Kategorie: Ethereum News

• OKX Ventures invests in Ethereum L2 Scroll
• OKX says the strategic investment is meant to support Ethereum scalability.
• Scroll is expected to go live on the Ethereum mainnet in four months’ time.

OKX Ventures, the venture arm cryptocurrency exchange OKX, has announced a strategic investment in Scroll, a zkEVM-based zkRollup platform on Ethereum.

A press release OKX published on Tuesday said the investment is targeted at helping with Ethereum scalability via off-chain transactions.

Scroll uses zk-Rollups to boost Ethereum scalability

With Scroll built to allow for native compatibility for Ethereum-based dApps and tools, the collaboration will see the team tap into zero knowledge proofs and zkRollup technology to enhance transaction speed and lower user costs.

Scroll helps achieve the high throughput via off-chain computations, with only a validity proof submitted to the chain. This is what zkRollup is all about – taking transactions and bundling them into one before moving them off-chain for processing.

It’s a layer-2 solution designed to ensure greater usage and interaction with the mainnet without sacrificing the underlying security mechanisms. Once it goes live on Ethereum, Scroll could be applied across token transfers and specialised applications. Implementation of general-purpose smart contracts will also help with overall adoption of the Ethereum applications.

Unlike some layer-2 solutions, Scroll will not require changes to the Ethereum protocol. This is because implementation for the off-chain solution is independent of Ethereum’s layer-1 mainnet. Scroll is expected to go live on the Ethereum mainnet in four months’ time and its Alpha release is now available to all.

Scroll has seen over 672,700 unique wallet addresses and recorded more than 2,916,472 transactions.

The post OKX Ventures invests in Ethereum Layer 2 platform Scroll appeared first on CoinJournal.

• Hackers stole almost $200 million from Euler protocol on Monday.
• USDC accounted for a majority of the stolen tokens.
• Euler Labs is currently working to recover the funds.

Euler protocol is facing a different threat from the crypto firm collapses, crypto lawsuits, and crypto-related bank shutdowns that have plagued the crypto space in the recent past.

The small-cap Ethereum-based decentralized finance lending protocol was on Monday hacked leading to the loss of crypto assets worth nearly $200 million.

Euler flash loan attack

Blockchain security firm PeckShield on Monday tweeted notifying Euler to take a look at some fishy transactions from its platform.

Hi @eulerfinance: you may want to take a look: https://t.co/L7ddZhHNq5

— PeckShield Inc. (@peckshield) March 13, 2023

Looking at the transactions from Euler on etherscan, the hacker(s) took off with a variety of cryptocurrencies including 34.4 million USDC, 8.89 million DAI, 85,690 stETH, and 849 WBTC.

According to a tweet from SlowMist, another blockchain security firm:

“The attacker used flashloans to deposit funds and then leveraged them twice to trigger the liquidation logic, donating the funds to the reserve address and conducting a self-liquidation to collect any remaining assets.”

Euler Labs, the startup behind Euler Protocol, has however said that it successfully stopped the exploit and it is currently working to recover the stolen funds in collaboration with a number of firms including Chainalysis.

An update on our work today to recover funds for Euler protocol users.

Here are a few actions we took immediately:

1. Stopped the direct attack as soon as possible by helping disable the EToken module, which blocked deposits and the vulnerable donation function

2. Engaged TRM… https://t.co/6ZClE9uGoH

— Euler Labs (@eulerfinance) March 14, 2023

Euler’s native token, EUL, down 52%

The native token of Euler, EUL, dived by more than 52% following the revelation of the exploit.

At press time, the token was trading at $3.08 down from a high of $6.4826 on Monday morning. And although the token price seems to have consolidated above $3, it is not certain if the token will be able to hold that level seeing that it had dipped from its attempt to recover after the fall.

The post EUL token down 52% after the $200 million Euler protocol exploit appeared first on CoinJournal.

• Ethereum price prediction after markets dump on multiple negative news.
• The New York Attorney has sued KuCoin for selling unregistered securities and not registering as a broker-dealer.
• Ethereum price could flip even lower if bulls fail to consolidate above $1,400.

Ethereum price fell below $1,400 on Friday morning as the broader cryptocurrency market bled amid several negative catalysts.

As the price of Bitcoin dumped below $20,000, ETH price tanked nearly 10% to $1,379 after rejecting at highs of $1,545 on major exchanges. Ether is currently trying to recoup losses above $1,400 but remains well under the crucial $1,450 resistance line. 

Losses over the past 24 hours now stand around 8%, while it’s -14% over the past week.

Ethereum price prediction: ETH, crypto markets dump on KuCoin news

Ethereum price’s declines followed a broader crypto market rot that’s been witnessed for much of the week. Selloff triggers have included Silvergate Bank and overall uncertainty across financial markets aftr this week’s Fed Chair Jerome Powell’s testimony at the US Congress.

On Thursday, more negativity crept into the crypto market after Silvergate announced it was winding down its crypto bank, spooking traders even further as ETH fell below $1,500.

But downside pressure picked up after the New York Attorney General Letitia James filed a lawsuit against cryptocurrency exchange KuCoin. The price of KCS, the native KuCoin token, fell after the news.

As CoinJournal reported today, the lawsuit claims that KuCoin has been selling crypto securities and has not registered as a broker-dealer in the state of New York. The lawsuit names ETH as one of the securities KuCoin illegally sold to customers.

“The petition argues that ETH, just like LUNA and UST, is a speculative asset that relies on the efforts of third-party developers in order to provide profit to the holders of ETH. Because of that, KuCoin was required to register before selling ETH, LUNA, or UST,” NYAG noted in a press release.

The lawsuit also alleges that KuCoin has sold unregistered securities to customers in the jurisdiction via its KuCoin Earn product. KuCoin Earn is a lending and staking product. 

The New York Attorney General’s office further complained that KuCoin had failed to register as a securities and commodities broker as required under law. As the market reacted to the news, Ethereum tanked – alongside other cryptocurrencies.

Ethereum price prediction: short term technical outlook

To the bulls first:

If sentiment flips positive and ETH/USD pops higher, the first major hurdle is near the $1,430 supply zone. Above that bids for $1,500 could push Ether prices to retest the $1,574 resistance level.

But as on-chain data from Glassnode shows, ETH open interest (perpetual futures) just hit a three-month low going back to 16 December. Using this as an indicator of what market sentiment is like and possible price trend, we could say the bears are showing strength.

📉 #Ethereum $ETH Open Interest in Perpetual Futures Contracts just reached a 3-month low of $763,589,131.87 on #Bybit

Previous 3-month low of $766,048,123.11 was observed on 16 December 2022

View metric:https://t.co/idKO9SSbFA pic.twitter.com/yPF66EG7Gz

— glassnode alerts (@glassnodealerts) March 10, 2023

On the technical front, ETH price broke below the 50 daily simple moving average (50 SMA) on 3 March, with the breakdown pushing prices beneath a key uptrend line. The cryptocurrency has also extended the rot seen over the past week to below the 200-day SMA.

Elsewhere, the relative strength index (RSI) indicator on the daily chart is just above the lower band to suggest a bearish continuation is likely.

It’s a technical picture that suggests a bearish strengthening in the short term, with a likelihood for major struggle for bulls at the critical support zone near $1,400-$1,380. Below that, it could be a nosedive to lows of $1,240, with $1,166 a target.

Here’s a chart showing the technical outlook for Ether.

The post Ethereum price prediction: NYAG labels ETH a security in KuCoin lawsuit appeared first on CoinJournal.

The Ethereum price prediction is getting increasingly bullish after Vitalik Buterin’s recent comments about the network. However, it remains to be seen whether Ethereum can outperform the AltSignals ($ASI) crypto presale, as the new token is an exciting initiative that will serve a large existing Web3 project.

Vitalik Buterin’s bullish crypto market predictions

Vitalik Buterin’s crypto market predictions forecast bullish Ethereum price action over the coming years. In a recent podcast appearance, Buterin highlighted the launch of Ethereum during the 2015 bear market, the launch of Uniswap in 2018, and the completion of The Merge in 2022, as key technological advancements that have and will move the industry towards mass adoption.

The crypto market predictions from Vitalik Buterin have produced the largest ecosystem of decentralized applications (dApps) since Ethereum was launched in 2015. The Ethereum price prediction grows increasingly bullish with every market cycle, as crypto market predictions forecast that the Ethereum ecosystem will remain the largest ecosystem in Web3.

What is Ethereum?

Ethereum (ETH) was the first Turing complete blockchain. This means that it could support smart contracts and the development of dApps, which has led to over 2000 independent blockchain projects being built on the Ethereum network.

Ethereum originally used a proof-of-work consensus mechanism. This caused congestion on the network as it grew, leading to slow transaction speeds and expensive gas fees. In 2022, Ethereum successfully transitioned to a proof-of-stake consensus protocol, which reduced the blockchain’s energy costs by 99%.

Ethereum price prediction: Can ETH reach $2500 in 2023?

The Ethereum price prediction is bullish, in line with the rest of the crypto market predictions. After rising 60% from its recent lows, the Ethereum price prediction now targets higher levels before the end of 2023.

ETH has a key resistance level at the $2400 price level. The Ethereum price prediction forecasts that ETH will struggle to break through this resistance before the end of 2023, as it may retrace before reaching $2500.

The wider crypto market predictions remain bullish on the long-term future of Ethereum. Crypto market predictions for the Ethereum network,which take layer-2 scaling solutions and thousands of independent dApps into consideration, will place the Ethereum price prediction at over $10,000 over time.

What is AltSignals?

AltSignals is an industry-leading trading group, where accurate crypto market predictions have been shared among members since 2017. The project helps anyone to become an expert trader by sharing lucrative trading opportunities on a daily basis.

AltSignals helps both beginners and professionals alike. New traders can minimize the learning curve as they embark on their crypto trading journey, while professionals can maximize their returns.

AltSignals has already helped its some members to 10x their portfolio in 19 out of 32 months on record with its AltAlgo™ tool. Now, the project is offering an expanded suite of blockchain services and is launching the ASI token to make it happen.

How does $ASI work?

Holders of ASI tokens will have access to AltSignals’ new ActualizeAI tool, which will combine advanced artificial intelligence technologies to deliver unparalleled trading signals. Machine learning, natural language programming (NLP), and predictive modelling will be used to analyze complex market data sets. The tools will take a range of indicators, including market sentiment analysis, and determine the best entry levels for profitable crypto trades.

The ASI token can also be used to gain early access to presales and private sales in the crypto markets. After AltSignals’ highly successful long-term record sharing crypto market predictions, this feature could produce significant returns for all participants.

$ASI can also be used to gain entry to AI Members Club. AI Members Club is where the latest AI-powered trading tools will be shared between members. By holding the ASI token, users can gain access to these tools before they are launched to the public and gain an edge for crypto market predictions.

Can $ASI reach $1 in 2023?

The ASI token is unique, in that it is launching to a large existing community and represents a highly successful blockchain project. Because AltSignals is launching a revolutionary new AI trading tool, the AltSignals crypto presale potentially is a highly lucrative investment opportunity.

Early participants in the $ASI crypto presale can expect major long-term returns. This is because presales are the earliest stage of investment – meaning that $ASI has yet to launch on exchanges. With deflationary tokenomics, $ASI looks destined to rise as more people become aware of the platform and as community members share their success with ActualizeAI trading signals.

By the end of 2023, $ASI has a $1 price target – a 45x price rise from the end of the presale. $ASI is expected to outperform the Ethereum price prediction, as it will enter price discovery once it is made available on digital asset exchanges.

AltSignals vs Ethereum price prediction: Which is worth buying?

The $ASI crypto presale is expected to produce major returns from the current price level. The AltSignals project combines world-leading technologies, both blockchain and artificial intelligence, to help its community make money online.

Since the project is in its earliest stage of investment, this gives it tremendous potential for returns. $ASI is expected to outperform ETH as a result, but both tokens are great additions to an investment portfolio. Make sure to check out the $ASI crypto presale before the price rises too much, as the value of $ASI is rising from $0.012 to $0.02274 over the course of the event.

You can participate in the $ASI crypto presale here.

The post Ethereum Creator Vitalik Buterin Has High Hopes for Ethereum’s Price in 2023 But AltSignals’ New Token Is Gaining Interest appeared first on CoinJournal.