Category: Cryptocurrency News

Hackers attempted to infiltrate CoinsPaid infrastructure directly starting in March 2023, but switched their approach to targeting individuals through fake high-salary job offers.

Okay, we all like our beloved community points. We currently have two of them, and at least one of them is thriving here on Reddit with the new CEX listings. But what about the original one? What are the controversies behind it? Why are DONUTs so deeply in the red that it looks like a…
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Shiba Inu has gone down 10% since hitting a local top two days ago. But here are some metrics that suggest the rally could still continue. Shiba Inu On-Chain Metrics Have Seen Positive Developments Recently Shiba Inu had been stuck in a perpetual sideways trend during most of July, but the meme coin’s fate switched in the first few days of this month as its price showed some strong upwards momentum. In this rally, the asset had managed to breach the $0.00001000 level, meaning that it had risen almost 30% in a matter of days. The coin, however, couldn’t keep this rise up and soon hit a local top, and since then, SHIB has been moving down. The below chart shows how Shiba Inu has performed during the past month: Looks like the value of the asset has shot up in recent days | Source: SHIBUSD on TradingView As you can see in the graph, while SHIB has seen a notable 10% drawdown since the top around two days back, the full gains of the rally haven’t been wiped out just yet. Shiba Inu is still around 9% up during the past week, which makes it by far the best-performing coin among the top assets by market cap, as most of the sector has in fact gone into the red in this period. Investors of SHIB’s eternal rival, Dogecoin, for instance, are 5% underwater in the past seven days. When looking at only the last 24 hours, though, the meme coin is the worst-performing top coin, as it has registered losses of around 5%. So it’s possible that Shiba Inu has already lost its steam and the asset would gradually keep declining until all the profits of the rally are retraced. Related Reading: Will Bitcoin Rebound Anytime Soon? Here’s What On-Chain Data Says Data from the on-chain analytics firm Santiment, however, might provide a glimmer of hope to the meme coin’s holders, as some positive developments seem to have occured in the coin’s underlying metrics. The data for the SHIB trading volume and exchange supply | Source: Santiment on X There are two indicators of interest here: the “trading volume” and the “supply on exchanges.” The former of these is the measure of the total amount of SHIB that investors are transacting on the blockchain right now, while the latter keeps track of the total number of coins sitting in the wallets of all centralized exchanges. From the chart, it’s visible that the trading volume has shot up for the asset recently. This is a sign that there is a high amount of interest around Shiba Inu right now, which could potentially help fuel more price surges. Related Reading: Bitcoin NVT Shows Bearish Crossover, Price Drop Incoming? The supply of exchanges, on the other hand, has registered a decline at the same time. This is also likely to be constructive for the meme coin, as these platforms are what investors use for selling-related purposes. Since holders are withdrawing their coins from them (possibly for holding onto the SHIB for extended periods), the selling pressure in the market as a whole may be going down. It’s far from a guarantee, but if these factors continue to stay favorable in the coming days, then a bounce back for the Shiba Inu rally may become more probable. Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com, Santiment.net

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The lower house in the parliament of India approved updates to a bill that would ease data storage, processing and transfer standards for BigTech companies.

XRP is currently undergoing a notable price correction, with a 24-hour decline of 2.2% and a seven-day slump of 12.1%, bringing its price to $0.61 according to CoinGecko.  However, amidst this downturn, prominent crypto YouTuber and XRP analyst, Alex Cobb, has set an ambitious price target of $10 for the digital asset, employing the Elliott Wave Theory to analyze its monthly price chart. Related Reading: PEPE’s Future: Will Prices Of Meme Coins Continue To Drop? Source: Coingecko Understanding Elliott Wave Theory Elliott Wave Theory is a technical analysis approach that seeks to predict price movements in financial markets by identifying recurring patterns in market sentiment. It is named after its creator, Ralph Nelson Elliott, who proposed that market prices unfold in repetitive patterns of five upward waves, called impulse waves, and three downward corrective waves. These waves are believed to reflect the psychology of market participants, alternating between optimism and pessimism. XRP/USD 30-day price chart. Source: FXstreet/TradingView Amidst the bearish sentiment surrounding XRP, Cobb’s prediction of a $10 price target showcases his optimism and faith in the potential of the cryptocurrency. Cobb’s application of Elliott Wave Theory to the monthly price chart of XRP has led him to believe that a significant upward movement is on the horizon, potentially taking the price to unprecedented levels. Ripple’s Expanding Ecosystem Despite the current market challenges, Ripple, the company behind XRP, has been making notable strides in expanding its ecosystem. A major boost came in the form of Ripple’s membership acquisition in the International Swaps and Derivatives Association (ISDA), granting access to a massive derivatives market.  This move has positioned Ripple among over a thousand member institutions from 79 countries, potentially opening new avenues for XRP’s adoption. XRP market cap at $32.6 billion on the daily chart: TradingView.com Bullish Sentiment And Recent Developments Meanwhile, Ripple’s partial victory against the US Securities and Exchange Commission (SEC) has acted as a catalyst for bullish sentiment within the XRP community. With more clarity on XRP’s legal status as “not an investment contract,” Ripple has been able to focus on its developmental efforts and forge new partnerships. These developments, coupled with the company’s strides in technology and collaborations, drive the adoption of XRP tokens across various use cases. Related Reading: Shiba Inu: More Bite Than Bark Over The Weekend With Over 15% Jump A recent analysis reveals that XRP finds itself at a crucial juncture as it clings to the 50 Exponential Moving Average (EMA) support level. This level has historically provided strong support during market downturns, often acting as a springboard for price rebounds. While the current market conditions are challenging, the reliance on this support level gives hope to XRP enthusiasts that a potential price recovery might be on the horizon. (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 Crypto News Flash