Kategorie: Altcoin News

According to a tweet posted on Ronin Network’s official Twitter handle, the Ronin bridge has been exploited and 173,600 ETH and 25.5 million USDC coins worth about $612 million were stolen.

The Ronin bridge has been exploited for 173,600 Ethereum and 25.5M USDC.

The Ronin bridge and Katana Dex have been halted.

— Ronin (@Ronin_Network) March 29, 2022

Following the hack, Ronin bridge and Katana DEX have both been halted.

Ronin however said in the Twitter thread touching on the exploit that its team is working with “law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed.” It also said that “all of the AXS, RON, and SLP on Ronin are safe.”

We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed. All of the AXS, RON, and SLP on Ronin are safe right now.

— Ronin (@Ronin_Network) March 29, 2022

What we know about the hack so far

According to an official communication of Ronin Network on Substack, the hacker managed to take over the control of four of Sky Mavi’s Ronin validators together with a third-party validator managed by the Axie DAO.

The Sky Mavi’s Ronin chain consists of nine validator nodes and five out of the nine are required to append their signatures for a deposit or withdrawal to be recognized. Although the validator key scheme is decentralized and built to limit an attack vector like the one that just occurred, the hacker found a backdoor through the network’s gas-free RPC node and got the signature for the Axie DAO.

At the time of writing, the RON token, which is Ronin’s native governance token, had dropped by over 20% over the past one hour.

The post Axie Infinity’s Ronin bridge and Katana Dex halted after suffering a $612M exploit appeared first on Coin Journal.

The crypto market is often associated with high volatility, wild swings in prices, and stories of rags to riches as well. It’s therefore very hard to look at crypto-assets as serious stores of wealth. But there are actually some coins that can help preserve your money without you taking so much risk: Here is how:

• The crypto market these days has Stablecoins which are typically pegged on real assets.

• Some crypto assets have minimal volatility too, including the mega caps.

• You can buy crypto assets pegged on things like gold and other precious metals.

In case you are searching for coins that can offer you some stability in crypto, we have three here below to check out.

Pax Gold (PAXG)

As noted above, there are stablecoins in the market that are pegged on gold. Pax Gold (PAXG) is one of them. This is basically a crypto asset whose value is directly based or correlated with the price of gold. 

Data Source: Tradingview 

In essence, you get to store your asset in decentralized systems while getting the assurance of gold as a store of wealth. Many investors look at gold as the ultimate safe haven during times of volatility. PAX Gold helps you rely on gold in its crypto form.

PAX Dollar (USDP)

The Pax Dollar (USDP) is a stablecoin that is pegged on the US dollar. Just like the PAX Gold coin, its price is directly correlated with the US dollar. So, if you don’t want to put your money in fiat form, you can ditch the bank and store your dollars in crypto form. 

Tether (USDT)

Tether (USDT) is also backed by the US dollar. However, unlike PAX Dollar, it actually has much more trade volume and market cap. In fact, Tether is the most popular USD-based stablecoin in the world. It will let you store your dollars in the blockchain easily.

The post Crypto safe heavens: Top 3 coins to store your wealth appeared first on Coin Journal.

As the crypto market rallies at the start of the week, coins like Dent (DENT) have posted double-digit daily gains with weekly rallies of over 30% or so. But as with every bullish run, a pullback is always around the corner. For DENT, there seems to be a capped upward potential. Here is what you need to know:

• The coin has rallied by 11% in the last 24 hours

• Dent is also up by around 30% over the last 7 days.

• The recent upswing is likely to continue before capping at a crucial resistance.

Data Source: Tradingview

Dent (DENT) – Why is upward momentum capped?

After gaining nearly 30% over the last 7 days, it seems like DENT still has some room to grow. However, we do not expect the coin to truly trend upwards for long. At the moment, DENT is trading at $0.034. There are two important resistance zones to watch. 

The first one is the $0.035 mark, and the second is the $0.41. As of now, it seems like DENT is testing the first resistance zone but is yet to break through. In fact, in 24-hour trading, we saw some significant pullback from the morning sessions, where daily gains dropped from 15% to around 11%.

This could suggest that weakness at $0.35 is coming, and DENT may as well fail to surge past that first hurdle. If indeed this happens, DENT is likely to fall sharply before the end of the week. But if bulls can rally above $0.35, then $0.41 will be next.

Is DENT worth buying?

There is no momentum right now, to be fair. Yes, the coin has pushed up in the last 7 days, but we expect it to trade mostly sideways in the coming days as bulls try to smash past the crucial resistance we have talked about above. It would therefore be better to wait until the price has pulled back slightly.

The post Dent (DENT) may have a capped upside despite the recent rally – Here is why appeared first on Coin Journal.

Holo Chain (HOT) has trended strongly upwards over the last few days. The coin has managed to post gains over the last three trading sessions in a row. As such, it has now turned bullish. But how far can it actually rise? We’ll discuss this more but first, some important facts:

• The recent rally now means that HOT has smashed past its 30-day high

• The coin has also regained over 50% from its lowest level this year.

• HOT was also up by around 15% over the last 24 hours

Data Source: Tradingview 

Holo Chain (HOT) – price prediction and analysis

Holo was already surging the past week. New announcements on the ecosystem last week had pushed 7-day gains to over 30%. However, for most analysts, the key to watch during that rally was the overhead resistance of $0.6. 

Based on the price action today, it seems HOT has smashed that threshold. As a result, HOT is expected to keep the uptrend going and is likely to test $0.01 in the near term. This will represent gains of around 50% from the current price now. 

Besides, HOT has also pushed above the average trading price of the last 30 days by over 50%. This indicates that investors are bullish about the coin and the recent gains we have seen are bound to continue. The only way this bullish momentum slows is if bulls fail to keep the price above $0.06.

Why Could Holo Chain (HOT) be perfect?

In the short term, we expect HOT to run a bit further. In fact, gains of at least 30% appear likely in the week ahead. But for long-term investors, the fact that HOT still has a market cap of less than $1 billion means that there is quite some potential. It is likely the coin will hit $0.03 before the end of the year.

The post Holo Chain (HOT) hits monthly high in the bullish rally – Where does the price go next? appeared first on Coin Journal.

After seeing gains over the past few trading sessions, Terra (LUNA) has stagnated and is starting to pull back. We have also seen the price action hover around a very tight range. We may see a small correction in LUNA in the near term. Here are some of the facts:

• After surging for a few days, it is likely investors will take profit.

• Failure to clear above $90 at the start of trading Monday could suggest weakness.

• The relative Strength Index also shows a bearish outlook in the days ahead.

Data Source: Tradingview 

How far can Terra (LUNA) drop?

We are not looking at a huge drop here. In fact, in the last 24 hours, the stablecoin platform had lost around 1%, but more will come. The key will be to look at the $90 mark. This had always proved to be a key support zone for LUNA. 

If at the start of trading on Monday the coin is well below that, then we could see a wipeout of at least 15% before the end of the week. Besides, there is a trend in this volatile market over the last few months to note.

You see, in most cases, bullish momentum is driven by short-term speculative traders. It is likely they will lock profit at $90. This is going to trigger a mini sell-off that could push LUNA further towards $75.

Is Terra (LUNA) worth your time?

Well, the fact that Terra (LUNA) is among the top 10 crypto assets in the market means that you should give it your attention. But it doesn’t seem like there is any serious upside momentum right now. 

A good play will be to wait for the correction to come through in the coming days and then buy at $75 or thereabout. But short sellers can also play the short-term decline for a profit.

The post Terra (LUNA) Staring at possible correction – Here is what to expect next appeared first on Coin Journal.