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Bitcoin at a Decision Point, Solana-Based Wallets Exploit, and the Nomad Fiasco: This Week’s Crypto Recap

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The past seven days failed to bring positive developments, at least in terms of pricing, as the total cryptocurrency market capitalization dropped by around $35 billion. This comes on the back of BTC and ETH failing to overcome critical resistance levels and presently circulating below them.

This time last week, Bitcoin’s price was firmly set at around $24,000, and we saw the cryptocurrency making an attempt to surge towards $25,000 on Saturday. Unfortunately for the bulls, sellers stepped up and sent the market into a correction which resulted in BTC losing about 2.5% of its value in the last seven days.

A lot of the other coins followed suit, with some obvious exceptions. FLOW, for once, seems to be the week’s best performer, charting a staggering increase of about 55%, all of it coming within the past 24 hours. This is no surprise. Meta (formerly known as Facebook) announced yesterday that the company will integrate the Flow blockchain to further expand the NFT universe for its users. This is interesting because, according to Vitalik Buterin, the co-founder of Ethereum, corporate attempts at creating the metaverse (such as Meta’s obvious efforts in this direction) are going nowhere.

The most impactful event of this week was undoubtedly the widespread attack of wallets on the Solana network. Over 8,000 hot wallets were compromised, with users seeing their funds drained directly. The team confirmed that this is not a problem with the Solana network, but the cryptocurrency’s price suffered nonetheless.

Speaking of hacks, the Nomad Bridge was also exploited. Interestingly enough, the hacker posted the script in a public Discord group, and everyone could copy and paste it to drain funds out of the bridge. The team is now offering a bounty for returning the $190 million that was drained.

Elsewhere, institutions might be once again dipping their toes in the industry, as suggested by analysts from Nansen in an exclusive interview with CryptoPotato from EthCC 5 in Paris. This was further evidenced by the fact that the Fairfax County Retirement Systems, which operates Virginia’s Pension Fund consisting of over $6.8 billion, invested another $70 million across two different cryptocurrency yield farming funds.

The broader market sentiment has also improved a lot over the past couple of weeks. The cryptocurrency fear and greed index currently sits at 31. Although this is still considered to be in the “fear zone,” at least we are out of the “extreme fear” zone.

Speaking of improving market sentiment, some big investors also seem to think that Bitcoin is out of the woods. For instance, Anthony Scaramucci – founder of SkyBridge Capital – believes that the cryptocurrency won’t dip below this year’s lows again.

All in all, it was an interesting week, and it’s very exciting to see what will happen going forward, as it seems that prices are reaching a focal point.

Market Data

Market Cap: $1,134B | 24H Vol: $83B | BTC Dominance: 39.1%

BTC: $23,204 (-2.5%) | ETH: $1,668 (-3.2%) | ADA: $0.51 (+0.3%)

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This Week’s Crypto Headlines You Can’t Miss

Thousands of Wallets Compromised in Ongoing Solana-Based Hack. In what seems to be the latest widespread attack in the cryptocurrency industry, thousands of wallets in the Solana ecosystem were compromised. According to the developers, it wasn’t an issue with Solana but rather an exploit targeted at stealing users’ private keys.

Virginia Pension Fund Invests $70M in Crypto Lending. The Fairfax County Retirement Systems is diving deeper into the field of cryptocurrencies. The institution that manages over $6.8 billion in assets has invested some $70 million across two different crypto yield farming funds.

Bitcoin’s Next Bull Run to Come in 2024, Predicts Morgan Creek’s, Mark Yusko. According to Mark Yusko, the CEO of Morgan Creek Capital Management, BTC will enter its next bull run sometime in 2024. The main reason for this, somewhat not surprisingly, would be the halving.

Corporate Attempts at Creating the Metaverse Going Nowhere: Vitalik Buterin. One of Ethereum’s co-founders, Vitalik Buterin, believes that the current attempts of large corporations at creating a metaverse aren’t really going anywhere. Despite this, he thinks that this is a concept that “is going to happen.”

BlackRock Taps Coinbase for Institutional Crypto Trading and Custody Services. The world’s largest asset manager, BlackRock, has tapped Coinbase to offer cryptocurrency trading and custody services for its institutional clients. The collaboration was revealed earlier this week – on August 4th.

Bitcoin Already Bottomed in This Cycle, Anthony Scaramucci Says. Anthony Scaramucci, the founder of SkyBridge Capital, doesn’t expect BTC to go below $17,500 again. He maintains that its fair value should be around $40,000, which represents an increase close to 100% from its current levels.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana, and Ethereum Classic – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



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Solana Killer Aptos (APT) Jumps 8% as Market Falls, Here’s Why

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The cryptocurrency market is currently trading down, with the majority of crypto assets suffering losses over the daily timeframe.

Bitcoin, the largest cryptocurrency by market capitalization, had a dull weekend characterized by steady prices and low volumes, closing in on $26,000 after losing 2.05% in the previous 24 hours.

Aptos’ APT, dubbed the “Solana killer,” is one of the few tokens in the green, climbing as much as 8% in the last 24 hours. APT rose from $5.29 to $5.83 in today’s trading, extending the climb that began on Sept. 22 after it found support near $5.04.

At the time of writing, APT had eased some of its gains and was up 6.87% in the last 24 hours to $5.65. The token has likewise gained 5.61% in the last seven days.

APT 24-hour trading volume is also witnessing a spike of 226%, according to CoinMarketCap data, as traders jumped into the market volatility to capture gains; over $419 million worth, or 74,071,687 APT, have been swapped in the last 24 hours.

The exact reason for the rise remains unknown, as a glance through the official Aptos X page reveals no big announcement or upgrade that might have triggered the rise.

However, Aptos attracted attention over the weekend after Upbit, South Korea’s largest cryptocurrency exchange in terms of trading volume and customer base, made an important announcement.

In a statement on Sept. 24, Upbit stated that it temporarily suspended deposits and withdrawals for the APT token after confirming an abnormal deposit attempt.

The exchange subsequently resumed deposits and withdrawals but highlighted the possibility that “the price may change drastically when (APT) deposits and withdrawals resume.”

This is significant because South Korean crypto traders have a history of driving major token rallies. The region is the source of the so-called Kimchi Premium, which causes the price of Bitcoin on local markets to trade up to 30% higher than the price on global exchanges. 



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Bitcoin and Ether Experience Significant Outflows, While XRP and Solana See Inflows

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In a recurring trend, cryptocurrency investment products have once again witnessed a downturn, marking their sixth consecutive week of outflows, according to data unveiled by CoinShares.

For the week ending September 24, the digital asset market experienced a significant withdrawal of funds, tallying $9 million in outflows.

Bitcoin’s Exodus Continues; Ether Follows Suit

The world’s premier cryptocurrency, Bitcoin, found itself in a precarious position as it recorded its third consecutive week of outflows, amounting to a substantial $6 million loss within the past week.

Investors seemed reluctant to hold their positions, with short Bitcoin positions alone seeing a substantial outflow of $2.8 million. Meanwhile, Ether, the second-largest cryptocurrency by market capitalization, also grappled with a dire situation, marking its sixth consecutive week of outflows, with a total of $2.2 million leaving the market over the week.

Altcoins Buck the Trend

In a surprising twist, some altcoins managed to swim against the current. XRP and Solana, in particular, witnessed inflows of $0.66 million and $0.31 million, respectively. This trend indicates a growing interest among investors in the alternative cryptocurrency space, with continuous capital inflows into XRP and SOL.

The report from CoinShares highlighted a stark contrast in sentiment between European and U.S. investors. European crypto investment products enjoyed a healthy influx of $16 million, while their U.S. counterparts faced an exodus, with $14 million flowing out.

This regional disparity can be attributed to the uncertainty surrounding cryptocurrency regulations and recent actions taken by the U.S. Securities and Exchange Commission (SEC) against various crypto companies.

Furthermore, the report revealed a concerning trend as weekly trading volumes plummeted below $820 million, significantly below the 2023 average of $1.16 billion. This dip in trading activity reflects the current bearish pressure in the digital asset market.





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Bitcoin Spark Could Lead Polygon, Solana and XRP To The Next Bullrun

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Bitcoin Spark is the new inauguration that will set massive waves in blockchain technology

The decentralized ecosystem has emerged to become among the leading technological innovations in contemporary society. There have been inaugurations such as Polygon, Solana, and XRP, which have taken the industry by storm. Polygon and Solana are extremely considered due to their fast transactions and improved scalability. 

For instance, Solana can make up to 1000 transactions per second. A new digital currency platform has been inaugurated called Bitcoin Spark. The decentralized network has a hybrid consensus mechanism, which will improve transaction speed, efficiency, and transparency. This article will discuss Bitcoin Spark’s operation. 

What Are Altcoins? 

Bitcoin, generated in 2009 by an anonymous individual called Satoshi Nakamoto, is regarded as the pioneer of all digital currencies. The digital network has also set a standard of attracting several venture capitalists into the crypto ecosystem. 

Nevertheless, altcoins are referred to as other digital currencies apart from Bitcoin. They are also considered as options to Bitcoin. Some prominent altcoins include Ethereum, Solana, XRP, and Polygon. They were generated to promote scalability interoperability and increase transaction speed. 

Are Altcoins Profitable?

Altcoins are profitable as they generate traction from institutional and retail investors. Coinmarket, the leading price tracking website, listed 1,500 digital currencies in the decentralized ecosystem. 

Among them are Polygon, Solana, and XRP. XRP is among the digital currencies that have set massive waves in the financial technology universe. The platform has surged amid the winter due to the winning against the US Securities and Exchange Commission. 

Bitcoin Spark to Lead Amid the Imminent Bullrun

The decentralized ecosystem yearns for a project that will create a milestone in the development of blockchain technology. Bitcoin Spark has depicted massive potential that will create a massive wave in the web3 community. The platform has already depicted signs of development amid the cryptocurrency winter. To set a transparency policy with its participants, the virtual currency has been audited by comprehensive auditing firms Vital Block and Contract Wolf. 

Source: freepik.com

The digital currency has a unique marketing strategy that will attract a global audience. Other decentralized platforms conduct marketing plans based on traditional methods. On the other hand, the new Bitcoin fork uses innovative disruption to interrupt the traditional norms of brand promotion. 

Among the features utilized are storytelling, strategic positioning, and leveraging contemporary technology. The new platform also utilized methods including influencer partnerships to have a wider audience reach and community building. The platform also cooperates with other blockchain networks and has a team that conducts all the marketing systems. 

The platform has also set a mechanism that helps individuals earn via a referral program. The network allows the natives and new members to earn an income through the referral. A  10%  commission and bonus will be given to individuals who refer members who conduct purchases above $60. An interesting part is that there are no limitations for earning in the network. 

Bottomline

The crypto sphere is quickly changing, and most individuals seek an opportunity to join the bandwagon. Bitcoin Spark is the new inauguration that will set massive waves in blockchain technology. The digital platform has a double mechanism that will allow validators and miners to generate revenue. 

Learn more about Bitcoin Spark on:

Website: https://bitcoinspark.org/ 

Buy BTCS: https://network.bitcoinspark.org/register



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