Category: Cryptocurrency News

In the latest bankruptcy filing for the exchange, it was revealed that there may be 1 million creditors, rather than the 100,000 initially estimated.

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

Despite current market conditions, the official Trust Wallet token (TWT) has posted impressive gains in the last 7 days. TWT saw an impressive rise of over 97% on its week-on-week chart. Most of the price rally happened in the last three days, with the coin marking a new all-time high yesterday. TWT’s surge also has something to do with the FTX’s crisis and CZ, the CEO of Binance. Recall that FTX, the former second-largest exchange, faced a liquidity crisis last week, which brought the crypto market to its knees. At the time, only PAX Gold kept substantial gains while others tanked.  Related Reading: Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble However, TWT regained momentum after top crypto players like CZ called for self-custody. Shortly after mentioning Trust Wallet in a Tweet, TWT got listed on Binance, and its trading volume skyrocketed. TWT Trading Volume Surges After CZ Tweets About Self Custody In the last two days, the value of Trust Wallet Token (TWT) has increased by more than fifty percent. This comes after the recommendation made by CZ, the CEO of Binance, that investors utilize decentralized exchanges. CZ made this remark as it became evident that crypto investors wanted to find an alternative to centralized exchanges. After the FTX disaster sparked a wave of responses, CZ stated that self-custody was an option. Binance’s CEO has spearheaded the campaign for exchange openness after the event and has advocated self-custody before. After this, TWT began trading on Binance Chain and experienced a dramatic spike in volume. According to CoinMarketCap statistics, TWT had a 24-hour trading volume of $432.24 million, though it dropped 39% at press time. Recall that in July 2018, Binance purchased Trust Wallet in an effort to add on-chain mobile wallet capabilities to the company’s offerings. The Trust Wallet Token (TWT) is a BEP-20 utility token that is exclusive to the wallet. It gives token holders a voice in the decision-making process for new app functions, upgrades, and in-app purchase discounts. Can TWT Continue The Bullish Rally? For almost a year, TWT, or the trust wallet token, oscillated in a symmetrical triangular pattern. This pattern of continuous movement is prevalent in established markets, giving speculative buyers on the sidelines an entry point. There’s one possible target for this pattern. This is usually the distance between the breakout price and the high and low of the earliest price spread inside the pattern. Thus, the TWT price delivered a positive breakout from the pattern’s resistance trendline near the end of October’s strong surge. Within five days following the retest, prices had increased by 140%, setting a new all-time high of $2.71.  Related Reading: Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap? Looking at the setup above, the price of TWT has arrived at the goal indicated by the triangle pattern. However, such rapid and massive success is detrimental to the asset’s health. Therefore, a corrective phase will likely occur to stabilize the bull trend. At $2.22, TWT’s trading volume over the past 24 hours is $432,240,182. The token has seen a 6.23% decrease within this period and now ranks #43 on ConMarketCap. Featured image from Pixabay and chart from TradingView.com

Chainlink (LINK) managed to trim its losses after it made a bounce back despite the continuing uncertainty in the crypto market caused by Bitcoin and Ethereum’s recent respective declines.  According to data from Coingecko, at the time of this writing, the crypto asset is changing hands at $6.48 and has been up by 3% for the past 24 hours. Here’s a quick glance at how LINK has been performing this month: Chainlink relinquished the $9 territory following the recent collapse of the crypto market LINK made a small recovery that pushed its trading price above the $6 marker Technical indicators point towards another bearish momentum for LINK As it reclaimed the $6 marker, LINK was able to cut its seven day – deficit, from 40% last week to just 26.9% over the last seven days. It can be recalled that after climbing all the way to $9.47 on November 8, the altcoin, along with its fellow digital currencies, suffered and plummeted all the way down to $5.69. Currently, Chainlink ranks 23rd in terms of market capitalization, with an overall valuation of $3.17 billion. It is one of the few crypto assets that have tallied increase in its spot trading price. Technical Indicators Point To Further Bearish Trend For LINK As of this time, analysis points for LINK price leans towards the suggestion of another challenging run for the digital asset. Its Relative Strength Index (RSI) settled below the 50-neutral zone, indicating that Chainlink is once again caught in a downward trend. Source: TradingView Moreover, its Chaikin Money Flow (CMF) fell below the 0.05 value, suggesting that there was significant capital outflow in LINK’s market performance. Meanwhile, the crypto asset’s OBV indicated that there is a notable level of accumulation of the token during the period when it was trading at a narrow range since the month of May. Over the last six months, Chainlink was able to establish $6.3 as a steady support level. However, if the broader crypto market fails to make a bounce back soon, the asset could be looking at a decline below the $5.9 marker. Traders who are looking to take advantage of the current dip could test to buy between the $6.3 and $5.9 levels and try to make profit via the mid-range and high-range highs. Chainlink Holders Sustain Heavy Losses It turned out that Chainlink holders got worried when the asset experienced severe price correction as it abandoned the $9 marker. As evidenced by the 365-Market Value to Realized Value (MVRV) that was also in an uncontrollable freefall, LINK token owners cashed out their holdings due to fear of tallying even bigger losses. One good thing though for the crypto asset is its network growth metric which recorded a huge spike that surpassed the levels it set in September and October last year. Still, investors must keep in mind that if Bitcoin continues to falter and thus fails to push its price to higher levels, there’s a big chance that LINK and other altcoins will keep on struggling. LINK total market cap at $3.17 billion on the daily chart | Featured image from Watcher Guru, Chart: TradingView.com

A roadmap proposes the launch of a regulatory sandbox and the creation of a national blockchain-backed realty register

Bitcoin was trading marginally higher on Nov. 15, as the U.S. dollar continued to weaken, dropping to multi-month lows versus several G7 currencies. The decline of the dollar overshadowed tweets from FTX’s Sam Bankman-Fried, who cryptically tweeted “What happened” to his 1 million followers. Bitcoin Bitcoin (BTC) rose back above $17,000 on Tuesday, as the […]

Following all the card / earn reductions it all makes so much more sense now that a firm as big as FTX has gone insolvent. I wasn’t too phased at the time of the reductions despite it being poorly communicated as it appears now that updating benefits quickly was more important that communicating them. The…
Read more

Last Friday, the FTX drama took a new turn when it became known that some of the remaining customer funds were stolen by a hacker. According to current knowledge, it must have been an inexperienced insider who gained access to FTX’s wallets. Hacken CEO and co-founder Dyma Budorin stated that the hacker was able to steal more than $450 million from FTX hot wallets. However, he made a fatal mistake by using his verified personal account on crypto exchange Kraken to send some of the stolen funds in Tether (USDT) on the Tron blockchain. Kraken has already traced the person’s identity, after which Tether and Paxos blacklisted some of the assets. “We know the identity of the user,” Kraken CSO Nick Percoco said on Friday. Related Reading: Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble Ryne Miller, general counsel for FTX’s U.S. subsidiary, confirmed Saturday on Twitter that FTX US and FTX.com had moved all of their digital assets to cold storage, where they are better protected from attack, following Friday’s bankruptcy. “Process was expedited this evening – to mitigate damage upon observing unauthorized transactions,” Miller said. In a statement, FTX Chief Restructuring Officer and CEO John Ray said that in response to the hack, “an active fact review and mitigation exercise was initiated immediately in response.  We have been in contact with, and are coordinating with law enforcement and relevant regulators.” FTX Hacker Becomes A Ethereum Whale While prosecutions have already been initiated, the hacker nevertheless began swapping large amounts of his stolen crypto in the European morning hours today. As reported by the security company PeckShield Alert, several addresses associated with the hacker have made massive movements today. Thus, the hacker made the following transactions: Swapped 7,420 BNB on BSC into 1,500 ETH. Converted $48 million in DAI into 37,000 ETH Exchanged 3,500 BNB for 962,071.43 BSC USD Exchanged 3,500 BNB for 958,560.13 BSC-USD Traded 15,000 BNB for 3,899,020.38 BSC-USD Subsequently, the hacker bridged around 3.9 million exchanged BSC-USD to Ethereum via the Celer Network, to cBridge and Stargate Finance, and exchanged them for 5,564.83 ETH.  In total, the hacker is now said to own 217,000 ETH, making him the 35th largest Ethereum (ETH) owner. BREAKING:The FTX hacker is dumping tokens for $eth. The hacker currently holds 217,000 ETH making him one of the largest holders. — Satoshi Stacker (@StackerSatoshi) November 15, 2022 In his latest move, the hacker has withdrawn 25.000 ETH, about $31.6 million from Aave Protocol V2. Related Reading: Ethereum Price Near Make-or-Break Levels, Can ETH Start Steady Recovery At press time, ETH was unfazed by the news. ETH was trading at $1266, above the 50 and 100 SMA on the 1-hour chart. In order to initiate a further uptrend, the resistance at $1289 needs to be surpassed. If Ethereum fails to break above this level, it perhaps could see a further decline. An important support is located at the $1170 mark.

submitted by /u/EmuGroundbreaking348 [link] [comments]

 ETH’s price reclaims its demand zone of $1,200 as price bounces to a region of $1,250 despite market turmoil.   ETH’s price continues to show strength after a bearish downtrend with the market’s current state, as things look uncertain for most traders and investors.  ETH’s price bounces from a low of $1,100 on the daily timeframes as the price aims for a recovery toward the 50 Exponential Moving Average (EMA) In the last few days, the crypto market has seen some drastic shift in sentiment, with Ethereum (ETH) and the price of other altcoins battling for survival after the news that Binance would not be taking over FTX after conducting due diligence. Previous weeks saw the price of Ethereum (ETH) perform well, rallying from a low of $1,300 to a high of $1,680. Most altcoins trend higher as many produced gains of over 200%, including DOGE rallying from a region of $0.55 to a high of $0.15, with many hoping for more recovery bounce. Still, these expectations were cut short by the uncertainty surrounding the crypto market, leading to much fear about where the market is headed. (Data from Binance) Related Reading: PAX Gold (PAXG) Leads Weekly Gainers Among Top Coins Ethereum (ETH) Price Analysis On The Weekly Chart The past few days have been filled with so much turbulence in the crypto space as many altcoins have struggled to show strength after losing their key support holding off price decline. The current uncertainty surrounding the market has resulted in reluctance on the part of traders and investors to make altcoin purchases, as there is no assurance if they would be heading up any time soon. The news of Binance rescuing the situation by taking over FTX led to so much tension as the crypto space remains unsettled, leading to most altcoins suffering in price, including the price of ETH.  The price of ETH saw its price decline to a weekly low of $1,100 before bouncing off this region, showing some great strength to a region of $1,300 as the price aims to break higher. The price of ETH needs to rally to a region of $1,450, acting as a demand zone to remain safe from sell-off.  Weekly resistance for the price of ETH – $1,500. Weekly support for the price of ETH – $1,100. Price Analysis Of ETH On The Daily (1D) Chart The price of ETH remains considerably strong in the daily timeframe as the price trades above $1,200 support after bouncing off from the region of $1,100, which saw ETH losing its demand zone to the bears.  If the price of ETH breaks above $1,500, we could see more rallies for ETH price; a break below a region of $1,100 would lead to more sell-offs for ETH.   Daily resistance for the ETH price – $1,500. Daily support for the ETH price – $1,100. Related Reading: Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble Featured Image From zipmex, Charts From Tradingview