Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Pro-centralization Russian president grants citizenship to Edward Snowden: Report

Edward Snowden has reportedly received Russian citizenship via a decision from the country’s president, Vladimir Putin. Snowden has been a permanent resident in Russia since 2013 after he exposed secrets relating to the United States National Security Agency. However, Snowden favors less government involvement than Putin’s approach to leadership. Snowden has offered comment on crypto multiple times and helped build crypto asset Zcash.

Breaking: Interpol ‘Red Notice’ issued for Do Kwon — South Korea prosecutors

Global criminal police organization Interpol has put out an alert known as a Red Notice in order to help locate and arrest Terraform Labs co-founder Do Kwon, wherever he may be. Terra’s ecosystem fell apart earlier in 2022. Charges were brought against Kwon in South Korea for his involvement in the Terra project. Kwon has tweeted that he is not hiding. He was thought to be in Singapore, although Reuters reporting has indicated a possible change in location. Authorities in South Korea have also taken steps to freeze funds reportedly associated with Kwon.

FTX US wins auction for Voyager Digital’s assets

The auction to acquire Voyager Digital assets ended this week when crypto exchange FTX US emerged as the winner, edging out competing bids from CrossTower and Binance. The U.S. exchange paid around $1.4 billion for Voyayer’s assets, which is roughly the same as the lender’s remaining assets. The deal is pending approval from a U.S. bankruptcy court. Wave Financial also participated in the bidding and has since debated the outcome.

Judge orders SEC to turn Hinman documents over to Ripple Labs after months of dispute

U.S. District Court Judge Analisa Torres ruled that the U.S. Securities and Exchange Commission (SEC) must provide information about comments from a former government official that could impact Ripple’s fight against the securities regulator. In a 2018 speech, former SEC Corporation Finance Division Director William Hinman noted that Bitcoin and Ether did not classify as securities. The ruling from Torres means the SEC must not hold back documents related to that speech. The battle between Ripple and the SEC began in 2020, with the commission calling XRP a security.

Pantera plans to raise $1.25B for second blockchain fund: Report

After launching its first blockchain fund in 2021, crypto-centric hedge fund Pantera Capital is reportedly looking to raise a whopping $1.25 billion for a second fund targeting digital asset projects. “We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” Pantera CEO Dan Morehead told Bloomberg.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $19,777, Ether (ETH) at $1,356 and XRP at $0.47. The total market cap is at $954.03 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Quant (QNT) at 37.76%, Terra Classic (LUNC) at 21.41% and Helium (HNT) at 20.93%.  

The top three altcoin losers of the week are Chiliz (CHZ) at -9.29%, Lido DAO (LDO) at -6.82% and Cronos (CRO) at -6.31%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“The most important thing is that [the Ethereum Merge] was executed flawlessly. Everything that was supposed to happen did happen. And none of the things that people were worried about did happen.”

Eli Ben-Sasson, co-founder of Starkware

“I think the world is just waking up to reality and Ethereum just went way off into fantasyland at the exact wrong time.”

Cory Klippsten, CEO of Swan Bitcoin

“In DeFi, you can’t get away with letting one borrower be half of a lending pool because people see that and they question the risk management there.”

Sid Powell, CEO and co-founder of Maple Finance

“In our genres that we’re hitting, there might be roughly 500 million people that we can bring in that literally won’t know that they’re playing a crypto game.”

Kieran Warwick, co-founder of Illuvium

“People need to be able to interact with apps and services and content and transactions without knowing that they’re using crypto.”

Jeremy Allaire, CEO of Circle

“SMS 2FA is better than nothing, but it is the most vulnerable form of 2FA currently in use.”

Jesse Leclere, security expert for CertiK

“I’m writing code in my living room. […] I’m making zero effort to hide.” 

Do Kwon, co-founder of Terra

Prediction of the Week 

Bitcoin price due ‘big dump’ after passing $20K, warns trader

Bitcoin largely remained below $20,000 this week, though the asset successfully broke above that level several times, according to Cointelegraph’s BTC price index. After zipping past $20,000 on Sept. 30, Bitcoin fell right back down below the level, seeming to line up with the timing of a recent speech by Russian President Vladimir Putin. Pseudonymous Twitter user “Il Capo of Crypto” predicted the price action in a Sept. 30 tweet: “Pump to 20000-20500 before Putin’s speech. Then big dump.”

FUD of the Week 

California files order against Nexo interest account, says it’s 8th state to take action

Crypto lending platform Nexo has been ordered by California’s Department of Financial Protection and Innovation (DFPI) to halt the operation of its Earn Interest Product. The agency asserted that the product does not fall in line with regulatory approval requirements. Nexo essentially froze the product for U.S. customers earlier in 2022, although not fully, according to the DFPI. Nexo reportedly faces similar action from New York, Vermont and five other state regulators. Nexo explained to Cointelegraph that it has been working with regulatory authorities in the U.S.

MEV bot earns $1M but loses everything to a hacker an hour later

A Maximal Extractable Value (MEV) bot capitalized on an arbitrage opportunity on decentralized exchange Uniswap V2, tallying about $1 million worth of Ether in profits in a single day. The fanfare was short-lived, however, as the bot’s apparently questionable code left it vulnerable to exploitation, with a hacker apprehending the funds on the same day.

SEC alleges fintech and ‘market maker’ firms manipulated crypto market in token scheme

Hydrogen Technology Corporation and market maker Moonwalkers Trading Limited face action from the SEC for alleged market manipulation. In 2018, Hydro tokens were dispersed via multiple avenues, including an airdrop. Hydrogen and Moonwalkers then allegedly collaborated to make it seem like the asset was significantly active on the market and subsequently dumped Hydro tokens for profit.

Best Cointelegraph Features

5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned

“Index investing can be boring, but it saves you from the worst possible outcomes.”

Throw your Bored Apes in the trash

From carrying medical data to streamlining royalty payments, nonfungible tokens serve a variety of important technological purposes. Bored Apes are a demeaning distraction.

Tax on income you never earned? It’s possible after Ethereum’s Merge

IRS rules weren’t ready for the Ethereum upgrade. It’s unlikely to become the fiasco that taxpayers experienced when Bitcoin forked in 2017, but there are measures they can take to prepare for whatever the IRS decides.

The best of blockchain, every Tuesday

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SEC Charges 2 Firms and 4 Individuals in Crypto Pump-and-Dump Scheme – Regulation Bitcoin News

SEC Charges 2 Firms and 4 Individuals in Crypto Pump-and-Dump Scheme – Regulation Bitcoin News

The U.S. Securities and Exchange Commission (SEC) has taken action against two firms and four individuals allegedly perpetrating a crypto pump-and-dump scheme. “Although this case involves crypto assets, it bears the hallmarks of a classic pump and dump scheme,” said the SEC.

SEC Charges 2 Firms in Crypto Pump-and-Dump Case

The U.S. Securities and Exchange Commission (SEC) said Friday that it has filed charges against two firms and four individuals allegedly perpetrating a cryptocurrency pump-and-dump scheme.

The two companies are Bermuda-based Arbitrade Ltd. and Canadian firm Cryptobontix Inc. The other defendants are their principals — Troy R. J. Hogg, James L. Goldberg, and Stephen L. Braverman — and Max W. Barber, founder and sole owner of SION Trading. SION is named a relief defendant in the case.

The defendants allegedly perpetrated a “pump-and-dump scheme involving a crypto asset called ‘dignity’ or ‘DIG,’” the SEC detailed, adding:

Although this case involves crypto assets, it bears the hallmarks of a classic pump and dump scheme.

The securities watchdog explained that between May 2018 and January 2019, the two companies, through the four defendants, “issued announcements falsely claiming that Arbitrade had acquired and received title to $10 billion in gold bullion.”

They further claimed that “the company intended to back each DIG token issued and sold to investors with $1.00 worth of this gold, and that independent accounting firms had performed an ‘audit’ of the gold and verified its existence.”

The SEC said:

In reality … the gold acquisition transaction was merely a sham to boost demand for DIG.

This allowed the defendants to sell at least $36.8 million of the crypto token, including to U.S. investors, “at prices fraudulently inflated by the public misstatements about the supposed gold acquisition,” the SEC detailed.

The regulator added:

The SEC’s complaint charges the defendants with violating the antifraud and securities registration provisions of the federal securities laws.

The SEC “seeks permanent injunctive relief, disgorgement plus prejudgment interest, and civil penalties against all of the defendants, and officer-and-director bars against the individual defendants.”

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What do you think about the SEC taking action against this crypto pump-and-dump scheme? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




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Web3 and Crypto Checking Account Startup Juno Raises $18M, Airdrops Reward Token JCOIN – Finance Bitcoin News

Web3 and Crypto Checking Account Startup Juno Raises $18M, Airdrops Reward Token JCOIN – Finance Bitcoin News

Juno, the Singapore-based Web3 crypto firm that offers customers checking accounts tied to crypto assets, has raised $18 million in a Series A financing round led by Parafi Capital. The fresh capital follows the startup’s seed round in 2019 when Juno raised $3 million from investors.

Juno Raises $18 Million in a Funding Round Led by Parafi Capital, Crypto Startup Reveals Loyalty Token

The Web3 crypto startup Juno is a digital currency company that provides clients with the ability to create a checking account by leveraging crypto assets. On October 1, it was revealed that the company has raised $18 million in a Series A funding round led by Parafi Capital.

According to the announcement, Juno’s Series A investors also included 6th Man Ventures, Hashed, Sequoia India’s Surge, Greycroft, Jump Crypto, and Uncorrelated Fund. Varun Deshpande, the co-founder and chief executive officer of Juno, told Tech Crunch reporter Manish Singh the firm has “has reached $1 billion in annualized transaction volume processing.”

The company has also launched a new token called JCOIN and Juno airdropped the new ERC20 token to “70k+ Juno users.” The latest funding round’s capital will be used to expand the company’s team and the firm’s loyalty program. JCOIN will be used for “exciting offers, collectibles, and in-app boosts redeemable through JCOIN, only on the Juno Store.”

So far the startup, which was originally started by founders who created the Ethereum lending protocol Nuo, has raised $21 million to date, after the $18 million Series A fundraising and the company’s seed round in 2019. At the time in 2019, the investors that backed Juno included Dragonfly Capital, Polychain Capital, Sequoia Capital, Balaji Srinivasan, and Ryan Selkis.

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$18 million Series A, 6th Man Ventures, Balaji Srinivasan, Capital raise, Checking Account, Crypto Checking Account, Dragonfly Capital, Greycroft, Hashed, JCOIN, Jump Crypto, Juno, Parafi Capital, PolyChain Capital, Ryan Selkis, seed round, Sequoia Capital, Sequoia India’s Surge, Series A, Singapore, Uncorrelated Fund, Varun Deshpande, Web3, Web3 Juno

What do you think about Juno raising $18 million from investors in a Series A financing round? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies – Mining Bitcoin News

Bill Aims to Limit Crypto Mining in Kazakhstan Only to Registered Companies – Mining Bitcoin News

New legislation proposed in the parliament of Kazakhstan will allow only authorized miners to mint digital currency, if adopted. The draft has been designed to comprehensively regulate the industry and reduce what its sponsors label as uncontrolled consumption of electricity in the sector.

Lawmakers in Kazakhstan Submit Crypto Mining Law, Seek to Curb ‘Gray’ Mining

Members of the Mazhilis, the lower house of Kazakhstan’s parliament, have put forward a new bill introducing rules for the extraction of cryptocurrencies in the country. Under its provisions, only companies registered at the Astana International Financial Center (AIFC) or non-resident entities that have agreements with licensed data centers, will be permitted to mine digital coins.

Kazakhstan became a magnet for crypto miners following China’s crackdown on the industry and the influx of mining businesses has caused a growing power deficit. AIFC, the Central Asian nation’s financial hub, is in the focus of government efforts to place the country’s growing crypto sector under oversight. Earlier this year, exchanges registered there were allowed to open accounts with local banks.

The current procedure for notifying authorities of mining activities is voluntary, the crypto news outlet Forklog noted in a report on the legislative attempt. The process is regulated by an order issued by the minister of digital development. Only a third of all mining companies operating in Kazakhstan have registered, Member of Parliament Ekaterina Smyshlyaeva revealed.

“The uncontrolled use of electricity by ‘gray’ miners poses a threat to the energy security of Kazakhstan,” the lawmaker insisted. Smyshlyaeva added that the current legislation does not regulate the mechanism for the sale of the mined cryptocurrency or the role of local financial service providers and the circulation of digital assets. “The procedure for their production and the establishment of property rights to them are regulated only at sub-legislative level,” she explained.

According to Kazakhstan’s State Revenue Committee, the contributions of crypto mining entities to the state budget reached $1.5 million in the first quarter of 2022. In July, President Kassym-Jomart Tokayev signed into law a bill amending the country’s Tax Code to impose higher tax rates on crypto miners. The levies now depend on the amount and average price of electricity consumed for the minting of bitcoin and other cryptocurrencies.

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authorization, bill, coin minting, consumption, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, draft law, Electricity, Energy, Kazakhstan, Law, Legislation, Miners, mining, registration, Regulation

Do you expect the new law to reduce the number of entities authorized to mine cryptocurrencies in Kazakhstan? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto Assets – Bitcoin News

Basel Study Shows World’s Largest Banks Are Exposed to $9 Billion in Crypto Assets – Bitcoin News

A first-of-its-kind study published by the Basel Committee on Banking Supervision details that the world’s largest financial institutions are exposed to roughly €9.4 billion (US$9 billion) in crypto assets. The research paper authored by the Basel Committee’s secretariat Renzo Corrias further explains that out of all the banks’ total risk exposure, cryptocurrency exposure is estimated to be around 0.01% of total exposures.

Banks Have $9 Billion in Cryptocurrency Exposure Equating to Roughly 0.01% of Total Risk Exposure

A recent study published by the Basel Committee on Banking Supervision (BCBS) explains that the world’s top banks are exposed to around $9 billion worth of cryptocurrencies. The BCBS is a global organization made up of members tied to the world’s central banks and financial institutions from a myriad of jurisdictions.

Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto Assets

The study, called “Banks’ exposures to cryptoassets – a novel dataset,” was written by secretariat Renzo Corrias. The research aims to create a primary global standard on the “prudential treatment of banks’ [crypto asset] exposures.”

“Total [crypto asset] exposures reported by banks amount to approximately €9.4 billion. In relative terms, these exposures make up only 0.14% of total exposures on a weighted average basis across the sample of banks reporting [crypto asset] exposures,” the report written by Corrias details. “When considering the whole sample of banks included in the Basel III monitoring exercise (ie also those that do not report [crypto asset] exposures), the amount shrinks to 0.01% of total exposures.”

Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto Assets

The BCBS shows that 19 banks worldwide submitted data for the research, and approximately ten financial institutions derived from the Americas. Seven banks stemmed from Europe, and two banks came from the rest of the world. Corrias notes that the banks represent a small group of financial institutions out of the collective 182 banks the BCBS considered for its Basel III monitoring exercise.

Basel Study Shows World's Largest Banks Are Exposed to $9 Billion in Crypto Assets

The crypto asset exposure the banks reported mostly consisted of bitcoin (BTC) which was around 31% of exposures, and ethereum (ETH) which accounted for 22% of exposures. In addition to exposure to USD-backed stablecoins, banks are also associated with crypto assets like xrp (XRP), cardano (ADA), solana (SOL), litecoin (LTC), and stellar (XLM).

Corrias explains that the banks’ exposure to crypto is comprised of three different categories which include crypto holdings and lending, clearing and market-making services, and custody/wallet/insurance services. Out of the top five activities that add to the banks’ crypto exposure, the top service is “providing custody or wallet services for [crypto assets].”

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$9 Billion, 0.01% of Total Risk Exposure, 182 banks, 19 banks, Americas, banks, banks crypto, basel committee, Basel Committee’s secretariat, Basel III monitoring exercise., BCBS, Bitcoin (BTC), Crypto asset, crypto asset exposures, Cryptocurrency exposure, Ethereum (ETH), Europe, Financial Institutions, secretariat Renzo Corrias, Stablecoins

What do you think about the recent BCBS report concerning banks’ exposures to crypto assets? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Russia to Supply Electricity to Kazakhstan’s Cryptocurrency Miners – Mining Bitcoin News

Russia to Supply Electricity to Kazakhstan’s Cryptocurrency Miners – Mining Bitcoin News

Russia is preparing to provide Kazakhstan with additional energy needed to operate crypto mining farms in the Central Asian nation. New arrangements will allow Kazakhstan’s miners to buy electricity directly from the Russian power generation and distribution giant Inter RAO.

Miners in Kazakhstan to Source Energy From the Russian Federation

Crypto mining enterprises operating in Kazakhstan will be able to rely on electricity produced in neighboring Russia to power their energy-hungry hardware. To allow that, the two partnering nations will amend a bilateral agreement governing the coordinated operation of their energy systems.

The government in Moscow has already ordered the necessary changes and begun preparations to organize the supply of power for Kazakhstan’s crypto mining sector, the crypto news page of the Russian business information portal RBC unveiled.

In accordance with the new arrangements, Inter RAO, which holds monopoly on the export and import of electricity in Russia, will be able to sell in Kazakhstan under contracts concluded on commercial terms directly with the mining firms working there.

With its low, subsidized electricity rates, Kazakhstan attracted numerous mining companies after the Chinese government cracked down on the industry last year. The subsequent surge in consumption was blamed for the power shortages and multiple breakdowns of the country’s aging energy infrastructure. In January, Kazakh authorities temporarily shut down around 200 mining facilities.

The state-owned Russian energy giant first started considering additional supplies to Kazakhstan last fall, when the country was expecting its electricity deficit to reach 600 megawatts amid increasing demand during the cold winter months after consumption neared 83 billion kilowatt-hours (kWh) in the first nine months of 2021.

At the time, Inter RAO criticized Kazakhstan for its capped tariffs which the Russian holding said had led to lack of funds for investments in modernizing and upgrading the country’s generation capacities and distribution network. Also, electricity imports were previously restricted in Kazakhstan, unless the national grid operator KEGOC identified a risk of shortages.

Lawmakers in Nur-Sultan have recently proposed a bill aiming to reduce what they describe as “uncontrolled use of electricity by ‘gray’ miners.” The new legislation seeks to reserve the opportunity to mint digital coins only for mining companies registered with the Astana International Financial Center (AIFC). If the law is adopted, foreign entities would only be allowed to mine under contracts with domestically licensed data centers.

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agreement, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, electricity supply, Energy, export, import, Inter RAO, kazakh, Kazakhstan, KEGOC, Miners, mining, power, power deficit, Russia, russian, shortages, Supply

Do you think Kazakhstan will be able to solve its problems with power deficit and ensure sufficient electricity supplies for its crypto mining industry? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com
Solana Network Suffers Another Outage — Cyber Capital Founder Says Downtime Is ‘Another Consequence of Bad Design’ – Bitcoin News

Solana Network Suffers Another Outage — Cyber Capital Founder Says Downtime Is ‘Another Consequence of Bad Design’ – Bitcoin News

The proof-of-stake (PoS) blockchain network Solana suffered another outage on September 30 and the network restart did not take effect until six hours later on October 1. Solana has suffered a myriad of network outages during the last year, and the blockchain’s latest downtime caused the network’s native currency to slide 4% lower against the U.S. dollar in the last 24 hours.

Solana’s Blockchain Deals With More Downtime — Misconfigured Node Blamed for the Outage

Solana’s network had an outage again after validators failed to process blocks due to a misconfigured node within the system. On September 30, 2022, the Twitter account Solana Status wrote:

The Solana network is experiencing an outage and not processing transactions. Developers across the ecosystem are working on diagnosing the issue and to restart the network. More information will be provided as it becomes available.

Following the Solana Status update, a Solana proponent explained that the blockchain would be restarted. “The Solana mainnet network will be restarted at slot 153139220, the last confirmed slot,” the individual said. “It appears a misconfigured node caused an unrecoverable partition in the network. Validators, please participate in finding consensus on the relevant data.”

Amid the outage, Solana Status shared instructions on how validators could participate in the restart. “Mainnet Beta Validators: Please follow the cluster restart instructions,” Solana Status stressed. Around 3 a.m. (ET) Solana Status detailed that the cluster restart has been deployed. “Validator operators successfully completed a cluster restart of Mainnet Beta at 7 AM UTC,” Solana Status wrote. The team added:

Network operators [and] dapps will continue to restore client services over the next several hours.

Observers Ask: ‘What Good Is a Nakamoto Coefficient of 30 if 1 Misconfigured Node Can Bring Everything to a Halt?’

Solana took a lot of criticism from the crypto community when the outage happened, as the blockchain is nearing its tenth outage since Solana’s inception. The founder of Cyber Capital, Justin Bons, gave the project flak over the most recent outage. “[Solana] has gone down again,” the Cyber Capital founder tweeted. “This is the 8th time [Solana] has gone down in the past year. Blockchains should never have [downtime], yet [Solana] goes down almost every month. This is another consequence of bad design,” Bons added.

Another person asked about the misconfigured node problem. “Def not FUD…honest question…what good is a Nakamoto coefficient of 30 if 1 misconfigured node can bring everything to a halt?” the individual asked. Meanwhile, Solana supporters shrugged off the criticism and told people that the blockchain network will continue to improve as long as the engineers are persistent.

“Solana will be fine,” one person remarked on Twitter. “As long as the [developers] continue to improve the [blockchain]. That is what’s important. Still bullish on [Solana] for the long term.

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Block Issues, Block Production, Block Validators, cryptos, Cyber Capital founder, Justin Bons, Mainnet outage, PoS, Proof-of-Stake, September Outage, SOL, SOL Issues, SOL price, Solana, Solana Apps, Solana blockchain, Solana consensus, Solana Mainnet, Solana Outage, Solana Status, Solana Status Twitter, Solana Uptime, Solana validators

What do you think about Solana’s latest hiccup on September 30? Do you agree Solana will be just fine or do you agree that it’s a “consequence of bad design?” Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ethereum Classic (ETC) Sheds 30% In Last 2 Weeks – More Pain Ahead?

Ethereum Classic (ETC) Sheds 30% In Last 2 Weeks – More Pain Ahead?

Ethereum Classic (ETC) has been in the clutch of the bears as it has shaved off as much as 30% in the past two weeks. 

  • Ethereum Classic price down 30% in the past two weeks
  • ETC trading at $27.69 as of press time
  • ETC’s downturn opens up opportunities for short-term positions

ETC has dropped below the $33.9 zone barely two weeks ago and it seems Bitcoin is suffering the same fate as it failed to barrel past the key resistance of $19.7k. The selling pressure has been intermittently high in the crypto market. 

Coming from the larger Ethereum, ETC is predominantly viewed as secure as it is designed to alleviate key problems encountered with the larger or main token Ethereum, especially in line with amplifying speed and lowering fees. 

In fact, Ethereum Classic has evolved to be one of the most trusted and largest smart contract platforms as it is dubbed to be a valuable long-term investment to beef up and diversify one’s portfolio. 

Ethereum Classic Price Seeing Bearish Pressure

According to CoinMarketCap, ETC price has plunged by 1.01% or trading at $27.69 as of press time.

At this point, a bearish block is seen close to the $30 level. A climb by 8% will prove to invalidate the bearish outlook of ETC.

Traders should wait awhile for a price jump before entering any short position at the $27 to $29 range, which is considerably near $30.54, the key support zone.

Chart: TradingView.com

Judging by the daily and 12-hour timeframe, ETC is looking predominantly bearish with waves of lower highs and lower lows observed in the past couple of weeks.

With that in mind, traders of ETC can trade in sync with this trend and wait for any selling opportunities. 

Ethereum Classic’s RSI is below the 50 zone which has also been revisited as a resistance. 

Hence, the RSI depicts a downtrend. OBV also validates that sellers are dominating the market with lower highs seen for about three weeks so far hinting at a high selling volume. 

With this trend, ETC short sellers can rake in profit somewhere along the key support levels of $26.9 and $24.5. Now, a jump above the $30.7 zone can pump up a stop-loss order. 

ETC Social Metrics Down Since August 2022

Ethereum Classic had its strongest troughs in July, especially in terms of social metrics which is higher compared to September figures. Apparently, the social metrics of ETC such as engagement have dropped since August which also triggered a price drop. 

On the other hand, the uptick in Ethereum Classic’s development activities in August has improved social metrics for ETC. Despite the price decline, ETC is recovering in terms of social dominance which is a good place to start.

The downturn of ETC is said to be brought about by the bleeding of BTC as the king of cryptocurrencies wallows under the key resistance of $19.7. 

In order to recover, Bitcoin will have to rise above the $20.7k zone and then flip it favorably to a support zone. From a technical view, ETC’s vertigo is opening up opportunities for short-term positions. 

ETC total market cap at $3.8 billion on the daily chart | Source: TradingView.com

Featured image from Forkast, Chart: TradingView.com
Despite the Crypto Market Downturn, DAO Treasuries Grew by $700 Million Since January – Defi Bitcoin News

Despite the Crypto Market Downturn, DAO Treasuries Grew by $700 Million Since January – Defi Bitcoin News

Since January 2022, the entire crypto economy has shed $1.36 trillion in value, as the market capitalization dropped from $2.34 trillion to today’s $979 billion. While the crypto economy is down in value, trade volumes are lower, and the value locked in decentralized finance (defi) has shed billions, treasuries held by decentralized autonomous organizations (DAOs) have increased by 7.69% in value since January, as roughly $700 million was added to the projects’ caches in eight months.

DAO Treasuries Jump 7.6% Higher in USD Value, Since 2016 the Value Held by Decentralized Autonomous Organizations Grew by 6,025%

On June 10, 2022, the total amount of funds held by decentralized autonomous organization (DAO) treasuries reached the $10 billion range for the first time in history. While the crypto industry is dealing with lower prices and bearish sentiment, the value held by DAO treasuries has managed to weather the storm.

Presently, across 4,830 organizations, DAOs hold $9.8 billion, which is only $200 million less than the aggregate value held by DAOs 112 days ago. While it is $200 million less than it was three months ago, DAO treasury values have increased by $700 million since January, according to stats aggregated by deepdao.io.

Despite the Crypto Market Downturn, DAO Treasuries Grew by $700 Million Since January

On January 22, deepdao.io metrics recorded by archive.org indicate there were 4,227 organizations at that time, and collectively, $9.1 billion was held in DAO treasuries. With $9.8 billion today, that’s a 7.69% increase in USD value held by DAO treasuries over the last 251 days.

At the time, Bitdao held $2.4 billion in its treasury and it was the largest DAO treasury in January. Uniswap was the second largest at the time, with $2.1 billion. Both Bitdao and Uniswap are still the top two DAOs in terms of treasury size, but Uniswap is now the largest.

Despite the Crypto Market Downturn, DAO Treasuries Grew by $700 Million Since January

On October 1, Uniswap has $2.8 billion, while Bitdao’s cache has shrunk to $1.3 billion from the $2.4 billion held at the beginning of the year. Bitdao’s $1.3 billion makes it the second largest DAO treasury and it’s followed by ENS which holds roughly $1.2 billion.

251 days ago, ENS was the 14th largest and at the time, the third largest was Lido Finance. The liquid staking protocol’s DAO is now the fifth largest, with $283 million held in the Lido DAO today. The top ten DAO treasuries include Uniswap, Bitdao, ENS, Gnosis, Lido, Olympus DAO, Mango DAO, Merit Circle, Compound, and Aragon Network.

Out of the entire $9.8 billion, there are 3.9 million governance token holders, and 698,400 active voters and proposal makers. 109 DAOs hold $1 million or more, while only three DAOs have more than a billion in funds.

While Uniswap has $2.7 billion, 98.7% of the project’s treasury funds are held in uniswap (UNI) tokens, and Bitdao has a treasury comprised of a bunch of different crypto assets which include tokens like BIT, ETH, USDC, and USDT.

As the crypto economy continues to deal with tumultuous times, decentralized autonomous organization treasuries have seen steadfast growth since the start of the year. Since the first DAO was created in 2016, DAO treasuries have increased 6,025% in USD value during the last six years.

Tags in this story
$700 million, $9.8 billion, 2016, 2022, Aragon Network, Bitdao, Blockchain, Compound, Crypto, crypto downturn, DAO, DAO Treasuries, DAO Treasury, DAOs, decentralized autonomous organization, decentralized finance, DeFi, ENS, ETH, Gnosis, governance tokens, Lido, Mango DAO, Markets, Merit Circle, Olympus DAO, UNI, uniswap

What do you think about the thousands of DAOs today and the $9.8 billion held by DAO treasuries? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Biggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains – Market Updates Bitcoin News

Biggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains – Market Updates Bitcoin News

Quant moved close to a six-month high on Saturday, as the token remained in the green for a second consecutive session. The rally comes as prices are now up by over 25% in the last seven days. Dogecoin was also in the green, as prices moved higher for a third consecutive day.

Quant (QNT)

Quant (QNT) was one of the notable gainers to start the weekend, as prices moved closer to a six-month high.

QNT/USD raced to an intraday high of $146.52 on Saturday, less than a day after trading at a low of $138.40.

Today’s high was marginally below Friday’s peak of $147.00, which is the strongest point that quant had hit since March 29.

Biggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains
QNT/USD – Daily Chart

Looking at the chart, the move comes as the relative strength index (RSI) broke out of a ceiling at 73.00.

As of writing, the index is tracking at 75.81, which is deep in overbought territory, and could act as a signal for bears to reenter the market.

The 10-day (red) moving average continues to remain higher, however, bulls will likely begin to consider securing gains and taking profit.

Dogecoin (DOGE)

Another notable mover in today’s session was dogecoin (DOGE), which rose for a third straight session.

Following a low of $0.05996 on Friday, DOGE/USD rose to an intraday high of $0.06281 on Saturday.

Today’s rally in DOGE sees prices climb to their highest point in the past four days, and value appears to be heading towards a resistance point of $0.0640.

Biggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains
DOGE/USD – Daily Chart

However, earlier gains have somewhat eased, following a collision with a ceiling on the RSI indicator.

The index is currently tracking below a ceiling of 50.40, which comes as market uncertainty heightens as the day progresses.

Ultimately, like with QNT, should traders intend to take prices higher this weekend, the first task will be to move beyond current points of resistance.

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Will we see dogecoin hit $0.070 in October? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Cardano (ADA) Is About To Die and Turn into A 'Zombiechain,' Ethereum Maxi Says

Cardano (ADA) Is About To Die and Turn into A ‘Zombiechain,’ Ethereum Maxi Says

Cardano (ADA), the 8th ranked crypto asset in terms of market capitalization, remains in the red as it loses 6.3% of its value in the last seven days.

  • Cardano lost more than 6% of its value for the past week
  • UniSwap surpassed ADA in terms of daily average transactions
  • Positivity remains among crypto enthusiasts for Cardano

As of this writing, according to Coingecko, the asset is trading at $0.43 but still remains one of the top 10 digital assets thanks to its market capitalization which stands at almost $14.7 billion.

They hefty market cap, however, is not enough to fend off some negative criticisms and projections about the crypto created by the Hong Kong Input-Output (IOHK) led by Ethereum co-founder Charles Hoskinson.

In fact, Evan Van Ness, a well-known die-hard fan and Ethereum maximalist, claims the token is already at death’s door and will soon turn into a “zombiechain.”

ADA Losing Steam

Aside from his belief that Ethereum is the best crypto out there, Ness has some alarming information regarding Cardano which could spell its immediate future.

ADA’s network is currently living at an incredibly low transaction count of less than one per second. That’s lesser than other assets with lower market capitalization.

UniSwap, for example, only has $4.9 billion market cap, but is beating Cardano on the seven-day average of daily transactions.

Source: Evan Van Ness

This is surprising, considering that UniSwap also has significantly higher daily fees count, currently at $1 million, compared to ADA’s $10,000.

What Lies Ahead For Cardano

While Ness says a lot of negativity towards a crypto asset that was once making breakthroughs, some remain positive about its future.

Coin Quora, armed with the results of their price monitoring for Cardano, said the asset will have a bullish run and will close the year with a price of $12. It also predicted that by 2023, its value will increase up to $18.

By 2025, however, the crypto, having experienced price corrections, will change hands at significantly lower prices.

Analytics Insights place the value of Cardano at $3.81, going as low as $3.68 and as high as $4.38. Both prices are way higher than its current value, $0.43.

It remains to be seen if the Ethereum’s maximalist’s claims pack some truth into them, but ADA’s recent performance so far is not helping its case.

ADA total market cap at $14.7 billion on the daily chart | Source: TradingView.com

Featured image from Cute Wallpaper.org, Chart: TradingView.com
Bitcoin, Ethereum Technical Analysis: BTC Begins the Weekend in Bearish Territory – Market Updates Bitcoin News

Bitcoin, Ethereum Technical Analysis: BTC Begins the Weekend in Bearish Territory – Market Updates Bitcoin News

After a move above $20,000 on Friday, bitcoin was back in the red on Saturday, as prices fell close to a key support point. As a result of this move the token has been largely unchanged in the last week, with price up 0.87% in the last seven days. Ethereum was also lower to start the weekend.

Bitcoin

Bitcoin (BTC) fell below $20,000 to start the weekend, as bearish sentiment returned following a brief rally late on Friday.

Following the release of the University of Michigan Consumer Sentiment report for September, which showed improvement from the previous month, BTC surged to a peak of $20,109.85.

However on Saturday, the token slipped to an intraday low of $19,238.12, falling below its floor of $19,300 in the process.

BTC/USD – Daily Chart

Looking at the chart, the move comes as the 14-day relative strength index (RSI) continues to move away from its ceiling at 49.00.

As of writing, the index is tracking at 45.45, which is close to another support point near the 44.00 region.

Should this floor hold firm, there is a strong possibility that we could see a rebound, with bitcoin bulls not only taking price back to $20,000, but potentially above this point.

Ethereum

Ethereum (ETH) was also trading low to start the weekend, as bullish sentiment from yesterday’s Consumer Sentiment data swiftly wore off.

Since hitting a peak of $1,368.74 during yesterday’s session, ETH/USD fell to a low of $1,320.38 earlier in the day.

As of a result of this sell-off, the world’s second largest cryptocurrency dropped below its support point of $1,330.

ETH/USD – Daily Chart

Currently, the token is trading at $1,325.36, with bulls attempting to climb above this current point of resistance.

Like with bitcoin, ethereum’s 14-day RSI is also consolidating, and is hovering below a ceiling of 41.00 as of writing.

The 10-day (red) moving average seems to finally be positioned for a bounce, however, this will likely only occur once the ceiling on the RSI indicator is broken.

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Will we see ethereum break out of this point this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Nexo-labeled address withdraws $153M in Wrapped BTC from MakerDAO

Nexo-labeled address withdraws $153M in Wrapped BTC from MakerDAO

Just a few days after market analysts predicted a 50% drop in NEXO price due to regulatory pressure and investor concerns, a crypto wallet address labeled as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (WBTC) — roughly worth $153M — from MakerDAO.

On Sept. 26, regulators from eight U.S. states filed a cease-and-desist order against Nexo under the allegations of offering unregistered securities to investors without warning. Moreover, Kentucky regulators accused Nexo of insolvency owing to liabilities exceeding assets when excluding Nexo.

Following suit, on Sept. 30, blockchain investigator Peckshield alerted the transfer of 7,758.8 WBTC from MakerDAO. One of the main reasons the crypto community chose to link the funds’ withdrawal with Nexo’s insolvency rumors is the name of the wallet — Nexo: 0x8fd.

MakerDAO details overview. Source: Peckshield

As shown above, the total value locked (TVL) on MakerDAO has suffered a decline of 43.3% over the past year, which currently stands at $7.11 billion.

Transaction details overview. Source: Peckshield

Transaction details show the transfer of DAI tokens worth $50.1 million from Nexo: 0x8fd to a null address (possibly a burn address) via DSProxy. As highlighted in the above screenshot, the transaction hash also confirms the transfer of $153.2 million in WBTC.

While the crypto community suspects wrongdoing, further investigations on the matter are underway.

Nexo has not yet responded to Cointelegraph’s request for comment.

Related: Nexo ‘surprised’ by state regulators’ actions, says co-founder

Despite the ongoing FUD, Nexo continues to broaden its business. Most recently, on Sept. 27, Nexo purchased a stake in Hulett Bancorp, a holding company that owns a federally chartered Summit National Bank.

The acquisition allows Nexo and its customers to open bank accounts with Summit National Bank. In addition, Nexo’s retail and institutional clients based out of the US will get access to asset-back loans, card products, and escrow and custodial solutions offered through Summit.