Category: Cryptocurrency News

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nBTC will be usable across more than 50 app-chains connected to Cosmos IBC.

On-chain data shows the profit-taking among Cardano investors has spiked to high levels, a sign that the asset may register a decline in the coming days. Cardano Has Observed High Profit-Taking After The Rally According to data from the on-chain analytics firm Santiment, AAVE, ADA, and CRV are among the altcoins that have recently observed the most extreme profit-taking. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name suggests, tells us about how the profit-taking volume of any cryptocurrency compares with its loss-taking volume. This indicator works by going through the on-chain history of each sold coin to see what price it was last moved at. If the previous selling price for any coin was more than the current value it’s being moved at, then its sale contributes to the loss volume. Similarly, the sale would count under the profit volume if it were otherwise. Related Reading: Bitcoin MPI Forms Death Cross, End of The Rally? When the value of this metric is positive, it means that the profit-taking volume is more than the loss-taking volume right now. On the other hand, negative values suggest the dominance of the loss-taking volume. Now, here is a chart that shows the trend in this indicator for Cardano, Aave, and Curve over the past month or so: Looks like the value of the metric has been quite high for all three of these coins in recent days | Source: Santiment on X As displayed in the above graph, the indicator appears to have observed a large spike recently for all three of these altcoins. During the peak of this surge, the metric’s value had been among the highest levels observed in the year so far. This interest in profit-taking occurred after these cryptocurrencies had observed their respective rallies, following Bitcoin’s surge beyond the $28,000 mark. This extreme profit-taking spree has hit Curve the hardest, as the cryptocurrency has plunged almost 7% during the past day. Cardano has held onto some of its recoveries, as the decline has only been about 2%. Aave has not felt any negative effects from this profit-taking, as the cryptocurrency price has mostly continued to move sideways in the past day. While ADA has shown some strength against the profit-taking, it’s still a concerning sign for the asset that its modest recovery rally has instigated such an extreme reaction from the market. Related Reading: Chainlink Signal That Preceded Crashes Of 34% Is Back It would seem possible that some of the investors had been waiting for an exit opportunity, however small, and once they got it in the form of this surge, they swiftly sold their coins. If the profit-taking continues in the coming days, Cardano may retrace more of its recovery. ADA Price Cardano had approached the $0.27 level at the peak of this rally, but since then, the asset has slumped back toward the $0.26 mark. ADA has observed some surge in the last few days | Source: ADAUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net

Here’s how the former FTX CEO may have spent his time behind bars since a judge revoked his bail in August.

Sam Bankman-Fried’s legal team has requested the court block certain witnesses offering testimony on how they thought FTX would protect their assets.

BSV has bucked a bearish trend amid the general crypto market downturn, posting notable gains over the past 24 hours. Bitcoin SV (BSV) recorded an 8% 24-hour price increase, while Bitcoin succumbed to bearish pressure, dipping nearly 3% today, October 3. As a result of today’s uptick, BSV now trades at $40.4, representing an 8% increase in the last 24 hours. Also, the token has recorded over 31% seven-day increase, regaining over 34% of its past month’s gains.  Related Reading: Solana Outperforms 2 Top Altcoins – Its Ripple Effect On Prices These prominent strides confirm buyers’ dominance in the BSV market today. However, given the bearish state of the general crypto market, how long can BSV sustain this rally? What factors triggered this dramatic surge? Let’s find out. Bitcoin SV Price Surges Amidst Controversy Surrounding CEO’s Resignation BSV price gains correlate with the sudden resignation of nChain’s CEO, Christen Ager-Hanssen, on September 29. nChain is a firm that offers blockchain-based services related to the BSV chain. Its former CEO, Ager-Hanssen, immediately announced his departure from the group on September 29.  Ager-Hassen mentioned reporting several issues to the nChain board, which included a conspiracy to defraud shareholders. He also stated that a significant shareholder orchestrated the conspiracy.  Further, he claimed to discover evidence that BSV creator Dr. Craig Wright manipulated documents to deceive the court that he was Satoshi.  However, Bitcoin SV’s supporter Calvin Ayre reviewed Anger-Hanssen’s departure. According to Ayre, Anger-Hanssen has never run a successful company and lies to steal assets Notably, Bitcoin SV sparked to life after nChain released a statement that Stefan Matthews would take over as acting CEO. Recent Tweet By Supposed Bitcoin Founder Boosts Investor Sentiment On BSV Another event that occurred around BSV was an October 2, 2023, tweet from an account claiming to be Bitcoin’s founder, Satoshi Nakamoto. Interestingly, the last tweet from this account was on October 31, 2018.  According to a recent tweet, Nakamoto stated that Bitcoin is a predicated machine. He revealed his desire to explore other aspects of the project not contained in the whitepaper.  The tweet attracted positive reactions, with one user stating that the first post since 2018 has to mean something. Since Bitcoin BSV supposedly aligns with the original Bitcoin vision, it benefited from this sentiment. The reactions likely increased investor confidence, leading to massive token demand and today’s 8% uptick.  Although the real identity of Satoshi Nakamoto and his involvement in this saga remains a mystery, these controversies positively affected BSV’s price. What Next For BSV? BSV has flipped the $32.6 resistance into support to form a large green candle on October 2. It faces the next resistance at the $40.4 price level. A break above this level will likely send BSV up to $42.  Since the Relative Strength Index (RSI) indicator is in the overbought zone at 81.9, it confirms the strong buying pressure pushing BSV up. Nevertheless, traders should expect a slight retracement in the coming days once the buyers begin to make a profit. Featured image from Pixabay and chart from TradingView.com

As the idea of tokenizing assets continues to gain momentum, companies must keep regulatory compliance in mind.

OP Labs implemented its modular fault-proof system on the OP Goerli testnet.