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Crypto enthusiasts strongly believe in the decentralized blockchain architecture and feel that it solves many problems both financially and politically.
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Ripple Price Analysis: XRP Bulls Reclaim $0.5 Following the Devastating 20% Crash
Ripple’s price has been dropping over the last few days as the crypto market has experienced a significant plunge.
However, the cryptocurrency is currently demonstrating signs of short-term recovery.
On the USDT paired chart, the price has failed to stay above the $0.6 resistance level and the 200-day moving average, which is located around $0.55.
The market has displayed a rapid rebound from the $0.43 support level and reclaimed $0.5.
Yet, before any considerable bullish move can be expected, the market should first break back above the 200-day moving average.The BTC Paired Chart
Looking at the XRP/BTC pair, the price has recovered above the 800 SAT support level and is currently hovering around the 200-day moving average, located around the 900 SAT mark.
If the price can successfully break higher, a rally toward the 1200 SAT resistance zone could be expected.
With the RSI also showing values above 50%, the momentum is in favor of such a bullish move. On the other hand, if the 800 SAT support level is broken down to the downside, it is likely possible for the market to create a new low.
Ripple’s price has been dropping over the last few days as the crypto market has experienced a significant plunge.
However, the cryptocurrency is currently demonstrating signs of short-term recovery.
On the USDT paired chart, the price has failed to stay above the $0.6 resistance level and the 200-day moving average, which is located around $0.55.
The market has displayed a rapid rebound from the $0.43 support level and reclaimed $0.5.
Yet, before any considerable bullish move can be expected, the market should first break back above the 200-day moving average.The BTC Paired Chart
Looking at the XRP/BTC pair, the price has recovered above the 800 SAT support level and is currently hovering around the 200-day moving average, located around the 900 SAT mark.
If the price can successfully break higher, a rally toward the 1200 SAT resistance zone could be expected.
With the RSI also showing values above 50%, the momentum is in favor of such a bullish move. On the other hand, if the 800 SAT support level is broken down to the downside, it is likely possible for the market to create a new low.
Bitcoin needs $59.1K weekly close amid doubt over BTC price all-time high
Bitcoin BTCUSD has a new minimum BTC price target for the week — but hitting it does not take all the pressure off bulls.
In his latest X coverage, popular trader and analyst Rekt Capital said that Bitcoin’s next weekly close must hit $59,000.
BTC price faces undefeated resistance hurdles
Bitcoin is doing its best to recover from a trip to six-month lows of $49,500 this week, but bears could easily reclaim control.
Analyzing the long-timeframe landscape on BTCUSD, Rekt Capital identified the potential for an enduring BTC price bounce, which would keep it in line with behavior since March’s all-time high.
“It has happened,” he wrote, referring to Bitcoin reversing upward right on target.
Bitcoin BTCUSD has a new minimum BTC price target for the week — but hitting it does not take all the pressure off bulls.
In his latest X coverage, popular trader and analyst Rekt Capital said that Bitcoin’s next weekly close must hit $59,000.
BTC price faces undefeated resistance hurdles
Bitcoin is doing its best to recover from a trip to six-month lows of $49,500 this week, but bears could easily reclaim control.
Analyzing the long-timeframe landscape on BTCUSD, Rekt Capital identified the potential for an enduring BTC price bounce, which would keep it in line with behavior since March’s all-time high.
“It has happened,” he wrote, referring to Bitcoin reversing upward right on target.
Bitcoin Current Recovery And Outlook
Following the recent dip in Bitcoin comes a notable recovery, which started earlier today. So far, Bitcoin has increased to as high as $56,957 in the early hours of today before retracing slightly to trade at $56,672, at the time of writing, up by 3.6% in the past 24 hours.
According to prominent crypto analyst Ali, Bitcoin has formed a “rising wedge, a pattern often linked to downtrends.” Ali projected that Bitcoin might surge to “$56,000-$57,000 at the wedge’s upper boundary.”
However, a possible plunge to $51,000 should still be watched out for.
Following the recent dip in Bitcoin comes a notable recovery, which started earlier today. So far, Bitcoin has increased to as high as $56,957 in the early hours of today before retracing slightly to trade at $56,672, at the time of writing, up by 3.6% in the past 24 hours.
According to prominent crypto analyst Ali, Bitcoin has formed a “rising wedge, a pattern often linked to downtrends.” Ali projected that Bitcoin might surge to “$56,000-$57,000 at the wedge’s upper boundary.”
However, a possible plunge to $51,000 should still be watched out for.
Unshaken By Market Meltdown
According to Balchunas, during this chaotic period whereby panic selling may be seen as the norm, BlackRock investors particularly showcased a strong level of resilience by not liquidating any portion of their cryptocurrency holdings.
What makes this more interesting is that these same investors had already endured about an 8% loss the previous week and were facing additional losses during the Bitcoin market crash. Balchunas noted:
Compared to some of these degens these boomers [Blackrock investors] are like the Rock of Gibraltar. You guys are so lucky to have them.
Balchunas further reported that although BlackRock registered a minor 0.3% total outflow from its assets under management (AUM) during this period, it is relatively small compared to the overall market movements.
According to Balchunas, during this chaotic period whereby panic selling may be seen as the norm, BlackRock investors particularly showcased a strong level of resilience by not liquidating any portion of their cryptocurrency holdings.
What makes this more interesting is that these same investors had already endured about an 8% loss the previous week and were facing additional losses during the Bitcoin market crash. Balchunas noted:
Compared to some of these degens these boomers [Blackrock investors] are like the Rock of Gibraltar. You guys are so lucky to have them.
Balchunas further reported that although BlackRock registered a minor 0.3% total outflow from its assets under management (AUM) during this period, it is relatively small compared to the overall market movements.
$0 Flows: BlackRock Unshaken Despite Recent Bitcoin Market Crash, Data Shows
Bitcoin and the broader crypto market faced a notable price plunge on Monday, with the global crypto market cap losing $100 billion in valuation and total liquidations surpassing $1 billion.
Interestingly, despite this so-called ‘Red Monday,’ Eric Balchunas, a Bloomberg Senior exchange-traded fund (ETF) analyst, revealed in a post uploaded earlier today that investors of BlackRock’s crypto fund, IBIT, maintained their holdings without flinching.
Bitcoin and the broader crypto market faced a notable price plunge on Monday, with the global crypto market cap losing $100 billion in valuation and total liquidations surpassing $1 billion.
Interestingly, despite this so-called ‘Red Monday,’ Eric Balchunas, a Bloomberg Senior exchange-traded fund (ETF) analyst, revealed in a post uploaded earlier today that investors of BlackRock’s crypto fund, IBIT, maintained their holdings without flinching.
Bossie (BOSSIE) - MEXC Listing - 07 Aug 2024
The listing of Bossie on MEXC is notable as exchange listings often increase liquidity and visibility for a crypto asset. Paired with USDT, this listing could attract more traders to Bossie, potentially leading to a price increase. Additionally, MEXC's promotional airdrops during the listing period could generate extra buzz around the token.
The listing of Bossie on MEXC is notable as exchange listings often increase liquidity and visibility for a crypto asset. Paired with USDT, this listing could attract more traders to Bossie, potentially leading to a price increase. Additionally, MEXC's promotional airdrops during the listing period could generate extra buzz around the token.
Baby Doge Coin (BABYDOGE) - Solana Bridge Launch - 05 Sep 2024
The release of the Baby Doge Solana bridge allows BabyDoge users to bridge their tokens to Solana, which could open new avenues for its use. By unlocking the highly scalable Solana network, transaction speeds could increase while costs decrease. This could attract more users and investors, potentially driving up the price of BabyDoge. Source.
The release of the Baby Doge Solana bridge allows BabyDoge users to bridge their tokens to Solana, which could open new avenues for its use. By unlocking the highly scalable Solana network, transaction speeds could increase while costs decrease. This could attract more users and investors, potentially driving up the price of BabyDoge. Source.
Efinity (EFI), Enjin Coin (ENJ) - Etherscape Launch - 16 Aug 2024
The launch of Etherscape on Epic Games is a big event for Efinity and Enjin Coin. Introducing a new in-game currency called Enjinite, players can buy and sell virtual items. Enjinite can be converted to Enjin Coin and vice versa, adding more utility to ENJ. This interconnection and the game's exposure to a large audience on Epic Games could increase the demand for both ENJ and EFI, potentially causing a price surge. Source.
The launch of Etherscape on Epic Games is a big event for Efinity and Enjin Coin. Introducing a new in-game currency called Enjinite, players can buy and sell virtual items. Enjinite can be converted to Enjin Coin and vice versa, adding more utility to ENJ. This interconnection and the game's exposure to a large audience on Epic Games could increase the demand for both ENJ and EFI, potentially causing a price surge. Source.
Bitcoin Price Analysis: 2 Targets for BTC Following the Crash Below $50K and Subsequent Bounce
Bitcoin Price Analysis: 2 Targets for BTC Following the Crash Below $50K and Subsequent Bounce
After a significant downturn in the cryptocurrency market, Bitcoin has seen a sharp decline, breaking through the key support level of its previous major swing low of $53K.
This price movement indicates a possible shift towards a bearish market structure.Technical Analysis
A detailed examination of Bitcoin’s daily chart reveals a significant downturn driven by widespread fears of potential economic tu
After a significant downturn in the cryptocurrency market, Bitcoin has seen a sharp decline, breaking through the key support level of its previous major swing low of $53K.
This price movement indicates a possible shift towards a bearish market structure.Technical Analysis
A detailed examination of Bitcoin’s daily chart reveals a significant downturn driven by widespread fears of potential economic tu
Jupiter (JUP) Downtrend Intensifies, Potential Drop to Multi-Month Lows
JUP, the native token of the Solana-based decentralized exchange Jupiter, has maintained a downtrend since July 29.
The altcoin’s decline was worsened by Monday’s market downturn, causing its price to plunge to a five-month low, a level it now risks revisiting.
Jupiter Bears Have the Upper Hand
At press time, JUP trades at $0.88. The broad market recovery since Tuesday has driven JUP’s price up nearly 10% in the past 24 hours. However, the 44% decline in its trading volume indicates a negative divergence.
JUP, the native token of the Solana-based decentralized exchange Jupiter, has maintained a downtrend since July 29.
The altcoin’s decline was worsened by Monday’s market downturn, causing its price to plunge to a five-month low, a level it now risks revisiting.
Jupiter Bears Have the Upper Hand
At press time, JUP trades at $0.88. The broad market recovery since Tuesday has driven JUP’s price up nearly 10% in the past 24 hours. However, the 44% decline in its trading volume indicates a negative divergence.
Tuesday Attack Explained
According to the report, exploiters could only siphon $12 million because of safeguard measures in place. Specifically, there is a bridge limit, which prevents large fund withdrawals. This system prevented further withdrawals during the exploit.
The gaming-focused blockchain pinpointed what led to the attack, citing a new update and articulating that remedies are already underway.
“Today’s bridge upgrade, after being deployed through the governance process, introduced an issue leading the bridge to misinterpret the required bridge operators’ vote threshold to withdraw funds,” the bridge explained.
A post-mortem will be shared next week, with strategies to prevent similar occurrences. One of the project’s key personnel, Bailey.ron on X, said the Ronin Bridge’s principles are one of the things that make it a target for attacks.
“Ronin is one of the few crypto projects working on and achieving real consumer adoption. Coupled with its history, this attracts unwanted attention and constant phishing attempts. Nevertheless, Ronin remains committed to rectifying mistakes and protecting its community and users. I am glad to be contributing here and still have confidence in the team to deliver impact on not just gaming but the overall crypto industry,” Bailey.ron said.
Indeed, the network has made headlines with previous exploits. In 2022, the Ronin Network lost $615 million to an exploit after the perpetrator capitalized on private keys to forge fake withdrawals. This marked one of the largest attacks in decentralized finance (DeFi) at the time.
This development mirrors key security concerns that continue to plague the DeFi space. Meanwhile, the Ronin (RON) token has been down 2% in the last 24 hours, while the Axie Infinity (AXS) token has been down 1% since Wednesday’s session opened.
According to the report, exploiters could only siphon $12 million because of safeguard measures in place. Specifically, there is a bridge limit, which prevents large fund withdrawals. This system prevented further withdrawals during the exploit.
The gaming-focused blockchain pinpointed what led to the attack, citing a new update and articulating that remedies are already underway.
“Today’s bridge upgrade, after being deployed through the governance process, introduced an issue leading the bridge to misinterpret the required bridge operators’ vote threshold to withdraw funds,” the bridge explained.
A post-mortem will be shared next week, with strategies to prevent similar occurrences. One of the project’s key personnel, Bailey.ron on X, said the Ronin Bridge’s principles are one of the things that make it a target for attacks.
“Ronin is one of the few crypto projects working on and achieving real consumer adoption. Coupled with its history, this attracts unwanted attention and constant phishing attempts. Nevertheless, Ronin remains committed to rectifying mistakes and protecting its community and users. I am glad to be contributing here and still have confidence in the team to deliver impact on not just gaming but the overall crypto industry,” Bailey.ron said.
Indeed, the network has made headlines with previous exploits. In 2022, the Ronin Network lost $615 million to an exploit after the perpetrator capitalized on private keys to forge fake withdrawals. This marked one of the largest attacks in decentralized finance (DeFi) at the time.
This development mirrors key security concerns that continue to plague the DeFi space. Meanwhile, the Ronin (RON) token has been down 2% in the last 24 hours, while the Axie Infinity (AXS) token has been down 1% since Wednesday’s session opened.
Ronin Bridge Hackers Score $500,000 Bounty for Returning Stolen ETH
Ronin Bridge Hackers Return Stolen ETH
The Ronin network shared the update, indicating the return of approximately $10 million stolen on Tuesday. While some $2 Million Worth of USDC stablecoin still needs to be returned, the network rewards the show of good faith with up to $500,000 in bounty to the whitehat hackers.
The whitehats received this reward for using their cybersecurity skills and knowledge to identify the vulnerability. This prompted the network to conduct an audit before reopening the bridge for public use. Additionally, operations will shift from the current structure as Ronin validators work to implement a new solution.
Ronin Bridge Hackers Return Stolen ETH
The Ronin network shared the update, indicating the return of approximately $10 million stolen on Tuesday. While some $2 Million Worth of USDC stablecoin still needs to be returned, the network rewards the show of good faith with up to $500,000 in bounty to the whitehat hackers.
The whitehats received this reward for using their cybersecurity skills and knowledge to identify the vulnerability. This prompted the network to conduct an audit before reopening the bridge for public use. Additionally, operations will shift from the current structure as Ronin validators work to implement a new solution.
Ethereum team not promoting centralization: Vitalik Buterin
In an earlier U.Today report, Vitalik Buterin debunked claims that the Ethereum research team is embracing centralization. Buterin enumerated some important recommendations meant to reduce centralization, such as carefully examining multi-proposer systems and figuring out whether the builder position may be dropped.
Buterin also highlighted other suggestions like distributed block building for PeerDAS, networking analysis and bandwidth optimization of PeerDAS.
Overall, the discussion highlights the ongoing efforts made by the Ethereum ecosystem to improve processes while balancing security and trust. The ecosystem, therefore, encourages increased adoption of Ethereum.
In an earlier U.Today report, Vitalik Buterin debunked claims that the Ethereum research team is embracing centralization. Buterin enumerated some important recommendations meant to reduce centralization, such as carefully examining multi-proposer systems and figuring out whether the builder position may be dropped.
Buterin also highlighted other suggestions like distributed block building for PeerDAS, networking analysis and bandwidth optimization of PeerDAS.
Overall, the discussion highlights the ongoing efforts made by the Ethereum ecosystem to improve processes while balancing security and trust. The ecosystem, therefore, encourages increased adoption of Ethereum.
Vitalik Buterin Issues Crucial Update on Ethereum Block Advancement
Ethereum co-founder Vitalik Buterin recently brought to light crucial updates on Ethereum block advancement. Buterin gave the disclosure on X, highlighting a post from Dan Robinson hailing Max’s proposal over FOCIL.
Update on Ethereum block advancement
Dan Robinson, a researcher at Paradigm, claims in an X post that Max’s proposal prioritizes ordering of transactions rather than the leader's discretion. He added that no single assigned leader is the last mover of on-chain transactions.
“Whatever you want to label this constellation of properties, I find it appealing,” Robinson stated.
In response, Buterin highlighted that the Ethereum research team has agreed that it is a good idea to have several actors contribute to transactions that must be included in the block. “Open debate on whether avoiding a 'last mover' is possible,” Buterin added.
Summary of Ethereum block-building research as of 2024-08-07:
* Everyone agrees that having multiple actors contribute txs that must be included in the block is a good idea
* Open debate on whether avoiding a "last mover" is possible
Ethereum co-founder Vitalik Buterin recently brought to light crucial updates on Ethereum block advancement. Buterin gave the disclosure on X, highlighting a post from Dan Robinson hailing Max’s proposal over FOCIL.
Update on Ethereum block advancement
Dan Robinson, a researcher at Paradigm, claims in an X post that Max’s proposal prioritizes ordering of transactions rather than the leader's discretion. He added that no single assigned leader is the last mover of on-chain transactions.
“Whatever you want to label this constellation of properties, I find it appealing,” Robinson stated.
In response, Buterin highlighted that the Ethereum research team has agreed that it is a good idea to have several actors contribute to transactions that must be included in the block. “Open debate on whether avoiding a 'last mover' is possible,” Buterin added.
Summary of Ethereum block-building research as of 2024-08-07:
* Everyone agrees that having multiple actors contribute txs that must be included in the block is a good idea
* Open debate on whether avoiding a "last mover" is possible
CoinShares Netted $513.1M Profit in Q2
Crypto asset manager CoinShares (CS) recorded profits after tax of nearly 404 million pounds ($513.1 million) in Q2, a considerable bump from 10 million pounds in the equivalent quarter a year ago.
The firm also noted a loss of $481.4 million on the fair value of digital assets, as the crypto market pulled back from its all-time high levels of Q1. Bitcoin {{BTC}}, the largest cryptocurrency, slid 12% during Q2, its biggest drop since fourth-quarter 2022.
Once accounted for this depreciation, CoinShares' comprehensive income for the quarter was $32.6 million, almost five-times the figure for Q2 2023 of $6.3 million.
CoinShares' total assets under management almost doubled from $2.7 billion to $5.3 billion, according to an earnings announcement on Tuesday.
The firm saw its asset management fees more than double to $28.45 million, helped by its acquisition of he exchange-traded fund (ETF) unit of Nashville, Tennessee-based Valkyrie, which gave CoinShares a U.S. arm to its ETP business.
CoinShares' Stockholm-listed shares have risen nearly 8.5% on the day to 56.60 Swedish krona ($5.43).
Crypto asset manager CoinShares (CS) recorded profits after tax of nearly 404 million pounds ($513.1 million) in Q2, a considerable bump from 10 million pounds in the equivalent quarter a year ago.
The firm also noted a loss of $481.4 million on the fair value of digital assets, as the crypto market pulled back from its all-time high levels of Q1. Bitcoin {{BTC}}, the largest cryptocurrency, slid 12% during Q2, its biggest drop since fourth-quarter 2022.
Once accounted for this depreciation, CoinShares' comprehensive income for the quarter was $32.6 million, almost five-times the figure for Q2 2023 of $6.3 million.
CoinShares' total assets under management almost doubled from $2.7 billion to $5.3 billion, according to an earnings announcement on Tuesday.
The firm saw its asset management fees more than double to $28.45 million, helped by its acquisition of he exchange-traded fund (ETF) unit of Nashville, Tennessee-based Valkyrie, which gave CoinShares a U.S. arm to its ETP business.
CoinShares' Stockholm-listed shares have risen nearly 8.5% on the day to 56.60 Swedish krona ($5.43).
Bybit’s daily trading volume soars to 100 billion
Bybit, one of the world's leading crypto exchanges, has achieved a monumental milestone, surpassing $100 billion in daily trading volume earlier this week, according to the company's Wednesday press release.
The new achievement represents a fourfold increase compared to the platform's daily average of 25 billion, cementing its position as the world’s second-largest crypto exchange, said Bybit.
The platform's trading system also boasts high performance, with a Trading Per Second (TPS) capacity of
The new achievement represents a fourfold increase compared to the platform's daily average of 25 billion, cementing its position as the world’s second-largest crypto exchange, said Bybit.
The platform's trading system also boasts high performance, with a Trading Per Second (TPS) capacity of
Crypto Firms Need Improvement
The FCA advises all firms to review both the examples of good and poor practice provided, as well as the previously issued guidance. The report also noted that some firms have relied on industry comparisons to determine acceptable practices.
Given the identified issues, the FCA expects firms to engage directly with the authority to enhance sector-wide standards.
Firms responsible for financial promotions are required to have strong systems and controls in place to ensure compliance. The FCA has warned that failure to improve will result in regulatory action.
Additionally, compliance with the financial promotions regime will be considered in any future authorization applications under the new financial services regulatory framework for cryptoassets.
The FCA will continue to collaborate with the industry on this and other aspects of the evolving crypto regime. Firms must register with the FCA if they provide services that fall under money laundering regulations, such as cryptoasset exchanges, peer-to-peer providers, ICOs, and custodian wallet providers.
The FCA advises all firms to review both the examples of good and poor practice provided, as well as the previously issued guidance. The report also noted that some firms have relied on industry comparisons to determine acceptable practices.
Given the identified issues, the FCA expects firms to engage directly with the authority to enhance sector-wide standards.
Firms responsible for financial promotions are required to have strong systems and controls in place to ensure compliance. The FCA has warned that failure to improve will result in regulatory action.
Additionally, compliance with the financial promotions regime will be considered in any future authorization applications under the new financial services regulatory framework for cryptoassets.
The FCA will continue to collaborate with the industry on this and other aspects of the evolving crypto regime. Firms must register with the FCA if they provide services that fall under money laundering regulations, such as cryptoasset exchanges, peer-to-peer providers, ICOs, and custodian wallet providers.
FCA Scrutinizes Crypto Firms
The review by the FCA concentrated on several key areas, including the implementation of personalized risk warnings, the enforcement of a 24-hour cooling-off period, proper client categorization, and conducting appropriateness assessments.
This review is the first of its kind for all crypto firms marketing to UK consumers. The FCA recognizes that adapting to these new regulations may present challenges for firms.
Many firms have sought additional clarity on the FCA's expectations regarding these rules. The FCA intends to work collaboratively with the industry to raise standards. The publication of this review is designed to help firms meet their obligations and support consumers in making informed decisions.
The review found some firms demonstrating good practices, which are highlighted in the report. However, there were numerous instances where firms failed to meet the required standards. The FCA has engaged extensively with these firms to address and rectify the issues but notes that further improvements are needed.
The review by the FCA concentrated on several key areas, including the implementation of personalized risk warnings, the enforcement of a 24-hour cooling-off period, proper client categorization, and conducting appropriateness assessments.
This review is the first of its kind for all crypto firms marketing to UK consumers. The FCA recognizes that adapting to these new regulations may present challenges for firms.
Many firms have sought additional clarity on the FCA's expectations regarding these rules. The FCA intends to work collaboratively with the industry to raise standards. The publication of this review is designed to help firms meet their obligations and support consumers in making informed decisions.
The review found some firms demonstrating good practices, which are highlighted in the report. However, there were numerous instances where firms failed to meet the required standards. The FCA has engaged extensively with these firms to address and rectify the issues but notes that further improvements are needed.
Coinbase’s Paul Grewal Says Crypto Should Remain Non-Partisan
At the Bitcoin Nashville Conference, the loudest and most thunderous applause came from Republican candidate Donald Trump’s promise to fire Securities and Exchange Commission chair Gary Gensler. Republicans have taken on crypto on as a pet issue, but Coinbase’s Chief Legal Officer, Paul Grewal, doesn’t want this to become a partisan issue.
“My number one concern is that crypto becomes politicized and becomes a partisan issue in ways that, at the very least, slow and perhaps even worse, threaten
“My number one concern is that crypto becomes politicized and becomes a partisan issue in ways that, at the very least, slow and perhaps even worse, threaten
Peter Brandt: Take This Bitcoin Chart 'Seriously'
Peter Brandt: Take This Bitcoin Chart 'Seriously'
Renowned trader Peter Brandt recently shared a chart that appears to provide crucial hints regarding potential future fluctuations in the price of Bitcoin. Because it offers valuable insights into possible future prices, Brandt claims that this chart is essential for understanding Bitcoin's binary price possibilities.
The chart that HTL-NL first released suggests that Bitcoin may have already peaked. This conclusion is reached by combining the r
Renowned trader Peter Brandt recently shared a chart that appears to provide crucial hints regarding potential future fluctuations in the price of Bitcoin. Because it offers valuable insights into possible future prices, Brandt claims that this chart is essential for understanding Bitcoin's binary price possibilities.
The chart that HTL-NL first released suggests that Bitcoin may have already peaked. This conclusion is reached by combining the r