According to Nikita Ovchinnik, founder of Barter Defi, decentralized finance (defi) protocols are increasingly becoming the primary target of most hacking attacks because defi “lays bare its inner workings for all to see.” He said the open-source nature of defi means hackers and malicious actors have ample time to study and identify weaknesses or vulnerabilities […]

A bull flag recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to as high as $100,000 when it makes that move. Related Reading: Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat Bitcoin’s Bull Flag Suggests More Upside Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin’s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is “shaping up nicely” and that Bitcoin could potentially shoot up towards $100,000 once the declining volume picks up.  However, Baca further suggested that Bitcoin could drop below $60,000 before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to $56,000, he claimed.  Total crypto market cap currently at $2.2 trillion. Chart: TradingView Baca opined that such price dips could be “healthy” for Bitcoin before it experiences a reversal. He elaborated that these dips “offer solid buying opportunities,” which could help spark Bitcoin’s move to record highs. Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin’s bull run and that a bearish reversal was unlikely. #Bitcoin on a daily chart forming a bull continuation pattern. According to Wyckoff’s law of cause and effect “the longer the consolidation, the more explosive the markup will be” pic.twitter.com/ArH0lNnyc2 — Mikybull 🐂Crypto (@MikybullCrypto) April 26, 2024 He also hinted that the next leg up could be massive as he alluded to Wyckoff’s law of cause and effect, which states that “the longer the consolidation, the more explosive the markup will be.” Bitcoin Needs A Catalyst To Spark This Upward Trend Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any potential price rise for Bitcoin is unlikely to be realized without a catalyst. He noted that the flagship crypto token has managed to build resilient support at $64,000, but without any catalyst, it will merely continue to trade around the $67,000 range.  It is worth noting that the Spot Bitcoin ETFs, which previously served as a major catalyst to Bitcoin’s price surges, have recently suffered from declining demand. They have also experienced significant net outflows this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions.  Related Reading: Analysts Call It: XRP Primed For A 700% Surge – Details Despite this, Stoychev is positive that Bitcoin won’t drop below $60,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if high interest rates are maintained longer than expected, as this can affect sentiment toward crypto assets.  At the time of writing, Bitcoin is trading at around $62,900, down over 2% in the last 24 hours, according to data from CoinMarketCap.  Featured image from Pixabay, chart from TradingView

PRESS RELEASE. Dubai, UAE — April 27, 2024 — TOKEN2049, the premier crypto event, saw record-breaking success for its inaugural Dubai conference, which took place from April 18-19, during TOKEN2049 Week. Throughout the event, attendees experienced an impressive range of panel discussions, keynotes, workshops, and exclusive networking opportunities, overcoming torrential rain to show up in […]

The DTCC listing of the Franklin Templeton Ethereum spot ETF does not guarantee SEC approval of the S-1 filing for a spot Ether ETF.

Liquid staking reduces the minimum threshold required to earn block rewards and simultaneously enables the tokenized representation of staked assets.

The balance between privacy and regulatory compliance in the crypto world is increasingly threatened as high-profile cases, such as the sanctions against Tornado Cash and the legal troubles of Samourai Wallet, come to the fore, prompting a robust response from the community and its leaders. Crypto’s Battle for Privacy Intensifies in Face of Regulatory Clampdown […]

The story has not been any much different for Bitcoin, with its price still stuck in a consolidation range in the past week. The sluggishness of the premier cryptocurrency – and the general market – has continued despite the completion of the halving event over a week ago. The halving event, which saw mining rewards take a significant cut, was expected to usher in another round of bullishness for the Bitcoin price. On the contrary, investors appear to be getting frustrated with the slow activity of the market, with many calling for the dump of BTC. Bitcoin Sell Calls At Increased Rate: Blockchain Firm According to a recent report by on-chain analytics firm Santiment, investors are increasingly calling for the sale of Bitcoin across social media following its latest drop toward $63,000. The relevant metric here is the “social volume” indicator, which tracks the number of unique posts and messages on different social platforms that mention a specific topic. Related Reading: Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price Santiment aggregated data of “buy or bullish”, “sell or bearish,” or related mentions for the premier cryptocurrency over the past week. The on-chain analytics then highlighted a shift in the trend, with the bearish calls looking to drown out the bullish noise on social media. Social volume for Bitcoin over the past week | Source: Santiment/X According to Santiment, Bitcoin’s recent fall to $63,000 resulted in the lowest level of buy and bullish calls since April 21st (just before BTC recovered back above $67,000). As shown in the chart above, the social volume for terms related to “sell” shot up after the price decline. Typically, the increased bearish mentions of Bitcoin suggest a rising level of FUD (fear, uncertainty, and doubt) amongst investors. However, when traders seemingly become frustrated and impatient, there is usually a higher probability of a market rebound. Almost 90% Of Circulating BTC In Profit – Impact On Price According to recent on-chain data, about 90% of Bitcoin in supply is in profit. On the surface, this basically implies that the most current holders of the premier cryptocurrency bought at a lower price compared to the current price. Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges However, this level of profitability can also be an overbought signal, especially after bullish periods like the one that occurred between October 2023 and March 2024. Ultimately, this suggests investors could see Bitcoin shed more of its price gains over the next coming weeks. As of this writing, Bitcoin is valued at $63,077, reflecting a 2% price decline in the past 24 hours. Bitcoin price falls to $63,100 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView

This notice means that exchange-traded funds and similar investment instruments with Bitcoin or other cryptocurrencies as underlying assets will not be assigned any collateral value.

Following the halving event on April 19, the price of Bitcoin has displayed a puzzling performance. BTC initially gained nearly 10% to trade as high as $67,020 on April 24. However, in the last two days,  the digital asset’s price has declined by 6.49%, falling below the $63,000 price mark.  As expected, such negative performance has drawn attention from investors and market speculators. In particular, renowned analyst with X handle Rekt Capital has provided a theory on Bitcoin’s price fall and perhaps an insight into the future price movements of the crypto market leader. Related Reading: Timing The Breakout: When Will Bitcoin Escape The Post-Halving Consolidation? BTC Potential Price Decline Ahead? In an X post on April 26, Rekt Capital stated that Bitcoin has now entered the Post-Halving “Danger Zone.” The analyst described this phenomenon as a period during which Bitcoin has historically experienced price corrections after the halving event. Rekt Capital noted that in 2016, Bitcoin recorded these price retraces in the three weeks following the Halving event. During this time, the token’s price declined by 11%.  The analyst postulates that Bitcoin is now in the Post-Halving “Danger Zone” of the current bull cycle following its price fall over the last two days. It is worth stating that if Bitcoin mirrors past price movement in this phase, the token could be heading for $60,000. However, Rekt Capital states that if the crypto market leader experiences such a fate, it will be within the next two weeks.  At the time of writing, Bitcoin trades around $62,672 with a decline of 2.44% in the last day. This price fall underscores BTC’s negative performance in the last month in which it has lost 11.16% of its market value.  BTC trades at $63,023 on the daily chart | Source: BTCUSD chart on Tradingview.com Related Reading: Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead Bitcoin ETFs Record Minor Inflow; Net Outflows Hit $217 Million According to data from SoSoValue, the Bitcoin Spot ETF market recorded net outflows to the tune of $217 million on April 25. Unsurprisingly, Grayscale’s GBTC accounted for $138 million of these figures as its total outflows now approach $17 billion. Notably, for the first time ever, Fidelity’s FBTC and Valkyrie’s BRRR  produced net outflows estimated at $22 million and $20 million, respectively. Meanwhile, ARK Invest’s ARKB and Bitwise’s BITB also experienced a loss in investment on Thursday. Interestingly, all other Bitcoin Spot ETFs recorded zero net flows except Franklin Tempton’s EZBC, which saw a net inflow of $1.87 million. At the time of writing, the BTC spot ETFs have a combined value of $128 billion, reflecting a remarkable growth since their trading debut on January 11. Featured image from The Economic Times, chart from Tradingview

According to a recent survey, half of Canadian institutional investors and financial services organizations have actively offered at least one type of cryptocurrency asset product or service to clients in the past year. The study revealed that half of the institutional investors surveyed were exposed to crypto through exchange-traded funds (ETFs), closed-end trusts, or other […]

Nvidia’s share price saw a 15% increase after a brief slump during the previous trading week, prompting analysts to speculate about the price movements of AI crypto tokens.

Eddy Lazzarin, CTO of A16z Crypto, one of the largest cryptocurrency-focused venture capital funds, has criticized the meme coins’ effect on the broad appreciation of the cryptocurrency market. Lazzarin stated that meme coins undermined the “long-term vision of crypto” that has maintained some actors in the space, making it look “like a risky casino.” A16z […]

The United States witnessed its first banking failure of 2024 with the closure of Philadelphia-based Republic First Bank, creating ripples within the cryptocurrency community as Bitcoin, Ether, and various altcoins experienced slight price drops following the announcement. This event has spurred discussions among crypto enthusiasts and investors, with some seeing bank failures as a compelling […]

A new law enabling the National Crime Agency and police to seize, freeze, and destroy crypto assets is now in effect in the UK. Under this law, police can seize crypto from suspects without needing to make an arrest first. Additionally, victims have the right to request the release of funds held in crypto accounts […]

In a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.”  These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others.  XRP And Ethereum Classic In The Spotlight Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around $2 billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.”  Related Reading: XRP Whales Are Active: Here’s Where They Are Sending Coins However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having “limited user bases.” According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain.  While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization. Another crypto project in Forbes’ report is Tezos, which raised $230 million through an initial coin offering (ICO) in 2017.  Tezos’ XTZ token currently holds a market capitalization of $1.2 billion. However, the blockchain’s fee earnings were meager, with $5,640 in February 2024 and a total of $177,653 for all of 2023.  Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges.  Despite a market cap of $2 billion and a treasury holding of $500 million, Algorand earned $63,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility. Crypto ‘Zombie’ Blockchains The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum.  Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic.  These blockchains, collectively valued at $23 billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains.  Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage. Related Reading: Ethereum Withdrawals From Exchanges Top 260,000 ETH – What This Means For Price Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.” Featured image from Shutterstock, chart from TradingView.com