Category: Cryptocurrency News

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Bitcoin is currently trying to have another go at the $28,000 level. Here’s what on-chain data says regarding whether a retest can be successful. Bitcoin On-Chain Signals Are Not All Positive Right Now In a new post on X, the on-chain analytics firm Santiment has looked into a couple of on-chain indicators that may provide some hints about whether BTC can sustain any bullish momentum currently or not. The first metric of relevance is the “supply on exchanges,” which keeps track of the percentage of the total Bitcoin supply that’s currently sitting in the wallets of all centralized exchanges. When the value of this metric decreases, it means that withdrawals are taking place on these platforms right now. Generally, investors take out their coins to self-custodial wallets whenever they intend to hold onto them for extended periods, so this kind of trend can have a bullish effect in the long term. Related Reading: These Bitcoin Holders Have Bought Almost $2 Billion In Last 6 Weeks: Data On the other hand, the reverse trend implies selling may be going in the market as holders are depositing a net amount of the cryptocurrency to the exchanges at the moment. Now, here is a chart that shows the trend in the Bitcoin supply on exchanges over the past few months: Looks like the value of the metric has been going down in recent weeks | Source: Santiment on X From the graph, it’s visible that the Bitcoin supply on exchanges has observed a constant decline during the past month. This naturally suggests that the investors are transferring a net number of coins out of these platforms. As mentioned before, if the investors are accumulating with these withdrawals, the price could feel a bullish impact, although it may only appear in the long term. Therefore, these outflows may not directly be relevant to the current price surge. Another way to look at the net withdrawals, however, is that at the very least net deposits aren’t taking place currently. As is visible from the chart, the recovery rally at the end of August very quickly died out as investors transferred a large amount of BTC toward exchanges. For now, it would appear that such a selloff isn’t taking place, which could potentially allow for the asset’s run to continue. There is another indicator highlighted in the graph, but unlike the supply on exchanges, this one doesn’t seem to be showing a positive trend. This metric is the “daily active addresses,” which keeps track of the unique number of addresses that are participating in transaction activity on the blockchain. This indicator has now plunged toward the lowest levels since late August, implying that user interest in the asset is low currently. Related Reading: This Ethereum Metric Is Retesting The Bear-Bull Junction, Will Break Happen? Historically, rallies have only been sustainable when they have been able to amass a large amount of trader attention, as such moves typically require a high amount of fuel. At present, the current recovery move lacks such investor activity. On top of this, the $27,900 level is currently a point of major resistance, as that’s where the average cost basis of the short-term holders lies, as CryptoQuant analyst Maartunn has pointed out. BTC is currently retesting this level | Source: @JA_Maartun on X All in all, it looks like a significant break above the $28,000 level could prove to be quite tricky for the cryptocurrency in the near future unless things can turn around fast in terms of user interest. BTC Price Bitcoin’s latest attempt may be ending in failure once again as its price has now retraced towards $27,600. BTC has plunged during the last few hours | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com, Santiment.net

In the second week of his fraud trial, SBF will face testimonies against him from witnesses, including former partner and CEO of Alameda Research Caroline Ellison.

Hello everyone in the community! I am both in the shipping and blockchain world and I am working on a new project that i have been thinking since few years now. It’s all about gamification of shipowning…making real ships and maritime trade accessible through blockchain. Think of it as buying shares of a ship, but…
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Reports from South Korea-based Yonhap News Agency have revealed that Upbit, one of the largest crypto exchanges in South Korea experienced over 159,000 hacking attempts in the first half of 2023 alone. Upbit’s Hacking Attempts According to the data from Upbit’s parent company Dunamu shared with the local news agency, the hacking attempts of the first half of 2023 indicate a 117% increase compared to the first half of 2022, and a 1,800% increase in hacking attempts compared to the second half of 2020. Related Reading: Crypto Analyst Presents Data To Prove That XRP Is Deflationary The crypto exchange recorded 8,356 hack attempts in the second half of 2020, 34,687 in the first half of 2021, 63,912 in the second half of 2021, 73,249 in the first half of 2022, and 73,249 in the second half of 2022. These hack attempts have increased over the years after the crypto exchange suffered a hack of 58 billion won ($50 million) in 2019. The exchange has since successfully fortified its security measures to prevent these hacks, and the exchange has not experienced any exploit since 2019. “After the hacking incident in 2019, we took various measures to prevent a recurrence, such as distributing hot wallets and operating them, and to date, not a single cyber breach has occurred,” a Dunamu Official stated. Some of these measures included an increased percentage of money retained in cold wallets by 70%. Hot wallets, which keep keys online and are more susceptible to breaches, are thought to be less secure than cold wallets, which store private keys offline. This is because the majority of known cryptocurrency exchange hacking instances have occurred in hot wallets, especially the crypto hacks that occurred in September. One such example is Hong Kong-based CoinEx which suffered a $70 million hack in September 2023, and Mixin Network which suffered a $200 million hack, among others. Total market cap sitting at $1.05 trillion | Source: Crypto Total Market Cap on Tradingview.com Due to the significant increase in cryptocurrency hack attempts in South Korea, the country’s Representative Park Seong-jung has called upon the South Korean government to take considerable measures to handle the issue. “The Ministry of Science and Technology must conduct large-scale whitewashing mock tests and investigate information security conditions in preparation for cyber attacks against virtual asset exchanges where hacking attempts are frequent,” Representative Park said. Upbit recently experienced an issue in late September 2023, where the crypto exchange was unable to identify a fake token, “ClaimAPTGift.com, present in 400,000 Aptos wallets. This led to the suspension of Aptos token services. Compilation Of Crypto Funds Stolen In September September 2023, was a nightmare for certain crypto exchanges as about $332 million in crypto assets were stolen from certain crypto exchanges in September alone. Related Reading: Dogecoin In A Dire Position As Daily Active Addresses Drop Drastically Blockchain security firm Certik took to their official X handle in late September to share the compilation of the crypto hacks that occurred in the month alone and how much was stolen from these incidents. The stolen funds accounted for exploits, exit scams, and flash attacks. However, exploits accounted for the most, with over 98% ($329.8 million) of the total amount stolen in that month, while exit scams and flash attacks accounted for the rest. Featured image from CryptoStars, chart from Tradingview.com

We are all used to the terms “Keep calm and just DCA” but how effective is DCA? If you are like me and timed the market just to buy at ATH, then this analysis is for you. I have compared the top 15 crypto coins (at the time of ATH ) omitting the stable coins…
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The rapidly evolving crypto market is set to witness yet another milestone as Deribit, the world’s preeminent crypto options exchange, prepares to launch options contracts for XRP, Solana (SOL), and Polygon (MATIC). Given the dominating position of Deribit in the options sphere, this inclusion could have noteworthy ramifications on the pricing dynamics of XRP. Deribit To Debut XRP Options Deribit, having established itself as the leading crypto options exchange both in terms of trading volume and open interest, is not letting the recent dip in digital-asset volatility deter its expansion endeavors. As reported by Bloomberg, the exchange is poised to roll out options contracts for the XRP token in January. This move, announced by Chief Commercial Officer Luuk Strijers, will augment the platform’s offering which until now has been focused mainly on Bitcoin, Ether, and USD Coin options. The choice might be influenced by financial interests and prevailing market conditions. Trading volumes for crypto derivatives declined to roughly $1.5 trillion in September, down from about $2 trillion earlier in the year, affected by reduced prices and volatility relative to the highs of 2021. Related Reading: When Are AMMs Coming To XRP Ledger? Ripple CTO Gives Clear Answer Further solidifying its strategic vision, Deribit is not just limiting itself to options expansion. The Panama-based giant has disclosed plans to transition its operations to Dubai, a more crypto-receptive jurisdiction, following the attainment of necessary licensing. Parallel to this, the firm intends to bolster its workforce by approximately a dozen, adding to its current roster of 115. Strijers expressed the inherent challenges in timing new product launches given the current market sentiment. “Is this the best environment to launch new products or should we defer?” he reflected, but remained optimistic about potential volatility upticks post the January launch. Impact On The Price With an overwhelming 85% market share in options trading, the influence of Deribit is unmistakable. The rest of the market is shared by competitors like OKX, Binance, and Bybit. A considerable 85% of the volume flowing through Deribit originates from institutional clientele. Therefore, the addition of XRP options on such a dominant platform is inevitably going to steer substantial attention toward XRP’s pricing dynamics. Options, by design, provide traders the privilege (without an obligation) to buy or sell the underlying asset at a preset price until a specific date. This can have multifaceted implications for the underlying asset. XRP, as it gets intertwined with the options mechanism, might witness higher short-term volatility in its pricing, particularly around the expiry of these contracts. Related Reading: XRP Price On The Cusp Of Major Uptick To $1.4: Crypto Analyst “Quarterly expiries are typically the most significant, in terms of volume and value,” highlighted Strijers in a recent discourse. Drawing parallels with Bitcoin, it’s plausible that XRP might undergo amplified volatility as these options contracts approach their expiration, especially at quarter-end, depending on the volume of XRP options being traded. Conclusively, with Deribit’s unassailable stature in the options space and the inherent nature of options contracts, the induction of XRP options might very well become a pivotal point in XRP’s pricing journey. Traders, especially those engaged in XRP, will need to brace themselves for the nuanced challenges and opportunities this integration brings forth. At press time, XRP was trading at $0.4994 after briefly falling to $0.4880. Featured image from Shutterstock, chart from TradingView.com