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What is Prisma Finance: Prisma Finance is a new LSTFi protocol that enables DeFi users to mint a fully collateralised non-custodial and decentralised dollar denominated stablecoin mkUSD using Ethereum liquid staking tokens (LSTs) as collateral. In its current form, Prisma accepts Lido’s wstETH, Coinbase’s cbETH, Rocketpool’s rETH and Frax Finance’s sfrxETH as collateral to mint…
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submitted by /u/redditbitcoinnews [link] [comments]
Karl Greenwood will also have to pay back the $300 million he made in commissions in the OneCoin pyramid scheme.
The Bitcoin price has been moving sideways over the past few weeks, although it saw a volatility spike in the last 24 hours. However, the cryptocurrency remains stuck as sentiment turns negative, and more and more traders expect another re-test of critical support. Related Reading: Bitcoin Price Prints Bearish Technical Pattern, Why It Could Drop To $24K As of this writing, Bitcoin (BTC) trades at $26,200 with a 3% profit in 24 hours. The cryptocurrency recorded a 2% profit the previous week and was the best performer in the crypto top 10 by market capitalization. Why Is The Bitcoin Price Likely To Re-Test Critical Support According to trading desk QCP Capital, the crypto market is about to enter its final quarter with a large option expiration event set for September 29th. These events are often a source of high volatility as major players hedge their positions, roll out contracts for future expiration dates, etc. In addition, the trading desk points to late September as days with a lot of confluence between macroeconomic forces and their Elliot Wave count, signaling bearish price action. The Elliot Wave indicator attempts to provide a price trajectory for an asset by considering market psychology and investor sentiment. QCP Capital believes that Bitcoin is moving and will likely correct into the $23,000 area to complete the trajectory corresponding with a Wave B, per the Elliot Wave theory. The crypto trading desk stated: Based on both blueprints, we expect an imminent final decline to close out the quarter at the lows (Chart below). The crypto and macro events calendar also lines up with this view, with a concentration of upcoming bearish events that only turn neutral from mid-October onwards. This includes a likely higher-than-expected CPI tomorrow and a more-hawkish-than-expected FOMC next week (…) Moreover, other bearish factors coincide with this potential bearish price action, such as the Mt. Gox Bitcoin unlock and the event surrounding the failed crypto exchange FTX. The bearish trajectory, QCP Capital argues, could prolonged into mid-October this year. Related Reading: Bitcoin Price Bounces Back To $26,000, Here’s Why If the BTC price completes this trajectory, then the market would have hit bottom, and Bitcoin could begin to recover from a long winter. For late 2023 and 2024, the trading desk is more optimistic: (…) while our theory implies a bottom soon after the supermoon early next month, we think the true bottom will come in mid-late October when the bad news cycle has run its course. We nonetheless remain bullish following that, into year-end and Q1 next year. Cover image from Unsplash, chart from QCP Capital and Tradingview
submitted by /u/MaRKOO221 [link] [comments]
Let me start by saying this is a question and or a discussion post. 🧠 The BTC hashrate is at an ATH with close to 600k pending transactions. By copying Ethereum with “inscriptions” they clogged their network & created higher fees to trade their coins. P.S don’t btc maxi’s call ether a 💩 🪙? Or…
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According to the petition on Change.org, Chainalysis’ unproven technology can lead to an assortment of privacy violations.
Hey all, about 3 years ago I knew about everything going on with Ethereum. Since then I’ve seen the major headlines – PoS, updates to improve speed and costs – but to me Ethereum seems to still be lacking real world adoption in day to day transactions or the decentralized financial transactions, like insurance or…
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The XRP price enjoyed a significant rise following Judge Analisa Torres’s ruling in favor of Ripple against the US Securities and Exchange Commission (SEC). However, a crypto analyst has explained why the token is unlikely to enjoy such a similar trajectory till the year runs out. XRP Price To End 2023 On A Low In a tweet shared on his X (formerly Twitter) platform, Jungle, a prominent figure in the XRP community, stated that he doesn’t “believe the end of 2023 will be great for XRP.” However, it is not only XRP that he believes will end on a low as, according to him, “crypto in general” will not enjoy so much success in the remaining months of this year. Related Reading: Crypto CEO Bags Record-Breaking Prison Sentence For $2 Billion Theft Jungle’s belief stems from the fact that many consumers are currently experiencing financial difficulty, so they might not be looking to invest in cryptocurrencies. He also mentioned the fact that the Federal Reserve keeps hiking interest rates in a bid to keep inflation down. This move ultimately curbs consumer spending, with many only focusing on what they consider necessary. He projects that the financial market will take more hits before the year runs out and states that crypto “will not be immune from the pain.” According to him, now doesn’t feel like a “great time for growth,” further dampening the hopes of anyone who might have had a positive outlook for the crypto market for the remaining months of this year. Jungle’s comment comes at a time when the crypto market is experiencing low trading volume across the board, which suggests that traders aren’t actively participating in the market. One reason could be that they have little or nothing to invest in the market, so they would rather stay out for now. Token price returns to pre-judgment levels | Source: XRPUSD on Tradingview.com Light At The End Of The Tunnel Jungle, however, mentioned that there are positives to look forward to for XRP and the crypto market in general. He noted that Judge Torres’ ruling, alongside a stablecoin on XRPL and an AMM capability, will spark significant growth for the ripple ecosystem. He has also singled out certain factors and events that could drive up the crypto market’s value in the coming year. One of these events is the SEC approving the pending ETF applications by certain traditional financial institutions. An approval from the SEC will see institutions like BlackRock, Fidelity, and ARK Invest onboard a new class of investors to the crypto industry. Related Reading: Remember That Guy That Lost A Flashdrive With 8,000 BTC? Here’s What He’s Up To Now The Bitcoin Halving coming up in the first half of 2024 is another event that Jungle has predicted will help drive up the crypto market’s value. Bitcoin and other cryptocurrencies’ value is expected to rise significantly once the Halving occurs. Co-founder of Delphi Digital Kevin Kelly had previously noted that Bitcoin’s Halving was a key metric in determining when the next bull run would happen as he noted then that the last two halvings occurred 18 months after BTC bottomed and 7 months before it broke to a new all-time high (ATH). Featured image from Admiral Markets, chart from Tradingview.com
