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Origin Protocol Has Kick-Started Compensation Process Of Its $7M Attack

January 22, 2021 by Sahana Kiran

The crypto-verse has been home to an array of hacks. Origin Protocol, prominent decentralized finance aka DeFi project had recently undergone a major attack that caused the loss of over $7 million. While the network had previously affirmed that it would compensate those who have lost their funds, it recently shed light on the same.

Origin Protocol Hopes To Compensate Over 700 Victims

The value of the crypto market seems to be its glimmering quotient. With people flocking into the industry, it is extremely to differentiate between those who want to invest as opposed to those who are trying to bag easy money by hacking into projects. Hacks or attacks isn’t news to the crypto community. However, the loss that they suffer from is hard-hitting. Origin Protocol had undergone a flash loan attack back in November 2020. This caused immense unrest in the community as the network lost funds worth $7 million. About $1 million of this was reportedly placed by its employees as well as founders.

Post this attack, the network promised its users compensation. While the network is preparing for a relaunch, the recent blog post by the platform revealed the procedure of claiming lost funds. Users/ victims of the attack were required to use the OUSD DApp and submit either one or two Ethereum transactions. These claims ranged from a whopping 38K OUSD to a low of 10 OUSD. The compensation plea is required to be done before 20 April 2021.

With its relaunch, the platform hopes to spruce up its security. The post read,

“We recently completed multiple audits of our smart contracts with Trail of Bits and Solidified. We’re also implementing formal verification with Certora and engaging OpenZeppelin to conduct ongoing reviews of improvements that we make to the protocol. Every aspect of our engineering and product development process has been overhauled with a security-first approach ranging from automated tooling and stricter code reviews to a bug bounty program and an optional insurance offering.”

Yield farming was a big hit this year. As the popularity of yield farming is being driven by the people venturing into it, Origin Protocol will lay its focus on yield farming.

Filed Under: News, Altcoin News Tagged With: DeFi

Chainlink [LINK] Bulls Are Rigorously Buying Dips

January 22, 2021 by Chayanika Deka

After an impressive rally of nearly 30% over the week, Chainlink [LINK] hit a fresh all-time high of $23.6 before retreating mildly. Unlike most of its peer high market cap altcoins, Chainlink found a bullish breather as the week started.

The token’s previous ATH was recorded in August 2020 when its price reached nearly $20.

Despite the correction, LINK was up by 3.41% over the past 24-hours which drove its price to $20.37. At the time of writing, the crypto-asset recorded a market cap of $8.16 billion and a 24-hour trading volume of $3.47 billion.

Chainlink [LINK] Daily Chart:

LINK1

Chainlink [LINK] has roughly doubled its valuation in the first two weeks of the year as the strong bullish momentum continued. The previously converging moving averages underwent a reversal closely mimicking the price action of the token.

The gauge between the 50 DMA [Pink] and the 100 DMA [Blue] rose substantially which depicted a rising bullishness in the LINK market. The above further noted that the bulls were buying dips at very point maintaining the positive price action that has been lacking in the extended market.

Meanwhile, the Fib retracement also highlighted some crucial levels of resistance to look out for in case of LINK bulls resumes its upsurge.

LINK2

Chainlink [LINK] technicals depicted a mixed picture. The MACD, for instance, continued riding the bullish wave above zero depicting a strong sense of buyers demand in the market which could further advance its price to levels not seen before.

The Stochastic RSI, on the other hand, underwent a bearish crossover as it took a plunge from the overbought zone. It also formed a bearish divergence along the way.

The RSI, however, maintained its strong hold above the 50-median line despite bouncing off from the overbought territory.

The above charts indicated that despite the strong bullish momentum, the bears appeared to be fighting for dominance. While a retracement in the short-term could very well be on the cards, the token might not undergo a damaging fall.

As depicted by Fib, Chainlink could witness a drop from its nearest support of $19.83 to $17.31. If bulls manage to retain this level, the token could witness a fresh uptrend following which LINK might very well challenge its overhead resistances of $21.15 and $23.04.

In an unlikely scenario of an increasing bearish pressure, LINK could further test support levels of$15.32, and $12.67 respectively.

Filed Under: Altcoin News, News Tagged With: Chainlink (LINK)

US President Freezes FinCEN’s Contentious Crypto Wallet Rule

January 22, 2021 by Chayanika Deka

The US President Joe Biden has frozen all regulatory processes including proposed FinCEN rules for cryptocurrency wallets. This was revealed by Jake Chervinsky, who happens to be a prominent cryptocurrency lawyer. His tweet read,

“President Biden has frozen all agency rulemaking pending further review. This includes former Secretary Mnuchin’s proposal on ‘unhosted wallets’. We fought hard & earned the right to take a breath & reset. Janet Yellen isn’t Steve Mnuchin. I’m optimistic.”

The official announcement was made in a White House memorandum on the 20th of January the Financial Crimes Enforcement Network [FinCEN] including various other heads of executive department and agencies. While the order did not specify the crypto wallet proposal, but places a general freeze after considering postponing the rules’ effective dates for 60 days from the date of this memorandum.

FinCEN firtst sumitted the self-hosted wallet proposal on the 18th of December 2020 under former US Treasury Secretary Mnuchin. The proposed rule in question was severely criticized and was also touted as detrimental to the crypto community by several prominent firgures including Twitter CEO Jack Dorsey.

FinCEN’s proposal essentially requires exchanges to collect personal information, including names and home addresses, from users seeking to transfer cryptocurrencies into their own wallets.

FinCEN Faced Severe Backlash from Community

Many proponents of the crypto industry deemed this proposal as poorly defined and a “shocking invasion of privacy”. Cryptocurrency exchange, Coinbase had also called out FinCEN’s expedited timeline and urged for an extension of the comment period. Following widespread protest from crypto groups and firms, FinCEN extended the comment period earlier this month.

While the latest news brought a sense of relief among several industry players, the comments from Biden’s nominee for treasury secretary Janet Yellen about curtailing the use of Bitcoin and cryptocurrencies did not sit well.

However, Chervinsky was not concerned about the Yellen’s take on cryptocurrencies as he stated,

“First, anyone is better than Secretary Mnuchin, who decided long ago that he hated everything about crypto. Second, although Dr. Yellen may not be a fan now, I expect she’ll be open to learning & listening, & will follow regular order in deciding on new regulations. That’s good.”

Filed Under: News Tagged With: FinCEN, joe biden

Here’s Why Ethereum Looks Grim In Short-term

January 21, 2021 by Chayanika Deka

Ethereum was forced to retreat right after hitting its all-time high of $1,439. The crypto-asset was down by more than 12% since then and was currently valued at $1,263. Despite a strong bullish momentum amidst a broader crypto market resurgence, ETH failed to hold its fort above the recently established mark.

Was the ATH temporary or its it just the beginning?

This is what Fundstrat Global Advisors’ cryptocurrency team had to say about Ethereum’s price movement after predicting a $10,500 price target in the coming days:

“We continue to believe Ethereum fundamentals are incredibly strong and think [ethereum] represents the best risk/reward investment play in crypto,”

Ethereum’s Daily Active Deposits

Daily Active Deposits Ethereum

According to the crypto-analytic platform, Santiment, Daily Active Deposits for Ethereum has been less which depicted less intention to sell by the investors in the market. A positive indicating despite the sharp decline after establishing a peak further evidenced that an upside could very much be in the cards.

Ethereum it is still by far the best looking altcoin in terms of price structure.

– Above the cloud
– Just tested all time high
– Rejection but still above the previous low

Please ser, lead the way.$ETH pic.twitter.com/A4BbRQMdsB

— yTedd (@TeddyCleps) January 21, 2021

On the long-term, the second-largest crypto Ethereum exhibited promising and positive momentum. As the data from Santiment suggested that the funding rates for perpetual contracts on BitMEX for ETH were back in the neutral region.

Historically, there has been positive price momentum for the crypto-asset in the past when the funding rates positioned themselves in the neutral territory.

Short-term bearish?

According to the on-chain analytic platform, ETH’s 30-day MVRV ratio was found to be in red territory. It’s lower than on the previous top but still overinflated. The 30-day MVRV is at 30%, which Santiment calls is “a danger zone”.

ETH MVRV

Gauging at the MVRV, it was found that an asset falls into the danger zone when average trader returns become abnormally high for a certain length of time since their initial investment. Most often than not, this depicts that the crypto-asset was becoming overvalued due to variables such as profit-taking from these traders, or due to FOMO buyers playing the part for retail and whale investors.

Filed Under: Altcoin News, News Tagged With: Ethereum (ETH)

Polkadot [DOT] To Move Earthward With Others Assets

January 21, 2021 by Sahana Kiran

Bitcoin [BTC] had finally slipped down below $35K and all the other assets followed. Polkadot [DOT], however, was seen surging amidst the bloodshed. Bitcoin Cash [BCH] as well as Litecoin [LTC] emerged as big losers of the bear struck market. XRP continued its downward trend which caused the altcoin to remain below $0.30. The DeFi coins that had been prevailing in the last few days were seen on the same downhill journey. The global market cap of the crypto-verse had also plummeted by 3% which led to the figures falling below $1 trillion down to $985.07 billion.

Polkadot [DOT] undoubtedly steered heads with its market cap pushing past $14 billion. The asset hit an all-time high of $19.32 just five days ago, however, at press time DOT was trading for $16.22. Despite this downfall, the fairly new coin retained bulls in its market.

Polkadot [DOT] One Hour Price Chart On Binance

Polkadot

The DOT market was recently subject to an increase in volatility. The volume in the DOT market on Binance was moving earthward after a high. In the one hour price chart of DOT, the Bollinger Bands indicator pointed out that the asset was in for a few more fluctuations, however, the bands were sluggishly moving inwards with a possibility of restraining the high volatility.

Polkadot [DOT] Price Chart On Binance With Indicators

Polkadot

Over the last seven days, DOT had bagged in gains of about 50%. This hot streak was all set to break thanks to the invasion of bears in the DOT market. The Parabolic SAR indicator laid out lines above the candlesticks restraining the likelihood of an upward breakout. The Money Flow Index indicator was heading back below 50 median exhibiting a sellers’ sentiment. The Awesome Oscillator indicator also revealed a bearish momentum by forming red closing bars.

Polkadot could take a plunge downwards as the bears were seen taking over.

Filed Under: News, Altcoin News, Market Analysis Tagged With: polkadot

OCC Most Likely To Be Spearheaded By Former Ripple Advisor

January 21, 2021 by Sahana Kiran

The Office of the Comptroller of the Currency aka OCC had been in and out of the headlines following the appointment and resignation of Brian Brooks, the outgoing head of the OCC. While Brooks was elected as the interim head of the OCC, reports suggest that Joe Biden who recently swore in as the President of the USA has another person who has had connections with the crypto-verse in mind.

OCC To Onboard Michael Barr

Earlier today, The Wall Street Journal revealed that Michael Barr was in Biden’s list to take over as the Comptroller of the Currency. The report suggested that Barr had an array of experience in various fields. While the potential head of OCC currently works at the University of Michigan as the dean of public policy, he had previously served Obama as the assistant treasury secretary for financial institutions. He was best known for aiding the process of crafting the 2010 Dodd-Frank Act.

Similar to Brooks, Barr also has an affiliation with the crypto industry. Barr was reportedly part of the Advisory Board of Ripple Labs. Barr’s previous association with the crypto industry could aid the adoption and growth of the crypto industry.

Elected by the former President of the USA, Donald Trump, Brian Brooks, had time and again urged the US government to be more accepting of the cryptocurrency industry. Brooks’ association with the crypto-verse dates back to when he was serving as the Chief Legal Officer of the prominent cryptocurrency exchange, Coinbase. Brooks even got into trouble with the members of the Congress for being too inclined towards the crypto market.

The value of the cryptocurrency industry is higher than ever. The over all market cap of the crypto industry recently surged past $1 trillion. With the crypto markets prevailing, the adoption of these assets have been on a surge.

Filed Under: News, Fintech, World Tagged With: joe biden, occ

Chainlink [LINK] Takes A Break From Its Uphill Journey

January 21, 2021 by Sahana Kiran

A carnage had struck the crypto-verse. Almost all the assets including Chainlink [LINK], Bitcoin [BTC], Binance Coin [BNB] along with several others were seen plummeting. While several others were suggesting that $35K was the floor price for BTC, the king coin took a plunge down to $34K. Ethereum once again failed to hit its all-time high and remained below $1.4K. Polkadot was seen surging over the last few days, however, the fairly new coin was dropping by over 8% in the last 24-hours. The overall market cap of the cryptocurrency industry had once again fallen below the $1 trillion zone.

Chainlink was on an upward trajectory and the altcoin even hit an all time high of $23.61 three days ago. The asset was trading at $20.67 with a 6% dip over the last 24-hours. The market cap of LINK preceded coins like Binance Coin. The asset was at the ninth position with a market cap of $8 billion.

Chainlink [LINK] One-Hour Price Chart

Chainlink

The one-hour price chart of LINK revealed that the bulls were still in the market. The daily moving average indicator formed a bullish crossover with the 50 daily moving average taking over the 100 daily moving average. The volume in the LINK market on Binance was quite low compared to a few days ago.

Chainlink [LINK] With Indicators

chainlink

The Bollinger Bands indicator was converging further suggesting that there wasn’t going to be any major fluctuations in the price of the asset. The MACD indicator proposed a bearish sentiment as the MACD indicator was below the signal line. This crossover took place on 18 January 2021 and seemed to prolong its stay in that zone. The Relative Strength Index [RSI] indicator was below 50 median pointing out a sellers’ sentiment in the LINK market.

Confusion struck the LINK market as bulls and bears were putting up a fight. The entry of the bulls could aid the coin’s journey to push past its previous ATH, while the bears would depreciate the asset’s growth.

Filed Under: News, Altcoin News, Market Analysis Tagged With: Chainlink (LINK)

Tron [TRX] Struggles To Find Bullish Momentum; Falls Below $0.03

January 21, 2021 by Chayanika Deka

Several altcoins along with Tron [TRX] were observed to be losing bullish momentum as the price of the world’s largest cryptocurrency, Bitcoin struggled to reclaim its ATH. TRX has been largely absent in the present bull run despite a minor price change to the positive side as it was turned away by several resistance levels.

Tron [TRX] declined by 5.56% over the past 24-hours which dragged the coin’s price to $0.0299. The crypto-asset recorded a market cap of $2.145 billion and a 24-hour trading volume of billion at the time of writing.

Tron bulls appeared to be waiting for a fresh increase despite continued downward pressure. Let’s look at what the technicals have in store for the 19th-largest crypto-asset.

Tron [TRX] Daily Chart:

TRX1 1

Tron’s [TRX] failed to demonstrate strong momentum and its price action has been dull. Its weekly losses totaled at roughly 3% as selling pressure followed soon after establishing a local top.

Furthermore, the coin witnessed resistance at several points where sell pressure has turned its price down.

Meanwhile, the 50 DMA [Pink], as a result, moved above a few TRX price candles before retreating below them. Despite this, the moving average continued to tread close to the candlestick arrangement depicting a bearish pressure in the market. The converging of the two DMAs further validated the struggle of the bulls.

TRX2

The MACD underwent a bearish crossover after a brief stint with the bulls above zero depicting a rising downward pressure in the coin’s price.

The OBV indicator, however, did not note a lack of volume, which may be why the price was a little volatile and had room for improvement in the near future.

The RSI declined to close the 50-median line depicting a minor dip in buying pressure.

Tron’s [TRX] price inaction could essentially continue in the medium term as a definitive breakthrough indication is yet to transpire in the charts. Bulls and bears continued to defend the current level.

Noteworthy levels in case of upward price action were found to be at $0.031, $0.033, $0.035 and $0.040 respectively while its support points stood firm at $0.029, $0.024, and $0.023.

Filed Under: Altcoin News, News Tagged With: TRON (TRX)

Dubai’s Financial Watchdog Keen On Developing Regulatory Regime For Cryptocurrencies

January 21, 2021 by Chayanika Deka

Cryptocurrencies have taken the center-stage yet again thanks to the present bull run. In the latest news, Dubai Financial Services Authority [DFSA] has announced its plans to introduce cryptocurrency regulatory frameworks as part of its business plan brochure for the years 2021 to 2022.

According to the company release, the regulatory watchdog is keen on enhancing the region’s cryptocurrency-related regulations with the upcoming framework to expand its regulation of digital asset issuers and associated trading platforms.

Dubai financial agency revealed that the cryptocurrency framework will essentially include a number of digital asset types like tokenized securities and cryptocurrencies like Bitcoin.

Peter Smith, who happens to be the head of strategy, policy, and risk at the Dubai Financial Services Authority, revealed that the financial regulatory agency of the special economic zone intends to regulate a wide range of digital assets, including security tokens, utility tokens, the various types of exchange [or payment] tokens, such as cryptocurrencies [and] the firms that provide relevant services in these markets.

Its official paper titled ‘DFSA Business Plan 21-2’ stated

“We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenized securities and crypto-currencies), having already implemented regulations supporting various innovative business models. “

The plan further read,

“In doing so, we intend to take a regulatory approach that facilitates innovation while requiring strict adherence to the DFSA’s licensing, prudential and conduct requirements”

Dubai Financial Services Authority’ss business plan did not divulge any details about a potential timeline for introducing the regulations. However, Bryan Stirewalt noted that the regulatory watchdog would continue to pursue regulatory changes in this area in a bid to maintain the right balance between promoting innovation, while simultaneously protecting investors as well, through the development of a Digital Assets regime.

The DFSA license has slowly become quite popular among the financial services provider and several established players in the industry across the world have gained the license over the past couple of years for the purpose of managing their Middle East operations.

Cryptocurrency ecosystem in UAE

A quick primer: Prior to Dubai Financial Services Authority’s latest news, it was over two years ago that the UAE’s first cryptocurrency-focused rules emerged. The Financial Services Regulatory Authority [FSRA] of the Abu Dhabi Global Market released official guidance on cryptocurrencies, exchanges, and initial coin offerings [ICOs] back in June 2018. Following this stint, the FSRA continued to actively participate with the crypto ecosystem and even gave green light to many firms in the space.

Filed Under: News Tagged With: dubai

Bitcoiners Have Now Started To Run Their Own Nodes As Figures Peak

January 20, 2021 by Chayanika Deka

The proverbial “Run your own node” has been preached throughout the Bitcoin literature and this has gained prominence yet again as the crypto-asset further advanced its rally.

According to the latest development, Bitcoin network statistics tracker, Coin Dance’s chart which revealed that there are 11.6k public nodes running on the network at the time of writing as opposed to 11.25k that was established almost a year back.

coin dance corenodes

Bitcoin has had a rough week but it did manage to position above a whopping $34k. Being the world’s premier cryptocurrency requires enormous amount of machinery needed to maintain this global infrastructure. This is where Bitcoin full nodes comes in.

Custody solutions by third-party providers of storage and security services for cryptocurrencies have been a contentious subject. Owing to this, several BTC users have now started to run their own nodes.

Running a Bitcoin node

There are several reasons to run a node which depend on a myriad of factors. On one hand, the BTC software developers utilize full nodes for the purpose of API access to the network. On the other hand, firms that develop applications for sending and receiving Bitcoin transactions often run several full nodes. So it all depends on a specific set of goals and motivations for the users.

One of the most crucial incentives is that full nodes don’t query third parties like centralized and SPV wallets. Hence, running a Bitcoin node and the very ethos of decentralization also goes hand in hand

For some, the motivation for running a full node is to make the BTC network more robust and as the figures increase, the network does become stronger than ever. This is primarily because, greater the number of full nodes that are used to verify transactions, the network not only becomes more decentralized but also becomes resistant to potential breaches in the future.

Notably, this area of the Bitcoin ecosystem hasn’t yet captured too much retail eye despite a linear growth in terms of its usage and has not been institutionalized or monetized.

Filed Under: Bitcoin News, News

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Recent Posts

  • Origin Protocol Has Kick-Started Compensation Process Of Its $7M Attack January 22, 2021
  • Chainlink [LINK] Bulls Are Rigorously Buying Dips January 22, 2021
  • US President Freezes FinCEN’s Contentious Crypto Wallet Rule January 22, 2021
  • Here’s Why Ethereum Looks Grim In Short-term January 21, 2021
  • Polkadot [DOT] To Move Earthward With Others Assets January 21, 2021


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