Binance is ‘narrowing down’ identity of hacker behind $570 million crypto attack, CEO says
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PRESS RELEASE. It is with much pleasure that Finance Inc announces the launch of its SUPER SAPIENSS NFT website, run by the entertainment DAO project, which is active on FiNANCiE. About SUPER SAPIENSS This project is being spearheaded by the noted and prominent Japanese movie directors Yukihiko Tsutsumi, Katsuyuki Motohiro, and Yuichi Sato; along with […]
I’d say mine was in 2020 deciding to get into doge coin. I held it during 2018-2020 bear market, was such a laugh. Then when the pandemic came around I got spooked like most did and sold it into cash. Not sure why but late 2020 I got sick of hearing “doge coin has no…
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Okay guys so last year as some of you might remember I took out a 40k loan to buy bitcoin here is an update on how it’s going. Obviously first off I have to eat a bit of humble pie… yes I was one of those dudes who thought it was going to go to…
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The monetary policy of the Federal Reserve (FED) continues to be the all-determining factor for both the financial markets worldwide and Bitcoin. With this in mind, all eyes are currently on November 02, when the next Federal Open Market Committee (FOMC) meeting is scheduled. However, while this is an external market risk, there is also an internal market risk currently developing that should not be underestimated from a historical perspective: a Bitcoin miner capitulation. The lower Bitcoin falls and the longer the price stays at the current level, the more pressure is put on Bitcoin miners’ margins by a divergence of price and hash rate. Related Reading: Bitcoin Price Is Forming A Key Trend and Swift Rally Could Occur Bitcoin’s Mining Difficulty Reaches A New ATH A look at the Bitcoin mining difficulty adjustment that took place yesterday shows that it increased again by 3.44%. This follows the historical adjustment of October 10, when the mining difficulty increased by 13.55%. #Bitcoin mining difficulty has just increased by +3.44%, making another new all time high as hash rate continues to soar. Miners are relentless. pic.twitter.com/4GEyHxYoZ8 — Dylan LeClair 🟠 (@DylanLeClair_) October 24, 2022 The difficulty is updated approximately every two weeks to account for the fluctuating hash power on the network and to ensure a minting of new Bitcoins approximately every 10 minutes (block time). Yesterday’s adjustment is thus likely to put further pressure on already struggling miners who are seeing dwindling profits. Will Clemente, co-founder of Reflexivity Research, asserted that “miners are the biggest intra-Bitcoin market risk right now IMO”. A compelling theory for the steady rise in the hash rate, he says, is that a well-funded player is trying to squeeze out inefficient miners and acquire their assets on the cheap, “Rockefeller-style”. Related Reading: Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong As a result, a miner capitulation could occur. During this event, the non-profitable miners would have to sell both their mining hardware and their holdings of Bitcoins. On a large scale, this could trigger a significant selling pressure on the Bitcoin price, as seen with past miner capitulations. Clemente stated that the likelihood of a second miner capitulation after the first period in June is rising. The leading indicator to watch are the hash ribbons. Clemente concluded: Thinking about who this entity(s) is that feels that it’s advantageous to mine with BTC price down 70%, energy prices high, & hashprice at all-time lows. Wonder if its a large player(s) with excess energy or access to dirt-cheap energy. […] That’s why I’m so curious because this would have to be someone with extremely low energy costs. Haven’t seen any great answers thus far. Big Name Bitcoin Miners In Trouble? Dylan LeClair, senior analyst at UTXO Management and co-founder of 21stParadigm also noted that the hash price, or miner revenue per TeraHash, recently passed the 2020 all-time low. If history repeats from previous bear markets, the price decline has just begun, he said. In addition, he revealed that he has heard “some juicy rumors flying around about some big name Bitcoin miners being in trouble here”. The continued mounting pressure on Bitcoin miners can end in two scenarios, according to him. Either this is the bottom. “The lack of vol shows apathy from sellers. Extended consolidation/accumulation period,” LeClair stated. However, the scenario considered more likely by the analyst is that BTC has currently reached a level like $6,000 in 2018/2019. If hash rate continues to soar, then the increasing pressure will result in a miner capitulation event. At press time, the BTC price continued to lack volatility and lingered around $19,300.
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Cosmos (ATOM) started this year with a bang by attaining its all-time high (ATH) on January 17 when it traded for $44.45. But just like other cryptocurrencies, it failed to sustain that level and was relentlessly pummeled by the volatile crypto market. Cosmos has been down by 16.8% over the last month ATOM is forecasted to fall below $7 a month from now Cosmos remains in extended bearish momentum nine months after attaining its ATH Nine months later, Cosmos lost more than 70% of its ATH and is currently trading at $11.86 according to tracking from Coingecko at the time of this writing. In just two weeks, the asset went down by 10.3%. On a month to date basis, the 23rd largest cryptocurrency in terms of market capitalization declined by almost 17%. It failed to break free from its downward trend that has been going on since the latter part of September. Technical Indicators Not Looking Rosy For Cosmos Hopes for a bullish run for the asset this time might be met with disappointment as its analysis points are leaning towards extension of the current bearish momentum. Related Reading: Solana (SOL) Could Recoup Losses In Last 7 Days – Here’s How Source: TradingView While the Relative Strength Index (RSI) of Cosmos stayed above 40, it is still below the 50 neutral score. While not strongly, it will still pull the digital coin in a downward trend. In September, ATOM’s On-Balance Volume (OBV) swayed between two levels of resistance and support. In this case, a surge cannot be ruled out but the same can also be said about a sharp price dump. The crypto’s current price action is suggesting that over the next few days sellers will dominate. As a result forecasts see Cosmos declining even more in the days to come. According to prediction from Coincodex, the next five days will see ATOM go down all the way to $10.72. The situation doesn’t get better from there as the 30-day prediction hints a steep fall that will pull Cosmos to $6.72. ATOMic Interest Already Fading? Cosmos had a good start for October in terms of development activity, tallying strong numbers from early to mid part of the month. But developers seem to have stalled as activity metrics started to dwindle towards the end of the month. Moreover, social dominance for the protocol remained low, peaking at 0.72%. Even when Cosmos rallied in September, from $11.7 to $16.7, it failed to surpass the current almost insignificant value of its social dominance. By all indications, it seems interest for the crypto asset is starting to fade. This is seen to impact trading price severely, as ATOM will probably soon hit $10.53 or worse, $9. Related Reading: AVAX Sheds 50% Over The Last 60 Days – More Losses Ahead? ATOM total market cap at $3.3 billion on the daily chart | Featured image from Jeremy Thomas/Unsplash, Chart: TradingView.com Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.
Tldr; Professional investors at 56% are more likely to venture into cryptocurrencies with increased legal action in the digital asset space, while 44% are likely to stay back, the Bloomberg MLIV Pulse survey published on October 24 indicates. Elsewhere, retail investors at 65% are also open to getting involved in the sector amid an increased…
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The lower house of Russian parliament, the State Duma, has voted against a piece of legislation designed to regulate cryptocurrency mining. While lawmakers turned down that proposal, which also aimed to legalize crypto payments in the country, another draft law on mining, which permits cross-border transactions with digital assets, is expected in the legislature in […]
Japan Credit Bureau will develop its CBDC infrastructure in collaboration with IDEMIA and Softspace.