Category: Cryptocurrency News

As widely reported, Coinbase is introducing a new service which will almost certainly kill Western Union's highly profitable (and overly expensive) remittance service to Mexico. Under this new arrangement Coinbase will let recipients in Mexico cash out their funds FOR FREE at more than 37,000 stores across Mexico. But this is merely a first step…
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Bitcoin has managed to break above considerable resistance and now trades just north of the $44,000 mark. The first crypto by market cap took another swing at the low of its current levels, after a rejection near the $46,000 mark. As NewsBTC has been reporting for the past weeks, Bitcoin was poised to see a relief rally, at least in the short term, when it reached the high area around $30,000s. Although the situation between Russia and Ukraine seems to be escalating, the market appears to be pricing in any event to the upside. Both parties seem to have incentives to prevent a full-on conflict, a scenario that could prove unfavorable for the global markets. Related Reading | TA: Why Bitcoin Needs To Clear $43,800 For Hopes of a Fresh Rally Yesterday, Bitcoin saw a low near $42,000, but buying pressure propelled BTC’s price above $44,000 where a lot of ask orders were concentrated. A portion of these orders was removed and added higher, per data provided by Material Indicators. Unless bulls continue to display strength or these ask orders are removed/fill, as seen in the chart below, BTC’s price could see a local resistance and a potential short-term pullback. If momentum maintains its current course, Bitcoin could quickly approach the $50,000 mark as there seems to be little resistance above $45,600. In this scenario, bulls could score more gains, but flipping the next area of resistance into support will be decisive. On the Russia-Ukrainian situation, Material Indicators commented the following via their Twitter handle: Not sure if the reports from Ukraine: Russia are accurate or if Putin is going for the sucker punch strategy, but the markets seem to like the reports The FED Policy Could Be Bullish For Bitcoin? Talking about the recent bullish momentum, QCP Capital, claimed BTC’s price saw an increase in resistance as the U.S. published its recent Consumer Price Index (CPI) metrics. Used to measure inflation in the U.S. dollar, the metric has been scoring higher. Previously it used to operate as a tailwind for Bitcoin, but recently it has shifted to a headwind as it could accelerate the interest rate hike by the U.S. Federal Reserve (FED). However, QCP Capital warns on a potential danger that has been dismissed by the market, Quantitative Tightening (QT): While the market has been fixated on rate hikes, our primary concern has actually been Quantitative Tightening (QT), which is the shrinking of the Fed balance sheet. More specifically, we want to know how QT will be carried out. Related Reading | Bitcoin Fundamentals Show Signs Of Fresh Rally, Here Are Things To Consider Depending on how the FED executes its QT policy, either by selling assets or by letting “securities mature without replacing them”, the market could react to the upside or with more bearish price action. QCP Capital believes a passive QT policy will be bullish for Bitcoin and the market.

The sharp increase in MineXMR’s mining hash rate in the past few months has led some XMR enthusiasts to suspect ulterior motives.

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The Republic of the Marshall Islands (RMI), an independent island country near the Equator in the Pacific Ocean, has announced it will allow decentralized autonomous organizations (DAOs) to register as legal entities recognized by the international legal system. This development was made possible through the RMI’s recent passage of the Non-Profit Entities (Amendment) Act 2021,…
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“The Market Report” with Cointelegraph is live right now. In this week’s show, Cointelegraph’s resident experts discuss what metaverse projects you should keep an eye on besides the obvious choices — namely, The Sandbox and Decentraland.

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A hacker has made off with $2 million in bug bounty after finding an alarming vulnerability with the Ethereum network. This bug could have been very bad if it had been found by black hat hackers who could have exploited the digital asset for billions of dollars worth of ETH. Instead, a ‘grey hat’ hacker popularly known as Saurik informed the Ethereum team of the vulnerability, netting himself a sizable reward in return. Finding The Vulnerability On Ethereum Hacker Saurik had found the vulnerability on Optimism, an Ethereum layer 2 rollup solution. The hacker himself published a report as to how he found the vulnerability on the solution. Looking through nano payments protocols on the rollup, he had found a vulnerability that could allow an attacker to withdraw unbridled a ‘virtually unlimited’ amount of ETH from the solution. Related Reading | TA: Ethereum Overcome Hurdles, Why 100 SMA Is The Key It was similar to the attack method deployed on popular smart contracts blockchain Solana that resulted in the $353 million hacks on Wormhole. Optimism, like Wormhole, mint what are known as “Wrapped Ether.”  Users deposit their Ether on the smart contract to basically serve as collateral and they are even these tokens that only exist on Optimism’s network. They then use nano payments protocol to make transactions faster and quicker. ETH recovers above $3,100 | Source: ETHUSD on TradingView.com Saurik who is famously known for developing the Jailbroken iOS had confirmed the vulnerability. However, instead of exploiting the vulnerability for his own personal gain, the self-styled grey hat hacker had reported it to the Optimism devs. In return, Saurik was rewarded with a $2 million bounty for his altruism, which has helped to make the network and layer 2 rollup safer for users. Debunking Popular Rumors After news of the vulnerability and subsequent bounty payment broke, there have been rumors circulating regarding what an attacker could have done with it if they chose to not report it to the devs. The most popular of these has been that the attacker would have been able to withdraw an unlimited amount of ETH from the network. While this has some merit to it, it is largely false. Firstly, the vulnerability exists on a layer 2 rollup solution Optimism. While the protocol exists on the ethereum network, it is not the network itself. This means that the vulnerability was localized to the protocol alone. So while an attacker would have been able to exploit this to withdraw an ‘unlimited’ amount of ETH, they could only withdraw the available balance on the Optimism address. Related Reading | Will Ethereum Hit $7k This Year? Finder’s Panel Says Yes Nevertheless, it is still no secret that the results would have been devastating for users of the layer 2 protocol if a black hat hacker had found the vulnerability. This event speaks volumes about the usefulness of bug bounties. While the rewards for these bounties may seem too large at first, one must think about what the alternative would be if there was no incentive for hackers to come forward with their findings. White hat hackers no doubt help to save millions, if not billions, of dollars every year. Featured image from Gagadget, chart from TradingView.com