Category: Cryptocurrency News

Ethereum is correcting gains from $4,121 against the US Dollar. ETH price could start a fresh increase if there is a clear break above the $4,040 resistance. Ethereum struggled to clear the $4,100 zone and corrected lower. The price is trading just above $3,950 and the 100 hourly simple moving average. There was a break below a key rising channel with support near $4,040 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if it stays above the $3,920 support and the 100 hourly SMA. Ethereum Price Corrects Lower Ethereum started a steady recovery wave above the $3,850 and $4,000 resistance levels. ETH even climbed above the $4,050 level and the 100 hourly simple moving average. However, the price failed to continue higher above the $4,080 and $4,100 resistance levels. A high was formed near $4,121 before the price started a downside correction. There was a move below the $4,050 and $4,000 support levels. There was also a break below a key rising channel with support near $4,040 on the hourly chart of ETH/USD. The pair is now trading just above $3,950 and the 100 hourly simple moving average. There was a break below the 23.6% Fib retracement level of the upward move from the $3,650 low to $4,121 high. An immediate resistance on the upside is near the $4,040 level. The next major resistance is near the $4,080 level. A clear move above the $4,080 level and the recent higher could start a fresh increase in the near term. The next stop for the bulls could be $4,120. A close above the $4,120 level may possibly spark a move towards the $4,250 level. More Losses in ETH? If ethereum fails to start a fresh increase above the $4,040 level, it could continue to move down. An initial support on the downside is near the $3,950 level. The key support is now forming near the $3,920 level and the 100 hourly simple moving average. If there is a clear break below the $3,920 support, the price could extend losses. The next major support is $3,885. It is near the 50% Fib retracement level of the upward move from the $3,650 low to $4,121 high. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now near the 50 level. Major Support Level – $3,920 Major Resistance Level – $4,040

On Thursday, the German multinational corporation Adidas announced the launch of the company’s first Adidas Originals NFT collection. The Adidas Originals NFT drop is in partnership with the Bored Ape Yacht Club (BAYC), the cryptocurrency investor Gmoney, and the comic series Punks Comics. Adidas Reveals ‘Into the Metaverse’ Originals NFT Collection Adidas continues to embark […]

What’s going on at Polygon? There seems to be a disturbance in the force over there. Is the Ethereum Layer 2 project alright? Are they doing everything above board or is there something sinister going on? Are they even decentralized if they can hard-fork just like that? Or did they follow the proper procedures and their critics are just uninformed? Can we even answer all of those questions? Probably not. But we can present all the information available and let you all get to your own conclusions. Are we all supposed to just shut up and forget about the fact that over a week ago Polygon hard-forked their blockchain in the middle of the night with no warning to a completely closed-source genesis and still haven't verified the code or explained what is going on? — Nathan Worsley (@NathanWorsley_) December 15, 2021 Let’s start with DeFi Builder Nathan Worsley’s accusation. Or is he just requesting information? Worsley recently tweeted, “Are we all supposed to just shut up and forget about the fact that over a week ago Polygon hard-forked their blockchain in the middle of the night with no warning to a completely closed-source genesis and still haven’t verified the code or explained what is going on?”  Related Reading | Polygon: Ethereum’s Friend Is Looking To Make Big Strides The “middle of the night” part is arguable since everyone is in different timezones and the Polygon blockchain is everywhere. However, he cleared up why the issue is important, “Until the code is verified there are no security guarantees about the billions of dollars in assets the chain currently secures.” And tweeted proof of everything else, “Here’s the commit that was hard-forked into production.” Here's the commit that was hard-forked into production the middle of the nighthttps://t.co/qMunI4WZxx — Nathan Worsley (@NathanWorsley_) December 15, 2021 To add credibility to his claim, DeFiance Capital’s Zhu Su joined the chorus asking for answers. “Was this to patch a critical bug? Why and how did this happen?” Why am I seeing 100x more solana fud than discussion of this? Was this to patch a critical bug? Why and how did this happen? https://t.co/GhY3eTYNtm — Zhu Su 🔺 (@zhusu) December 15, 2021 Polygon Responds And Shows Receipts The criticism got a response from Polygon’s co-founder Mihailo Bjelic. “We’re making an effort to improve security practices across all Polygon projects,” Bjelic tweeted. “As a part of this effort, we are working with multiple security researcher groups, whitehat hackers etc. One of these partners discovered a vulnerability in one of the recently verified contracts. We immediately introduced a fix and coordinated the upgrade with validators/full node operators. No funds were lost. The network is stable.” 2/2 ..vulnerability in one of the recently verified contracts. We immediately introduced a fix and coordinated the upgrade with validators/full node operators. No funds were lost. The network is stable. A detailed blog post coming, we are finalizing additional security analyses. — Mihailo Bjelic (@MihailoBjelic) December 15, 2021 Ok, that sounds reasonable. Bjelic also promised, “A detailed blog post coming, we are finalizing additional security analyses.” A question lingered in the air, though. And crypto enthusiast J. Vicente Correa asked it in the most direct way possible, “U can fork the chain by yourself and take all my funds as u wish?” Absolutely not. The network is run by validators and full node operators, and we have no control over any of these groups. We just did our best to communicate and explain the importance of this upgrade, but ultimately it was up to them to decide whether they will do it or not. — Mihailo Bjelic (@MihailoBjelic) December 15, 2021 And Polygon’s Mihailo Bjelic answers in the most political way possible. “Absolutely not. The network is run by validators and full node operators, and we have no control over any of these groups. We just did our best to communicate and explain the importance of this upgrade, but ultimately it was up to them to decide whether they will do it or not.” Fair enough. However… MATIC price chart on Poloniex | Source: MATIC/USD on TradingView.com A Node Operator Has Some Criticism Of His Own In the same thread, Polygon node operator Mikko Ohtamaa blasted the way the company handled the whole thing and also showed receipts. “Next time it happens can you at least announce a critical update to all Polygon node operators. Now this looks super unprofessional and confusing for the community. It was not mentioned or pinned down in any major channels or publications.” He got a response from Polygon’s other co-creator, Sandeep Nailwal. “This was a security update, and hence pre-public-announcement could’ve escalated things.” Hey Mikko, this was a security update, and hence pre-public-announcement could've escalated things. — Sandeep – Polygon – NAE (NOT Abandoning ETHEREUM) (@sandeepnailwal) December 15, 2021 Ok, that makes sense. However, Ohtamaa had more complaints. “Some bug fixes” for a critical patch is not good. If there is a critical fix you co-ordinate with validators.” Plus, he reinforced Nathan Worsley’s original complaint. “It’s really obvious it is a critical security bug if you do unannounced no notice hard fork in the middle of a weekend.” It's really obvious it is a critical security bug if you do unannounced no notice hard fork in the middle of a weekend. So do not be dumb and think your users are dumb. — Mikko Ohtamaa 🐮 (@moo9000) December 15, 2021 According to Ohtamaa, “there are multiple open source projects out there” that have done similar operations in a more effective manner. Someone asked what could Polygon have done better. He answered with a series of simple steps.  Prepare the patch privately. A few days before, announce a critical security fix is coming. All node operators need to be prepared. Distribute the patch at the preset time. Not downplay the criticality of the patch and make idiot-looking release notes. Related Reading | How Polygon Sealed A $400M Deal To Get Ahead In The Ethereum ZK Rollup Race So, is there something rotten at Polygon? We will have to wait for the “detailed blog post” Bjelic promised to know for sure. Featured Image by Mae Mu on Unsplash – Charts by TradingView

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Does anybody have that video where a guy describes bitcoin’s public ledger, there’s people standing in front of tables and everybody has white masks on and he’s like “if one system changes their ledger so it doesn’t match the others, everybody knows “ and all the other people look directly at the malicious actor? I…
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Topic. Watch out for this person. Super sketchy. Link to post: https://www.reddit.com/r/ethereum/comments/ri5wif/i_had_823000_stolen_including_eth_from_me_over_a/?utm_medium=android_app&utm_source=share Link to AussieFinanceGuy account: https://www.reddit.com/u/AussieFinanceGuy?utm_medium=android_app&utm_source=share submitted by /u/gigabyteIO [link] [comments]

Bitcoin failed to clear the $50,000 resistance zone against the US Dollar. BTC is sliding and there is a risk of more downsides below $47,000. Bitcoin made two attempts to clear the $49,500 resistance but failed. The price is now trading below $48,500 and the 100 hourly simple moving average. There is a connecting bullish trend line forming with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could decline heavily if there is a clear break below the $47,500 support zone. Bitcoin Price Tops Near $49,500 Bitcoin price started a recovery wave above the $48,500 resistance zone. However, BTC failed to clear the $49,500 resistance zone. It made two attempts to clear $49,500, but there was no clear break. As a result, there was a bearish reaction below the $48,500 level. The price declined below the 50% Fib retracement level of the upward move from the $46,662 swing low to $49,512 high. It is now trading below $48,500 and the 100 hourly simple moving average. Bitcoin price is now trading near the 76.4% Fib retracement level of the upward move from the $46,662 swing low to $49,512 high. There is also a connecting bullish trend line forming with support near $47,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, the first major resistance is near the $48,000 level and the 100 hourly SMA. The next key resistance could be $48,500. The main hurdle is still near $49,500, above which the price could attempt an upside break above the $50,000 level in the near term. Dips Limited In BTC? If bitcoin fails to clear the $48,500 resistance zone, it could extend decline. An immediate support on the downside is near the $47,600 level. The first major support is now forming near the $47,500 level and the trend line. If there is a downside break below the trend line, the price might dive towards the $46,500 level. The next major support is near $45,800, below which there is a risk of a sharp decline. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level. Major Support Levels – $47,500, followed by $46,500. Major Resistance Levels – $48,500, $49,500 and $50,000.

Global digital asset savings and credit platform Ledn has announced the upcoming launch of a bitcoin-backed mortgage product, calling it “the first product of its kind to hit the market.” The company has also raised $70 million, which brings its valuation to $540 million. Bitcoin-Backed Mortgage — ‘The First Product of Its Kind to Hit […]

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