Prices of Grayscale Chainlink Trust (GLNK) have rocketed nearly 100% in the past week, closing at $39 on Monday from the $21 level on October 31. Each share holds just $12 worth of LINK, making it nearly three times pricier than the actual value of held assets. Source
Crypto exchange Binance announced the launch of its new Web3 wallet at the Binance Blockchain Week conference in Istanbul, to be made available to all users via the Binance mobile app. During the launch, Changpeng “CZ” Zhao, CEO of Binance, revealed the intent behind launching the service: “Web3 wallets represent more than just storing digital assets — they are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance.” For the purpose of simplicity, Binance’s Web3 wallet launches within the primary Binance app, which is…
Binance hopes to remedy that with multi-party computation (MPC), which removes the need for users to memorize seed phrases without compromising the benefits of security and self-custody. MPC involves a private key being broken up into three parts called key shares, with two of the three key shares being controlled by the wallet owner. Source
Bitcoin (BTC) saw classic BTC price volatility into the Nov. 7 daily close as a “short squeeze” took the market near $36,000. BTC/USD 1-hour chart. Source: TradingView Bitcoin hits “key” short squeeze price Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reacted amid highly elevated open interest (OI) on exchanges. Previously, Cointelegraph reported on the more than $15 billion in OI being apt to spark a fresh round of volatility. Some feared that BTC price downside would result, with the ultimate direction unknown. In the end, shorts…
A coalition of Aave contributors and web3 developers put forth a proposal to address vulnerabilities discovered in two versions of defi’s largest lending protocol which prompted a halt on select markets. The proposal from BGD Labs suggested changes to Aave’s v2 deployment on Ethereum and Aave v3 on Arbitrum, Avalanche, Optimism, and Polygon blockchains. If backed by the protocol’s community, the proposal would implement updates for stable borrow paraments set for tokens with stable debt. Furthermore, Aave would shutter minting new stable debt tokens to provide additional security to its…
United States tech investment firm Coatue Management has marked down the value of its stake in nonfungible token (NFT) platform OpenSea by 90%. On Nov. 7, The Information reported on a document it reviewed showing that Coatue had reduced its investment from $120 million to $13 million — implying that OpenSea has fallen to an on-paper valuation of $1.4 billion. Coatue also marked down its investment in Web3 payment provider MoonPay by 90%. In January 2022, OpenSea raised $300 million in a Series C round led by crypto venture capital firm Paradigm…
Coatue also marked down its stake in MoonPay by 90% Source
Dogecoin is showing positive signs above the $0.0720 resistance against the US Dollar. DOGE could rally over 10% if it clears the $0.0765 resistance zone. DOGE started a decent increase above the $0.070 resistance against the US dollar. The price is trading below the $0.0720 level and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.0712 on the 4-hour chart of the DOGE/USD pair (data source from Kraken). The price could start a strong rally like Solana if it clears…
Ethereum price is still struggling to clear the $1,920 resistance against the US dollar. ETH is moving lower but downsides might be limited below $1,850. Ethereum is still struggling to clear the $1,920 level. The price is trading above $1,860 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance near $1,880 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rise once again unless there is a close below the $1,850 support zone. Ethereum Price Stuck In…
Solana (SOL) is one of the top performers, looking at price action in the weekly chart. According to Kaiko, SOL’s net buying, measured via cumulative volume delta (CVD), has been led by Coinbase, one of the most active cryptocurrency exchanges in the past few trading weeks. To illustrate, since October 18, the blockchain analytics platform notes that 2.2 million SOL have been purchased, an indicator of rising demand as the broader crypto market thaws. SOL cumulative volume delta | Source: Kaiko Coinbase Leading The Solana Buying Wave At over 2.2 million…