Category: Cryptocurrency News

Bitcoin and most major altcoins are reeling under intense selling, and charts suggest that the market sell-off is not complete.

An independent report prepared for a House committee suggests the government foster the development of digital asset technology and regulate it cooperatively.

Yoni Assia wanted to make trading accessible to “normal” people, and Vitalik Buterin helped him design the platform.

Bitcoin, the cryptocurrency often referred to as ‘digital gold’, has been on a roller-coaster ride lately. Over the past decade, Bitcoin has transformed from an obscure digital token into an economic powerhouse, drawing attention from retail investors to global financial institutions. However, as recently observed over the past 24 hours, the asset’s resistance is being tested as a report from Santiment reveals chances of it plunging below the critical $26,000 mark. Whale Activity Driving Bitcoin Price Movement Whale activity, or large-scale investors, has historically played a pivotal role in determining the direction of any crypto asset, and currently, Bitcoin is not an exception. Blockchain intelligence firm, Santiment, recently shed light on this phenomenon via a post on X (formerly known as Twitter). Related Reading: Bitcoin Speculators Retreat As Long-Term Holders Double Down Since $69,000 Peak According to the firm, the rapid price decline of Bitcoin might have been influenced by heightened whale transaction activity. And despite the substantial loss BTC has suffered in value over the past day, Santiment noted “the dust has far from settled.” This statement in an actual sense means Bitcoin’s price decline might just be starting, as according to Santiment, “whales are very active on this dump” and “the amount of large wallets is not falling.” The Blockchain intelligence firm further revealed that the surge in large transactions had commenced even before the significant market drop, hinting at the possibility of a sustained price drop. 🐳 The dust has far from settled after #crypto markets had one of its sharpest price drops of 2023. We are seeing a large amount of $1M+ $BTC transactions, indicating whales are very active on this dump. But the amount of large wallets is not falling. 👍 https://t.co/WtXYUPdFOf pic.twitter.com/gdrbUD1wFO — Santiment (@santimentfeed) August 18, 2023 BTC Plunge Below $26,000 Imminent? Given the fundamentals pointed out by Santiment, Bitcoin could see a further plummet potentially dropping it below the $26,000 mark. Moreover, from a technical perspective, such a price move may not actually be far from happening. Looking at Bitcoin’s chart on the 1-day timeframe, the asset has a two-way movement of taking out liquidity which is the upside and downside. However, the likelihood of tapping into the downside liquidity appears more convincing. Given the current market trajectory, which leans bearish, each significant price movement typically correlates with liquidation efforts. As the market currently trends downwards, the most immediate liquidity target seems to be the wick beneath the $26,000 zone. Related Reading: Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout To clarify, a wick refers to the thin line/vertical line above or below the main body of a candlestick. The wick represents the highest and lowest prices of an asset during a specific time frame, while the main body of the candlestick indicates the opening and closing prices As for its current price, Bitcoin is changing hands at $26,468 at the time of writing, down by nearly 10% over the past 24 hours. The asset has made significant movement in the past day recording a 24-hour high of $28,507 and a 24-low of $25,649. Featured image from Unsplash, Chart from TradingView

According to Musk, users will have to rely on the “mute” function instead.

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Binance Connect was shut down on Aug. 16 after Checkout.com discontinued supporting the crypto exchange.

The Shibarium didn’t get off to a flying start following its launch on August 16. However, the network aims to move past these incidents as block production resumes. Developers Restarts Network Data from Shibariumscan.io shows that the layer-2 network is up and running again. Shibarium had on August 17 paused block production following the traffic surge, which overwhelmed the blockchain upon mainnet launch.  Related Reading: Shiba Inu DAO Gets Serious With New Advisory And Investment Firm Close to $1.7 million in bridged funds had reportedly gotten stuck on the Shibarium bridge, with lead developer Shytoshi Kusama confirming that the funds were irrecoverable. However, in a blog post titled “Shibarium: ALL IS WELL,” Kusama termed this FUD and stated that contrary to earlier reports, there was no bridge issue and all funds were “safu.” He stated that Shibarium experienced a “massive influx of transactions and users that happened at the same time” upon the network going live. That led to the network going offline and not due to its functionalities as earlier thought. To highlight the magnitude of the traffic surge that the network experienced, Kusama referenced data from the Web3 development platform Alchemy. Shibraium was allotted 400 Million compute units monthly, but the network experienced 160+ million compute units in just under 30 minutes. At that rate, the network could experience billions of compute units daily, putting it on par with the most active layer-2 blockchains.  SHIB price drops to $0.0000856 | Source: SHIBUSD on Tradingview.com Plans To Scale After Shibarium Launch Lead developer Kusama admitted that the team did not expect that level of trading activity on the network. However, he noted that they were “working tirelessly” to scale the chain and increase its computing power to handle and process more transactions. He further emphasized the team’s commitment to position Shibarium as one of the major players in the DeFi world. Shiba Inu developer Kaal Dhairya provided further updates in a subsequent blog post dated August 18. Following an investigation, the team discovered that one particular block had been loaded with several transactions, which caused it to go into “fail safe mode” to protect the funds. Related Reading: Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout He mentioned that the team had “identified multiple possible plans of action” to scale the network and ensure it could handle any substantial traffic on the chain. Dhairya also confirmed that the bridged funds were safe and that in a show of good faith, the team has chosen to obtain a $2 million insurance cover to protect against any potential challenges that could arise from retrieving the funds upon restart of the network.  SHIB’s price has recovered considerably since the launch saga. However, the token is still down about 1.78% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com