Experts Predict Crypto Market Comeback: Is the Bear Market Finally Over?
The crypto market started the new year with a surge that not many saw coming. Bitcoin and Ether reached and breached some pretty impressive critical support levels. Excitement has washed over the crypto community as traders and investors rush to make the most out of the bullish action.
We Are in the Disbelief Phase
Some rejoice at the prolonged bear market finally coming to an end, however, many seem to be wary of the spike and seem to liken it to a bull trap. Several market experts have warned that the bear market is not yet over, making it clear that we’re now in what is known as the “Disbelief phase”.
At the time of writing this article, BTC is hovering around $22,650, having been up by nearly 10% in the previous seven days. At some point, the king coin even breached the $23k mark a few times and seems to have currently found support at $22,600.
As for Ether, it started out with a massive spike like Bitcoin’s. However, at the time of writing, it is currently in the red. Notably, the world’s largest altcoin has managed to maintain its spot at the $1,500 resistance level and is only down by 1.6% in the past week.
Despite the overall decent gains from the entire market, with the global crypto market cap going over $1 trillion for the first time in what feels like quite a long time, market experts like Toni Ghinea seem to think the rises are nothing but a bull trap.
Ghinea is still predicting a $600 Ether and BTC will fall back to $11k. According to the analyst, the bears will “wake up from hibernation” in March. On the other hand, popular analyst Michael van de Poppe believes that Ether will see an even more massive breakout towards the middle of the year.
He has said that:
“Some slow grind upwards and then one more sweep in the coming days and the correction should be over and we’ll continue the party.”
According to van de Poppe, Bitcoin could rally up to $35,000 and altcoins will spike up too. He did say, however, that the end of the year might be a bit hard, but he believes the market will quickly bounce back from it.
FTX Hacker Finally Starts Liquidating Huge Amount Of Ethereum!
The 2nd largest digital asset in terms of market capitalization seems to get trapped amid the ongoing FTX-Alameda drama as the collapse of FTX and its hack of the security system of over $600 million worth of crypto funds has led to a scarcity in circulation. The FTX hacker has exploited millions of dollars of Ethereum from FTX to the drainer account and is now slowly liquidating all the holdings to create a significant dump for Ethereum’s price.
80K Ethereum Gets Liquidated By The FTX Hacker
Being the 35th largest Ethereum whale holder, the exploiter has now taken the responsibility to create a massive price dump in Ethereum by slowly selling off his ETH holdings. It is reported that the hacker holds nearly $300 million worth of Ethereum, and a decision to liquidate all the funds may lead to a massive crash in the crypto market.
An on-chain data provider, LookonChain, recently revealed through a Twitter thread that the FTX hacker has started converting ETH. According to the firm, the FTX account drainer address has transferred 50K Ethereum ($60 million) to an address starting with ‘0x866e,’ from which the hacker may proceed in cashing out the funds.
Moreover, the hacker also swapped 30,990 Ethereum for 2197.5 renBTC, and 1070 BTC have been transferred to the BTC network. Hacker cross-chains renBTC to BTC chain regardless of market depth and premium, and due to it, the current premium has reached 4%. A whale amount of arbitrage funds cross-chain BTC to renBTC has led to a rapid increase in the issuance of ren.
What Is Expected From The Market Next?
Currently, the hacker’s address holds over 100K Ethereum, and more liquidation of Ethereum may kick off a blood bath for the digital asset with a prolonged bearish trend. This has led to several speculations and viewpoints that if the hacker makes up his mind to cash out all the Ethereum, it may force others to exit the market to avoid any upcoming FUD situation, leading to the worst crypto winter by the end of 2022.
A well-known crypto analyst, Dylan LeClair, said, “The FTX exploiter, who has been dumping all other drained assets for ETH, is now one of the largest holders in the world, with 228,523 ETH ($284.82m) currently in their wallet. Everyone should keep an extremely close eye on what happens next…”
The hacker previously made huge transactions as he swapped 7,420 BNB on the BSC chain into 1,500 Ethereum and converted $48 million DAI into 37,000 ETH. He also withdrew 25,000 ETH for about $31.6 million from the Aave Protocol V2.
Following the recent incident, ETH has dramatically dropped from $1,200 and is trading at $1,171. If Ethereum’s price continues to face a massive dump situation, it may accelerate its selling pressure and drop below its crucial support zone of $1,150, which can force it to trade near $900.
Breaking! Binance To Finally Acquire FTX To Resolve Liquidity Crunch
A lengthy public war of words between two cryptocurrency exchange giants may come to an end as Binance is now all set to acquire its rival FTX.
The cryptocurrency sector has witnessed a profound impact of the current turmoil caused by the leaked balance sheet of Sam Bankman-Fried (SBF) owned trading platform Alameda Research.
The balance sheet claimed that all assets of the trading firm owned by FTX are locked with FTT tokens which are worth around $3.2 billion, which may result in another crypto market crash after the historical impact of Terra’s LUNA crash in May.
End Of War After Binance’s Acquisition of FTX!
Following the recent news from Binance’s CEO Changpeng Zhao about selling off FTX’s native token FTT holdings, Sam Bankman-Fried reached out to Binance for help to recover from the current situation as the founder is looking for multiple ways to save FTX from a death dance.
Recently, Bankman-Fried tweeted, “We have come to an agreement on a strategic transaction with Binance for FTX.com. Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in.”
Following this, Binance responded positively as CZ issued his statement regarding the acquisition of FTX.
According to him, Binance is ready to help out FTX over its ‘significant liquidity crunch’ and signed a non-binding letter of intent to acquire FTX, which came as a surprising twist amid the current drama of the FTT token.
CZ said, “To protect users, we signed a non-binding LOI, intending to fully acquire FTX and help cover the liquidity crunch. We will be conducting a full DD in the coming days.”
However, the total value of the deal is not disclosed yet. FTX may be finally in a safe hand as SBF finds a sigh of relief by saying,
“I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.”
FTX Finally Goes Into Safe Hands
FTX founder Sam Bankman-Fried said, “A huge thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.”
The acquisition of FTX by Binance is a huge surprise for the crypto industry amid CZ’s continuous dumping of FTT tokens. Following the acquisition, the FTT token is almost up by 40% in the last 30 minutes, a significant change after a deadly rally over the previous three days.
The acquisition is anticipated to take out FTX from the mud of the current bearish rally; however, the crypto exchange giant will remain independent of Binance.
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Web3 Finally Here? Point Labs Launches $POINT Token On XT
The Metaverse, decentralization, greater security, and free Internet – the promise of Web3 to put a final nail in the coffin of censorship and mass surveillance is far and wide. But the reality begs to differ. From privacy breaches to social media bubbles to multi-billion dollar companies capitalizing on users’ data, everything calls for the next step in the web evolution.
Many projects claim to solve one problem at a time, yet the future of Web3 remains distant. While the majority of dApps build on blockchain, they still use easily compromised Web2 architecture, browsers, domains, social media, and protocols that lead back to the same old algorithms and mechanics Web3 promises to eliminate. In simpler terms, they’re somewhere in between the Web2 and Web3 – call it Web2.5 if you will.
Is Web3 coming after all?
Short answer, yes, but it’s not here yet. Point Network might be the first step towards a fully decentralized architecture and the start of Web3 in the complete sense of the word. It combines two key aspects: decentralized storage, which can replace the cloud completely and eliminate any possibility of censorship, and a decentralized browser, designed for surfing Web3 exclusively.
Point Labs, the creators of the project, don’t stop there. The end goal is a fully independent and secure ecosystem, where users have access to a decentralized wallet, end-to-end encrypted email, uncensorable social networking, messaging, and more.
How is it different from other projects that claim to be “the next big thing” for Web3? Point Network delivers on the promise of complete and radical decentralization. For example, they block all web2 connections in their Point Browser; even if a user tries to access a Web2 website, such as google.com, the Point Browser would redirect them to the old browser. The same goes for any other connection to the old web, like trying to spy on users with Google Analytics—requests to the centralized internet are getting blocked.
What’s next?
Just a few days ago, Point Network pushed mass Web3 adoption closer by listing their utility-based token, $POINT, on XT. This gave Web3 enthusiasts an opportunity to become a part of the ecosystem, pay for validator fees, and stake it as collateral. With many things to come and tools to add to the Point Network’s collection, users already have the ability to unlock the first-ever decentralized web – one step at a time.
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Ripple Scores Another Victory In Court: Will The Hinman Documents Finally End The Dispute?
The U.S. Securities and Exchange Commission (SEC) finally handed over the Hinman documents in compliance with the court order- which marks a major victory for Ripple.
Stuart Alderoty, the general counsel at Ripple, revealed that the company now has the Hinman records, including internal SEC emails and manuscripts of his controversial 2018 speech, after more than 18 months and six court orders. These records, however, are still private and confidential- not available to the public.
When Judge Torres overturned the SEC’s objections and ordered it to disclose the Hinman emails in September, the XRP community rejoiced. Within hours of the news, XRP increased by 20% as sentiment improved. However, this time around, the XRP price has remained unimpacted by the good news, which several are finding very surprising. XRP was trading at $0.44 at the time of writing, down 11.77% over the previous week and 4.40% over the previous 24 hours.
David Gokshtein, the founder of Gokshtein Media, said “I’ve changed my mind and am considering buying a bag of XRP after seeing the news”.
He wasn’t the only one to comment on this groundbreaking news.
Stuart Alderoty, general counsel of Ripple, asserts that obtaining the Hinman records “was well worth the fight.” He added, “Our legal battles have always made me feel good, and I now feel even better. I have always felt horrible about the SEC’s strategies and now feel considerably worse.”
David Schwartz, the chief technology officer of Ripple, claims that throughout the past six years, he has never been more optimistic about Ripple’s prospects or those of the whole cryptocurrency market.
Brad Garlinghouse, CEO of Ripple, tweeted, “The SEC wants you to believe that it is concerned about disclosure, clarity, and transparency. Never trust them. You will be shocked by how awful these people’s actions here were when the truth eventually comes out.”
The legal milestone is significant because it occurs at the same time as Ripple’s tenth-anniversary party.
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Mastermind Behind Terra (LUNA) Collapse Finally Arrested by Korean Police
The post Mastermind Behind Terra (LUNA) Collapse Finally Arrested by Korean Police appeared first on Coinpedia Fintech News
It’s been more than four months since Terra (LUNA) collapsed and amidst all the investigations by the South Korean officials and the founder Do Kwon on a run, the country’s police have reportedly arrested the first person involved with the collapse.
Yoo Mo, the lead business head of Terraform Labs is the first person who has been arrested in the case today, October 6, 2022. On Oct 5, the Seoul Southern District Prosecutors’ Office raised an arrest warrant accusing him of the violation of the Capital Markets Act and fraud committed when he manipulated the TerraUSD (UST) price, which is now TerraUSD Classic (USTC).
Elon Musk To Finally Acquire Twitter! Will Dogecoin Be The Official Currency for Twitter Now?
News of Elon Musk’s Twitter acquisitions have resurfaced online and there is speculation that Dogecoin (DOGE) could replace the US dollar as Twitter’s official native currency. Recent reports from Bloomberg claim that Musk has offered to purchase Twitter for the first bid price of $54.20 per share.
Some members of the DOGE Army on Twitter are speculating about the possibility of Dogecoin being the official native currency of Twitter.
Since agreeing to buy Twitter for $25 billion in April, Musk has been unhappy with the company. After a short while, he claimed that Twitter had misled him over the number of its user base and the prevalence of automated accounts known as bots.
The price of Doge increased by as much as 6.20% in the previous hour. As of this writing, the price of Doge is $0.063, up 8% over the previous day. The fact that the price is very near to the monthly high of $0.067 for Memecoin says all about the influence of Elon Musk.
Dogecoin price action
Following a significant retracement at the end of September, Dogecoin’s price has been able to hold steady. Support was initially located around $0.059, and an attempt to move higher failed at the end of the previous week.
The previous low at $0.059 was then challenged again, and a somewhat higher low suggests that a subsequent move upward will occur shortly. Due to this, Doge began to steadily trade higher and eventually returned over the $0.06 price level.
Upward movement continued early today until it forked at the $0.061 level. After breaking higher, Dogecoin price movement soon increased purchasing pressure, moving in the direction of the $0.065 barrier where bullish momentum again paused.
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Crypto has a Volatility Problem. Snowfallprotocol.io (SNW) Could Finally Solve It
In March, 2022, bitcoin recorded its biggest single-day loss in a year as it lost over 22% of its value. For a novice crypto investor, that drop could mean a wipeout of their life savings. However, seasoned crypto investors know this is business as usual in the crypto world. Bull runs clocking in 2,000% gains and price corrections knocking out 99% of the cryptocurrency’s value in days or weeks are perfectly ordinary phenomena. It’s no secret that all cryptocurrencies are plagued by extreme volatility, making it exponentially difficult for investors to profit from them.
Crypto’s Volatility Problem
Imagine this. You’ve cobbled together a sizeable savings fund over the past couple of years and put it all in bitcoin, or any altcoin for that matter. You’ve been witnessing steady profits too. However, one day you wake up to realize that your funds have been wiped out by 25% in an overnight crash because China banned crypto.
Unlike the case with The Wall Street, crypto trading does not happen over fixed working hours. It’s a 24×7 affair. So, even though you’ve been tracking your crypto funds during your waking hours, the price keeps fluctuating when you are asleep too!
Price gaps have pulverized any stop losses you had set for yourself, and you’re suddenly deeply in the “red.”
That’s what high volatility does to a market.
Is Crypto Volatility Really a Problem?
The best traders in every market – financial or crypto – rely on volatility to make profits. If cryptos can fall 10% overnight, they can also appreciate by that much in a matter of a few hours. Day traders bet on such movements to make quick profits.
However, crypto’s high volatility presents a few unique challenges to traders. Firstly, the extreme fluctuations warrant that the traders track and monitor their crypto currencies all the time, so they can enter and exit at the right time. Even minor price changes in the wrong direction can leave them emotionally exhausted. Doing this daily can be devastating to your mental health.
Secondly, long-term investors wouldn’t want to waste their time monitoring their crypto investments 24×7. They need a more stable alternative, made impossible by the volatility inherent to cryptos. That’s why crypto volatility discourages long-term investors, including institutional investors.
This is where Snowfallprotocol.io (SNW) comes into the picture.
Snowfallprotocol.io (SNW)l Brings Predictability Into Your Crypto Profits
Snowfallprotocol.io (SNW) solves the crypto volatility problem in several crucial ways. Firstly, it uses machine learning to make buy/sell decisions in real-time 24×7. So, you don’t have to bother monitoring your crypto funds all the time anymore. Snowfallprotocol.io (SNW) does it even when you are asleep.
Secondly, Snowfallprotocol.io (SNW) eliminates your reliance on volatility to make profits. With Snowfallprotocol.io (SNW), you make profits with innovative features like Swapping, Yielding, and Staking, which virtually guarantee your profits no matter the direction in which the market is headed. In other words, volatility is of little consequence to Snowfallprotocol.io (SNW) users!
For more information about Snowfallprotocol.io’s (SNW) Pre-sale
Website: https://snowfallprotocol.io
Telegram: https://t.me/+E026J3nTy64OWIO
Presale: https://presale.snowfallprotocol.io
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Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
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Bitcoin Price To Hit $25k, Altcoins Going Strong- Is The Crypto Space Finally Recovering? – Coinpedia – Fintech & Cryptocurreny News Media
A well-known crypto analyst and trader, Michael Van De Poppe, has put forward his analysis of the cryptocurrency market and its current performance.
Poppe informs his 626,100 followers over Twitter that in the same way that Bitcoin is known for its volatile price surge, altcoins are likely to follow on the same path too, soon enough.
Bitcoin (BTC) Analysis
The analyst says that in the last 12 hours, Bitcoin’s price action has displayed massive volatility with a trade of nearly $2,000. However, he tries to ease his followers and keep them away from making any wrong decisions by telling them that this kind of volatility is normal and that they need to be patient.
In his previous strategy session, Van de Poppe had predicted that if the Bitcoin price moves past $20,000, the flagship currency will easily claim the price range of $23,000 and $25,000 after that.
At the moment, Bitcoin is selling at $21,489 after a surge of 3.86% in the last 24hrs. Hence, the analyst is optimistic that his prediction might turn out to be true because he sees BTC has gained good lows, has retested and even the candles are displaying only strength. Another indicator is that the US Dollar Index is plunging.
Bitcoin Price At $25,000?
Further, the analyst claims that if this continues, Bitcoin’s price will hit $21,500, consolidate and then the currency will reclaim $20,000 and continue its move towards the $23,000 and $25,000 area.
Van de Poppe also talked about the altcoins and says that as Bitcoin claims an upward trend, the Dollar will lose its value. He pointed out that the altcoins will follow the king currency; a breakout in BTC indicates good, positive price movement for all the assets.
Chainlink (LINK) & Cosmos (ATOM)
The analyst chose to discuss two specific coins- Chainlink (LINK) and Cosmos (ATOM).
About Chainlink (LINK), he says that the currency appears strong at the moment and will soon see a massive bull run.
For ATOM, the analyst asserts that the coming month will be a volatile one for it, and it has seen a jump by about 20% in the last 24hrs.
Van de Poppe’s observation did not conclude here.
He also talked about the crypto market as a whole (TOTAL) and says it is at a crucial stage. Then he says TOTAL might have reached the bottom and if it has not, then the entire market could be facing threats.
With his analysis, he says that the Crypto market is at the 200-weekly moving average and is strongly holding on to it; this could be a good catalyst for the space.
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Cardano Vasil Hardfork Finally Scheduled on September 22nd ! – Coinpedia – Fintech & Cryptocurreny News Media
Input Output, a Cardano developer, has announced that the highly awaited Vasil upgrade will occur on September 22. After “extensive testing” of all key components, the business was able to publicly declare the date. Technical issues forced numerous postponements of the Vasil upgrade, which was first scheduled to happen in June.
The Vasil hard fork, according to Input Output, is the biggest upgrade to date because it will significantly increase the network’s capacity. Additionally, Cardano developers will have the ability to create more complex decentralized applications.
The Vasil Upgrade is named in honor of the late Vasil Dabov, a devoted Cardano community member. It seeks to strengthen the Cardano network and raise its general efficiency. Additionally, the Vasil Upgrade will reduce block interaction latency while boosting Cardano’s script’s throughput and efficiency.
To proceed with the upgrade, Input Output required to confirm that at least 75% of mainnet blocks were being generated with node version 1.35.3.
In addition, it has to integrate with about 25 exchanges, which together account for the majority of ADA token liquidity and the biggest decentralized applications in terms of total value locked.
Due to the fact that Cardano is now performing “good” in relation to all of these indicators, the hard fork date has been formally confirmed.
Robinhood Announces Cardano listing
Just as the chain is getting ready for the crucial Vasil upgrade, Cardano has now been listed on Robinhood’s platform, the company said in a statement on September 1.
Users of Robinhood have access to trade the ADA and get exposure to its spot price on the same day. According to Robinhood, the platform included ADA because of demand.
The Robinhood listing happens as Cardano gets ready for the eagerly awaited Vasil upgrade. The mainnet update, which was originally planned for July, was postponed in order to address bugs and guarantee the rollout of a stable upgrade.