On Tuesday, the value of bitcoin fell to a low of ,355, experiencing a decline of over 7% against the U.S. dollar in the last 24 hours and a decrease of 12.4% in the past week. This downturn led to the liquidation of a substantial number of bitcoin long positions, with more than 0 million […]
Bitcoin News
Bearish Sell Signal Triggers As Bitcoin Falls Below $39,000
Bitcoin price is struggling to stay above ,000 per coin and as it sinks lower, an ominous bearish technical signal is triggering.
Bitcoin Selloff Prompts Possible Change In Momentum
Selling pressure driven by FTX’s estate dumping nearly billion in Grayscale GBTC shares caused Bitcoin price to lose the ,000 level today, currently trading around ,900 at the time of this writing.
The selloff hasn’t fallen deep enough for a convincing breakdown of the key psychological level, however, a bearish crossover of a momentum technical tool could trigger additional downward price action.
The recent drop has caused the weekly LMACD to cross bearish. A bearish crossover is a sell signal that warns of a change in medium-term momentum.
Will The LMACD Confirm The Bearish Crossover?
The bearish crossover on the weekly LMACD isn’t confirmed until the weekly candlestick closes. The LMACD is the logarithmic version of the MACD indicator – which stands for Moving Average Convergence Divergence.
When the tool’s lines converge and cross, it produces a signal to take action. However, if the crossover doesn’t confirm and the two lines diverge instead, it tells a trader to stay in a position. In this case, Bitcoin would stay in the buy position until a bearish crossover appears later down the line.
Such bearish crossovers have the potential to stop a bull rally in its tracks. The LMACD crossed bearish around the 2018 peak, the 2019 rally, and at both 2021 double tops. It is worth noting, however, that BTCUSD crossed bearish in 2023, and in late 2020, but ultimately crossed back bullish and resumed a bull run. Another such scenario is possible, so even if the technical indicator crosses bearish, it doesn’t necessarily mean the end of upside for Bitcoin.
P2P Platform NFT Trader Falls Victim to Security Flaw, $3 Million in Blue-Chip NFTs Lifted
Reports indicate, and the peer-to-peer non-fungible token (NFT) market platform has confirmed, that the NFT platform NFT Trader experienced a security breach. An assailant exploited an outdated smart contract, resulting in the theft of nearly million worth of esteemed digital collectibles, including those from the Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) NFT collections.
High-Value Bored and Mutant Ape NFTs Snatched in NFT Trader Security Breach
The NFT trading platform NFT Trader has been compromised, resulting in a loss estimated at approximately .85 million in high-value NFTs. On Saturday, NFT Trader issued a public statement on X, warning, “We’ve suffered an attack on old smart contracts, please remove the delegation using revoke cash to the following addresses,” and provided two addresses along with the affected smart contract addresses.
Revoke Cash X’s official account revealed that the thief absconded with around million in NFTs, “mostly Bored Apes and Mutant Apes.” The Revoke Cash website, which summarizes the breach, states that the exact method of the theft remains unclear, yet some stolen NFTs have been returned. “The exploiter has sent several stolen NFTs back to the victims, so there is hope that users will recover some of their assets,” Revoke Cash observed.
As 2023 draws to a close, the NFT Trader incident adds to a string of recent security breaches, following closely behind the Ledger Connect Kit Library mishap and the Okx Dex hack. Research from the previous month indicated that 3 million had been pilfered from both centralized and decentralized crypto exchanges. With the surge in value of non-fungible token assets, they have increasingly become prime targets due to their substantial worth.
In recent years, owners of non-fungible tokens (NFTs) have increasingly been targeted by phishing attacks through diverse deceptive strategies. These scams trick victims into disclosing critical information vital for compromising security systems, enabling assailants to infiltrate the digital wallets of unwary victims and expropriate their NFTs. Illustratively, in January 2022, an owner of a New York gallery fell prey to such a phishing scam, resulting in the theft of NFTs valued at .2 million.
What do you think about the NFT Trader hack? Let us know what you think in the comments section below.
Okx Dex Falls Victim to $2.7M Cyber Heist, Arkham Confirms
Numerous reports reveal that a security breach at Okx’s decentralized exchange (dex) platform resulted in financial damages estimated at .7 million, as confirmed by the onchain intelligence firm Arkham.
Crypto Platform Okx Dex Hit by .7 Million Hack, Bounty Offered for Hacker’s Capture
The breach of the Okx Dex platform occurred on December 13, with .7 million being extracted from its decentralized finance (defi) protocol. This incident was brought to light by various onchain analysis experts. Arkham has since announced the establishment of a bounty to track down the responsible party.
Arkham communicated via the social media channel X (formerly Twitter). “We’ve created and funded a bounty to help identify the person or organization behind the recent Okx Dex exploit,” Arkham wrote. “Okx Dex was exploited by a hacker who upgraded a deprecated contract with token approvals, resulting in losses of over .7M on Dec 13, 2023. The hacker is tied to a number of hacks, including Lunafi, Uno Re, RVLT, and more.”
The Okx Dex and Web3 Wallet X account also acknowledged the breach. They announced, “We regret to inform you that a deprecated smart contract on Okx Dex has been compromised. We have taken immediate action to secure all user funds and revoke the contract permissions. We are working with relevant agencies to locate the stolen funds and will reimburse affected users with 0k. A thorough review is underway to prevent similar incidents. Our apologies for any inconvenience caused.”
“My money lost 0 on your web,” one affected user replied to the account.
This hacking incident at Okx Dex follows a series of defi hacks and centralized exchange breaches. Recently, platforms like HTX and Poloniex have also suffered financial losses due to cyber-attacks. The months of September and November particularly witnessed a surge in attacks on cryptocurrency platforms, leading to monthly losses of hundreds of millions.
What do you think about the Okx Dex hack? Share your thoughts and opinions about this subject in the comments section below.
Market Jolt: Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In
Bitcoin is currently witnessing a decline in price, with its value dropping below the ,000 mark. This movement comes on the heels of a significant uptick in the circulating supply of profitable Bitcoin, prompting a wave of profit-taking among investors.
ETC Group’s Head of Research, André Dragosch, highlights this trend, noting an increase in Bitcoin being moved to exchanges for potential sale. Dragosch noted, citing data from Glassnode:
Overall exchange balances for bitcoin have clearly picked up, implying a net inflow of coins to exchanges over the past week. More specifically, around +14k BTC have flown into exchanges on a net basis according to data provided by Glassnode. This will likely exert some downside pressure on prices in the short term.
Bitcoin Short-Term Holders Drive Selling Pressure
According to the ETC Group, the current market scenario presents a landscape where a substantial portion of Bitcoin and Ethereum addresses are profitable. Data from the firm indicates that 88.3% of BTC addresses and 77.6% of ETH addresses are currently profitable, figures hovering near the highest for the year.
This environment of a high percentage of BTC and ETH addresses being in a state of profit has seemingly encouraged a segment of investors, particularly those with a short-term investment perspective, to capitalize on their gains, as indicated by the ETC Group’s analysis.
The ETC group further revealed that these short-term investors, defined as those who have held Bitcoin for less than 155 days, have been transferring their profitable assets to exchanges at a rate not seen since July of this year.
This surge in selling pressure is attributed to a key factor restraining the Bitcoin rally as the market adjusts to the increased availability of the cryptocurrency.
Further illustrating the market’s reaction, the past week marked the first instance of “net outflows” from crypto asset exchange-traded products (ETPs) since early October.
The total amount of these outflows was approximately .2 million, with Bitcoin ETPs experiencing the majority of these withdrawals, totaling .1 million. In contrast, Ethereum ETPs saw a “net inflow” of .8 million, suggesting a diverging investor interest between the two leading crypto.
Market Impact And Trader Liquidations
The recent decline in Bitcoin’s price from its previous high of around ,000 has impacted investor sentiment and resulted in significant trader liquidations. According to data from Coinglass, over the last 24 hours, there have been 115,873 trader liquidations, culminating in roughly 4.67 million in total liquidations.
Bitcoin has led these liquidations, with 5.51 million in long liquidations and .95 million in short liquidations. Ethereum follows closely, accounting for .53 million in long and .41 million in short liquidations.
It is worth noting that these liquidations and the fluctuating market dynamics underscore the division of trader’s fate in the crypto market. While some investors seize the opportunity to realize profits, others face the challenges of rapid market shifts.
Featured image from Unsplash, Chart from TradingView
Shiba Inu Open Interest Falls Behind General Crypto Market, What This Means For Price
The entire crypto market has seen a steady increase in open interest (OI) over the last few months. But the Shiba Inu open interest seems to not have followed this trend as much as others. While there has been a huge jump in the open interest of the largest cryptocurrencies in the industry, Shiba Inu’s rise has remained relatively muted, with implications for the altcoin’s price.
Shiba Inu Open Interest Trajectory
The Shiba Inu open interest initially started pumping back in August when the current bull run began. However, in the following months, the open interest has been considerably lower, happening at a time when open interest across other top cryptocurrencies is seeing large spikes.
Shiba Inu’s open interest crossed million back in August but has had a hard time returning to this level, data from Coinglass shows. The open interest has since dropped and continues to range just below the million level. Now, while this is not out of character for the altcoin, it is a deviation when it comes to following Bitcoin’s trends.
Dogecoin, SHIB’s foremost competitor, has followed the trajectory of Bitcoin, with the open interest staying low through the months of October and then exploding in the month of November. To put this in perspective, the Dogecoin open interest dropped as low as 6 million in October before exploding as high as 0 million in November.
However, the Shiba Inu open interest has struggled, maintaining a low peak of million in November with a small rise to million in December. This is in stark contrast to the open interest of Bitcoin and Dogecoin which have seen a flurry of activities as prices have recovered.
SHIB OI Deviates From Price
Another way that Shiba Inu has deviated from the rest of the crypto market is the fact that the price does not move directly proportional to the open interest. While the likes of Bitcoin and Dogecoin have shown prices moving upward as open interest has soared, SHIB’s price has remained fairly high while the open interest has remained fairly low.
This suggests that a rise in open interest is not actually one of the major factors pushing the SHIB price. So unlike others, a crash in open interest will likely not translate into a crash in price. However, Shiba Inu continues to trail the Bitcoin recovery closely, so a decline in the BTC price could sorely affect the SHIB price.
Bitcoin Falls Under $35,000 But 86% Of Supply Remains Unmoved – Temporary Setback?
A look into the Bitcoin price action shows a consolidation under the ,000 support level has resumed, but the majority of holders are holding steady. Onchain data has revealed that the number of Bitcoin unmoved in a 3-month timeframe has reached a record high of 88.5%. The upside potential remains huge despite the ongoing consolidation, as the top crypto is still up by 26% since the beginning of October.
BTC Price Drops Below ,000 But Investor Sentiment Remains Bullish
Bitcoin managed to push above ,000 a few times this week, propelling millions of BTC wallets into profitability. The crypto has since dropped below ,000, but long-term investors remain optimistic, according to on-chain analytics of Bitcoin movement. One particular metric that speaks a lot about the current Bitcoin cycle is Glassnode’s HODL Waves.
HODL Waves change color based on their age in wallets. Bitcoins start at red immediately after they’re transferred into wallets and gradually transition to purple as they continue to remain unmoved.
This metric, which tracks the age of Bitcoins on the move and on wallets, has shown almost 90% of BTC total supply has remained idle in the past three months.
The hilarious thing is that 88.5% of the #bitcoin supply hasn’t moved in the last three months.
Wall Street is gonna have to really pump this thing to get hodlers to part with their coins. $BTC pic.twitter.com/CtD7GoA9ka
— Dylan LeClair (@DylanLeClair_) November 2, 2023
A similar metric from IntoTheBlock has shown retail traders joining the long-term holder bandwagon as investors start to hold on to their assets in the prospect of a BTC spot ETF approval by the SEC. IntoTheBlock’s holding metric puts the number of addresses holding Bitcoin for more than one year at an all-time high of 34 million addresses.
Investors Anticipate SEC Approval Of Spot Bitcoin ETFs
Several factors have contributed to the increase in long-term confidence of Bitcoin investors, one of which is the commencement of a spot ETF trading in the US. The industry expects the SEC’s approval of spot Bitcoin ETFs to ignite the next bullish run for the price of Bitcoin. A top executive at Valkyrie Investments is very confident these ETF applications will be approved by the end of the month.
However, Singapore-based QCP Capital attributed the recent spike in Bitcoin to macro forces like the drop in US bond yields, not the excitement around spot ETFs. Low bond yields force investors to look into higher-yield investments like BTC.
Overall, Bitcoin looks to remain in a consolidation phase until buyers step back in or some catalyst drives the next rally. The last time Bitcoin’s supply reached 88% for this metric was during a consolidation in late 2022, where bears got the better and Bitcoin dipped below ,000. A continued consolidation could see Bitcoin follow this pattern, breaking below its current range to reach ,000.
Featured image from Shutterstock
Shiba Inu Burn Rate Falls 80%, Is It Time To Sell?
The Shiba Inu community burn rate has seen a significant decline over the last few days. The burn rate which had been on a tear earlier in the month started to recede and has fallen double-digits in the last 24 hours alone. Given that this burn initiative was implemented to reduce supply and increase the price in the process, this decline in burn rate could have an impact on SHIB’s price performance.
Shiba Inu Burn Rate Down Over 80%
As data from the Shiba Inu burn tracking website, Shibburn, shows, the Shiba Inu burn rate is down more than 80% in the last day. The reason for this decline is lower participation in the burn rate, as investors have turned their focus to the surging crypto market prices.
At this time, only 29.98 million SHIB have been burned. Compared to the figures from earlier in the month which often came out above 100 million tokens burned, it shows a serious lack of participation from the Shiba Inu community members.
Burns have come from over 40 wallets but the number of SHIB each transaction was carrying was very small, hence the lackluster burn rate recorded at this time. However, on the weekly time frame, the burn rate is faring much better, as the burn tracker revealed on X (formerly Twitter) that it has seen a 61.82% increase. This means that over 362.4 million tokens were incinerated in the seven-day period.
Will This Affect The SHIB Price?
A look at the Shiba Inu price chart shows that the meme coin has seen a slowdown in its rally over the last day. But this has not completely eliminated the bullish tendencies that the SHIB price has shown. For example, whales are not giving up on the crypto and are instead choosing to accumulate through the twists and turns.
As Bitcoinist reported, Shiba Inu whales picked up 4.52 trillion tokens from the market, which saw the price rally resume once more. This shows that these large players expect the price to continue to rally, especially in the short term, making it a good time to be in the cryptocurrency.
However, there has been a significant decline in the excitement and participation in the SHIB token. CoinMarketCap data shows a 20.94% decrease in its daily trading volume, which suggests that sellers may be gaining ground.
Nevertheless, Shiba Inu has done a good job of sticking with the Bitcoin rally. And if the leading cryptocurrency continues its upward march, Shiba Inu’s tendency to follow the same path will see its value rise despite the decrease in burn rate.
Bitcoin, Ethereum Technical Analysis: BTC Falls on Saturday, Following Brief Spell Above $27,000
Bitcoin retreated from a brief spell above ,000 on Saturday, as uncertainty in the market remained high to start the weekend. The global cryptocurrency market was marginally higher to start the weekend, trading 0.42% higher as of writing. Ethereum continued to consolidate above a recent floor of ,535.
Bitcoin
Bitcoin (BTC) retreated below the ,000 level to start the weekend, after a late surge in price on Friday.
Following a low of ,686.32 earlier in Friday’s session, BTC/USD peaked at a high of ,092.70 as the day progressed.
Although BTC has since slipped, and is currently trading at ,866.74, it is still higher than yesterday’s bottom.
The consolidation comes as the relative strength index (RSI) continues to hover above a floor at the 45.00 mark.
Whilst now tracking at 46.72, the next target is likely to be at a ceiling of 50.00, and if hit, bitcoin will be back above ,000.
Overall, bitcoin is trading 4% lower than at the same point last week.
Ethereum
Ethereum (ETH) is largely unchanged at the time of writing, as the cryptocurrency consolidated to start the weekend.
ETH/USD reached a high of ,571.75 on Friday, however has since fallen to a current reading of ,546.80.
This is slightly higher than yesterday’s low at ,538.09, which was marginally above a support point at ,535.
The drop in price coincides with the RSI failing to breach its own point of resistance at the 40.00 mark.
Currently, price strength is at the 37.46 level, with the 10-day moving average continuing to trend downwards.
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Could ethereum fall under ,700 this weekend? Leave your thoughts in the comments below.
Avalanche-Based Stars Arena Falls Victim To A $3 Million Exploit, TVL Tanks By 100%
Stars Arena, a decentralized social media platform built on the Avalanche network, has suffered a major security breach, resulting in the loss of a significant amount of cryptocurrency. This comes barely a day after the decentralized application (dApp) reportedly fixed a loophole in its smart contract.
On Thursday, October 5, the Stars Arena team said – via a post on X (formerly Twitter) – that it has averted a security exploit, which could have led to the loss of over million worth of funds.
Stars Arena Loses .9 Million To Attack, PeckShield Reveals
On Saturday, October 7, a pseudonymous X user raised the alarm about the suspicious movement of Avalanche (AVAX) tokens from the Stars Arena contract.
A few minutes after this, the protocol’s team confirmed – via a post on X – that there has been a “major security breach with its smart contract.”
There has been a major security breach with the smart contract.
We're actively checking the issue.
DO NOT deposit any funds.
Stay tuned for updates.
— Stars Arena (@starsarenacom) October 7, 2023
This exploit has also been flagged by blockchain security firm PeckShield, who disclosed that around .9 million in AVAX has been drained from the decentralized social media application.
An initial breakdown by the security company identified a reentrancy issue on the Stars Arena Shares contract. “The reentrancy is abused to update the weight when the share/ticket is issued so that 1 share can be sold at a much higher price of approximately 274,000 AVAX,” PeckShield said.
As earlier noted, Stars Arena has been gaining some popularity in the past few days. In fact, the recent activity uptick on the Avalanche network has been attributed to the rise of the decentralized social application.
However, this latest hack represents a significant deterrent to Stars Arena’s growth. According to data from DeFiLlama, the protocol’s total value locked has plummeted from .26 million to .47 in the past day, reflecting a 100% decline.
Stars Arena went live on Avalanche C-Chain – the blockchain component specifically designed for running smart contracts on Avalanche – in late September. Although the Friend.tech-like platform experienced some traction after launch, recent security concerns seem to be stirring skepticism around its growth.
0 Million Lost To Bad Actors In 2023 Q3
This latest exploit will serve as an unfriendly reminder of the growing security concerns in the crypto space. Particularly, the cryptocurrency industry saw a significant surge in exploits and security breaches in the third quarter of 2023.
According to a quarterly report by blockchain security firm Beosin, the losses incurred only in Q3 2023 were larger than the total for the year’s first half. A total of 9.26 million was lost to various attacks in the last quarter, compared to the 3 million lost in 2023’s first six months.
Beosin’s report revealed that 0.1 million was lost to hacks, with decentralized finance (DeFi) accounting for 18% of this value. Notably, DeFi peer-to-peer service Mixin Network lost 0 million due to a compromise in its cloud service provider database.