Kategorie: Crypto Markets

Daily headlines and news about crypto markets.

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Bitcoin and Ethereum volumes dry up amid price struggles

  • Amid price struggles, on-chain metrics show Bitcoin and Ethereum volumes have dried up.
  • BTC volume has fallen from over $40 billion worth of trade to just above $11.4 billion while ETH volume declined from near $20 billion to about $4.6 billion.
  • Bitcoin price is hovering near $26,800 while Ethereum price is currently just above $1,820.

The cryptocurrency market continues to battle the negative flip seen in recent months. It’s a scenario that has seen Bitcoin and Ethereum prices unable to reclaim key technical areas following a dearth of momentum in the past few weeks.

New on-chain data confirms these price action struggles via the trading volume for both coins. Altcoin volume has also really “dried up,” the data shows.

BTC and ETH volume dry up as prices struggle

According to on-chain data from Santiment the combined trading volumes of BTC and ETH are currently at their lowest level in over a year. The on-chain analytics platform also notes that the crypto mega caps are seeing the second lowest volume count in nearly four years.

“The largest assets in #crypto are seeing historically low levels of weekly trading volume. #Altcoin volume, in particular, has really dried up. When combining just $BTC & $ETH volume, this is the 2nd lowest threshold we are seeing since September, 2019,” the platform noted.

Looking at the latest data Santiment shared today, Bitcoin’s 7-day average trading volume has fallen from over $40 billion in February to just over $11.4 billion in May. The decline has come as BTC price fell from its year-to-date highs above $31,000 – the price of bitcoin is currently hovering around $26,800.

As for Ethereum, the proof-of-stake network’s 7-day average trading volume has fallen sharply from nearly $20 billion in April to just over $4.6 billion in May. Like Bitcoin, Ethereum trading volume has dried up over the past month as the hype around the Shapella upgrade died down and prices fell from above $2,100.

ETH/USD currently trades around $1,820, up by about 1.2% in the past 24 hours but in the red over the past 30 days by nearly 3%.

Bitcoin and Ether seeing a decrease in trading volume could be a signal that investors are increasingly cautious as market uncertainty swirls. This outlook is exacerbated by the overall nerves around risky assets as inflation, interest rates and the US debt ceiling contribute to indecisiveness.

The post Bitcoin and Ethereum volumes dry up amid price struggles appeared first on CoinJournal.

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STEPN (GMT) price rising on Apple Pay integration

  • At press time, the price of STEPN (GMT) was $0.2922, after a 7.90% surge in the last 24 hours.
  • STEPN has integrated Apple Pay into their platform.
  • It is the first blockchain gaming app to integrate Apple Pay.

STEPN (GMT) price has taken to the skies today after the STEPN team announced that they had successfully integrated Apple Pay into the platform.

STEPN, a leading Web3 move and earn application, follows a dual-token model with a utility token called GST and a governance token called GMT, which is also tradable on the secondary market.

The GST token has an unlimited supply it is earned when a user/member makes movements.  is the app’s currency that is earned for movement. It has several burn mechanisms to avoid inflation; for example, it is used to mint or repair sneakers, level up sneakers, and upgrade gems.

The GMT token on the other hand is earned after users level up their sneakers to level 30.

Buying STEPN products and upgrades using Apple Pay

Following the integration, STEPN has become the first blockchain gaming application to integrate Apple Pay.

The move will allow users to leverage Apple Pay’s simplicity, speed, and security when purchasing STEPN products and upgrades directly on the STEPN app. It will eliminate the need for connecting a separate cryptocurrency wallet thus streamlining the payment process and making it easier for the STEPN community members.

In a statement announcing the integration, Yawn Rong, the co-founder of Find Satoshi Lab (FSL), the Web3 development studio behind STEP said:

“This integration opens us up to a whole new audience, making Web3 more accessible to the masses. It bridges the gap between Web2 and Web3 technologies in an unprecedented way. We believe this is a momentous step towards onboarding the next 100 million users to Web3 technology. With our experienced team, we are confident in our ability to make this a reality, as we have already scaled from thousands to millions of active users. We extend our sincere gratitude to Apple for their support.”

STEPN is a pioneer in the move and earn apps and its Apple Pay integration is a major milestone as the team works on making Web3 technology accessible to all.

The post STEPN (GMT) price rising on Apple Pay integration appeared first on CoinJournal.

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Securities Commission Malaysia (SC) orders Huobi Global to stop operations

  • The securities commission said Huobi was operating in the country without registration.
  • The exchange was ordered to disable its website and mobile apps.
  • Huobi was also ordered to cease circulating, publishing or sending advertisements to Malaysian investors.

The Securities Commission Malaysia (SC) has today ordered Huobi Global cryptocurrency exchange to stop its operations in the country.

The regulator told the exchange’s CEO Leo Li to disable its website and mobile applications because the exchange was operating a digital asset exchange without registration. It also told Huobi Global to stop circulating, publishing or sending advertisements to Malaysian investors.

Operating without registration from the SC

The Malaysian SC accused the crypto exchange of operating a digital asset exchange without obtaining a registration from the regulator as a Recognized Market Operator, which is an offence under the Capital Markets and Services Act.

The regulator gave CEO Leon Li the task of ensuring that the crypto exchange adheres to the given directives.

Furthermore, the Securities Commission Malaysia (SC) also asked Malaysian investors using Huobi Global to cease using the exchanges platform, withdraw their assets, and close their accounts.

Huobi Global rebranding

In November 2022, Huobi Global underwent a rebranding after its acquisition by About Capital Buyout Fund the previous month.

As a result, a spokesperson of the company told a popular media outline that the order by the SC does not apply to the Huobi that operates under the rebrand but to the entity that is operating under the previous entity.

The post Securities Commission Malaysia (SC) orders Huobi Global to stop operations appeared first on CoinJournal.

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TORN price dumps 50% after attacker takes over Tornado Cash DAO

  • TORN price fell more than 40%, dropping from highs of $7.29 to lows of $3.55.
  • This is after the Tornado Cash DAO had passed a malicious proposal that included a bug from an attacker.
  • With complete control over the Tornado Cash governance system, the attacker proceeded to drain locked votes.

The price of TORN fell sharply as the market reacted to cryptocurrency news about a malicious takeover of the Tornado Cash governance.

In the initial market reaction, TORN price plummeted by nearly 50%, with sellers pushing the token’s value from highs of $7.29 to lows of $3.55. While further losses could still materialize, the token’s value has rebounded to above $4.40 as buyers attempt to keep the bears at bay.

At the time of writing, Tornado Cash is ranked 1,103 by market cap on CoinGecko. It has a market cap of $6.8 million, but has seen a total of $25.7 million worth TORN traded in the past 24 hours.

Attacker maliciously takes over Tornado Cash DAO

The price of Tornado Cash fell after an attacker took over the governance of the Tornado Cash DAO. The compromise happened after the community passed a malicious proposal, which the attacker used to drain funds from the governance treasury.

Tornado Cash is a crypto mixing service that runs on Ethereum. It was sanctioned by the US Treasury in February 2023. The governance system controls upgrades to the protocol and is run by those holding the project’s native TORN tokens.

On May 20, 2023, an attacker purportedly added an extra function to an upgrade passed by TORN holders. This gave the unknown entity an extra 1.2 million votes and effective control of the cryptocurrency’s governance system.

As highlighted by a pseudonymous crypto intelligence account Samczsun, control allowed the attacker(s) to withdraw 10,000 votes in TORN tokens. They sold these for $25,600 before draining the remaining amount of locked votes.

In total, 483,000 TORN was taken from the vault. 6,000 TORN was deposited on crypto exchange Bitrue, 379,000 was sold on-chain for $680,000 of ether, and just under 100,000 TORN remains under the attacker’s control.

In the aftermath of the compromise, Binance announced it would be halting TORN deposits until further notice.

Tron founder Justin Sun said TORN deposits and withdrawals on Huobi would remain open. Meanwhile, the Tornado Cash team says its working on a fix for the vulnerability. 

The post TORN price dumps 50% after attacker takes over Tornado Cash DAO appeared first on CoinJournal.

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Bitcoin price prediction ahead of key week for the markets

  • The next week will be critical for BTC, crypto analyst Michael van de Poppe says.
  • Bitcoin price could see a new uptrend if BTC can break out after a successful retest of the 200-day moving average.
  • However, if BTC fails to break above this level, it could fall to past recent lows, with the key target at $25k or lower.

Bitcoin’s price has struggled to reclaim support above $28,000 and is currently facing fresh downside pressure just above the $27k level.

While the price is looking for a successful retest and bounce from a key technical level, bulls could be left battling a deeper correction if prices break lower from this level, which one analyst has highlighted as a likely make or break scenario for BTC this coming week.

Bitcoin price: analyst says next week could be crucial

Market events next week could have an impact on Bitcoin price, with crucial economic data and events to watch out for including US GDP revisions, minutes of the last FOMC meeting and the core personal consumption expenditure (PCE) deflator – the Fed’s preferred measure of inflation.

A decision or vote on the debt-ceiling talks is also expected to highlight critical market-moving events this coming week. According to Michael van de Poppe, the Bitcoin price outlook for next week is likely to trend alongside a broader market reaction to the busy week.

He says BTC’s retest of the 200-day moving average has historically signaled an opportunity to accumulate. If BTC can break above this level, it could signal the end of the current correction and the start of a new bull market.

The analyst sees the next few days as important for bulls, suggesting that it could be a “make-or-break” situation.

“If you go back in history, the 200-MA retest is a great period to accumulate. In the past 6 months, #Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence. Next week is make-or-break. Fast breakout upwards -> end of correction,” van de Poppe tweeted.

The 200-day moving average is a long-term moving average that traders often look to for support or resistance levels. A BTC breakout from the 200-day moving average has often seen bulls take control.

If BTC can break above the 200-day moving average, it could reach $35,000 by the end of the week. However, if bulls fail to fend off the marauding bears, it’s possible for a revisit of the $25k region.

The post Bitcoin price prediction ahead of key week for the markets appeared first on CoinJournal.