Finally, the Ethereum Merge long-awaited Merge has occurred. As the most hyped historic event in the crypto space, many people projected different sentiments about the upgrade. Parts of the pre-merge reactions were negative.
Bitcoin NVT golden cross has recently had values that would suggest the crypto may be close to being overbought right now. Bitcoin NVT Golden Cross Has A Positive Value Currently As pointed out by an analyst in a CryptoQuant post, the NVT golden cross has now hit its highest value since the last week of […]
The Ethereum Merge upgrade is expected to haul in more new users on the network which happens to be true with the surge of new active wallet addresses on the platform. Ethereum’s new active wallet addresses climb to a new ATH of 3,001.804 ETH seen to spike in terms of social media engagements and mentions ETH price up by 0.46% as of press time According to a Twitter post by Glassnode shared on October 2, the number of new active wallet addresses on the Ethereum network recently climbed to a new ATH of 3,001.804. While it’s true that this screams a boost in investor interest in the alt, the recent plunge in market volume and sentiment seems to be in contrast to everyone’s expectations to date. The number of new active wallet addresses on the Ethereum platform is seen to have dropped in August and recovered since September. Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31 Spike In Number Of ETH Addresses Trigger Increase In Social Metrics The increase in the number of wallet addresses also triggered a spike in social media engagement of the altcoin. Ethereum has shown a significant improvement of 4.63% surge in terms of social mentions and also 27.6% in social engagements. The Merge has created a lot of buzz on social media especially in the past month but the overall sentiment wasn’t purely positive. In fact, Ethereum is down in terms of weighted sentiment as seen in the last few days. In addition, ETH value has also been moving downwards as seen in the past couple of days. The altcoin volume has retreated from 13.45 billion on September 30 to only 6.03 billion on October 2. On the brighter side, even with the negative public sentiment, Ethereum still managed to attract more whale investors in the altcoin. Evidently, the top 500 ETH whales have gained interest in investing and buying the crypto. The momentum of Ethereum has shown some growth as seen in the past three days indicating an increase in wallet transactions involving Ether. Ethereum Development Activity Decreasing More so, the altcoin also gained the approval of Deutsche Telekom following their announcement of planning to roll out an Ethereum validator. On the other hand, the development activity on Ethereum has been spiraling down too which implies the decrease in activity on the GitHub. The current market state has however negatively impacted Ethereum as even the Merge failed to meet expectations in terms of capital outflow. Consequently, despite the growth in terms of wallet transactions and the rise in social media engagements, the price of ETH wasn’t able to keep up with the positive sentiment. The coin is seen to recover a bit and is in the green lane as of publication. According to CoinMarketCap, ETH price has soared by 0.46% or trading at $1,304.30 as of this writing. Related Reading: Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price? The ETHUSD pair is trying to break past the $1,317 level on the daily chart | Source: TradingView.com Featured image from Top Trend Coins, chart from TradingView.com
Alex Mashinsky, the former CEO of Celsius, withdrew $10 million from the crypto lending platform just weeks before it froze user assets and suspended withdrawals in June, according to unnamed sources cited by the Financial Times. The decision to withdraw cash caused worry, and the cryptocurrency community questioned whether Mashinsky had knowledge the company would […]
Bitcoin has defied the downward trend of major currencies such as the British pound (GBP) and Chinese yuan by increasing 6.5% over the previous week and nearing the $20,000 level. Throughout the course of the year, the U.S. Federal Reserve raised interest rates in an effort to combat skyrocketing inflation, resulting in a significant appreciation of the US […]
Following the September second and third-week sell-off, the Ethereum price plummeted to $1230 support. Moreover, this downfall hitting a low level such as 0.786 Fibonacci retracement level weakens the possibility of price recovery. Furthermore, the coin chart showed the formation of an inverted pennant pattern increased the probability of a prolonged correction. Key points: The
The post Will This Bearish Pattern Pull Ethereum Coin Price Below $1200? appeared first on CoinGape.
The short-term trend for Bitcoin price is sideways, where it wobbles between the $24500-$18350 barrier. During the consolidation, the coin price has repeatedly retested the bottom support, validating it as a strong accumulation zone. Amid the recent sell-off in September, the BTC price dropped to the $18350 mark, trying to replenish the bullish momentum. Key
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For a while now, Ethereum whales have been moving their coins around. This has been a direct result of the bear market that has caused investors to lose a significant amount of their portfolios. Even now, the crypto market is still being ravaged by declining prices. The result of this has been investors seeking refuge in tokens that do not see a lot of volatility, and Ethereum whales have not been left out of this flight to safety. Stablecoins Gain Favor Over the last 24 hours, the trade activity of the top Ethereum whales has shown a big shift towards stablecoins. These whales, who have usually been known to trade across a number of digital assets regardless of their volatility, are taking less risk during this time. The USDT stablecoin has been the number 1 token by trade volume for these top Ethereum whales. The average volume transacted by the whales came out to $267,328, even higher than the volume for ETH, which was the second-highest by trading volume. USDC featured in third place on this list, with an average amount of $89,180 over this time. Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity In the same vein, the stablecoins were at the top of the most purchased tokens over this time. USDT naturally led the list, while USDC was in second place. Interestedly, ETH did not take 3rd place as expected because Ethereum whales bought more SRM than ETH over this time period. ETH price settles above $1,300 | Source: ETHUSD on TradingView.com On the topic of sales, the whales continued the trend of moving toward stablecoins. ETH was the most sold token over the last 24 hours, most of which had gone to converting ETH holdings into the more stable USDT and USDC. Ethereum Whales Want Stability Over the course of 2022, Ethereum whales have moved towards more stable options. While ETH continues to top their holdings, the change in their token holdings shows that these whales are getting ready to weather another bear storm. The start of the year had seen tokens such as Shiba Inu and FTX Token topping the holdings of these large investors. However, the tide has shifted so much in this regard that the largest token holdings of these whales are now in stablecoins. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes Presently, USDC is the largest token holder of the top 100 Ethereum whales at $653.3 million (26.09%). It is then followed by USDT with a cumulative holding value of $575.14 million (22.96%). Shiba Inu still features highly on this list but is a long way from being the largest token held by these large investors. Given that analysts continue to warn investors that the bottom of the crypto bear market is not in, it is no surprise that these investors are looking for safety. If the bottom happens to be lower than already recorded cycle lows, then there is more pain to come. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
If Bitcoin falls under the June lows of $17,500 it could further trigger a downside to $14,000. Bitcoin miners have been selling throughout September, as a result, miners have sold around 8000 BTC this month. After a short pullback above $20,000 earlier this week, the world’s largest cryptocurrency Bitcoin (BTC) continues to face selling pressure […]
Der Beitrag Bitcoin: Big dump coming that pushes BTC to $14K after rising over $20K first – Analysts take erschien zuerst auf Crypto News Flash.
The Bitcoin Policy Institute’s report on CBDCs makes a strong case for why the US should reject a centrally issued version of the dollar. Bitcoinist covered that already. This time, we’ll focus on the reasons why The Bitcoin Policy Institute thinks CBDCs don’t make sense and are not practical for capitalist societies. The main argument […]
On-chain data shows the Bitcoin 30-day long-term holder SOPR hasn’t yet reached the historical bottom level during the current cycle. Bitcoin 30-Day Long-Term Holder SOPR Has Declined Recently As pointed out by an analyst in a CryptoQuant post, the long-term holders haven’t attained their maximum pressure point yet. The “Spent Output Profit Ratio” (or SOPR in short) is an indicator tells us whether the average Bitcoin investor is selling at a profit or at a loss right now. When the value of this metric is less than 1, it means the overall market is realizing some amount of profit currently. On the other hand, the indicator having values than the threshold suggests that investors as a whole are moving coins at a loss at the moment. “Long-term holders” (LTHs) are a cohort of Bitcoin investors who hold their coins for at least 155 days before selling or moving them. Here is a chart that shows the trend in the 30-day moving average BTC SOPR over the last several years specifically for these LTHs: The 30-day MA value of the metric seems to have been going down in recent days | Source: CryptoQuant As you can see in the above graph, the 30-day MA Bitcoin LTH SOPR seems to have hit a specific level around the price bottom in each of the previous two cycles. These touches of the level in the loss region didn’t exactly coincide with the cycle lows, but they were still quite close, making them good buying opportunities for the crypto. Related Reading: 2022: The Year Extreme Fear Took Over The Crypto Market In recent months, as the bear has taken over, the indicator’s value has declined below the 1 mark, implying the LTHs have been selling at a loss recently. While the metric has declined deep into the red zone by this point, it’s still not at the level where the historical cycles observed their bottoms. Though, as the chart shows in the bottom, the DPO (an indicator that’s popularly used for finding cycle tops and bottoms of any quantity) of the LTH SOPR has started turning back up recently. Related Reading: Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows In the past bear markets, the LTH SOPR reached the bottom level not too long after the DPO reversed trend like this. If a similar pattern follows now as well, it may not be too long until long-term holder loss selling reaches its maximum point. BTC Price At the time of writing, Bitcoin’s price floats around $19.2k, up 1% in the past week. Looks like BTC has been moving sideways again during the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Hacks and exploits are increasingly taking more root in the crypto space. With the acceptance of digital assets globally, crimes also grow. The criminals use more technological approaches to aid their exploitation and hacks on protocols and platforms. A slight and negligible loophole is enough to result in these exploits. MEV bot, an Ethereum arbitrage trading bot, amassed a whopping $1 million as a jackpot prize. However, the joy of its gains was short-lived as events turned out negatively for it some hours later. Before adequately reflecting on the tremendous value, a hack wiped the gains. Related Reading: QUANT Basks In Green As QNT Coin Surges 35% On 7-Day Rally MEV Bot’s Crypto Gains Came Through Arbitrage Trading Opportunity Robert Miller, an employee of Flashbots, a research firm, took to Twitter to report the attack. He noted that the Maximal Extractable Value (MEV) bot with the prefix 0xbadc0de earned Ether through arbitrage trades. He said the bot gained up to 800 ETH worth about 1 million in the works. The bot leveraged a considerable arbitrage opportunity from trader sales from Miller’s explanation. The transaction involved about $1.8 million in cUSDC via Uniswap v2, a decentralized exchange (DEX). The trading yielded just $500 assets in return. Upon detecting the advantage, the bot immediately utilized its availability to obtain a huge earning. But the bot’s gain could not stay much longer when a hacker discovered a vulnerability in its lousy code. The bad actor used the lapse to trick it into authorizing a transaction. The hacker wiped the bot’s balance, about 1,101 ETH. PeckShield, a blockchain security company, revealed that the bug is traceable to the bot’s callback routine. This served as the loophole for the exploit through which the hacker approved an arbitrary address for spending. Similar Vulnerability Attack Vulnerability attacks on the crypto space are skyrocketing. For example, an Ethereum vanity address generator, Profanity, recorded a vulnerability exploit on September 18. The attack ended with a loss of $3.3 million worth of funds from different wallets. 1Inch Network, a DEX aggregator, investigated the exploit. The DEX discovered some ambiguity in the creation of the compromised wallets. It warned the wallet users to move their funds due to the risk associated with their use. Related Reading: Bitcoin Notches Highest Trading Volume In Over 3 Months, Binance Data Shows There was another exploit on a vanity wallet address just a week after that of Profanity. The attack resulted in the loss of some Ether valued at approximately $1 million. The hackers moved their proceeds to Tornado cash, the crypto mixer which was recently sanctioned. Featured image from Pixabay, Chart: TradingView.com
Biden’s administrative team is about to get shuffled as the Treasury Secretary, Janet Yellen leaves after midterm, the shuffle might mean a positive turn for Crypto since Yellen was an anti-crypto advocate. Yellen previously made several negative comments and advised against crypto adoptions. Although no one knows why Yellen is leaving, she received several criticisms […]
Bitcoin (BTC) trading volume is on the rise, as the cryptocurrency market shows some signs of improvement. As of this writing, BTC is trading at $19,326, up 3.2 percent in the last 24 hours, data from Coingecko show, Thursday. Today is one of the busiest trading days for Bitcoin since mid-June. CryptoQuant attributes the recent surge in BTC trading volume to Binance. CoinGecko also reveals a dramatic increase in Bitcoin trade volume over the past three days. Total trade volume for the coin is $142.5 billion, a massive rise from $81.6 billion, or a 42.5% gain. However, recent charts reveal that the market is still prone to volatility, especially when it comes to the BTC/BUSD pair. Despite this possibility, Binance’s recent measures could aid Bitcoin and the broader cryptocurrency market in recovering from the recent massive liquidations. Bitcoin Whales In Aggressive Mode Binance made the decision to remove trading fees for a number of Bitcoin pairs on July 7. Included in this are trading pairs involving Bitcoin and their native stablecoin, the Bitcoin Dollar (BUSD). As a result, the amount of daily trades in BTC/BUSD spiked almost immediately. The current price of the pair is $19,369. There has been an increase in value due to BTC being purchased by “whales” using BUSD. Futures contracts on BTC/BUSD have likewise followed this pattern. As of today, the total number of BTC/BUSD transactions has reached 8.9 million. But does this whale frenzy portend future success for Bitcoin? Quite possibly. Related Reading: MANA Price Gets 2.5% Weekly Boost As Bulls Charge For Reversal Chart: TradingView.com Potential Breakout? Or A Dip In The Offing? The unexpected spike in Bitcoin transactions and trade volume is remarkable. This simple fluctuation can prompt traders to initiate profitable positions. At this time, Bitcoin long holdings are realistic. However, the likelihood of a breakout is still quite remote. Currently, the Stoch RSI and CCI numbers are on the rise, which can provide sell signals to day traders seeking a rapid profit. However, the tapering end of a descending triangle formation can make it difficult for bulls to break. Currently, the pair is hovering at the 78.60 Fibonacci level, with immediate resistance at the $19,792 price range. With support at $18,137.58, a continuation of the rise is feasible if the bulls maintain their strength. Related Reading: Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead? BTCUSD pair showing signs of vigor, trading at $19,417 on the daily chart | Source: TradingView.com Featured image from The Market Periodical, Chart: TradingView.com
Many people, especially those who are not so familiar with what’s going on in the cryptocurrency world, would wonder how come these cryptocurrencies remain so popular amidst negative feedback from many skeptics. The Prevalence of Cryptocurrency Many would say that cryptocurrencies are “dark money”, meaning they are only used for transactions involving illicit activities in […]
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