So I was messing around with low-level calls on the Polygon mumbai testnet to send MATIC directly to an address versus using the MATIC erc20 token address to send funds via a contract. I noticed that whichever way you use, the balance is reflected in the MATIC erc20 token address on mumbai testnet. So it…
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The creators behind ZED RUN launched their first Metaverse title on June 13, featuring fully-customizable user avatars and 3D world built using the Unreal Engine.
The Mayor has been a proponent of the crypto industry and has now pledged support for sustainable Bitcoin miners by asking Governor Hochul to veto a two-year moratorium on mining.
Ethereum Key Takeaways: – ETH prices have plummeted below $1300 – Selling pressure intensifies, which triggers the decline. – Dire price forecasts for ETH Having lost about 20 percent of its value over the past 24 hours and hovering around $1,200 on Monday morning, many crypto investors and market observers are prepared for a massive Ether decline back into the triple digits. On the decentralized exchange Uniswap, however, it occurred late Sunday night, albeit momentarily, as ETH retreated below the spot price, relative to other exchanges, to $950. The duration of the sell-off saw ETH’s liquidation price dropping from $1,200 to $875. Suggested Reading | Dogecoin Shed 91% Of Its Value Since 2021 High – A Musk Tweet To Pump DOGE? $ETH went to $945 on uniswap pic.twitter.com/XybAcnkMCH — Ash WSB (@ashwsbreal) June 13, 2022 Whale Dumps Over 65K ETH A whale unloaded over 65,000 ETH into the market for numerous “stablecoins,” including Tether (USDT), USD Coin (USDC), and DAI, at approximately 3:00 am UTC. The big sell-off observed on the worldwide market has a significant impact on the ETH price. Tuesday’s trade price for ETH is $1,160.20, up 35 percent in the last seven days, according to statistics from Coingecko. The market value falls below $1300 as the death spiral approaches the upcoming support at $1000. Analysts are currently pondering if Ethereum’s market price would drop below $1,000 or see a bullish reversal. As the price was much lower compared to the spot rate on other exchanges, which hovered around $1300 at the time, the ETH overselling was closely tracked on Crypto Twitter. Ethereum Flash Crash Tied To Debt Payoff A piece of evidence indicated that the whale sold its ETH holdings to settle over $73 million in debt at DeFi’s Oasis.app lending platform. Throughout the period of the selloff, the liquidation price of ETH dropped from $1,200 to $875. Nonetheless, it was a momentary flash crash for Uniswap, and the price recovered in tandem with the rest of the market. i think so — DCF GOD (@dcfgod) June 13, 2022 Why this whale’s massive ETH spill is significant? Such swings might be damaging to token prices under unfavorable market conditions, particularly during strong downtrends. Therefore, major position holders must exercise caution while selling their positions on exchanges and decentralized platforms. Suggested Reading | Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback ETH total market cap at $148 billion on the daily chart | Source: TradingView.com ETH’s technical indicators, such as the RSI, are currently well into oversold territory. Despite the possibility of a slight rebound to the upside, the bear market is only intensifying, indicating that Ethereum and all other cryptocurrencies are expected to continue feeling the pinch for some time. Meanwhile, Ether’s rise to $950 was quick, indicating that there was sufficient demand for the tokens at that level. Yet another research, this one from veteran trader Peter Brandt, predicted ETH would drop to $650 within the next few weeks. Featured image from Blockworks, chart from TradingView.com
Bitcoin shed over 15% in the last 24 hours to around $21k and the whole crypto market sank below $1 trillion on Monday. Whether this gloomy start of the week will be followed by even more downside or some relief, could depend on next week’s meeting of the US Federal Reserve (FED). Related Reading | Crypto Markets Lose $100 Billion As Bitcoin Drops Below $26K – More Pain Ahead? Dovish Or Hawkish? The US is seeing the largest year-on-year increase of the Consumer Price Index since December 1981. Inflation has not been “flattening out” as Fed Chair Jerome Powell expected in May. Many analysts think this calls for a hawkish Fed and have predicted the next interest raise hike to be higher than previously announced. But others think that the Fed is not likely to surprise investors with a higher hike, so a hawkish scenario is still doubtful. Nevertheless, the fear of recession is here and so is the bear market. JPMorgan Chase & Co. strategist Marko Kolanovic explained in a note shared by Bloomberg why the next move could remain dovish: “Friday’s strong CPI print that led to a surge in yields, along with the sell-off in crypto over the weekend, are weighing on investor sentiment and driving the market lower… However, we believe rates market repricing went too far and the Fed will surprise dovishly relative to what is now priced into the curve.” But JPMorgan economist Michael Feroli thinks the opposite and expects a 75bps increase. Meanwhile, Guy LeBas explained the mechanics of what happens at an FOMC meeting, stating that “Most of the time there are two realistic choices–“A” and “B”–but in times of extraordinary change or volatility, there are sometimes more. Incidentally, archived teal books are available here for the curious.” “I am willing to bet that Option A is a 50bps rate hike with hawkish guidance for a faster pace of hikes thereafter. Option B is a 75bps hike with neutral guidance. Option C, if it’s serious, probably includes a faster pace of balance sheet runoff.” LeBas took into account a WSJ article that also claimed the “troubling inflation reports” could lead to a surprise 75bps interest rate hike by the Fed. The WSJ article quotes “Two consumer surveys have also shown households’ expectations of future inflation have increased in recent days,” previous statements by Fed Chairman Jerome Powell, and the analysis of several Wall Street forecasters. On one hand, Powell had said: “What we need to see is clear and convincing evidence that inflation pressures are abating and inflation is coming down. And if we don’t see that, then we’ll have to consider moving more aggressively.” This could paint a 0.75bps scenario if we take into account the inflation reports. Nevertheless, LeBas thinks that “Option A and B are both good possibilities for June. I lean towards A (hawkish 50) as most probable.” Similarly, a Twitter user added that it is a tough situation: “A. The Fed sticks with 50bps. Market sees them as too slow and not serious enough. B. The Fed does 75bps. Market sees them as panicking and going against their word from 2 weeks ago. Market falls either way.” But the analyst Michaël van de Poppe is also leaning toward “option A”: “J.P. Morgan expecting 75bps hike for Wednesday. I would say that’s likely not going to happen and 50bps or lower is going to call the reverse on Bitcoin.” Several investors seem to agree with the “market falls either way” conclusion. Anything below 75bps is usually seen as beneficial for Bitcoin, but is the US economy already too deep in the mud for 50bps to make an actual difference in the market? President at EverGuide Financial Group, LLC. Mark R. Painter thinks that 50bps or 75bps “In the end it doesn’t matter because they already made their policy error and short-term moves are nothing more than position unwinding.” So the big question for bitcoin is whether a dovish FED could actually bring a rally/reversal, or if this bear market still has more investors’ tears to shed. As always, both scenarios could happen, but it is still not likely that the crypto winter will be over with a 50bps hike. Related Reading | Bitcoin Plummets To $23000 ; How Long Till It Touches $20000?
Buenbit, one of the leading Argentinian cryptocurrency exchanges, announced the inclusion of two stablecoins in its current yield program. The company will allow its customers to earn yields of up to 11% annually on their USDC and USDT funds, with the earnings being deposited in customers’ accounts daily, targeting high inflation markets. Buenbit Announces USDC […]
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Eight of the top 10 NFT projects have posted at least a 115% increase in 24-hour trading volume as the floor prices of many top NFT collections tumble.
Ethereum tumbled below the $1,200 support against the US Dollar. ETH must stay above $1,000 to start a recovery wave in the near term. Ethereum declined over 20% and traded below the $1,200 support. The price is now trading below $1,300 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD (data feed via Kraken). The pair might start a recovery wave if it clears the $1,200 resistance zone in the near term. Ethereum Price Dives 20% Ethereum remained in a bearish zone below the $1,500 support zone. The bears were able to push the price below the $1,320 support level. There was also a close below the $1,200 level and the 100 hourly simple moving average. Ether price spiked below the $1,100 level and traded to a new multi-month low at $1,073. It is now consolidating losses above the $1,100 level. On the upside, an initial resistance is near the $1,185 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,545 swing high to $1,073 low. The first major resistance is near the $1,280 and $1,300 levels. There is also a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,545 swing high to $1,073 low. Source: ETHUSD on TradingView.com A clear move above the trend line resistance could start a recovery wave above $1,250. The next major resistance is near the $1,440 level and the 100 hourly simple moving average. Any more gains could start a move towards the $1,500 resistance. More Losses in ETH? If ethereum fails to rise above the $1,300 resistance, it could continue to move down. An initial support on the downside is near the $1,120 zone. The next major support is near the $1,075 level. A clear move and break below the $1,075 support could start another decline. In the stated case, the price could slide towards the $1,000 support zone in the near term or even $950. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now just near the 35 level. Major Support Level – $1,100 Major Resistance Level – $1,300
A rapidly growing crypto market means that hacks and scams are accounting for less overall activity, and their percentage of total usage continues to decline.
