According to a Nigerian regulator, young people who are adopting cryptocurrencies are drawn to their secrecy, and many of them do not have bank accounts. However, the regulator also stated that the Securities and Exchange Commission (SEC) will continue to caution users about the potential risks of investing in this asset class. Crypto Cannot Be […]
Bitcoin News
Bitcoin Crash To $61,000 Drives 24-Hour Crypto Liquidations Toward $300 Million
Early on Monday morning, the Bitcoin price crashed another 5% to drop to the ,000 level. This drop, which was very sudden, has taken investors by surprise, triggering a massive wave of liquidations. As the volume continues to rise, the crypto liquidation figures have barreled toward 0 million in just 24 hours alone.
91,000 Crypto Traders Lose 2 Million Amid Bitcoin Crash
Data from Coinglass has shown that tens of thousands of crypto traders have lost their leverage positions in the last day, leading to hundreds of millions of dollars in liquidations. This comes with the decline in the crypto market, spurred on by the Bitcoin crash.
So far, the number of traders who have lost their positions has crossed 91,000, and a little over 2 million has been lost since then. With the Bitcoin and crypto market crash, the majority of these liquidations have come from long traders, with an overwhelming 91.59%.
As expected, Bitcoin has seen the largest liquidation volumes with 3 million. Ethereum follows in second place with million, while Solana comes in third place with million. Liquidations from others have also crossed million during this time.
Binance accounts for around 35% of total liquidations with 2.9 million, while the OKX exchange has recorded million in liquidations. Huobi, Bybit, and Bitmex are in 3rd, 4th, and 5th positions with .72 million, .33 million, and .15 million, respectively. While the largest single liquidation order took place on the Bitmex exchange, where a trader lost million on the XBTUSDT pair.
At the time of writing, the majority of the liquidation had taken place in the last 12 hours alone, making up 0 million out of the recorded 2 million. Meanwhile, in the last hour, the liquidation volumes have crossed 2.5 million.
Despite the notable liquidation volumes, the last 24 hours are still not the worst day for the month of June. Since June has been riddled with crashes, there have been notable liquidation trends for the month. For example, on June 7, liquidation volumes reached 0 million when the Bitcoin price crashed from ,000 to ,000.
Then again, on June 18, 24-hour liquidation volumes crossed 0 million when the Bitcoin price fell from ,000 to ,000. If the Bitcoin price continues to fall, then these liquidation volumes could continue to climb quickly and reaching 0 million could only be a matter of when and not if.
The Bitcoin price is currently struggling to hold ,000, with an approximately 5% decline in the last 24 hours. If bulls fail to hold this support level, the possibility of the price falling to the ,000 territory becomes much higher.
Nova Chain Drives Mass Adoption with DAO Community-Driven Blockchain and AI Platform
PRESS RELEASE. Nova Chain is making significant strides in the digital content industry with its innovative blockchain platform. Designed to empower content creators, Nova Chain combines advanced blockchain technology with AI-driven algorithms to provide secure content management, transparent monetization, and personalized audience engagement. The platform is built to support the evolving needs of digital content […]
Bitcoin News
Meme Coin Craze Drives Solana’s Token Issuance to New Heights
According to statistics, 115,773 tokens were issued on the Solana blockchain, and 30-day metrics show that more than half a million tokens, specifically 549,386, were minted. Solana Blockchain Mints Over Half a Million Tokens in 30 Days Solana has recently been a major source of new tokens, surpassing every other blockchain in monthly token issuance. […]
Bitcoin News
Injective Market-Shaking News Drives INJ Price Up By 7% – Details
Injective, a Layer 1 (L1) protocol, emerged as one of the standout performers in the crypto market on Thursday, with its native token INJ experiencing a substantial 7% surge within the past 24 hours.
Accompanying this surge, the protocol’s market capitalization is inching closer to the significant milestone of billion. The price movement coincides with notable announcements by the Injective protocol regarding its token and ecosystem.
Injective Users To Burn 6 Million INJ
One of the key announcements unveiled by the protocol is the release of a comprehensive paper on the Injective Token, INJ. The paper delves into the token’s core utilities and mechanisms that power a programmable token economy, specifically focusing on deflationary acceleration.
Additionally, Injective disclosed that INJ token burn auctions are “steadily increasing in size,” with 12,266 tokens being burned indefinitely on the announcement day. Injective users are set to burn a cumulative total of 6 million INJ by next week.
This burning mechanism plays a key role in reducing the total supply of tokens in circulation, thereby increasing scarcity and potentially driving up the value of the remaining tokens. Ultimately, this benefits token holders by establishing a deflationary mechanism and controlling inflation within the protocol.
Injera And USDi Launch
Injective also revealed that the anticipated launch of the Injera protocol is scheduled for the end of June, marking the beginning of “a new era for Injective,” according to the protocol.
As announced, in collaboration with DojoSwap, a decentralized exchange (DEX) on Injective, the community will build Injera and USDi, the Injective Synthetic Dollar aimed at powering the Web3 ecosystem. The objective is to create a decentralized synthetic dollar token fully backed by Injective’s finance infrastructure.
The Injera money market is at the core of the Injera protocol and USDi, designed as a collaterized debt position (CDP) market. This market optimizes capital efficiency for the USDi synthetic dollar by enabling sensible leveraging of USDi to borrow “market-making assets.”
USDi, the native synthetic dollar, will be governed by the Injera token (ERA). It is a stable synthetic USD generated through delta-neutral positions, ensuring stable yields ranging from 10% to 90% for USDi holders.
For DojoSwap, this development ensures a continuous increase in TVL and trading volume, generating fee amounts for ecosystem participants.
Bullish Sentiment Returns
As these announcements were made, the INJ token successfully reclaimed the .68 price level, reigniting its bullish momentum after experiencing a price correction to the mark in April.
This correction occurred following the token’s remarkable achievement of reaching a new all-time high (ATH) of in March.
In the immediate term, the level may act as a hurdle for the token, representing a significant resistance point that has persisted for the past two months.
However, if the bullish momentum continues, the token could surpass this resistance and retest the and resistance levels on the INJ/USD daily chart.
Ultimately, the ongoing advancements within the Injective ecosystem have generated anticipation regarding the token’s future trajectory. Market participants are keen to see whether these developments can fuel a sustained upward trend and potentially surpass the previously achieved record levels.
Featured image from DALL-E, chart from TradingView.com
Ethereum Price Continues Its Climb: Bullish Momentum Drives Higher Gains
Ethereum price extended its increase above the ,900 resistance. ETH is now consolidating near ,880 and might continue to grind higher in the near term.
- Ethereum started another increase above the ,850 resistance.
- The price is trading above ,850 and the 100-hourly Simple Moving Average.
- There is a major bullish trend line forming with support at ,860 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up and test the ,000 resistance zone in the near term.
Ethereum Price Eyes ,000
Ethereum price remained supported above the ,650 support zone. ETH started another increase, outperformed Bitcoin, and climbed above the ,750 level.
There was a move above the ,850 resistance. The bulls pushed the price above the ,940 resistance. It traded close to the ,000 resistance. A high was formed near ,973 and the price is now correcting gains. There was a minor decline below the ,920 level.
The price dipped below the 23.6% Fib retracement level of the upward move from the ,630 swing low to the ,973 high. Ethereum price is trading above ,850 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support at ,860 on the hourly chart of ETH/USD.
Immediate resistance is near the ,940 level. The first major resistance is near the ,970 level. An upside break above the ,970 resistance might send the price higher. The next key resistance sits at ,000, above which the price might gain traction and rise toward the ,080 level.
If there is a clear move above the ,080 level, the price might rise and test the ,220 resistance. Any more gains could send Ether toward the ,350 resistance zone.
Another Decline In ETH?
If Ethereum fails to clear the ,940 resistance, it could continue to move down. Initial support on the downside is near the ,860 level and the trend line.
The next major support is near the ,800 zone or the 50% Fib retracement level of the upward move from the ,630 swing low to the ,973 high. A clear move below the ,800 support might push the price toward ,720. Any more losses might send the price toward the ,630 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is still above the 50 zone.
Major Support Level – ,800
Major Resistance Level – ,940
Paradigm Drives $225M Funding Round For Monad Labs, Blockchain Rival To Ethereum, Solana
Venture Capital (VC) firm Paradigm is leading a substantial 5 million funding round for a new Layer 1 (L1) network, that aims to compete with the Ethereum (ETH) blockchain. Other notable participants include VC firms Electric Capital and Greenoaks.
According to a recent Fortune Magazine report, Monad Labs, the company behind the blockchain project, aims to compete with established players such as Solana (SOL) and Ethereum and the Layer 1 blockchain protocol Sui (SUI).
Monad’s Rebuilt Ethereum Blockchain
Per the report, Monad’s initiative is to rebuild the Ethereum blockchain from the ground up, while retaining the ability to execute smart contracts. The project aims to achieve faster transaction speeds, handle higher volumes, and offer lower costs compared to existing networks.
Notably, Monad ensures compatibility with Ethereum’s programming infrastructure, known as the Ethereum Virtual Machine (EVM). This compatibility allows developers to port applications built for Ethereum, ensuring a fluid transition to the new blockchain.
Keone Hon, the founder of Monad, stated in an exclusive interview with Fortune that the company has dedicated approximately two years to developing its blockchain solution.
Hon noted that Monad Labs stands out by fully supporting the EVM bytecode standard. Developers use this standard to create decentralized applications (dApps) on platforms such as Ethereum, Polygon, Avalanche, Binance Smart Chain, and Optimism.
According to Avichal Garg, managing partner of Electric Capital, nearly 90% of developers working across various crypto ecosystems focus exclusively on EVM chains.
This statistic, highlighted in a recent report by Electric Capital, demonstrates the significant appeal of EVM compatibility. Although Monad does not undergo a complete redesign of its programming language like some other blockchains, it still benefits from the widespread usage and familiarity of the EVM.
Blockchain-Powered Exchanges?
According to the report, Monad plans to launch its mainnet by the end of the year and expects to launch a testnet in the coming months. The company, which currently employs around 30 people, is also looking to launch a native token, although details of its launch alongside the mainnet have not been disclosed.
While Keone Hon emphasized the pursuit of mainstream adoption, he pointed out that Monad’s initial use case is likely to be “high-frequency” trading activity, drawing on his own experience at Jump Trading, a data and research-driven trading firm.
Hon emphasized the need for a highly performant blockchain to enable exchanges on the scale of Nasdaq or Chicago Mercantil Exchange (CME), which process millions to billions of transactions daily.
Lastly, Hon also highlighted the potential for a blockchain with high transaction capacity and low fees to enable various applications, such as gaming. He cited examples where blockchain-based games, such as RuneScape, require frequent updates of player statistics, necessitating low-cost and fast transactions on the blockchain.
At the time of writing, ETH was trading at ,497, down nearly 5% in the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Galaxy CEO: US Debt Crisis Drives Demand for Bitcoin
Galaxy Digital CEO Mike Novogratz has proposed several measures to prevent a U.S. debt spiral. The executive explained that the U.S. debt crisis makes it “so easy to convince people to buy bitcoin and other hard assets.” He emphasized that implementing these measures could give the U.S. a chance to avoid a “debt death spiral.” […]
Bitcoin News
Meme Token Frenzy Drives up Ethereum Fees, Testing Network’s Scalability
Amid a significant uptick in ERC20 tokens, especially meme coins, the expense of conducting transactions on Ethereum has notably increased, pushing the average fee to .19 for each operation. Further data indicates that executing a swap on a decentralized exchange (dex) platform could incur a cost of . Transfers and Dex Swaps Costlier as Ethereum […]
Bitcoin News
Chainlink Staking Program Exceeds Expectations, Drives LINK Price Up By 12%
In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over 2 million worth of its LINK tokens within a remarkably short period.
The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.
Chainlink Unveils Staking v0.2
Chainlink, recognized as the industry-standard decentralized computing platform, unveiled Chainlink Staking v0.2, the latest upgrade to the protocol’s native staking mechanism.
The Early Access phase has commenced, inviting eligible participants to stake up to 15,000 LINK tokens. This phase will last four days before transitioning into the General Access phase, enabling investors to stake up to 15,000 LINK tokens as long as the staking pool remains unfilled.
Per the announcement, the upgrade introduces an expanded pool size of 45,000,000 LINK tokens, equivalent to 8% of the current circulating supply. This enlargement aims to enhance the accessibility of Chainlink Staking, enabling a more diverse audience of LINK token holders to participate.
Staking forms an integral part of Chainlink Economics 2.0, which brings an additional layer of cryptoeconomic security to the Chainlink Network. Specifically, Chainlink Staking empowers ecosystem participants, including node operators and community members, to support the performance of Oracle services by staking LINK tokens and earning rewards for contributing to network security.
While v0.1 served as the initial phase of the Staking program, v0.2 has been restructured into a fully modular, extensible, and upgradable Staking platform. Building upon the lessons learned from the previous release, the v0.2 beta version focuses on several key objectives.
Chainlink is introducing several new features to enhance its staking program. These include a new unbinding mechanism that provides more flexibility for Community and Node Operator Stakers.
Additionally, security guarantees for Oracle services are being reinforced by slashing node operator stakes. A modular architecture is being adopted to support future improvements and additions, and a dynamic rewards mechanism is being introduced to seamlessly accommodate new external sources of rewards in the future, such as user fees.
Following the conclusion of the Early Access phase on December 11, 2023, the v0.2 staking pool will transition to General Access. At this stage, anyone will have the opportunity to stake up to 15,000 LINK tokens.
LINK Surges To New Yearly High
Given Chainlink’s successful upgrade, LINK, the native token of the decentralized computing platform, experienced a significant surge of 12%, reaching a price as high as .305.
This price level has not been seen since April 2022, signifying a new yearly high for the cryptocurrency. However, LINK has retraced slightly and is currently trading at .774.
Crypto analyst Ali Martinez has highlighted a critical support zone for Chainlink. Martinez noted that over 17,000 addresses purchased 47 million LINK tokens from .4 to .8.
This accumulation by many addresses suggests strong buying interest in this price range, potentially acting as a support level for the token.
While the support zone may hold and trigger a rebound in the price of LINK, Martinez cautions that investors should remain vigilant. Any signs of weakness, such as a breach of the support zone or negative market sentiment, could prompt investors to sell their LINK holdings to avoid losses.
It remains to be seen whether LINK can maintain its position above these critical levels and whether the broader cryptocurrency market will enter an accumulation phase or experience a retracement after the significant upward movement witnessed in recent weeks.
Such a retracement could potentially impact LINK’s price and lead to a test of the support above levels. On the other hand, the token faces immediate resistance at .483, .069, and .910. These represent the final hurdles to overcome before LINK reaches the milestone.
Featured image from Shutterstock, chart from TradingView.com