Ethereum's imminent transition to a proof-of-stake consensus mechanism will transform its monetary policy, potentially making ETH more scarce than Bitcoin.
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The Merge is Ethereum’s chance to take over Bitcoin, researcher says
Ethereum's imminent transition to a proof-of-stake consensus mechanism will transform its monetary policy, potentially making ETH more scarce than Bitcoin.
Axie Infinity is painting a giant bearish pattern — will AXS price crash another 95%?
Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022.
AXS risks one big breakdown
Dubbed the "inverted cup and handle," the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup-and-handle's neckline support.
Meanwhile, as a rule of technical analysis, an inverted cup and handle breakout leads the price to the level at length equal to the maximum distance between the structure's top and support.
AXS's price rally during the second half of 2021, followed by its complete wipeout in 2022, makes a crescent shape trend, which looks like an inverted cup. Furthermore, the recent 50% price rebound from the June 18's local bottom of $11.82 forms an inverted handle, as shown below.
AXS/USD three-day price chart featuring inverted cup and handle pattern. Source: TradingViewThus, AXS's technicals appear skewed to the downside, given it breaks below the inverted handle range with a breakdown target of $1, down about 95% from today's price.
Axie Infinity is painting a giant bearish pattern — will AXS price crash another 95%?
Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022.
AXS risks one big breakdown
Dubbed the "inverted cup and handle," the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup-and-handle's neckline support.
Meanwhile, as a rule of technical analysis, an inverted cup and handle breakout leads the price to the level at length equal to the maximum distance between the structure's top and support.
AXS's price rally during the second half of 2021, followed by its complete wipeout in 2022, makes a crescent shape trend, which looks like an inverted cup. Furthermore, the recent 50% price rebound from the June 18's local bottom of $11.82 forms an inverted handle, as shown below.
AXS/USD three-day price chart featuring inverted cup and handle pattern. Source: TradingViewThus, AXS's technicals appear skewed to the downside, given it breaks below the inverted handle range with a breakdown target of $1, down about 95% from today's price.
6 Questions for Pat Duffy of The Giving Block
We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!
This week, our 6 Questions go to Pat Duffy, co-founder of The Giving Block — a crypto donation solution that provides an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptocurrencies.
Pat is co-founder of The Giving Block, and has raised over $100,000,000 in crypto for nonprofits in the last year. From 2020 to 2022, Pat and his co-founder Alex Wilson grew The Giving Block from a four-person team into one of the fastest growing companies in the nonprofit sector, with thousands of nonprofit clients and the world’s largest crypto donor community.
6 Questions for Pat Duffy of The Giving Block
We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!
This week, our 6 Questions go to Pat Duffy, co-founder of The Giving Block — a crypto donation solution that provides an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptocurrencies.
Pat is co-founder of The Giving Block, and has raised over $100,000,000 in crypto for nonprofits in the last year. From 2020 to 2022, Pat and his co-founder Alex Wilson grew The Giving Block from a four-person team into one of the fastest growing companies in the nonprofit sector, with thousands of nonprofit clients and the world’s largest crypto donor community.
6 Questions for Pat Duffy of The Giving Block
We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!
This week, our 6 Questions go to Pat Duffy, co-founder of The Giving Block — a crypto donation solution that provides an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptocurrencies.
Pat is co-founder of The Giving Block, and has raised over $100,000,000 in crypto for nonprofits in the last year. From 2020 to 2022, Pat and his co-founder Alex Wilson grew The Giving Block from a four-person team into one of the fastest growing companies in the nonprofit sector, with thousands of nonprofit clients and the world’s largest crypto donor community.
Bitcoin must close above $21.9K to avoid fresh BTC price crash — trader
Traders paint clear cut-off points for Bitcoin price action as the week draws to an end near crucial moving averages.
Bitcoin must close above $21.9K to avoid fresh BTC price crash — trader
Bitcoin (BTC) found strength at $22,000 into July 24 with bulls still aiming for a solid green weekly close.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewClassic levels for end-of-week price focus
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD halting a weekend drop at $21,900 to return towards the $23,000 on the day.
The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim.
These included the 50-day and 200-week moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May.
“Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her latest update on the day.
Bitcoin must close above $21.9K to avoid fresh BTC price crash — trader
Traders paint clear cut-off points for Bitcoin price action as the week draws to an end near crucial moving averages.
Bitcoin must close above $21.9K to avoid fresh BTC price crash — trader
Bitcoin (BTC) found strength at $22,000 into July 24 with bulls still aiming for a solid green weekly close.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewClassic levels for end-of-week price focus
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD halting a weekend drop at $21,900 to return towards the $23,000 on the day.
The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim.
These included the 50-day and 200-week moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May.
“Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her latest update on the day.
Hacker drains $1.08M from Audius following passing of malicious proposal
Proposals in crypto help communities make consensus-based decisions. However, for decentralized music platform Auduis, the passing of a malicious governance proposal resulted in the transfer of tokens worth $5.9 million, with the hacker making away with $1 million.
On July 24, a malicious proposal (Proposal #85) requesting the transfer of 18 million Audius’ in-house AUDIO tokens was approved by community voting. First pointed out on Crypto Twitter by @spreekaway, the attacker created the malicious proposal wherein they were “able to call initialize() and set himself as the sole guardian of the governance contract.”
Further investigation from Auduis confirmed the unauthorized transfer of AUDIO tokens from the company’s treasury. Following the revelation, Auduis proactively halted all Audius smart contracts and AUDIO tokens on the Ethereum blockchain.
Blockchain investigator Peckshield narrowed down the fault to Audius’ storage layout inconsistencies.
While the hacker’s governance proposal drained out 18 million tokens worth nearly $6 million from the treasury, it was soon dumped and sold for $1.08 million. While the dumping resulted in maximum slippage, investors recommended an immediate buyback to prevent existing investors from dumping and further lowering the token’s floor price.
Hacker drains $1.08M from Audius following passing of malicious proposal
A malicious proposal (Proposal #85) requesting the transfer of 18 million Audius’ in-house AUDIO tokens worth nearly $6 million was approved by community voting.
NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockiness for company meltdown: Hodler’s Digest, July 17-23
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
3AC founders reveal ties to Terra founder, blame overconfidence for collapse
After five weeks of being AWOL, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, resurfaced via an interview with Bloomberg. The duo admitted to operating the firm with overconfidence as a result of the multi-year bull market. They also noted that they were very close with Terra founder Do Kwon and, despite running a major hedge fund, were shocked that the project’s extremely risky algorithmic stablecoin went bust. Zhu and Davies said they overlooked several red flags as a result of the kinship.
Mojang Studios bans Minecraft NFT integrations
Minecraft developers Mojang Studios banned nonfungible token (NFT) integrations in their wildly popular flagship game this week. The firm cited issues with NFTs being associated with price speculation, exclusion and rug pulls. “To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications,” the firm announced. Crypto-skeptic gamers also called on Fornite developer Epic Games to follow suit, but the company said it “definitely won’t” institute a similar ban.
NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockiness for company meltdown: Hodler’s Digest, July 17-23
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
3AC founders reveal ties to Terra founder, blame overconfidence for collapse
After five weeks of being AWOL, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, resurfaced via an interview with Bloomberg. The duo admitted to operating the firm with overconfidence as a result of the multi-year bull market. They also noted that they were very close with Terra founder Do Kwon and, despite running a major hedge fund, were shocked that the project’s extremely risky algorithmic stablecoin went bust. Zhu and Davies said they overlooked several red flags as a result of the kinship.
Mojang Studios bans Minecraft NFT integrations
Minecraft developers Mojang Studios banned nonfungible token (NFT) integrations in their wildly popular flagship game this week. The firm cited issues with NFTs being associated with price speculation, exclusion and rug pulls. “To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications,” the firm announced. Crypto-skeptic gamers also called on Fornite developer Epic Games to follow suit, but the company said it “definitely won’t” institute a similar ban.