The firm estimated that users can save 35% on gas fees with newly optimized transaction efficiency.
Decentral Block Post
Access real-time blockchain and cryptocurrency news updates from around the globe.
Iowa regulator orders BlockFi to pay $943K over alleged unregistered securities offering
The IID ordered BlockFi to pay an administrative fine as well as cease and desist “from making any untrue statement of material facts regarding securities.”
Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze
On June 14, discussions of Celsius continued to populate media headlines and June 14's news involved the platform's CEL token accruing massive gains after what appears to have been either an exchange glitch or a short-squeeze. CEL price spiked from $0.18 to $1.55 in one abrupt candle before sinking back to $0.60 within the same one-hour candle.
CEL/USDT 1-day chart. Source: TradingViewCurrently, analysts are on the fence about the reason for the explosive price breakout. Some cite Celsius repaying a portion of its debts as a reason, while others pinpoint a possible error on the FTX exchange as the reason for what appears to be a short squeeze.
Are debt repayments boosting investor confidence?
Celsius has been scrambling to cover a number of its debts and it is possible that some investors view this as a sign that the platform will be able to survive the current mayhem.
Twitter analyst Hsaka said that on-chain data shows that the $28 million in Dai (DAI) that was recently deposited into a wallet controlled by Celsius and has since been sent to a separate address, which he identified as a debt repayment address.
Celsius wallet transactions. Source: TwitterAnalysts believe that the Celsius's strategy is to lower its liquidation price in the MakerDAO vaults where it holds funds and ultimately avoid insolvency.
Celsius (CEL) price gains 600%+, but analysts cite exchange error and a massive short squeeze
On June 14, discussions of Celsius continued to populate media headlines and June 14's news involved the platform's CEL token accruing massive gains after what appears to have been either an exchange glitch or a short-squeeze. CEL price spiked from $0.18 to $1.55 in one abrupt candle before sinking back to $0.60 within the same one-hour candle.
CEL/USDT 1-day chart. Source: TradingViewCurrently, analysts are on the fence about the reason for the explosive price breakout. Some cite Celsius repaying a portion of its debts as a reason, while others pinpoint a possible error on the FTX exchange as the reason for what appears to be a short squeeze.
Are debt repayments boosting investor confidence?
Celsius has been scrambling to cover a number of its debts and it is possible that some investors view this as a sign that the platform will be able to survive the current mayhem.
Twitter analyst Hsaka said that on-chain data shows that the $28 million in Dai (DAI) that was recently deposited into a wallet controlled by Celsius and has since been sent to a separate address, which he identified as a debt repayment address.
Celsius wallet transactions. Source: TwitterAnalysts believe that the Celsius's strategy is to lower its liquidation price in the MakerDAO vaults where it holds funds and ultimately avoid insolvency.
Chain.com tokens lose 96% of value in 24 hours due to flash crash before recovery
Prices quickly recovered after developers determined that a technical API issue, not a security breach, catalyzed the heavy sell-off.
Chain.com tokens lose 96% of value in 24 hours due to flash crash before recovery
3114 Total views
55 Total shares
Listen to article
News
On Tuesday, tokens of cloud blockchain infrastructure provider Chain.com (XCN) suddenly lost over 90% of their value before recovering most of their losses later in the day. In a post-mortem analysis published by Chain.com, the firm said that a market maker and API error at 1:00 pm SGT (5:00 am UCT) began to cause XCN to drop in large percentiles. As the event took place, corresponding bids became stuck via API orders, causing further downward selling pressure due to low liquidity and margin calls.
But by approximately 3:00 pm SGT (7:00 am UCT), developers at Chain.com conferred with exchanges and market participants that the issue was not due to a breach or exploit, and prices began to recover. According to Deepak.eth, CEO of Crypto.com, a single large margin call appears to have exacerbated the flash crash. As much as 500 million XCN worth of tokens purchased ($42.24 million at time of publication) through leveraged was liquidated within a short period.
A token's price does not always correlate on a proportional basis with changes in supply and demand. Contrary to popular belief, one single large trade or a series of substantial buy/sell orders in a short period can cause disproportional impacts on a token's price, especially when there is little liquidity.
EU commissioner reiterates need for 'regulating all crypto-assets'
Mairead McGuinness said that she planned to discuss a compromise through the MiCA proposal currently under review in the EU.
Ethereum crashed by 94% in 2018 — Will history repeat with ETH price bottoming at $375?
ETH's latest plunge could bring more pain despite expectations that $1,200 should hold.
Ethereum crashed by 94% in 2018 — Will history repeat with ETH price bottoming at $375?
Ethereum's native token Ether (ETH) is showing signs of bottoming out as ETH price bounced off a key support zone. Notably, ETH price is now holding above the key support level of the 200-week simple moving average (SMA) near $1,196.
The 200-week SMA support seems purely psychological, partly due to its ability to serve as bottom levels in the previous Bitcoin bear markets.
Independent market analyst "Bluntz" argues that the curvy level would also serve as a strong price floor for Ether where accumulation is likely.
He notes:
"BTC has bottomed 4x at the 200wma dating back to 2014. [Probably] safe to assume it's a pretty strong level. Sure we can wick below it, but there [are] also six days left in the week."
'Too early' to say Bitcoin price has reclaimed key bear market support — Analysis
Bitcoin (BTC) crept higher after the June 14 Wall Street open as analysts hoped that long-term support had been preserved.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHopes for "relief" from FOMC meeting
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded above $22,500 at the time of writing, having hit local highs of $23,300 on the day.
The pair had seen a strong bounce after nearing $20,800, with traditional markets likewise recovering after panic set in over United States inflation.
Eyeing where Bitcoin could go next, on-chain analytics resource Material Indicators noted that the market had reclaimed the 200-day simple moving average (200 SMA), an important feature of Bitcoin bear markets that acted as support throughout previous price cycles.
Nonetheless, it was "too early to tell" if the 200 SMA would continue to provide an attractive zone, a tweet stated, with the Federal Reserve due to provide inflation cues on June 15.
SEC chair warns about 'too good to be true' returns amid market downturn
Gary Gensler added that he continued to be “intrigued with the technology,” but did not directly address if the SEC would approve a Bitcoin exchange-traded fund.
What happens if you lose or break your hardware crypto wallet?
The safety of the recovery phrase is way more important than keeping the hardware wallet safe, according to executives at Ledger and Trezor.
'Nothing issue' — MicroStrategy CEO plans to hodl Bitcoin 'through adversity'
Bitcoin (BTC) megahodler MicroStrategy can ride out further BTC price declines, even if it falls to just $3,500, its CEO confirms.
In a tweet on June 14, Michael Saylor sought to allay fears that his firm's BTC exposure may be about to cost it dearly.
Saylor stays calm as MSTR dips further
With the largest corporate Bitcoin treasury, MicroStrategy has felt the pain of this year's BTC price declines — at least on paper.
According to the monitoring resource Bitcoin Treasuries, the firm's 129,218 BTC stack is currently being held at a net loss of $1.06 billion — around two-thirds of its total market cap.
This week, rumors over a potential default on a $205 million used to purchase those reserves intensified. Specifically, BTC/USD dropping below $21,000 would trigger a margin call, potentially losing MicroStrategy its position if it did not respond with extra capital.
Following the signs: How crypto stickers led to a new career opportunity
A sign on the wall of a crypto company kicked off Daniel Karikari’s pursuit of a career in blockchain and cryptocurrency.
Consensus 2022: Web3, unpacking regulations, and optimism for crypto’s future
Despite the crypto winter, the conference drew in 17,000 people to discuss the crypto regulatory landscape, Web3 development and the future of digital assets.
BTC price crashes to $20.8K as ‘deadly’ candles liquidate $1.2 billion
Carnage for short-term traders and speculators as volatility destroys both long and short positions on the way to $20,000.
BTC price crashes to $20.8K as ‘deadly’ candles liquidate $1.2 billion
Bitcoin (BTC) came within $1,000 of its previous cycle all-time highs on June 14 as liquidations mounted across crypto markets.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin price hits 18-month lows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $20,816, on Bitstamp, its lowest since the week of December 14, 2020.
A sell-off that began before the weekend intensified after the June 13 Wall Street opening bell, with Bitcoin and altcoins falling in step with United States equities.
The S&P 500 finished the day down 3.9%, while the Nasdaq Composite Index shed 4.7% ahead of key comments from the U.S. Federal Reserve on its anti-inflation policy.
The worst of the rout was reserved for crypto, however, and with that, BTC/USD lost 22.4% from the start of the week to the time of writing.
BTC price crashes to $20.8K as ‘deadly’ candles liquidate $1.2 billion
Bitcoin (BTC) came within $1,000 of its previous cycle all-time highs on June 14 as liquidations mounted across crypto markets.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin price hits 18-month lows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $20,816, on Bitstamp, its lowest since the week of December 14, 2020.
A sell-off that began before the weekend intensified after the June 13 Wall Street opening bell, with Bitcoin and altcoins falling in step with United States equities.
The S&P 500 finished the day down 3.9%, while the Nasdaq Composite Index shed 4.7% ahead of key comments from the U.S. Federal Reserve on its anti-inflation policy.
The worst of the rout was reserved for crypto, however, and with that, BTC/USD lost 22.4% from the start of the week to the time of writing.
NYC Mayor Eric Adams speaks out against PoW mining ban legislation
The Mayor has been a proponent of the crypto industry and has now pledged support for sustainable Bitcoin miners by asking Governor Hochul to veto a two-year moratorium on mining.
Binance Australia CEO: Regulations will establish higher standards in crypto
Leigh Travers feels that a change in Australia’s government could slow down work on crypto regulations that could prove that the industry is already operating at a higher level than traditional finance.