Category: Cryptocurrency News

The cryptocurrency market experienced a significant jolt as Bitcoin, the largest cryptocurrency by market capitalization, slipped below its previously plateaued threshold of $26,000. This downward movement has led to a surge in total liquidations, with traders losing more than $300 million within a span of 24 hours. The repercussions of this event are reverberating throughout the market, with major exchanges recording substantial liquidation figures. Record Liquidations Hit The Market The crypto market has been shaken by a surge in liquidations as Bitcoin faltered, prompting a domino effect of positions being forcefully closed. According to data from Coinglass, roughly 112,837 traders were liquidated in the past 24 hours, resulting in a cumulative loss of $304 million and counting. Among the exchanges involved, Binance took the lead in liquidations with $100.4 million, closely followed by OKX at $80.62 million. Although other exchanges also witnessed liquidations, their impact was comparatively lesser. Related Reading: Bitcoin (BTC) Dominance Trend Shifts Alongside Stablecoin Flows: Glassnode In the wake of Bitcoin’s dip, long positions bore the brunt of the liquidations, accounting for approximately $277.45 million (91.22%) of the total. This reflects the overwhelming presence of traders who had anticipated a price increase. Simultaneously, short positions also faced liquidations, amounting to approximately $26.71 million or nearly 10% of the total. The volatility of the market proved detrimental to both sides of the trading spectrum. Amid the widespread liquidations, one trader stands out for enduring the largest single liquidation. A trader on Bitmex recorded a massive loss of $9.94 million in an XBTUSD swap, underscoring the magnitude of the market upheaval. Additionally, Bitcoin liquidations alone accounted for $105.54 million, while Ethereum (ETH) witnessed liquidations totaling $33.87 million, further highlighting the far-reaching implications of this event. Bitcoin Slips Below $30,000 The global crypto market cap also slumped below the previously established $1.2 trillion mark with a value of $1.133 trillion at the time of writing, down by nearly 3.7% in the last 24 hours. The plunge comes after the ongoing negativity in the market such as the thrown-around lawsuit by the Securities and Exchange Commission (SEC). The news impacted Bitcoin significantly as the asset has lost more than $20 billion from its market cap in the past 24 hours and is down by nearly 5%, indicating possible violent selling pressure. Though the top crypto saw a slight uptrend on Sunday, it has seen a bearish trend since then. Meanwhile, at the time of writing, BTC currently trades below $26,000 with a 24-hour trading volume of $21 billion. An increase from the previously recorded daily trading volume of $11 billion seen last week Tuesday. Related Reading: No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts It is important to highlight that amidst the substantial liquidations, certain traders managed to capitalize on the market movement by strategically shorting their positions. While a considerable number of traders faced losses due to their long positions on Bitcoin, those who correctly anticipated the downward trend are now reaping profits in the current slumping cryptocurrency market. Featured image from iStock, Chart from TradingView

The cryptocurrency exchange faces scrutiny from state regulators simultaneous to the SEC litigation.

The cryptocurrency market has been volatile in the last day, with prices often experiencing significant fluctuations. However, while the market plummets, KAVA coin managed to defy the trend by surging 10% in a single day between June 5 and the early hours of June 6. As of the time of writing, KAVA still shows massive network activities as the trading volume depicts a gain of 320% in 24 hours. The significant surge in KAVA’s trading volume and market cap suggests heightened investor interest and potential market growth. Even though the price has witness a decrease in momentum, KAVA still holds most of its gains from the early hour’s spike, standing at $1.07.  Analyzing KAVA Coin’s Gains Amidst a Turbulent Cryptocurrency Market KAVA is a prominent cryptocurrency known for its unique features and use cases. It operates on its blockchain platform, offering decentralized finance (DeFi) solutions such as lending, borrowing, and staking. Related Reading: Bitcoin (BTC) Dominance Trend Shifts Alongside Stablecoin Flows: Glassnode The recent surge in KAVA Total Value Locked (TVL) can be contributing to the price increase of KAVA. According to data from DeFi Llama, the TVL of Kava is at $66.12 million, representing an increase of 9.34% within the last 24 hours. The increase in TVL also suggests that more investors are depositing their assets into the protocol, either for staking, lending, borrowing, or other purposes. This influx of capital demonstrates confidence in the platform’s functionality, security, and potential returns. The Bollinger Bands And RSI Signals Bullish Momentum Currently, KAVA/USDT is trading above the middle part of the Bollinger Bands and has an RSI reading of 60.68; it suggests that the asset’s price is trending upwards, and there may be a bullish momentum. This also contributes to the bullish momentum present in the KAVA market. Kava, valued at $1.128, exhibits several support and resistance levels. The support levels for Kava are as follows: $0.949, $0.832, and the strongest support at $0.655. Conversely, Kava’s resistance levels are $1.152, $1.623, and $1.894.  These levels indicate price points where Kava’s value may encounter barriers in either upward or downward movements. Traders and investors can utilize these levels to assess potential entry or exit points based on Kava’s price action and the market’s overall sentiment. Global Crypto Market Performance The global crypto market cap is $1.09 trillion, reflecting a 3.46% decrease in the past 24 hours. Meanwhile, the total crypto market volume has surged by 70.51% to reach $45.89 billion during the same period.  Related Reading: Dogecoin Plunges 7% As Whales Make Large Moves Within the market, decentralized finance (DeFi) volume stands at $3.36 billion, accounting for 7.33% of the total 24-hour volume. Additionally, stablecoins contribute a significant portion, with a volume of $43.27 billion, representing 94.29% of the total market volume. Bitcoin’s dominance currently stands at 45.76%, experiencing a slight 0.06% decrease throughout the day. Featured image from Pixabay and chart from TradingView.com

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Renowned exchange Kraken is battling issues with its crypto funding gateways, which include BTC, ETH, and ERC-20, as users experienced delays in deposits and withdrawals.  On their status page, Kraken informed users that the Kraken Futures platform would not be available for approximately 10 minutes on June 6, 2023, at 10:30 UTC. As such, users cannot carry out financial transactions on the exchange within the specified period.  Updates Users Of Payment Delays Kraken informed users of site maintenance with a post-only period once the platform is back online and the necessary checks are complete. Notably, the Support Center with new features will be unavailable at intervals on June 7 between 11:00 and 13:00 UTC. Related Reading: Bitcoin Current Position Is Sensitive, Glassnode Explains Why Also, customers using chat and support will deal with a likely service disruption of 60 minutes during this maintenance period. However, despite the downtime, the Kraken exchange attained some notable milestones in the past few weeks. The recently announced upgrade on crypto gateways will bring additional features for users on the exchange.  BTC tanks on the chart l BTCUSDT on TradingView.com Kraken Attains Newsweek Top 100 Global Most Loved Workplace Milestone In a blog post on May 31, 2023, Kraken announced it attained number 16 in Newsweek’s Top 100 Global Most Loved Workplaces List.  Notably, they were the only crypto company to feature on the list, which the company claims align with their focus on prioritizing employee well-being.  Newsweek rankings arise from survey results of over 2 million employees in different companies and industries of varying sizes.  According to Kraken’s Chief People Officer Pranesh Anthapur, Krakenites value autonomy and flexibility in the exchange.  Related Reading: Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High He stated that Kraken is proud to tell the world that their unique company culture helps Krakenites to love their work and excel.  Also, Anthapur stated that they provide employees with opportunities, for career growth, learning, and health benefits, such as an in-house fitness plan and health awareness.  Kraken Completes SOC 2 Type 1 Supporting Custody And Funding Services Crypto exchanges have been under intense regulatory pressure following the FTX crisis in 2022. However, Kraken assured its users of continuous commitment to ground-breaking research on security.  Kraken completed its SOC 2, Type 1 compliance test announced on May 23, 2023. The SOC 2, Type 1 is an independent third-party auditor’s examination focused on the security and availability of systems and data in an organization.  This audit ensures an exchange employs the necessary steps to protect users’ data and funds. The American Institute of Certified Public Accountants (AICPA) set this compliance standard.  The AICPA’s Trust Services Criteria has five categories, security, availability, processing integrity, confidentiality, and privacy. Completing SOC 2 implies that Kraken complies with top financial; security measures and controls. Featured image from Pixabay and chart from TradingView.com

Hi there, I have an ETH pending transaction since 3 days now as I didn't send enough gaz. I read that I can cancel a pending transaction sending 0 ETH to the same address but with higher gaz and same nonce. Is it possible in my case that nonce is "0"? Thanks https://preview.redd.it/dm4u1948pe4b1.jpg?width=374&format=pjpg&auto=webp&s=3af80915a8e513f7c0c4ce25374d541d7361dac0 submitted…
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