, Ether-related products have seen inflows of $159 million in the past seven weeks. This indicates that Ether seems to be garnering attention from institutional investors in anticipation of the Merge, which is scheduled for Sept. 19. Could Bitcoin and altcoins sustain the higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.BTC/USDTBitcoin turned down from $24,245 on Aug. 8 and dropped to the 20-day exponential moving average (EMA) ($22,966) on Aug. 9. The bulls aggressively purchased the dip on Aug. 10 and are attempting to push the price above the overhead resistance at $24,668.BTC/USDT daily chart. Source: TradingViewIf they succeed, the BTC/USDT pair could pick up momentum and rally to $28,000. The bears may mount a strong resistance at this level but if bulls overcome this barrier, the pair could rise to $32,000. The gradually upsloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate the path of least resistance is to the upside.Conversely, if the price turns down from $24,668, the bears will again attempt to sink the pair below the 20-day EMA. If they manage to do that, the pair could decline to the 50-day simple moving average (SMA ($21,708). A break below this level could tilt the advantage in favor of the bears.ETH/USDTEther turned down from $1,818 on Aug. 8 but the bears could not sink the price below the 20-day EMA ($1,637). This suggests strong demand at lower levels.ETH/USDT daily chart. Source: TradingViewThe ETH/USDT pair rebounded off the 20-day EMA on Aug. 10 and has cleared the overhead hurdle at $1,818. If buyers sustain the price above this level, the pair could rally to the psychological level of $2,000 and then to $2,200. The rising moving averages and the RSI in the positive territory indicate that bulls have the upper hand.This bullish view will be invalidated if the price turns down and plummets below the 20-day EMA. If that happens, the pair may drop toward the 50-day SMA ($1,388). That could delay the start of the next leg of the up-move.BNB/USDTBNB turned down from the overhead resistance zone of $338 to $350 on Aug. 8 but the bears could not sustain the lower levels on Aug. 10. This suggests that bulls are aggressively buying the dips.BNB/USDT daily chart. Source: TradingViewThe bulls will again attempt to clear the overhead zone. If they succeed, the BNB/USDT pair could pick up momentum and rally toward $414. Although the rising moving averages indicate advantage to buyers, the overbought zone on the RSI indicates that a minor pullback or a consolidation is possible in the near term.If the price turns down from the overhead zone, the first support is at $308. The bears will have to sink the price below this level to challenge the 20-day EMA ($296). This is an important level to keep an eye on because a break and close below it could sink the pair to $275.XRP/USDTThe bulls failed to push XRP above the overhead resistance at $0.39 on Aug. 8. This attracted sharp selling by the bears who pulled the price below the 20-day EMA ($0.37) on Aug. 9.XRP/USDT daily chart. Source: TradingViewA minor positive is that the bulls bought the dip and have pushed the price back above the 20-day EMA on Aug. 10. The buyers will again attempt to push the price above the overhead resistance zone between $0.39 and $0.41. If they succeed, the XRP/USDT pair could rise to $0.48 and later to $0.54.Contrary to this assumption, if the price turns down from the overhead resistance and breaks below the 50-day SMA ($0.35), it will suggest that the pair may remain range-bound between $0.30 and $0.39 for a few more days.ADA/USDT Cardano (ADA) turned down from the overhead resistance at $0.55 on Aug. 8 and dropped to the 20-day EMA ($0.51) on Aug. 9, indicating that bears continue to defend the overhead resistance aggressively.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair rebounded sharply off the 20-day EMA on Aug. 10, suggesting that the bulls are buying the dips with vigor. If buyers clear the overhead hurdle, the pair could start its northward march to $0.63 and then to $0.70. Contrary to this assumption, if the price once again turns down from $0.55, the likelihood of a break below the 20-day EMA increases. If that happens, the pair could remain range-bound between $0.45 and $0.55 for a few more days.SOL/USDTThe bulls tried to push Solana (SOL) to the overhead resistance at $48 on Aug. 8 but the bears had other plans. They stalled the recovery attempt at $44 and pulled the price back below the 20-day EMA ($40) on Aug. 9.SOL/USDT daily chart. Source: TradingViewBoth moving averages have flattened out and the RSI is just above the midpoint, indicating a balance between supply and demand. If the price rises from the current level and breaks above $44, the SOL/USDT pair could challenge the stiff resistance at $48. A break above this level will complete a bullish ascending triangle pattern, opening the doors for a possible rally to $60 and then to the pattern target at $71.Conversely, if the price turns down from the current level and breaks below the support line, the advantage could tilt in favor of the bears. The pair could then drop to $32.DOGE/USDTThe long wick on Dogecoin’s (DOGE) Aug. 9 candlestick shows that the bears are aggressively defending the overhead resistance at $0.08. The sellers are attempting to build upon their advantage by pulling the price below the moving averages.DOGE/USDT daily chart. Source: TradingViewIf they succeed, the DOGE/USDT pair could drop to the trendline of the ascending triangle pattern. A break and close below this support could invalidate the bullish setup. The pair could then decline to $0.06.Conversely, if the price turns up from the current level, it will suggest that bulls continue to buy on dips. The bulls will then make one more attempt to push the pair above the overhead resistance and start a new up-move. If they succeed, the pair could rally to $0.10.Related: TORN price sinks 45% after U.S. Treasury sanctions Tornado Cash — Rebound ahead?DOT/USDTPolkadot (DOT) broke and closed above the overhead resistance at $9 on Aug. 8 but the bulls could not build upon this strength. The bears sold aggressively and pulled the price back below $9 on Aug. 9.DOT/USDT daily chart. Source: TradingViewHowever, a positive sign is that the DOT/USDT pair rebounded sharply off the 20-day EMA ($8.30). This indicates that the sentiment has turned positive and traders are buying on dips. The bulls will attempt to push the price to $10.80 and later to $12.To invalidate this view, the bears will have to pull the price back below the 20-day EMA. Such a move will suggest that higher levels continue to attract strong selling by the bears. That could result in a range-bound action for a few days.MATIC/USDTThe bulls have successfully sustained Polygon (MATIC) above the 20-day EMA ($0.87) but have failed to challenge the overhead resistance at $1.02. This suggests a lack of demand at higher levels.MATIC/USDT daily chart. Source: TradingViewThe gradually rising 20-day EMA and the RSI in the positive territory, indicate that bulls have the upper hand. If buyers push the price above $0.95, the MATIC/USDT pair could rally to the overhead resistance at $1.02. This is an important level for the bears to defend because a break above it could result in a rally to $1.26 and then $1.50.Alternatively, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that the pair may oscillate between $0.75 and $1.02 for some more time.AVAX/USDTThe long wick on Avalanche’s (AVAX) Aug. 8 candlestick shows that bears have not given up and they continue to sell on rallies. The price slipped back to the breakout level on Aug. 9 but the bulls successfully defended the level on Aug. 10.AVAX/USDT daily chart. Source: TradingViewIf buyers sustain the rebound, the AVAX/USDT pair could break above the overhead resistance at $31. If that happens, the pair could resume its up-move to $33 and later to the pattern target of $39.05. The key level to watch on the downside is the 20-day EMA ($24.88). If bears sink the price below this support, it will suggest that the breakout above $26.38 may have been a bull trap. The pair could then decline to the support line.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.
  • CryptoPunk to be split into pieces: Nifty Newsletter, Aug 3–9
    Cointelegraph.com News - 8 hours ago
    Ethereum co-founder Vitalik Buterin proposed a way to anonymize NFT transactions using smart contracts. In this week’s newsletter, read about Ethereum co-founder Vitalik Buterin’s proposal for stealth nonfungible token (NFT) ownership. Check out how a CryptoPunk will be split into thousands of pieces to enable smaller investors to access it, and how the NFT play-to-earn game Axie Infinity plans to double down on South Korea despite regulatory hurdles. In other news, learn about how NFT storage works according to two NFT experts. Lastly, check out how a Redditor turned criticisms of the NFT space into NFTs. Vitalik Buterin proposes stealth addresses for anonymous NFT ownershipVitalik Buterin, co-founder of Ethereum, proposed what he dubs a “low-tech approach” to adding privacy to NFT transactions. According to Buterin, smart contract wallets can add a method that allows senders to mask their addresses to third parties. In a tweet, Buterin wrote that, for example, one can send an NFT to an address like vitalik.eth without anyone except the new owner being able to see where the NFT was sent. However, with this method, senders need to have enough Ether (ETH) to pay five to 50 times in fees. Continue reading… A slice of the punk: CryptoPunk NFT to be split into thousands of piecesWith NFTs becoming more expensive, fractionalization is becoming a solution that lets smaller investors have a share of popular NFTs like CryptoPunks. Through a new campaign, a Punk’s ownership will be in 56,000 wallet addresses that signed up to get a share. This effort gives NFT users a chance to participate in an NFT collection that was once out of their reach but has now become more affordable through fractionalization. The campaign is facilitated by Unique Network, an NFT infrastructure built on top of Kusama and Polkadot. Continue reading… Axie Infinity looking to ‘double-down’ on the South Korean marketJeffrey Zirlin, co-founder of Sky Mavis — the company behind the NFT play-to-earn game Axie Infinity — spoke to Cointelegraph at the Korea Blockchain Week. He said that despite regulatory hurdles in South Korea, the team is still looking at the region and how the team can tailor the game to serve its players in the area. Zirlin noted that their team wants to “double-down” on the region. He said that as Koreans don’t really speak a lot of English, there are barriers to Korean players getting their hands on the game. Because of this, the Sky Mavis co-founder said the company wants to localize. Continue reading… Nonfungible tokens don’t live on the blockchain, experts sayIn a Cointelegraph interview, NFT experts Jonathan Victor and Alex Salnikov talked about the misconceptions surrounding NFT storage. According to the two, NFTs are not stored on the blockchain but on other decentralized storage platforms, such as the InterPlanetary File System (IPFS) and Filecoin. Salnikov explained that because NFTs are a relatively new concept, there are many people who don’t know how NFT storage works. Clarifying the topic, Salnikov said that the NFTs that are in a user’s wallet only point to the file that it represents. The actual file, called the NFT’s metadata, is stored somewhere else, according to the CEO of NFT marketplace Rarible. Continue reading… Worthless JPEGs: Redditor turns NFT criticism into NFTsIn a mission to mock NFT critics, a Reddit user who goes by the name u/busterrulezzz introduced his NFT collection in the r/cryptocurrency subreddit to entertain community members as critics rejoice in the bear market. Compiling a collection dubbed “Worthless JPEGs!,” the Redditor curated quotes from the internet along with lines from prominent critics, such as Warren Buffet, Peter Schiff and Dan Olson, minting their anti-NFT sentiments into NFTs. Continue reading…Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
  • Optimism TVL surges nearly 300% M/M ahead of The Merge upgrade
    Cointelegraph.com News - 9 hours ago
    The Ethereum scaling solution has surpassed $1 billion in total value locked within a matter of weeks. According to data from DefiLlama, total value locked (TVL) on Optimism, a layer-2 scaling solution for the Ethereum blockchain, has surged 284% in the past month. The vast majority of TVL consists of users lending and borrowing assets on Aave through Optimism’s layer-2 chain.Investors have been bidding up digital assets related to the Ethereum ecosystem in anticipation of The Merge upgrade, which will see the blockchain transition from a proof-of-work network to that based on proof-of-stake. According to a recent Ethereum developer call, the tentative date for The Merge coming online has been scheduled for Sept. 19. As a layer-2 Ethereum blockchain, Optimism seeks to scale the ecosystem via Rollups, or off-chain computations, to speed up transactions. Transactions are recorded on Optimism and finalized on Ethereum.The project is home to 35 protocols, including derivatives exchange Synthetix, decentralized exchange Uniswap, and automated market maker Velodrome. Due to the high volume of user trade orders on exchanges (including cancellations), the Ethereum blockchain’s current capacity of 30 transactions per second is ill-equipped to handle such demand. However, some experts predict that the network could potentially scale to 100,000 transactions per second after The Merge upgrade, with layer-2 solutions further enhancing such capacity. Optimism blocks are constructed and executed on layer-2 while user transactions are batched up and submitted to the Ethereum layer-1. On layer-2, transactions are immediately accepted or rejected with no mempool, enabling a fast user experience. Correspondingly to the TVL development, the project’s namesake tokens have also rallied by 300% during the same period.Dai on Optimism From 30 million to 140 million in 5 days. pic.twitter.com/AQlNWvX6c9— Maker (@MakerDAO) August 9, 2022
  • $29K Bitcoin is closer than you might expect, according to derivatives data
    Cointelegraph.com News - 10 hours ago
    Derivatives data show a clear path to $29,000, but inflation and unemployment data will continue to be crucial to determining BTC price rallies. Bitcoin (BTC) price continues to battle at the $24,000 resistance and the price was rejected there on Aug. 10, but the rejection was not enough to knock the price out of the 52-day-long ascending channel. The channel has a $22,500 support and this bullish formation suggests that the BTC price will eventually hit the $29,000 level by early October.Bitcoin/USD 12-hour price. Source: TradingViewBitcoin derivatives data does show a lack of interest from leveraged longs (bulls), but at the same time, it does not price higher odds of a surprise crash. Curiously, the most recent Bitcoin downturn on Aug. 9 was accompanied by a negative performance from U.S.-listed stocks.On Aug. 8, chip and video graphics card maker Nvidia Corp (NVDA) announced that its 2Q sales would present a 19% drop compared to the previous quarter. Moreover, the U.S. Senate passed a bill on Aug. 6 that could negatively impact corporate earnings. Despite freeing $430 billion to fund “climate, healthcare and tax,” the provision would impose a 1% tax on the stock buyback by publicly traded companies.The high correlation of traditional assets to cryptocurrencies remains a huge concern for some investors. Investors should not be getting ahead of themselves even if inflationary pressure recedes because the U.S. Fed monitors employment data very closely. The latest reading displayed a 3.5% unemployment typical of overly heated markets, forcing the monetary authority to keep raising interest rates and revoking stimulus debt purchase programs.Reducing risk positions should be the norm until investors clearly indicate that the U.S. Central Bank is closer to easing the tighter monetary policies. That is precisely why crypto traders are following macroeconomic numbers so closely.Currently, Bitcoin lacks the strength to break the $24,000 resistance, but traders should study derivatives to gauge professional investors’ sentiment.Bitcoin derivatives metrics are neutral-to-bearishThe Bitcoin futures annualized premium measures the difference between longer-term futures contracts and the current spot market levels. The indicator should run between 4% to 8% to compensate traders for “locking in” the money until the contract expiry. Thus, levels below 2% are extremely bearish, while the numbers above 10% indicate excessive optimism.Bitcoin 3-month futures’ annualized premium. Source: LaevitasThe above chart shows that this metric dipped below 4% on June 1, reflecting traders’ lack of demand for leverage long (bull) positions. However, the present 2% reading is not particularly concerning, given that BTC is down 51% year-to-date.To exclude externalities specific to the futures instrument, traders must also analyze Bitcoin options markets. The 25% delta skew is a telling sign whenever arbitrage desks and market makers overcharge for upside or downside protection.Related: Bitcoin price sees $24K, Ethereum hits 2-month high as US inflation shrinksIf those traders fear a Bitcoin price crash, the skew indicator will move above 12%. On the other hand, generalized excitement reflects a negative 12% skew.Bitcoin 30-day options 25% delta skew: Source: LaevitasData shows that the skew indicator has been ranging between 3% and 5% since Aug. 5, which is deemed to be a neutral area. Options traders are no longer overcharging for downside protection, meaning they might lack excitement, but at least they have abandoned the “fear” sentiment seen in the last few months.Considering Bitcoin’s current ascending channel pattern, Bitcoin investors probably should not worry too much about the lack of buying demand, according to futures market data. Of course, there is healthy skepticism reflected in derivatives metrics, but the path to a $29,000 BTC price remains clear as long as inflation and employment statistics are under control.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision
  • CFTC and SEC propose amending reporting rules for large hedge funds on crypto exposure
    Cointelegraph.com News - 10 hours ago
    The two U.S. financial regulators cited the growth in the hedge fund industry as the reason for the proposed change, due in part to digital asset investments becoming more common. The United States Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, has proposed requiring large advisers to certain hedge funds to report any exposure to digital assets.In a Wednesday notice, the SEC and CFTC proposed amending their confidential reporting form for certain investment advisers to private funds of at least $500 million. The Form PR would require qualifying hedge funds to not include exposure to cryptocurrencies when reporting “cash and cash equivalents,” but rather add them under a different category “to report digital asset strategies accurately.”The two U.S. financial regulators cited the growth in the hedge fund industry as the reason for the proposed change, due in part to digital asset investments becoming more common since Form PR was introduced in 2008. According to the SEC and CFTC, having investment advisers provide more detailed information on strategies and exposure to certain assets would allow the Financial Stability Oversight Council to better assess potential risks to the U.S. economy.“In the decade since the SEC and CFTC jointly adopted Form PF, regulators have gained vital insight with respect to private funds,” said SEC chair Gary Gensler. “Since then, though, the private fund industry has grown in gross asset value by nearly 150 percent and evolved in terms of its business practices, complexity […] If adopted, [this proposal] would improve the quality of the information we receive from all Form PF filers, with a particular focus on large hedge fund advisers.”Our Commission will be meeting shortly to consider proposed changes to Form PF to amend reporting requirements for all filers and large hedge fund advisers.Tune in to the livestream of our meeting at 10am ET: https://t.co/RhiOji1iyR— U.S. Securities and Exchange Commission (@SECGov) August 10, 2022 A fact sheet on the proposal released on Wednesday showed the number of private funds has increased by roughly 55% between 2008 and the third quarter of 2021. According to data from market research firm IBISWorld, there were 3,841 U.S.-based hedge funds as of 2022.Related: Within five years, US hedge funds expect to hold 10.6% of assets in cryptoPricewaterhouseCoopers reported in June that roughly one-third of the traditional hedge funds it surveyed globally were invested in crypto, but more than half had less than 1% exposure to digital assets out of their total assets under management. According to the firm, respondents cited “regulatory and tax uncertainty” as the greatest barrier to investing in crypto.
  • Binance optimistic on Philippines entry despite SEC pushback
    Cointelegraph.com News - 11 hours ago
    Binance’s head of Asia-Pacific Leon Foong said that they are not distracted by the efforts of so-called lobbying bodies to ban Binance. Despite the Philippine Securities and Exchanges Commission warning the public against investing with Binance, the crypto exchange stays positive and relentless in bringing its services to the Southeast Asian country. In an interview, Binance’s head of Asia-Pacific Leon Foong told Cointelegraph that they are very optimistic about being able to enter the Philippines. The executive highlighted that despite the efforts of a lobbying group to ban Binance, the firm will continue to be focused on trying to bring the benefits of crypto to the country. He explained that: “We tend not to really get distracted by what some of these other so-called lobbying bodies are doing. Rather, we want to focus on how we continue offering our users a better experience.”Foong believes that blockchain technology will be a key driver for financial inclusion and bring a huge opportunity to Filipinos. According to Foong, tech investments were once exclusive only to high-net-worth individuals. But with crypto and blockchain, the chance to invest in these projects is opened up to the masses across the globe. He said that: “If you look at how crypto and how digital assets have developed over the years, it has actually opened up investment opportunities in new technologies and in new projects.” Apart from these, the Binance executive also shared perspectives on how the country can increase its foreign direct investment volume. Foong said that this requires a regulatory framework that welcomes local and global players and rules that are pro-competition, pro-innovation and pro-user protection. Lastly, the executive said that the country must enable users to access global liquidity, with traders trading on the same order book. Related: Binance ban off the cards, says Philippine trade and industry departmentRegarding regulation, Foong commented that the Philippines is doing a great job creating its frameworks around the virtual asset service provider (VASP) and e-money issuer (EMI) licenses. When asked about the exchange’s progress in acquiring these critical licenses, the executive said they submitted the relevant paperwork. Still, they cannot comment any further as the details are confidential. He said that: “I think we are optimistic that we’ll be given a chance to really acquire a registered entity in the Philippines and be able to work closer with key local stakeholders to offer the people the digital assets and blockchain experience that they deserve.” According to Foong, compliance with regulation is a focus for the crypto exchange as it makes them accountable to their users. Additionally, having a direct relationship with regulators is very helpful in terms of clearing up misconceptions about the blockchain and crypto space.
  • El Salvador’s ‘My First Bitcoin’: How to teach a nation about crypto
    Cointelegraph.com News - 12 hours ago
    If successful, the “Mi Primer Bitcoin” program, which recently rolled out in El Salvador, could be coming soon to a school near you. The grassroots Mi Primer Bitcoin, meaning “My First Bitcoin,” program has picked up steam in El Salvador. The first cohort of Bitcoiner-come-students began studies in May. Founded by John Dennehy, an American activist and journalist, the program also has the support of the Salvadoran government. El Salvador’s first #Bitcoin diploma program launched with the support of its Ministry of Education pic.twitter.com/ajIHPHzqap— Bitcoin Magazine (@BitcoinMagazine) May 2, 2022 Cointelegraph spoke with Dennehy and Gilberto Motto, El Salvador’s director of education, to delve into the country’s struggles and successes in Bitcoin (BTC) education and to understand the rate at which it is spreading among the land of volcanoes. The genesis blockWhen El Salvador adopted Bitcoin as legal tender on June 8, 2021, very few Salvadorans besides President Nayib Bukele could explain concepts like seed phrases, satoshis or mining. There was “Bitcoin Beach,” the name donned to the sleepy surf town El Zonte, the birthplace of Bitcoin adoption in El Salvador. But the 3,000 local residents would have their work cut out to teach the remaining 6 million population. Indeed, Salvadorans would require hundreds of hours of training, learning and “orange-pilling” to be able to save and transact in Bitcoin.The moment Bukele onboarded up to 6 million people into the Bitcoin protocol. Source: TwitterA mammoth task loomed for the Salvadoran government. Motto told Cointelegraph that as per Article 6 of the Bitcoin Law, “The State will provide training on the use of this cryptocurrency.” However, what would that training look like? How could the state rapidly and effectively introduce Bitcoin classes when they themselves would also have to get to grips with new money? All the while, Bitcoiners, commentators and the mainstream media watched as the El Salvador experiment played out. Dennehy, who had spent the past living and working in Latin America, told Cointelegraph that upon the law’s announcement, he had to get to the country as soon as possible:“I knew that I wanted to do something to help make sure that it worked out, that it was a success here.”Dennehy had been “predisposed to the separation of money and state” for some time, and upon first learning of Satoshi Nakamoto’s innovation, while living in Ecuador in 2013, he became a fervent Bitcoiner. He jokes that as per most “OG” Bitcoiners’ experiences, the first exchange he bought BTC from was hacked, losing him around 2 BTC at the time — now worth over $40,000 at the time of writing. Almost 10 years later and after the arrival of the first country to adopt Bitcoin, he had to find a way to pitch in. He flew to El Salvador the second the opportunity would allow. However, similar to other Bitcoiners who have made the pilgrimage to El Salvador, he was struck by how few merchants and vendors accept Bitcoin. “There were effectively zero [merchants] when the law came into effect,” Dennehy told Cointelegraph in May.Rikki, a Bitcoin podcaster and human rights activist who spent 45 days living in El Salvador living on Bitcoin and nothing else, told Cointelegraph similar stories about his travels in Bitcoin Land: “Nobody here knows anything about Bitcoin. [The government] didn’t provide one second of education to the people of El Salvador.”Motto explained to Cointelegraph that Bitcoin has since been incorporated into financial education as well as financial literacy programs across the country. Motto told Cointelegraph that “The Ministry of Education, Science and Technology is working together with various institutions related to Bitcoin in the country”:“Including Bitcoin Beach Wallet, Mi Primer Bitcoin and others, in the development of a training module in Financial Education that incorporates updated content such as cryptocurrencies and electronic wallets.”Even so, relying on a government or third party to get things done would be counter to Bitcoin’s ethos, that of “Don’t trust, verify.” A grassroots Bitcoin education campaign that would spread like the network, one which would complement and extend the government’s Bitcoin education plans, would be well suited.Mi Primer Bitcoin, founded by Dennehy in 2021, is a nongovernmental organization that offers free Bitcoin education to Salvadorans. It has since received funding from the LookingGlass as well as IBEX Mercado, a Bitcoin and Lightning Network service provider.Now this is an initiative worth putting time and effort into. Got some spots open for Bitcoiners that want to help and make a difference, at the grass roots level.DM me if interested..https://t.co/y1cvrESJt1— Svetski. UnCommunist.com (@SvetskiWrites) July 7, 2022 The project came to Dennehy during his first conversations with Salvadorans when familiarizing himself with his new home. He’d ask casually, “Do you take Bitcoin?” and realized that many people not only didn’t accept Bitcoin, but they asked Dennehy to explain the decentralized currency to them.“They were interested to learn more. They saw something with varying degrees of knowledge level, but generally low, low but interested,” he said.Some of the first teachers on the program came for the preliminary meetings that Dennehy hosted in Airbnbs and meeting rooms. The first class took place on Sept. 24, 2021 in a yoga studio “because we were starting from zero,” Dennehy detailed. “We had no funds, we had no spaces. […] And in fact, in our first class, one student came,” he said.Unabashed and with a conviction forged across multiple Bitcoin bear markets, Dennehy and his team soldiered on. By October, classes had ramped up to almost 80 students, and November boasted over 250. The Bitcoin price was also beginning to soar — a likely catalyst:“The reality is that interest level changes depending on what the price does.”Nonetheless, interest was sustained during 2022’s price action. The class numbers reached all-time highs in April this year of over 800 students while the price sank to yearly lows. The classes boil down to financial literacy, from the history of money to what problems money solves, Dennehy explained. Financial literacy and Bitcoin education go hand in hand. Motto agreed with Dennehy’s assessment, stating that Bitcoin and financial literacy must work in tandem in El Salvador: “Savings, paying taxes, planning expenses, personal or family budgets and other concepts are still valid at the moment, and unfortunately not all the population knows and knows how to make good use of them.”Importantly, the Bitcoin Diploma program targets teenagers — i.e., those most eager to learn about money — as they know that money is intrinsically linked to their independence. It’s a smart move, Dennehy state, as they’re the most likely to diffuse the Bitcoin message around El Salvador: “If we could reach every 16-year-old or 17-year-old in the country, we will effectively teach the entire country in one year because that demographic is really strategic. They go home and they’ll talk to their parents, their aunts, their uncles, their little brothers and sisters.”The examination for the Bitcoin Diploma, taken in week 10, is split into four parts. The first part is to create a wallet and then restore it on another device. The second task is to make a transaction on-chain, find the transaction in the blockchain explorer then explain why the transactions can be considered final.One year since his arrival, Dennehy “would put the number at 10% of the population now is an active Bitcoin user.” Similarly, Cointelegraph reported that as much as one-fifth of merchants in El Salvador now accept Bitcoin.Related: Morgan Stanley encourages investors to buy battered El Salvador eurobondsProgress is evidently good, but Dennehy stressed that Bitcoin is a global currency. The progress made in El Salvador could be reflected across the world:“We are focused on El Salvador at the moment because we have limited resources and El Salvador is the signal. This is the front line. But our ambition is global. Our ambition is to change El Salvador, but also to change the world.He explained that “once we create a successful template here, then the idea is to rebrand it as Bitcoin, El Salvador and then open up Bitcoin.”
  • Bitcoin price sees $24K, Ethereum hits 2-month high as US inflation shrinks
    Cointelegraph.com News - 12 hours ago
    Lower than expected inflation data sparks an instant rally in crypto, while the U.S. dollar pays the price. Bitcoin (BTC) regained $24,000 but failed to hit new multi-month highs on Aug. 10 as United States inflation appeared to be slowing.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCPI cuts risk assets much-needed slackData from Cointelegraph Markets Pro and TradingView confirmed hourly gains of around $1,000 after U.S. Consumer Price Index (CPI) data for July showed a slowdown versus the previous month.While managing $24,179 on Bitstamp, BTC/USD nonetheless did not attract enough momentum to challenge levels from the day prior.Nonetheless, relief among traders was palpable, as declining inflation should signal to the Federal Reserve that less aggressive interest rate hikes are necessary going forward. This,  in turn, should reduce pressure on risk assets, including crypto.Year-on-year CPI inflation came in at 8.5%, 0.2% below expectations, while month-on-month, the figure was unchanged from June.Over to you Sir Powell, you know what to do. pic.twitter.com/qwMbdtriNm— Arthur Hayes (@CryptoHayes) August 10, 2022 “Markets now have a pretty clear run until regional Fed surveys in a weeks or so. I expect those to be significantly weaker,” Raoul Pal, founder of Global Macro Investor, reacted. “Peak inflation gives way to peak growth fear. I do think markets will react positively to weak growth, not negatively, broadly speaking.”Blockware lead insights analyst, William Clemente, was more cautious, describing the rally in risk assets as continuing “short term” on the back of the print.Faith in the Fed cooling its aggressive rate hike cycle meanwhile played out almost immediately, with bets of a 75-basis-point hike in September starkly reduced in favor of 50 basis points.”Jul CPI is bullish especially for tech stocks,” markets commentator Holger Zschaepitz added.Dollar dives in step as Ethereum beats multi-month bestCelebrating the CPI event more than Bitcoin, meanwhile, was Ether (ETH), which capitalized on the mood to post its highest levels since June 7.Related: Bitcoin dominance hits 6-month lows as metric proclaims new ‘alt season’At $1,847, ETH/USD gained 11.5% on the day, fueling hopes that the crypto rally could be more than a fakeout.”Some of you forget that the market can pump and it actually not be a trap. Especially if fundamentally driven,” trader and commentator Josh Rager tweeted.ETH/USD 1-day candle chart (Binance). Source: TradingViewA clear loser on the day, however, was the U.S. dollar, which extended a downtrend in place since mid-July on the CPI print.The U.S. dollar index (DXY) lost 1.3%, now targeting its 100-day moving average, according to popular trader Pierre.$DXY – D1Hard to make it clearer/cleaner, I guess simple TA works too on US ponzi.Until D1 trend reclaimed, I guess D1 100 MA @ 103-104 doable but what do I know. https://t.co/FeGFYBFcdi pic.twitter.com/lhQEcbIxTK— Bierre (@pierre_crypt0) August 10, 2022 Sven Henrich, founder of analytics firm NorthmanTrader, described DXY as “getting crushed.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Curve Finance exploit: Experts dissect what went wrong
    Cointelegraph.com News - 14 hours ago
    Attackers who hijacked Curve Finance’s landing page moved quickly to convert stolen funds to various tokens through different exchanges, wallets and mixers. Decentralized finance protocols continue to be targeted by hackers, with Curve Finance becoming the latest platform to be compromised after a domain name system (DNS) hijacking incident.The automated market maker warned users not to use the front end of its website on Tuesday after the incident was flagged online by a number of members of the wider cryptocurrency community.While the exact attack mechanism is still under investigation, the consensus is that attackers managed to clone the Curve Finance website and rerouted the DNS server to the fake page. Users who attempted to make use of the platform then had their funds drained to a pool operated by the attackers.Curve Finance managed to remedy the situation in a timely fashion, but attackers still managed to siphon what was originally estimated to be $537,000 worth of USD Coin (USDC) in the time it took to revert the hijacked domain. The platform believes its DNS server provider Iwantmyname was hacked, which allowed the subsequent events to unfold.Cointelegraph reached out to blockchain analytics firm Elliptic to dissect how attackers managed to dupe unsuspecting Curve users. The team confirmed that a hacker had compromised Curve’s DNS, which led to malicious transactions being signed.Related: Cross chains, beware: deBridge flags attempted phishing attack, suspects Lazarus GroupElliptic estimates that 605,000 USDC and 6,500 Dai was stolen before Curve found and reverted the vulnerability. Utilizing its blockchain analytics tools, Elliptic then traced the stolen funds to a number of different exchanges, wallets and mixers.The stolen funds were immediately converted to Ether (ETH) to avoid a potential USDC freeze, amounting to 363 ETH worth $615,000.Interestingly, 27.7 ETH was laundered through the now United States Office of Foreign Assets Control-sanctioned Tornado Cash. 292 ETH was sent to the FixedFloat exchange and coin swap service, while the platform managed to freeze 112 ETH.Elliptic is now monitoring these flagged addresses in addition to the original Ethereum-based addresses. A further 23 ETH was moved to an unknown exchange hot wallet. Elliptic also cautioned the wider ecosystem of further incidents of this nature after identifying a listing on a darknet forum claiming to sell “fake landing pages” for hackers of compromised websites. It is unclear whether this listing, which was discovered just a day before the Curve Finance DNS hijacking incident, was directly related, but Elliptic noted it highlights the methodologies used in these types of hacks.
  • Blockchain’s environmental impact and how it can be used for carbon removal
    Cointelegraph.com News - 14 hours ago
    Blockchain technology is on its way to being considered by organizations as a way to reduce carbon emissions and improve the environment. Climate change has become an important issue over the years due to concerns over environmental changes caused by the emission of greenhouse gasses into the atmosphere. Conversations have even reached the crypto space, and blockchain technology is being considered a potential tool to reduce carbon emissions.Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) that use the proof-of-work (PoW) mining algorithm have come under scrutiny due to their alleged energy expenditure. To see where this scrutiny comes from, it first needs to be known how much energy is used when mining PoW cryptocurrencies. Unfortunately, estimating the amount of energy necessary to mine Bitcoin and other PoW cryptocurrencies cannot be calculated directly. Instead, it can be estimated by looking at the network’s hash rate and the power usage of the mining setups of expensive graphics cards. Initially, Bitcoin could be mined with a basic computer, but as the network matured, the mining difficulty increased, requiring nodes to use more computing power to mine a new block. Due to the increased power requirements, to mine Bitcoin today, one would need multiple graphics cards as well as cooling systems to stop them from overheating. This is what has led to the high energy usage of PoW networks like Bitcoin and Ethereum.According to the New York Times, the Bitcoin network uses around 91 terawatt-hours (91 TWh) of electricity annually, which is more energy used than countries like Finland. Other sources put this number at 150 TWh per year, which is more energy than Argentina, a nation of 45 million people. However, as mentioned earlier, calculating Bitcoin’s energy usage is not a straightforward task, and there have been disagreements about the actual energy usage of the Bitcoin network. For example, Digiconomist claimed that Bitcoin uses 0.82% of the world’s power (204 TWh) while Ethereum uses 0.34% (85 TWh). Ethereum developer Josh Stark disputed the accuracy of these claims and highlighted Digiconomist’s tendencies to place estimations on the higher end while pointing out data from the University of Cambridge that estimated Bitcoin’s actual consumption to be 39% lower (125 TWh).Additional sources have agreed with Bitcoin’s energy expenditure being on the lower level. The Cambridge Bitcoin Electricity Consumption Index estimates that the Bitcoin network uses 92 TWh of energy per year. A research report by Michel Khazzaka also claims that traditional banking systems use 56 times more energy than Bitcoin.R. A. Wilson, chief technology officer of 1GCX — a global digital asset and carbon credit exchange — told Cointelegraph, “To say that Bitcoin is ‘bad’ for the environment leaves a number of nuances and important conversations unexplored. It’s true that Bitcoin and other proof-of-work chains do consume larger quantities of energy than blockchains that operate on a proof-of-stake consensus mechanism. However, there are a number of other considerations to take into account when analyzing and understanding the energy consumption of Bitcoin and blockchain in general.”Recent: How Bitcoin whales make a splash in markets and move prices“For example, the sheer amount of energy consumed doesn’t directly equate to environmental impact. It is also important to understand where that energy is coming from. Currently, Bitcoin miners use around 55%–65% renewable energy, which is impressive for an industry so relatively young. Comparatively, the sustainable energy mix in the United States is only 30%. Bitcoin can, therefore, continue to incentivize the rise in renewable energy sources within the crypto mining industry and in the U.S. more broadly.”There may be no clear consensus on the environmental impact of cryptocurrency mining on PoW networks. Still, there has been a push toward using blockchain to become more energy-efficient and improve the environment. As a result, sustainable energy sources for Bitcoin mining have also grown by almost 60% this year. Blockchain is also being used to help remove carbon dioxide and other greenhouse gasses from the atmosphere. In some areas, blockchain technology is being used alongside carbon credits to try to improve the atmosphere.What are carbon credits?It is common to see the terms “carbon offset” and “carbon credit” used interchangeably, but they have different meanings. A carbon offset refers to an action that intends to compensate for the emission of greenhouse gasses into the atmosphere. Examples of carbon offsets include planting trees, reforestation and using renewable energy sources instead of fossil fuels. A carbon credit permits an organization to produce a certain amount of greenhouse gasses depending on how many credits they own. One carbon credit represents one ton of carbon dioxide or other greenhouse gasses. Organizations receive a set amount of credits, meaning they can only produce a limited amount of greenhouse emissions. Entities that produce emissions above the limit must purchase more credits, while entities that produce emissions below the limit can sell any leftover credits. The scheme works by providing a financial incentive for polluting entities to produce fewer greenhouse gasses. If their emissions stay below the limit, they can save or make money (by selling credits), while they lose money by producing emissions above the limit.Wilson believes that blockchain technology can help the carbon offsets industry: “The carbon offsets industry has the potential to scale to a multitrillion-dollar market over the next several years, but it currently suffers from a number of obstacles including fraud and duplication of credits. The immutability and security of blockchain technology can help solve these challenges by ensuring that all records of carbon credit sales are responsibly and accurately tracked.”“While blockchain technology alone cannot solve these problems in the market, a combination of blockchain and associated infrastructural services such as digital exchanges, a global registry and Anti-Money Laundering/Know Your Customer for purchase, creation and retirement can help to vastly improve existing bottlenecks,” he continued.How organizations use blockchain to reduce emissionsEarthFund is one platform where users can donate cryptocurrency, mainly Tether (USDT), to different environmentally friendly causes on the platform. The platform also has a decentralized autonomous organization (DAO) and houses a treasury that allows DAO members to decide how the funds are used. Smaller communities within the ecosystem choose which causes get highlighted for donations. Carbon capture and storage, as well as renewable technologies and conservation, are some of the areas that are explored when it comes to improving the environment. Toucan is another platform that has created tokenized carbon credits, which are crypto tokens backed by real-world carbon offset credits. The carbon offsets are represented on-chain as Base Carbon Tonnes (BCT). In November 2021, Mark Cuban stated that he had bought $50,000 worth of carbon offsets every 10 days and placed them on-chain as BCT.Traditional organizations and governing bodies have also looked to blockchain technology as a possible solution to reducing carbon emissions. Last year, for example,the United Nations Environment Programme and other governing bodies came together at the Middle East and North Africa Climate Week to look at blockchain’s potential for tackling climate change. In April 2022, Algorand announced that its blockchain was entirely carbon neutral. This is achieved through its pure proof-of-stake mining algorithm, which doesn’t involve any mining but instead relies on a process where validators are randomly selected to verify the next block. Recent: Proof-of-work: The Bitcoin artists on minting NFTs and OpenSeaOrganizations in the crypto space are looking toward improving the ecosystem through blockchain-tracked donations to carbon removal projects, tokenized carbon credits and carbon-neutral blockchains.Finally, Ethereum 2.0 is on the horizon, which will see the blockchain network transition from a PoW consensus algorithm to proof-of-stake, as well as some additional changes. PoS does not require mining hardware to validate blocks, drastically reducing its energy consumption. Due to a lower amount of energy being used to power the network, fewer fossil fuels will be burned, reducing the amount of carbon emitted into the atmosphere.
  • TORN price sinks 45% after U.S. Treasury sanctions Tornado Cash — Rebound ahead?
    Cointelegraph.com News - 14 hours ago
    TORN is near a historically strong support range, eyeing a 75% rebound by September 2022. Tornado Cash (TORN) has lost almost half its market valuation two days after being slapped with sanctions by the U.S. Treasury Department.The department accused Tornado Cash, a crypto mixer platform, of laundering more than $7 billion in cryptocurrencies, including a stash of $455 million allegedly stolen by North Korea-based hackers.Immediate reactions were followed by U.S.-based crypto companies, including Circle and Coinbase. In a controversial move, the popular crypto firms blocked the movements of their jointly-issued stablecoin USDC tied to Tornado Cash’s blacklisted smart contracts.TORN price drops 45%The news prompted traders to limit their exposure to TORN, Tornado Cash’s native token.On the daily chart, TORN’s price has slipped by approximately 45% since the Justice Department’s notice about Tornado Cash, to reach $18.50 on Aug. 10. By contrast, the valuation of all the crypto assets had plunged merely 6% in the same timeframe.  TORN/USD daily price chart. Source: TradingViewInterestingly, TORN’s selloff accompanied a spike in daily trading volumes, suggesting momentume.TORN technicals suggest recoveryThe downside move has pushed TORN price near a critical technical support.Related: Anonymous user sends ETH from Tornado Cash to prominent figures following sanctionsTORN has been testing its $15–$18 range for a potential rebound due to its historical relevance as support. Notably, in January and June earlier this year, this level served as a springboard for TORN price to jump 275% and 100%, respectively. TORN/USD three-day price chart. Source: TradingViewTherefore, a potential rebound move from the range could have TORN test $32.50 as its next upside target, which coincides with the 0.236 Fib line as shown above. In other words, a 75% recovery by September 2022On the other hand, a breakdown below the support range sends TORN’s price to new record lows.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • Bitcoin without internet: SMS service allows sending BTC with a text
    Cointelegraph.com News - 14 hours ago
    “A person literally without no internet access can go from having no Bitcoin to having Bitcoin and then go to spending Bitcoin,” Kgothatso Ngako explains. An innovation using the cellular network (GSM) could onboard millions of Bitcoin (BTC) users previously unreachable by the internet-dependent Bitcoin protocol. Built by South African developer Kgothatso Ngako, the new SMS-based service is named Machankura, a slang South African word for money.KG, as he’s known to his friends, spoke to Cointelegraph from Pretoria, South Africa, about his fascination with Bitcoin and the hope that Bitcoin via text will bring BTC to millions of Africans.Machankura, the #Bitcoin for feature phones service in Africa, is slowly growing. https://t.co/TZngXXVhu0— Derek Ross ⚡5️⃣ (@derekmross) August 8, 2022 An English speaker, when KG first learned about Bitcoin, he streamed audiobooks and podcasts religiously on the way to work. As he fell down the Bitcoin rabbit hole, his 20-minute commute became a two-hour wander to the Council for Scientific and Industrial Research (CSIR) in South Africa, where he worked as a software developer.In a separate interview, Master Guantai, founder of Bitcoin Mtaani, told Cointelegraph, “The number of cellphones in Africa is double the number of people.” However, internet-enabled smartphone penetration remains low.In Kenya, Guantai’s home country, he explains that topping up a phone with airtime is as common as credit card payments in the West. A report by Caribou backs up the statement: 94% of financial transactions in Africa are through USSD, the protocol used to send text messages, whereas just 6% of these transactions are made via mobile apps. ​​In sum, while there are millions of phones in Africa, they’re mostly used for texting. KG had stumbled onto something that could be huge for Bitcoin adoption in Africa.“This year, a lot of conversations in the space were around USSD or making Bitcoin accessible on feature phones—this could be a part-time project–let me just set it up. And that’s basically how Machankura came to be!”KG started by building an African language translation project Exonumia. Now providing Bitcoin-related education in dozens of languages, he explained to Cointelegraph that if we make Bitcoin more accessible to Africans, then, as a consequence, they will learn about money and find a way to improve their quality of life. Once Exonumia picked up steam, he asked, “what are the other barriers to accepting Bitcoin? Language is one–the other is internet access.” He sums up the internet in Africa as a space dominated by big applications such as Instagram and Facebook. The problems inherent to smartphone users are having enough space on phones, internet connectivity and price. KG shares screenshots of Machankura in action.KG coded up Manchakura to solve those problems, explaining, “The major focus is on spending and receiving Bitcoin.” KG explains how it works: Users dial a number and are then introduced to a menu where they can learn more about Bitcoin or register an account. “All you need to register an account is a 5-digit pin, and from there on, you are presented with a different menu: Send and receive Bitcoin.”Here is Paco, the Bitcoin traveler who won’t stop teaching people about Bitcoin around the world, demonstrating Machankura to a teacher in Nigeria, at Cointelegraph’s request.Used @Machankura8333 to share some Sats with High school teacher in Lagos, Nigeria.@LumiExc went to this school.#btc #hyperbitcoinization pic.twitter.com/ba5SPAGPLE— Paco de la ⚡ (@RunwithBitcoin) August 8, 2022 As a result, Lightning wallet-compatible apps on phones or computers can send Bitcoin over the Lightning Network to the phone’s number—it has effectively become a Lightning address. Machankura has integrated with Bitrefill, an increasingly popular prepaid gift card service for Bitcoin in Africa. Plus, as of Wednesday, South Africans will be able to top up their Lighting Wallets with credit from grocery stores in a partnership with “One for you,” a voucher provider. Machankura users can now redeem @Azteco_ (and 1 For You) Bitcoin vouchers using the USSD interface. pic.twitter.com/qkPRwGzkrL— Machankura 8333 (@Machankura8333) August 10, 2022 As Ngako summarizes, “A person literally without no internet access can go from having no Bitcoin to having Bitcoin and then go to spending Bitcoin.”Related: Bitcoin is for billions: Fedimint on scaling BTC in the global southMaster Guantai also shares that it works well in six African countries already. Plus, popular exchange Paxful has already shown interest, Guantai explains, as the ease with which people can be onboarded using GSM is understated.KG flags potential concerns with the innovation as the government banning or reacting negatively to Bitcoin. The commission fees for buying the voucher could put people off, and the fact that KG understands that in offering a centralized company to onboard people into Bitcoin, there’s a risk that they don’t spend the time getting to know the technology. Plus, the service is custodial, a point that works against the Bitcoin ethos of “not your keys, not your coins.” So, he is looking for a way to use SIM cards as private keys.
  • Nvidia ups its metaverse bet with new developer tools
    Cointelegraph.com News - 15 hours ago
    The Nvidia Omniverse is launching a series of new tools for creators and developers in digital worlds to make life in the Metaverse more realistic. Hardware maker Nvidia is ramping up its efforts to make a stand in the Metaverse. On Tuesday, the company revealed a new set of developer tools focused on metaverse environments, including new AI capabilities, simulations and other creative assets. Creators utilizing the Omniverse Kit, along with apps such as Nucleus, Audio2Face and Machinima, will be able to access the new upgrades. Nvidia says one primary function of the tools will be to help enhance building “accurate digital twins and realistic avatars.”The quality of metaverse interaction is a hot topic in the industry, as developers and users ponder the quality of experiences over the quantity. One example of this could be seen during the first-ever metaverse fashion week, which happened in spring. Overwhelmingly stated in the feedback of the event was the lack of quality in the digital environments, garments and particularly the avatars with which people interacted. The new Nvidia toolkit includes the Omniverse Avatar Cloud Engine (ACE). The developers claim that ACE will improve building conditions of “virtual assistants and digital humans.”“With Omniverse ACE, developers can build, configure and deploy their avatar applications across nearly any engine, in any public or private cloud.”Digital identity is a key focus of the update in the Audio2Face application. The official statement from Nvidia says users can now direct the emotion of digital avatars over time, including full-face animation.It’s clear that engagement in the Metaverse will continue to develop. In fact, the metaverse market share should surpass $50 billion in the next four years, signaling an increase in participation. Moreover, new events, workplaces and even university classes are popping up in digital reality. Therefore, more users will seek to create digital versions of themselves. The development of technology to support mass metaverse adoption is crucial.Related: Digital identity in the Metaverse will be represented by avatars with utilityAnother addition to the Nvidia update includes Nvidia PhysX, which is an “advanced real-time engine for simulating realistic physics.” This means developers can include realistic reactions to metaverse interactions that obey the laws of physics. NVIDIA’s AI technology has been an important element in creating spaces for social interaction in the digital universe thus far. Even more so now, as it rolls out new applications for developers to enhance the metaverse.
  • What is a trading journal? And how to use one
    Cointelegraph.com News - 16 hours ago
    Every action you take as a trader is documented in a trading journal, covering risk management, trading strategy assessment, psychology, and more. Monitoring price changes using charts is one way to stay updated on the market trends. However, technical or fundamental analyses and tracking other market metrics are not the only means of becoming a successful trader. For example, a disciplined approach that includes maintaining a trading journal would protect you from making emotional decisions concerning your financial investments.In this article, we will discuss the benefits of a trading journal and how to create and use it.What is a trading journal?A trading journal records your trades and their outcomes and gives a summary of your trading experience. However, it is not a brokerage account statement as one can find the reasons behind opting for or avoiding a trading strategy.All successively executed trades are methodically planned, and a trading journal can be a record of the performance of each trading strategy. Regardless of how the market performs, you can adequately assess the potential of a particular trade using a trading journal. Moreover, you don’t need to spend much to create a trading journal. Spreadsheets or Excel would suffice, and it would help you to become disciplined and follow consistent trading strategies. You should record trading entries in your journal if you can’t always stick to your trading strategy. You can figure out how to avoid responding the same way to comparable situations in future trades by noting when things go wrong and why they did so. Why is keeping a trading journal important? Keep reading to find out!What are the benefits of a trading journal?Keeping a trading journal provides many benefits, including helping you to evaluate the strengths and weaknesses of your trading strategy. It helps you make unbiased decisions. For example, one can decide if crypto derivatives best suit their portfolio or if one should start reinvesting crypto profits. The final decision is exclusive of errors in judgment and any irrational beliefs, which helps protect you against an unconscious influence on your investment objectives.Keeping a trading log helps you stay on track with your trading strategy, whether you are a day trader or a swing trader. Becoming distracted by winnings while trading for real money happens easily. After a run of profitable transactions, you can start to use sloppy entry points or acquire more cryptocurrency than usual. A trading plan helps you stay on target and reduces your tendency to make rash, potentially risky trades. Related: Cryptocurrency investment: The ultimate indicators for crypto tradingOne can start trading in the productive zone if they keep track of their trading plans and develop confidence in their skills. Consulting a trading journal can be a tremendous motivator for traders to reflect on how well they have done, and having a successful track record is always a terrific confidence booster. On the other hand, unsuccessful traders can learn from their mistakes and transform unproductive trading strategies into profitable ones.Furthermore, one can also take advantage of what is effective and shift their attention to the current performance by using their journal to track and implement reproducible patterns. This enables traders to generate a steady profit and prevents them from spending time and resources on unsuccessful ideas, eventually helping them to become profitable traders.How to create a trading journal?Any spreadsheet application like Microsoft Excel or Google Sheets in which you record your actual trades and a written document like Microsoft Word or Google Docs to add your thoughts can be used to create a trading journal. You can also start using a free trading journal template like the one prepared by Binance to distinguish between an avoidable and a profitable trading strategy.Regardless of what template you are using, ensure that you have all the necessary columns related to each trade. Additionally, you may take screenshots of the trading charts you have followed and connect them to the appropriate trade on the sheet to make the journal more effective.Let’s understand what columns you should add to your spreadsheet when creating a trading journal:InstrumentAdd the financial instrument you have traded, including the chosen platform; for instance, Bitcoin (BTC) on Coinbase. Related: Binance vs. Coinbase: How do they compare?Date and timeAdd any time and date-specific factors that enable you to engage in a particular trade. For instance, I purchased Cardano (ADA), worth $1,000, during a midday trading lull when ADA was available at a lower price at 1:00 pm. During the lull, crypto values frequently decline because most prominent news stories have already been reported by noon.Trade direction (long/short)Record your short or long positions to reassess your trading strategy. By taking long positions, an investor gets exposure to cryptocurrencies in the hope that prices will climb in the future, allowing them to be sold for a profit. On the other hand, when investors sell cryptocurrency “short,” they borrow it and sell it at the ongoing market rate. When the asset’s value declines, the investor buys it at a discount, pays back the cryptocurrency borrowed and keeps the difference as profit.Entry price, exit price and stop lossThe entry price is the price at which you are beginning the trade. The exit price is the value at which you exit that trade. Investors can establish a stop-loss order in trading to automatically place a sell order when and if the lowest price at which they are ready to sell an asset is reached. Record all these metrics in your trading journal. Trade sizeTo understand how much risk you are taking concerning a particular trade, please record your “tradable amount” in the journal. For instance, you risk 70% of your tradable amount on a single trade if your tradable amount is $200 and you swing trade on ADA with $170.Profit and lossIt is crucial to record the outcome of your trade, either profit or loss, to understand what works best for you and what does not.NotesAs mentioned, add your thoughts/notes in Microsoft Word or Google Docs to reflect on why you chose a particular trading size or strategy. Remember that qualitative factors are as important as quantitative ones.How to use a trading journalA flawless trading journal template is a myth. Every trader should review the pertinent metrics they need or should avoid using while adding transactions in their personal trading journals. A trade journal needs to be tailored in light of this.Use your written document to add reasons behind taking particular positions. It is also essential to write down the indicators you spot during your market watch hours to avoid negatively impacting your trading performance. You’ll also argue whether or not a specific trade concept you implemented is a solid one in your written document. Turning your trade proposals inside out and backward will help you see the advantages and disadvantages of each one.Then turn to your spreadsheet, where you need to record your daily trading activities. Remember to keep it up-to-date and organized to measure your success or failure accurately. Finally, try to record trade details after executing the trade to avoid missing any crucial descriptions. Furthermore, checking your trade log spreadsheet daily is a good habit for estimating the level of exposure you currently hold and any possibility of expanding your trading portfolio. But, how to review your trading journal spreadsheet? Read through the documents on the written document and entries in your spreadsheet carefully while assessing your existing trades.As a result, traders can have their tactics performance-driven rather than influenced by their emotions or conduct by looking back at a trading record and spotting trends they should avoid. Therefore, keeping a trading log enables you to evaluate your trades, spot areas for improvement, and generally become a better trader.
  • Celsius community rally to perform another short squeeze attempt
    Cointelegraph.com News - 16 hours ago
    One Twitter user claimed that they are at “war” with the shorts while encouraging others to post more content about the short squeeze. The Celsius (CEL) community has rallied on Twitter once again to fight off short positions against its favored crypto token despite multiple challenges faced by the exchange, including bankruptcy and rumors of the company’s CEO fleeing from the United States.Thousands of tweets with the #CelShortSqueeze hashtag have been posted on the social media platform, advertising their long positions on CEL while encouraging others to do the same and post more content about the short squeeze. According to Twitter user Logantheinvestor, the community is “at war with the shorts.” Another user posted:what #CelShortSqueeze teaches you is never to go against a community led movement. The probability of snowballing is huge if not almost certain.— Midas (@____Midas_____) August 9, 2022 Short-selling is a strategy that lets investors earn from the decline of a token or a share. It involves borrowing shares and immediately selling to purchase at a lower price later. On the other hand, a short squeeze happens when opposing investors start to mass purchase a shorted asset, and instead of the prices falling, it pumps up, leading to losses for short sellers. This is not the first time that the Celsius community has made an effort to perform a short squeeze on CEL. Back in June, community members who refer to themselves as “Celsians” brewed an unofficial recovery plan to force CEL short-sellers to take out their positions by driving the token’s price upward.Related: Celsius vows to return from bankruptcy, but expert fears repeat of Mt. GoxIn July, the Celsius company informed its users that it had filed petitions for a Chapter 11 reorganization, which is also interpreted as a bankruptcy filing. This follows the firm’s infamous liquidity crisis, where users were unable to withdraw their funds from the platform. Following the bankruptcy filing, the company’s lawyers argued that its 1.7 million registered users gave up legal rights to their digital assets. Summing up Celsius’ claims, lawyer David Silver explained that for crypto deposited in earn and borrow accounts, users should stop thinking of the assets as their own.
  • California regulator orders Celsius to stop selling securities in the state
    Cointelegraph.com News - 16 hours ago
    The Department of Financial Protection and Innovation previously ordered BlockFi and Voyager to stop their offerings in the state. The Department of Financial Protection and Innovation of California (DFPI) continues to bring actions against crypto interest account providers for failing to comply with the local law. After commanding BlockFi and Voyager to stop their offerings in the state, the DFPI issued a desist and refrain order to crypto lending firm Celsius. The order simply means that the crypto lending platform, which is undergoing the bankruptcy procedure, should stop all of its further operations on the sale and marketing of securities in the state of California. The order had been published on Monday and claims that Celsius Network and its CEO, Alex Mashinsky, made material misrepresentations and omissions in the offer of crypto interest accounts, particularly in understating the risks of depositing digital assets. According to the DFPI, the unmentioned risks include the risk that third-party custody services might lose access to digital assets; lenders would be unable to return Celsius’ collateral on time; and in the event of a sudden request for withdrawals, Celsius wouldn’t possess adequate assets to meet customer withdrawal demands. Related: Crypto lending platform Hodlnaut suspends services due to liquidity crisisThe platform is also being accused of non-qualifying the deposited digital assets as securities in compliance with California legislation; namely, Corporations Code Section 25110. To sell these kinds of securities in the state, a company must obtain a permit from the DFPI. In July 2022, the DFPI issued two cease and desist orders to BlockFi and Voyager, respectively. Voyager, a crypto exchange affiliated with the failed hedge fund Three Arrows Capital (3AC), filed for bankruptcy under Chapter 11 on July 6. Celsius paused rewards and withdrawals for all users on June 13 and has since paused margin calls, liquidations and issuing new loans. During the first bankruptcy hearing, platform lawyers claimed that Celsius is free to “use, sell, pledge, and rehypothecate those coins” as users transferred the title of their coins to the firm as per its terms of service (ToS).
  • Voyager Digital reportedly had deep ties with SBF-owned Alameda Research
    Cointelegraph.com News - 17 hours ago
    Financial documents of Voyager revealed that they lent nearly $1.6 billion in crypto loans to an entity registered in the British Virgin Islands, the same place Alameda is registered. Voyager Digital, the crypto lending firm that went bust due to the crypto contagion initiated by Three Arrow Capital’s (3AC) insolvency is currently fighting its bankruptcy court battle. The court proceedings and financial documents have shown a deep relation between the crypto lending firm and the Sam Bankman Fried-owned Alameda Research.Alameda is a quantitative trading firm that was also one of many borrowers from Voyager and reportedly owed $370 million. However, within weeks of 3AC’s downfall, Alameda moved from a borrower to a lender and offered a $500 million bailout in late June.SBF took to Twitter to give insights on the bailout deal that eventually became the point of conflict for Voyager. The troubled lender’s legal team claimed that the CEO was trying to create leverage for the trade.1) Voyager lost customer assets, but it still has the majority left.Why haven’t those been returned to customers yet?Sad facts from a bankruptcy process.— SBF (@SBF_FTX) July 25, 2022 Legal documents and financial papers point toward the ties between the two companies as early as September 2021. The same documents also indicate that Alameda borrowed much more initially than the current amount of $370M. Voyager’s financial books indicate that it lent out $1.6 billion in crypto loans to an entity based in the British Virgin Islands, the same place where Alameda is registered.Related:  Voyager can’t guarantee all customers will receive their crypto under proposed recovery planThe legal documents that verify Voyager’s loan to 3AC also show a “Counterparty A” registered in the British Virgin Islands, owing them $376.784 million. In its bankruptcy presentation, Voyager has shown Alameda owes them $377 million.Alameda was also the biggest stakeholder in Voyager, with an 11.56% stake in the company acquired through two investments for a combined total of $110 million. When it completed the $500 million bailout, its investment was worth $17 million. Earlier this year, Alameda surrendered 4.5 million shares to avoid reporting requirements, bringing its equity down to 9.49%.Voyager CEO Stephen Ehrlich said that after the bankruptcy court proceedings, many crypto holders on the platform would be potentially eligible to get back some of their assets along with common shares in the reorganized Voyager, Voyager tokens and proceeds from the now-defunct loan to 3AC.As part of this process, the proposed Plan of Reorganization would resume account access and return value to customers. Under this Plan, which is subject to change given ongoing discussions with other parties, and requires Court approval:— Stephen Ehrlich (@Ehrls15) July 6, 2022 The crypto contagion began with the now-defunct Terra stablecoin called TerraUSD (UST), which eventually led to the downfall of the $40 billion ecosystem. Many crypto hedge funds and lending firms exposed to Terra lost millions of dollars, which later led to the insolvency of 3AC, followed by the downfall of crypto leaders such as Celsius, BlockFi, Hodlnaut and Voyager.
  • Bitcoin braces for US inflation data as CPI nerves halt BTC price gains
    Cointelegraph.com News - 18 hours ago
    Another surprise inflation increase could make things “ugly” for crypto markets, one trader warns, with hours left before the CPI release. Bitcoin (BTC) hit multi-day lows on Aug. 10 as crypto traders braced for impact with fresh United States inflation data. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader: Market “could get ugly” if CPI keeps risingData from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $22,668 on Bitstamp at the most recent daily close — its lowest since Aug. 5.Bullish momentum had evaporated during the day prior, and the mood among traders was firmly risk-off as markets awaited the latest Consumer Price Index (CPI) readout.Covering July, the data was due at 8:30 am Eastern time on Aug. 10, with expectations demanding it show that U.S. inflation had already peaked.“CPI prints have been pretty pivotal for BTC price action,” Blockware lead insights analyst William Clemente wrote in part of a tweet about the event, adding that CPI would form a “big day” for crypto.An accompanying chart showed the impact of previous CPI readouts on BTC/USD.BTC/USD annotated chart showing CPI events. Source: William Clemente/TwitterTrader and analyst Daan Crypto Trades, meanwhile, gave a CPI reading of 9.1 or above as “bearish” for price action against current expectations of 8.7.CPI Guide for today in my opinion:CPI YoY:8.7-9.1 Neutral probably slightly bearish9.1> BearishCore CPI YoY5.9-6.1 Neutral6.1> BearishMore thoughts below — Daan Crypto Trades (@DaanCrypto) August 10, 2022 “The market has been pumping on the idea of inflation having likely peaked the past month,” he wrote in a dedicated thread. “If it doesn’t get that confirmation today I think it could get ugly short term as the peak will likely be moved forward another 1–2 months. Which likely means a delayed Fed pivot as well.”Macro analyst Alex Krüger was more dismissive, meanwhile, calling CPI a “little number” while acknowledging its impact on risk asset trends.BTC price still far from bullish pivot zoneBTC price action thus stayed wedged in a familiar range with classic support and resistance levels still in play. Related: Bitcoin dominance hits 6-month lows as metric proclaims new ‘alt season’BTC/USD circled $23,000 at the time of writing after dropping more than $1,000 the day prior.Daan Crypto Trades flagged $24,300 as a crucial level to break and hold for Bitcoin to “fly,” with $21,000 a potential target in the event of a breakdown.$BTC Testing a critical support level here with the 4H 200EMA coming in below it at $22.7K.If we’d get a full on breakdown then the logical target would be low $21Ks.Break and hold above $24.3K and we’ll fly.Those are my levels to watch for the time being. pic.twitter.com/UrDmxuebGf— Daan Crypto Trades (@DaanCrypto) August 9, 2022 On-chain monitoring resource Whalemap, meanwhile, continued its analysis of whale buy and sell levels. “BTC is back to the whale accumulation area,” the Whalemap team summarized on Aug. 9. “Prices where whales accumulate usually act as support or resistance for price action of Bitcoin. Question is, will we get a bounce again or go deeper.”Bitcoin whale wallet inflows annotated chart. Source: Whalemap/TwitterThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
  • DeFi needs a ‘killer app’ to go next level, says Ripple exec
    Cointelegraph.com News - 21 hours ago
    A panel at the Blockchain Futurist Conference was asked about the future of decentralized finance and what was needed to be done to bring about mainstream adoption. A “killer app” for consumers is what will be needed to bring the decentralized finance (DeFi) sector to a level that draws in a mainstream audience, said Ripple Lab’s head of DeFi markets Boris Alergant.Alergant made the comments during a panel at the Blockchain Futurist Conference titled “The Future of Decentralized Finance” on Tuesday, which was covered by Cointelegraph reporters on the ground in Toronto, Canada. Alongside Alergant, Aventus Ventures CEO Kevin Hobbs, FLUIDEFI co-founder and CEO Lisa Loud, and Teller Finance CEO and co-founder Ryan Berkin also featured on the panel. The general sentiment among the panelists was that centralized finance institutions will ultimately push DeFi toward mainstream adoption. Alergant suggested that growth will likely come from a user-friendly CeFi app that offers exposure to DeFi services: “For an average user, you tell your mom how to go out and stake on Aave or ETH […] and this is a process. She doesn’t know how to use MetaMask, but she wants to generate that yield somehow. She wants to transact but she doesn’t know how to do it.” “So I think institutional adoption is where it’s going, and the institutions are what is going to enable […] that killer app for consumers to really bring crypto and DeFi to the next level.” FLUIDEFI co-founder and CEO Loud expressed a similar view, noting how the everyday person eventually adopted the internet despite not understanding the internet protocol suite, also known as TCP/IP:“We all use the internet right? The internet was a paradigm shift for us, but we don’t know how to use TCP/IP. Right now, everybody who uses DeFi knows how to use the protocols, it’s not sustainable, it’s not a good model for adoption.”“If we look at two years, I see institutions investing more in DeFi and I see companies making simpler user experiences,” she added. The Ripple executive also outlined that the DeFi sector will soon work hand in hand with the CeFi sector to provide financial services to customers. “DeFi will ultimately supplement and complement CeFi. In the end you don’t really care if a trade is done through decentralized means in a centralized exchange. I just want the best damn execution,” he said. Related: Decentralized finance faces multiple barriers to mainstream adoptionThe Blockchain Futurist Conference is the largest annual blockchain and crypto conference in Toronto, Canada, and is running until Wednesday, marking the fifth year of the event. This year’s event is expected to see Ethereum co-founder Vitalik Buterin speak there despite appearing at the Korea Blockchain Week only two days ago.
  • Iran makes $10M import with crypto, plans ‘widespread’ use by end of Sept
    Cointelegraph.com News - 22 hours ago
    Prolonged economic sanctions against the Islamic state have forced Iran to start using crypto as a medium of exchange for international trade deals. Struggling through decades of economic sanctions, Iran has placed its first international import order using $10 million worth of cryptocurrency, according to a senior government trade official. News that the Islamic republic placed its first import order using crypto was shared by Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak in a Twitter post on Tuesday.While the official did not disclose any details about the cryptocurrency used or the imported goods involved, Peyman-Pak said that the $10 million order represents the first of many international trades to be settled with crypto, with plans to ramp this up over the next month, noting:“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”Iran was, up until February this year, the most sanctioned country in the world. Iran gets most of its imports from China, the United Arab Emirates (UAE), India, and Turkey, according to Trading Economics.However, Russia now takes the top spot as the most sanctioned nation in the world following its invasion of Ukraine earlier this year. The Islamic nation has been positioned to embrace cryptocurrencies as early as 2017. In October 2020, it amended previously issued legislation to allow cryptocurrency to be used for funding imports.In June 2021, the Iranian Trade Ministry issued 30 operating licenses to Irani miners to mine cryptocurrencies, which then must be sold to Iran’s central bank. Iran is now using those mined coins for import payments.In February, Iran was also looking at a central bank digital currency (CBDC) built on the Hyperledger Fabric protocol as a means to improve its existing financial infrastructure. 
  • Tether also confirms its throwing weight behind the post-Merge Ethereum
    Cointelegraph.com News - 1 day ago
    ”We believe that a smooth transition is essential for the long-term health of the DeFi ecosystem and its platforms, including those using our tokens,” Tether stated. Hot on the heels of an official announcement from USD Coin (USDC) issuer Circle Pay, stablecoin giant Tether has now also officially confirmed its support behind Ethereum’s upcoming Merge upgrade and switch to a proof-of-stake (PoS) consensus mechanism-based blockchain. The announcement came on the same day as its stablecoin competitor, who pledged they will only support Ethereum’s highly anticipated upgrade. In a Tuesday statement, Tether labeled the Merge one of the “most significant moments in blockchain history” and outlined that it will work in accordance with Ethereum’s upgrade schedule, which is currently slated to go through on Sept. 19:“Tether believes that in order to avoid any disruption to the community, especially when using our tokens in DeFi projects and platforms, it’s important that the transition to POS is not weaponized to cause confusion and harm within the ecosystem.”“Tether will closely follow the progress and preparations for this event and will support POS Ethereum in line with the official schedule. We believe that a smooth transition is essential for the long term health of the DeFi ecosystem and its platforms, including those using our tokens,” Tether added. While the official statement only came out today, the stablecoin issuer’s chief technology officer Paolo Ardoino had already previously indicated in July that they planned to support the post-Merge Eth2.I meant that we plan to support ETH2.— Paolo Ardoino (@paoloardoino) July 31, 2022 Tether (USDT) is currently the largest stablecoin in crypto, with a total market cap of $66.6 billion, while USDC is relatively close behind at $54.1 billion, according to CoinGecko. Both stablecoins have a significant amount of their circulating supply on Ethereum’s current proof-of-work (PoW) blockchain, with USDT at $32.3 billion and USDC taking the top spot at $45.1 billion at the time of writing. Given the size of these stablecoins and their dominance over the stablecoin market, the show of this support in this instance should result in a smooth transition for the Ethereum, Tether and USD Coin ecosystems, as well as the broader crypto market as a whole.Related: Institutions flocking to Ethereum for 7 straight weeks as Merge nears: ReportHowever, as Ethereum co-founder Vitalik Buterin recently warned, their power could potentially cause issues in future Ethereum hard forks, as centralized entities such as Tether and Circle could choose to utilize the forked chain of their own preference rather than what the Ethereum community has proposed. “I think in the further future, that definitely becomes more of a concern. Basically, the fact that USDC’s decision of which chain to consider as Ethereum could become a significant decider in future contentious hard forks,” he said. Stablecoin issuers (Circle/Tether) control fork choice in Ethereum.What happens when the state pressures Circle to support a fork that goes against “eth community social contract?” https://t.co/dP7ZPFiJ0u— Brandon Quittem (@Bquittem) August 6, 2022 This week Ethereum will undergo its final Merge trial via the Goerli testnet, and if all goes to plan, there is an expectation that the Sept.19 Merge date is unlikely to be delayed.
  • Coinbase posts $1.1B loss in Q2 on ‘fast and furious’ crypto downturn
    Cointelegraph.com News - 1 day ago
    It’s the largest quarterly net loss for the crypto company since its listing on the Nasdaq Stock Exchange in April 2021. Crypto exchange giant Coinbase has cited a “fast and furious” downturn of the crypto markets as the reasons behind a staggering $1.1 billion net loss in the second quarter of 2022, which also saw trading volume and transaction revenue tumbling. It’s the second consecutive quarter of loss for the crypto company and the largest loss since its listing on the Nasdaq Stock Exchange (Nasdaq) in April 2021. The results, which also missed analyst expectations, were shared in a Q2 2022 Shareholder Letter from Coinbase on Tuesday, stating:“The current downturn came fast and furious, and we are seeing customer behavior mirror that of past down markets.” Coinbase said that Q2 was a “tough quarter” with trading volume falling 30% and transaction revenue down 35% sequentially.“Both metrics were influenced by a shift in customer and market activity, driven by macroeconomic and crypto credit factors alike,” it wrote. Despite the drop in transaction revenue, Morningstar equity analyst Michael Miller told Reuters in a report that while “Coinbase did not see a mass migration off its platform […], its users are becoming more passive in their cryptocurrency investing.”The crypto exchange reported $802.6 million in revenue, which was a 45.1% drop from the preceding quarter and a staggering 153.1% drop from the prior-year quarter. Its net loss, which amounted to $1.1 billion, was mainly driven by $446 million in non-cash impairment charges caused by lower crypto asset prices in Q2. However, Coinbase wrote that despite the economic downfall, the company is doing its best to adjust to fluctuating market conditions.In order to cut expenses and improve profit margins, Coinbase cut 18% of employees in June, and has also taken a “pause, maintain and prioritize” approach toward product development:“Overall, it will take some time to fully realize the financial impact of our actions, but we have lowered our full-year expense range for Technology & Development and General & Administrative expenses.”Among those products being prioritized include Coinbase’s Retail App, Coinbase Prime, Staking, Coinbase Cloud and other Web3 applications.Miller however said noted that the “reduction is unlikely to restore profitability at current revenue generation levels.”Related: Two more lawsuits for Coinbase: Law decoded, Aug. 1–8Looking ahead, Coinbase said it expects the “soft crypto market conditions” from the second quarter to continue into Q3 2022. The company said it expects a further fall in total trading volume and average transaction revenue per user, though it said it may see some revenue growth from subscription and service fees.Coinbase’s share price fell 10.55% on Tuesday following the release of its Q2 results and is priced at $87.68 at the time of writing.
  • German crypto bank Nuri with 500K users files for insolvency
    Cointelegraph.com News - 1 day ago
    Nuri stated that it has been facing a “lasting strain” on its business liquidity in 2022 due to “significant macroeconomic headwinds and the cooling down of public and private capital markets.” Nuri, a German startup crypto bank with 500,000 customers, filed for insolvency on Tuesday, citing major crypto sell-offs, insolvency of Celsius and other crypto funds earlier this year as a reason for the move. The crypto bank said the move will “ensure the safest path forward” for all its customers but also stressed that the insolvency will not affect its services, customer funds, investments or the ability for customers to withdraw their assets from the platform. Nuri filed for insolvency on Tuesday, August 9th, 2022. This does not affect our services, customer funds or investments. You can find a complete statement of this situation on the Nuri Blog: https://t.co/UgAyckWE7J— Nuri (@NuriBanking) August 9, 2022 Some customers have reported difficulties withdrawing their assets through Nuri’s mobile app; however, Nuri on Twitter said this has been the result of high traffic and usage and again stressed that “funds are safe.”Notably, the firm itself doesn’t actually handle customers’ fiat and crypto funds due to a partnership with Solarisbank AG. According to the Solaris Group website, Nuri partnered with the bank and its crypto subsidiary Solaris Digital Assets to outsource banking and crypto custody licensing. This enabled Nuri to scale its operations and services by utilizing Solaris’ banking and crypto asset infrastructure/licensing. With Solaris not facing any liquidity issues, Nuri is essentially able to carry on its services while the company undergoes restructuring, unlike other firms that have run into the same issues:“Let us reiterate the most important information for you: All funds in your Nuri accounts are safe due to our partnership with Solarisbank AG. The temporary insolvency proceedings do not affect your deposits, cryptocurrency funds and Nuri Pot investments which have been done with us.”“You have guaranteed access and will be able to deposit and withdraw all funds freely at any time. For the time being, nothing will change and Nuri’s app, product, and services will continue to run,” Nuri added. Nuri stated that it has been facing a “lasting strain” on its business liquidity in 2022 due to “significant macroeconomic headwinds and the cooling down of public and private capital markets” such as the COVID-19 pandemic and the Russian invasion of Ukraine. “Additionally, various negative developments in the crypto markets earlier this year, including major cryptocurrency sell-offs, the implosion of the Luna/Terra protocol, the insolvency of Celsius and other major Crypto funds have led to a crypto bear market,” Nuri wrote. Related: Crypto lending platform Hodlnaut suspends services due to liquidity crisisBerlin-based Nuri, formerly named Bitwala, was founded in 2015 and offers crypto savings accounts, portfolio investment baskets dubbed Nuri Pots and crypto trading services on which it charges 1% trading fees. “We are confident that the temporary insolvency proceedings offer the best basis for developing a viable long-term restructuring concept in the company’s current situation,” it added. Nuri joins a host of crypto firms that have run into liquidity issues during the bear market of 2022, with the most notable names being Voyager Digital, Celsius and Three Arrows Capital.
  • Curve Finance resolves site exploit, directs users to revoke any recent contracts
    Cointelegraph.com News - 1 day ago
    An exploit of the site’s front end appears to have resulted in the theft of over $573,000 USD, according to users. On Tuesday, automated market maker Curve Finance took to Twitter to warn users of an exploit on its site. The team behind the protocol noted that the issue, which appeared to be an attack from a malicious actor, was affecting the service’s nameserver and frontend.Don’t use https://t.co/vOeMYOTq0l site – nameserver is compromised. Investigation is ongoing: likely the NS itself has a problem— Curve Finance (@CurveFinance) August 9, 2022 Curve stated via Twitter that its exchange — which is a separate product — appeared to be unaffected by the attack, as it uses a different domain name system (DNS) provider. However, the issue was quickly addressed by the team. An hour after the initial warning, Curve said it had both found and reverted the issue, directing users who have approved any contracts on Curve in the last few hours to revoke them “immediately.” The issue has been found and reverted. If you have approved any contracts on Curve in the past few hours, please revoke immediately. Please use https://t.co/6ZFhcToWoJ for now until the propagation for https://t.co/vOeMYOTq0l reverts to normal— Curve Finance (@CurveFinance) August 9, 2022 Curve noted that, most likely, the DNS server provider Iwantmyname was hacked, adding that it has subsequently changed its nameserver. A nameserver works like a directory that translates domain names into IP addresses. While the exploit was ongoing, Twitter user LefterisJP speculated that the alleged attacker had likely utilized DNS spoofing to execute the exploit on the service:It’s DNS spoofing. Cloned the site, made the DNS point to their ip where the cloned site is deployed and added approval requests to a malicious contract.— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) August 9, 2022 Other participants in the DeFi space quickly took to Twitter to spread the warning to their own followers, with some noting that the alleged thief appears to have stolen more than $573,000 USD.Alert to all @CurveFinance users, their frontend has been compromised!Do not interact with it until further notice!It appears around $570k stolen so far #defi #crypto $crv— Assure DeFi (@AssureDefi) August 9, 2022 Back in July, analysts suggested that they were favorably eyeing Curve Finance, despite the market downturn which continues to affect the larger DeFi space. Among the reasons cited by researchers at Delphi Digital for their bullishness, they specifically called out the platform’s yield opportunities, the demand for Curve DAO Token (CRV) deposits, and the protocol’s revenue generation from stablecoin liquidity.This followed the platform’s release of a new “algorithm for exchanging volatile assets” in June, which promised to allow low-slippage swaps between “volatile” assets. These pools use a combination of internal oracles relying on Exponential Moving Averages (EMAs) and a bonding curve model, previously deployed by popular automated market makers such as Uniswap. Update: Added announcement from Curve Finance that the issue has been resolved, pointing to its nameserver as the likely culprit for the exploit. 
  • Circle plans to only support Ethereum PoS chain after Merge is complete
    Cointelegraph.com News - 1 day ago
    “USDC as an Ethereum asset can only exist as a single valid ‘version,‘” said the team at Circle. On Tuesday, Circle, the issuer of the USD Coin (USDC) stablecoin, pledged its full support for the transition of Ethereum to a proof-of-stake, or PoS, blockchain after the much-anticipated Merge upgrade. The firm views the Merge as an important milestone in the scaling of the Ethereum ecosystem, writing:“USDC has become a core building block for Ethereum DeFi innovation. It has facilitated the adoption of L2 solutions and helped broaden the set of use cases that today rely on Ethereum’s vast suite of capabilities. We understand the responsibility we have for the Ethereum ecosystem and businesses, developers and end users that depend on USDC, and we intend to do the right thing.”Currently, USDC is both the largest dollar-backed stablecoin issued on Ethereum and the largest ERC-20 asset overall, with over $45 billion in market capitalization residing in the ecosystem at the time of publication. Its reserves are audited and held at U.S. financial institutions such as BlackRock. Unlike others, Circle continued that it doesn’t expect any issues as the Ethereum blockchain begins its transition, stating:“We do not anticipate disruptions to USDC on-chain capabilities nor to our fully automated issuance and redemption services. Circle’s testing environment is connected to the Goerli Ethereum testnet, and we will monitor closely as it merges with Prater in the coming days.”The company is following suit alongside an increasing number of firms that vouch to transition to Ethereum’s PoS blockchain upon completing the Merge. The day prior, Chainlink said it would not support any proof-of-work forks after the upgrade. Due to the proximity of the upgrade, Ethereum layer-2 solution Optimism has seen its token skyrocket by over 300% due to Merge speculation. 
  • TA: Bitcoin Price Surges 6%, Why Recent Breakout Looks Real
    NewsBTC - 8 minutes ago
    Bitcoin price found support above $22,500 and surged over 6% against the US Dollar. BTC broke many hurdles and might rise further towards the $25,000 resistance. Bitcoin started a fresh increase after it found strong bids above $22,500. The price is now trading above the $23,500 level and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is forming a bullish breakout pattern and might rise towards $25,000. Bitcoin Price Breaks Resistance Bitcoin price remained well supported above the $22,500 zone. BTC formed a double bottom pattern near the $22,500 level and started a strong increase. There was a move above the $23,000 and $23,500 resistance levels. The price even surged above the $24,000 resistance. There was a break above a key bearish trend line with resistance near $23,350 on the hourly chart of the BTC/USD pair. Bitcoin price even broke the $24,200 resistance and traded as high as $24,488. It is now consolidating gains above the $24,200 support zone. It is also well above the 23.6% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $24,450 level. The next key resistance is near the $24,500 zone. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps rise towards the $25,000 resistance. Dips Limited in BTC? If bitcoin fails to clear the $24,500 resistance zone, it could correct lower. An immediate support on the downside is near the $24,200 level. The next major support now sits near the $24,000 level. If the bears push the price below the $24,000 support level, there might be a move towards the $23,550 level. It is near the 50% Fib retracement level of the upward move from the $22,685 swing low to $24,488 high. Any more losses might send the price towards $23,450 level or the 100 hourly simple moving average. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $24,200, followed by $23,500. Major Resistance Levels – $24,450, $24,500 and $25,000.
  • Ethereum L2 TVL Enjoys 284% Growth In The Past Month Ahead Of Goerli Merge
    NewsBTC - 41 minutes ago
    Total value locked (TVL) on Optimism, a layer-2 scaling solution for the Ethereum blockchain, has increased 284% in the last month, according to data from DefiLlama. Users lending and borrowing assets on Aave through Optimism’s layer-2 chain make up the vast majority of TVL. Ethereum Optimism TVL Surges In anticipation of The Merge update, which will see the blockchain switch from a proof-of-work network to one based on proof-of-stake, investors have been bidding up digital assets tied to the Ethereum ecosystem. The merge will be tested by Ethereum developers on the Goerli testnet on Thursday, August 11. If everything goes according to plan, the mainnet merging will be approved on September 19. The mainnet merge would probably be delayed if there are issues with the Goerli merge. The Merge’s anticipated launch date has been set for September 19, according to a recent Ethereum developer call. With Rollups, or off-chain computations, Optimism, an Ethereum layer-2 blockchain, aims to extend the ecosystem and expedite transactions. On Optimism, transactions are entered, and on Ethereum, they are completed. ETH/USD trades at $1,853. Source: TradingView The project is home to 35 protocols, including automated market maker Velodrome, decentralized exchange Uniswap, and derivatives exchange Synthetix. The Ethereum blockchain’s current capacity of 30 transactions per second is inadequate to manage the enormous amount of user trade orders on exchanges (including cancellations). Nevertheless, according to some analysts, the network might scale to 100,000 transactions per second with The Merge upgrade, with layer-2 solutions improving this capacity even further. Related Reading: Uniswap Price Falls Below $9 After It Met With A Sell-Off, What’s Next? Optimism blocks are constructed and executed on layer-2 while user transactions are batched up and submitted to the Ethereum layer-1. On layer-2, transactions are immediately accepted or rejected with no mempool, enabling a fast user experience. Correspondingly to the TVL development, the project’s namesake tokens have also rallied by 300% during the same period. Dai on Optimism 👀 From 30 million to 140 million in 5 days. pic.twitter.com/AQlNWvX6c9 — Maker (@MakerDAO) August 9, 2022 Goerli Testnet: A Brief The Ethereum network will be one step closer to its biggest update yet in less than 24 hours. The second-largest cryptocurrency by market capitalization has been preparing to switch from Proof-of-Work (PoW) to the significantly less energy-intensive and, in some people’s opinions, more decentralized Proof-of-Stake for years (PoS). Senior Ethereum developers stated last month that the so-called “Merge” to “Ethereum 2.0” will occur on September 19. However, there is still a challenge for developers to overcome before the “Merge” can be implemented on Ethereum’s mainnet. Developers want to implement the merging on one last testnet after completing the switch from PoW to PoS on two of Ethereum’s main testnets (Ropsten and Sepolia) in June and July. From its mid-July lows under $1,000, Ethereum has increased by more than 80%, and at last check, it was trading in the mid-1,800s. While most of this has coincided with a larger cryptocurrency market rebound amid an uptick in macro mood (Bitcoin is up over 25% from its mid-July lows), analysts have indicated that anticipation ahead of the merger has been a key tailwind driving ETH higher. Related Reading: Why Are Crypto Investors Rotating From Bitcoin To Altcoins? Featured image from iStock Photo, chart from TradingView.com
  • Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue
    NewsBTC - 4 hours ago
    Bitcoin miners have borne the brunt of the bear trend since it began. They watched cash flow plummet on their machines, forcing them to look to other ways to finance their operations. The natural response to this was for public miners to dip into their bitcoin reserves and begin selling off BTC to keep their operations going. For a time, it seemed miners would stop selling due to the recovery in price, but this is proving not to be the case. Miners Offload More BTC Bitcoin miners had sold off more bitcoin than they had mined for the first time in May. The same trend then continued into June, when miners had sold thousands of BTC to cover operational and other costs. It seems this trend did not end in the month of June either, as the miners continued to sell off coins. Related Reading: CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting Data shows that bitcoin miners had actually sold 5,700 BTC in the month of July alone, the largest sale so far. These bitcoin miners had once again sold more BTC than they had actually produced. In total, it was reported that 3,470 BTC was produced for the month, meaning they sold 50% more bitcoin than they mined. These bitcoin miners had sold more during a month when some had to shut off operations due to rising temperatures. However, one of those miners had been able to turn it around by making more money from selling energy credits to the Texas government than they would mining. The largest sellers were ousted to be CoreScientific with 1,970 BTC and BitFarms with 1,600 BTC. BTC recovers above $24,000 | Source: BTCUSD on TradingView.com Bear Trend For Bitcoin Bitcoin miners are often among the largest whales in the market. This means that whatever actions they take in regards to their portfolios can often have an impact on the market. It is evident when miners are not forced to sell their BTC that the price of the digital asset continues to rise, and the reverse is the case when they dump their coins. Related Reading: Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely The sell-offs have all come due to the reduced revenue realized on a daily basis, and with no significant rise in miner revenues, it is expected that miners are going to have to keep selling. Daily miner revenues for the last week were muted with only a 1.58% growth, seeing them bring in $21.89 million. If there is to be any reversal in this selling trend, bitcoin miners would have to see more cash flow from their mining activities. However, as the price remains low, these miners are realizing less, dollar-wise, compared to a few months ago, while expenses such as electricity and machines remain the same or even higher in some cases. Featured image from Analytics Insight, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
  • Bitcoin Surge Towards $24k As CPI Report Show Inflation Cooling
    NewsBTC - 4 hours ago
    Bitcoin surged after July’s CPI data showed that inflation has started to decline after several months of record-breaking rates. Similar to earlier instances, the price of bitcoin climbed close to $24,000. CPI Report Boost Bitcoin Price According to the Consumer Price Index report (CPI) that the U.S. Bureau of Labor and Statistics released on Wednesday, consumer costs remained unchanged, putting inflation at 8.5%. Prior to this, analysts anticipated that the index, which analyzes price changes across a wide range of products and services, would increase by 0.2% to reveal inflation to be 8.7% on an annual basis. After the U.S. Bureau of Labor Statistics released its data on inflation for July, the value of the Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all sharply increased. Moreover, the value of precious metals and cryptocurrencies rose on Wednesday. The value of bitcoin surged by nearly 4%, that of gold by 0.35%, and that of silver by 1.43% in relation to the dollar. BTC/USD trades close to $24k. Source: TradingView   Inflation as measured by headline CPI increased 0.0 percent month-over-month in July, well below its elevated June monthly rate of 1.3 percent. Monthly core inflation in July fell to 0.3 percent. 1/ pic.twitter.com/6bVTZq7m1W — Council of Economic Advisers (@WhiteHouseCEA) August 10, 2022 According to the Consumer Price Index (CPI) report for July 2022, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.3 percent in June but remained steady in July. Before seasonal adjustment, the all items index rose 8.5 percent over the previous 12 months. The report on inflation adds: “The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.” President of the United States Joe Biden talked about the CPI figures as well and said that new legislation and domestic semiconductor production had increased the nation’s economic activity. According to Biden, the lack of semiconductors resulted in high pricing for autos last year, which accounted for one-third of core inflation. “America is back leading the way with the CHIPS and Science Law boosting our efforts to make semiconductors right here at home.” Related Reading: Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely Focus Turns To FOMC Meeting In September Analysts anticipate that core inflation will rise from 5.9% to 6.1%, pushing the Fed to raise interest rates further in September. The CPI data, however, indicates that recent rate hikes are having a cooling effect on the economy. Nevertheless, Citigroup economists predicted another 75 basis point increase, fueled by strong job data and faster pay growth than anticipated. But if core inflation comes in higher than anticipated, there is also a chance for a 100 basis point rise. Federal Funds Effective Rate (Source: FRED) The current CPI rate is 9%, and investor Stanley Druckenmiller said that “Inflation has never come down from above 5% without Fed funds rising above CPI.” The Fed won’t need to raise rates as much as they have thus far this year if inflation has peaked. In response to rising interest rates that slow growth, institutional investors have moved away from more speculative assets like tech stocks and cryptocurrencies and toward investments that are more comparatively stable, such corporate bonds and U.S. Treasuries. Related Reading: TA- Bitcoin Bounced off Key Support After CPI Announcement Featured image from Getty Image, charts from FRED and TradingView.com
  • Money On The Sidelines: Crypto Traders Accumulate Highest Buying Power In Two Years
    NewsBTC - 7 hours ago
    The crypto market has been trading in the green over today’s session as it sees some relief from macro-economic factors. Today, the U.S. published July’s Consumer Price Index (CPI) print which hinted at a slowdown in inflation and allow Bitcoin, Ethereum, and others to experience some relief. Related Reading: Ethereum Open Interest Nears All-Time Highs Ahead Of Merge CPI has been a key metric over the past months as the U.S. Federal Reserve (Fed) attempts to mitigate it by hiking interest rates and reducing its balance sheet. Thus, global markets have seen less liquidity which has negatively impacted risk-on assets, such as equities and cryptocurrencies. At the time of writing, Bitcoin (BTC) trades at $23,900 with a 4% profit in the last 24 hours while Ethereum (ETH) trades at $1,800 with a 9% profit over the same period. The second crypto continues to outperform BTC as investors seem to be migrating into the altcoin sector. July’s CPI print see a decline on the back of commodities trending downwards, particularly the energy sector saw falling prices. However, Rick Rieder, CIO at investment firm BlackRock, believes inflation it’s “still running at a worryingly high rate”. This might continue to operate as a headwind for digital assets and risk-on assets over the long run but might allowed the Fed to be less aggressive with their monetary policy. Rieder said the following on the potential long-term bullish effect of less inflation: Over time, we think the slowdown in economic growth, the continuation of the Federal Reserve’s assertive Hiking Cycle and the possibility of resolution with several persistent supply chain issues should influence broad inflation lower. Rieder claims inflation might continue to trend lower or moderate in the coming months. This might remove uncertainty across the crypto market and provide these assets with enough support to reclaim previous highs. Bitcoin And Crypto Could Extend Bullish Momentum? The biggest headwinds for crypto will be the Fed’s Federal Open Market Committee (FOMC), BlackRock’s CIO said. At that time, the financial institution might announce another “substantial” interest rate hike, but there’s “still a lot more data to come between now and the meeting”. In this environment, data from crypto research firm Santiment records a spike in the supply of Tether (USDT) on exchange platforms. This hints at the potential buying pressure from market participants waiting for more clarity around macro-economic factors. Related Reading: Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance? The recent CPI print might provide that clarity, at the time of writing, USDT’s supply on exchanges stands at 42% for the first time since April 2022. At that time, the market was about to enter a massive bull run into new all-time highs.
  • Ethereum Open Interest Nears All-Time Highs Ahead Of Merge
    NewsBTC - 8 hours ago
    Data shows the Ethereum open interest has surged up to near all-time high values as the ETH 2.0 merge comes closer. Ethereum Open Interest Has Sharply Risen Up Recently As per the latest weekly report from Arcane Research, the ETH open interest in futures and perps has surged up to 4.2 million ETH in recent days. The “open interest” is an indicator that measures the total amount of Ethereum futures and perps contracts currently open in the market (denominated in ETH). The metric includes both shorts and longs. When the value of this indicator is high, it means a large number of contracts are currently open in the market. Such values usually lead to higher volatility in the price of the crypto. Related Reading: Ethereum Investors Close 300k Long Positions on Bitfinex, Rally To Stop Soon? On the other hand, low values of the metric suggest many contracts have been closed on the market. This can result in lesser volatility for the coin. Now, here is a chart that shows the trend in the Ethereum futures and perps open interest over the past year: The value of the metric seems to have moved up recently | Source: Arcane Research’s The Weekly Update – Week 31, 2022 As you can see in the above graph, the Ethereum open interest has observed uptrend in the past week and is now near the all-time high value. The current value is the 2nd highest ever recorded for the indicator, just below the 4.21 million ATH set back on July 14th of this year. While the massive hedging amid arbitrage opportunities like Celsius’ bankruptcy was behind the last peak, the report notes that the current rise is likely caused by trading strategies ahead of the 2.0 merge. Related Reading: Ethereum scaling solution XDC Network presents XDPOS2.0, an enhanced consensus for scalability and forensics. The ETH futures market is also observing massive discounts at the moment. Normally, high open interest and negative basis like right now lend for the possibility of a short squeeze (an event where short liquidations cascade together due to a sudden swing in price). But Arcane Research points out that the latest increase in leverage is likely from more conservative risk management, which would mean that any possible short squeeze that might take place currently won’t be too significant. ETH Price At the time of writing, Ethereum’s price floats around $1.7k, down 1% in the past week. Over the last month, the crypto has gained 40% in value. The below chart shows the trend in the price of the coin over the past five days. Looks like the value of the crypto has come down during the last two days | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research  
  • Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?
    NewsBTC - 9 hours ago
    Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As do other tokens. The token is trying to keep up with the upward tilt. Remarkably, XMR price is trying hard to recover and keep up with the pace but it seems XMR is doing a great job as it’s currently on the green and winging it. The daily price chart shows that XMR price is trying to soar upwards. Monero is gaining strides as it shoots up close to the top trendline of the channel. In order for XMR to rebound or go through the target resistance, the coin must maintain its current pace in terms of price. Related Reading: SOL Fails To Notch New 60-Day Peak, Despite Recent Advances Monero (XMR) Price Surges 4.33% For XMR to shoot hoops at a bullish pace and breach the ascending parallel channel, the XMR bulls must push through its upward movement. However, it seems the bears are attempting to weaken the XMR market. With a frail market, it is challenging for XMR and other cryptocurrencies to recover. XMR investors must hold it off until such time that the bulls can maneuver and maintain the current position found at the top trendline of the ascending parallel channel. According to CoinMarketCap, Monero price is currently trading at $167.68 or showing off an increase of 4.33%. Trading volume was seen to drop by 6.88% as depicted in the intraday trading session. As of press time, bears try to drag the token towards the lower trendline of the ascending channel. Related Reading: CryptoDickbutts NFTs Erect Nearly 700% In Daily Sales Volume Bulls’ Accumulation Pivotal For XMR Price Rally It would need more buyers for XMR price to leap quickly closer to the top trendline of the channel. But, the volume change also indicates that boosting the bulls’ accumulation is pivotal for XMR price to surge. For XMR to show significant recovery on the daily price chart, XMR price must move closer to the upper trendline. The daily price chart for XMR price shows the formation of a rising parallel channel. More so, the technical indicators for Monero show the token’s downward trend in terms of momentum. RSI at 58 also shows a downward movement for XMR which is gearing close to a neutral zone. MACD is showing the downward movement of XMR as it glides under the signal line following a failed crossover. Hence, XMR investors will need to wait on the sidelines for any changes on the daily chart. XMR total market cap at $3.02 billion on the weekend chart | Source: TradingView.com Featured image from The Market Periodical, Chart from TradingView.com
  • TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout
    NewsBTC - 9 hours ago
    The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the Consumer Price Index (CPI) announcement. The CPI tends to provide a gauge as regards inflation in the economy while instigating BTC prices and other altcoins. Related Reading: MANA Bulls May Outsmart The Bears If They Stick To These Support Lines Bitcoin’s (BTC) price saw a pullback from $24,200 to $22,800 despite showing signs of a relief rally but was faced with resistance to breakout. Despite the shake-out, the price of the Binance coin remained strong. (Data feeds from Binance) Price Analysis Of BNB On The Weekly Chart From the chart, the price of BNB saw a weekly low of around $210, which bounced from that area and rallied to a price of $330. The price has built more momentum as it faces resistance at $336. If the price of BMB on the weekly chart continues with this bullish structure, it could quickly revisit  $450. Weekly resistance for the price of BNB – $336. Weekly support for the price of BNB – $300, 210. Price Analysis Of BNB On The Daily (1D) Chart The price of BNB found strong support at around $270, with what seems to be an area of interest on the daily chart. BNB bounced from its support, forming a trendline as it faces resistance to break above $336. At the point of writing, the price of BNB is at $333, trying to break the resistance at the $336 area.  If the price of BNB breaks above the $336 resistance with good volume the price of BNB could rally to a high of $450. The trendline formed by BNB acts as the support and area of interest for subsequent buy bids. A break of this trendline below invalidates the setup. With more buy bids, and the positive CPI announcement we could see the price of BNB trending higher.  The RSI for the price of BNB on the daily chart is above 70, indicating healthy buy bids for BNB. The volume for BNB indicates buy bids, this shows bulls would want to push the price higher.   Daily (1D) resistance for BNB price – $336. Daily (1D) support for BNB price – $270, $220. Price Analysis OF BNB On The Four-Hourly (4H) Chart The price of BNB has continued to maintain its bullish structure despite retracing to its trendline support on the 4H chart, as the price faces resistance at $336. BNB price is $333, trading above the 50 and 200 EMA with prices of $310 and $280 on the 4H chart. These prices would act as support areas for BNB on the 4H chart. Four Hourly (4H) resistance for BNB price – $336. Four hourly (4h) support for BNB price – $310, $280. With the positive CPI news, the price of BNB could break the resistance and would trend higher.   Related Reading: TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses   Featured image from Bitnovo, Charts from TradingView.com
  • TA- Bitcoin Bounced off Key Support After CPI Announcement
    NewsBTC - 10 hours ago
    The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement in the United States. The metric is used to measure inflation in U.S. dollar and hints at a potential slowdown.  Related Reading: TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses Bitcoin price saw a pullback from $24,200 to $22,800 despite showing signs of relief rally but was faced with resistance to breakout ahead of CPI news sentiments. (Data feeds from Bitstamp) Price Analysis Of BTC On The Weekly Chart From the chart, the price of BTC saw a weekly low of around $19,100, which bounced from that area and rallied to a price of $24,300. The price has built more momentum as it faces resistance at $24,300. If the price of BTC on the weekly chart continues with this bullish structure, it could quickly revisit  $28,000. Weekly resistance for the price of BTC – $28,000. Weekly support for the price of BTC – $19,100. Price Analysis Of BTC On The Daily (1D) Chart The price of BTC found strong support at around $20,600, with what seems to be an area of interest on the daily chart. BTC bounced from its support, forming a rising wedge as it faces resistance to break above $24,200. At the point of writing, the price of BTC is at $23,980, trying to break the resistance of $24,000 that corresponds to the 50 exponential moving averages (EMA).  If the price of BTC fails to break above the 50 EMA region, and at the same time breaks below the ascending wedge,  $20,600  would be a good support to hold sell-offs and a possible price bounce. With more buy bids, and the positive CPI announcement we could see the price of BTC breaking out above $24,300, and BTC price will trend higher. The RSI for the price of BTC on the daily chart is above 50, indicating healthy buy bids for BTC. The volume for BTC indicates low buy bids, this shows bulls would want to know the outcome of the CPI meeting. Daily (1D) resistance for BTC price – $24,300. Daily (1D) support for BTC price – $22,800, $20,600.   Price Analysis OF BTC On The Four-Hourly (4H) Chart The price of BTC has shown a range in an ascending wedge on the 4H chart, as the price faces rejection at $24,000. BTC’s price is $23,990, trading above the 50 but above the 200 EMA with prices of $23,200 and $22,700 on the 4H chart. These prices would be a support area for BTC on the 4H chart. Four-Hourly (4H) resistance for BTC price – $24,300. Four-Hourly (4H) support for BTC price – $23,200, $22,700.   With the positive CPI, the price of BTC would trend higher. Related Reading: Uniswap Price Falls Below $9 After It Met With A Sell-Off, What’s Next?   Featured image from NewsBTC, Charts from TradingView.com 
  • Recovery Market Sentiment Sees Investors Take More Risk With Altcoins
    NewsBTC - 10 hours ago
    Crypto investors had been moving out of altcoins through the market downtrend due to the high volatility that rocked these digital assets. As a result, the fall in these altcoins was more brutal than that recorded in bitcoin. However, as the tide has begun to turn and the market is looking towards more of a bullish trend, these altcoins have taken their place at the top of the recovering chain, prompting investors to rush back into them. Altcoins Provide More Gains Over time, it has been shown that altcoins record the widest movements during any type of market. So just as they have a high propensity to bring large losses, they also carry the same trait when it comes time to make a profit. The same is the case this time around,Al as investors have clamored to altcoins to take advantage of the gains. Related Reading: Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely Barely two weeks into the month of August, altcoins have quickly taken the lead when it comes to gains. The Small Cap Index, which had suffered massively during the downtrend, is finally having its day in the sun. It saw the largest gains in the last 10 days, coming out at 9% for this period of time. The Mid Cap Index follows the Small Cap Index in this regard. Although it did not see as many gains as its smaller counterpart, it saw 7% gains for the time period. It also spread to the Large Cap Index, which saw 5% gains in the same time period. Small Cap Index sees largest gains | Source: Arcane Research These gains show that investors are beginning to recover their faith in the market once more. Exposure to altcoins is growing rapidly, leading to a surge in prices across these indexes. Bitcoin Follows Positive Trend Altcoins were not the only ones that saw positive growth in the first week of August. The positive sentiment through the market has been widespread and has affected various digital assets, albeit to different degrees. Bitcoin has seen lesser gains compared to its altcoin competitors, but it saw gains nonetheless. It came out as the index with the lowest returns so far, with only 2%. Despite this growth, the digital asset is still severely underperforming compared to altcoins. It is notable in the market dominance of the digital asset, which has fallen about 7% in the last two months alone. Market cap rests above $1.1 trillion | Source: Crypto Total Market Cap on TradingView.com What this shows is that investors are now moving out from the safe haven that bitcoin provided during the market crash and are now focusing on altcoins. This has also spread to stablecoins that have also seen their market dominance eaten into by altcoins. Related Reading: CEL Rallies To $2 As Bankruptcy Proceedings Continue, But Rally May Just Be Starting In the last week alone, ETH dominance grew 0.89%, while Bitcoin and the leading stablecoins all lost between 0.12% to 0.96% dominance. This new hunger for risk can either be primarily rewarded, or investors may find themselves burned if the market were to retrace. Featured image from Binance, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
  • Audius (AUDIO) Price Prediction 2022, 2023, 2024, 2025: Is The $1 Mark On The Horizon?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 4 hours ago
    The post Audius (AUDIO) Price Prediction 2022, 2023, 2024, 2025: Is The $1 Mark On The Horizon? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide If you are acquainted with the music biz, you must be aware of how middlemen typically take advantage of the musicians. Audius intends to counter this setback by enabling artists to publish their music and engage with their audience without involving any intermediaries. The platform’s user interface is similarly very simple and easy to navigate. …
  • Gnox (GNOX) Presale 100% Sold Out Puts This Crypto On Binance Coin (BNB) And XRP (XRP) Communities Radar
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 8 hours ago
    The post Gnox (GNOX) Presale 100% Sold Out Puts This Crypto On Binance Coin (BNB) And XRP (XRP) Communities Radar appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Gnox’s presale sold-out is attracting Binance Coin and XRP communities with its promise of passive income utility. The new DeFi project will allow crypto enthusiasts to earn an income simply by buying and holding its token.  The team behind Gnox has a strong track record in the cryptocurrency space, and the project has the potential …
  • Ethereum Outperforms Bitcoin: Will the “King” Be Replaced Soon? 
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 9 hours ago
    The post Ethereum Outperforms Bitcoin: Will the “King” Be Replaced Soon?  appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Over the past few days, the crypto market has been experiencing a slight pull down. Today brought worse news, as Bitcoin plunged below $23,000, to trade around $22,000.  On the other hand, the lead altcoin, Ethereum, has reclaimed its $1,700 price area with an increase of 0.41% over the last 24hrs- seemingly leaving the “king” …
  • Michael Van De Poppe Predicts Bullis Targest For Cardano, Chainlink And Other Altcoins
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 10 hours ago
    The post Michael Van De Poppe Predicts Bullis Targest For Cardano, Chainlink And Other Altcoins appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Today, Bitcoin has been fluttering between the $22,000 and $23,000 mark. This has pulled down the global crypto market cap by 1.27% which is now positioned at $1.09 trillion. Meanwhile, an analyst, Michael van de Poppe, reveals his analysis of the major altcoins to his 621,500 Twitter fanbase.  Cardano (ADA) Analysis Poppe claims that Cardano, …
  • Here Is Why Ethereum Price Will See A Downfall Soon
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 10 hours ago
    The post Here Is Why Ethereum Price Will See A Downfall Soon appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide A well-known analyst at CryptoQuant reveals that, judging by the total number of long positions held by ETHUSD on the Bitfinex crypto exchange, the current Ethereum price will turn out to be a bearish one.  Whenever this indicator flashes high, it indicates a surge of the bullish sentiment among the investors. On the other hand, …
  • Terra-LUNA Investors To Get Refund, Upbit To Form A Committee
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 12 hours ago
    The post Terra-LUNA Investors To Get Refund, Upbit To Form A Committee appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide It’s been a while that Terra (LUNA) investors and traders who lost their money have been waiting for some genuine response from Do Kwon, Terra founder. The collapse witnessed Terra USD lose its peg against USD and Terra’s LUNA plunged to zero. Recently, the South Korean crypto exchanges Upbit and Korbit had promised to support …
  • Bitcoin & Ethereum Soar High With CPI Dropped to 8.5%, How Long Will This Rally Sustain?
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 13 hours ago
    The post Bitcoin & Ethereum Soar High With CPI Dropped to 8.5%, How Long Will This Rally Sustain? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Bitcoin appears to have undergone a short-term bounce with the announcement of the US CPI rates being lowered to 8.5% YoY. The upswing mirrors the bounce carried out during the revelation of the fresh inflation rates, recently. However, the bearish cartel always looks out for such an opportunity to take profits on their longs to …
  • Bear Market To End Soon, Claims ARK Reports. Here Are The Factors Influencing Bitcoin Price.
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 13 hours ago
    The post Bear Market To End Soon, Claims ARK Reports. Here Are The Factors Influencing Bitcoin Price. appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide It appears that the Crypto market has lost its bullish momentum as the lead cryptocurrency, Bitcoin Price, is now trading around $23,000 after having fallen below the crucial levels. This price momentum has pulled back other cryptocurrencies too. However, July’s “The Bitcoin Monthly” report predicts a different outcome. The report says that this is the …
  • No High Inflation Warning Ahead of US CPI While Crypto Markets Become Volatile
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 14 hours ago
    The post No High Inflation Warning Ahead of US CPI While Crypto Markets Become Volatile appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide Mixed Signal Expected Ahead of CPI Bitcoin price braces for the US inflation data as the surging heat around the CPI rates have halted the rally but increased the volatility. The markets surged nominally ahead of the announcement which resembles a similar movement ahead of the revelation of the previous inflation rate.  However, the crypto …
  • WazirX Trading Volume Slashes by 50% Amid ED Investigation
    Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide - 14 hours ago
    The post WazirX Trading Volume Slashes by 50% Amid ED Investigation appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide The central agency Enforcement Directorate (ED) recently probed WazirX and froze its bank accounts worth Rs 64.67 crore.  WazirX was investigated over a money-laundering case involving an amount of Rs 2,790 crore. The crypto exchange platform, co-operated by India-headquartered Zanmai Labs and Cayman Islands-based Binance, has now reacted to the money laundering allegations.  Last year, …
  • Here Are Some of the Biggest Plays in Crypto Right Now, According to Pantera Capital CEO Dan Morehead
    The Daily Hodl - 5 hours ago
    The founder of a crypto-focused hedge fund is looking ahead to see which industry niches might thrive once the current bear market cycle ends. In an interview with RealVision, Pantera Capital CEO Dan Morehead tells host Raoul Pal that the world of crypto is cyclical because as projects either complete or fade away, there are […] The post Here Are Some of the Biggest Plays in Crypto Right Now, According to Pantera Capital CEO Dan Morehead appeared first on The Daily Hodl.
  • Coinbase Hit With Lawsuit From Shareholder Alleging 2021 Stock Listing Was Based On Misinformation
    The Daily Hodl - 5 hours ago
    Top US-based crypto exchange Coinbase is getting hit with a lawsuit alleging that the firm’s 2021 stock listing was based on misleading information. According to a recent court filing, a shareholder of Coinbase is suing executives from the crypto exchange for allegedly misleading investors into purchasing shares that were “materially different and substantially riskier” than […] The post Coinbase Hit With Lawsuit From Shareholder Alleging 2021 Stock Listing Was Based On Misinformation appeared first on The Daily Hodl.
  • Aave and Similar Projects Could Be Safe From SEC Clampdown, Says Coin Bureau Host – Here’s Why
    The Daily Hodl - 6 hours ago
    A popular analyst known for his deep-dive research is exploring how looming regulation might impact the crypto industry. In a new strategy session, the Coin Bureau host known as Guy tells his 2.09 million YouTube subscribers about which factors the U.S. Securities and Exchange Commission (SEC) might use to determine if a digital asset ought […] The post Aave and Similar Projects Could Be Safe From SEC Clampdown, Says Coin Bureau Host – Here’s Why appeared first on The Daily Hodl.
  • Ripple Interested in Buying Up Celsius’ Distressed Crypto Assets: Report
    The Daily Hodl - 7 hours ago
    San Francisco payments firm Ripple is reportedly interested in buying assets from bankrupt crypto lending platform Celsius. According to a report from Reuters, a spokesperson for Ripple said that the company was looking to see if there was any synergy between it and Celsius’ assets. The spokesperson declined to say whether Ripple wanted to acquire […] The post Ripple Interested in Buying Up Celsius’ Distressed Crypto Assets: Report appeared first on The Daily Hodl.
  • USDC Issuer Circle Joins Chainlink in Only Supporting Proof-of-Stake Ethereum After the Merge
    The Daily Hodl - 7 hours ago
    USD Coin (USDC) issuer Circle says that it will support only the Ethereum proof-of-stake chain once the leading smart contract platform completes its highly anticipated Merge.  In a statement, Circle says that it made its decision based on the role it plays in the Ethereum ecosystem as the issuer of the biggest ERC-20 token and […] The post USDC Issuer Circle Joins Chainlink in Only Supporting Proof-of-Stake Ethereum After the Merge appeared first on The Daily Hodl.
  • Solana Wallet Phantom Says $4,000,000 Hack Not Related to Vulnerabilities in Its System
    The Daily Hodl - 8 hours ago
    Solana (SOL) wallet Phantom says that the $4 million exploit that affected over 8,000 users last week doesn’t appear to have anything to do with its infrastructure. According to Phantom, an investigation launched into the hack unveiled no evidence that its system was compromised during the exploit. “After almost a week of investigation, our team has […] The post Solana Wallet Phantom Says $4,000,000 Hack Not Related to Vulnerabilities in Its System appeared first on The Daily Hodl.
  • Former BitMEX Executive Faces Up to Five Years in Prison After Pleading Guilty to Violating Bank Secrecy Act
    The Daily Hodl - 8 hours ago
    A high-ranking BitMEX employee is pleading guilty to violating the US’s Banking Secrecy Act, the latest in a series of legal setbacks for the embattled crypto exchange. In his plea, Gregory Dwyer admitted to “willfully failing to establish, implement, and maintain an anti-money laundering program at BitMEX,” according to a new press release from the […] The post Former BitMEX Executive Faces Up to Five Years in Prison After Pleading Guilty to Violating Bank Secrecy Act appeared first on The Daily Hodl.
  • Curve Finance Gives Update After $570,000 Worth of Ethereum (ETH) Goes Missing in Suspected Exploit
    The Daily Hodl - 8 hours ago
    Curve Finance says that an issue with their website has been fixed and reverted after $570,000 in Ethereum (ETH) went missing.  The decentralized exchange and automated market maker (AMM) first warned its users not to use the front end of its website Curve.fi yesterday afternoon after it detected that its nameserver was compromised. “Don’t use […] The post Curve Finance Gives Update After $570,000 Worth of Ethereum (ETH) Goes Missing in Suspected Exploit appeared first on The Daily Hodl.
  • Ethereum (ETH) Competitor Soars As Coinbase Adds Red-Hot Altcoin to Listing Roadmap
    The Daily Hodl - 9 hours ago
    An Ethereum (ETH) competitor that’s working to accelerate Web 3.0 adoption is soaring after top US crypto exchange Coinbase put it on the path to joining its trading roster. The Coinbase listing roadmap is made up of crypto projects currently under consideration to be included among the exchange’s growing list of supported assets. In a […] The post Ethereum (ETH) Competitor Soars As Coinbase Adds Red-Hot Altcoin to Listing Roadmap appeared first on The Daily Hodl.
  • Chainlink (LINK) Will Not Support Forked Versions of Ethereum (ETH) After the Merge
    The Daily Hodl - 10 hours ago
    The Chainlink (LINK) protocol does not plan to support any forked versions of Ethereum (ETH) after it merges to Ethereum 2.0. Chainlink, a decentralized oracle network, notes on its website that this decision includes proof-of-work forks. “This is aligned with both the Ethereum Foundation’s and broader Ethereum community’s decision, achieved via social consensus, to upgrade […] The post Chainlink (LINK) Will Not Support Forked Versions of Ethereum (ETH) After the Merge appeared first on The Daily Hodl.
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