Category: Cryptocurrency News

Curve DAO (CRV) encountered notable obstacles in reestablishing its market equilibrium subsequent to a recent breach in its network security. After a network intrusion that jeopardized a portion of Curve DAO’s (CRV) smart contracts and caused a monetary setback of $50 million, the value plummeted drastically. This occurrence prompted numerous investors to bet against their CRV tokens, exacerbating the downward pressure on its valuation. Based on a recent analysis of the price trends, the value of Curve DAO experienced a favorable support level close to the $0.56 threshold. On August 1st, there was an instance of rejection for the lower price, indicating that buyers are accumulating at this reduced price point. Anticipated Curve DAO (CRV) Price Movement In the face of ongoing security concerns, a separate analysis anticipates a substantial 42.1% surge in CRV’s price, propelling it to $0.81 once the security issues are effectively addressed and resolved. Conversely, contrasting predictions foresee a potential 15.7% decline, bringing the value down to $0.48. This shift in sentiment is attributed to a significant number of investors diverting their attention toward competing options within the CRV ecosystem. Related Reading: Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look Examining the daily chart, a notable trend emerges as the CRV price experiences its second reversal from a horizontal support level, indicative of the emergence of a double bottom pattern. Presently, this bullish reversal has facilitated an 8% upsurge, driving the price to its current value of $0.614. CRV market cap at $525 million on the daily chart: TradingView.com Within the framework of the double bottom pattern, an expectation arises for buyers to steer the prices upwards by 20%, seeking to challenge the upper trendline of the channel pattern. The true confirmation of a trend reversal lies in a bullish breakout from this resistance level, which would fortify the validity of the emerging pattern. A Potential Trend Reversal The double bottom pattern is a technical chart pattern observed in financial markets, characterized by two consecutive troughs forming near a common horizontal support level. Related Reading: PEPE’s Future: Will Prices Of Meme Coins Continue To Drop? This pattern suggests a potential trend reversal from a downtrend to an uptrend, as the initial downtrend exhausts itself and buyers regain control, leading to a bullish breakout when the price surpasses the pattern’s resistance level. Should the CRV breakout materialize, a subsequent rally could ensue, targeting an initial goal of approximately $0.08. Following this milestone, a subsequent price objective of $1.1 might come into play, underscoring the potential magnitude of the trend reversal that the double bottom pattern could potentially signify. CRV price action. Source: Coingecko With a CoinGecko listing of $0.603, the price of CRV demonstrated a 2% decline over the past 24 hours, while it managed a 1.7% increase over the last seven days. (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 CCN.com

The cryptocurrency exchange’s 2031 senior notes, which have a coupon rate of 3.625%, have $1 billion in outstanding principal.

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On-chain data shows that Bitcoin miners have been expanding their reserves recently, a sign that could be bullish for the asset’s price. Bitcoin Miner Reserve Has Been Trending Up Recently As pointed out by an analyst in a CryptoQuant post, BTC miners have been accumulating during the past 48 days. The indicator of interest here is the “miner reserve,” which measures the total amount of Bitcoin that all miners are holding in their wallets right now. Related Reading: These Bitcoin Metrics Are At Important Retests, Will Bullish Trend Prevail? When the value of this metric goes down, it means that the miners are withdrawing coins from their wallets currently. Generally, these chain validators only transfer coins out of their reserve whenever they want to sell them, so this kind of trend can have bearish implications for the price. On the other hand, the indicator increasing in value implies the miners are adding a net amount of BTC to their wallets. Such a trend can be a sign that these investors are accumulating at the moment, and hence, can be bullish for the cryptocurrency. Now, here is a chart that shows the trend in the Bitcoin miner reserve over the last couple of months: The value of the metric has been steadily going up in recent days | Source: CryptoQuant As shown in the above graph, the Bitcoin miner reserve had observed a large rise back in May, but soon after this increase, this cohort started selling as the asset’s price continued to show struggle. After the rally had taken place in June, however, the indicator’s value had stabilized, meaning that these investors were selling the same amount as they were adding to their holdings. In the last few weeks, this sideways trend has slowly turned into an uptrend, as the miners have been gradually expanding their reserves. In the past 48 days, these chain validators have added a total of around 4,060 BTC to their holdings. This amount is worth around $118 million at the current exchange rate, which isn’t a ton given the scale of the total miner reserve, but it’s still nonetheless a positive sign that the miners have been accumulating despite the cryptocurrency’s price observing some decline recently. A notable portion of this latest accumulation by the miners has come from one mining pool, AntPool, as the below chart displays. Looks like miners belonging to this pool have been accumulating | Source: CryptoQuant In the past 52 days, the AntPool Bitcoin mining pool has added a total of about 1,020 BTC to their reserves, which is more than 25% of the total accumulation that all the miners have participated in during this period. Related Reading: Shiba Inu Sees 10% Pullback, But Here’s Why Rally Can Still Continue The quant has also attached the data for the exchange flows (as well the normal outflows/inflow) for this mining pool. Earlier, there was some concern around the market that these miners may have been selling as they were depositing to exchanges, but as it turned out, this cohort was merely transferring their coins back and forth from these platforms. BTC Price At the time of writing, Bitcoin is trading around $29,100, up 1% in the last week. BTC has been moving sideways recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, CryptoQuant.com

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The exchange reported receiving approval for Bitcoin Services Provider and Digital Assets Services Provider licenses in El Salvador, where Bitcoin has been legal tender since 2021.

FSB starts from the definition of “global stablecoin”, which serves as a means of payment and storage and has the potential for adoption across multiple jurisdictions.

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The months of August and September haven’t been the best for Bitcoin price historically, and with volatility at historic lows, traders may want to wait it out.