Losses attributed to crypto crimes involving the use of deepfakes are projected to surpass billion in 2024. According to the latest Bitget research study, these losses are expected to continue rising if no regulatory intervention is introduced to curb this type of fraud. Educating users and implementing comprehensive legal and cybersecurity frameworks globally are […]
Bitcoin News
China Asset Management Exec Anticipates Hong Kong Spot Bitcoin ETFs to ‘Exceed’ US Debut
With the debut of spot bitcoin and ethereum exchange-traded funds (ETFs) in Hong Kong trading on Tuesday, market observers are speculating about the potential demand for these ETFs in the region, reminiscent of the enthusiasm seen in the U.S. following the approval of 11 spot bitcoin ETFs on Jan. 10. Zhu Haokang, head of digital […]
Bitcoin News
Ethereum Blob Inscriptions Exceed 40%, Triggering Unprecedented ‘Blob Contention’
Following the debut of the Dencun upgrade and Ethereum blobs, enthusiasts have devised methods to embed data akin to how Ordinal inscriptions operate. Since this development, inscription-based activities now account for over 40% of blob transactions, leading to a significant increase in network activity. This uptick has resulted in a congestion of blob transactions, pushing […]
Bitcoin News
Blackrock Bitcoin ETF Shatters Inflow and Volume Records — Holdings Exceed 141K BTC
Blackrock’s spot bitcoin exchange-traded fund (ETF) has had a second consecutive record-breaking day with over .3 billion in trading volume. The world’s largest asset manager’s Ishares Bitcoin Trust (IBIT) also saw a record net inflow on Tuesday. The fund’s total bitcoin holdings have now surpassed 141K bitcoins. Another Record Day for Blackrock’s Bitcoin ETF Nine […]
Bitcoin News
Bitcoin Price Predicted to Exceed $77,000 This Year: Finder Panel
A panel of experts surveyed by comparison platform Finder has predicted that the price of bitcoin will climb above ,000 by the end of 2024. Moreover, the majority of the experts believe it’s a good time to buy the cryptocurrency at the current price. Finder’s Experts Share Bitcoin Price Predictions Finder, an independent comparison platform […]
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Worldcoin Blows up in Chile; Sign-Ups Exceed 1% of the Population
Worldcoin, the biometric wallet and ID project, has reported that it has signed up more than 1% of the population of Chile. According to the organization, more than 200,000 Chileans are already using Worldcoin, a popularity uptick shared with other South American countries, including Argentina, where 9,500 Argentines verified their IDs in a day.
Worldcoin Achieves Milestone in Chile; More Than 1% of the Population Reportedly Registered
Worldcoin, the project that uses biometric iris scanning as “proof of personhood,” has reached a milestone in Chile. The organization reported having signed up 200,000 Chileans since its launch. With Chile having approximately 19.5 million residents, this means more than 1% of the population would have signed up to receive Worldcoin’s grant in the form of WLD, the native token of the protocol.
This growth signals the popularity rise of the project in South American countries, that have shown interest in the proposal of the World ID app. Due to this demand, Tools For Humanity, contributors of Worldcoin, ramped up operations in Chile, setting up more verification stations in Vina del Mar and Concepcion while maintaining its verification operations in Santiago, the capital.
Worldcoin verifications involve a specific hardware device called the orb, used to scan the irises of users wishing to verify their ID to be part of the Worldcoin system.
Popularity Among Woes
The popularity of the Worldcoin project extends to other countries in Latin America that have also embraced it due to its grants. In August, the organization reported having registered more than 9,500 Argentines in a single day, or one verification every nine seconds, a milestone given that there were only four verification stations in the country.
Also, according to data from a Kenyan parliamentary committee tasked with investigating the project, 350,000 Kenyans had registered at some point in July, accounting for 25% of the users on the platform at that time.
However, the Kenyan government suspended Wordcoin activities in August and attempted to arrest Alex Blania, CEO and co-founder of Tools For Humanity, and Thomas Scott, the legal spokesperson for Tools for Humanity, after appearing before the Kenyan National Assembly during a hearing.
The Kenyan government informed that U.S. officials intervened to secure the exit of the Worldcoin executives, given that they have not been found guilty of committing any crime in the country.
What do you think about Worldcoin’s popularity in Chile and other countries facing economic hardships? Tell us in the comments section below.
BREAKING: Crypto Exchange CoinEX Reportedly Hit By Massive Hack, Losses Exceed $27 Million
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 surpasses .8 million, adding to the growing list of high-profile cryptocurrency exchange breaches. In his latest update, Colin Wu stated:
CoinEX is moving the affected hot wallet assets to the cold wallet address 0xf54…7E5d. CoinEX wallets currently hold .83 million in assets, of which million are stored in the cold wallet address 0xf54…7E5d, mainly ETH worth .7 million and USDT .23 million.
What’s more, In a concerning revelation, Julio Moreno, the Head of Research at CryptoQuant, has shed light on the peculiar behavior surrounding CoinEx’s Ethereum reserves.
The exchange has experienced a staggering depletion of its ETH holdings, with almost 5,000 ETH mysteriously vanishing within a single hour and a total loss of approximately 40,000 ETH since May. As a result, CoinEx’s ETH reserves now stand at virtually zero.
CoinEx, however, has remained silent on the matter, refraining from issuing an official statement regarding the suspected hack.
The depletion of CoinEx’s ETH reserves indicates a potentially grave situation, as it suggests a significant outflow of funds from the exchange. Such a rapid decline in ETH holdings may have severe implications for CoinEx’s liquidity and ability to meet customer withdrawal demands.
CoinEx’s stakeholders and the wider cryptocurrency community will closely watch how the exchange responds to these developments. Complemented by transparent communication, swift and decisive action will be vital in navigating this challenging situation and working towards a resolution.
Featured image from iStock, chart from TradingView.com
Litecoin Breaks Another Record: HODLers On Network Now Exceed 5 Million
On-chain data shows Litecoin has reached another milestone as the total number of HODLers on the network now exceeds five million.
Litecoin Long-Term Holders Have Continued To Rise In Number Recently
According to data from the market intelligence platform IntoTheBlock, LTC has seen its long-term holder count hit a new record this week. The firm defines “long-term holders” (LTHs) or HODLers as investors holding onto their coins since at least one year ago. Note that this cutoff for the LTHs differs from what some other analytics platforms use, usually around five to six months.
The chart below shows how the number of addresses owned by these LTH HODLers has changed over the past few years.
As displayed in the above graph, the Litecoin HODLer count has significantly increased during this period. Since the start of last year, in particular, the indicator has seen exponential growth.
Following this sharp rise, the number of addresses carrying coins since at least one year ago has now broken the five million mark, a new record for the cryptocurrency.
Interestingly, while the LTHs have grown in number during this period, the cryptocurrency price has mostly struggled. This shows that despite the poor price action, there has been growing confidence among a subset of holders who believe that the asset would be a profitable investment in the long term.
This is naturally a positive development for the cryptocurrency, as more LTHs mean more supply that’s locked inside the wallets of these resolute hands, which in turn implies a lesser possibility of selling occurring in the market.
LTC Price Has Continued To Struggle Recently
Since Litecoin finished its plunge in mid-August, its price has only moved sideways. When writing, the cryptocurrency is trading at around .
While the Litecoin HODLers only going up in number through this slide since July is a constructive sign for the asset, it may not mean much in the short term.
Where the LTC price could go next from here depends on several factors, one of which could be on-chain resistance and support levels. IntoTheBlock has shared the concentration of the investors at the different LTC cost basis price ranges.
The “cost basis” here refers to the price at which the investors bought their coins. In the above data, the dot for the .9 to .29 range, for instance, represents the percentage of Litecoin investors who bought at prices lying inside this range.
Generally, when the price surges to cost basis levels with a high amount of investor concentration, there is a chance that the asset could feel some resistance. This is because these investors, previously in losses, come into the green with the surge, which may entice them to sell and exit the market.
The range ahead of the current one looks to be not that concentrated with holders, which may mean that Litecoin wouldn’t find too much resistance if a surge toward the mark has to happen. However, there are notable percentages of holders in the following few price ranges, making a further surge difficult.
Is Curve DAO (CRV) Price On Track To Reach Or Exceed $1 This Month?
Curve DAO (CRV) encountered notable obstacles in reestablishing its market equilibrium subsequent to a recent breach in its network security.
After a network intrusion that jeopardized a portion of Curve DAO’s (CRV) smart contracts and caused a monetary setback of million, the value plummeted drastically.
This occurrence prompted numerous investors to bet against their CRV tokens, exacerbating the downward pressure on its valuation.
Based on a recent analysis of the price trends, the value of Curve DAO experienced a favorable support level close to the .56 threshold. On August 1st, there was an instance of rejection for the lower price, indicating that buyers are accumulating at this reduced price point.
Anticipated Curve DAO (CRV) Price Movement
In the face of ongoing security concerns, a separate analysis anticipates a substantial 42.1% surge in CRV’s price, propelling it to .81 once the security issues are effectively addressed and resolved.
Conversely, contrasting predictions foresee a potential 15.7% decline, bringing the value down to .48. This shift in sentiment is attributed to a significant number of investors diverting their attention toward competing options within the CRV ecosystem.
Examining the daily chart, a notable trend emerges as the CRV price experiences its second reversal from a horizontal support level, indicative of the emergence of a double bottom pattern. Presently, this bullish reversal has facilitated an 8% upsurge, driving the price to its current value of .614.
Within the framework of the double bottom pattern, an expectation arises for buyers to steer the prices upwards by 20%, seeking to challenge the upper trendline of the channel pattern.
The true confirmation of a trend reversal lies in a bullish breakout from this resistance level, which would fortify the validity of the emerging pattern.
A Potential Trend Reversal
The double bottom pattern is a technical chart pattern observed in financial markets, characterized by two consecutive troughs forming near a common horizontal support level.
This pattern suggests a potential trend reversal from a downtrend to an uptrend, as the initial downtrend exhausts itself and buyers regain control, leading to a bullish breakout when the price surpasses the pattern’s resistance level.
Should the CRV breakout materialize, a subsequent rally could ensue, targeting an initial goal of approximately .08. Following this milestone, a subsequent price objective of .1 might come into play, underscoring the potential magnitude of the trend reversal that the double bottom pattern could potentially signify.
With a CoinGecko listing of .603, the price of CRV demonstrated a 2% decline over the past 24 hours, while it managed a 1.7% increase over the last seven days.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from CCN.com
Iran-Russia Trade Settlements Exceed 60% in National Currencies, Says Joint Chamber Chief
Iran and Russia have increased cooperation and settled more than 60% of their bilateral trade in the Russian ruble and the Iranian rial, according to the chairman of Iran-Russia Joint Chamber of Commerce. The two countries have ramped up their de-dollarization efforts with Iranian President Ebrahim Raisi calling for the Central Bank of Iran to lay the necessary groundwork to ditch the U.S. dollar in bilateral trade settlements.
Iran and Russia Increase Cooperation Amid Heavy Sanctions
The head of the Tehran-based Iran-Russia Joint Chamber of Commerce, Hadi Tizhoush Taban, discussed de-dollarization efforts by the two countries Friday in an interview with Iran’s news agency IRNA. He stated that the use of the Russian ruble and the Iranian rial in bilateral trade settlements between Russia and Iran has exceeded 60%.
The Joint Chamber chief explained that following the onset of the conflict between Russia and Ukraine, Russia was heavily sanctioned by Western countries, just like Iran, so the two countries strengthened their cooperation. He added that during Iranian President Ebrahim Raisi’s recent visit to Russia, the two countries agreed to increase the value of their annual trade to billion.
Furthermore, Tizhoush Taban detailed that the governor of the Central Bank of Iran (CBI) and the head of the Economic Commission of the Iranian Parliament recently visited Russia to strengthen economic, monetary, and banking ties between the two countries. During their visit, the CBI governor held meetings with Russia’s deputy prime minister, minister of economic development, and the head of the Russian central bank to discuss monetary and banking cooperation, solutions to remove some obstacles, and investment expansion. He emphasized that this process effectively circumvents Western sanctions, addresses issues related to mutually beneficial bilateral cooperation, and increases trade.
The head of the Joint Chamber also noted that Russia has become Iran’s largest foreign investor, with .7 billion in investments in two Iranian oil projects, adding that this investment accounts for about 45% of the total foreign investment in Iran from October 2021 to January 2023.
This week, Russian Foreign Minister Sergey Lavrov said Russia is actively shifting away from using the U.S. dollar in favor of national currencies. Russian Deputy Prime Minister Alexander Novak said last month that the call to use national currencies in trade settlements has been effective as only a small amount of bilateral transactions still rely on the U.S. dollar.
Iranian President Raisi has called on the Central Bank of Iran to lay the necessary groundwork to ditch the U.S. dollar in bilateral trade settlements and use the Iranian rial whenever possible. In April, the secretary of the National Security Council of Iran stated that the recent progress made in bilateral monetary and banking cooperation between Iran and Russia is essential for “dooming the illegal Western sanctions to failure.”
Iran is also seeking BRICS membership to counter Western hegemony and promote a multipolar world. The BRICS nations (Brazil, Russia, India, China, and South Africa) have been encouraging the use of national currencies to settle trades in place of the U.S. dollar. There is also a proposal for a common BRICS currency that is expected to be discussed at the economic bloc’s upcoming leaders’ summit.
What do you think about Iran and Russia increasing cooperation and settling trades in national currencies? Let us know in the comments section below.