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Ethereum Testnet Zhejiang Successfully Conducts Staked ETH Withdrawals: Report

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In a major step towards its transition to a fully-featured proof-of-stake network, the Ethereum test network (testnet) Zhejiang successfully conducted withdrawals of staked ether (ETH) for the first time. On Tuesday, at 15:00 UTC, the upgrade was triggered and finalized 13 minutes later at 15:13 UTC, according to the February 7 report.

The Dress Rehearsal for Ethereum’s Future

According to Barnabas Busa, a DevOps engineer at the Ethereum Foundation, the Zhejiang testnet was designed to give developers a practice run of the withdrawals that will happen on the main Ethereum blockchain post its highly-anticipated Shanghai upgrade, expected next month.

Busa said:

On the Zhejiang testnet, partial and full withdrawals, as well as BLS changes, are included in the execution payload. We have a successful fork.

With the BLS modifications, individuals now have the ability to modify their withdrawal credentials to efficiently handle staked Ether withdrawals. The testnet in Zhejiang is the first of three to run a simulation of the upgrade in Shanghai.

Testnets duplicate the main blockchain and provide developers and users with a low-stakes environment to test any code changes to their applications. The next testnet upgrade will take place in the coming weeks, moving to Sepolia and then Goerli.

Ethereum’s Path to a More Efficient Network

As per the report, Shanghai will be Ethereum’s first hard fork since the Merge in September, marking its transition to a proof-of-stake network. The move to proof-of-stake increased the energy efficiency of Ethereum compared to when it utilized the POW system used by the Bitcoin blockchain. 

With proof-of-stake, cryptocurrency is “staked” on the blockchain by depositing it, providing a more efficient method of transaction validation and security.

However, until the Shanghai upgrade is completed, the staking mechanism is one-way, allowing users to deposit ether but not withdraw it. The upgrade has become a highly-anticipated event in the cryptocurrency ecosystem, with traders paying close attention to how it might impact the market. 

Some believe it will encourage more staking, while others believe ETH may experience a price drop due to selling pressures when stakers rush to withdraw their funds.

Related Reading | Cardano’s IOHK Released Its First Ethereum Sidechain

North Korea Breaks All Records For Crypto Thefts Of 2022

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The 2022 bear was already incredibly brutal. However, scams and hacks made matters worse for the bitcoin market. North Korea was busy stealing money from other people’s wallets while the majority of the world was occupied with tracking down CEOs of insolvent companies who were on the run.

The entire world assumed that North Korea had been organizing numerous hacks over the last few years. There have been several prominent hacks associated with the nation. North Korea will steal the most bitcoins in 2022, according to a recent United Nations assessment that Reuters has obtained.

The report further stated,

“[North Korea] used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance, and to steal information of potential value, including to its weapons programmes.”

Hackers with ties to North Korea were found to have targeted the networks of major aerospace and defence companies last year. The nation was successful in stealing digital currency assets worth between $630 million and $1 billion.

The 15-member North Korea sanctions committee also received the report from the sanctions monitors.

Unleashing North Korea’s Tricks Over Crypto Theft

Hackers have been found predominantly targeting bridges during the past year. The worst-hit networks included Harmony’s Horizon Bridge and Ronin Bridge. Bridges seem to have become an easy target for these hackers. There were also other parallels between these hacks. This includes emphasizing Asian-based companies. The difficulty of communication may have caused this pattern.

The fact that these N.Korean hackers work 16-hour shifts starting at six in the morning was also exposed. The hackers are reportedly sent to countries like Russia and China for specialised training in cyberwarfare. Furthermore, even with the cooperation of the FBI and other national security organisations, it would be exceedingly challenging to prosecute these hackers. It is definitely impossible to obtain stolen money in your possession.

Even more recently, a Chainalysis investigation claimed that $3.5 billion had been stolen in bitcoin thefts. Given the enormous costs involved in carrying out these hacks, North Korea is to blame for $1.7 billion of the total.

SHIB To Soar: Crypto Expert Predicts 10% Price Movement for Shiba Inu

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Leading crypto analyst and trader Ali Martinez created a buzz in the crypto world after he shared his latest prediction on Twitter. The expert believes that SHIB could be headed for a 10% price movement, leaving the coin’s army ecstatic.

However, traders must exercise patience as they wait for confirmation. Martinez emphasized that a 30-minute candlestick close above $0.0146 or below $0.0142 will be the deciding factor for the direction of its trend.

image 27

The prediction by Martinez has certainly piqued the interest of the cryptocurrency community. The SHIB Army, a group of dedicated supporters, will be eagerly waiting to see if Martinez’s prediction comes to fruition.

Shiba Inu Displays Bullish Trend Despite Market Shift

The meme-inspired cryptocurrency continues to make waves in the market, showing a bullish trend despite the recent market reversal. With a 20% higher volume of bids, than asks, the community remains optimistic and confident in the asset’s future growth. 

This optimism is reflected in the 67% increase in value that the coin has seen since the start of the market reversal. This recent rise in Shiba Inu’s value could be linked to the forthcoming launch of Shibarium, a layer-2 blockchain built on the Ethereum mainnet and supported by Shiba Inus. 

Shibarium is positioned as a layer-2 network on top of the Ethereum mainnet and aims to provide developers with an efficient platform to develop decentralized applications. This results in lower transaction fees and improved network scalability. 

In essence, Shibarium’s goal is to allow the community to further the project’s vision. It has generated excitement among Shiba Inu community members, potentially fueling further growth in the currency.

Moreover, market indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) also support a bullish outlook for the asset. 

The MACD displays a bullish crossover, indicating that the trend is likely to continue, while the RSI, measuring the trend’s strength, has risen above the 50 levels.

Nevertheless, when it comes to the coin’s current price analysis, data from CoinMarketcap shows that it is trading at $0.00001412, with a significant increase of about 20% in the weekly chart.

SHIBUSDT 2023 02 07 04 04 06
Source: Tradingview

Related Reading | Binance Joins Other Crypto Firms In Aid For Turkish Earthquake Victims: Report

Investor Shift To Bitcoin, $230M Inflows In 2023: CoinShares Report

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Digital asset investment has seen a major change in investor sentiment, including Bitcoin, as reported by CoinShares. With year-to-date inflows now at $230m and the 4th consecutive week of inflows totaling $76m, it is clear that 2023 is shaping up to be a promising year for the cryptocurrency market.

image 25
Source: CoinShares

As reported by Tronweekly, previously CoinShares reported that digital asset investment products experienced the largest inflows since July 2022, with $117 million entering the market. As a result, the total AuM has increased by 43% from November 2022 lows, reaching $28 billion. 

Most of these inflows, amounting to $116 million, were invested in BTC, with minor amounts going towards short-bitcoin at US$4.4 million. However, multi-asset investment products have seen outflows for nine consecutive weeks, totaling $6.4 million, indicating a preference for selective investments.

Bitcoin Dominates Investment Flows

BTC continues to be the primary focus of investors, accounting for a staggering 90% of the total inflows last week, with a total of US$69m. It highlights the growing confidence in the world’s largest cryptocurrency and its potential for long-term growth.

While other cryptocurrencies saw minor inflows, Ethereum saw only US$0.7m of inflows despite the improving clarity around unstaking. The minor inflows were into Solana ($0.5m), Cardano ($0.6m), and Polygon ($0.3m). However, Polygon also saw outflows of US$0.5m. It further emphasizes the dominance of BTC in the digital asset market.

Short-Bitcoin Gains Momentum

Despite the dominance of long-Bitcoin inflows, short-Bitcoin has been making gains with inflows totaling US$8.2m over the same period. While the short-Bitcoin inflows remain relatively small in comparison, the last three weeks inflows total US$38m, representing 26% of the total AuM. 

Although the trade so far hasn’t worked well year to date, with total short-Bitcoin AuM having fallen by 9.2%, the inflows are still meaningful from a relative scaling perspective.

image 26
Source: CoinShares

Regionally, the majority of inflows were focused on the US, Canada, and Germany, with inflows of $38m, $25m, and $24m, respectively. Total investment assets under management have risen 39% year-to-date, reaching a high of $30.3bn, the highest it’s been since mid-August 2022.

Related Reading | XRP’s Value Might Touch Million In 7 Years, Expert Predicts

Here’s The Condition of Super Bowl Cryptocurrency Advertisements

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Following the collapse of FTX, a few arrangements for cryptocurrency-related Super Bowl advertising fell through, but at least one project is giving away NFTs.
According to reports, viewers of Super Bowl LVII on February 12 between the Philadelphia Eagles and the Kansas City Chiefs won’t see as many advertisements for cryptocurrency businesses as they did in 2022.

Four possible negotiations with crypto firms for advertising in the 2023 Super Bowl worth between $6 to $7 million fell through after the FTX bankruptcy filing in November, according to a story from the Associated Press on February 6. According to Mark Evans, executive vice president of ad sales for Fox Sports, there would be “zero representation” from significant cryptocurrency companies on February 12, when an estimated 100 million people might be watching the football game.

The Infamous Cryptocurrency Exchange FTX

Companies like as FTX, eToro, Crypto.com, and Coinbase debuted commercials during Super Bowl LVI in 2022. Approximately nine months before the company filed for Chapter 11 bankruptcy and former CEO Sam Bankman-Fried was charged with fraud, the FTX advertisement featured comedian Larry David saying,

“Don’t miss out on crypto.”

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Sam Bankman-Fried, Former CEO, FTX

In a subsequent class action lawsuit, it was claimed that David had promoted the cryptocurrency exchange to investors without carrying out any due diligence. Other famous people who have backed cryptocurrencies have come under fire, like Naomi Osaka of the tennis team and Matt Damon of Crypto.com.

Despite the AP report, gaming company Limit Break declared on February 6 that it will show an interactive commercial during Super Bowl LVII in which it intended to distribute dragon-themed nonfungible tokens (NFTs). Instead of a celebrity, the advertisement appears to just have a QR code that viewers can scan.

Following the 2022 market meltdown and the bankruptcy of companies like FTX, Voyager Digital, BlockFi, and Celsius Network, numerous international authorities have targeted cryptocurrency advertisements. According to reports, the US Federal Trade Commission has launched an inquiry into a number of cryptocurrency companies for “potential misbehavior affecting digital assets.” The Central Bank of Ireland’s governor declared in January that he would support legislation that forbade the promotion of cryptocurrency ventures to children and teenagers.

Binance Unveils Revolutionary Crypto Tax Solution: Binance Tax

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Binance, the leading cryptocurrency exchange, has announced the launch of Binance Tax. This new crypto tax calculator gives users a comprehensive understanding of their crypto tax liabilities on up to 100,000 transactions, all at no extra cost. Currently, it is only available to users based in Canada and France.

Binance Tax: Your Reliable Tax Season Partner

Tax season can be a nightmare for many, especially for cryptocurrency traders who have to deal with thousands of transactions annually. Sifting through spreadsheets and manually computing gains and losses can be time-consuming and stressful. Binance Tax aims to change all that.

According to the official blog post from the exchange, with just one click, users can import their transactions into the calculator and receive a simple yet accurate estimate of their tax obligations tailored to their jurisdiction. 

Despite being in its early launch phase, its tax algorithm is designed to handle the volume and complexity of Web3 transactions.

However, for those struggling to keep up with their crypto taxes or just looking for a faster and more efficient solution, Binance Tax is the answer. This user-friendly tool streamlines the tax preparation process and eliminates the need for manual calculations, making tax season a breeze.

Nevertheless, it is a game-changer for the cryptocurrency industry. Its innovative algorithm and user-friendly interface make it the go-to solution for all crypto traders during tax season. 

The exchange users should keep in mind that the calculator is still in its early launch phase, and its algorithm may not cover all types of transactions yet. Nevertheless, Binance Tax is set to revolutionize the way crypto taxes are calculated and reported.

Exploring Binance Backbone: The Ledger 

Additionally, for their user’s transactions to be processed quickly, accurately, and around the clock, the world’s largest cryptocurrency exchange has a key technology driving its operations from behind the scenes. 

The Binance Ledger serves as a critical component of the platform, storing account balances and transactions while enabling services to make seamless transactions.

To support Binance’s massive user demand, the Ledger must meet certain requirements to ensure its performance. It includes high throughput during peak times, 24/7 availability without downtime, and bit-level data accuracy to prevent fund loss and transaction errors.

It creates the conditions needed for fast and reliable transactions. Its efficient design allows for a large number of transactions per second (TPS) during high-traffic periods, ensuring users can easily buy, sell, and trade their assets.

Binance Ledger’s role in supporting the world’s largest crypto exchange can’t be overstated. It ensures the smooth functioning of Binance by processing millions of transactions daily, providing users with a secure and efficient trading experience.

Related Reading | FTX Seeks Return Of Donation Funds By Feb 28

OKB Skyrockets To New Record High, Surpassing $45 Mark

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The cryptocurrency market has been buzzing with excitement as the OKX platform coin OKB sets a new record high of $45.54. This impressive feat surpassed the previous high of May 3rd, 2021, and is a clear indication of the growing popularity and success of the OKB token.

With $7.94 billion in assets and a 24-hour open interest of $4.01 billion, OKB stands tall as the second largest player in the market, trailing only Bitfinex and Binance. OKB has been making waves in the crypto world with impressive growth and a promising outlook. 

image 23
Source: Coinglass

The token has seen a 17.03% increase in its weekly charts and a 1.03% increase in its daily charts, according to CoinMarketcap data. Currently trading at $44.40, the token has shown remarkable growth, with a 65.7% increase in the past 30 days, according to CoinGecko.

OKB 1D graph coinmarketcap
Source: CoinMarketcap

Additionally, this price rise can be attributed to the recent announcement from the OKX, the world’s second-largest crypto exchange by trade volume, that it has partnered with Manchester City Football Club stars Jack Grealish and others to introduce the OKX Collective, a new metaverse experience crafted exclusively for fans. 

The OKX Collective offers fans a one-of-a-kind virtual metaverse experience, allowing them to experience Web3 technology and receive exclusive content, experiences, and rewards from Manchester City players they admire.

OKB Experiences Phenomenal Growth in the Past Month

The OKB token has experienced a significant upward trend since June 2022, with an even sharper rise starting from December. The token’s value has skyrocketed by 99%, reaching a record high of $45.54 on February 5th.

OKB 1Y graph coinmarketcap
Source: CoinMarketcap

Despite this remarkable surge, the OKB price seems to remain strong. The weekly Relative Strength Index (RSI) indicates overbought conditions but lacks any bearish divergence, meaning the upward momentum is likely to persist.

Support levels for the OKB price can be found at $37 and $30, and as long as the price does not drop below the latter, the upward trend is expected to continue.

The next resistance level for the OKB is projected to be $50. However, with its impressive performance and optimistic outlook, the token has grabbed the attention of both investors and traders, making it a digital asset to keep an eye on in the near future.

Related Reading | Visa Eyeing Ethereum For ‘Muscle Memory’ Settlement Plans: Report

Visa Eyeing Ethereum For ‘Muscle Memory’ Settlement Plans: Report

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Visa has revealed its plans to allow customers to convert digital assets to fiat currencies on its platform. the company is testing the acceptance of USDC settlement payments on Ethereum. The goal is to develop “muscle memory” for settlements and handle large value payments in USDC on the Ethereum platform.

The news was delivered by Cuy Sheffield, head of Visa’s crypto division, at the recent StarkWare Sessions 2023 in Tel Aviv. According to Sheffield, global settlement with digital assets and fiat currencies is one of the key areas in which Visa invests.

The payment giant is working to incorporate blockchain technology into its existing network to facilitate faster transactions. However, settlements currently still take place on the SWIFT system, which has limitations that prevent money from being moved as frequently as desired.

To overcome these limitations, Visa has been testing the acceptance of settlement payments with stablecoins, such as USDC. Sheffield confirmed that the company sees huge potential in the blockchain and digital asset space and is looking to take advantage of its value on existing bank rails and rebuild it on top of blockchain rails using stablecoins.

Visa’s Interest in Ethereum And Stablecoins

Former CEO Al Kelly has also shared the company’s plans for central bank digital currencies (CBDCs) and private stablecoins, stating that they “have the potential to play a meaningful role in the payments space.” 

Sheffield confirmed the company’s positive outlook on blockchain technology and digital assets, noting that they are exploring ways to take the value that Visa provides on existing bank rails and rebuild it on top of blockchain rails using stablecoins.

Sheffield said:

We’re thinking a lot about how to take some of the value that Visa provides on existing bank rails, with existing forms of beyond in a rebuild that on top of blockchain rails, using stableboards. If we think there are huge opportunities in that area, it just kind of stays on emerging.

Nevertheless, Visa’s plans to allow for the conversion of digital assets to fiat currencies on its platform is a significant step forward in the company’s efforts to build “muscle memory” around settlements, particularly with regard to Ethereum and stablecoins. 

This move highlights the growing interest and adoption of cryptocurrencies and blockchain technology in the traditional finance sector.

Related Reading | Weekly Market Watch: Bitcoin & Ethereum’s Battle Of Bulls And Bears, Low Cap Tokens Experience Growth

Weekly Market Watch: Bitcoin & Ethereum’s Battle Of Bulls And Bears, Low Cap Tokens Experience Growth

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Crypto markets saw a mixed performance last week as bulls and bears engaged in a tug-of-war. Bears attempted to bring down both Bitcoin and Ethereum. Additionally, despite some alternative coins showing substantial growth at the beginning of the week, the upward trend was eventually overturned by the close of the week.

Several tokens on the list of weekly gainers have shown substantial growth, with SingularityNET (AGIX) leading the pack, followed by Render Token (RNDR) and dYdX (DYDX) in third place. Other tokens have also experienced significant gains.

SingularityNET (AGIX), a decentralized AI platform utilizing both Ethereum (ETH) and Cardano (ADA) smart contract blockchains, has recently garnered attention in the crypto sphere. Its native token, AGIX, is currently experiencing a bull run and has been named one of the most bullish tokens in the market. 

AGIX 7D graph coinmarketcap
Source: CoinMarketcap

As of Monday, AGIX is trading at $0.4211, experiencing a 27% increase in the past 24 hours and a whopping 131.15% surge in the last week. The token hit its peak at $0.4579 this week and closed the week at $0.447 after starting at $0.1697, making for a strong and impressive performance.

While AGIX’s recent surge may be exciting for investors and traders, some market analysts warn that the token’s current rally is not sustainable. The support level at $0.40 is considered shaky, and a potential break below this mark could result in a dip to $0.35 in the coming months. 

Despite these concerns, AGIX’s impressive performance has drawn the attention of the investment community, who are keeping a close watch on the young network as it continues to gain traction in the crypto market.

Another low market cap token also emerged as a weekly gainer; Render Token (RNDR) saw a significant price increase, with a weekly gain of 46.73% and a current trading price of $1.82. 

RNDR 7D graph coinmarketcap
Source: CoinMarketcap

The surge in price is attributed to the launch of the Render Network Foundation, a non-profit dedicated to maintaining the Render Network protocol, and the adoption of a new tokenomics model called burn-and-mint equilibrium. The new tokenomics model received 100% support from the project’s DAO, which appears to have encouraged market participants to accumulate RNDR.

The DYDX token, an Ethereum-based token, has experienced a recent surge in value, with a 3.06% rise in the last 24 hours and a 31% increase in the past week. The rise is due to the actions of a mysterious whale who has accumulated a large amount of DYDX tokens worth $21.4 million. The whale, who has not been identified, received 9.5 million DYDX from Binance since October 18th, 2022, as reported by TronWeekly, 

DYDX 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including Shiba Inu (SHIB) with 22%, The Graph (GRT) with 37%, and ImmutableX, with an increase of 28%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

January brought a stunning rally for both Bitcoin (BTC) and Ethereum, but now it seems the two are taking a break in February, which is a positive sign as vertical rallies are not often sustainable. A slight decrease could eliminate uncertainty among long-term holders, offering an opportunity for them to expand their portfolios.

Bitcoin saw a brief period of glory when it reached a record high of $24,255 on February 2nd, but a drop followed as short-term traders took profits. However, Bitcoin is near a solid support range of $22,800 to $22,300.

BTCUSDT 2023 02 05 23 56 45
Source: Tradingview

Ethereum also saw a significant surge in value over the week, beginning at $1,567.42 and reaching a peak of $1,704.46. ETH has been trading close to the $1,680 resistance level for the past few days, and a tight consolidation near an overhead resistance typically leads to an upward trend.

ETHUSDT 2023 02 05 23 57 57
Source: Tradingview

However, CoinMarketCap data shows that the current trading price for Bitcoin is $22,839.27, with a 2.37% decrease in the past 24 hours and a 3.37% drop over the past seven days. Meanwhile, Ethereum is being traded at $1,630.20, experiencing a 2.23% drop in the past 24 hours and a slight 0.25% increase over the past seven days.

Cardano (ADA) Surge: Sharks & Whales Fuel 65% Price Hike In 2023

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Cardano’s (ADA) price has skyrocketed in 2023, soaring more than 65% higher and showing no signs of slowing down. This impressive rise can be largely attributed to key players in the crypto market, namely sharks and whales, who are accumulating large amounts of ADA.

In recent days, addresses holding between 100,000 and 100 million ADA have seen an increase in the number of coins stored in their combined wallets, hitting levels not seen since November 8th. Today, the number of $100k+ whale transactions reached a 12-week high, according to data from santiment.

However, the increased accumulation by these large investors, commonly referred to as whales, has had a significant impact on Cardano’s price growth. Their large investments drive demand for the cryptocurrency, leading to price increases and attracting even more investors.

It is a clear indication that major players in the market are taking a serious interest in Cardano and driving up its value. As more and more people seek to diversify their portfolios and invest in cryptocurrencies, its strong performance and increasing popularity make it a strong contender for those looking to invest in the crypto market.

Cardano Price Soars, Additional Factors

According to the CoinMarketcap, ADA is currently trading at $0.404 with a slight rise in the daily chart and 5.74% growth in seven days chart. Additionally, the price has seen a 50% increase in the last 30 days and 10% over the previous 14 days.

ADAUSDT 2023 02 04 18 40 01
Source: Tradingview

Cardano (ADA) has seen a significant price surge due to key market players accumulating the cryptocurrency. While the boost can also be attributed to macroeconomic events and the broader financial markets, along with the recent launch of the overcollateralized stablecoin, Djed, on the Cardano mainnet. 

Since its launch, 1.85 million DJED have been minted, although its growth has been modest so far, with a total value locked (TVL) of $11.67 million, according to DefiLlama’s data.

Djed is designed to use the volatility of ADA to create a stablecoin pegged to the USD, making ADA a reserve currency. The stablecoin’s reserve ratio of 633% gives it the potential to impact ADA’s price by creating a supply shortage.

However, with only 29.4 million ADA in the Djed reserve, it hasn’t yet reached the volume needed to impact the price significantly. Its total circulating supply is 34.6 billion ADA, so it remains to be seen whether Djed can continue to grow and drive a supply shortage for ADA.

Related Reading | Whale Watch: $17M In Dogecoin Departs Binance On Feb 3rd