Schlagwort: blockchain markets

Veröffentlicht am

0DOG and MATIC price prediction amid Polygon’s token swap

Bitcoin fell to lows of $56k again as crypto dumped amid a fresh surge in stocks.

Many altcoins are mirroring this dump, including Polygon and Bitcoin Dogs. Yet, as the market experiences new downside pressure at the start of a historically tough September, most experts are doubling down on a bounce for Bitcoin in coming months.

Is this the same outlook for Polygon price? What about the Bitcoin Dogs token?

What are analysts saying about Bitcoin (BTC)?

The latest outflows from spot Bitcoin exchange-traded funds – which recorded a net outflow of $288 million on Sept. 3 to hit a five-day streak – illustrate the robust challenge buyers face. But despite a difficult August and largely anticipated struggle in September, top analysts remain bullish on Bitcoin price long term.

In the short term, QCP Group analysts say a crucial indicator, the volatility momentum indicator, has triggered for both Bitcoin and Ethereum. According to a post on X, the crypto market is set for heightened volatility, with a potential momentum shift to the upside.

CryptoQuant analyst Crypto Dan suggests BTC could see a short term rebound if market sentiment flips positive amid the expected Federal Reserve interest rate cut in September. An opposite outcome would see the flagship cryptocurrency struggle through the remaining months of 2024.

Polygon price prediction as MATIC transitions to POL

Polygon has officially activated the MATIC to POL token migration, with POL the new native token for gas and staking on the main Polygon PoS chain.

The token migration is a 1:1 swap for MATIC to POL, which means the new token retains token supply metrics such as 10 billion total supply.

While this is a key network upgrade that has received support from major exchanges, the price reaction has been largely muted. After spiking to highs of $0.59 in August, price is down 18% in the past month to around $0.37.

Polygon MATIC 7-day price chart

In late August, analysts at Santiment highlighted that despite MATIC price declines, on-chain activity suggested a potential reversal. With daily RSI and MACD indicators pointing to bears having an upper hand, Polygon price might have to reclaim $0.40 for bulls to come into the picture.

0DOG price prediction

Bitcoin Dogs (0DOG) is the project that delivered the first ICO on Bitcoin.

The 0DOG token has been listed on major crypto exchanges MEXC, Gate.io and DEX platform Uniswap. Despite retreating from the all-time high of $0.04934 reached on Aug. 22, 0DOG price has increased more than 85% from the all-time low of $0.0063 reached on Aug. 28.

While price has dipped 8% in the past 24 hours and volume is down 35%, the overall outlook is positive. 0DOG is one of the top five trending tokens on Gate.io.

As well as the exciting prospects of landing on other top tier exchanges – Binance could be a major move – there’s mounting enthusiasm around the Bitcoin Dogs game. The platform also targets the nascent Bitcoin ecosystem with an exclusive NFTs project.

Combined with multiple potential bullish catalysts for Bitcoin in 2024 and 2025, 0DOG price could reclaim its ATH and target $0.5 and the psychological $1 in coming months.

You can learn more about Bitcoin Dogs here.

The post 0DOG and MATIC price prediction amid Polygon’s token swap appeared first on CoinJournal.

Veröffentlicht am

ZKsync developer Matter Labs lays off 16% of its workforce

  • Matter Labs has laid off 24 employees, over 16% of its workforce, amid market changes.
  • The company is shifting focus from general-purpose scaling to niche applications.
  • Despite layoffs, Matter Labs continues hiring for critical engineering and business roles.

Matter Labs, the company behind the Ethereum scaling network ZKsync, has announced the layoff of over 16% of its workforce, affecting 24 employees.

The announcement, made on September 3, 2024, by Matter Labs’ co-founder and CEO Alex Gluchowski, marks a significant shift for the company as it navigates the increasingly competitive landscape of Ethereum layer-2 scaling solutions.

Matter Labs restructuring amid market challenges

The layoffs come as Matter Labs re-evaluates its strategy in the face of changing market conditions and evolving business needs. It follows a large organizational planning exercise that revealed a mismatch between the company’s current talent and the needs of its future strategy.

According to Gluchowski, the decision to downsize was “the hardest change” he’s had to implement in the company’s six-year history.

In the layoff announcement, Gluchowski explained that the affected employees were notified of their termination and emphasized that the decision was not performance-related. He highlighted the necessity of aligning the company’s resources with its new strategic goals.

Despite the layoffs, Matter Labs is currently hiring for key roles in engineering, business development, and operations, underscoring its ongoing commitment to innovation and growth despite the reduction in staff.

Shifting focus from general-purpose to niche solutions

The layoffs are part of a broader strategic pivot for Matter Labs.

In June 2024, the company introduced the Elastic Chain, a new solution aimed at enhancing interoperability for the growing number of teams building custom chains on ZKsync. This launch has prompted Matter Labs to reconsider its positioning in the highly competitive Ethereum layer-2 ecosystem, which includes other major players like Coinbase’s Base, Polygon, Arbitrum, and Optimism.

Gluchowski indicated that Matter Labs might be moving away from its initial focus as a general-purpose Ethereum scaler. Instead, the company is exploring more niche and case-specific applications of its technology, a move designed to better meet the needs of its users and stay competitive in the crowded market.

As Matter Labs adjusts its course, the company’s commitment to innovation remains strong. The layoffs, while difficult, are a step towards aligning its workforce and resources with its evolving strategy in the Ethereum scaling space.

The post ZKsync developer Matter Labs lays off 16% of its workforce appeared first on CoinJournal.

Veröffentlicht am

Avalanche announces Avalanche9000, its largest upgrade since mainnet launch

  • Avalanche9000 upgrade will enhance subnet deployment on Avalanche, making L1 launches more feasible.
  • The upgrade will also Introduce customizable chains, speeding up project development and market entry.
  • The announcement has had no impact on the price of AVAX, which is down 2.22% amid a broader market decline.

Avalanche, a leading high-performance blockchain platform, has unveiled its most significant network upgrade since its mainnet debut in September 2020. The upgrade, named Avalanche9000, marks a pivotal moment in the evolution of the Avalanche ecosystem as it aims to further solidify its position within the crypto landscape.

Avalanche has gained recognition for its highly scalable and flexible blockchain architecture, which enables developers to build and deploy decentralized applications (dApps) on a fast, secure, and low-cost network.

As the platform continues to grow, the introduction of Avalanche9000 is poised to elevate its capabilities, driving greater adoption and innovation across the ecosystem according to a blog post by Avalanche.

Enhancing Avalnche’s scalability and flexibility

One of the key goals of Avalanche9000 is to accelerate the deployment of subnets, specialized Layer 1 chains (L1s) that operate within the Avalanche network. These subnets allow developers to create custom chains with specific rules on membership, tokenomics, and execution layers, offering a tailored and optimized experience for different use cases.

With Avalanche9000, the deployment of these subnets will become more economically feasible, enabling a broader range of developers and enterprises to launch their own L1s. The upgrade will also introduce customizable chains, reducing the time it takes for projects to go from concept to market.

By streamlining the development process, Avalanche9000 is set to empower innovators and entrepreneurs with the tools they need to quickly and efficiently build on the Avalanche platform.

Expanding the Avalanche ecosystem

In addition to technical enhancements, Avalanche9000 will be accompanied by the release of tools and documentation designed to assist users in launching their own L1s. The upgrade is also expected to include a variety of network changes based on community proposals, along with developer incentives and partnerships with key industry players.

Several major L1 launches are already lined up, including those by Deloitte, DeFi Kingdoms, Gunzilla Games, MapleStory, Shrapnel, and SK Planet. These projects highlight the growing interest in Avalanche as a platform for both enterprise and gaming applications, further establishing its reputation as a versatile and robust blockchain solution.

As the Avalanche9000 testnet is set to launch soon, the blockchain community eagerly anticipates the impact of this upgrade on the broader ecosystem. With its focus on scalability, flexibility, and ease of use, Avalanche9000 represents a significant step forward in the ongoing evolution of the Avalanche network.

The post Avalanche announces Avalanche9000, its largest upgrade since mainnet launch appeared first on CoinJournal.

Veröffentlicht am

WazirX hacker sends $6.5M ETH to Tornado Cash amid ongoing INR withdrawals

  • WazirX hacker sends $6.5M ETH to Tornado Cash as the second phase of INR withdrawals starts
  • The hack on July 18 led to a $230M theft, causing halted trading and frozen withdrawals.
  • WazirX is battling legal issues and ongoing investigations.

The WazirX hacker has moved $6.5 million worth of stolen Ethereum (ETH) to Tornado Cash.

This transfer comes as WazirX, the Indian cryptocurrency exchange that got hacked in July 2024, begins the second phase of Indian rupee (INR) withdrawals.

The first phase of partial INR withdrawals started on August 26 and was initially scheduled to run until September 8.

WazirX hacker has moved 2.6K ETH through Tornado Cash

Blockchain security firm Cyvers reported that the hacker responsible for the WazirX breach has transferred 2,600 ETH, worth approximately $6.5 million, through Tornado Cash.

Tornado Cash, which has been sanctioned by the US government, is known for its role in obfuscating the origins of digital assets, making it difficult for law enforcement to trace and recover stolen funds. The hacker’s move underscores the sophisticated tactics employed by cybercriminals to evade detection.

The WazirX hack, which took place on July 18, 2024, led to the theft of over $230 million from the exchange’s multi-signature wallet. The breach significantly impacted WazirX’s operational stability, affecting its ability to maintain collateral against its assets.

Following the attack, withdrawals were frozen, and trading was halted, with the exchange focusing on a partial recovery. Reports indicate that the losses may be socialized among users, potentially resulting in some not receiving the full value of their cryptocurrency holdings.

WazirX’s efforts to restore operations

Originally, the second phase of INR withdrawals that started today, allowing users to withdraw up to 66% of their INR balances, was scheduled to open on September 9, but the exchange decided to move it forward to provide users with access to their funds sooner.

This decision comes as part of a staggered plan to restore financial operations following the massive hack.

WazirX has also been engaged in legal proceedings in Singapore as part of its restructuring efforts. The exchange’s approach includes working with law enforcement agencies to address the fallout from the attack and to seek justice.

Despite seeking a 30-day moratorium from Singapore’s High Court to restructure its operations and address user withdrawals, the exchange has been sued by CoinSwitch for $9.7M.

The company has faced challenges in fully reinstating INR withdrawals due to ongoing investigations, with a portion of rupee-denominated balances still being inaccessible as of late August.

As the situation evolves, both the stolen funds’ recovery and the broader impact on WazirX’s users remain critical concerns.

The post WazirX hacker sends $6.5M ETH to Tornado Cash amid ongoing INR withdrawals appeared first on CoinJournal.

Veröffentlicht am

Texas approves debtor-in-possession financing plan for BTC miner Rhodium

  • Rhodium filed for Chapter 11 with debts of up to $100M and assets of up to $500M.
  • The debtor-in-possession financing plan is offered by Galaxy Digital.
  • Galaxy Digital offers Rhodium a $30M loan or 500 BTC with a 9.5%-14.5% interest.

Rhodium Enterprises, a Texas-based Bitcoin mining firm, has recently garnered significant attention following its Chapter 11 bankruptcy filing on August 24, 2024.

With liabilities ranging between $50 million and $100 million, and assets valued between $100 million and $500 million, Rhodium’s financial struggles have highlighted the growing challenges within the cryptocurrency mining sector.

Riot Platforms claims Rhodium owes it $26M

At the heart of Rhodium’s financial distress is its strained relationship with its landlord and power supplier, Whinstone.

This tension contributed to Rhodium defaulting on a $54 million loan in July, shortly before the company raised $78 million in additional lending. The strain has culminated in the filing of a lawsuit by rival mining firm Riot Platforms, which claims Rhodium owes over $26 million in unpaid fees.

Texas approves debtor-in-possession financing plan for Rhodium

Despite these setbacks, Rhodium has secured an unusual debtor-in-possession financing plan approved by a Texas court.

This plan, offered by Galaxy Digital — a blockchain firm led by Mike Novogratz — provides Rhodium with a choice between a $30 million loan with a 14.5% annual interest rate or a 500 Bitcoin loan with a 9.5% interest rate.

Notably, the Bitcoin miner has the option to repay the Bitcoin loan in US dollars, based on market prices at the time of repayment.

The approval of this financing plan is particularly striking given the volatility of Bitcoin price, which adds a layer of uncertainty to Rhodium’s repayment obligations. Over the last month, Bitcoin has seen a nearly 11% decline, reflecting broader market instability.

Rhodium’s struggles are not isolated; they are emblematic of the broader challenges facing the cryptocurrency mining industry. The recent Bitcoin halving has reduced mining rewards while rising electricity costs have eroded profit margins.

As Rhodium endeavours to reorganize and recover, its journey underscores the precarious state of the crypto-mining sector in an increasingly volatile market.

The post Texas approves debtor-in-possession financing plan for BTC miner Rhodium appeared first on CoinJournal.