Kategorie: Crypto News

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Bitcoin signals potential breakdown, top analyst says about BTC price

  • Bitcoin (BTC) is positioned for further downside as a new Weekly Close below the 200-week moving average signals.
  • BTC rejecting from above $26k would welcome bears to the party as double-confirmation of the breakdown.
  • According to crypto analyst Rekt Capital, the 200-week MA is a robust resistance zone. 

As Bitcoin bulls face rejection from above $26k, a top analyst has pointed out the benchmark cryptocurrency’s price faces fresh downside pressure.

BTC price is currently 2.4% up in the past week, but has failed to break past key resistance around $26,600. The breakdown to lows of $24,800 last week amid negative regulatory headlines appears to have only emboldened bears further.

Bitcoin positioned for downside

According to crypto analyst Rekt Capital, the technical outlook for BTC suggests more weakness is likely. This is after a new weekly close below the 200-week moving average, which signals a “double confirmation of [a] breakdown,” the analyst noted.

Last week, Bitcoin price recovered from lows of $24.8k after the market reacted sharply to the SEC’s lawsuits against crypto exchanges Binance and Coinbase. Commenting after the upside, Rekt Capital suggested that Bitcoin had “run straight into the 200-week MA”

He noted that if bears managed to turn this zone into new resistance, there was likelihood BTC could see a “two-step breakdown confirmation.” Such a price scenario was likely to result in further downside pressure.

“Technically, BTC is positioned for downside. Why? Because it has produced another, new Weekly Close below the 200-week MA. As a result, $BTC has shown double-confirmation of breakdown from the 200-week MA. Continued rejection here could send price lower,” he tweeted on Monday, pointing to last week’s prediction.

Here’s a chart the analyst shared, showing Bitcoin’s rejection at both a downtrend line and the 200-week MA.

If Bitcoin gives up the $26k level again, a run to June lows could open up room for more losses. However, as BitMEX founder and former CEO Arthur Hayes pointed out last week, its likely crypto will hit the pain of an extended sideways action before a new trigger sets up an “autumn rally.”

As CoinJournal reported, the BitMEX founder believes the trigger will be retail trading, and a big possibility is this next bull market is led by the Chinese trader. BlackRock filing for a spot Bitcoin ETF could also be a significant tailwind in coming months.

The post Bitcoin signals potential breakdown, top analyst says about BTC price appeared first on CoinJournal.

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Ethereum proposal seeks to increase validator limit from 32 ETH to 2,048 ETH

  • Ethereum Foundation researcher Michael Neuder outlined the proposal during a core developer meeting.
  • The proposal seeks to raise the validator stake limit from 32 ETH to 2,048 ETH, an increase that would be 64x.
  • Core developers are considering the proposal.

Ethereum Foundation researcher Michael Neuder has proposed that Ethereum’s validator balance cap be increased from the current 32 ETH.

The proposal is under consideration by core developers and if approved could see those looking to be validators on the world’s largest proof-of-stake network required to have 2,048 ETH, a balance that would be 64 times higher than the current limit.

Raise ETH limit and auto-compounding of rewards

According to Neuder, while the 32 ETH limit works towards more decentralisation of the Ethereum network, increasing it not only helps lower the size of the validator set, but will also ultimately bring more efficiency to the leading altcoin. 

Large validators, such exchanges and institutions will find it easy to manage their operations given the reduction such an increase from 32 ETH to 2,048 ETH would occasion.

With the 32 ETH limit, entities that run as validators had to increase the number of validator nodes they operate for them to have sufficient stake. But with more people eyeing the staking rewards, the number of Ethereum validators has remained high even after the Shapella upgrade.

Currently, Ethereum has over 700,000 validators, and a further 90,000 are looking to join the set.

Also part of the proposal is the idea of having staking rewards auto-compounded. This means instead of requiring any ETH above the current cap moved to another account, the rewards could be compounded to have validators earn higher staking income.

While core Ethereum developers debated the likely pitfalls of implementing such a change, the agreement was for continued discussions. Notably, the proposal seeks to increase the limit, but the minimum stake will remain 32 ETH.

The post Ethereum proposal seeks to increase validator limit from 32 ETH to 2,048 ETH appeared first on CoinJournal.

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XRP/USD price prediction: bullish triangle favors a move to $0.8

  • XRP/USD keeps failing at the $0.55 area
  • As long as the market holds the higher lows series, the bias remains bullish
  • A bullish triangle’s measured move points to $0.8

The cryptocurrency market is in consolidation following the strong rally since the start of the year. For example, Ripple (XRP) rallied against the US dollar in the first four months of the year as it jumped from $0.3 to almost $0.6 following the overall bullish cryptocurrency market trend.

But then, a consolidation followed. Since trading close to the $0.6 level, XRP/USD failed to make a new high for the year. In fact, it was constantly rejected by horizontal resistance.

However, this rejection, while bearish short term, also tells something different. As long as the price action keeps the series of higher lows intact, it builds energy before another try at the resistance level.

In other words, the bias remains bullish for the XRP/USD if the price is above $0.4. If the level holds, XRP/USD may be close to finishing a bullish reversal triangle with a measured move pointing to much higher levels.

XRPUSD chart by TradingView

Ripple finds support at $0.3

The cryptocurrency market’s bearish trend ended in the last part of 2022. In the case of XRP/USD, one can see a double bottom pattern at the $0.3 level – a bullish reversal pattern.

But that is not the only bullish sign. The fact that the market formed a series of higher highs while failing at horizontal resistance tells us that it is building energy to break higher.

More precisely, the price action resembles a bullish triangle. On a close above $0.6, the market should keep advancing toward the $0.8 area because such a triangle has a measured move equal to the length of its longest segment.

The post XRP/USD price prediction: bullish triangle favors a move to $0.8 appeared first on CoinJournal.

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Sui Blockchain awards blockchain security firm CertiK $500K CertiK for flagging a threat

  • Sui awarded CertiK for identifying a vulnerability dubbed “HamsterWheel” on Sui Blockchain.
  • The “HamsterWheel” vulnerability traps nodes in an endless loop similar to hamsters jogging on a wheel.
  • HamsterWheel attack demonstrates the evolving sophistication of threats to blockchain networks.

Sui Blockchain has awarded the blockchain security company CertiK a $500,000 bounty for identifying a threat that could have brought down the entire Sui layer-1 blockchain.

The identified vulnerability is called “HamsterWheel” and the CertiK team explained that the vulnerability was distinct from more conventional attacks that aim to crash nodes and bring down blockchains.

HamsterWheel attack details

Similar to hamsters running on a wheel, the HamsterWheel attack traps nodes and allows them to carry out operations without processing new transactions. The attack has the power to paralyze networks and render them unusable.

Certick identified the HamsterWheel vulnerability before Sui’s mainnet launch at the beginning of May 2023. Sui then went ahead and implemented fixes in response to the security threat to guard against the potential harm that an attack could cause to the blockchain.

Sui gave CertiK a $500,000 bounty as a thank-you for their efforts; emphasizing the value of bug bounty programs and preventative security measures.

Blockchain security

According to CertiK’s chief security officer Kang Li, threats to blockchain networks are constantly changing. Li stated that “the HamsterWheel attack’s discovery demonstrates the evolving sophistication of threats to blockchain networks.”

CerticK’s announcement states that additional technical information will be released and made accessible soon. Additionally, once all mitigations have been implemented and thoroughly tested, complete reports will be made public.

The post Sui Blockchain awards blockchain security firm CertiK $500K CertiK for flagging a threat appeared first on CoinJournal.

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BNB price prediction as Binance outflows continues

  • BNB crypto price has been in a strong bearish trend in the past few weeks.

  • Binance is facing significant regulatory concerns.

  • The company exited the Netherlands and is facing a crackdown in the US and the UK.

Binance Coin price crawled back slightly during the weekend as investors attempted to buy the dip. The BNB token rose to a high of $245, which was higher than this month’s low of $221. It remains sharply below the year-to-date high of $351.

Binance outflows continue

Binance Coin is one of the leading cryptocurrencies in the world with a market cap of over $37 billion. It is a leading coin that powers the BNB ecosystem, which is a platform that powers the decentralized finance (DeFi), metaverse, and the non-fungible token (NFT).

BNB coin is known for its association with Binance, the biggest crypto exchange in the world. Binance has made several headlines in the past two weeks. It is facing a major investigation by the Securities and Exchange Commission (SEC). 

Most recently, Binance announced that it was exiting the Dutch market. The company has announced that it is not accepting new customers from the country. The statement added:

“No further purchases, trades or deposits will be possible. We encourage users to take appropriate action by withdrawing assets from their Binance accounts.”

Binance is also facing investigations in France, the second-biggest economy in Europe. Most importantly, the firm decided to cancel it registration in the UK, where it is also facing significant regulatory concerns. 

As a result, data shows that the company’s assets have dropped in the past few weeks. According to DeFi Llama, Binance has lost over $80 million in assets in the past 24 hours. It has lost over $4.4 billion in the past 30 days.

Further, the BNB Chain has seen its DeFi total value locked (TVL) drop by more than 23% in the past 30 days. It now has a TVL of over $5.17 billion, making it the third-biggest chain in the world after Ethereum and Tron.

Binance Coin price prediction

The daily chart shows that the BNB price has been in a bearish trend in the past few days. As it dropped, the coin dropped below the important support levels at $298.4 and $265.6, respectively. The two were the lowest levels on April 3rd and March 10 of this year.

Binance Coin has dropped below the 25-day and 50-day moving averages. It has also formed what looks like a bearish pennant pattern. Therefore, the BNB price will likely have a bearish breakout as sellers target the next support at $200.

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