User Loses $700,000 in Microtransaction It was a sunny morning in the world of Ethereum when newly minted cryptocurrency millionaire Thomas Meier decided to buy a coffee in midtown Manhattan. With a glint of wealth in his eyes, he opened his digital wallet and made a simple microtransaction on the Ether network, not imagining the cost it would entail. When he received confirmation of the transaction, he was perplexed: the fee was an incredible $700,000. What seemed like an ordinary purchase ended up with a harsh lesson on the pitfalls of the Ethereum blockchain. Something similar to what happened in this fictional story happened with an Ethereum user who, in fact, lost $700,000 in a microtransaction, according to data revealed by Lookonchain. While this is an extremely rare case, it serves as a warning: the Ethereum network can, in certain transactions, apply fees that are beyond any control, without any prior warning. While some users are concerned about the current fee structures, the Spanish banking giant (BME: BBVA) is going a step further by integrating Visa’s (NYSE: V) smart contract platform, based on Ethereum. Since 2019, BBVA has been heavily involved in blockchain technology and its implications for the financial sector. In collaboration with Spanish insurance company Mapfre, BBVA used smart contracts to structure the first green bond. This was the beginning of a journey that led the bank to explore the world of tokenized assets and smart contracts.
Yes, there are several cryptocurrencies to watch in 2024 that present interesting growth potential. Here are some of the promising cryptocurrencies mentioned in recent sources: - **Solana (SOL)**: A blockchain platform offering high-performance scaling solutions for cryptocurrency applications and decentralized markets¹.
- **Bitcoin (BTC)**: Despite its dominant position, Bitcoin continues to grow and could benefit from the introduction of a Bitcoin ETF².
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1. Fundamental analysis Overall situation of the cryptocurrency market: The upward or downward trends of major coins like Bitcoin (BTC) and Ethereum (ETH) often heavily influence altcoins like BTTC. Macro news, such as monetary policy decisions, legislation, and major institutional adoption of cryptocurrencies, can also have a major impact on the market.
Analysis and important events: Any announcements of technology upgrades, new partnerships, or major BitTorrent promotional events could positively influence the price of $BTTC . Conversely, negative news or controversial events can have a negative impact. Psychology and Community Concerns: The level of community interest in BTTC on social media and cryptocurrency forums can also significantly influence the price.
2. Technical analysis Price table: An RSI above 70 could indicate that BTTC is overbought, which could lead to a correction. An RSI below 30 could indicate that BTTC is oversold, which could lead to a rally. MACD (Moving Average Convergence Divergence): When the MACD line crosses above the signal line, it is a sign of an uptrend. When the MACD line crosses below the signal line, it is a sign of a downtrend.
June If the overall cryptocurrency market is positive: BTTC could increase by 20-30% due to increased interest and investment. If there is positive news from BitTorrent: the price of $BTTC could increase more sharply, by 30-50%. If the general market weakens: BTTC price may decrease by 20-30%, especially if there is no supporting news.
#Bitcoin❗️ Cryptocurrency market leader Bitcoin has once again attracted the attention of investors with its recent significant price increase. After establishing a strong base at $66,500, Bitcoin broke through the $70,000 resistance zone with a rapid rise and gained over 8% in value. This increase brought BTC closer to the $72,000 resistance zone.
New weekly high for Bitcoin Bitcoin strongly surpassed the $70,000 resistance zone and reached a new weekly high at $71,979. It currently faces significant resistance at $71,850. The $72,000 level is considered the next major resistance point and it is believed that the price could rise further if this level is breached.
If the bulls manage to maintain this uptrend, Bitcoin price is expected to move towards the $74,400 resistance zone. Further gains could push Bitcoin towards the $75,000 barrier.
Possible fall scenario in Bitcoin As Bitcoin approaches the $72,000 resistance level, its future movements have become a matter of curiosity. If it cannot exceed this critical level, the possibility of a downward correction may arise. In this case, the first major support point lies at $70,000. It is predicted that if Bitcoin falls below this support, the price could decline to the $67,450 support zone.
Additionally, the RSI hourly indicator also shows that it is in the overbought zone, reinforcing the possibility of a possible correction move.
The main support levels against Bitcoin lie at $70,500 and $70,000, while the resistance levels are at $71,850, $72,000, and $72,500. These levels are critical to the direction Bitcoin will follow in the near term. In particular, overcoming the $72,000 resistance could be an important step for BTC to reach new highs.
I think I've said it enough times: don't use leverage, don't try Futures, you'll only lose your money. I can assure you of that. But that's not what I want to talk about this time. I want to talk about the impact of leverage on movements in the crypto markets. Pay attention, as this is crucial to understand.
First of all, understand how leverage works: imagine you open a trade to buy with $100 with 10x leverage, it will act as if you had $1,000. How does this work? The exchange (like Binance) will simply lend you $900, and in exchange for that, if the price drops by 10% (so your $1,000 turns into $900), your position is automatically closed to prevent you from being indebted to the exchange. You are what is called "liquidated".
When you are liquidated on a long position, at the moment of your liquidation, it instantly creates a market sell: this means that your remaining $900 is sold off so that Binance can recover its money.
Now, let's take this phenomenon and apply it on a much larger scale: imagine that 10,000 people enter long with 10x leverage on BTC at 3 different levels: at $65k, $67.5k, and $70k. Now, imagine that the price drops to $63k, so -10% from $70k. The people who entered will get liquidated and will thus trigger massive sales in the market, which will strongly push down the price of BTC, which will then go down to $60,750 due to massive liquidations, which will trigger the liquidations of those who entered at $67.5k, and so on... This is called cascading liquidations.
When too many people enter the market with leverage, it creates a risk of very strong and rapid liquidations, which can create "flash crashes", that is, moments of a few minutes where BTC can lose -20 or -25%. This is also the same in traditional finance, on the scale of banks/hedge funds etc, but that's another topic.
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