Crypto World Analysis

2022-08-21 10:24:02 SushiSwap Volume Tests 2022 Low, Plunging More Than $8B

SushiSwap saw a further plunge in trading volume during July due to a decline in the demand for several altcoins listed on decentralized exchanges (DEXs). SushiSwap hit a new low in July as the month proved to be one of the difficult periods in the history of the trading platform.

The exchange recorded roughly $1.53 billion in volume during July, according to data from Dune Analytics. While this statistic may seem high compared to volume recorded by competing exchanges such as ShibaSwap, 1inch limit order protocol, Ox Native, and mStable, it was a 17% decrease from June. In July 2021, SushiSwap trading volume was in the region of $5.65 billion.Overall, the latest metric was also $8.36 billion below volume from the yearly high of $9.89 billion in January.

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2022-08-20 11:05:05 Crypto stocks drop in premarket trading as Bitcoin falls below $22,000

Crypto-related stocks dropped on Friday, August 19, during premarket trading after $70 billion left the cryptocurrency markets in just one day. It appears that the largest cryptocurrency Bitcoin (BTC) is losing its bullish momentum seen over the past few days, as it now trades at $21,568 at the time of writing.

In particular, Marathon Digital (NASDAQ: MARA), Riot Blockchain (NASDAQ: RIOT), crypto exchange Coinbase (NASDAQ: COIN), and MicroStrategy (NASDAQ: MSTR) have all seen their stocks drop in premarket. In the last month, MARA has been trading in the $10.08 to $18.88 range, currently, it is close to the lower part of its 52-week range. When comparing the performance of all stocks over the past year, MARA turns out to be only a medium performer in the overall market. Moreover, the support zone is located from $15.44 to $15.58, with the resistance line at $17.02.

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2022-08-19 09:35:05 Optimism price slides 9% after $450M worth of OP tokens transferred from multisig

Optimism’s (OP) token shed over 9% of its value in the last 24 hours after the team made an unannounced transfer of $450 million worth of the tokens from its multi-signature wallet. The token transfer initially birthed rumors that the Ethereum-based layer-2 network had been hacked.

But the team clarified that the transfers were “planned standard transfers to the Coinbase Custody wallets of various investors in OP Labs PBC.” OP price fell to as low as $1.29 before rebounding to its current value of $1.35 as of press time. The crypto community has lashed out at the Optimism team for not announcing the token transfer. According to rotkiapp founder Lefteris Karapetsas, the communication void resulted in the community trying to “figure out if something was wrong.”

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2022-08-18 09:53:02 Tornado Cash receives 75% of funds laundered on Ethereum, new research reveals

Considering the magnitude of funds changing hands in the cryptocurrency market every day, cybercrime and money laundering are abundant, with one of the most infamous such incidents involving the crypto mixing service Tornado Cash (TORN). As it happens, Tornado Cash has found itself in the midst of a scandal implicating it in the attacks on Ethereum (ETH) blockchain bridges.

To make things worse for the mixer, new data has come to light that shows that Tornado Cash has so far received 74.7% of the total funds laundered on the Ethereum network, or up to 300,160 ETH, according to the 2022 Mid-Year Blockchain Security and AML Analysis Report by blockchain security firm SlowMist. In addition, the research has also discovered that Tornado Cash accounts for the largest chunk of the initial funding for money laundering incidents on the Ethereum and Bitcoin (BTC) networks.

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2022-08-17 11:30:25 Federal Reserve Releases New Guidelines for Crypto Banks

The Federal Reserve released formal guidelines this afternoon to oversee the process by which “institutions offering new types of financial products or with novel charters” could be granted so-called “master accounts,” a key financial status that allows for direct payments with, and access to, the Fed. All federally-chartered banks possess a master account.

The Fed’s 49-page ‘Final Guidance’ mentions the word "cryptocurrency" only once, when discussing the sort of novel institutions that may seek master accounts under these guidelines. But the subtext of today’s announcement is inextricably linked to the crypto industry. Custodia, a crypto bank founded by former Morgan Stanley managing director Caitlin Long, sued the Federal Reserve in June.

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2022-08-16 11:53:02 BitGo says it will seek over $100 million after Galaxy moves to end acquisition

In a statement shared with The Block, BitGo said it "intends to take legal action against Galaxy Digital for its improper decision to terminate the merger agreement with BitGo, which was not scheduled to expire until December 31, 2022, at the earliest and to not pay the $100 million reverse break fee it had promised back in March 2022 in order to induce BitGo to extend the merger agreement."

BitGo has retained the law firm Quinn Emanuel, according to its press statement. “The attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo is absurd,” partner R. Brian Timmons said in a statement. BitGo said it would either seek the $100 million fee or more than that amount in legal damages, per the statement. As previously reported, Galaxy announced the termination due to a "failure to deliver, by July 31, 2022, audited financial statements for 2021 that comply with the requirements.

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2022-08-16 10:49:15 @ChartsSignalsTrading just posted their Trading Report For July 2022 with a whooping profit of 1019 %

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Total Trades: 60
Target reached: 56
Stop-loss: 4
Open trades: 0 Open / Comment