Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Today i got a job in a crypto related company and happy

I'm new to cryptocurrencies. i started looking at crypto 6 months ago and at this time i was working for a shitty company. My job was really boring and the environment was really toxic. But i quit this job 3 months ago.. And today i'm so happy. I had the confirmation that i got a…
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Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback

There is a before and after in one particular Bitcoin indicator that could be signaling bearish price action in the short term. As stated by many experts, the current bullish momentum can only be supported by strong demand, otherwise, BTC’s price could move sideways or risk returning to its former range below $40,000. If anything has me concerned it's this. Where is the demand? pic.twitter.com/id2a7l6tEf — Will Clemente (@WClementeIII) August 29, 2021 The amount of on-chain activity is a useful indicator to measure say demand. As the first cryptocurrency by market cap climbed to its all-time high, above $60,000, the network saw a rise in its number of transactions. This was probably triggered by a FOMO effect from retail investors jumping into the crypto space for fear of missing out on future gains. This phenomenon was driven by Elon Musk promoting Dogecoin, the boom in the non-fungible token (NFT) sector, and the yield offered by some DeFi protocols competing with Ethereum. Bitcoin benefited from this new wave of investors adopting cryptocurrencies, and digital assets. Thus, a combination of institutional and retail interest and capital allowed BTC’s price to reach a new ATH. Transactions fees at that moment skyrocketed. This happened right until the moment when BTC collapsed in the first of 3 capitulation events spread out across May, June, and July. On-chain activity dropped with the market and has been unable to recover since. As seen below, data from explorer Mempool.space shows that fees have gone from 100 sats/vB to around 7 sat/vB for a high-priority transaction. Via Twitter, analyst Mr. Whale said the following on the decline in Bitcoin’s on-chain activity: Data shows there is virtually no demand for Bitcoin right now. The BTC mempool has been flatlining for weeks, which is even worrying some bulls. We’re in for another big crash, yet most are too greedy to admit that. Bitcoin On-Chain Activity At A Low, Whales Take Over The Market? On the other hand, pseudonym analyst “ChimpZoo” sees the other side of the coin. The analyst believes the lack of on-chain activity could be bullish for BTC’s price based on 2 reasons. First, this indicates a decline in retail participation or that a low amount of BTC’s supply is being held by “weak hands”. The large inflow of retail investors experience in the first months of 2021, some analysts believe, led to speculation, high funding rates, and a high level of over-leverage trading positions. All those factors accelerated Bitcoin’s dropped from its ATH and operated as bearish catalyzers. Recent price action to the upside lacks those variables, which could suggest that this rally could be more sustainable. In addition, ChimpZoo claimed that the lack of on-chain activity and the rally point to an increase in whale activity, and in strong hands coming into the market. This is supported by Jarvis Labs’ Accumulation Trends metric. As seen in the chart below, in the past 30 days Bitcoin whales have been accumulating more BTC than smaller investors. The more yellow and closer to 1 on this metric, the more whales have been accumulating. Thus, this could explain the low on-chain activity. Analyst Checkmate acknowledged that the market is at an uncertain point, but tends to incline more to the bullish side: The divergence between onchain activity and supply dynamics atm is simply insane. Activity looks like a bear. Supply looks like a juiced bull. Truly a challenging structure to assess direction in, but in my view, supply dynamics trump activity. Shows conviction and strength.

Blockchain.com CFO Says Company Could IPO in ’18-Months,’ Firm’s Balance Sheet Holds BTC, ETH

This week Blockchain.com CFO Macrina Kgil discussed how the company has surpassed $1 trillion in cryptocurrency transactions and the company may go public with an initial public offering (IPO) in 2023. The cryptocurrency firm is one of the oldest in the industry and Kgil explained that 76 million Blockchain.com wallets have been created since the […]

Cream Finance Loses $25 Million To A Flash Loan Attack

PeckShield reported through a tweet of the new hack on Cream Finance. The blockchain security company said a flash loan attack on the decentralized finance lending and borrowing protocol. #FlashLoanAlert https://t.co/JPW7e368qd — PeckShield Inc. (@peckshield) August 30, 2021 PeckShield explained that the hacking came through a 500 Ethereum flash loan from the attacker. This was used to infiltrate a reentrancy bug in the smart contract of the Flex Network. Usually, flash loans being undercollateralized can be borrowed and repaid within a single transaction. Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos As a DeFi protocol for lending, Cream Finance allows users to earn interest from their deposited assets. Though Cream Finance is a fork of the Compound protocol, its operation is quite different from Compound or Aave. The platform has several more markets for some esoteric digital assets. 1/4 @CreamFinance was exploited in (one hack tx: https://t.co/JPW7e368qd), leading to the gain of ~$18.8M for the hacker. — PeckShield Inc. (@peckshield) August 30, 2021 This attack on Cream Finance was exploitation involving 1,308 Ethereum and over 418 million AMP, the native token of Flexa Network. According to PechShield, the Ethereum records reveal that over $6 million were hacked at 5:44 UTC. Cream Finance Becomes Another DeFi Protocol Hacked In 2021 Furthermore, the Cream Finance team members confirmed the authenticity of the hacking reporting. Then, reporting on Discord Channel, the project’s official channel, the members started working with PeckShield. The team revealed that the hacking was on the CREAM v1 market on the Ethereum Blockchain. Furthermore, they mentioned that it’s through the reentrancy of the contract on the AMP token. At the time of writing, AMP’s value has dipped by 15% within few hours to $0.05. Also, the value of Cream Finance’s native token, CREAM, plummeted by about 6%. However, ETH is at $3, 190.46 showing a slight dipping within the last 24 hours. The total amount of the Crean Finance hacking is more than $25 million. The address of the hackers shows that they presently have about $18.8 million. Amidst the hack, Cream Finance is down by 6% | Source: CREAMUSD on TradingView.com The Cream Finance team has put a stop to any further loss. The team said that it now has a pause on AMP’s supply and borrow. It further acknowledged that the hack doesn’t affect any other market. Eason Wu, the protocol’s production Manger, disclosed this information on Discord. Recall that earlier in the year; Cream Finance had a huge hack. The attack led to the loss of $37.5 million worth of digital assets. According to the report, the earlier hacking had a root cause from the exploitation of Alpha Finance. Related Reading | Reports Show 45% Surge In Stock And Cryptocurrency Sign-Ups Across Rural Areas In India Flash loans have remained one of the controversial features of decentralized finance. This’s because there’s no collateral needed for the loans, and hence, they are susceptible to hacks. This accounts for the recent attacks and hacks of flash loans. A similar incident is a hack on the Bilaxy crypto exchange on August 28. The exchange had a huge hot wallet hack that compromised about 295 ERC-20 tokens. Also, a hack on Liquid on August 19 resulted in a loss of about $100 million. Featured image from Pixabay, chart from TradingView.com

PSA: FlanoSwap/Flano Wallet may become Cardano’s first-ever rug pull. Beware of this platform.

PSA There was just a thread about this posted by @bigpey on twitter. Here's the link to the original thread: https://twitter.com/bigpeyYT/status/1432450913487183874?s=20 Here's the TL;DR: FlanoSwap claims to do it all. A DEX, an NFT marketplace, launchpad, token farm, and a wallet. They claim to have a beta version out for their wallet. However, when you…
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Finally gave the GF my seed phrases in case I pass away unexpectedly

I'm only 25 years old, but I'm riddled with health issues. I don't want to get too much into it, but I have this feeling that ill be dead before 40 and it wont be by my own doing. I plan on finally proposing to my girl whom I've been with for 6 years, but…
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Fantom price gains 100% after launching a 370M FTM incentive program

FTM gained 500% in the past 6 weeks and a newly launched $320 million incentive program could see the rally extend further.

Why are my staking rewards decreasing?

Sorry if this has been explained elsewhere but I tried researching this and couldn't find an answer. I started staking Ethereum back in April and have seen my weekly rewards steadily decreasing and I'm trying to understand why. It started April 13th where I staked 0.27848 ETH in Kraken and then started seeing the following…
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Kava Swap Lists on AscendEX

PRESS RELEASE. AscendEX, a global digital asset trading platform with a comprehensive product suite, is thrilled to announce the listing of the Kava Swap token (SWP) under the pair USDT/SWP on Aug 31 at 1 p.m. UTC. In celebration of the SWP listing, AscendEX will work with the team at Kava Swap to launch two […]

Apeboard. Personally the best tracker across multiple functional blockchains.

It's been a couple of months since I have been using defi applications, and with that comes a reliance to track assets across multiple chains, and I was struggling with that bit. I used to use delta app to track my portfolio, which was not very useful with defi. Came across multiple trackers r/defi, and…
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