Author: dfmines

MakerDAO (MKR) has navigated a tumultuous path in the Decentralized Finance (DeFi) market since June, marked by regulatory pressures and various challenges numerous projects face. Nonetheless, a shift in focus has occurred as altcoins, spearheaded by MKR, appear to overshadow this turbulence. Presently, the value of MKR on CoinGecko stands at $1,346, showing a noteworthy 9.1% surge within the past 24 hours, accompanied by an impressive week-long ascent of 18.0%. Related Reading: Curve DAO (CRV) Price Recovery Post-Exploit: What Would Be A Realistic Scenario? From mid-June, MKR has achieved an increase exceeding 115%. This growth has effectively diminished the proportion of investors encountering losses by a significant margin of 26%. MKR Price Report Reveals Sustained Accumulation, Whale Activity MKR has emerged as a notable hotbed of investor interest, with a recent price report shedding light on intriguing market dynamics. The journey of MKR’s price has been marked by a distinct trend of accumulation (see chart below) that has been underway since March, underscoring the growing interest and confidence among investors. Source: Santiment As the calendar flipped to June, the accumulation of MKR gained considerable traction. Notably, this month saw a strategic move by prominent investors, often called “whales,” who opted to divest a portion of their holdings. This strategic decision, seemingly aimed at capitalizing on profits, had the unintended consequence of temporarily affecting the supply. However, the cryptocurrency market is known for its intricate interplays, and MKR’s case was no exception. While whales reduced their holdings, more oversized wallet holders recognized an opportune moment and swiftly absorbed the newly available supply. This orchestrated shift in ownership demonstrated the agility and resilience of the MKR ecosystem. Resurging Interest In DeFi Tokens DeFi has recently witnessed a fascinating shift in dynamics, drawing attention from analysts and investors. Glassnode’s insightful observations highlight a distinct surge of interest in DeFi tokens sparked by lackluster performances within the ecosystem. The backdrop against which this resurgence unfolds is crucial to understanding its significance. The previous dip in DeFi token prices was undeniably attributed to a significant event – the release of a memo by the US Securities and Exchange Commission (SEC). Maker (MKR) is currently in a positive trend, trading at $1,328 on TradingView.com This regulatory communication deemed approximately 68 tokens unregistered securities, casting a shadow of uncertainty over the DeFi landscape. Related Reading: Uniswap (UNI) Stays Afloat With 11% Gain As Rest Of Top 50 Coins Sink Amidst the tumultuous landscape, the resurgence of interest is indeed noteworthy. Glassnode’s analytical lens zooms in on this intriguing development, offering valuable insights into the changing sentiment. The data analysis firm aptly captures the essence of this rebound: “This is the first outperformance since September 2022, with very similar performance thus far.” This assessment not only underscores the significance of the current uptick but also draws parallels to a prior period, hinting at the potential of a sustained trajectory. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from The Coin Republic

The country emphasizes the necessity of dealing with the risks of digital assets in developing economies.

Binance declined to comment on the issue when Cointelegraph reached out to confirm the report.

Kenyan authorities want to ensure that Worldcoin poses no risks to the security of citizens before it allows the project to gather iris data.

Curve DAO (CRV) has established itself as a prominent DeFi platform, renowned for providing ample liquidity, particularly for stablecoins. However, an unfortunate security breach occurred over the weekend, causing a significant decrease in both the total funds entrusted to Curve and the value of its native token, CRV, which serves as a means of transaction within the protocol.  According to a report from Bloomberg, this decline in CRV’s price has put the substantial sum of over $100 million in loans at risk of being liquidated, posing a serious challenge for Curve Finance’s founder, Michael Egorov. Related Reading: Dogecoin Price Prospects: Can The Memecoin Climb To The $0.1 Level? As news of the potential liquidation of the Curve Founder’s assets spread, the sentiment among investors turned increasingly fearful, resulting in a notable impact on the CRV market’s price action in recent days. Many are now questioning whether there is any hope for a recovery. CRV price action in the last week. Source: Coingecko CRV Price Analysis: Mixed Trends Prompt Speculation On Sentiment According to CoinGecko, the price of CRV currently stands at $0.563, reflecting a decrease of -2.40% in the last 24 hours. Additionally, over the past seven days, CRV has experienced a significant decline of 22.1%. Despite the recent uptick, a bearish sentiment overshadows the CRV token’s prospects. Notably, a fundamental support level lies at the $0.5 mark, which underwent testing in November and December 2022. Furthermore, a potential positive price response might be witnessed at the $0.32 support level from October and November 2020. CRV is currently in the red, with a price of $0.563 on the daily chart on TradingView.com Unveiling Potential Shifts In Sentiment An intriguing observation comes from the CRV price report, highlighting a sudden spike in previously dormant Open Interest (OI) charts within the past 48 hours. This occurrence coincided with a period of losses for the Curve DAO token on the chart. A noteworthy development emerged during the recent rebound from $0.5 as the OI continued its ascent. This phenomenon raises the question: could this point to a direction toward bullish sentiment? Related Reading: The Litecoin $95 Question: Is A Bullish Breakout In The Pipeline? As the CRV token navigates these mixed trends, market participants contemplate the interplay between short-term gains, historical support levels, and the evolving Open Interest dynamics. The complex mosaic of these factors will likely shape the sentiment and direction of CRV’s journey in the days to come. Egorov Responds To Contagion Concerns Amidst CRV Incident Meanwhile, Egorov talked to Bloomberg in the same report, shedding light on his strategic approach to mitigate the impact of the ongoing liquidation threat. He shared his focus on diminishing the sizes of his loans as a precautionary measure. Speaking about the potential contagion effects of the situation, Egorov conveyed his perspective in an email to the publication:  “I cannot comment much about contagion effects apart from saying that we, and I personally, work on minimizing or eliminating the impact,” he wrote. “In any case, I think we and all DeFi will come out stronger surviving this event.” (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Bankless Times

Armstrong confirmed that Coinbase was looking into adding support for Bitcoin Lightning while reassuring his support for Bitcoin payments.

Welcome to another episode of "beware it's a scam"! The analysis of scam/ponzi/MLM crypto "trading companies" or tokens that are clearly a scam. CATLY meager homepage. CATLY is a BEP-20 token, created on the Binance Smart Chain. Catly’s website domain (“catly.io”), was privately registered on March 2nd, 2023. SimilarWeb tracked top sources of traffic to…
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Bitcoin (BTC) saw a significant resurgence over the past few hours after hitting the lowest price since June 21 at $28,641 yesterday. At press time, BTC has experienced a 3.7% hike from its low. In fact, BTC even brushed past the $30,000 mark, indicating a substantial shift in market sentiment. So, the question begs. Why Is Bitcoin Up Today? “The entire short build-up of the past couple days just got wiped,” tweeted analyst Byzantine General. Data from Coinglass backs this claim and shows that BTC short positions amounting to $27.8 million were liquidated yesterday, followed by an additional $13.45 million today. This accounts for the most significant short liquidation since July 14, undeniably playing a significant role in the current price movement. But perhaps the most influential reason for the sudden shift in market sentiment was MicroStrategy’s recent announcement. The company stated that it will conduct stock sales worth $750 million. After the announcement, the Bitcoin community was abuzz with speculation that Michael Saylor might make additional, gigantic BTC purchases. Related Reading: Bitcoin Addresses In Loss Soar To One-Month High Amid Mixed Market Indicators “As with prior programs, we may use the proceeds for general corporate purposes, which include the purchase of Bitcoin as well as the repurchase or repayment of our outstanding debt,” said Andrew Kang, MicroStrategy’s CFO during a recent earnings call. While it remains unclear if the entire proceeds will be funneled into Bitcoin, the likelihood of a substantial chunk is certain. Directly after this announcement, Bitcoin surged by 1.6% within one hour. On-chain analysis firm Santiment tweeted: “Bitcoin has breached back above $30k once again, with assistance from the many traders who capitulated during the past week of price declines. Volume is rising to kick off August, & this psychological resistance cross may shift sentiment positive.” Related Reading: BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says The chart shared by the firm shows that yesterday trading volume picked up steam again, rising to the highest level since six weeks. Also, the lowest amount of profit / loss taking in 7 months indicates a capitulation event. Analyst @52Skew added that the Bitcoin on the Binance spot market experienced a “real spot demand” which he wanted to see for a strong price reaction. “Note the limit bid wall that pushed up price; typical with PvP conditions to force limit chasing. Marked notable liquidity on the orderbook,” the analyst stated. What’s Next? However, he also cautioned that the 4-hour chart is so far looking like a classic Swing Failure Pattern (SFP) into a higher time-frame support / resistance. The Swing Failure Pattern, or SFP, is a type of reversal pattern where traders target stop-losses above a key swing low or below a key swing high to manipulate the price direction by generating enough liquidity. Nevertheless, the market appears to be brimming with anticipation. As per @DaanCrypto: “If price starts ranging here I’d look for another sweep of the lows and consolidation there. $28.5 & 29.5K are the areas of interest.” Meanwhile, a break above the resistance zone at the monthly and weekly open between $29,236 and $29,300 would validate a bullish scenario where the price targets $30,000. At press time, BTC wasn’t able to reclaim the red resistance zone and was trading at $29,606. Featured image from Kanchanara /Unsplash, chart from TradingView.com

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