Featured image from Pixabay, chart from TradingView.com
Tron and Cardano Stall While ZKP Lights Up 1000x ROI Speculation as Scarcity Tightens & $10M Sports Deal Drives Activity Analytics Insight
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Shiba Inu Price Prediction: SHIB, PEPE Set To Retrace Last Week’s Gains As RTX Lights Up The Crypto Market Cryptopolitan
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Lights, Camera, Crypto! BlockDAG Gears Up for A Hollywood-style Keynote 3; Shiba Inu Burn Rate Surges & Toncoin Recovers Crypto News Flash
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Ethereum over the last several weeks finally began to gain some strength against Bitcoin and other top performing cryptocurrencies. But in the past few weeks, the upside has since been almost entirely erased.
The up – then right back down – price action has formed a potential bearish Japanese candlestick reversal signal. Will ETHUSD continue down further, or surge back into an uptrend? We’ll explore the technical signals to watch for.
Ethereum ETHUSD Possible Reversal Signal
The two top cryptocurrencies by market cap, Bitcoin and Ethereum, have had an unusual divergence between the two assets in terms of price action. While Ethereum bottomed early in 2022, Bitcoin found its bottom later in November of the same year. But in 2023, BTC outperformed ETH by a wide margin.
All this started to change recently as spot BTC ETF news began to cool down, and ETH ETF rumors began to swirl. Post-approval selling of BTC, among other factors, have caused an over 20% correction in Bitcoin and Ether. Price action in ETHUSD, however, has formed what appears to be an evening star candlestick pattern.
In Japanese candlestick analysis, an evening star pattern is a possible bearish reversal pattern, with enough potential to change a bull market to a bear market.
Is this an evening star pattern? | ETHUSD on TradingView.com
All About The Evening Star Pattern
An evening star is a three-candlestick pattern consisting of a tall white candle, a doji, and a large black candle that wipes out at least 50% of the first white candle. The more of the white candle that is engulfed, the stronger the evening star signal can potentially be.
The pattern helps reveal the underlying market sentiment. The large white candle shows increased enthusiasm and strength by bulls, which is met with resistance and confusion. Selling eventually kicks in, as bears regain control and show surprise strength against bulls.
With any Japanese candlestick pattern, context is important. The reversal signal appearing at the top of a rally and with bearish technical indicators firing gives it more possible significance. The same signal appeared at the peak of the 2021 bull market, kicking off an 82% drawdown.
The candlestick pattern is only confirmed after a weekly close. It also requires follow through by bears, pushing ETHUSD to new 2024 lows. If bulls can make a stand and take back 50% or more of the candle, this signal could be invalidated.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Shiba Inu (SHIB) Lights Up: Sparks New Price Rally U.Today
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Dogecoin (DOGE) Price Skyrockets as Twitter Green Lights Crypto Trading U.Today
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Shiba Inu (SHIB) Strikes Merch Deal as SHIB Burn Rate Lights Up 1395%The mascot of the super-popular memecoin (SHIB) might soon be featured on top luxury fashion handbags via the new collaboration between Canadian bag and luggage manufacturer Bugatti Group. The official SHIB Token Twitter profile announced the Bugatti Group deal over the weekend.
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@Shibtoken Shiboshis x @bugattigrpStay tuned for an upcoming event announcement in the next few days! pic.twitter.com/VzvwUI2rOU
— Shib (@Shibtoken) January 8, 2023
Shiboshis NFT Embossed On Luxury Bags
Bugatti Group recently delved into Web3 with their first NFT collection. Bugatti Genesis NFT collection adopted the bi-dimensional approach, as every holder of the aforementioned NFT Pass entered the prize draw for a physical suitcase or handbag.
The new Shiboshis X BugattiGRP handbag collection will take inspiration from the Shiboshis NFT collection, which consists of 10,000 pixelated cartoon dogs. Previously, Bugatti worked with the Rolling Stones and the K-Pop stars Blackpink, and paid homage to Swiss heritage with their Swiss Mobility Collection.
Look what came while I was traveling earlier this week. It’s the #RollingStones @bugattigrp suitcase I won as a #BugattiGenesisNFT holder. #LFT pic.twitter.com/mYtuup1Wft
— KZ (@KevinRZuber) January 7, 2023
Shiba Army Sends More SHIB Up In Flames
The big news sparked enthusiasm from the SHIB Army to burn more of their beloved canine tokens to sustain Shiba Inu’s market price. Besides wanting to see their favorite Shiboshis NFT engraved on the luxury bags, the SHIB Army is also looking forward to a major event “in the next few days,” according to the official tweet.
Thus, the extra motivation to send SHIB tokens to dead wallets is evident in the increased SHIB burning stats. According to Shibburn, the past 24 hours had seen a colossal 37,400,646 SHIB tokens set ablaze, marking a 1395% daily increase.
As many of the soldiers of the SHIB Army are patiently waiting for Shibarium, crypto enthusiasts also accumulate Bone ShibaSwap (BONE), the gas fee token for the upcoming Layer-2 solution.
We need to get more burning mechanisms for the 2023
— Some1⃣ (@Some1HasSpoken) January 9, 2023
SHIB and BONE Gain Double Digits
At press time, $SHIB, the primary token of the Shiba Inu Ecosystem, is changing hands at $0.00000897, according to CoinGecko. The canine cryptocurrency gained 6.4% in the last 24 hours, reaching 10.2% weekly profits. The community remains optimistic as the technical analysis shows that $SHIB is preparing for a descending channel breakout.
On the other hand, the gas fee token BONE grew by 4.4% in the last 24 hours and is now trading at $1.15. Having successfully reclaimed the $1 resistance level, the gas fee token for Shibarium made use of the solid bullish signals since December, as BONE gained 31.5% in the last 30 days.
$SHIB To The Moon#SHIB Descending Channel Breakout is imminent #Crypto #shibainu #SHIB #Shibarium #SHIBARMYSTRONG pic.twitter.com/FTsObdxRZi
— Crypto Bezos (@BezosCrypto) January 8, 2023
On the Flipside
- (SOL) recently surpassed SHIB by total market capitalization, thus snatching away the #13 positon.
- Bone ShibaSwap (BONE) is 92.6% down from its all-time high (ATH) set at $15.50 over a year ago.
Why You Should Care
SHIB is an ERC-20 token on the (ETH) network, transitioning into a self-sufficient ecosystem via the Layer-2 upgrade – Shibarium.
Learn more about the effervescent world of memecoins:
(DOGE) Foundation Raises $5M DOGE Core Fund – Here’s What’s Next
Bonk (BONK): Project Review, Recent Developments, Future Events, Community
The king of Cryptocurrency, Bitcoin (BTC) is facing a continuous downfall since the beginning of the year. BTC is trading at an average price of $32,897, at the press time. Bitcoin is down by over 22% in the last 30 days. Amid this crackdown, Peter Schiff, CEO of Euro Pacific Capital, has suggested that BTC can slide towards the 10K price mark.
Schiff sees extended losses if BTC falls below $30K
Schiff is known as a big time Bitcoin opposer. In a recent attack, he mentioned that the BTC’s price drop understates the weakness of the digital asset. He stated that if Bitcoin slumps under the 30K price mark then it can be a difficult time for it.
In a Twitter poll, Schiff asked his followers what will they do if BTC crashes below $10K. He asserted that Bitcoiner has to make a very important decision now. Meanwhile, he left out the “buy the dip” option.
If $30K fails it’s lights out!
-Schiff on Twitter
However, the poll didn’t work out according to his sentiments. Over 36k accounts voted in the poll till now. The 74% of the voting turnout supported that BTC will hold the fort and they will HODL BTC. On the other hand, nearly 26% of the voters said that they’ll sell their Bitcoin and maybe buy it later.
Over $145 million positions liquidated
Schiff suggested that the recent drop in Bitcoin’s price is a major indicator of the weakness of the other risk assets. The stock Market future was also down by 1%. According to Coinglass, over $422 million was liquidated from the Crypto market in the last 24 hours. It is important to note that more than $145 million was moved out from Bitcoin only.
The Cryptocurrency market is trading under an immense amount of pressure as it remains highly correlated with the current economic conditions. The global crypto market is down by 4.8% in the last 24 hours. The total capitalization stands at $1.5 trillion.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In part 1 I wrote about interoperability, its concept and protocols, introducing a bit of history. In this article I will deal with what I think are the lights and shadows of the connection between different ecosystems.
The Lights: Why Do We Need Interoperability?
The blockchain has its primary use in the financial sector, both as a payment currency and DeFi. Without interoperability, transactions in quantity are restricted, hindering scaling and the creation of more liquid markets.
Blockchain can be very useful in supply chains, for example in health care, food, aviation, luxury goods or other industries, but if there is no interoperability, there is no data transmission between the different chains.
Digital Identity is another use for the so-called web3 decentralized Internet engine, which requires interoperability and scalability for end users to control and share data, and cannot be locked into a single network.
The various functionalities to interoperate can be grouped into five categories:
- Transferable Assets: 1-to-1 supported asset trading with minimal trust. Essentially, this is transferring a digital asset from one chain to another, with the ability to transfer it back to the source chain. A two-way channel between blockchains. This requires the assets to be locked in the “local of origin” chain, and can only be released upon return, to avoid double spending.
- Swap: trading executed with smart contracts, with minimal trust. Also known as an “atomic swap”, where user A transfers their asset on chain 1 to user B and user B transfers their asset on chain 2 to user A, in such a way as to ensure that both transactions go through as one exchange .
- Cross-chain oracles: reading information in a unidirectional way causing an action. It is an entity or the chain itself, which has the ability to prove or read that something is true, or that some action has taken place on another chain. For example, a smart contract on a chain might have a condition that requires a proof of transaction on an external chain for it to complete.
- Asset Lock– deposit with minimal trust. This can be used to lease assets or data upon payment for a set period of time. An IoT (Internet of Things) device can be leased to an entity that wants full use of its capabilities for a short period of time, paying for usage per minute. Once that time is up, the contract will return ownership of that asset to the original owner.
- General cross-chain contracts: multi-chain dependent smart contracts. This is a large category of applications that use smart contracts that interact with many chains that use a data network for actions. For example, a smart home would be making decisions and triggering actions based on many different IoT devices on many different chains.
Have you noticed that they have in common all the functionalities to interoperate? Yes, smart contracts, that is, in order to connect different blockchains, an executable encrypted protocol must be run.
The Shadows: Security and Risk
Blockchain projects employ different trust and security models in their design. Public blockchains build trust from cryptography, consensus algorithms, and incentive models.
For example, the Bitcoin proof-of-work (PoW) consensus has a high hashrate, which causes high costs for anyone who wants to attack the integrity of its data. The strength of security is usually correlated to the number of nodes in the network.
On the other hand, for those blockchains with traditional public key infrastructure (PKI), which allows users to authenticate themselves against other users and use the information of the identity certificates, security depends mainly on the commercial relationship established between the participants.
When two blockchains interoperate, it is important to analyze the difference in their security models and introduce the necessary compensating controls so that the integrity of the information, or the exchange of values, is not compromised for either of the two interoperating blockchains.
From a risk perspective, a party may take additional risks if it interoperates with another party with a lower security profile. This additional risk must be carefully evaluated and considered appropriate for the commercial benefit that would be obtained.
The low security of a blockchain can cause interoperability problems with another blockchain, causing a negative impact on its ecosystem, for example due to a hack that impacts the smart contract that connects them.
Finally, there is a risk associated with the economy, a product of the monetary policy that is intertwined in the interconnected blockchains. Crossing cryptocurrencies with poor or different monetary planning can have some impact on the ecosystem, when the amount of transferred coins is high with respect to the total circulating of the receiving blockchain, since it affects the liquidity of tokens, and that is not innocuous.
For value exchange, key issues include:
- the integrity of the information
- the asset is owned and its intended action, and
- that the execution of the value exchange is fair and atomic. Fairness ensures that both parties get their share of the trade, and neither party should have an advantage in backing out of the transaction based on outside events.
A condition for interoperability lies in the ability of two systems to recognize each other’s identity or ownership schemes.
Aspiring to common identity management is unrealistic as they are intrinsically tied to each chain’s crypto options. On the other hand, a precondition for establishing trust is to establish some sort of mapping between identity schemas.
Summary of Security Factors
Hacks
Hacking attacks to steal tokens or cryptocurrencies result in the main problem for blockchain interoperability.
Although the thefts that are perpetrated by violating the computer code also occur in the L1 of the blockchains, the cross-systemic risk that arises in the interoperation of networks opens up a new possibility for hackers, and in addition, it may be greater in amount of funds.
For the exchange of information, the critical security issue is the integrity and reliability of the information coming from another chain or system.
Attacks can be on interoperability oracles, on bugs in smart contracts that manage transferred assets, on bridges, or on sidechains. I will cite an example of each.
The 2019 oracle attack on Synthetix, a synthetic asset issuance platform built on Ethereum, resulted in the loss of 37 million digital tokens. Synthetix suffers oracle attack, more than 37 million synthetic ether exposed.
Another known case $611 million hack Poly Network, it was possible from a contract called “EthCrossChainManager”, which has the privilege of being able to execute messages coming from other networks. It’s a standard feature for cross-chainforwarding contracts cross-chain that allowed special contracts to be called. The EthCrossDomainData not have belonged to the EthCrossDomainManager. If a contract really needs to have special privileges like these, users shouldn’t be able to use cross-chain to call these special contracts.
Regarding bridge attacks, the protocol that connects two blockchains to interoperate, Wormhole, the Solana bridge, was manipulated to credit 120 thousand ETH as if it had been deposited in Ethereum, which allowed the hacker to mint an equivalent amount of wrapped whETH (Wormhole ETH) in Solana. Using a SignatureSet created by a previous transaction, the attacker was initially able to bypass the wormhole’s ‘guardians’ (which are used to verify inter-chain transfers), and call verify_signatures on the main bridge.
Sidechain attacks also existed. Ronin was launched as an Ethereum side-chain in February 2021 to provide fast and cheap transactions needed to run p2e games (Play-to-Earn). Four of the validators are operated by Sky Mavis, meaning that in the event of a security vulnerability, only one more signature was needed to control the network. The attacker was able to gain access to the additional validator thanks to an agreement between Sky Mavis and Axie DAO in November last year.
Final Words
Like any technology, blockchain interoperability has lights and shadows.
As more interconnections develop, we will surely see more problems, and more hacks, but we will also see more adoption and increased cross-activity between blockchains, synergistically enhancing the cryptoeconomy ecosystem.
It is not possible for me to think that interoperability is an exception in the ecosystem, although the connection between networks will not be total, the variety will mean that a few blockchains that cross tokens and information will be enough to consider interoperability fulfilled.
The cost-benefit ratio is the lights and shadows, since in order to clearly see the benefits, the lights, we must understand the darkness of the risks, the shadows.
Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.
]]>The Legislative Assembly of El Salvador has issued legislation on the approval of a $150 million Bitcoin Trust. In addition, they passed legislation supporting crypto services and infrastructure development across the entire country.
They passed the bill on August 31, and 64 officials voted in support, while 14 opposed the creation of the Bitcoin Trust. The Trust aims to enhance BTC to U.S. Dollars conversion and support the essential technological infrastructure. This will enable the widespread adoption of digital assets.
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The government of El Salvador has mapped out $23.3 million for establishing crypto ATMs. They have also set aside $30 million for incentivizing the use of Chivo, the state-backed wallet.
Bitcoin To Be Used As Legal Tender
The news came just a week preceding the set implementation time for the controversial Bitcoin law of the country. The legislation will recognize BTC as legal tender across the Country by Sept. 7. The country currently uses U.S. dollars as legal tender. Bandesal, the Development Bank of El Salvador’s was appointed to manage the Bitcoin Trust operation.
El Salvador plans to redirect the $150 million from their $500 million loans with (CABEI)Central American Bank for Economic Integration. They took the CABEI loan for economic recovery for medium and small-scale businesses.
In addition, the government will channel $23.3 million of the funds to support the establishment of government-approved crypto ATMs. This will allow the residents to exchange Bitcoin for USD and verse versa.
Moreso, $30 million was also mapped out for incentivizing the citizens to continue adopting Chivo, the Government’s digital wallet.
Statement From The President
President Nayib Bukele announced that the government would airdrop $30 Bitcoin to all Salvadoran adults who download Chivo wallet. He added that the country’s population is 6.5 million, which is high enough.
This suggests two things; the first is that the government thinks Bitcoin adoption will be less. The second option is that they are yet to allocate enough Bitcoin that will go round.
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Today in related news, Koibanx announced that it signed an agreement with the El Salvador government on cryptocurrency infrastructure. The deal is to develop the county’s infrastructure on digital currency with Algorand’s open-source blockchain.
Many citizens of El Salvador, including people from international organizations, have been skeptical about El Salvador’s Bitcoin Law. The law has also witnessed some critics too.
BTC is on the verge of breaking the $50K barrier | Source: BTCUSD on TradingView.com
Maria Luisa Hayém Brevé, the country’s Minister of Economy, has stated that the government focuses on crypto education. She added that they use crypto incentives to complement the high rate of uncertainty among their population.