Day: September 12, 2023

Crypto Exchange CoinEX Reportedly Hit By Massive Hack, Losses Exceed $27 Million

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In a concerning development, popular crypto exchange CoinEx is believed to have fallen victim to a suspected hack, resulting in significant losses from its Ethereum (ETH), TRON (TRX), and Polygon (MATIC) hot wallets. The incident, which unfolded on Tuesday, has sparked an ongoing investigation into the security breach. Alarming Depletion Of CoinEx ETH Reserves According to reports by Colin Wu, a prominent cryptocurrency journalist, CoinEx reportedly lost a staggering 4,946 ETH and 354,762 TRX as part of the ongoing drain from the exchange’s wallets.  The total value of the funds lost…

Here’s What Happened Last Time

Bitcoin appears to be in the process of forming a death cross currently. Here’s what happened to the asset the last time this pattern emerged. Bitcoin 50-Day MA Is Moving Below The 200-Day MA Right Now As pointed out by an analyst in a post on X, the 50-day moving average (MA) has been attempting a cross below the 200-day MA recently. A “Moving Average” is an analytical tool that calculates the average of any given quantity over a specific period of time. As its name suggests, it moves and…

MetaMask Snaps to let users interact with Solana DApps through Solflare

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Solana wallet provider Solflare has integrated MetaMask Snaps to let MetaMask users manage their Solana portfolio directly from the popular crypto wallet.  According to an announcement sent to Cointelegraph, the Solana (SOL) wallet provider is “easing the barrier of entry and usage” to the Solana blockchain with the new integration. Using an extension called MetaMask Snaps, Solflare will allow MetaMask users to interact with various decentralized applications (DApps) within the Solana ecosystem. According to Filip Dragoslavic, the co-founder of Solflare, the “friction” of installing new wallets has “stopped many potential Solana…

Coinbase (COIN) to Face ‘Reality Check’ as Retail Investors’ FOMO Is Fading, Mizuho Says

Mizuho says this indicates potential fatigue among retail customers, and in contrast to previous cycles, fear-of-missing-out no longer “entices investors to trade bitcoin when prices rise,” as it did in prior years. “This could prove problematic for COIN, as it generates around 95% of its transaction revenue from retail trades,” the note said, adding that the year-to-date rise in the shares is unsustainable. “We expect a reality check to follow.” Source

Ripple is staring down an opportunity to fix its closed system

In July, a United States judge ruled that Ripple Labs’ XRP (XRP) token was not a security when sold to the public on secondary markets. While the Securities and Exchange Commission will contest the decision, the broader cryptocurrency community has embraced it, as crypto trades on exchanges might sidestep the securities transaction label. Despite the ruling, the crypto market continues to suffer from broader uncertainty. Ripple has long been entrenched in this battle, but this legal victory might serve as a partial emancipation, allowing the company to relight its former…

Bitcoin price and Coinbase volumes are showing a rare decoupling, Mizuho says

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It’s becoming clear that investor apathy in this year’s crypto market is starting to hurt Coinbase , according to Mizuho analysts. The crypto exchange’s trading volume historically has been influenced by moves in the price of bitcoin . But that trend has been falling apart since the beginning of the year, Mizuho managing director Dan Dolev said in a note Tuesday, calling it a “stark” and “likely unprecedented” bifurcation. Dolev highlighted that while bitcoin has risen from its fourth-quarter 2022 trough to an average of $28,500 in the third quarter…

Crypto Analyst Predicts Where Bitcoin Price Will Be By End Of Year

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A crypto analyst has presented their forecast for where they believe the Bitcoin price will be by the end of 2023. However, the end-of-year (EOY) price prediction is not the only interesting thing that the analyst talks about, with short-term expectations also included. Hoops To Jump Through For Bitcoin Price Pseudonymous crypto analyst Titan of Crypto took to X (formerly Twitter) to share their latest prediction for the Bitcoin price. This analysis uses the Ichimoku point of view to analyze a Tenkan Cajun (TK) death cross that appeared on the…

Franklin Templeton files for Bitcoin spot ETF

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Asset manager Franklin Templeton applied to the United States Securities and Exchange Commission (SEC) on Sept. 12 to launch a Bitcoin (BTC) spot exchange traded fund (ETF). The application comes after the SEC delayed decisions on applications from WisdomTree, Valkyrie, Fidelity, VanEck, Bitwise and Invesco BTC spot ETF applications on Aug. 31 and a court ruling Aug. 29 that the SEC must consider Grayscale’s application to covert its BTC futures ETF into a spot ETF. According to the application, the fund is structured as a trust. Coinbase will custody the…

India, Nigeria, Thailand top Chainalysis’ 2023 Global Crypto Adoption Index

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India, Nigeria and Thailand are ranked as the top three countries in Chainalysis’ “2023 Global Crypto Adoption Index,” with lower middle-income (LMI) nations leading the way in the grassroots adoption of cryptocurrencies. The blockchain analytics firm released an excerpt from the report showing that central and south Asia and the wider Oceania regions dominate the top of its index, with six of the top 10 countries in this part of the world. The index highlights that worldwide grassroots cryptocurrency is down as a whole in the wake of the FTX implosion…