Ripple, XRPL Labs join DeRec Alliance to set new standards for easy and secure digital asset recovery across the industry.
The post Ripple, XRPL Labs join Algorand Foundation as founding members of Decentralized Recovery Alliance appeared first on Crypto Briefing.
The X social media account of the Algorand Foundation’s chief executive has been hacked, marking the third major exploit of crypto-related X accounts this month. In a new thread, the firm behind smart contract platform Algorand (ALGO) has announced that the X account of Staci Warden, the company’s CEO, has been hacked and warns against […]
The post Algorand Foundation CEO’s X Account Compromised As Spree of Crypto Social Media Hacks Continue appeared first on The Daily Hodl.
Bitcoin is set to break its eight-week winning streak, but that has not affected the prospects of ATOM, FIL, EGLD, and ALGO, which look strong on the charts.
Bitcoin’s (BTC) eight-week winning streak is likely to end as the price is down nearly 4% this week. The recent weakness indicates profit-booking by traders but it does not change the short-term uptrend. The pullback will also help reduce the froth that may have been building.
After the initial shakeout, strong hands are likely to re-enter the crypto market as the macro environment remains bullish for risk-assets. The decision by the Federal Reserve to pause rate hikes and possibly reduce rates in 2024 could further boost demand for crypto products.
However, nothing goes up in a straight line. After sharp rallies, traders generally book profits and shift their focus to other coins. As Bitcoin takes a breather, traders' are likely to turn their attention to select altcoins.
The United Nations Development Programme (UNDP), which is tasked with eliminating poverty in over 170 countries, wants to educate its 22,000 staff on distributed ledger technology.
A United Nations agency tasked with helping countries eliminate poverty is set to upskill its 22,000 staff in blockchain technology, with the ultimate goal of helping countries achieve “sustainable development” growth.
According to a Nov. 30 statement, the United Nations Development Programme (UNDP) has partnered with the Algorand Foundation to launch a blockchain academy in 2024.
The academy will serve the UNDP's 22,000 staff members across 170 countries, educating them about distributed ledger technology and blockchain, including how it could be used for financial inclusion, supply chain transparency, real-world asset tokenization, and digital identity applications.
During the Algorand Impact Summit in New Delhi, UNDP’s expert for alternative finance and low carbon development, Robert Pasicko, told the audience the partnership will enable the organization to “upskill, empower, and inspire UN practitioners around the world.”
The curriculum will include lectures, workshops, and hands-on assignments and will be “instrumental in equipping our team with the tools needed to address complex global challenges using blockchain technology,” said Pasicko.
Breaking news from #AlgoImpactSummit
— Algorand Foundation (@AlgoFoundation) November 30, 2023
The @UNDP partners with the Algorand Foundation to launch the Algorand Blockchain Academy.
The academy will be made available to over 22,000 United Nations staff in 170+ countries.
https://t.co/wfWBaFOW0E
pic.twitter.com/lCqNEQonrV
Head of education and inclusion at the Algorand Foundation, Doro Unger-Lee, added that education was a “critical first step toward identifying and delivering actionable, on-the-ground use cases of blockchain to help achieve the Sustainable Development Goals in a number of areas.”
Bitcoin is facing resistance at $38,000, but UNI, IMX, VET and ALGO may extend their up-move in the short term.
Bitcoin (BTC) rose above $38,000 on Nov. 24, but the bulls could not build upon this strength. This suggests hesitation to buy at higher levels. Bitcoin is on track to form a Doji candlestick pattern on the weekly chart for the second consecutive week. This signals indecision among the bulls and the bears about the next directional move.
With Bitcoin maintaining near its 18-month high, BitMEX co-founder Arthur Hayes retained his bullish stance. In a X (formerly Twitter) post, Hayes said that the United States dollar liquidity was increasing, which is likely to push Bitcoin higher.
Another bullish projection came from PlanB, creator of the stock-to-flow family of BTC price models, who said in a post on X that Bitcoin may not stay at the current levels for long. PlanB expects Bitcoin to maintain an average price of at least $100,000 between 2024 and 2028.
Analysts have turned increasingly bullish in the past few days, but traders should exercise caution because every uptrend is bound to have corrections.
Could Bitcoin soar above $38,000 or start a corrective phase? Let’s look at the charts of the top 5 cryptocurrencies that may outperform in the near term.
Bitcoin’s march higher has hit a wall near $37,980 but the bulls are not hurrying to close their positions. This shows that traders expect the uptrend to progress further.
The immediate support on the downside is the 20-day exponential moving average ($36,546). If the price snaps back from this support, it will signal that every minor dip is being purchased. That will increase the possibility of a break above $37,980.
If that happens, the BTC/USDT pair could rally to $40,000. This level may pose a strong hurdle to the bulls, but if buyers flip the $38,000 level into support on the downside, the rally could stretch to $48,000.
Conversely, if the price plummets below the 20-day EMA, it will indicate that traders are booking profits. The pair may then dump to $34,800.
The bulls are trying to maintain the price above the moving averages but are finding it difficult to overcome the obstacle at $37,980. The relative strength index (RSI) is just above the midpoint, indicating that the bullish momentum is weakening.
If the price slips below the 50-simple moving average, the pair may plunge to the uptrend line. The bulls are expected to defend this level with vigor. On the upside, a break and close above $38,500 will indicate that bulls are in the driver’s seat.
Uniswap (UNI) fell below the 20-day EMA ($5.44) on Nov. 21, but the lower levels attracted aggressive buying by the bulls. That started a sharp rally on Nov. 22, which pushed the price to $6.60 on Nov. 24.
The up-move is facing selling near the overhead resistance of $6.70. The UNI/USDT pair has pulled back to the 38.2% Fibonacci retracement level of $5.92, and the next stop could be the 50% retracement level of $5.71.
A strong bounce off this zone will suggest that traders view the dips as a buying opportunity. That may enhance the prospects of a breakout above $6.70. Such a move will complete a double bottom pattern, which has a target objective of $9.60. The bullish momentum is likely to weaken below the 61.8% Fibonacci retracement level of $5.50.
The bulls tried to protect the 20-EMA, but the bears had other plans. They pulled the price below the 20-EMA, starting a deeper correction. If the price sustains below the 20-EMA, the pair may tumble to the 50-SMA.
If the price turns up from the current level or bounces off the 50-SMA, it will suggest that lower levels are being bought. The bulls will then again try to propel the price to the overhead resistance of $6.70. If this resistance is surmounted, the pair may skyrocket to $7.80.
Immutable (IMX) has been sustaining above the breakout level of $1.30 for the past several days, suggesting that bulls have the edge.
The price may pull back to the zone between $1.30 and the 20-day EMA ($1.20). This zone is likely to witness a tough battle between the bulls and the bears, but If the buyers prevail, the IMX/USDT pair could climb to $1.86.
Instead, if sellers tug the price below the support zone, it may trigger stops of short-term traders. That could accelerate selling and result in a sharper correction to the psychological level of $1.
The 20-EMA on the 4-hour chart has flattened out, and the RSI is just below the midpoint, indicating a possible consolidation in the near term. The first support on the downside is $1.30. If buyers maintain the price above this level, it will suggest that the $1.30 is acting as a new floor.
On the upside, a break above $1.50 will signal the resumption of the up-move. The pair may travel to $1.59 and then to $1.63. Contrary to this assumption, a fall below $1.20 could tilt the short-term advantage in favor of the bears.
Related: XRP price bull flag hints at 20% rally by New Year’s
Buyers propelled VeChain (VET) above the overhead resistance of $0.023 on Nov. 26 but are struggling to sustain the higher levels as seen from the long wick on the candlestick.
Sellers will try to trap the aggressive bulls and pull the price to the 20-day EMA ($0.021). If the price rebounds off this level, it will suggest a positive sentiment. The bulls will then again attempt to overcome the obstacle at $0.023. If they can pull it off, the VET/USDT pair could rise to $0.027 and thereafter try to reach the pattern target of $0.031.
On the contrary, if bears sink the price below the 20-day EMA, it will indicate that the pair may remain stuck inside a large range between $0.014 and $0.023 for a while longer.
The pair has slipped back below the breakout level of $0.023, indicating that the bears have not given up and are selling at higher levels. The pair could next reach the 20-EMA, which is an important level to watch out for.
If the price rebounds off the 20-EMA, the bulls will make another attempt to drive the price above $0.023 and start the next leg of the rally to $0.027. On the other hand, a break below the 20-EMA may start a deeper correction to $0.020.
Algorand (ALGO) reached the overhead resistance of $0.14 on Nov. 25, where the bears are expected to mount a strong defense.
If the bulls do not give up much ground from the current level, it will suggest that traders are holding on to their positions, expecting a move higher. That increases the likelihood of a rally above the $0.14-$0.15 resistance zone. If that happens, the ALGO/USDT pair will complete a cup-and-handle pattern. This reversal setup has a pattern target of $0.20.
If bears want to prevent the up-move, they will have to drag the price below the critical support at $0.12. If this level gives way, the pair may tumble to $0.11 and then to $0.09.
The 4-hour chart shows that the pair is oscillating inside the $0.12 to $0.15 range for some time. In a range, traders usually buy near the support and sell close to the resistance. It is difficult to predict the direction of the breakout with certainty; hence, traders may consider waiting for the breakout before taking large bets.
If the price breaks above $0.15, the pair is likely to start the next leg of the up-move. The pair may first rise to $0.18 and then to $0.20. This positive view will be invalidated if the price turns down and falls below $0.12.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Large and small-cap altcoins are flashing bullish signs as Bitcoin price holds above $37,000.
Bitcoin (BTC) is on target to end the week with gains of about 6%, indicating continued demand from the bulls. MicroStrategy co-founder Michael Saylor said during a speech at the 2023 Australia Crypto Convention on Nov. 10 that Bitcoin’s demand on a monthly basis could surge between two to 10 times by the end of 2024. Additionally, the halving will reduce the supply by half. Saylor expects both these events will cause the price “to adjust up.”
With almost a general consensus that Bitcoin’s price will move higher in 2024, analysts are busy projecting how high the rally could reach. Using its Terminal Price on-chain indicator, Look Into Bitcoin creator Philip Swift said that Bitcoin could hit at least $110,000 in its next bull cycle.
While Bitcoin continues to hog the limelight, several major altcoins have been charging higher. The broad-based cryptocurrency rally increases hopes that an altcoin season may be around the corner.
If the bullish sentiment sustains, altcoins may witness a rotation, wherein the high flyers face some profit booking, and the laggards start moving higher. Let’s look at the charts of the top-5 cryptocurrencies that may outperform in the near term.
Bitcoin has been holding above the ascending channel pattern for the past three days, indicating that the bulls are defending the breakout level.
The bulls will try to thrust the price above $38,000 and start the northward march toward $40,000. While the upsloping moving averages indicate that the bulls are in control, the overbought levels on the RSI warn of a potential correction.
If the price skids back into the channel, it will suggest that the markets have rejected the higher levels. That could open the doors for a fall to the channel’s support line, which is close to the 20-day exponential moving average ($34,784).
The bears will have to sink the price below the channel to indicate the start of a solid correction. The BTC/USDT pair may then decline to the $32,400 to $31,000 support zone.
The bulls are buying the dips to the 20-EMA on the 4-hour chart but have failed to resume the uptrend. This suggests a lack of demand at higher levels. The bears will try to utilize this opportunity and drag the price below the 20-EMA. If they do that, the pair may fall to the 50-SMA.
On the contrary, if the price turns up from the current level, it will suggest that the bulls have flipped the breakout level from the channel into support. That will enhance the prospects of a rally above $38,000.
VeChain (VET) completed a double bottom pattern after bulls pushed the price above the overhead resistance of $0.021 on Nov. 6.
The bulls have managed to ward off attempts by the bears to pull the price back below $0.021. This suggests buyers are trying to flip the $0.021 level into support. The bulls will next attempt to propel the price above $0.023 and resume the up-move. If they do that, the VET/USDT pair could rally to the pattern target of $0.028.
Contrarily, if the price fails to rise above the $0.023 resistance, the likelihood of a drop to the 20-day EMA ($0.020) increases. A break and close below this support will suggest that the bears are back in the game. The pair may then slump to the 50-day SMA ($0.018).
The pair has been consolidating above the breakout level of $0.021 for some time. The 20-EMA is flattening out, and the RSI is near the midpoint, indicating a balance between supply and demand.
This equilibrium will tilt in favor of the buyers if they kick the price above $0.023. That could start the next leg of the uptrend. Instead, if the price turns down and plummets below $0.021, it will indicate that the markets have rejected the higher levels. That could start a fall to $0.020.
Immutable (IMX) has risen sharply in the past few days, indicating that the bulls are attempting a comeback.
The recovery is expected to face a formidable resistance at $1.30. If the price does not give up much ground from this level, it will enhance the prospects of a break above the overhead resistance. The IMX/USDT pair could then start a rally to $1.59.
The overbought level on the RSI warns of a possible correction or consolidation in the near term. If the price turns down sharply from the current level or $1.30, it will indicate that the bulls are rushing to the exit. That may pull the price down to the 20-day EMA ($0.84).
The pair is gradually moving toward the overhead resistance of $1.30. The upsloping moving averages indicate that bulls remain in command, but the negative divergence on the RSI suggests that the bullish momentum is weakening.
Sellers may mount a vigorous defense at $1.30, but if the price stays above the moving averages during the pullback, it will improve the prospects of a rally above the overhead hurdle. Alternatively, if the price turns down sharply and slides below the 50-SMA, it will indicate the start of a pullback to $0.80.
Related: FTX files billion-dollar lawsuit against ByBit over asset withdrawals
The Graph (GRT) has corrected after a sharp up-move, but a positive sign is that the bulls have managed to keep the price above the 20-day EMA ($0.12).
The GRT/USDT pair has been attempting to resume the up-move, but the bears are posing a strong challenge at $0.14. The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside.
If bulls overcome the obstacle at $0.16, the pair may resume its uptrend. The pair could thereafter travel to $0.21. Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the up-move has ended.
The pair has found support at the 50-SMA on the 4-hour chart, but the bears are trying to halt the recovery near $0.14. If buyers pierce this resistance, the pair could retest the barrier at $0.16. This level may again witness a tough battle between the bulls and the bears.
On the downside, the 50-SMA remains the key level to keep an eye on. If this level gives way, the pair could tumble to the strong support at $0.12. This level is likely to attract buying by the bulls.
Algorand (ALGO) is forming a rounding bottom pattern, which will complete on a break and close above the overhead resistance at $0.14.
The upsloping moving averages and the RSI in the overbought zone indicate that the bulls are at an advantage. If buyers maintain the price above $0.14, it will signal the start of a new up-move. The pattern target of the reversal setup is $0.20. If this level is scaled, the up-move may reach $0.24.
Alternatively, if the price turns down sharply from $0.14, it will suggest that bears continue to defend the level with vigor. The ALGO/USDT pair could then slump to the 20-day EMA ($0.12).
The bulls are buying the dip to the moving averages, indicating that the sentiment is turning positive. The real test for the bulls is at $0.14. If they shove and sustain the price above this level, the pair is likely to pick up momentum.
On the downside, the moving averages remain the key level to watch out for. A break below the 20-EMA could pull the price to the 50-SMA. If this level cracks, the pair may start a correction to $0.10.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Recovery from the crypto winter is proceeding, but Hodlnaut won’t survive it. A sealed court order in Singapore appears to spell its doom.
Crypto lender Hodlnaut’s days appear to be numbered after the High Court of Singapore ended judicial management and ordered its liquidation. Users’ funds have been frozen since August 2022.
Former Hodlnaut interim judicial manager (IJM) Aaron Loh Cheng Lee announced in a letter dated Nov. 10 and posted on the website of EY that he and fellow IJM Ee Meng Yen Angela have been discharged from that position and appointed liquidators.
The liquidation decision was made by the Singapore court in a Winding-up Order in response to their application. According to an attachment to Lee’s letter, that decision is sealed at the moment.
Singapore-based Hodlnaut suspended deposits and withdrawals and simultaneously withdrew its licensing application before the Monetary Authority of Singapore on August 8, 2022. The company attributed its decision to “recent market conditions.” According to Lee’s letter, Hodlnaut’s creditors include 17,000 users. Major creditors included Samtrade Custodian, S.A.M. Fintech and the Algorand Foundation.
Related: Algorand Foundation outlines $35M exposure to crypto lender Hodlnaut
Hodlnaut was apparently a victim of the systemic turmoil that struck the industry with the collapse of the Terra ecosystem and Three Arrows Capital (3AC). It did not have exposure to 3AC, but reportedly held around $150 million in Terra stablecoin, since renamed TerraUSD Classic (USTC), at some time. It later took another financial hit with the collapse of FTX.
The value of FLEX token — the proposed settlement digital currency for Hodlnaut’s $30 million buyout — has plummeted 90% since the offer was made in early August. https://t.co/PDgFgiKp4P
— Cointelegraph (@Cointelegraph) September 19, 2023
Hodlnaut avoided forced liquidation by applying for and receiving court-appointed IJMs. It subsequentlyreceived creditor protection and cut its staff by 80%. It also reportedly faced a police investigation of a delay in its reporting of its USTC holdings.
Creditors rejected a restructuring plan in January and voted overwhelmingly for liquidation in April. OPNX, founded by former 3AC founders Su Zhu and Kyle Davies, among others, offered $30 million worth of its FLEX token for a 75% share in Hodlnaut in August 2023, but that offer was rejected by the IJMs the following month after the value of FLEX plummeted by 90%.
A U.S. court approved the bankruptcy plan of crypto lender Celsius on Nov. 9.
Magazine: 3AC fugitives in disarray as OPNX faces new peril: Asia Express
SkyBridge Capital founder Anthony Scaramucci is identifying his price targets for Bitcoin (BTC) and Ethereum (ETH). In a new interview with Altcoin Daily, Scaramucci says that the king crypto could hit six figures within a year after Bitcoin’s halving event. “I believe six to 12 months after the halving cycle, there’s no reason why Bitcoin […]
The post Anthony Scaramucci Lays Out Potential Price Targets for Bitcoin and Ethereum, Updates Outlook on Algorand (ALGO) appeared first on The Daily Hodl.
The top 100 DeFi tokens had a mixed week, with most of the tokens trading in a narrow range before surging on July 13 courtesy of Ripple’s partial win in its court battle with the SEC.
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.
This week, Finance Redefined looks at the growing popularity of zero-knowledge proof-based scalable solutions. Zero-knowledge rollups (ZK-rollups) technology has gained a lot of traction over the past year thanks to its increased use in the Ethereum ecosystem.
Bug bounties are seen as a great reward system for white hat hackers to weed out bugs in the DeFi ecosystem, which often fall prey to exploits. However, recent analysis suggests these programs have mixed results.
After a series of exploits on the Multichain protocol over the past couple of weeks, the founder of Connext proposed a “Sovereign Bridged Token” standard to prevent future issues and exploits.
Algorand’s decentralized lending protocol is set to wind down by year-end as developers claimed building a borrowing and lending protocol is “no longer a viable path” for the protocol.
The top 100 DeFi tokens had another mixed week in terms of price action, followed by a late surge on July 13, aided by the partial verdict for Ripple in its fight against the United States Securities and Exchange Commission (SEC), leading to an 84% surge in the XRP (XRP) price.
Ethereum scaling protocols dominate the use of ZK-rollups, with major launches, new research and healthy competition among the key highlights in a sector report published by ZKValidator.
The node infrastructure operator’s “State of ZK Q2” report reflects on significant events across the ZK ecosystem, with notable launches of ZK-powered layer 2’s highlighting the use of the technology for scaling in comparison with other market segments.
Algofi, the borrowing and lending protocol built on the decentralized finance blockchain Algorand, will soon shut down.
According to a July 11 announcement, developers’ “belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered,” however, the Algofi platform will wind down soon.
Bug bounties are programs organizations offer to incentivize security researchers or ethical or white hat hackers to find and report vulnerabilities in their software, websites or systems. Bug bounties aim to improve overall security by identifying and fixing potential weaknesses before malicious actors can exploit them.
Organizations that implement bug bounty programs typically establish guidelines and rules outlining the scope of the program, eligible targets and the types of vulnerabilities they are interested in. Depending on the severity and impact of the discovered vulnerability, they may also define the rewards offered for valid bug submissions, ranging from small amounts of money to significant cash prizes.
Arbitrum-based decentralized finance (DeFi) protocol Rodeo Finance was exploited for $1.53 million on July 11. The DeFi protocol was exploited using a code vulnerability in its Oracle, leading to a loss of over 810 Ether (ETH). Rodeo Finance was earlier exploited on July 5 for around $89,000 due to a vulnerability in its mintProtocolReserves function.
According to data shared by blockchain analytic firm PeckShield, the exploiter later bridged the stolen funds from Arbitrum to Ethereum and swapped 285 ETH for unshETH. The exploiter then deposited the ETH on Eth2 staking. Finally, the exploiter routed the stolen ETH using the popular mixer service Tornado Cash, which exploiters often use as an exit route to obscure the transaction’s footprint.
A July 7 Ethereum improvement proposal (EIP) seeks to standardize how tokens are bridged between networks. The “Sovereign Bridged Token” standard, or EIP-7281, allows token issuers to create canonical bridges across multiple networks.
The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July 7 social media post, Bhuptani claimed the protocol would help prevent issues like the July 6 Multichain incident, which some experts have described as a hack.
DeFi’s total market value saw a bullish surge after three bearish weeks. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a bullish week, with most tokens trading in the green. The total value locked in DeFi protocols remained below $50 billion.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
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Developers say building the borrowing and lending protocol is "no longer a viable path" for Algorand.
Algofi, the borrowing and lending protocol built on decentralized finance blockchain Algorand, will soon shut down.
According to a July 11 announcement, developers' "belief in the strength of Algorand's technology and novel consensus algorithm has not wavered," however, the Algofi platform will nevertheless wind down soon:
"A confluence of events has taken place that no longer makes building and maintaining the Algofi platform to the highest standards a viable path for our company. Due to this, we will begin sunsetting the platform and put the platform in withdrawal-only mode shortly."
Starting Sept. 1, collateral factors of ALGO, vALGO, STBL, USD Coin (USDC), goBTC, and goETH markets on both Algofi V1 and V2 will be reduced from around 80% to 0% by the beginning of December. In addition, the current Liquidity Mining programs will be "halted and no future proposals will be enacted." The Algofi protocol had $25 million in total value locked at the time of publication, down from its $135 million peak in February.
In April, the U.S. Securities and Exchange Commission charged cryptocurrency exchange Bittrex with operating an unregistered exchange in the U.S. Algorand was one of six tokens deemed to be a security by the SEC. The SEC alleged the token's security-like characteristics to be partly linked to Algorand's initial coin offering in 2019.
On June 13, cryptocurrency exchange eToro halted ALGO, MANA, MATIC and DASH trading for U.S. customers, citing a "rapidly evolving regulatory landscape." To date, 68 cryptocurrencies are currently seen as securities by the SEC.
Magazine: You can transform the world with blockchain: Dr. Jane Thomason
