Here’s Why The Ethereum, Dogecoin, And XRP Prices Suffered A Wipeout | Bitcoinist.com Bitcoinist.com
Source link ]]>
The Ethereum, Dogecoin, and XRP prices have suffered significant losses over the last day, sparking a bearish outlook for these altcoins. This price crash comes amid the US Supreme Court decision, which keeps the Trump tariffs in place, and the lingering Israel-Iran conflict.
Why Ethereum, Dogecoin, And XRP Prices Are Down
CoinMarketCap data shows that the Ethereum, Dogecoin, and XRP prices have crashed in the last 24 hours. ETH is down almost 4% while DOGE and XRP are down almost 2% and 3%, respectively. This comes following the US Supreme Court’s denial of a motion to expedite the consideration of a motion on whether the Trump tariffs are legal or not.
This means that the Trump tariffs remain in place while the appeal cases continue. Trump’s administration had earlier appealed a Federal Trade Court’s ruling that the tariffs were beyond the president’s authority under the International Emergency Economic Powers Act (IEEPA). Meanwhile, a second Federal Court also ruled against the tariffs.
However, the latest Supreme Court decision presents a setback for the crypto market, seeing as the Trump tariffs will remain in place at least for now. The tariffs are bearish for the Ethereum, Dogecoin, and XRP prices, which explains why these altcoins witnessed a sharp decline. The tariffs have already raised concerns of inflation, with the Federal Reserve holding off on rate cuts.
Fed Jerome Powell has indicated that the committee is well prepared to wait and see how the tariffs impact the economy rather than rush to cut rates. Rate cuts are typically bullish for the Ethereum, Dogecoin, and XRP prices because they inject more liquidity into these assets. However, these rate cuts could remain on hold if the tariffs persist.
Another reason the Ethereum, Dogecoin, and XRP prices declined is because of the ongoing Israel-Iran conflict, which has gone on for over one week now. Both countries launched fresh strikes on each other in the last 24 hours, a move that is likely to further escalate the war. Meanwhile, the US is reportedly considering joining the war, which is also bearish for these altcoin prices.
The White House stated that Donald Trump would decide on whether the US will join the war within two weeks. The US consideration has sparked fear among investors, which could have also contributed to the decline for the Ethereum, Dogecoin, and XRP prices.
A Positive For These Altcoins
Amid this decline, a positive for the Ethereum, Dogecoin, and XRP prices is Fed Governor Christopher Waller’s statement that rate cuts could happen as early as next month. In a CNBC interview, he opined that they need to move slowly but that he thinks that they can start easing monetary policies from next month.
US President Donald Trump has also called on the Fed to cut rates several times. In one of his most recent Truth Social post, he raised the possibility of firing Jerome Powell if the Fed Chair continues to delay on rate cuts. A potential rate cut would be bullish for the Ethereum, Dogecoin, and XRP prices.
Featured image from Getty Images, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Shiba Inu (SHIB) Rebound Attempt Just Suffered Another Blow U.Today
Source link ]]>
The Aptos Blockchain Suffered A Five-Hour Outage: Why Ethereum … Tekedia
Source link ]]>
Data shows the bear market has also hit Ethereum decentralized finance (DeFi) hard, as the total value locked in the sector has declined by 76%.
Total Value Locked In Ethereum DeFi Now Only Around $23.1 Billion
Decentralized Finance (or DeFi as it’s most commonly known) includes all types of financial services that are done on the blockchain. Like other entities on the blockchain, DeFi is public and doesn’t involve any centralized party to get things done (as transactions are peer-to-peer).
The “total value locked” (TVL) is a metric that measures the total amount of capital that has currently been deposited by users in DeFi protocols. The below chart shows how the TVL of DeFi built on the Ethereum blockchain has changed over the course of the year 2022:
Looks like the value of the metric has seen a significant drawdown | Source: Arcane Research's 2022 - Year in Review
As the above graph displays, the Ethereum DeFi TVL was more than $95 billion at the start of this year. However, capital has exited the sector as the bear market has grown deeper, much like in the rest of the crypto market. Now, the metric has a value of just $23 billion, meaning that ETH DeFi has seen a drawdown of around 76% over the year, according to the year-end report from Arcane Research.
The dominance of Ethereum DeFi (the percentage share of the total DeFi TVL across all blockchains) itself has, however, actually observed a rise of more than 2% this year. From the chart, it’s apparent that this increase coincided with the Terra LUNA collapse, suggesting that the dominance gain was because of capital exiting the Terra DeFi apps.
The report notes that while the year has been bad for DeFi, the sector has “withstood chaotic and turbulent times in crypto credit markets and offered well-needed transparency and reliability in contrast to the centralized crypto lenders in the last year.”
However, it’s also true that DeFi has faced chaos of its own this year as well. In 2022, there were many DeFi and bridge-related hacks amounting to a total of $3 billion, as the below chart shows.
Ronin's hack seems to have been the largest this year | Source: Arcane Research's 2022 - Year in Review
The report believes that proper revenue sharing among DeFi token holders would gain momentum next year, as currently, no token provides any meaningful value to the investors (besides acting as a governance token), and so revenue rights for holders could be one thing that helps revitalize DeFi usage in the coming year.
ETH Price
At the time of writing, Ethereum is trading around $1,200, down 2% in the last week.
ETH has seen some decline recently | Source: ETHUSD on TradingView
Featured image from Shubham Dhage on Unsplash.com, charts from TradingView.com, Arcane Research
-
Ankr’s aBNB token has been exploited, and the project is working with exchanges to halt trading activities.
-
ANKR has lost 5% of its value since the exploit.
-
The broader crypto market could end the week in a negative fashion as prices of most coins are in the red zone.
Ankr suffers an exploit
ANKR, the native token of the Ankr network, is down by more than 5% in the last 24 hours. The token has taken a hit following reports that the network had suffered an exploit a few hours ago.
Our aBNB token has been exploited, and we are currently working with exchanges to immediately halt trading.
— Ankr (@ankr) December 2, 2022
The Ankr team announced a few hours ago that its aBNB token had been exploited. They added that they are currently working with exchanges to halt trading immediately.
Following this latest cryptocurrency news, the Ankr team assured its community that all underlying assets on Ankr Staking are safe at this time, while its infrastructure services remain unaffected.
The broader crypto market has also been underperforming today. The total crypto market cap stands at $853 billion, down by less than 1% in the last 24 hours. Bitcoin, the world’s leading cryptocurrency, has also lost less than 1% of its value today. At press time, the price of Bitcoin stands at $16,968.
Key levels to watch
The ANKR/USD 4-hour chart has turned bearish following Ankr’s poor performance in the last 24 hours. The technical indicators show that ANKR is underperforming compared to the broader crypto market.
The MACD line has dropped into the negative zone, a sign that the bears are currently in charge of the Ankr market. The 14-day RSI of 40 also shows that ANKR could enter the oversold region if the trend continues.
At press time, Ankr is trading at $0.02168 per coin. ANKR could drop the $0.01924 support level before the end of the day if the current market momentum doesn’t improve.
In the event of an extended bearish condition, ANKR could lose the support level at $0.01700 for the first time in months.
Where to buy Ankr now
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Uphold
Uphold is a platform which has over 50 cryptocurrencies to choose from.
It’s users can make crypto trades with a bank account, credit card or crypto debit card. It has variable fees and allows users to automate trades.
Users who are on Brave’s internet browser can also earn BAT tokens based on their browsing habits.
FTX Token (FTT), the native token of the eponymous cryptocurrency derivatives exchange, eked out a near 10% gain in January even as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) disappointed in terms of returns.
| Time-frame | % Change (+/-) / Price ($) |
|---|---|
| January | 9.9% |
|
YTD
|
9.23% |
|
All-Time High (September 2021)
|
$85.02 |
|
Difference From All-Time High
|
-48.5% |
See Also: How To Buy FTX Token (FTT)
Why It’s Moving? The surge came in light of the optimism surround frequest fund-raising by the cryptocurrency exchange.
FTX recently raised $400 million in a funding round, giving it a valuation of $32 billion, as announced Monday. Four months earlier, it had raised $420 million at a valuation of $25 billion, as reported by the Block.
Sister exchange FTX U.S. earlier on Jan. 26 announced raising $400 million in its first external round, which gave the exchange a valuation of $8 billion. The funding round saw participation from Temasek, SoftBank’s Vision Fund 2, the Ontario Teachers’ Pension Plan Board among others.
FTX U.S. President Brett Harrison congratulated his team on the successful fundraising of both sister exchanges.
Congratulations team, so proud and excited for what’s next! $32B + $8B https://t.co/aiBeGVh0vD
— Brett Harrison (@Brett_FTXUS) January 31, 2022
Read Next: Why Metaverse-Play Decentraland (MANA) Is Outperforming Bitcoin, Ethereum Today
Cryptocurrency exchange WazirX said it will fully compensate investors who suffered massive losses on volatile trades of the meme cryptocurrency Shiba Inu (SHIB) last week.
What Happened: Nischal Shetty, the CEO of the Binance-owned cryptocurrency exchange that primarily serves customers in India, said on Twitter that the company will release a detailed blog post on Tuesday about the “WRX Airdrop” program for investors who bought the SHIB token at an exceptionally high price last week, but are yet to sell it.
Day 929
We will be releasing a detailed blog post about WRX airdrop program for SHIB incident today.
WazirX continues to stay true to its mission of Making crypto accessible to everyone in India �
By helping our community, we mean when we say: #WazirXCares#IndiaWantsCrypto
— Nischal (WazirX) � (@NischalShetty) May 18, 2021
Shetty said that users who were impacted will be paid WazirX’s utility token – WRX – equivalent to 25% of their losses every month for the next four months. WazirX’s owner Binance is the world’s largest cryptocurrency exchange in terms of the trading volume.
See Also: How to Buy Shiba Inu (SHIB)
Users had complained on Twitter about the difference in price after they had already bought the meme currency, which describes itself as the “Dogecoin (DOGE) killer.”
WazirX said in a blog post last week that when the SHIB market went live, the token’s deposits and withdrawals took longer to go live due to a misconfiguration and a delay by WazirX’s liquidity provider in bringing enough liquidity.
Why It Matters: Shiba Inu was listed on the WazirX trading platform on May 13 at a price higher than its actual value. The SHIB token was valued at around INR 0.0016 ($0.0002) at the time of listing, but its price listed on WazirX was INR 3 ($0.04).
Many investors bought the token for the listed price, without checking the actual price. The token’s price normalized within hours.
Ethereum (ETH) co-founder Vitalik Buterin donated 50 trillion Shiba Inu tokens to India’s Covid-Crypto Relief Fund on the same day.
Price Action: Shiba Inu is 9.5% higher during the last 24 hours and is trading at $0.00001714 at press time.
Cryptocurrency research firm Messari has revealed that Binance’s smart contract blockchain endured a tough run in Q2
Messari has shared a report detailing that Binance Smart Chain is slowly losing its status. Ethereum, in the meantime, has flourished and is regaining its spot as the go-to decentralised finance platform. The analytics firm also noted that decentralised exchanges surpassed the 10% share in trading volumes of centralised exchanges for the first time since November last year.
Binance Smart Chain, a blockchain affiliated with the now troubled Binance, is feeling the effects of the market slump and other external battles that the parent firm has been enduring. The company has been on the radar of regulators in the US, UK, Japan and Thailand in the last few months.
In Thailand, the Securities and Exchange Commission has taken the path of pressing criminal charges against the exchange, while in the UK, the Financial Conduct Authority asked for consumer caution and also banned Binance Markets Limited, a company incorporated in the UK. Cut-off by partners such as UK bank Barclays, and payment processor Clear Junction, Binance has struggled to regain its ground.
In the report, Messari highlighted the state of decentralised exchanges. DEX platforms typically allow investors to buy and sell their digital assets without an intermediary and are different from the contemporary crypto exchanges such as Kraken and Coinbase. The volumes of traded assets in DEXs bettered in Q2, reaching $405 billion, representing a significant rise of 83% from Q1.
However, as the quarter has progressed, the volumes have experienced a decline with BSC suffering the biggest blow. Compared to the same period (Q2) last year, the volumes being traded in DEXs rose 117X from the then $3.4 billion. Still, Messari noted that trading of more than 50% of the $405 billion volume was done in May. The May numbers fell by more than half in June.
“Combined with a series of hacks and exploits on BSC leading to hundreds of millions of dollars in losses, BSC saw speculation dry up dramatically in June”, Messari observed.
Uniswap, which runs on the Ethereum blockchain, released Uniswap V3 in May, and the new version has taken off quite well, according to the report. The launch of Uniswap V3 brought to an end the brief period that PancakeSwap enjoyed at the top. The new V3 already has more than 40% of the DEX market share, establishing itself as the preferred platform. Messari further points out that Polygon has been a huge success and is part of entities slowly pushing out Binance’s BSC.
“The rise of Polygon also played a significant role in eating away Binance Smart Chain’s share of decentralised exchange volumes. As the party shifted towards Polygon […], BSC was squeezed out of the picture”.