Category: Cryptocurrency News

Rumors of the arrest of the Multichain team have sent shockwaves throughout the Fantom ecosystem. Despite trading volumes of $129 million, the fear, uncertainty, and doubt (FUD) have resulted in a 5x increase in daily bridging volumes. However, upon closer examination of the on-chain data, the bridging volumes do not show a significant sign of panic. Related Reading: Chainlink (LINK) Under Bearish Strain As Selling Pressure Mounts Fantom’s Risky-Wrapped Token Exposure According to a Twitter thread by the crypto researcher DeFi Ignas, Fantom (FTM) is the most exposed to Multichain’s wrapped tokens. This suggests that Fantom is particularly vulnerable to any negative impact that may result from the rumored arrest of the Multichain team. This is because Fantom has significant exposure to Multichain’s wrapped tokens, with 35% of its total value locked (TVL) dependent on these wrappers. In addition, Multichain issues 40% of non-FTM assets, which is equivalent to a sizable $650 million. This means that if anything were to happen to Multichain, it could have a significant impact on the overall value of these assets. Furthermore, Multichain handles 81% of Fantom’s total stablecoin market capitalization. Stablecoins are digital assets that are pegged to the value of a real-world asset, such as the US dollar. They are often used as a way to hedge against market volatility. However, If anything were to happen to Multichain, it could have a significant impact on the value of these stablecoins and cause instability in the Fantom ecosystem. Fantom Investors Stay Calm Amid Multichain Arrest Rumors According to Ignas, there should have been a significant outflow of Total Value Locked from Fantom due to its reliance on Multichain. However, the data shows that the amount withdrawn was only 1% of its total TVL of $1.78 billion, which indicates that there is not much panic in the market. Furthermore, while the TVL has dropped by 9.55% in USD, adjusting for the price of FTM shows no significant outflow of capital. The clearest and only sign of panic is the Multichain Liquidity Providers (LPs) on Fantom, with a total of $33 million being withdrawn by LPs from Fantom, and only $1.7 million in deposits. However, what is most worrying is the lack of communication from the Multichain team. It has been reported that the current Multichain CEO Zhaojun hasn’t been online in a week. This has left many investors and traders in the cryptocurrency market feeling uncertain about the future of the project. Related Reading: Bitcoin Bearish Signal: NUPL Finds Rejection At Long-Term Resistance Additionally, Multichain has reported that some of the cross-chain routes are unavailable due to force majeure and that Kava, zkSync, and Polygon zkEVM routes were temporarily suspended. There were also 83 transactions pending for more than a day, which has raised further concerns among investors and traders. Featured image from Unsplash, chart from TradingView.com   

Ron DeSantis understands the ethos of cryptocurrency. For single-issue crypto holders, that puts him ahead of the pack in the 2024 presidential race.

The World Economic Forum analyzed regulatory approaches to urge cooperation between international organizations, regulators and the crypto industry.

The Polkadot price analysis continues to indicate a bearish outlook as the market undergoes a notable decline. Within the past 24 hours, the asset’s price experienced a slight decline, demonstrating sideways movement under the influence of bearish sentiment. On a weekly timeframe, there has been limited movement in the price of DOT. In terms of technical indicators, DOT has exhibited bearish strength, with low buying pressure. Both demand and accumulation levels have decreased based on the daily chart. Related Reading: Bitcoin Bearish Signal: NUPL Finds Rejection At Long-Term Resistance Given the indecisiveness in Bitcoin’s chart, many altcoins, including DOT, have either remained constrained under immediate resistance levels or have entered consolidation phases. It is crucial for DOT to maintain a price level above its immediate support to avoid the possibility of another substantial decline in upcoming trading sessions. If selling pressure intensifies, there is a risk of the altcoin breaking below its crucial support level. The declining market capitalization of Polkadot indicates that sellers are still exerting control over the asset. Polkadot Price Analysis: One-Day Chart As of the current writing, DOT is being traded at $5.29, with Polkadot hovering near its critical support level of $5.15. Should the price fall below this level, it may further decline to $5. On the upside, a significant resistance level is observed at $5.40. If DOT bulls manage to surpass this resistance, it could potentially trigger a rally towards $5.71, indicating a 6% appreciation. Further progress could then lead the price into the $6 range. Notably, the trading volume of DOT in the last session was relatively low. This suggested that buying strength was weaker compared to selling pressure. Technical Analysis During the months of April and May, the demand for DOT remained relatively weak. Analysis shows that the Relative Strength Index (RSI) remained below the 40-mark, indicating that selling pressure outweighed buying pressure in the market. Additionally, DOT remained below the 20-Simple Moving Average (SMA), further affirming the dominance of sellers in driving the price momentum. However, if DOT manages to surpass the $5.30 mark, it has the potential to climb above the 20-SMA line. This could potentially attract buyers back into the market and shift the overall sentiment in a more positive direction. As demand for DOT declined, the altcoin exhibited decreasing buy signals on its one-day chart. The Moving Average Convergence Divergence (MACD), which represents price momentum and trend reversal, displayed declining green histograms, indicating a weak buy signal for DOT. Furthermore, the Bollinger Bands, which illustrate price volatility and fluctuations, exhibited constriction, indicating a range-bound movement. Related Reading: Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level The upcoming trading sessions hold importance for DOT as they will determine whether the price breaks out above or below the crucial support line. Featured Image From UnSplash, Charts From TradingView.com

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

Ethereum blockchain implemented an important upgrade known as EIP-1559 on Aug 5, 2021. This Ethereum upgrade changed the fee model drastically. For a transaction to execute on Ethereum, a minimum fee (known as a "base fee") must be paid, which fluctuates continuously (block-to-block) depending on network activity. The fee is paid in ETH and is…
Read more

Inflation concerns and the U.S. debt standoff cast a long shadow over Bitcoin’s dwindling bullish prospects.

As part of the collaboration, Bitpanda will incorporate Coinbase Exchange into its roster of authorized liquidity providers.