Category: Cryptocurrency News

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Look, I get it if you hold like 1000 ETH and do not feel safe on Layer 2s since they're still somewhat on training wheels, Arbitrum less so than the others, but still. But if you are poor, why are you still using Ethereum mainnet when there's Arbitrum, Optimism, Polygon ZK, Base and a ton…
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Recent data shows that Solana-based decentralized exchanges (DEXs) have taken Ethereum’s spot in a key metric, creating expectations and positive sentiment for the Solana (SOL) ecosystem. Related Reading: SOL Price Faces Big Move – Can Bulls Send Solana To $120? Solana DEXs Outperform Ethereum According to data from DeFiLlama, Solana-based decentralized exchanges (DEXs) have flipped Ethereum in daily trading volume. Over the last 24 hours, Solana’s $1.14 billion trading volume surpasses Ethereum DEX’s $1.133 billion trading volume. This accomplishment occurred for the first time in December of 2023 when Solana’s daily DEX volume reached $1.475 billion, surpassing Ethereum’s $1.164 billion, and hit a growing interest by traders in the SOL ecosystem. Solana surpasses Ethereum in the DEX 24-hour volume. Source: DeFiLlama Solana also saw a weekly change of +37.67% in its trading volume. However, the data shows that Ethereum is still above Solana in the 7-day volume metric, with $7.852 billion and $ 6.113 billion, respectively. Additionally, data from CoinGecko shows that Solana-based DEXs Jupiter and Orca are among the 3 largest decentralized exchanges by volume in the last 24 hours. As the chart below displays, Jupiter has a daily volume of $ 614 million, while Orca shows a volume of $380 million, occupying the second and third spots, respectively. Ethereum’s Uniswap V3 topped the chart with a daily volume of $636 million. The data also shows Raydium among the top 10 DEXs by volume in the last 24 hours. Jupiter and Orca are among the top 3 decentralized exchanges in the 24H trading volume. Sorce: CoinGecko Research platform SoSo Value pointed out on X (formerly known as Twitter) the recent Jupiter’s rise in popularity and monthly users’ increase as a key contributor to the Solana ecosystem’s boost in activity, bringing considerable attention and trading activity into the ecosystem. These recent achievements hint at a healthy growth and development of Solana’s DeFi ecosystem. Solana’s Price Action The surge in interest in Solana has been driven by its meme coin sector, the airdrops, and fast transactions offered to its users. As a result, its native token managed to reclaim previously lost territory. However, while Solana surpassed Ethereum’s DEX on low timeframes, the second crypto by market cap remains king of the DeFi sector. The chart above shows that the Ethereum-based DEX holds over $6 billion in Total Value Locked (TVL). This piece of data indicates the resilience of the ETH ecosystem in maintaining its position as king of DeFi but holds promise for Solana. The fast-growing blockchain could attract further attention and interest if the daily trend extends. Despite some fluctuation in the last few weeks, Solana’s price has surfaced in the $90-$100 price range in the last month. According to CoinGecko data, SOL’s price has surged 1.9% in the last 24 hours and 6.3% in the previous 7 days. Related Reading: Forget Bitcoin, This Billionaire Is Betting Big On Solana For 2024 SOL is trading at $100.23 in the hourly chart. Source: BTCUSDT on Tradingview.com Featured image from Unsplash.com, Chart from Tradingview.com

Tuur Demeester, a Bitcoin evangelist, has recently shared his views on Bitcoin’s potential to reach the $1 million mark by 2028. Demeester’s view on this topic presents a cautious contrast to some of the more bullish predictions in the crypto community. This tempered perspective comes when others, such as Samson Mow, express strong confidence in Bitcoin’s ability to hit this milestone following its next halving. Related Reading: Bitcoin Buzz: Accumulation Trend Peaks At A 3-Year High – What’s Driving The Surge? $1 Million Bitcoin By 2028 Is Not Certain Demeester’s skepticism was articulated in response to a post sharing a graph by investor Fred Krueger, which suggested that Bitcoin might reach the $1,000,000 level by 2028. While appreciating the graph’s model, Demeester expressed uncertainty, acknowledging the unpredictable nature of the market and its capacity to defy even the most well-constructed models. Will it take BTC until after summer 2028 to reach $1M? I don’t know, but I do know that every beautiful model (as is this one 🤌) is destined to be broken by Mr. Market. https://t.co/GcmhfL2C16 — Tuur Demeester (@TuurDemeester) February 2, 2024 The anticipation surrounding BTC’s price of $1 million is closely tied to its halving events, which occur approximately every four years. After this year’s halving, the next halving is set to occur in 2028. These events reduce the number of new BTC mined per block by half, limiting the supply and potentially impacting the price. The upcoming halving, set for April this year, will see the daily minting of Bitcoin slashed from 900 to 450 coins. Such supply changes have historically led to significant price movements, lending credibility to the various models predicting substantial future price increases. Amid these predictions, an X user, claiming ownership of the growth plot referenced by Demeester, chimed in with insights. They argued that some market laws, like the time value of money in the stock market, are less likely to be broken. Similarly, the natural adoption rate of Bitcoin might constrain its “explosive” growth, providing room for market movements without breaking the underlying model. Hi Tuur, this plot is mine. Some laws are not broken by Mr Market, e.g. the stock market grows by ~7% p.a. This cannot be broken to the upside because of the time value of money (essentially). The time-based power-law likewise is hard to break to the upside because that would go… — hcburger (@hcburger1) February 2, 2024 Diverse Views On Bitcoin’s Future Other Bitcoin enthusiasts, like Samson Mow, CEO of Jan3, are more optimistic. Mow envisions Bitcoin reaching $1 million, potentially in a sudden surge causing “max pain” for several market players. This dramatic increase, he suggests, could happen swiftly, within “days or weeks,” though the precise starting point remains uncertain. My main prediction is the run up to $1M happens in days to weeks. Starting point TBD. — Samson Mow (@Excellion) January 14, 2024 In analyzing potential triggers for a Bitcoin rally, Mow considers various factors. These include Bitcoin-specific metrics like exchange-traded inflows (ETF), the BTC hashrate, and whale activity on Bitfinex. Additionally, Mow looks at broader economic indicators such as Tether’s USDT assets under management, government debt payments, and Debt-to-GDP ratios. These are the #Bitcoin macro indicators I’m looking at: ⬆️ ETF inflows ⬆️ Hashrate ⬆️ Finex whale accumulation ⬆️ 200 WMA trend ⬆️ Tether USDt AUM ⬆️ Govt interest payments on debt ⬆️ Debt GDP ratios ⬆️ Nation-state Bitcoin adoption ⬆️ Real inflation ⬆️ M3 money — Samson Mow (@Excellion) January 28, 2024 Mow believes these factors, combined with nation-state adoption, real inflation rates, and the M3 money supply, could significantly influence Bitcoin’s performance. Related Reading: Expert Reveals Key Macro Indicators For Bitcoin: A Roadmap To Next Rally? Amid the debate, Bitcoin saw quite a surge in the past 24 hours, reclaiming the $43,000 mark with a current trading price of $43,123. Featured image from Unsplash, Chart from TradingView

Hi, I'm building something and I'm looking for wallet address that was drained with malicious contract by approving it. Thanks submitted by /u/genesis_crazy_one [link] [comments]

In recent developments, two California school district officials have admitted guilty to stealing up to $1.8 million and misappropriating electricity to finance and operate a clandestine crypto-mining operation.  The United States Department of Justice (DOJ) disclosed that Jeffrey Menge, former Assistant Superintendent and Chief Business Officer of Patterson Joint Unified School District, and Eric Drabert, the district’s IT Director, pleaded guilty to charges of theft concerning programs receiving federal funds.  Fraudulent Billing Scandal According to the DOJ’s statement, Menge, as Assistant Superintendent, hired Drabert as the school district’s IT director around 2020.  Together, they orchestrated a series of illicit activities to siphon funds from the district. Menge reportedly utilized a Nevada-based company called CenCal Tech LLC, which he controlled, as a front for the crypto scheme.  Related Reading: Timeline For All Shiba Inu Projects Revealed As SHIB Price Readies To Soar The investigation revealed that to circumvent restrictions on conducting interested party transactions, Menge created a fictitious executive, “Frank Barnes,” to represent CenCal Tech.  Through this setup, it is alleged that Menge and Drabert executed fraudulent transactions worth over $1.2 million, involving practices such as double billing, overbilling, and billing for undelivered items. Illicit Crypto Mining Operation Unveiled  Diversifying their criminal activities, Menge and Drabert went beyond financial embezzlement, according to the US Department of Justice.  The law enforcement agency stated that the individuals utilized “high-end graphics cards,” school district property, and electricity to establish and operate a crypto mining farm within the school district.  The illegally mined crypto assets were then redirected to wallets under their control. Additionally, Menge is alleged to have exploited school district-owned vehicles, acquiring a Chevy truck at a discounted price and selling it for personal profit while using a Ford Transit van as his vehicle. Related Reading: XRP Records Highest Single Day Whale Accumulation Since Ripple’s Partial Victory Over SEC The overall magnitude of the embezzlement was staggering. Menge misappropriated funds between $1 million and $1.5 million, while Drabert was found guilty of stealing between $250,000 and $300,000.  The DOJ revealed that the ill-gotten gains were used for “lavish” personal expenses. Menge indulged in remodeling his residence, purchasing luxury vehicles, including a Ferrari sports car, and funding other personal endeavors. Drabert, on the other hand, utilized stolen funds to renovate his vacation cabin and for various personal expenses. The guilty pleas by Jeffrey Menge and Eric Drabert, former officials of Patterson Joint Unified School District, shed light on a shocking case of embezzlement and crypto mining fraud within the education system.  Featured image from Shutterstock, chart from TradingView.com 

BNB, the native token of the Binance Smart Chain, experienced a drop on Friday, showing a huge red candlestick after opening at around $305 and moving downward toward $297.93. This downward move began with a rejection at $312.53 on Wednesday, thereby creating resistance at the same level. At the time of writing, the price still shows strong signs of moving downward to its previous support level of $300. If this support level is unable to hold, then the price might continue downward to the next support level at $263.93. But, if the support does hold, we might see the price bounce back and move upward to create a new high for the year. However, the price is still above the 100-day moving average, which is usually a bullish sign for the price. Technical Indicators Point Toward Sustained Downtrend For BNB To figure out where the BNB price might be headed next, several indicators can be used to examine the chart; Related Reading: Here Are The Largest Institutional Buyers Of Bitcoin This Week 4-Hour MACD: We can see that the histogram is below the zero line, thereby suggesting a downward trend.    SOURCE: Tradingview We can also see that the MACD line has crossed below the signal line, pointing toward a sustained bearish trend. 1-Day MACD: From the daily chart, we can confirm that both the MACD line and signal line have crossed and are heading toward the zero line, while the histogram is already below the zero line, indicating further downward movement.   SOURCE: Tradingview 4-Hour Alligator Using the alligator indicator to examine the chart on the 4-hour timeframe, we can see that the jaw, the teeth, and the lips are all facing downward and are separated from each other. This has historically been a bearish signal and suggests further downward momentum.    SOURCE: Tradingview 1-Day Alligator: Also, looking at the alligator indicator from the daily chart, it can be seen that the alligator lip [green line] and the teeth [red line] are showing signs of cross over the jaw [blue line], suggesting a downward movement  SOURCE: Tradingview Final Thoughts Although the MACD and the Alligator are popular indicators, it should be noted that they are not infallible, and traders frequently combine them with other technical analysis tools to help them make better trading decisions.  Related Reading: Bitcoin To $5 Million? S2F Model Predicts When This Will Happen Furthermore, false signals can happen, particularly in erratic or sideways markets, so it’s critical to take the larger market context into account. Token price struggles to hold support at $300 | Source: BNBUSD on Tradingview.com Featured image from Dall.E, chart from Tradingview.com