Schlagwort: crypto analysis

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Altcoins today: WLFI dips after debut, BGB rallies on new utility, MemeCore enters top 100

  • WLFI plunges on its first trading day amid profit-taking.
  • BGB leads upside as it gains more roles in the Morpho network.
  • MemeCore broke into the top 100 after significant gains in the past few sessions.

Cryptocurrencies displayed mixed performances on Tuesday, with top tokens stable amid uncertainty.

As usual, a lot is happening in the sector today.

This article evaluates three projects that are making waves fundamentally and technically. Let’s find out more.

World Liberty Financial’s new WLFI token led the downside, losing more than 14% on its 24-hour chart after its closely-watched September 1 trading debut.

MemeCore has entered the top 100 digital assets’ list by market cap following remarkable rallies, fueled by strategic collaborations and whale accumulation.

Moreover, BGB soared after Bitget hinted at more governance and gas use cases for the native coin within the Morpho blockchain. Here are more details.

WLFI fails to keep pace after strong debut

World Liberty Financial opened its governance token, WLFI, for trading on September 1.

It dominated crypto forums and social media trends, with early investors celebrating staggering returns.

However, the bullish party didn’t last. WLFI jumped to $0.33 highs after going live.

However, selling pressure from unlocks holders triggered substantial price declines in the past 24 hours.

WLFI is trading at $0.2397 after losing more than 14% of its value within a day.

Its market cap has plunged from above $9.4 billion to $6.55 billion, ranking #33 on Coingecko.

Some investors and traders are already counting massive losses.

For example, Andrew Tate lost $67.5K early today after selling pressure liquidated his long position.

He executed another long position, possibly signaling confidence in the alt’s rebound if not revenge trading.

BGB rallies as new use cases spark bullish momentum

Bitget’s native token stole the show with sharp rallies today.

BGB trades at $5.26 after gaining more than 15% on its daily chart.

The upside stance coincides with a new collaboration between Bitget and L2 payment platform Morph to reshape BGB’s role within the market.

The exchange confirmed it would move the entire 440 million team-held BGB assets to the Morpho Foundation, which will handle all future developments linked to the native coin.

Effectively, BGB will land new utilities as Morpho’s governance and gas token.

That positions the altcoin for increased adoption in the payment sector.

The official announcement highlighted:

Bitget plans to transfer all BGB tokens held by its team to the Morpho Foundation, and the Morpho chain will adopt BGB as its gas and governance token, driving the prosperity of the Morpho ecosystem.

MemeCore joins the top 100 cryptos

MemeCore has grabbed attention after its remarkable rally into the top 100 digital assets by market value.

M price hovers at $0.8369, ranking 93rd on Coingecko with its $1.39 billion market capitalization.

Strategic collaborations, whale purchases, and liquidity events fueled the upside.

The primary catalyst came from the partnership with token launcher D-Pump.

The alliance promises technical support, market expansion, and ecosystem interconnection, themes that resonate with market players seeking the next viral crypto.

Also, MemeCore’s MemeX liquidity event injected around $5.7 million into ME’s ecosystem.

Liquidity providers and traders joined, catalyzing short squeezes that propelled the upswing.

Moreover, Nansen data shows intensified whale activity, with dip-pocketed players accumulating more than 51.9 million MemeCore tokens last month.

The post Altcoins today: WLFI dips after debut, BGB rallies on new utility, MemeCore enters top 100 appeared first on CoinJournal.

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XVS price slips after $27M Venus Protocol phishing attack

  • A Venus network user suffered massive losses after authorizing a malicious transaction.
  • The perpetrator took seconds to drain vUSDT, BTCB, vETH, vXRP, and vUSDC.
  • The native token plunged sharply after the news.

While the crypto market displayed stability on Tuesday, XVS painted its daily chart red after news surfaced that a Venus Protocol user had encountered a sophisticated phishing scam, resulting in the loss of digital assets worth a whopping $27 million.

What attracted attention is how the incident unfolded.

It was not a weakness in Venus Protocol. The attacker gained complete access to the victim’s assets after a simple mistake.

According to an on-chain investigator, PeckShield:

The victim approved a malicious transaction, granting token approval to the attacker’s address (0x7fd8…202a) for asset transfer.

The perpetrator’s burner wallet instantly drained the assets after the user approved access.

It took seconds to lose a fortune, likely accumulated in years.

Such incidents underscore the brutal reality in the DeFi world, where a simple mistake can translate to disastrous losses.

The numbers reveal how devastating the attack was:

  • $19.8M in vUSDT
  • $7.15M worth of vUSDC
  • $146K in vXRP
  • $22K in vETH
  • $285 Bitcoin on BNB Chain (BTCB)

The victim lost what most people would consider generational wealth, especially in the crypto industry.

What’s worse is that the hack didn’t happen due to weaknesses in Venus Protocol.

The attacker leveraged the user’s innocence and deception to orchestrate the scam.

Venus Protocol remains secure

One thing that the community would like to know is whether the perpetrator breached the Venus Protocol.

NO. The BNB Chain-based lending and borrowing protocol remained secure and fully operational.

The $27 million loss didn’t stem from a coding flaw, systematic exploit, or bugs in smart contracts.

It is part of the rising trend of social engineering frauds, where attackers trick users into authorizing token approvals.

In June, a New York scammer used social engineering to steal assets worth over $4 million from a Coinbase user.

Another similar incident had a victim losing over $240 million in August last year.

The weak point has nothing to do with the protocol, but the user who’s controlling the wallet.

Thus, the Venus Protocol remained operational after one of its users suffered a devastating loss.

Doesn’t that add to the victim’s frustration?

Risks linked to DeFi’s freedom

Decentralized finance thrived on permissionless technology.

However, that freedom carries significant dangers.

Token approvals ensure streamlined interactions between digital assets and decentralized applications (dApps).

Nevertheless, giving wallets unlimited approvals limits user control.

The powers turn deadly if the wallet belongs to a fraudster.

That’s what the Venus Protocol victim met – a simple approval turned out to be a complete disaster.

Furthermore, DeFi doesn’t have a refund button or helpline.

Mistakes are final in this industry, and the $27 million is likely gone forever.

XVS price outlook

Venus Protocol’s native token turned bearish amidst the scam developments.

It has lost more than 6% on its daily chart after a sharp dip.

XVS trades at $5.99 with an overwhelming selling pressure.

The 400% surge in 24-hour trading volume signals heightened activity, potentially from holders exiting positions to avoid further losses.

Bears dominate XVS’s price charts, hinting at more declines before the altcoin secures footing.

The post XVS price slips after $27M Venus Protocol phishing attack appeared first on CoinJournal.

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BNB price forecast: BNB could retest $820 before rallying higher

Key takeaways

  • Binance’s BNB is down 1% despite other leading cryptocurrencies performing positively.
  • The coin could retest the $820 low before rallying above $900.

BNB stays above $850 as the market looks to recovery

BNB, the native coin of the Binance ecosystem, is down less than 1% in the last 24 hours despite the broader market embarking on a mini recovery. Its poor performance means that BNB is still trading around $250 while BTC, SOL, BCH, and XRP move higher.

The stable price action also comes despite Binance announcing that it has launched its Mexican entity Medá. According to the crypto exchange, Medá is registered as an Electronic Payment Funds Institution. The new entity will also operate as an independent division focused on advancing fintech services for Binance throughout Latin America.

Binance has also committed a $53 million investment in the new entity over the next four years. The positive news of Binance expanding its operations in Latin America didn’t do much for its price in the near term.

BNB could retest $820 before rallying higher

The BNB/USD 4-hour chart is bullish and efficient as BNB reached a new all-time high of $900 ten days ago. The recent ATH means that the momentum indicators remain bullish.

The RSI of 46 shows that BNB is facing selling pressure, while the MACD lines have crossed into the bearish territory. If the selling pressure continues, BNB could retest the TLQ and support level at $820 over the next few hours.

BNB/USD 4H Chart

The liquidity resting at the $820 TLQ could provide the necessary push for BNB to retest the $900 high once again. However, failure to protect the $820 low could see BNB drop to the $792 support region.

Any move towards $900 would allow BNB to rally towards the $1,000 psychological, setting up a new all-time high in the process.

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BCH crosses $550, outperforms other major cryptos; Check forecast

Key takeaways

  • Bitcoin Cash is the best performer among the top 20 cryptocurrencies by market cap.
  • The coin could hit $600 soon as the broader crypto market embarks on a recovery

BCH hits $550 as market shows signs of recovery

BCH, the native coin of the Bitcoin Cash blockchain, is the best performer among the top 20 cryptocurrencies by market cap in the last 24 hours. The coin rallied by 5% in the last 24 hours to cross the $550 mark and now trades at $567 per coin.

Its positive performance comes as the broader crypto market slightly recovered from Monday’s slump. Bitcoin is trading above $110k once again after dropping to the $107k region over the weekend.

Ether, the second-largest cryptocurrency by market cap, has also topped $4,400 after testing the $4,250 low on Monday. Bitcoin Cash could now rally higher over the coming hours as the bullish momentum slowly returns.

BCH targets the $608 high

The BCH/USD 4-hour chart is bullish and efficient thanks to Bitcoin Cash’s performance in recent weeks. The higher timeframe sentiment remains bullish despite the recent market sell-off.

The RSI of 63 shows that BCH could be heading into the overbought region if the bullish trend continues. The MACD lines are also in the positive territory, suggesting that the momentum indicators have a bullish bias.

BCH/USD 4H Chart

If the recovery continues, BCH could surge towards last week’s high of $608 over the next few hours. An extended bullish run would allow BCH to reclaim the August high of $633. 

However, the market conditions remain choppy, and Bitcoin Cash could undergo a correction. If that happens, BCH could retest the weekend low of $521 before dropping towards $490 for the first time since July. 

Despite that, BCH remains one of the strongest coins among the top 20 at the moment. It could rally higher in the near term if the market maintains the bullish momentum.

The post BCH crosses $550, outperforms other major cryptos; Check forecast appeared first on CoinJournal.

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Ether eyes $4,700 as the $4,250 support holds; Check forecast

Key takeaways

  • ETH has bounced back from the $4,250 low and is now trading around $4,470 per coin.
  • The coin could rally towards the $4,700 mark soon as bulls intensify recovery efforts.

ETH bounces back above $4,400

The cryptocurrency market closed August bearish as Bitcoin and Ether tested new lows. Bitcoin, the leading cryptocurrency by market cap, tested the $107k low before bouncing back to now trade above $108k.

Ether also dropped to the $4,200 level, finding support around $4,250. It has now recovered nicely and is trading at $4,480 per coin. The bearish performance comes just a few days after Ether hit a new all-time high of $4,953. 

With the recent support holding, Ether could rally higher in the short to medium term as analysts predict the coin to hit $6k over the coming weeks or months. 

Ethereum targets $4,700 as $4,250 support holds

The ETH/USD 4-hour chart remains bullish and efficient, thanks to Ether recently hitting a new all-time high. ETH failed to maintain its upward momentum and dropped to the $4,200 region over the weekend. 

At press time, ETH has recovered slightly and is trading above $4,400 per coin. The RSI of 52 shows that Ether is still in the positive territory, with the MACD lines also suggesting a bullish sentiment. 

ETRH/USD 4H Chart

Closing above the next daily resistance at $4,488 could see Ether target the $4,700 level over the next few hours. An extended bullish run would allow Ether to move past its all-time high of $4,953 and set a new high above $5. 

However, if Ether faces a correction and declines below the daily support at $4,232, it could extend the decline to retest the next support and TLQ level at $4k. This level could prove critical as failure to defend it could see ETH test the August low of $3,300.

The post Ether eyes $4,700 as the $4,250 support holds; Check forecast appeared first on CoinJournal.