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3 historically accurate Bitcoin on-chain metrics are flashing ‘bottom’
Bitcoin (BTC) and other riskier assets slipped on Oct. 21 as traders scrutinized macro indicators that suggest the Federal Reserve would continue to hike rates. Nonetheless, the BTC/USD pair remains rangebound inside the $18,000–$20,000 price range, showing a strong bias conflict in the market. BTC price holding above $18K since June Notably, BTC’s price has been unable to dive deeper below $18,000 since it first tested the support level in June 2022. As a result, some analysts believe that the cryptocurrency is bottoming out, given it has already corrected by over 70% from its record high of $69,000, established almost a year ago. BTC/USD daily price chart. Source: TradingView “During the 2018 bear market, BTC saw a max drawdown from peak to trough of 84%, lasting 364 days, wh...
New York-based forex broker Oanda launches crypto trading services in US
New York-based multi-asset trading services Oanda has launched a new cryptocurrency trading service in the United States. This latest addition, developed in partnership with regulated blockchain infrastructure provider Paxos Trust Company, is designed to give investors easy access to crypto alongside their existing forex portfolios in a secure environment. The collaboration will enable U.S.-based investors to spot-trade cryptocurrencies on Paxos’s itBit exchange through Oanda’s mobile platform, the broker said. Investors will be able open and fund trading accounts, as well as access major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). According to Oanda, users will benefit from the company’s long track record in the forex and derivatives markets. Oanda’s partner Paxos is a r...
Gate.io users at risk as scammers fake giveaway on hacked Twitter account
Hackers took over the official Twitter account of crypto exchange Gate.io, putting over 1 million users at risk of losing funds to an ongoing fraudulent Tether (USDT) giveaway. Social media platform Twitter serves as the most effective medium to reach the crypto community. As a result, the trend of hacking into official Twitter handles of verified accounts to promote scams is on the rise. Hackers of unknown origin took over Gate.io’s Twitter account and changed the website URL from Gate.io to gąte.com (https://xn--gte-ipa.com/) — a fraudulent website impersonating the exchange. The fake website is actively promoting a fake giveaway of 500,000 USDT while asking users to connect their wallets (such as MetaMask) to claim the rewards. Once a user connects their wallet to the fake website, the ...
The Ledger: What to Expect From Next Week’s Q3 2022 Earnings Calls
The Ledger is a weekly newsletter about the economics of the music business sent to Billboard Pro subscribers. An abbreviated version of the newsletter is published online. Music companies face a multitude of pressures as 2022 comes to an end: crippling inflation, a tight labor market, a chaotic environment for breaking new artists, interest rates that are dampening catalog valuations, and high costs of touring amidst a crush of artists on the road, among other challenges. The upcoming slate of corporate earnings provides an opportunity to hear about these opportunities and challenges from leaders of publicly traded music companies who rarely go on the record. Spotify reports third-quarter earnings after the close of trading on Tuesday (Oct. 25). Universal Music Group and Deez...
Price analysis 10/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC
The 10-year Treasury yield in the United States rose to its highest level since 2008. Although this type of rally is usually negative for risky assets, the U.S. stock markets recovered ground after the Wall Street Journal reported that some officials of the Federal Reserve were concerned about the pace of the rate hikes and the risks of over-tightening. While it is widely accepted that the U.S. will enter a recession, a debate rages on about how long it could last. On that, Tesla CEO Elon Musk recently said on Twitter that the recession could last “probably until spring of ‘24,” and added that it would be nice to spend “one year without a horrible global event.” Daily cryptocurrency market performance. Source: Coin360 Bitcoin’s (BTC) price has witnessed a massive drop from its all-time hig...
Amendment to UK financial services bill provides regulation for crypto activities
An amendment to the Financial Services and Markets Bill now before the United Kingdom’s Parliament would extend the law’s powers to regulate financial promotion and other activities to crypto assets. The amendment was written by Member of Parliament and Financial Secretary to the Treasury Andrew Griffith. The 335-page bill was introduced in July and had its second reading in the House of Commons on Sept. 7. According to the explanatory statement accompanying the amendment, it would: “[…] clarify that the powers relating to financial promotion and regulated activities can be relied on to regulate cryptoassets and activities relating to cryptoassets.” The Financial Conduct Authority (FCA), the U.K.’s financial regulator, published a “Dear Chief Executive” letter Aug. ...
Unsung hero saves DeFi protocol from potential exploit: Finance Redefined
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The last week’s headline was dominated by some of the biggest hacks in DeFi. This week is redemption time for many DeFi protocols that either averted an attempted hack or got a significant chunk of their stolen funds back. The BitBTC bridge reportedly had a bug that would essentially allow an attacker to mint fake tokens on one side of the bridge and swap them for real ones. However, one Twitter user was able to foresee the vulnerability and informed the cross-bridge platform about it. The Moola Market attacker has scored about a half-million dollar “bug bounty” after choosing to return a majority of the cryptocur...
3 reasons why DeFi investors should always look before leaping
Welcome readers, and thanks for subscribing! The Altcoin Roundup newsletter is now authored by Cointelegraph’s resident newsletter writer Big Smokey. In the next few weeks, this newsletter will be renamed Crypto Market Musings, a weekly newsletter that provides ahead-of-the-curve analysis and tracks emerging trends in the crypto market. The publication date of the newsletter will remain the same, and the content will still place a heavy emphasis on the technical and fundamental analysis of cryptocurrencies from a more macro perspective in order to identify key shifts in investor sentiment and market structure. We hope you enjoy it! DeFi has a problem, pump and dumps When the bull market was in full swing, investing in decentralized finance (DeFi) tokens was like shooting fish in a ba...
Celsius Network defaults on payments to Core Scientific, causing financial unrest
Crypto lender Celsius Network’s legal journey has gained another chapter as Bitcoin (BTC) miner Core Scientific accused the company of refusing to pay its bills since filing for Chapter 11 bankruptcy, according to court papers filed on Oct. 19. Core Scientific, which is one of the largest publicly traded crypto companies, claims the default on payments is threatening its financial stability, already hurt by crypto winter and high energy costs. In the court filings, Celsius alleges that Core Scientific delayed mining rig deployment and supplied them with less power than required under their contract. Celsius is reportedly seeking a court order holding Core in contempt and ordering it to fulfill its obligations. Meanwhile, Core requested the court to compel Celsius to pay pa...
Hong Kong unveils completed retail CBDC project that has a CBDC-backed stablecoin
The Hong Kong Monetary Authority presented its completed Aurum retail central bank digital currency (CBDC) prototype on Oct. 21. The system, developed in conjunction with the Bank for International Settlements (BIS) Innovation Hub, has a unique structure that reflects the intricacies of the existing system for issuing money in Hong Kong. Aurum consists of a wholesale interbank system and retail e-wallet. The e-wallet is created at a local bank and has a smartphone interface. A validator system prevents bank over-issuance and user double redemption. The intermediated retail CBDC is used in the e-wallets, and CBDC-backed stablecoins are used in the interbank system. The unusual CBDC-backed stablecoins digitally mirror Hong Kong’s existing currency system, in which bank notes are issued by th...
Here’s how Bitcoin pro traders plan to profit from BTC’s eventual pop above $20K
Bitcoin (BTC) entered an ascending channel in mid-September and has continued to trade sideways activity near $19,500. Due to the bullish nature of the technical formation and a drop in the sell pressure from troubled miners, analysts expect a price increase over the next couple of months. Bitcoin/USD price at FTX. Source: TradingView Independent analyst @el_crypto_prof noted that BTC’s price formed a “1-2-3 Reversal-Pattern” on a daily time frame, hinting that $20,000 could flip to support soon. $BTC #Bitcoin Yes, the price action of $BTC is really boring, isn’t it? But if you look closely, a textbook “1-2-3 Reversal-Pattern” has formed in the last few days, which should finally send Bitcoin above 20k soon. pic.twitter.com/29Wa64XKQa — ⓗ (@el_crypto_pro...
Polkadot co-founder Gavin Wood steps down as CEO of Parity
Gavin Wood, the co-founder of Polkadot, is stepping down as the CEO of blockchain infrastructure company Parity Technologies. Parity is the development company behind the Polkadot ecosystem. In a statement released on Oct 21, Wood shared that he never desired the CEO role. Although he could act as one for an interim period, it was not a position where he saw himself finding “eternal happiness.” Wood shared: “Anyone who has worked with me knows where my heart lies. I’m a thinker, coder, designer, and architect. Like many such people, I work best asynchronously.” He added: “A good CEO needs to be available to others on a far more continuous basis. They need to enjoy representing the company, both internally and externally. They need to not be bothered by large swathes of their time bec...
