Circle CEO Jeremy Allaire said he has “never been more optimistic than right now” about the future of crypto in his 11 years leading the firm behind the USDC stablecoin. In a detailed social media post, Allaire outlined his reasons for this positive outlook, emphasizing the potential of crypto and the progress made over the […]
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The cryptocurrency exchange announced plans to exit the Canadian market in 2023 but may still face enforcement action from local regulators.
Solana, one of the top altcoins, trailing Ethereum and the BNB Chain, has not been spared in the recent correction. After rallying to as high as $210 in Q1 2024, the coin is now sliding, facing strong headwinds, plunging, and following the performance posted by Bitcoin and Ethereum. Is This The Best Time To Buy Solana? Even amid this deep retracement, Raol Pal, a macro analyst, thinks this is the best time for investors and traders to consider Solana. In a post on X, Pal said traders may look at loading the coin, citing the candlestick arrangement in the daily chart. Looking at the SOLUSDT chart, it is clear that the coin is moving sideways and inside a broader flag after the spike to over $200 in March. However, what’s emerging amid the cool-off is that the zone between $120 and $125 is a support to watch out for. Related Reading: Altcoin Massacre? Prices Plummet 40-90%, Recovery Stalled — Analyst At press time, SOL is changing hands at around $130, down approximately 40% from the March 2024 highs. If bears of late May 2024 press on, it will be interesting to see how prices will react at this level. From Pal’s position, the analyst expects prices to bounce back from this level and resume the uptrend from last year. The problem is that there won’t be any guarantee that prices will shoot higher from this support zone. Technically, a close above $190 and preferably $190, could mark the resumption of the next leg up, quashing bears. On-Chain Activity Shrinking As Ethereum Set For More Institutional Support Whether this will pan out in the coming weeks or months is unclear. How SOL performs is primarily tied to market developments and on-chain activity, among other factors. Although Solana is fast emerging as a preferred choice for meme coin issuers, there has been a marked drop in on-chain activity in recent days. Notably, Ethereum layer-2 solutions like Base, Arbitrum, and Optimism appear to be taking over. Related Reading: Bitcoin Battles $64,515 Support Level, Can It Hold or Will Bears Prevail? Solana offers higher scalability than Ethereum, meaning transaction fees are low. When on-chain activity drops relative to other cheaper platforms, it could mean the demand for SOL is falling, which is a net negative for prices. At the same time, the revival in the stock market, which has seen indices like the S&P 500 rally, could draw investors’ attention to cryptocurrencies. Additionally, with the United States Securities and Exchange Commission (SEC) on the brink of approving a spot Ethereum exchange-traded funds (ETF), more capital will flow to ETH. Feature image from Shutterstock, chart from TradingView
Bitcoin is under immense selling pressure at spot rates, tracking lower from the all-important resistance level of $66,000. Although BTC may even crash below the psychological line at $60,000 towards $56,500 or May 2024 lows, some analysts are upbeat. Bitcoin Drop Is Normal Post-Halving: Analyst Taking to X, one analyst explained that the current correction […]
If I had to choose one Bitcoin conference to attend, it would be the Oslo Freedom Forum — and it's technically not even about Bitcoin.
OpenAI co-founder and former chief scientist Ilya Sutskever announced he is launching a new AI firm that will primarily focus on developing a “safe superintelligence.” Former OpenAI member Daniel Levy and former Apple AI lead Daniel Gross are also co-founders of the firm, dubbed Safe Superintelligence Inc., according to the June 19 announcement. According to […]
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The security firm claimed it had been given too little time to return Kraken’s funds as it tested an exploit’s scope.
The crypto industry is now going through another turbulent period, as evidenced by price data in the past week. Dogecoin, the largest meme cryptocurrency, has particularly led the meme sector in price declines, with most meme coins failing to attract inflows. At the same time, the lacklustre price action has been reflected by a dip in enthusiasm from supporters, according to data analytics. Per data from Santiment, Dogecoin sentiment based on positive mentions across the internet has fallen to its lowest point in 2024. However, while the mood is sour, this could be the best time for traders to scoop up DOGE before the price eventually rebounds. Dogecoin Weighted Sentiment Drops To 2024 Lows Santiment’s data is based on the weighted sentiment for Dogecoin. Basically, the weighted sentiment tracks various social media mentions of cryptocurrencies and classifies them as either positive or negative. On account of its status as a meme coin, the price of Dogecoin is heavily impacted by the weighted sentiment. Related Reading: Shiba Inu To The Moon: Analyst Predicts A Run Above $0.00015 If This Happens Dogecoin’s weighted sentiment is a cycle of ups and downs and always has its moments. Sometimes, on-chain data points to sentiment shooting through the roof. Other times like this, the sentiment is on the downside, with interest waning among retail investors. As Santiment noted, Dogecoin’s weighted sentiment has been on the lower end in the past few days and is currently at its lowest point in 2024. With Dogecoin sentiment hitting new lows, it’s likely the Dogecoin price will continue to slide lower in the short term. However, keeping in mind that the weighted sentiment is bound to reverse to the upside, this presents an opportunity for shrewd investors to buy in before another FOMO kicks in. “Patient traders who have been waiting for the crowd to give up on these large cap altcoins may finally have their buy opportunity with FOMO at a 2024 low,” Santiment noted. Interestingly, this smart investment strategy is further solidified by Dogecoin’s MVRV ratio. The MVRV ratio compares Dogecoin’s market capitalization to the realized value of all Dogecoins in circulation, essentially showing whether the asset is currently overvalued or undervalued. Notably, Santiment data shows that the Dogecoin MVRV ratio has declined steadily over the past 30 days and is currently less than negative -12%. This suggests that the crypto is currently undervalued and is at a price far below its potential. What’s Next For DOGE Price? Given Dogecoin’s history of extreme price volatility and momentum-driven rallies, a shift back to positive sentiment could send the meme coin surging once again. Related Reading: XRP Enters Triangle Formation: Analyst Predicts Rise To $200 Amid 300% Surge In Volume At the time of writing, DOGE is trading at $0.1248. Notably, price action indicates that DOGE is starting to reverse seven days of declines with a 2.10% increase in the past 24 hours. Also, the relative strength index (RSI) indicator shows DOGE recently bouncing off the oversold threshold, suggesting that it could continue on an upward trajectory. Featured image created with Dall.E, chart from Tradingview.com
On-chain data shows the early Bitcoin miners have participated in a large amount of profit-taking inside the recent price range of the asset. Bitcoin Miners Have Harvested Large Profits Between $62,000 & $70,000 As pointed out by CryptoQuant founder and CEO Ki Young Ju in a new post on X, the ‘early’ BTC miners have […]
Blockchain security firm CertiK confirmed that it was behind the discovery of a critical vulnerability in crypto exchange Kraken’s deposit system and gone public with its account of the events following allegations of extortion by the exchange. The security firm also alleged that Kraken threatened its employees on June 18 and demanded repayment of a […]
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This edition of Cointelegraph’s VC roundup features Plural Energy, Everclear, Ava Protocol, GoPlus, and other startups.
Ilya Sutskever is launching a company to Scale AI in peace, with no distractions or “commercial pressures.”
A federal high court in Nigeria has dismissed a human rights lawsuit filed by Binance executive Nadeem Anjarwalla against the country’s National Security Adviser and the Economic and Financial Crimes Commission. On June 19, Justice Inyang Ekwo dismissed the case due to Anjarwalla’s lack of legal representation. Legal experts stated that this decision was expected, […]
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Onchain Highlights DEFINITION: The Exchange Fee Dominance metric is defined as the percent amount of total fees paid in transactions related to on-chain exchange activity. Deposits: Transactions that include an exchange address as the receiver of funds. Withdrawals: Transactions that include an exchange address as the sender of funds. In-House: Transactions that include addresses of […]
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Customers with BNB will get tokens from select projects preparing to launch on the exchange.
Thanks to the summer heatwaves in North America, Bitcoin miners may begin to record a considerable increase in their revenue. This extreme weather condition is also expected to significantly impact Bitcoin’s hash rate. Bitcoin Miners To See Increase In Profit Thanks To Lower Competition Bitcoin miners are expected to see an increase in profit because […]
Bitcoin NFTs surpass Ronin in all-time sales volume, achieving over $4.27 billion and climbing to third place behind Solana and Ethereum.
Amidst a June downtrend, Bitcoin may see a price reversal as patterns suggest a potential breakout that could stabilize the market.
The post Bitcoin’s June downtrend faces potential reversal appeared first on Crypto Briefing.
The security firm said it was transferring the digital assets obtained in the exploit of Kraken back to the exchange, but many crypto users questioned its motives.
Cryptocurrency exchange Kraken has announced that it has fallen victim to a major security flaw that has resulted in the theft of $3 million worth of digital assets. However, in a surprising turn of events, the party responsible has been identified as CertiK. This blockchain security firm claims to have initially reported the bug through Kraken’s bug bounty program. CertiK is now accused of exploiting additional vulnerabilities and extorting the exchange for more money, leading to calls for legal action and concerns among crypto investors. Kraken Security Flaws Exposed The incident unfolded when Kraken’s Chief Security Officer, Nick Percoco, revealed that the exchange had received a bug report on June 9 from a self-described security researcher. The researcher claimed to have discovered an “extremely critical” bug that allowed them to inflate their balance on the platform artificially. Upon further investigation, CertiK, which admitted its involvement in the incident in its social media post, uncovered several critical vulnerabilities in Kraken’s systems that could potentially result in losses of hundreds of millions of dollars. Related Reading: Whales Dump Over $1 Billion In Bitcoin: Fire Sale Or Foreshadowing? CertiK’s findings revealed shortcomings in Kraken’s deposit system, indicating a failure to differentiate between internal transfer statuses. Furthermore, CertiK’s testing revealed that Kraken failed all these tests, exposing the compromised state of Kraken’s defense-in-depth system. According to CertiK, “millions of dollars” could be deposited into any Kraken account, and a substantial amount of fabricated cryptocurrency (worth over $1 million) could be withdrawn and converted into valid digital assets. The security firm also claimed that no alerts were triggered during a “multi-day test period” and that Kraken only responded and blocked the test accounts days after the incident was officially reported. Following the identification of the vulnerability, CertiK alleges that Kraken’s security operations team “threatened” individual CertiK employees, demanding the repayment of a “mismatched” amount of cryptocurrency within an “unreasonable time frame,” without providing repayment addresses. However, Kraken’s Percoco countered that they had requested a full accounting of the then-unknown company’s activities and the return of the withdrawn funds. Percoco argued that CertiK’s refusal to comply with these requests violated the rules of ethical hacking and bordered on extortion. Will CertiK Face Legal Repercussions? The revelation of this incident has raised surprise and concerns within the cryptocurrency community, leading to calls for legal action against CertiK. One user accused CertiK of stealing the $3 million funds from Kraken, holding it ransom for a bounty, refusing to return the funds, and now transferring the money to Tornado.cash to protect it from potential seizure by authorities. Coinbase’s Director, Conor Grogan, pointed out that Tornado.cash is subject to the Office of Foreign Assets Control (OFAC) sanctions and highlighted CertiK’s US domicile, hinting at potential legal repercussions by US agencies. Market expert Adam Cochran also weighed in, astonished at CertiK’s actions and highlighting the firm’s history of compromised audits. Cochran went further to describe the situation as “Down right criminal.” Related Reading: Bitcoin Takes Control In Market Meltdown, Dominance Climbs To 9-Week Peak The next steps taken by Kraken and potential consequences for CertiK are yet to be seen. However, the involvement of US agencies and potential legal actions loom over the security firm. The unfolding developments in this case will undoubtedly shape the future of bug bounty programs and impact the relationship between cryptocurrency exchanges and security firms. Featured image from Shutterstock, chart from TradingView.com
Nadeem Anjarwalla escaped prison and traveled to Kenya, and his colleague will press his rights claims in court next month.
The on-chain analytics firm Santiment has revealed that Dogecoin and Cardano are two assets that look “very bullish” according to this metric. Dogecoin & Cardano Currently Have Low 30-Day MVRV Ratios In a new post on X, Santiment has discussed about how some of the top assets in the cryptocurrency sector are looking like right now in terms of the Market Value to Realized Value (MVRV) Ratio. The MVRV Ratio is a popular on-chain indicator that keeps track of the ratio between the market cap and realized cap for any given coin. The market cap here naturally refers to the simple total valuation of the asset’s supply at the current price. The realized cap is also a method of calculating the valuation of the cryptocurrency, but the twist here is that this model doesn’t take the value of all tokens in circulation the same as the spot price. Rather, this model assumes that the “real” value of any coin is the same as the price at which it was last transferred on the blockchain. Related Reading: Hard To Be “Too Scared Of Bitcoin Price Action,” Says Analyst. Here’s Why Generally, the last transaction can be assumed to be the last point at which the coin changed hands, so the price at its time could be considered to be its current cost basis. As such, the realized cap basically calculates the sum of the cost basis of every coin in circulation. One way to view the model, therefore, is as a measure of the total amount of capital that the investors have used to purchase the total Bitcoin supply in circulation. Since the MVRV ratio compares the market cap, which represents the value that the investors are holding right now, against this initial investment, its value can tell us about the profit-loss status of the market as a whole. Now, here is the chart shared by the analytics firm that reveals the recent trend in the 30-day MVRV ratio of six top coins: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dogecoin (DOGE), Toncoin (TON), and Cardano (ADA). The 30-day MVRV Ratio only includes the data for the investors who bought their coins within the past month. Thus, its value reflects the profit-loss balance of these new buyers. From the graph, it’s visible that the indicator is at negative levels for all of these assets right now, implying that the 30-day investors would be at a loss. This may not actually be bad, though, as Santiment notes, “the lower a cryptocurrency’s 30-day MVRV is, the higher the likelihood we see a short-term bounce.” At present, Bitcoin, Ethereum, and XRP are seeing small negative values, suggesting that these assets may be slightly undervalued. The metric stands at just -0.6% for Toncoin, though, implying that TON is more or less neutral currently. Related Reading: XRP, Dogecoin, & Shiba Inu All See Negative Sentiment: Signal To Buy? Dogecoin and Cardano, on the other hand, stand out with their 30-day MVRV Ratios of -16.7% and -12.6%, respectively. These values are deep enough that Santiment has labelled these coins as “very bullish.” It now remains to be seen how DOGE and ADA develop in the coming days, given this potential positive signal in the MVRV Ratio. DOGE Price Dogecoin has been riding on bearish momentum over the last couple of weeks as its price has now dropped to $0.125. Featured image from Dall-E, Santiment.net, chart from TradingView.com
El Salvador, a small nation in Central America, is making a colossal wager on the future of cryptocurrency. President Nayib Bukele is spearheading a series of audacious initiatives designed to transform El Salvador into a Bitcoin paradise, attracting billions in foreign investment and propelling the country towards economic prosperity. But will this bold gamble pay […]
A Fairshake spokesperson told Cointelegraph that the political action committee would “have the resources to affect races in 2024 and beyond.”
Meme coin market liquidity soared to $128M even as their altcoin market dominance saw a decline, latest data reveals.
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Crypto analyst and trader Tyler Durden has revealed his bullish sentiment towards Ethereum (ETH). The analyst suggested that the ETH rise was inevitable and that it was better for traders to go with the tide. Ethereum Is Set To Rise To $10,000 Durden mentioned in an X (formerly Twitter) post that Ethereum to $10,000 is the “most asymmetric bet” in crypto today. He further stated that “as annoying as that is, [it’s] just the way the chips have fallen,” suggesting that ETH’s rise to this price level was inevitable. He also hinted that he would bet on ETH regardless of how he felt about the crypto token, as he noted that traders “trade the market” and not their emotions. Related Reading: Bitcoin Price Drops Below Critical Support Level Following Rejection At $70,000 The analyst suggested that the Spot Ethereum ETFs will be key in ETH’s rise to $10,000. He claimed that Wall Street made great efforts to ensure that the Ethereum ETFs were approved, including changing Ethereum from a security. As such, he believes that these institutional investors will ensure that they make as much money as they can from these funds while pumping Ethereum’s price. Other analysts have also shared similar sentiments to Durden’s as they predict that the Spot Ethereum ETFs will contribute to a massive rally for ETH. Crypto analysts Ash Crypto and Eljaboom also recently predicted that ETH would rise to $10,000 thanks to these funds. Ash Crypto stated that it is just a “matter of time” before Ethereum reaches this price level, with the Spot Ethereum ETFs expected to begin trading soon enough. Crypto analysts Altcoin Daily also previously mentioned that ETH to $10,000 is “programmed” and mentioned the Spot Ethereum ETFs as one of the reasons they believe that the crypto token could rise to this price level. According to Bloomberg analyst Eric Balchunas, these Spot Ethereum ETFs could begin trading by July 2. These funds are expected to contribute to ETH’s parabolic rise because of the significant inflows they could bring into the Ethereum ecosystem. Crypto research firm K33 predicts these funds could attract between $3.1 billion and $4.8 billion in net inflows within the first five months of trading. Why It’s Not Worth Betting Against ETH Durden alluded to the US Securities and Exchange Commission’s (SEC) decision to drop its investigation against ETH to further emphasize why betting on Ethereum was an obvious play. Ethereum developer Consensys revealed in an X post that the Enforcement Division of the SEC had notified them that they were closing the investigation into whether ETH was a security. Related Reading: XRP Enters Triangle Formation: Analyst Predicts Rise To $200 Amid 300% Surge In Volume They added that this means that the SEC would no longer be bringing charges alleging that the sale of ETH is a securities transaction. The SEC’s potential lawsuit against Ethereum was expected to be a major catalyst that could suppress ETH’s price, just like the SEC’s lawsuit against Ripple, which is believed to have had a negative impact on XRP’s price. However, with the SEC opting against bringing charges against Ethereum, ETH’s price looks all set for takeoff as this development adds to the bullish narrative around the crypto token. Featured image created with Dall.E, chart from Tradingview.com
In this week's abbreviated issue of The Protocol, we're chronicling the apparent doxing of 'Pharma Bro' Martin Shkreli as the driver behind the recently-but-no-longer mooning $DJT token, plus the SEC's apparent retreat on probing the Ethereum developer Consensys.
The Bitcoin derivatives market experienced significant volatility in the past week. In addition to fluctuations in open interest (OI), trading volume fluctuated significantly. Data from Glassnode showed that the total 24-hour trading volume for perpetual futures across all exchanges dropped from $53.156 billion on June 12 to $10.910 billion on June 15. Trading volume rebounded […]
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OpenEden’s TBILL received an ‘A-bf’ rating from Moody’s Ratings on June 19, as more T-Bills are going onchain.
Bitcoin is struggling to bounce off $64,500, increasing the possibility of a deeper correction to $60,000.