Crypto Portal

2024-01-20 21:01:01 Ethereum decouples from BTC – Here’s what it means for ETH’s future

Parting ways
According to Kaiko’s data, the BTC to ETH correlation has fallen below its historical average of 0.71 for the first time since 2021. In recent months, the two cryptocurrencies have demonstrated divergent price movements, with BTC benefiting from ETF-related hype and speculation, while ETH underwent a comparatively subdued rally.

Developments on Ethereum
However, some factors may help generate interest in ETH in the next few months.

Apart from the potential approval of the Ethereum ETF, the new developments on the Ethereum network may also provide some hope to ETH holders. Open / Comment

2024-01-17 15:01:17 Socket protocol loses $3.3 million in exploit, details here

Another day, another hack
The hack, as reported by the Socket Protocol team, occurred on the 16th of January. To mitigate the risk, Socket has disabled the compromised smart contract.

Looking at the finer details
PeckShield, a blockchain security firm, shed light on the technical aspects of the breach. The hacker exploited the incomplete validation of user input. This meant that the hacker found a weakness in the system that checks information from users.

Turning it into ETH
In terms of impact, approximately 230 users were affected by the malicious transactions on the Socket Gateway contract. The total loss amounted to $3.3 million, primarily involving assets such as USDC, USDT, WBTC, DAI, and WETH. Open / Comment

2024-01-14 21:01:09 ADA hitting $10 by end of 2024? ChatGPT predicts…

Enhanced Ecosystem
Besides price changes, Cardano’s ecosystem experienced significant advancements, especially once Mithril was upgraded.

ADA: Driving the network’s functionality
ADA is more than just a digital currency; it is a testimonial to the secure exchange of value, removing the need for middlemen. Every ADA owner becomes a stakeholder, contributing to the Cardano ecosystem in a multitude of ways.

ChatGPT’s views on ADA and the Ripple-SEC verdict
I decided to test if ChatGPT can answer some of my queries regarding the Cardano network and its native token, ADA. Open / Comment

2024-01-11 18:05:09 Confirmed: U.S SEC approves all 11 spot Bitcoin ETF applications

Makes spot Bitcoin ETF approval announcement, takes it down
Notably, the SEC made the announcement earlier but archived the link right after. This resulted in the market speculating whether or not the approval was genuine. While the link is back live again, the commission is yet to give an explanation for the fiasco.

Notably, the announcement has not yet had an impact on the price of Bitcoin (BTC). According to CoinMarketCap, BTC was trading at $45.567 with a market cap of $891 billion. The coin has not registered a significant movement in the past 24 hours. The 7-day chart showed that the coin has registered a growth of over 6%. Open / Comment

2024-01-08 15:30:09 Bitcoin: Are the bulls back on track after BTC price crash

Bitcoin transitions are skyrocketing
The year 2024 began on a good note, but just after a few days, BTC witnessed a price correction, pushing its price down to $42,200.

The 16,900 large transactions serve as a proxy for BTC whale activity, offering insights into how these major players might be positioned in the crypto market.

Is a fresh bull rally around the corner?
While the whales seemed to have accumulated BTC, AMBCrypto checked otter metrics to find out how retail investors were doing. As per our analysis of CryptoQuant’s data, BTC’s net deposit on exchanges was low compared to the last seven-day average. Open / Comment

2024-01-05 18:01:37 Bitcoin: As new entrants climb, is BTC ready for a price hike

Will BTC rise as demand pumps?
A growth in new addresses means that more participants are having their first transaction and a balance. It also implies that demand for Bitcoin is increasing.

Predictions say “Bitcoin to the moon”
As a result, predictions have appeared with many noting that Bitcoin could head beyond $50,000. Some others think the coin price might go higher once the ETFs get the green light. One of them is Arthur Hayes, co-founder of crypto exchange BitMEX.

I could easily see a 30% to 40% correction due to a dollar liquidity rug pull. This is why I cannot buy Bitcoin until these March decision dates have passed. Open / Comment

2024-01-04 22:34:08 Over 200K Bitcoins Worth $9 Bln On Move Causes Panic, What’s Happening?

Read more Open / Comment

2024-01-02 19:01:12 Will spot Bitcoin ETF approvals happen in January 2024

Decision later in the week?
Apparently, the SEC was yet to examine the changes made to the S-1 forms. Recall that all big names including Grayscale and BlackRock submitted their amended S-1 forms to the regulator in order to be considered for the “first wave” of potential approvals in January 2024.

Bitcoin roars to $45,000 on New Year’s Day
But now or few days later, market participants were still upbeat about the eventual outcome.

Bitcoin broke above $45,000, starting 2024 on a strong note, according to CoinMarketCap. This was the first time that the king coin breached this key level since April 2022. Open / Comment

2023-12-30 14:00:59 Chainlink: Whales move towards LINK as prices fall – What next?

Whale Interest in LINK on the rise
The surge in accumulation by large addresses indicates a heightened interest among whales in the LINK token. This activity raises questions about the potential impact on LINK’s price trajectory and market dynamics.

Looking at the metrics
Examining the price movement of LINK, it was trading at $16.15, reflecting a -5.28% decrease in the last 24 hours. Despite this correction, the overall trend suggested a bullish trajectory, characterized by higher highs and higher lows.

The MVRV ratio for LINK exhibited growth in recent weeks, implying that holders remained profitable even amid the correction. The decline in LINK’s price might be attributed to profitable holders capitalizing on their gains by selling their holdings. Open / Comment

2023-12-27 20:00:11 Will Shibarium’s latest milestone mean something for SHIB’s price prediction?

Shibarium to reach a new milestone!
Shibarium’s adoption has been on the rise, which has allowed the L2 to come closer to reaching a new milestone.

Shiba Inu investors aren’t happy
Though these aforementioned updates looked optimistic for Shiba Inu, its price action continued to remain under bears’ influence.

Nonetheless, investors used this as a buying opportunity. SHIB’s supply on exchanges plummeted sharply in the recent past, while its supply outside of exchanges increased. This clearly meant an increase in buying pressure. Open / Comment