Category: Cryptocurrency News

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Another tumbling block for Polkadot (DOT) as its price has declined by over 10% touching $7.70 after closing July in flying colors. Further, DOT seems to hold on to the support zone above $8 especially as the coin will encounter hurdles at $10. Just when it thought it was bound for the home run, the ETH killer succumbed and slumped after wowing everyone with an impressive bullish streak. More so, Polkadot was seen to have a bearish movement and has tanked to $7.70. DOT Price Spikes 12% Then Drops 10% Overnight As July was nearing its end, DOT harbored support coming from the bulls. Dubbed the top performer among all altcoins, DOT is winning by over 40% as seen from July 26 to 31 showing five successive green candles. Impressively, DOT’s powerful performance helped the coin tick off previous resistance levels. CoinMarketCap data shows that DOT was able to bounce back from an intraday low on July 26 that registered at $6.53 jumping to as high as $9.21 by July 31. DOT price soared by 12% on August 1 but hit a juncture on the road and fell flat by 10%. DOT Making Some Gains at $8.22 As of this writing, DOT was able to recover and made some gains seen at $8.22 which shows a price pump of 4.72% according to the CoinMarketCap daily chart. Despite the gains, DOT is facing hurdles at $10. It is believed that if the bulls pushed harder, it could breach the current level and escalate further. DOT seems to be putting a tight grip on the $8 support zone to stop further decline. Meanwhile, the DOT price should stay afloat or above the critical support level of $8 because if it inches below that zone, the coin will have to target a lower support level or around $6. According to Piers Ridyard, Radix CEO, Polkadot was negatively impacted by the recent attack on the Nomad chain which took out a sum of roughly $190.7 million. Consequently, after the attack, Nomad was crippled and lost roughly $190 million of TVL.  With DOT price trying to brave the current and deter a further decline, the rest can anticipate if the bulls will give DOT the needed push to wing it in the next coming days.  DOT total market cap at $8.07 billion on the daily chart | Source: TradingView.com Featured image from PreventionWeb.net, chart from TradingView.com

Binance Coin (BNB) has been moving sideways around the critical level at $300 and might gather momentum for a rally. The cryptocurrency saw significant losses over the past months, but it has been able to recover faster than other altcoins. At the time of writing, BNB’s price trades at $290 with a 4% and 17% profit over the past 24 hours and 7 days, respectively. Thus, making this cryptocurrency one of the best-performing assets in the crypto top 10 by market cap only surpasses Polkadot’s (DOT) 22% profit in one week. Data from Material Indicators records an increase in buying pressure for this token on short timeframes. Retail investors and mid-size investors have been jumping into BNB’s price action as the cryptocurrency attempts to flip $300 into support. Additional data shows that ask liquidity for the BNB/USDT trading pairs has been reducing between $300 and $320 recording a high amount of sell orders. There are over $2 million in asks orders around those levels, and there is a lot of potential for price volatility. This is because the order book records liquidity gaps between higher levels. This could translate into bullish momentum if the price of BNB is able to break above those critical resistance levels. However, in order to continue the bullish trend, the price of BNB might need assistance from larger investors. BNB whales have been sitting on the sidelines for the time being with no interaction with the price action. If whales decide to buy and sustain the bullish momentum, the cryptocurrency might successfully break above $300. According to the crypto community, the CEO of Binance Changpeng “CZ” Zhao hinted at potential price appreciation for this token when he posted the following tweet: BNB Impervious To The Crypto Winter Research firm Messari highlighted the growth in BNB developments as the crypto market trends to the upside. This has translated into an uptick in total value locked (TVL) for the Binance Smart Chain ecosystem as the Ethereum ecosystem lags. The Binance Smart Chain ecosystem has also recorded an increase in its non-fungible token (NFT) trading volume and its GameFi activity. In other chains, these metrics have been trending to the downside as user interest follows the general sentiment in the market. James Trautman, an analyst at Messari, believes BNB’s recent strengthening of its fundamentals is mainly based on the collapse of the Terra ecosystem. This left a big hole for crypto users looking for a low-cost blockchain which Binance Smart Chain seems to be filling. Trautman said: Ultimately, NFTs, GameFi, and to some extent the Terra collapse, brought more unique users to the BNB Chain ecosystem. The resulting user adoption and its deflationary fee-burning mechanism contributed to BNB Chain’s resilience and outperformance of its peer group during Q2.

BTC price has been gaining momentum as it nears $24,000, and this week’s options expiry could help bulls profit $200 million.

Bitcoin wages are becoming more common globally, particularly among “borderless” remote workers and in certain regions like Latin America.

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A Canadian restaurant franchise is putting their customer loyalty program on the blockchain through a new Tenacious Tacos NFT collection.

The developer who found the vulnerability requested developers to sign their revisions with the GPG key to ensure all their revisions on the project can be verified.