Day: December 8, 2022

MATIC Price Battles Under $1 Despite Bullish Signals

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The Polygon (MATIC) price momentum registered a positive shift over the last 24 hours. The altcoin gained close to 3%. Meanwhile, on the weekly chart, MATIC is yet to recover from its losses. The technical outlook depicted positive price action; however, the coin is still not out of the woods. MATIC has to break past the immediate resistance zone and trade above the $1.30 mark for a significant period of time. The coin also formed a head and shoulder pattern, often connected to a downtrend. In the shorter time frame,…

Ethereum developers target March 2023 for Shanghai hard fork

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According to a discussion at the 151st Ethereum Core Developers Meeting on Dec. 8, core programmers have set a tentative deadline of March 2023 for Ethereum’s Shanghai hard fork. In addition, developers will aim for May or June 2023 to launch the Ethereum Improvement Protocol (EIP) 4844 upgrade that will introduce proto-danksharding to the network.  Although the much-anticipated proof-of-stake Merge upgrade was completed on Sept. 15, staked Ether (stETH) is currently locked on the Ethereum Beacon Chain. The token is created by decentralized finance protocol Lido, with close to 3.5…

Alameda-Funded Ren Tells Users to ‘Bridge Back to Native Chains’ as It Sunsets 1.0 Platform – Bitcoin News

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According to the team behind the open protocol Ren, developers are winding down the Ren 1.0 network following the FTX and Alameda Research collapse. Last year, under previous Ren leadership, Alameda acquired Ren and was funding development every quarter. On Dec. 7, 2022, Ren developers warned Ren 1.0 and 2.0 compatibility “cannot be guaranteed” and Ren users should bridge back to their native chains. Alameda-Backed Ren Warns of Losses Tied to Ren 1.0 Platform, Suggests Users Bridge Back to Native Chains as Soon as Possible The current team behind the…

Did Sam Bankman-Fried Finally Admit the Obvious?

There would be a “chargeable fraud case” if spot assets weren’t backed 1:1 as promised, or were used as collateral for loans or other purposes, Renato Mariotti, a former federal prosecutor, told CNBC. Bankman-Fried has said previously that “dollars” on the exchange were “generally fungible” and now, too, did he admit client funds were too, at least in the final hours. Source

Waves-backed stablecoin USDN drops further after regulator warning and exchange delisting

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Algorithmic stablecoins have had a rough year, starting with UST de-pegging to zero and the subsequent blow-up of Terra’s LUNA token which was used for the asset’s backing. Algorithmic stablecoins are not fully collateralized and rely on different mechanisms to maintain the peg, making them inherently fragile to market conditions.  The UST implosion created a domino effect that caused another stablecoin, Magic Internet Money (MIM) to de-peg. Despite the fragility of algorithmic stablecoins, new projects like Djed by Cardano (ADA) are still planning on launching, but that doesn’t mean that…

US Watchdog Says Banks Shying Away from Stumbling Crypto Industry

This year’s events – culminating recently with the implosion of one of the global crypto giants, FTX – “have revealed that the crypto industry risk management practices are weak, that stablecoins may not be stable, and that contagion risk within the crypto industry is high,” said Hsu, who has been steadily critical of the sector. Combining all of that, he said, “explains some of the banks’ postures towards crypto.” Source

What Elliott Wave Theory Suggests Is Next

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Any Bitcoin price prediction is just a guess without a basis to make the forecast. The stock-to-flow model that was once the most cited reason for expectations of higher prices has failed, leaving technical analysis, on-chain signals, and statistics as the best chance of finding future price targets. Elliott Wave Theory is a technical analysis forecasting methodology discovered in the 1930s, which is based on identifying extremes in investor psychology combined with distinctive price behavior. With Bitcoin and other cryptocurrencies being so susceptible to the ebb and flow of investor…

Major Grayscale digital currency funds are trading at 34% to 69% discount to NAV

According to statistics sourced from data aggregator YCharts, seven digital currency funds issued by asset manager Grayscale Investments are currently at a discount of 34% to 69% to their net asset value, or NAV. Holdings tracked in the analysis include the Grayscale Bitcoin Trust; Ethereum Trust, Ethereum Classic Trust, Litecoin Trust, ZCash Trust, Horizen Trust, Stellar Lumens Trust, and Livepeer Trust. All of the funds track the performance of their namesake cryptocurrencies, with the Grayscale Stellar Lumens Trust having the lowest discount to NAV at 34% and the Grayscale Ethereum…

LTC, ATOM Extend Declines, Hitting 10-Day Lows  – Market Updates Bitcoin News

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Litecoin fell for a third consecutive session on Thursday, as the token continued to move away from recent highs. Cryptocurrencies have been mostly lower in recent days, as traders continue to fear a global recession. Cosmos also remained in the red during today’s session. Litecoin (LTC) Litecoin (LTC) dropped to a ten-day low on Thursday, with the token falling for a third straight session. Following a high of $79.20 on Wednesday, LTC/USD moved to a low of $74.82 earlier in the day’s session. As a result of this, the token…

Bitcoin Whales Dump 20,000 BTC, Sell Side Strengthens

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The Bitcoin price action remains stalled as the cryptocurrency moves in a tight range; uncertainty is king in the current environment. Market participants are more optimistic after BTC climbed 12% from the yearly lows, but the possibility of a sustainable rally is declining.  The sideways price action is affecting the sentiment in the market. As of this writing, Bitcoin (BTC) is trading at $16,800. Other cryptocurrencies in the top 10 by market cap display similar price action, with very few recording profits on these timeframes.  BTC’s price moves sideways on…