📋SafePal crypto wallet imposed mandatory verification of Binance Trading dApp users
🔍On May 9, SafePal, a decentralized cryptocurrency wallet, obliged Binance Trading dApp users to comply with anti-money laundering (AML) and know your customer (KYC) procedures. Starting May 12, new users of the app must be verified. Only withdrawals will be available to all existing users who fail verification by May 12. The restrictions will not affect other decentralized products and services.
https://getblock.net/en/news/safepal-crypto-wallet-imposed-mandatory-verification-of-binance-trading-dapp-users/
🔍On May 9, SafePal, a decentralized cryptocurrency wallet, obliged Binance Trading dApp users to comply with anti-money laundering (AML) and know your customer (KYC) procedures. Starting May 12, new users of the app must be verified. Only withdrawals will be available to all existing users who fail verification by May 12. The restrictions will not affect other decentralized products and services.
https://getblock.net/en/news/safepal-crypto-wallet-imposed-mandatory-verification-of-binance-trading-dapp-users/
✍Bitstamp appointed new CEO
✅The Bitstamp cryptocurrency exchange has announced the appointment of a new CEO to replace Julian Sawyer. He is Jean-Baptiste Graftieaux, who had been holding the position of the company’s head for the European region since 2021.
https://getblock.net/en/news/bitstamp-appointed-new-ceo
✅The Bitstamp cryptocurrency exchange has announced the appointment of a new CEO to replace Julian Sawyer. He is Jean-Baptiste Graftieaux, who had been holding the position of the company’s head for the European region since 2021.
https://getblock.net/en/news/bitstamp-appointed-new-ceo
Bitcoin dropped below $30 000 today for the first time since July 2021. Support in the $29-30 000 range withstood sellers’ pressure. As of 10:00 Moscow time, bitcoin has already been bought back up to $32 500, but there is still a chance of it falling below $30 000.
On the weekly timeframe, the formation of a falling wedge pattern can be seen. A breakout from the wedge may take place either upward or downward. On a downward breakout and fixation below $30 000, a plunge into that very crypto winter will happen.
Also worth considering is the fact that the fear and greed index of the crypto market has reached a low value (10, extreme fear). The last time the indicator was at this level was in early 2022.
The material is not an investment recommendation and is published for information purposes only.
https://getblock.net/en/market-analysis/btc-review-dated-10052022
#BTC #Analytics
On the weekly timeframe, the formation of a falling wedge pattern can be seen. A breakout from the wedge may take place either upward or downward. On a downward breakout and fixation below $30 000, a plunge into that very crypto winter will happen.
Also worth considering is the fact that the fear and greed index of the crypto market has reached a low value (10, extreme fear). The last time the indicator was at this level was in early 2022.
The material is not an investment recommendation and is published for information purposes only.
https://getblock.net/en/market-analysis/btc-review-dated-10052022
#BTC #Analytics
📉NFT owner from the CryptoPunks collection lost $1 million on resale
🖼The owner of the NFT from the CryptoPunks collection sold the token at a loss of $1,06 million. Seven months ago, he paid 265 ETH for the CryptoPunk token #273 ($1,2 million at the time of purchase), and on May 8 he sold the same NFT on the OpenSea platform for just 55 ETH, or $132 660 (at the exchange rate on May 9), 9 times cheaper than the original cost.
https://getblock.net/en/news/nft-owner-from-the-cryptopunks-collection-lost-1-million-on-resale
🖼The owner of the NFT from the CryptoPunks collection sold the token at a loss of $1,06 million. Seven months ago, he paid 265 ETH for the CryptoPunk token #273 ($1,2 million at the time of purchase), and on May 8 he sold the same NFT on the OpenSea platform for just 55 ETH, or $132 660 (at the exchange rate on May 9), 9 times cheaper than the original cost.
https://getblock.net/en/news/nft-owner-from-the-cryptopunks-collection-lost-1-million-on-resale
📃Russia required election candidates to provide data on their digital assets
☝Russian President Vladimir Putin has signed a decree that expands the list of verifiable information on foreign properties, expenses, securities, and shares of candidates for elections at different levels. Data on cryptocurrency and digital assets are now also subject to verification for authenticity. The decree came into force from the moment of its signing on May 9, 2022.
https://getblock.net/en/news/russia-required-election-candidates-to-provide-data-on-their-digital-assets
☝Russian President Vladimir Putin has signed a decree that expands the list of verifiable information on foreign properties, expenses, securities, and shares of candidates for elections at different levels. Data on cryptocurrency and digital assets are now also subject to verification for authenticity. The decree came into force from the moment of its signing on May 9, 2022.
https://getblock.net/en/news/russia-required-election-candidates-to-provide-data-on-their-digital-assets
📊Bitcoin’s correlation with the NASDAQ-100 index reached a new all-time high
📈The correlation between bitcoin and the NASDAQ-100 stock index has reached an all-time high, according to Bloomberg. This figure has been rising since the beginning of 2022: in April, the correlation between BTC and the stock index reached its high since July 2020.
https://getblock.net/en/news/bitcoins-correlation-with-the-nasdaq-100-index-reached-a-new-all-time-high/
📈The correlation between bitcoin and the NASDAQ-100 stock index has reached an all-time high, according to Bloomberg. This figure has been rising since the beginning of 2022: in April, the correlation between BTC and the stock index reached its high since July 2020.
https://getblock.net/en/news/bitcoins-correlation-with-the-nasdaq-100-index-reached-a-new-all-time-high/
📉Cardano founder announced the beginning of a bear market
📢Cardano founder Charles Hoskinson wrote on his Twitter that the price of the blockchain’s native token ADA is declining as the cryptocurrency is in a bear market. According to Hoskinson, no events or actions can affect the current situation.
https://getblock.net/en/news/cardano-founder-announced-the-beginning-of-a-bear-market/
📢Cardano founder Charles Hoskinson wrote on his Twitter that the price of the blockchain’s native token ADA is declining as the cryptocurrency is in a bear market. According to Hoskinson, no events or actions can affect the current situation.
https://getblock.net/en/news/cardano-founder-announced-the-beginning-of-a-bear-market/
🔥Traders lost more than $1 billion to the bitcoin price collapse
📉Over the past 24 hours, the volume of liquidated positions in the crypto market amounted to $1,1 billion. According to Coinglass, a total of almost 287 000 traders’ positions were liquidated. The largest order was forcibly closed on the BitMEX exchange ($6,3 million) in the XBT/USD pair.
https://getblock.net/en/news/traders-lost-more-than-1-billion-to-the-bitcoin-price-collapse/
📉Over the past 24 hours, the volume of liquidated positions in the crypto market amounted to $1,1 billion. According to Coinglass, a total of almost 287 000 traders’ positions were liquidated. The largest order was forcibly closed on the BitMEX exchange ($6,3 million) in the XBT/USD pair.
https://getblock.net/en/news/traders-lost-more-than-1-billion-to-the-bitcoin-price-collapse/
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☝Binance resumed withdrawals of LUNA and UST
💸The Binance cryptocurrency exchange temporarily suspended withdrawals of Terra (LUNA) token and TerraUSD (UST) stablecoin. According to the company’s announcement, this decision was taken due to “a high volume of pending withdrawal transactions” and “network slowness and congestion.” Traders started selling UST as the stablecoin lost its peg to the dollar, falling to $0,66. At the same time, its backing token LUNA has lost 50% of its value over the past 24 hours, trading at $30,52 as of 13:00 Moscow time. Withdrawals on Binance have already resumed.
https://getblock.net/en/news/binance-resumed-withdrawals-of-luna-and-ust/
💸The Binance cryptocurrency exchange temporarily suspended withdrawals of Terra (LUNA) token and TerraUSD (UST) stablecoin. According to the company’s announcement, this decision was taken due to “a high volume of pending withdrawal transactions” and “network slowness and congestion.” Traders started selling UST as the stablecoin lost its peg to the dollar, falling to $0,66. At the same time, its backing token LUNA has lost 50% of its value over the past 24 hours, trading at $30,52 as of 13:00 Moscow time. Withdrawals on Binance have already resumed.
https://getblock.net/en/news/binance-resumed-withdrawals-of-luna-and-ust/
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💰El Salvador added $15 million worth of bitcoins after the crypto market collapses
🗣On May 9, El Salvador’s President Nayib Bukele announced on his Twitter the purchase of 500 BTC. According to the president, the purchase was made while the currency exchange rate was falling at a price of $30 744 for a total of $15,3 million. Including the new funds, El Salvador owns 2301 BTC ($72 million at the exchange rate as of May 10, 2022, according to Binance).
https://getblock.net/en/news/el-salvador-added-15-million-worth-of-bitcoins-after-the-crypto-market-collapses/
🗣On May 9, El Salvador’s President Nayib Bukele announced on his Twitter the purchase of 500 BTC. According to the president, the purchase was made while the currency exchange rate was falling at a price of $30 744 for a total of $15,3 million. Including the new funds, El Salvador owns 2301 BTC ($72 million at the exchange rate as of May 10, 2022, according to Binance).
https://getblock.net/en/news/el-salvador-added-15-million-worth-of-bitcoins-after-the-crypto-market-collapses/
🏁ARK Invest’s head predicted the end of a bear market
💭ARK Invest founder Cathie Wood has said that the increasing correlation between the price of cryptocurrencies and traditional assets indicates the approaching end of a bear market. In her new YouTube video, Wood stated that the “bottom” for the price of bitcoin and other digital assets is probably near. The value of the first cryptocurrency is falling along with the stock market, which according to Wood is a temporary phenomenon.
https://getblock.net/en/news/ark-invests-head-predicted-the-end-of-a-bear-market
💭ARK Invest founder Cathie Wood has said that the increasing correlation between the price of cryptocurrencies and traditional assets indicates the approaching end of a bear market. In her new YouTube video, Wood stated that the “bottom” for the price of bitcoin and other digital assets is probably near. The value of the first cryptocurrency is falling along with the stock market, which according to Wood is a temporary phenomenon.
https://getblock.net/en/news/ark-invests-head-predicted-the-end-of-a-bear-market
☝Peter Schiff called the condition for the bitcoin price to fall below $10 000
📉The head of the brokerage firm Euro Pacific Capital Inc. Peter Schiff suggested that the price of bitcoin could fall below $10 000 if the rate of the first cryptocurrency continued to decline past the $30 000 mark. He conducted a poll on his Twitter to determine what the owners of the asset would do. Schiff noted that he left out the option of buying more bitcoins in the current market situation. In his view, it is a bad decision. However, the investor is confident that many hodlers will do just that until they run out of money. Schiff himself considers the best tactic to sell assets in order to then buy them back when the value falls. The stockbroker also urged crypto market participants not to make rash decisions.
https://getblock.net/en/news/peter-schiff-called-the-condition-for-the-bitcoin-price-to-fall-below-10-000
📉The head of the brokerage firm Euro Pacific Capital Inc. Peter Schiff suggested that the price of bitcoin could fall below $10 000 if the rate of the first cryptocurrency continued to decline past the $30 000 mark. He conducted a poll on his Twitter to determine what the owners of the asset would do. Schiff noted that he left out the option of buying more bitcoins in the current market situation. In his view, it is a bad decision. However, the investor is confident that many hodlers will do just that until they run out of money. Schiff himself considers the best tactic to sell assets in order to then buy them back when the value falls. The stockbroker also urged crypto market participants not to make rash decisions.
https://getblock.net/en/news/peter-schiff-called-the-condition-for-the-bitcoin-price-to-fall-below-10-000
💥 Cryptocurrency price dynamics 11.05.2022💥
All crypto-assets in the top 10 by market capitalization are in the "red zone" today:
⬇️ Avalanche showed the biggest drop overnight: -21.0%.
🔴 BTC - $ 30,663.20 (-5.2%)
🔴 ETH - $ 2,309.00 (-4.4%)
🔴 BNB - $ 303.27 (-7.6%)
🔴 XRP - $ 0.503347 (-5.3%)
🔴 SOL - $62.74 (-12.5%)
🔴 ADA - $0.607533 (-11.5%)
🔴 DOGE - $ 0.104022 (-8.9%)
🔴 DOT - $10.59 (-12.0%)
🔴 AVAX - $37.02 (-21.0%)
🔴 SHIB - $ 0.00001520 (-9.9%)
All crypto-assets in the top 10 by market capitalization are in the "red zone" today:
⬇️ Avalanche showed the biggest drop overnight: -21.0%.
🔴 BTC - $ 30,663.20 (-5.2%)
🔴 ETH - $ 2,309.00 (-4.4%)
🔴 BNB - $ 303.27 (-7.6%)
🔴 XRP - $ 0.503347 (-5.3%)
🔴 SOL - $62.74 (-12.5%)
🔴 ADA - $0.607533 (-11.5%)
🔴 DOGE - $ 0.104022 (-8.9%)
🔴 DOT - $10.59 (-12.0%)
🔴 AVAX - $37.02 (-21.0%)
🔴 SHIB - $ 0.00001520 (-9.9%)
☝US Fed warned about the risks associated with stablecoins
📊The US Federal Reserve System (Fed) has drawn attention to the risk of a fall in the stablecoin market. The Fed has stressed that stablecoins, along with some money market funds (MMFs) and bonds, are risk areas in the current financial system, particularly in the field of funding. This is reported in the regulator’s report.
https://getblock.net/en/news/us-fed-warned-about-the-risks-associated-with-stablecoins
📊The US Federal Reserve System (Fed) has drawn attention to the risk of a fall in the stablecoin market. The Fed has stressed that stablecoins, along with some money market funds (MMFs) and bonds, are risk areas in the current financial system, particularly in the field of funding. This is reported in the regulator’s report.
https://getblock.net/en/news/us-fed-warned-about-the-risks-associated-with-stablecoins
Let’s take a closer look at the wedge formed on the daily timeframe. Support is at the level of $28-30 000, below which bitcoin last traded at the end of 2020. The upper boundary of the wedge is around $38 000. There is also an important resistance there, so the asset is unlikely to be able to overcome this range at the first attempt.
Bitcoin is likely to reach $37-38 000 in the coming weeks but then fall back to the lower boundary of the wedge. It should be taken into account that, at any moment, bitcoin can break out the wedge either upward or downward, under the influence of various unforeseen events.
The material is not an investment recommendation and is published for information purposes only. Remember: technical analysis does not guarantee successful trading, as it is based on historical data only.
https://getblock.net/en/market-analysis/btc-review-dated-11052022
#BTC #Analytics
Bitcoin is likely to reach $37-38 000 in the coming weeks but then fall back to the lower boundary of the wedge. It should be taken into account that, at any moment, bitcoin can break out the wedge either upward or downward, under the influence of various unforeseen events.
The material is not an investment recommendation and is published for information purposes only. Remember: technical analysis does not guarantee successful trading, as it is based on historical data only.
https://getblock.net/en/market-analysis/btc-review-dated-11052022
#BTC #Analytics
👾DeFi protocol Fortress lost all funds in hack
💻On May 9, Fortress, a DeFi protocol, was hacked, resulting in the theft of all of the platform’s funds ($3 million). The stolen cryptocurrency was diverted from the Binance Smart Chain to Ethereum and mixed using the Tornado Cash transaction mixer. This was made possible due to a decentralized autonomous organization (DAO) and the manipulation of a price oracle. The quorum votes on Fortress Credits governance contract was 400 000 FTS ($18 000 at the time of the hack).
https://getblock.net/en/news/defi-protocol-fortress-lost-all-funds-in-hack
💻On May 9, Fortress, a DeFi protocol, was hacked, resulting in the theft of all of the platform’s funds ($3 million). The stolen cryptocurrency was diverted from the Binance Smart Chain to Ethereum and mixed using the Tornado Cash transaction mixer. This was made possible due to a decentralized autonomous organization (DAO) and the manipulation of a price oracle. The quorum votes on Fortress Credits governance contract was 400 000 FTS ($18 000 at the time of the hack).
https://getblock.net/en/news/defi-protocol-fortress-lost-all-funds-in-hack
🤔Galaxy Digital CEO called the future of the crypto market “volatile and difficult”
📉Galaxy Digital CEO Michael Novogratz expects the digital asset market to be “volatile and difficult” over the next few quarters. He attributed this to the fact that the crypto market is dependent on changes in US company share prices. Novogratz added that cryptocurrencies would remain correlated to the NASDAQ exchange until they reach a new equilibrium. According to the investor, the industry expects losses in a highly volatile environment.
https://getblock.net/en/news/galaxy-digital-ceo-called-the-future-of-the-crypto-market-volatile-and-difficult/
📉Galaxy Digital CEO Michael Novogratz expects the digital asset market to be “volatile and difficult” over the next few quarters. He attributed this to the fact that the crypto market is dependent on changes in US company share prices. Novogratz added that cryptocurrencies would remain correlated to the NASDAQ exchange until they reach a new equilibrium. According to the investor, the industry expects losses in a highly volatile environment.
https://getblock.net/en/news/galaxy-digital-ceo-called-the-future-of-the-crypto-market-volatile-and-difficult/
👍Talos raised $105 million led by General Atlantic
💰Talos, a cryptocurrency platform, raised $105 million in a Series B funding round led by the investment firm General Atlantic. Other investors include BNY Mellon, Citi, Wells Fargo Strategic Capital, DRW, SCB 10x, and Matrix Capital Management. Among other investors also are Andreessen Horowitz (a16z), PayPal Ventures, Fidelity Investments, and others. The value of Talos has reached $1,25 billion. This is reported in the company’s press release.
https://getblock.net/en/news/talos-raised-105-million-led-by-general-atlantic/
💰Talos, a cryptocurrency platform, raised $105 million in a Series B funding round led by the investment firm General Atlantic. Other investors include BNY Mellon, Citi, Wells Fargo Strategic Capital, DRW, SCB 10x, and Matrix Capital Management. Among other investors also are Andreessen Horowitz (a16z), PayPal Ventures, Fidelity Investments, and others. The value of Talos has reached $1,25 billion. This is reported in the company’s press release.
https://getblock.net/en/news/talos-raised-105-million-led-by-general-atlantic/
💵Luna Foundation Guard to raise $1 billion to support UST stablecoin
📊The Luna Foundation Guard (LFG), a non-profit organization, plans to raise $1 billion to support the UST algorithmic stablecoin, which lost parity to the US dollar on May 9, 2022. This is reported by The Block.
https://getblock.net/en/news/luna-foundation-guard-to-raise-1-billion-to-support-ust-stablecoin/
📊The Luna Foundation Guard (LFG), a non-profit organization, plans to raise $1 billion to support the UST algorithmic stablecoin, which lost parity to the US dollar on May 9, 2022. This is reported by The Block.
https://getblock.net/en/news/luna-foundation-guard-to-raise-1-billion-to-support-ust-stablecoin/
❗IMF confirmed the effectiveness of cryptocurrencies to circumvent sanctions
📄The semi-legal status of cryptocurrencies and the high degree of decentralization allow them to be used to circumvent sanctions. These findings are contained in a paper on the participation of cryptocurrencies in capital flows published on the International Monetary Fund’s (IMF) website.
https://getblock.net/en/news/imf-confirmed-the-effectiveness-of-cryptocurrencies-to-circumvent-sanctions
📄The semi-legal status of cryptocurrencies and the high degree of decentralization allow them to be used to circumvent sanctions. These findings are contained in a paper on the participation of cryptocurrencies in capital flows published on the International Monetary Fund’s (IMF) website.
https://getblock.net/en/news/imf-confirmed-the-effectiveness-of-cryptocurrencies-to-circumvent-sanctions
⚖️ BitRiver to sue US Treasury over sanctions
☝The Russian operator of mining centers BitRiver may sue the US Treasury Department because of the sanctions imposed in April 2022. The company told RIA Novosti reporters about this.
https://getblock.net/en/news/bitriver-to-sue-us-treasury-over-sanctions/
☝The Russian operator of mining centers BitRiver may sue the US Treasury Department because of the sanctions imposed in April 2022. The company told RIA Novosti reporters about this.
https://getblock.net/en/news/bitriver-to-sue-us-treasury-over-sanctions/