Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

SOL Price Prediction: Solana Could Soon Surge Past $25

Solana is attempting a fresh increase above the $25 resistance against the US Dollar. SOL price rally toward $30 if there is a close above $25.65. SOL price is showing positive signs above the $23.80 level against the US Dollar. The price is now trading above $24 and the 100 simple moving average (4 hours). There was a break above a major bearish trend line with resistance near $23.10 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could continue to move up if it clears the $25.65 resistance zone. Solana Price Starts Fresh Increase After a steady decline, Solana’s price found support near the $22.20 zone. SOL traded as low as $22.22 and recently started a fresh increase, unlike Bitcoin and Ethereum. The price climbed above the $23.20 and $24.00 resistance levels. There was a break above a major bearish trend line with resistance near $23.10 on the 4-hour chart of the SOL/USD pair. The pair climbed above the 50% Fib retracement level of the downward move from the $25.65 swing high to the $22.22 low. SOL is now trading above $24 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $24.85 level. It is near the 76.4% Fib retracement level of the downward move from the $25.65 swing high to the $22.22 low. Source: SOLUSD on TradingView.com The first major resistance is near the $25.65 level. A clear move above the $25.65 resistance might send the price toward the $28.80 resistance. Any more gains might send the price toward the $30 level. Are Dips Limited in SOL? If SOL fails to clear the $25.65 resistance, it could start a fresh decline. Initial support on the downside is near the $24.00 level and the 100 SMA. The first major support is near the $23.50 level. If there is a close below the $23.50 support, the price could decline toward the $22.50 support. In the stated case, there is a risk of more downsides toward the $21.20 support in the near term. Technical Indicators 4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone. 4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level. Major Support Levels – $24.00, and $23.50. Major Resistance Levels – $24.85, $25.65, and $30.00.

Coinbase layer-2 network Base hits 136,000 daily active users

Around 30% of Base’s users on Aug. 10 were new to the blockchain which launched only a day prior.

Few ways hackers can drain yours crypto wallet.

Some Redditors here may have experienced their crypto assets being compromised by irresponsible individuals, and hackers have various ways to do this! To avoid such things, you can take a look at some of the ways these hackers carry out such actions. ​ Malicious Changes: Pirated software can be altered by hackers, adding harmful code…
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Ethereum Price Could See Downside Thrust Before Fresh Increase

Ethereum price is correcting gains from the $1,880 zone against the US Dollar. ETH could spike toward $1,820 before the bulls attempt a fresh increase. Ethereum is moving lower from the $1,875 and $1,880 resistance levels. The price is trading below $1,850 and the 100-hourly Simple Moving Average. There is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH/USD (data feed via Kraken). The pair could drop toward the $1,820 support where the bulls might take a stand. Ethereum Price Dips Again Ethereum’s price struggled to clear the $1,880 resistance zone and started a downside correction. ETH slowly moved lower below the $1,850 pivot level, similar to Bitcoin. There was a drop below the 23.6% Fib retracement level of the key increase from the $1,800 swing low to the $1,876 high. The bears even pushed the price below the 100-hourly Simple Moving Average. Besides, there is a bullish flag pattern forming with resistance near $1,855 on the hourly chart of ETH/USD. Ether is now trading below $1,850 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $1,855 level and the channel zone. Source: ETHUSD on TradingView.com The first major resistance is near the $1,872 level. The next key resistance is near the $1,880 level. A close above the $1,880 level could increase the chances of a steady increase toward $1,920. Any more gains might send the price toward the $2,000 hurdle, above which the price could rise toward the $2,040 level or even $2,120. Downside Break in ETH? If Ethereum fails to clear the $1,855 resistance, it could continue to move down. Initial support on the downside is near the $1,840 level or the 50% Fib retracement level of the key increase from the $1,800 swing low to the $1,876 high. The first major support is near the $1,830 zone or the channel lower trend line. If the bulls fail to protect the $1,820 support, there could be a sharp decline. The next major support is near the $1,800 support level. Any more losses might send the price toward the $1,720 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,820 Major Resistance Level – $1,880

BTC miners sold 75% of their rewards past June. Last year, in June 2022, they sold 326% (Bitcoin Sold vs Bitcoin Mined) just as the bear market began

Lets dive a bit into this: As the next Bitcoin halving approaches, miners make different moves. According to recent data from Luxor Mining, Bitcoin miners sold 75% of their rewards in June. Let's remember the upcoming halving event set for late April 2024. Post-halving, miners will require more efficient equipment to remain competitive. Another factor…
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Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada

A central bank discussion paper found that the majority of Canadians have little trouble accessing financial services, which gives them little reason to use a CBDC.

Many don’t seem to understand the meaning of a crypto “advance fee scam”

Mr_Bob_Ferguson back here yet again, going for round 3 after discussing ponzi schemes and rug pulls. The advance fee scam is one which we have seen on the internet for the last couple of decades. My favorite memory of this scam is the P-P-P-Powerbook (if you know, you know). But there is an implementation of…
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Bitcoin ETFs to push US slice of crypto ETF trading volume to 99.5% — Analyst

Approval of spot Bitcoin ETFs in the United States will likely push the country’s share of crypto ETF trading volumes even higher, says a Bloomberg analyst.

Circle Strategic Defense: $1 Billion War Chest Shields Against Shrinking Market Share

According to a Bloomberg report, Circle, a prominent player in the stablecoin market, strategically leverages its substantial cash reserves of over $1 billion to weather fresh competition from non-crypto giants like PayPal.  The company’s market share of the second-largest stablecoin, USD Coin (USDC), has been declining, mainly due to factors such as Binance’s decision to reduce its usage of USDC.  However, per the report, Circle remains optimistic about the future of stablecoins and aims to stem the decline while exploring new revenue streams and global expansion. Circle Relies On $1 Billion Cash Cushion The circulation of Circle’s USDC has witnessed a significant drop from $45 billion to approximately $26 billion this year, while Tether, the leading stablecoin, has experienced growth during the same period.  Related Reading: Whale Purchases $10 Million stETH In The past Day, Here Are Possible Reasons Why Circle attributes part of this decline to Binance’s reduced utilization of USDC to promote its native token. Increasing competition from non-crypto companies like PayPal further intensifies the challenges for Circle. The company’s over $1 billion cash cushion provides a significant hedge against market headwinds. The company generates revenue primarily from interest income on assets backing the USDC, including dollar deposits and short-term Treasuries.  According to Bloomberg, Circle’s strong financial performance is “evident,” with revenues exceeding $779 million in the year’s first half.  Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $219 million in the same period, exceeding the 2022 full-year figure of $150 million. Circle’s CEO Remains Bullish On Stablecoins  While acknowledging the impact of “tail-risk events” on USDC adoption, Circle’s CEO, Jeremy Allaire, remains optimistic about stablecoins’ mainstream potential. Allaire believes that increasing competition, such as PayPal’s recent entry into the market, will drive more financial services and internet payment firms to embrace stablecoins.  Circle is actively pursuing partnerships to promote the broader adoption of USDC and plans to enhance transparency by regularly sharing financial reports. Moreover, the company has engaged Deloitte as its auditor. Allaire anticipates that stablecoin issuers will face greater scrutiny and regulatory standards in the coming years. With regulators tightening control over stablecoins globally, he predicts that entities unable to meet these standards will be crowded out of the mainstream market.  Related Reading: PEPE Coin Makes Minor Gains With 3.5% Spike – Sign Of Recovery? Nevertheless, Circle remains confident in its ability to adapt and benefit from the evolving regulatory environment. Despite potential interest rate declines, Circle expects increased crypto activity, positioning the company for further growth. Circle is leveraging its substantial cash reserves to navigate market challenges and competition from non-crypto players. Despite declining market share, Circle remains focused on expanding revenue streams, promoting wider adoption of USDC, and embracing transparent financial reporting.  With the regulatory landscape evolving, Circle aims to meet the highest standards and thrive in the stablecoin market, positioning itself for long-term success. Conversely, USDC currently boasts a market capitalization of approximately $26.17 billion, securing its place as the sixth-largest cryptocurrency by market cap, according to CoinMarketCap data.  This figure represents a minute 0.37% of the total cryptocurrency market, indicating the stablecoin’s steady performance despite the highly dynamic nature of the crypto space. With a circulating supply of 26.17 billion USDC tokens, the stablecoin has established a robust presence in the market. Furthermore, USDC’s trading volume has surged, reaching an impressive $3.03 billion in the past 24 hours. This substantial trading activity positions USDC as the fourth most actively traded cryptocurrency, evidencing its liquidity and attractiveness to market participants.  The 24-hour trading volume to market cap ratio stands at 11.59%, reflecting the strong liquidity and market depth of USDC, which further contributes to its stability and utility. Featured image from Unsplash, chart from TradingView.com

Bitcoin Price Next Leg Lower Underway And At Risk for Key Reasons

Bitcoin price is moving lower from the $30,200 zone. BTC is signaling a fresh decline and there is a risk of a drop toward the $28,500 support. Bitcoin is struggling to remain in a positive zone above $29,200. The price is trading below $29,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down if it breaks the $29,200 support zone. Bitcoin Price Trims Gains Bitcoin price faced another rejection above the $30,000 resistance zone. A high was formed near $30,190 and BTC reacted to the downside. There was a move below the $30,000 and $29,800 levels. The price declined below the 50% Fib retracement level of the key increase from the $28,628 swing low to the $30,190 high. It seems like the bulls are now putting up some fight near the $29,300 zone. Bitcoin is now trading below $29,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $29,450 on the hourly chart of the BTC/USD pair. If there is a fresh increase, the pair could face resistance near the 100 hourly Simple moving average at $29,400. Source: BTCUSD on TradingView.com The next major resistance is near the trend line and $29,500. A close above the trend line could start a decent increase toward $30,000. To spark a steady uptrend, the price must settle above the $30,000 resistance. In the stated case, the price could rise toward $31,200 or even $32,000 in the coming days. More Losses In BTC? If Bitcoin fails to clear the $29,500 resistance, it could continue to move down. Immediate support on the downside is near the $29,320 level. The next major support is near the $29,220 level or the 61.8% Fib retracement level of the key increase from the $28,628 swing low to the $30,190 high. A downside break below the $29,220 level might spark bearish moves. In the stated case, the price could revisit $29,000. Any more losses might call for a move toward the $28,500 level in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $29,220, followed by $29,000. Major Resistance Levels – $29,400, $29,500, and $30,000.