Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

$200M Mixin Network hack draws controversy

Xiaodong Feng, Mixin’s founder, immediately outlined a compensation plan but would only reimburse up to 50% of users’ assets for now.

Ethereum Funding Rates Turn Deep Red, What Does It Mean?

Data shows the Ethereum funding rates have been quite negative in recent days. Here’s what this could mean for the cryptocurrency’s price. Ethereum Funding Rates Have Been Under The Zero Mark Recently As explained by an analyst in a CryptoQuant post, a short squeeze may be a possibility for the asset currently. The “funding rate” is an indicator that keeps track of the periodic fees that traders on the futures market are exchanging with each other. When the value of this metric is positive, it means that the long contract holders are paying a premium to the short holders right now. Such a trend implies the longs outweigh the shorts currently, and hence, a bullish mentality is the dominant force in the sector. On the other hand, negative values suggest the majority of the futures market users share a bearish sentiment at the moment as the shorts are the ones paying a fee. Related Reading: Bitcoin Bull Run May Not Begin Until This Ratio Reverses Trend Now, here is a chart that shows the trend in the Ethereum funding rates over the past week: Looks like the value of the metric has been quite negative in recent days | Source: CryptoQuant As displayed in the above graph, the Ethereum funding rates had been positive until just a couple of days back, implying that the majority of the futures traders had been betting on the asset’s price to go up. The metric’s value has plunged to the negative zone during the past day or so, however, suggesting that a complete flip in mentality has occurred among the investors. This bearish sentiment, though, may not necessarily be bad for the price. This is because the more the mentality has become skewed in one direction historically, the more probable the price of the cryptocurrency has become to show a sharp move in the opposite direction. One major reason why this happens is that mass liquidation events, which are popularly called “squeezes,” are more likely to involve the dominant side of the futures market. During a squeeze, a sudden swing in the price ends up liquidating a large amount of contracts at once. Such liquidations only provide fuel for the price move that caused them, thus amplifying it further. This can lead to a cascade of more liquidations. Related Reading: “Paper BTC” Is Counteracting A Bullish Bitcoin Supply Shock, Analyst Explains As shorts have piled up in the Ethereum futures market recently, the probability of a short squeeze occurring would be elevated. Naturally, if such an event does take place, the asset’s value could see a sharp rebound. This doesn’t necessarily have to happen, of course, and if it does, it may not be soon. From the chart, it’s visible that the funding rate had remained at notable positive values for a while before the ETH price finally registered its plunge. ETH Price Ethereum has taken a hit of more than 3% during the past week as the asset’s price is now trading under the $1,600 level. ETH has gone down in the last few days | Source: ETHUSD on TradingView Featured image from Kanchanara on, charts from,

Successful group of ETH developers looking to expand our network (web3)

Hey devs, We're a group of (currently) 5 developers with a range of experiences in the web3 space – almost entirely on ETH. On Ethereum, we've created successful launchpads, marketplaces, a number of NFT projects and utility, DeFi protocols (the list goes on). Due to a few projects going well, we now have more demand…
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Bitcoin price fights for $26K as US dollar strength hits 10-month high

Bitcoin faces the highest levels in the U.S. Dollar Index of 2023 so far as BTC price action wobbles.

Number Of Ethereum Addresses Losing Money Just Reached A New All-Time High

Ethereum holders have been subject to uncertainty over the last few months as bulls and bears have struggled for control. With the bears winning at a much higher rate than the bulls, Ethereum holders have found their holdings have continued to lose value. This time around, the plunge has sent the number of investors losing money to a new all-time high. Number Of Ethereum Addresses In Loss At ATH On-chain data tracker Glassnode Alerts on X (formerly Twitter) has revealed a shocking development regarding Ethereum addresses. According to the tracker, the number of addresses seeing losses on a 7-day moving average (MA) has jumped to its highest level ever. Related Reading: Ethereum Founder Vitalik Buterin Reveals The Challenges Of The Network This metric takes note of the price at which the ETH coins being held on addresses were last moved. Then it is compared to the current price of the altcoin to figure out if the addresses are seeing gains or losses. The metric had been rapidly climbing in 2023 due to the bear market, culminating in a new all-time high. According to Glassnode’s report, the total number of addresses in loss is now sitting at 49,939,211.006, rising from its previous all-time high of 49,921,736.464 that was reached on September 15. If the price of ETH continues to drop, then this figure will likely hit another all-time high soon. Number of addresses in loss hit new all-time high  Source: Glassnode Other ETH Metrics Flashing Bearish Ethereum’s open interest in perpetual futures contracts had also taken a hit with the price struggles. It dropped to a one-month low $445,789,354, just weeks after hitting a previous one-month low of $450,965,900 on September 13. Accumulation also seems to be dropping among mid-sized investors in the meantime. Glassnode also reports that the number of addresses holding at least 10 ETH had plunged to a 3-month low of 347,825. This suggests that these investors may be offloading their holdings to prevent more losses. Small investors are also not left out of this trend. Another metric that tracks the number of Ethereum addresses holding at least 0.1 ETH also showed a decline in recent months. This has led to a 5-month low for the metric, with only 5,120,950 addresses holding 0.1+ ETH. Related Reading: Bitwise Withdraws Application, A Big Blow To Ethereum ETFs? These declines come as no surprise as the ETH price had lost support above $1,600. With the bears dragging the price below $1,600, the losses for holders had climbed rapidly as the altcoin’s price fell to two-week lows. Founder Vitalik Buterin had also made transactions carrying a significant amount of ETH toward centralized exchanges. This has sparked speculations that the founder is selling, which in turn could influence investors to sell as well. ETH bears take control of price | Source: ETHUSD on Featured image from Blockchair, chart from

Huobi Global hacked for $7.9M: Report

HTX crypto exchange has been hacked, but it claims to know the identity of the attacker.

Crypto Exchange Huobi Hacked for $7.9 Million.

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PayPal Can Freeze Your Crypto Assets

Even though Paypal’s new USD stablecoin has been deployed on the Ethereum blockchain, it does not mean it’s decentralized. Several people online have dug into the code of the coin’s smart contract and found some alarming things such as PayPal holding the ability to reverse transactions, freeze user assets, coins can be freely minted/ burned…
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Dogecoin Millionaire’s Fortune Fell From $3M to $50,000 But He Hasn’t Lost the Faith

submitted by /u/BradVet [link] [comments]

Chainlink (LINK) Spikes 6% On The Weekly Chart As Market Sees Correction

The crypto market cap has declined over 1% in the last 24 hours, transmitting losses across the market. Top coins like Bitcoin and Ethereum have taken the hit, losing 3% and 4% of their past week’s gains, respectively.  However, Chainlink (LINK) resisted the prevailing bearish market forces amid this onslaught, holding 6.51% gains on the weekly chart. Also, the token has recorded a 1.68% price increase in the last 24 hours.  Related Reading: Will Bitcoin Drop To $20,000? EURUSD Correlation Indicates It Might Amid the upturn, LINK has broken past the $7 price mark; could it ride the prevailing bullish waves to record new highs? Let’s find out.   ChainLink’s Daily Active Addresses Hits A 2-Month High  LINK’s price uptick comes amid a significant increase in active unique addresses on the network. Data from leading on-chain analytics firm Santiment shows that Chainlink’s unique addresses exceeded 3,900 for the first time since July 21.  Furthermore, this uptick indicates increased network activity and engagement, reflecting the rising community interest and involvement. Moreover, increasing unique active addresses is often synonymous with increased usage and adoption of the network’s native token, LINK. And this could be seen in the increase in LINK’s market value over the past seven days.  In addition, an update on Chainlink adoption shows four of the network’s services integrated across six different chains. These chains include Arbitrum, Avax, BNB Chain, Etherem, Optimism, and Polygon.  Again, these integrations further reflect a wider usage of the LINK token and increased participation in the Chainlink ecosystem. It shows that more people are adopting Chainlink, exerting a higher buying pressure on LINK, a plausible explanation for the ongoing price uptick. Chainlink (LINK) Breaks The $7 Resistance; What’s Next? The daily LINKUSD chart below suggests that LINK is gearing up to hit $8 as it conquers critical barriers while buy pressure remains high. After posting notable gains over the past eight days, LINK trades above two key support levels, $5.72 and $6.595. The token’s price oscillated between these key price levels from mid-August to September 18.  Meanwhile, all this time, LINK traded below two critical points, the 200-day and 50-day moving averages ($6.488 and $6.706), before a sharp spike pushed it above $6.8. It maintained the momentum through the past few days, breaking the $7.00 barrier, and now targets the $7.8 resistance level. Related Reading: Is Terra Classic Planning For USTC To Be Pegged To The Dollar Again? LINK now trades above the 50 and 200-day price levels, indicating a strong bullish momentum in the market. If the ongoing buy frenzy continues, LINK could reclaim the year-high of $8.898, recorded on November 7, 2022. And if the buying strength continues to increase, the token could even set a new record high in the coming days. However, while LINK has regained over 21% of its past month’s gains in the ongoing rally, the token remains 9% down from its year-high, and he bulls must increase momentum for the token to reclaim this level. Featured image from Pixabay and chart from