Virtual Currency: Definition, Types, Advantages & ... - cyptoranking.com

2024-05-14

Popular crypto exchanges(2023 Update) 2024-05-14
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Cutler: While this was a topic of active discussion, specifically we never got that far. I think from our perspective this is really not about covering our costs. I mean, certainly the costs are substantial, but you know we’re trying to build a business here. And so just keeping the lights on and maybe not even paying for engineer salaries doesn’t really cut it. We’re trying to drive growth, right? Contract Duration: Mining contracts can last anything from a few months to several years. Longer contracts may offer better value, but they also lock you up for a longer length of time. Virtual Currency: Definition, Types, Advantages & ...Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.In this week’s newsletter, September became the biggest month of crypto exploits in DeFi, with over $300 million in losses, and the popular DeFi lending protocol Yield announced its permanent closure by December.Polygon co-founder Jaynti Kanani has stepped down from his day-to-day roles at the firm, saying he will now monitor from the sidelines, and decentralized autonomous organizations (DAOs) can help scientists find funding and community, according to a prestigious science journal.The DeFi market had a mixed week in terms of price action, with most of the top 100 tokens trading in the same price zone as last week.September becomes the biggest month for crypto exploits in 2023: CertiKSeptember has officially become the worst month in 2023 (so far) for crypto-related exploits — with a whopping $329.8 million in crypto stolen.On Oct. 2, blockchain security firm CertiK said the most significant contributor to the month’s totals came from the Mixin Network attack on Sept. 23, when the Hong Kong-based decentralized cross-chain transfer protocol lost $200 million due to a breach of its cloud service provider.Continue readingYield Protocol to permanently “wind down” operations by December 2023Yield Protocol announced its decision to shut down by the end of the year due to a lack of business demand and global regulatory pressures.Yield Protocol will cease to exist after its December 2023 series ends, which is due to mature on Dec. 29. Yield Protocol’s announcement detailing the “wind down” operation confirmed that the March 2024 fixed rate series launch had been canceled.Continue readingPolygon co-founder steps down, will contribute “from the sidelines”Jayant Kanani announced that he has stepped back “from the day-to-day grind” on the project for the first time in six years. In an Oct. 4 X (formerly Twitter) thread, Kanani said he planned to focus “on new adventures” while contributing to Polygon “from the sidelines.” Along with software engineers, including Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic, Kanani helped found the Matic network in 2017, which was later rebranded to Polygon.Continue readingDAOs can help scientists find funding and community, says Nature science journalThe Nature science journal recently published an editorial in its Nature biotechnology section lauding DAOs as a revolutionary new method by which researchers working in underfunded scientific fields can create communities around their work and raise funding that otherwise might not be available.In a DAO-based research scheme, a project’s organization, fundraising, feedback and pipeline from discovery to product/industry can all be handled by the same decentralized governing body.Continue readingWirex taps ZK-proofs for noncustodial crypto debit card issuanceCrypto payment service provider Wirex announced the launch of a zero-knowledge proof (ZK-proof)-based noncustodial crypto debit card service called W-Pay on Oct. 3.Wirex’s new decentralized solution utilizes zero-knowledge technology and is built on Polygon’s Chain Development Kit, promising increased scalability and security. Polygon’s CDK has been built with ZK-proofs in focus, enabling companies and users to develop their own ZK-powered layer-2 rail.Continue readingDeFi market overviewData from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a minor pullback from the last week, with most tokens trading in the green on weekly charts. The total value locked into DeFi protocols dropped to $45.07 billion.Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space. With a wide array of in-game collectibles and the efficient utility of the token, it’s anticipated that there will be an increase in demand for the ILV token.

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Quant price prediction points towards a decline within a significant pattern on the daily chart. Sellers are actively driving QNT towards the lower trendline. Since April 2023, QNT has been on a downward trajectory, searching for a suitable support level to initiate a recovery from this declining pattern. In addition, Quant has lost 18.65% of its value year-to-date. Technical indicators suggest a potential further decline for Quant cryptocurrency, approaching the lower trendline of the descending channel pattern. Investors should remain vigilant for any potential changes in direction on the daily chart. Wang’s testimony revealed to the court that Bankman-Fried, Nashad Singh, Caroline Ellison, and Wang himself were involved in committing wire fraud. Wang said, “We gave special privileges to Alameda Research on FTX, which allowed it to withdraw unlimited amounts of funds from the platform, and we lied about this to the public.” Singh and Ellison are to testify against SBF in the trial. Can Bitcoin replace money?Pierre Rochard posted a presentation discussing how bitcoin miners can service ERCOT by providing ancillary efforts, but that is only the tip of the iceberg. The bulls tried to shake Bitcoin from its slumber on Sept. 7, but the rally was short-lived. This suggests a lack of clarity between the bulls and the bears about Bitcoin’s (BTC) next directional move. Analyst CryptoCon said on X (formerly Twitter) that Bitcoin could remain in a “mid cycle lull” until the start of the next bull run in November 2024.Along similar lines, ARK Invest said in a report that cryptocurrencies could continue to face headwinds in the remainder of 2023 due to several macroeconomic issues, such as interest rates, gross domestic product estimates, unemployment and inflation.Daily cryptocurrency market performance. Source: Coin360Sept.In comparison, the bulls will be closely following the decision of the United States Securities and Exchange Commission on the various Bitcoin spot exchange-traded fund (ETF) applications. In addition to that, the race for a spot Ether (ETH) ETF also began officially on Sep. 6 with filings from VanEck and ARK Invest. Bloomberg ETF analyst James Seyffart expects more Ether ETF filings to happen in the next few days.Could Bitcoin’s range-bound action increase the selling pressure on altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.Bitcoin price analysisBitcoin reached the 20-day exponential moving average (EMA) of $26,419 on Sept. 7, but the bulls could not overcome this obstacle. This suggests that the bears are fiercely guarding the 20-day EMA.BTC/USDT daily chart. Source: TradingViewHowever, the failure of the bears to challenge the crucial support at $24,800 suggests that selling dries up at lower levels. The relative strength index (RSI) is trying to form a positive divergence, indicating that the bearish momentum is weakening.The first sign of strength will be a break and close above the 20-day EMA. That clears the path for a sustained recovery toward $28,143. On the contrary, if the $24,800 support crumbles, the BTC/USDT pair could start a downtrend. There is minor support at $24,000, but it may not arrest the decline. The pair could eventually reach pivotal support at $20,000.Ether price analysisEther continues to trade inside a narrow range between the 20-day EMA ($1,668) and the formidable support at $1,626.ETH/USDT daily chart. Source: TradingViewThe failure of the bulls to clear the overhead hurdle at the 20-day EMA increases the risk of a breakdown. Below $1,626, the ETH/USDT pair could retest the Aug. 17 intraday low of $1,550. Buyers may purchase the dip to this level with vigor because if the support cracks, the pair could plunge to $1,368.Time is running out for the bulls. If they want to prevent the collapse, they will have to first drive the price above the 20-day EMA and thereafter attempt a rally to the 50-day simple moving average (SMA) of $1,762. That could increase the likelihood of the pair being range-bound between $2,000 and $1,626 for a few more days.BNB price analysisThe bulls tried to push BNB (BNB) above the breakdown level of $220 on Sept. 6, but the bears did not relent. This indicates that the sellers are trying to flip the $220 level into resistance.BNB/USDT daily chart. Source: TradingViewThere is minor support at $211, but if bears pull the price below it, the BNB/USDT pair could reach the psychological level of $200. This level is likely to attract solid buying by the bulls. If the price rebounds off this support, it will indicate that the pair may consolidate between $200 and $220 for a while.Contrary to this assumption, if the price turns up from the current level and rises above $220, it will suggest accumulation at lower levels. That could launch a recovery toward the downtrend line.XRP price analysisThe bulls purchased XRP’s (XRP) dip below $0.50 on Sept. 6, but the failure to start a strong rebound indicates a lack of demand at higher levels.XRP/USDT daily chart. Source: TradingViewThe bears will try to strengthen their position further by yanking the price below $0.50. If they can pull it off, the XRP/USDT pair could nosedive to the next major support at $0.41. This fall is likely to be swift, as there is no major support between $0.50 and $0.41.On the contrary, if the price once again turns up from the current level, it will suggest that the bulls are trying to flip $0.50 into support. A break above the 20-day EMA will indicate that the pair is likely to oscillate between $0.50 and $0.56 for a while longer.Cardano price analysisCardano (ADA) formed a Doji candlestick pattern on Sept. 6 and again on Sept. 7, which shows indecision between the bulls and the bears. ADA/USDT daily chart. Source: TradingViewThe downsloping 20-day EMA ($0.26) and the RSI in the negative territory enhance the prospects of a downside breakdown. If the price skids below $0.25, the ADA/USDT pair could drop to the critical support at $0.24.On the upside, the bears have repeatedly halted the advance near the 20-day EMA; hence, this becomes an important level to watch out for. If bulls force the price above the 20-day EMA, the pair could reach the overhead resistance at $0.28.Dogecoin price analysisThe bulls tried to shove Dogecoin (DOGE) above the 20-day EMA ($0.06) on Sept. 6, but the bears held their ground.DOGE/USDT daily chart. Source: TradingViewThe price remains stuck between the 20-day EMA and the horizontal support at $0.06. When the price trades inside a range, it is difficult to predict the direction of the breakout, but the downsloping 20-day EMA and the RSI near 40 signal an edge to the bears. Below $0.06, the DOGE/USDT pair could descend to $0.055.This negative view will be invalidated in the near term if bulls kick and sustain the price above the 20-day EMA. Such a move will suggest the start of a stronger recovery to $0.07 and eventually to $0.08.Solana price analysisSolana (SOL) has been gradually correcting inside the large range between $14 and $27.12. The bears have been selling the relief rallies to the 20-day EMA ($20.53), indicating that the sentiment remains negative.SOL/USDT daily chart. Source: TradingViewThe repeated failure of the bulls to thrust the price above the 20-day EMA suggests that the path of least resistance is to the downside. If bears tug the price below the immediate support at $19, the SOL/USDT pair could slump to $18 and subsequently to $16. The bulls are likely to have other plans. They will try to push the price above the 20-day EMA. If they succeed, the pair may reach the overhead resistance at $22.30. This is an important level for the bears to defend because a break above it could clear the path for a potential rally to $26.Related: Why is Bitcoin price down today?Toncoin price analysisToncoin (TON) attempted a rebound on Sept. 6, but the long wick on the Sept. 7 candlestick shows that bears continue to sell on rallies.TON/USDT daily chart. Source: TradingViewThe 20-day EMA ($1.68) remains the key level to keep an eye on in the short term. If the price rebounds off the 20-day EMA, the bulls will again attempt to drive the TON/USDT pair above the overhead resistance at $2.07.Contrarily, if the price slips below the 20-day EMA, it will suggest that the traders are aggressively booking profits. The first stop on the downside is at the breakout level of $1.53 and then the 50-day SMA ($1.44).Polkadot price analysisThe bears pulled Polkadot (DOT) below the strong support at $4.22 on Sept. 6, but they could not sustain the lower levels as seen from the long tail on the candlestick. This shows buying at lower levels.DOT/USDT daily chart. Source: TradingViewHowever, the bulls could not maintain the momentum and push the price to the 20-day EMA ($4.41). This shows that every minor rally is being sold into. The bears have pulled the price back to the important support at $4.22. If this support crumbles, the DOT/USDT pair could fall to the psychological support at $4.If bulls want to make a comeback, they will have to propel the price above the 20-day EMA. If they do that, the pair is likely to climb to the downtrend line. This is the key level to keep an eye on because a break above it could signal that the downtrend is ending.Polygon price analysisBuyers tried to propel Polygon (MATIC) above the 20-day EMA ($0.56) for the past three days, but the bears held their ground. This suggests that traders are selling on minor rallies.MATIC/USDT daily chart. Source: TradingViewThe bears will try to pull the price below the immediate support at $0.53. If they manage to do that, the MATIC/USDT pair could plummet to the vital support at $0.50. The bulls are expected to protect this level with vigor because a break below it may open the gates for a further fall to $0.45.The bulls will have to push and sustain the price above the 20-day EMA to suggest that the bearish pressure is reducing. That could start a recovery to $0.64, where the bears may again mount a strong defense.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The dominant platforms for Ordinals trading, measured by daily volume, are OKX, Unisat, and Magic Eden. The platforms claim market shares of 44%, 34%, and 20%, respectively. On the other hand, demand for Ordinals inscribed on rare satoshis is growing, enhanced by the introduction of massive infrastructures for assessing satoshi rarity and specialized marketplaces for rare sats. AWS and Microsoft Azure are fundamental players in this market, making effective competition essential. The investigation, led by CMA, aims to ensure a level playing field that promotes innovation, cost efficiency, and a wider range of product offerings for businesses relying on cloud services. The inquiry will conclude by April 2025. The Top 12 Best Ethereum Wallets (2023 Edition)Over the past two weeks, Hong Kong police have received reports of 11 cases where unsuspecting individuals fell victim to these Binance scam schemes. These incidents have resulted in the unauthorized transfer of virtual assets from their Binance accounts, amounting to a staggering 3.5 million yuan in losses. About a month ago, on September 15, a total of 81 new wallets were created and began withdrawing LINK from Binance on September 18. These wallets have since withdrawn a total of 4.7 million LINK worth $31.58 million.

Asaf Nadler, co-founder of Addressable, which helps Web3 marketers engage with audiences despite anonymity, said that half of his employees are volunteering to help out, “either donating blood or helping get clothes or food, people are deeply involved in that as a company.” Bitdeer was a standout among the rest, exploding its realized hashrate by over 120% in the third quarter. CleanSpark and Marathon also made significant gains on this front, each increasing computational power last quarter by around 43% and 38%, respectively. Robinhood Experimenting with Crypto WalletOff-chain computation could lead to increased latency and complexity too. But he insists that the DeFi thesis, at its core, “is powerful.”

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