Category: Cryptocurrency News

Today I was bored reading stuff about crypto and market cycles and I found again this beautiful chart about the The Psychology of Market Cycles which after looking at it again I clearly saw all the steps I experienced in my first market cycle which began in 2021. Psychology of a Market Cycle After looking…
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In the midst of the ever-changing cryptocurrency landscape, Optimism (OP) has shown remarkable resilience, posting a notable price increase of 13.53% in the past seven days. Despite facing a slight decline of 1.80% in the last 24 hours and a further 1.35% shrinkage within the hour, Optimism remains on an upward trajectory. With the current price sitting at $1.68 per OP and still 48.38% below its all-time high of $3.26, traders and investors are eager to uncover the reasons behind its recent gains. This article explores the factors contributing to Optimism’s recent surge and analyzes its prospects. High Profile Hack Could Stall Optimism (OP) Bullish Trajectory  Optimism’s positive trajectory took an unexpected turn when Coinbase’s newly launched BASE network, built on the Optimism Stack, fell victim to a backdoor contract exploit. This unfortunate event resulted in the loss of 597 Ether, equivalent to approximately $1 million. The exploit involved infiltrating a backdoor contract on the BASE Chain, which enabled the continuous minting of tokens that were subsequently sold for profit. The exploiters managed to mint 40 different tokens, generating significant profit, which was then moved out of the perpetrators’ address. Related Reading: Curve Finance Exploiter Returns 61,000 ETH After Protocol’s Stern Warning As BASE anchors the OP Stack, there are concerns that the recent exploit could have repercussions on all associated protocols, including the Optimism network. Furthermore, the hype surrounding BASE had attracted several new addresses to the Optimism network, potentially dampening investor sentiment and a subsequent impact on OP’s price. The number of active addresses on the Optimism network increased following BASE’s launch in late February. However, the recent hack may stall this growth, as investors might exercise caution in the wake of the exploit. Will The Bulls Sustain The Impressive Rally? Despite the recent BASE exploit, Optimism (OP) has managed to maintain a sense of optimism in the market. The OP/USD daily chart displays promising signs of bullish momentum, with the bulls surpassing critical support levels. Short green candlesticks formed above the $1.631 support level indicate the market’s resilience and determination to keep the price afloat despite the challenges posed by the recent exploit. The technical indicators further reinforce the bullish outlook for Optimism. The Moving Average Convergence/Divergence (MACD) remains above the signal line, characterized by green histogram bars that signify the asset’s bullish momentum. Additionally, the Relative Strength Index (RSI) has entered the overbought region, reaching a value of 75. This suggests a considerable increase in buying pressure on OP as investors show confidence in the token’s potential for future growth. Related Reading: Coinbase Research Expert Decodes Latest Crypto And Finance Market Trends However, while the market sentiment remains positive, traders and investors should exercise caution. The recent BASE exploit has raised concerns about the potential impact on Optimism’s network and the broader sentiment surrounding the token.  The cryptocurrency market is known for its volatility, and external events can have significant implications for token prices. It is crucial for market participants to closely monitor developments related to the exploit and assess any potential consequences for Optimism’s price trajectory. Despite the positive indicators and bullish momentum, staying informed and vigilant in such a rapidly changing market is essential for making well-informed decisions. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock, chart from TradingView

Digital Currency Group (DCG) is reportedly under investigation in New York for financial transactions involving its subsidiary, Genesis Global Capital.

Tether, the company behind the USDT stablecoin, may now be the 11th largest bitcoin holder in the world. This comes after the stablecoin issuer recently published its attestation report for Q2 2023. According to the report, Tether recorded an increase in excess reserves, which grew by $850 million. This brought the company’s total excess reserves to approximately $3.3 billion. These excess reserves are profits that the company does not distribute to shareholders as dividends. Instead, Tether keeps them to shore up its 100% reserves, which are used to back all USDT in circulation and keep the token stable. Related Reading: USDT Issuer Tether Reports A 30% Decline In Profit Tether Holds $1.6 Billion Worth Of BTC In Single Wallet? In the last quarter, Tether published that it held more than $1.5 billion worth of BTC (about 53,495 BTC) in its reserves. Based on the latest quarterly report, this figure has grown by more than $176 million, bringing the company’s Bitcoin holdings to roughly $1.676 billion (around 55,022 BTC). Tom Wan, a research analyst at 21.co, found in the last quarter that Tether may be holding all their Bitcoin in one wallet, making them the 12th largest BTC holder at the time. Fast forward to Q2 2023, it appears that the analyst has confirmed his initial speculations. In the first quarter, the BTC holdings of Tether’s “possible” wallet address matched the BTC amount published in the company’s attestation report. The BTC balance of this address has also increased in the second quarter, corresponding with the amount provided in Tether’s Q2 report. The analyst noted that only one Bitcoin address matches the figures of Tether’s BTC reserves. And this address, which may belong to the stablecoin issuer, is now the 11th largest Bitcoin holder in the world. While Wan sought Tether and the company’s CTO Paolo Ardoino to corroborate his findings, there has been no official confirmation from the stablecoin issuer. Tether’s BTC Holdings Consistent With Initial Plans This significant amount of BTC Tether holds in its reserves comes as no surprise, especially as the firm has always been clear about its Bitcoin investment intentions. In May, the stablecoin issuer announced plans to invest 15% of its future profit in Bitcoin. Tether’s CTO Paolo Ardoino, a vocal supporter of Bitcoin, stated that the cryptocurrency’s resilience is the reason for the company’s continuous investment in the asset.  Ardoino said:  The decision to invest in Bitcoin, the world’s first and largest cryptocurrency, is underpinned by its strength and potential as an investment asset. Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential. Its limited supply, decentralized nature, and widespread adoption have positioned Bitcoin as a favored choice among institutional and retail investors alike. Related Reading: Tether (USDT) Market Cap Reaches New Peak, Edges Toward $84 Billion Mark However, there have been concerns about Tether and USDT’s exposure to risks due to increased investment in a highly volatile asset such as Bitcoin.  As of this writing, USDT is the largest stablecoin in the cryptocurrency market, with a market cap of roughly $83.81 billion. USDT market cap at $83.79 billion on the daily timeframe | Source: USDT chart from TradingView Featured image from Wit Olszewski/Alamy, chart from TradingView

We are already halfway through this year and thus are also inching closer to the biggest event in Crypto, the Bitcoin Halving. Right now we are over 80% of our way done to the next Halving since the last one in 2020, 800k Bitcoin blocks have been mined already and at the 840th thousand block…
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I randomly received $25 in ETH in my coinbase wallet about an hour ago. I don't remember putting my ETH address anywhere so I'm confused, does anybody know what happened? submitted by /u/taahbelle [link] [comments]