A crypto analyst thinks indications of a bearish signal are being displayed by one Ethereum (ETH)-based altcoin.

Ali Martinez tells his 30,800 followers on the social media platform X that the native asset of the decentralized oracle network Chainlink (LINK) could be primed for a brief correction.

Citing data from crypto analytics firm Santiment, Martinez points out that the last two times LINK’s 30-day market value to realized value (MVRV) passed 19%, the asset endured steep corrections. LINK’s MVRV recently hit 20%.

MVRV is the ratio of an asset’s current market cap divided by its realized capitalization – i.e. the value of all measured LINK at the price they were bought. MVRV 30-Day is a timebound metric that only analyzes that ratio among tokens that have moved at least once in the past 30 days. Traders use the metric to detect overbought or oversold conditions.

Martinez, however, believes that LINK will still hit higher highs after a brief correction. The 19th-ranked crypto asset by market cap is trading at $7.40 at time of writing.

The analyst also looks at Bitcoin (BTC), examining the top crypto asset’s Relative Strength Index (RSI), a widely used momentum indicator that aims to determine if an asset is overbought or oversold.

Says Martinez,

“Notice that each time the RSI on BTC 4-hour chart hits or surpasses 74.21, BTC tends to retrace. The RSI on the 4-hour chart recently hit 82.83!”

The RSI indicator scales from 0 to 100. A reading of below 30 is typically considered bullish while a reading of over 70 is typically considered to be a bearish sign.

BTC is trading at $27,362 at time of writing.

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A closely followed crypto strategist is warning that one red-hot yet controversial altcoin is on the verge of a collapse.

Pseudonymous analyst Altcoin Sherpa tells his 196,600 followers on the social media platform X that Worldcoin (WLD) could decline at least 34% from its current value.

“WLD: was a great long for this, but I think it looks tired. I’m already out of this trade but if you are currently long, I would consider cutting it soon.

I think it ultimately goes to less than a $1 longer term and this is going to head all the way down. Small bounce at $1.50 though.”

Looking at his chart, the trader seems to think that Worldcoin is in a downward trend after facing resistance near the $1.90 level and will likely retest the 200-day single moving average (SMA) at the $1.50 range.

WLD hit a low of $0.978 in mid-September and soared to a high of $1.88 on September 28th, a 92% increase. The token has since retraced and is trading for $1.50 at time of writing, down 9.1% in the last 24 hours.

The trader is also closely watching Ethereum (ETH) competitor Solana (SOL) to see if it will break a key resistance level to confirm bullish momentum.

“SOL: this area coming up is a pivotal area. $26 has been a key region for S/R (support/resistance). I still think this one will be a good buy and hold for six-plus months, to be honest, one of the few you can probably invest in.

As for trading? Wouldn’t buy until it breaks $26 personally.”

SOL is trading for $23.16 at time of writing, down 1.2% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The chief executive of banking titan JPMorgan is warning that the United States is facing two exceptional headwinds.

In a new Bloomberg Television interview, Jamie Dimon says that he’s keeping a close watch on two extraordinary macro factors that could hit the US economy and produce different outcomes.

According to Dimon, he’s worried about the brewing “storm clouds” because he’s uncertain “if they’re going to hit, when they’re going to hit [and] what they’re going to do.”

“So one is the fiscal money being spent is so big, the largest in peacetime ever in America and kind of around the world with already very high deficits and QT (quantitative tightening) we’ve never had. I know some people think QT will be uneventful. I’m not so sure. At a minimum, I expect volatile markets.

And then all the long-term fiscal things are kind of inflationary. Oil prices, certain commodity prices, the green economy, the restructuring of the trade – you name it – I see is adding to inflation, not subtracting inflation. So I don’t think inflation will keep on going down. It may not so therefore, rates may go higher. 

But the biggest storm cloud is geopolitical. It’s Ukraine, the humanitarian crisis. It’s a war not far from here. It’s a long 600 miles, and 500,000 people were killed. It’s nuclear blackmail. It’s going to affect all global relationships in America and China – trade alliances. We don’t know how it’s going to start either. So I just put those two things. I keep a close eye on. And then how it affects the economy is different.”

Dimon is also warning that the Federal Reserve could hike interest rates to as high as 7%, which could lead to stagflation or a period of muted economic growth and inflation.

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A top trader who caught the crypto rally earlier this year is outlining a market condition where he believes Bitcoin (BTC) could ignite a fresh bull market that could last for about two years.

Pseudonymous analyst DonAlt tells his 507,000 followers on the social media platform X that a proper Bitcoin bull market will start if BTC rises at the expense of other crypto assets.

Until that happens, DonAlt says that Bitcoin will likely continue its sideways trend.

“[I think] the moment BTC goes up significantly and alts start liquidating to the downside is the moment you’ll get a proper big rally that’ll set the major overarching trend for at least a year or two.” 

For now, the analyst says he’ll remain bullish on Bitcoin as long as it stays above a key support level.

“As long as $27,000 holds, this actually looks quite good. I’d like to see continued upward pressure that leads to ALT/BTC ratios getting [wrecked] in the next few days to weeks. If that doesn’t happen, I’ll rejoin Team Bear again.

Not out of the woods but a good first look.”

At time of writing, Bitcoin is trading for $27,294, a fractional decrease in the last 24 hours.

Looking at the smart contract platform Ethereum (ETH), the analyst thinks that the second-largest crypto asset will flounder regardless of Bitcoin’s trend.

“I generally think ETH will just underperform BTC whether BTC goes up or down. Like I said weeks ago, we’re getting an actual BTC exchange-traded fund (not a fake futures one), and ETH – it’s not stupid enough to be bought by idiots who ignore that fact.”

At time of writing, Ethereum is worth $1,638, down 1.51% in the past day.

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When we think of social media, certain names immediately come to mind – Facebook, Instagram and TikTok, among others.

These platforms have been at the forefront of our digital lives for years, connecting people, allowing them to share stories and shaping our online experiences.

But in recent times, there’s one platform that has not only disrupted the social media space but has also become a driving force in the world of cryptocurrencies and Web 3.0. That platform is X (formerly known as Twitter).

In this op-ed, let’s dissect what exactly sets X apart in a class of its own as the indisputable key to the future of crypto growth.

We’ll explore how X has evolved in recent times, its ambitious plans for cryptocurrency integration and why it has become an invaluable tool for Web 3.0 brands.

From Twitter to X – beyond the name

To understand the significance of X in the crypto industry, we need to zoom in on its gradual transformation under the ownership of tech mogul, Elon Musk.

While it was once primarily known as a microblogging web application, X has evolved into a multifaceted slice of the internet frequented by 450 million monthly active users.

Elon Musk’s blueprint for X is nothing short of audacious – he envisions it as an ‘everything app’ that integrates social, financial and commercial functionalities seamlessly.

Of course, like every significant step forward in human history, this evolution didn’t happen overnight.

Since its acquisition in October 2022, the social media platform has undergone several strategic changes that have altered its impact on and position in contemporary digital culture.

These piecemeal modifications seemingly came to a head in July 2023 when Musk rebranded the name from ‘Twitter’ to the enigmatic – and quite controversial – moniker, ‘X.’

But the change of name merely scratches the surface.

The shift from Twitter to X represents a fundamental change in how we perceive and use social media – so it’s important for us to talk about what’s been changing beneath the hood.

Integration of cryptocurrency payments

One of the most exciting developments on X is its plans for cryptocurrency integration.

X has obtained a licence to integrate cryptocurrency payments, and this could prove to be game-changing for the entire Web 3.0 industry.

Reports have surfaced about X’s development of a crypto payments system, aptly named ‘Coins.’

This system is backed by none other than the e-commerce giant, Stripe, which processed $817 billion in payments just last year.

Picture a future where you can make purchases, transfer funds and receive payments seamlessly through X using cryptocurrencies.

It’s a vision that aligns perfectly with Elon Musk’s goal of creating an ‘everything app.’

In April 2022, Stripe took a step further in this direction by allowing creators on X to test its new crypto payout option powered by the company’s payments processor, Stripe Connect.

This feature enabled them to receive USDC payments directly from the social media platform via the Polygon network.

Stripe also publicly shared its plans to add support for additional rails and payout currencies.

This is a clear indication that X is not just flirting with the idea of cryptocurrency integration – it’s actively making it happen.

An invaluable tool for Web 3.0 brands

More than any other major social media platform in existence, X boasts a vibrant community of crypto users and enthusiasts, making it the ideal space for Web 3.0 projects to thrive.

But it’s not just about the numbers – it’s about the influence.

Key opinion leaders in Web 3.0 have found a home on X. These influential figures actively engage with the crypto community, shaping trends and sharing valuable insights.

Their presence on the platform has elevated X to the status of a de-facto crypto hub.

Statistics also tell a compelling story. The growth of crypto-related topics and discussions on X in recent years has been nothing short of remarkable.

Since 2020, over one billion posts shared on the platform have directly mentioned or referred to cryptocurrencies.

These range from posts shared by regular users, to ads run by the Super Bowl and even multiple instances of posts shared by Elon Musk himself.

This speaks volumes about the cultural influence of X on the proliferation of blockchain technology and cryptocurrencies.

Conclusion – the future of crypto unfolds on X

The master plan for X as unveiled by its new spearhead is to create a hub where users can engage in financial transactions, explore commercial opportunities and connect with a global community.

With concerted steps toward cryptocurrency integration, backed by a license and the support of Stripe, X is positioned at the forefront of mainstream crypto adoption.

Moreover, X has become an indispensable tool for Web 3.0 brands, thanks to its concentration of crypto users and the influence of key opinion leaders in the crypto space.

The growth of crypto-related discussions and topics on the platform further underscore its central role in the blockchain ecosystem.

Evidently, the crypto world is evolving, and X is leading the way. The only question is – are you ready for the future?

Tim Haldorsson is the CEO of Lunar Strategy, a crypto and NFT marketing agency. He’s contributed to a number of respected crypto publications after entering the crypto world in 2017, and he hasn’t looked back since.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A closely followed crypto strategist is predicting sustained rallies for layer-2 protocol Arbitrum (ARB) and decentralized derivatives exchange Injective (INJ).

Pseudonymous analyst Altcoin Sherpa tells his 196,600 followers on the social media platform X that Arbitrum could rise by over 23% from current levels before its rally tapers off.

“This one took forever to materialize and my impatient ass sold long ago. That said, looks interesting. Would be cautious at this incoming level as it looks like resistance but wouldn’t be surprised to see it go to $1.15 before its done.” 

At time of writing, ARB is trading for $0.93, down over 3% in the last 24 hours.

Looking at Injective, Altcoin Sherpa says that the altcoin’s uptrend is likely not yet over. However, he sees the altcoin taking a dip to around $7.50 before surging toward his target at $9.40.

“INJ: buying a dip like this would be nice.”

At time of writing, INJ is worth $7.55, very close to the trader’s downside target.

As for Bitcoin (BTC), the trader believes that the crypto king is likely headed to test its psychological resistance at $30,000. Although Altcoin Sherpa is bullish on BTC in the short term, he notes that he is still uncertain of Bitcoin’s larger trend.

“Another test of $30,000 is definitely in the cards, but we’ll see. Overall, I’m mostly just focused on some altcoins but will be observing BTC closely. Still really no clear trend to me.”

At time of writing, BTC is trading for $27,422, down over 1% in the past day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The US government, Thai police, and the world’s largest crypto exchange platform by volume just toppled a multi-million-dollar crypto scam.

In a new company blog post, crypto exchange Binance says that it has contributed to taking down the criminal network that ran an elaborate scheme that targeted novice traders with fake investment platforms.

“The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police teamed up with Binance and U.S. Homeland Security Investigation (HSI) to dismantle a criminal ring behind a significant pig butchering scam that had impacted thousands of people in Thailand.

Armed with intelligence from Binance and HSI, the CCIB arrested five principal members of this group and confiscated assets valued at around THB $10 billion ($277 million USD), which included luxury cars, homes, land, and other upscale items. Since these events, over 3,200 victims have come forward seeking compensation.”

So-called pig butchering scams happen when criminals gain ongoing trust of victims, encouraging them to deposit money into fake investment platforms, and then keeping the fraud going by displaying fake profits and pushing them to pay further sums – including fake tax bills.

As stated by Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand’s Cyber Crime Investigation Bureau,

“We appreciate Binance’s significant contribution to the disruption of this criminal group. The rise of crypto scams in recent years has resulted in financial damage of hundreds of millions in Thailand.

Yet, through prompt information exchange with key partners, including the Binance Investigations team, this successful operation resulted in the arrests of the criminals.

Binance remains an essential ally in our combat against scams and cybercrimes. We value this partnership and look forward to continuing it.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Large Bitcoin (BTC) holders have been snapping up the top crypto asset since the beginning of September, according to the crypto analytics firm Santiment.

Santiment notes that Bitcoin sharks and whales, or entities holding between 10-10,000 BTC, have accumulated a combined $1.17 billion since September 1st.

The firm says that the accumulation pattern makes it more likely that BTC will witness a return to the $30,000 price level, unless those holders start dumping their Bitcoin holdings.

Bitcoin is trading at $27,853 at time of writing and is up nearly 3% in the past 24 hours. The top-ranked crypto asset by market cap briefly surged above $28,000 on Monday, the first time it has jumped above that price point since August.

Not everyone agrees with Santiment’s analysis, however. Popular Bitcoin analyst Willy Woo recently told his one million followers on the social media platform X that buying up the inventory of BTC on exchanges won’t actually help boost the asset’s price.

“This is a fallacy. This happened all through the 2022 bear. There’s no supply shock because synthetic BTC via futures markets added to inventory. The market made a bottom when futures markets relented.

If an investor wants to buy exposure to BTC, they can now buy a futures ETF (exchange-traded fund). This doesn’t create a supply shock as these are just paper bets on price going up, a hedge fund can take the other side of the bet, you’ve minted a new synthetic BTC. And the limit on this is infinite.”

According to Woo, the approval of a spot-based Bitcoin ETF will help “rectify this issue.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A widely followed crypto analyst says Bitcoin (BTC) may be on the verge of a final leg to the downside.

Crypto trader Rekt Capital tells his 355,900 followers on the social media platform X that BTC is about to test its bull market support band.

“Bitcoin is now trying to retest the bull market support band as support.

If successful, Bitcoin will likely revisit the lower high resistance again (blue).

But if history is any indication, BTC shouldn’t be able to hold above the EMAs (exponential moving averages) for too long.”

According to the analyst, BTC could potentially peak in the fall of 2025.

“If history repeats itself…

Next bull market peak could occur 518-546 days after the halving.

That’s mid-September 2025 or mid-October 2025.”

In the midst of his predictions, Rekt Capital points out that any immediate downtrend could represent last-chance opportunities for BTC traders in the long game.

“If you think about it…

The next 140 days may present the last EVER opportunity to buy in the low or even sub-$20,000s”

BTC is worth $27,383 at time of writing, down 2.7% in the last 24 hours.

Touching on blockchain oracle Chainlink (LINK), Rekt Capital foresees LINK’s price moving up after some chop.

“The macro downtrend is over. But the macro range is not. If Chainlink can’t break the range high resistance soon…

Continued consolidation inside the macro range is likely, which could enable a retest of the broken macro downtrend itself.”

LINK is worth $7.45 at time of writing, down 3.5% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The global central bank umbrella organization has successfully completed a cross-border trading experiment using central bank digital currencies (CBDCs) and decentralized finance (DeFi) technology.

The Bank for International Settlements (BIS) worked with the central banks of France, Singapore and Switzerland to test the effectiveness of cross-border trading and settlement of “wholesale” CBDCs (referred to as wCBDCs) between simulated financial institutions, according to a BIS press release.

Banks use wCBDCs for the settlement of wholesale payments, as opposed to retail CBDCs, which are offered to the general public for payments, according to the European Central Bank.

Dubbed “Project Mariana,” the BIS experiment used hypothetical euro, Singapore dollar and Swiss franc wCBDCs, as well as a common technical token standard provided by a public blockchain to facilitate the exchanges between the currencies.

Project Mariana also used bridges to transfer the wCBDCs and an automated market maker (AMM) for trades.

Explains the BIS,

“For Project Mariana, the AMM pooled the liquidity of the hypothetical euro, Singapore dollar and Swiss franc wCBDCs with innovative algorithms enabling spot FX transactions to be priced and executed automatically and settled immediately. These protocols could be used by the next generation of financial market infrastructures facilitating cross-border trading and settlement between financial institutions.”

The BIS cautions that Project Mariana was “purely experimental” and doesn’t mean that any of the countries involved actually have plans to issue wCBDCs or utilize DeFi technology.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Sam Bankman-Fried’s legal team is attempting to block certain investors and insiders from testifying at the crypto outcast’s highly publicized fraud trial.

According to a letter sent from the former FTX executive’s legal representatives to Judge Lewis Kaplan, certain investors and witnesses should be kept from going on the public record because the motion to let them testify “is premature and is devoid of the detail on which its requests could plausibly be based.”

“On behalf of our client, Samuel Bankman-Fried, we write to respectfully submit this letter in opposition to the Government’s letter motion in limine requesting to elicit testimony from (i) FTX customer witnesses regarding their understanding of how FTX would or would not use their assets; (ii) FTX investor witnesses regarding their understanding of alleged representations about FTX’s role as a custodian of customer funds; and (iii) alleged co-conspirator witnesses regarding their interpretation of statements made by Mr. Bankman-Fried.”

Previously, Judge Kaplan shot down Sam Bankman-Fried’s request to be temporarily released from prison before his upcoming trial.

Last Monday, Bankman-Fried’s lawyers submitted a formal request for the disgraced former chief executive to be released.

The attorneys argued that Bankman-Fried’s temporary release for the duration of the trial is necessary for the preparation of his defense, citing the highly technical nature of the trial, the prosecution’s list of more than 50 witnesses, and the need to comb through thousands of pages of witness material and more than 1,300 exhibits.

However, Judge Lewis A. Kaplan denied the request.

Bankman-Fried is accused of defrauding investors and mishandling billions of dollars worth of customer funds. If convicted, he faces decades in prison.

Jury selection for the trial begins today.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A crypto strategist believes Bitcoin (BTC) will skyrocket and trend towards a new all-time high after a crucial level is shattered.

In a new strategy session video, crypto analyst Kevin Svenson tells his 70,600 YouTube subscribers that once Bitcoin flips a key 2021 price level into support, the king crypto will likely spark a massive bull run.

“The next most important change is going to be getting above this zone [between about $29,000 and $32,000] from 2021, major support, breaking it and confirming it as that new support level. Once we get that done, that’s when it’s time to get super, super bullish. So until then, it’s still a gray area. We’re in this sideways range here.

But once we flip this into new support, that’s when I’m going to be getting extremely, extremely confident in the market again. And that’s when I would expect a trend towards new all-time highs to take place because once we’re above this range, it’s game on. At that point, all of this just turned into an accumulation zone, once we get above that.”

But the analyst warns Bitcoin could turn bearish if market momentum declines lower than he anticipates.

“The market is currently directionless. There’s not too much of a trend at all actually. There’s no trend. We’re going sideways. We actually broke our trend. For a while, it was pretty easy to guess that the price action was just going to be up after every pullback, but now we’ve broken the trendline. That is something that damages sentiment, and that is something that can cause a lack of momentum and a lack of interest. And so what is possible here for Bitcoin?

If we do see a bounce for Bitcoin and we come up to that $30,000 level, the level of interest for the market, and we find resistance and we create a lower high, that pattern indicates a decrease in momentum, (also known as) a head and shoulders [pattern] where you get a high, a slightly higher high [and] a slightly lower high. And that is a signal of a decrease in momentum. That is a possibility right now, and that would occur if we get more bearish speculation from the stock market.”

Bitcoin is trading for $27,308 at time of writing, down 2.5% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Web3 security company Beosin EagleEye says that there was a drastic increase in illicit crypto activities during the third quarter of 2023.

In the July to September quarter, the “total losses from hacks, phishing scams, and rug pulls in Web3 reached $889.26 million” with hacks or major attacks constituting about 60% of the losses, according to Beosin EagleEye.

“Among them, 43 major attacks resulted in a total loss of approximately $540.16 million. Phishing scams accounted for a total loss of approximately $66.15 million, and there were 81 rug pulls with a total loss of approximately $282.96 million.”

The third-quarter losses were approximately 34% higher than the combined losses incurred during the first and second quarters of 2023.

“The losses in Q3 2023 exceeded the total for the first half of 2023. The losses were about $330 million in Q1 2023 and $333 million in Q2 2023, while reaching $889.26 million in Q3.”

Beosin EagleEye says North Korean hackers the Lazarus Group stole more than “$208 million across four attack incidents, posing the biggest threat to Web3 security this quarter.”

The security incident involving the decentralized cross-chain trading network Mixin days ago “took up 37% of the total losses for the quarter,” according to the blockchain security firm.

Beosin EagleEye further says that based on the blockchain, Ethereum (ETH) recorded $227 million in losses from security incidents, the highest amount by any chain.

“Ranking second in losses was Mixin Network, with a single event causing $200 million in losses, ranking it second among blockchains.

Ethereum and Mixin combined accounted for 79% of total losses.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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October 3, 2023 – Istanbul, Turkey

Composable is presenting at Cosmoverse’23 as a keynote speaker and ‘Diamond Sponsor,’ in collaboration with Polkadot and the Web3 Foundation.

The Composable team is building the infrastructure and necessary primitives to abstract away the cross-ecosystem user and developer experience.

Their efforts align with their ethos of eliminating blockchain borders and siloes, as they are strong advocates of ecosystem convergence and are the leading force behind the successful extension of the IBC (Inter-Blockchain Communication) protocol beyond Cosmos.

As a keynote speaker at Cosmoverse’23, Composable is looking to further invest in the growth of the Cosmos ecosystem and will present their keynote on their efforts to make their vision a reality.

Additionally, the team will discuss several proposals and reveal some significant progress in their efforts to achieve ecosystem convergence via the expansion of IBC to Ethereum.

Composable is spearheading the collaborative effort and growing ecosystem to bring IBC everywhere

Composable was the first team to deploy IBC outside of Cosmos and put it live in production between Polkadot and Kusama.

Soon thereafter, they were able to connect the Polkadot and Cosmos ecosystems via IBC.

Furthermore, Composable continues to extend IBC and will very soon be connecting to the dynamic Ethereum ecosystem.

Those interested can view Composable’s announcements here and here.

As pioneers of IBC’s expansion, Composable’s focus is set on their next big milestone – their Ethereum IBC connection.

Ultimately, this will drive Composable even closer to achieving their goal of providing a superior user experience through secure, efficient and private execution of the user intentions, on chain, for the benefit of users and developers alike.

Through these efforts of connecting ecosystems, the Composable team has been able to build valuable and meaningful relationships to foster the first instances of cross-ecosystem collaborations via IBC.

Thus, Composable’s ecosystem has grown to become abundantly diverse and encompasses collaborators, communities and supporters from around the world, leading many ecosystems including Polkadot, Kusama and Cosmos chains, among others.

Composable is already collaborating on cross-domain use cases with more than 10 Cosmos chains including Osmosis, Neutron, Stride, Cosmos Hub and Secret Network, and more than seven Parachain teams, including Bifrost, Phala, Moonbeam, Invarch and Astar, to name a few.

Furthermore, Composable has aligned its mission with that of the Cosmos Hub by pioneering cross-ecosystem adoption of IBC.

Composable is now looking to enter the AEZ (Atom Economic Zone) to become a consumer chain and adopt ICS (interchain security) for its Composable Cosmos Chain (formerly Centauri).

This allows Composable to adopt the highest level of security in the Cosmos ecosystem and further expand the vision of IBC more securely to all ecosystems.

Those who are interested can check the full proposal for discussion here.

Composable’s vision – bridging ecosystems and innovating with Polkadot support

Composable is building the future of private, secure and free execution of user intentions – directly on-chain.

Composable innovates at various layers of the interoperability tech stack – from infrastructure to application – to deliver a seamless and liquid cross-ecosystem experience.

Composable seeks to enable users to easily access multiple ecosystems with security and without friction, thus, opening up new opportunities for collaboration and efficient distribution of resources, assets and services.

The Diamond Sponsorship for Cosmoverse’23 is in partnership with Polkadot and the Web3 Foundation.

This represents strong support from the Polkadot ecosystem and their intention to further collaborate with Cosmos to showcase Polkadot ecosystem’s latest progress in ecosystem development and new innovative applications built on Polkadot.

Omar Zaki, founder and core contributor of Composable, said,

“We are grateful for Parity’s (Polkadot) support in our efforts to communicate and spread the value proposition of ecosystem convergence. We are not just connecting dots – we are connecting universes.

“It’s phenomenal to see so many people rallying behind the vision of a more secure, private and connected DeFi future.”

What to expect from Composable at Cosmoverse’23

The Composable team will provide exciting glimpses into the future of Composable and its various products and efforts.

Exclusive insights

Attendees will get a first look at Composable’s rebrand, the evolution of their long-term vision, updates on the CVM (Composable VM ) and the introduction of MANTIS.

Ethereum IBC progress

Attendees will discover how Composable is pioneering the connection between Polkadot, Cosmos and Ethereum ecosystems through IBC.

The team plans to unveil the significant progress they have achieved in their Ethereum IBC efforts.

Networking opportunities

Attendees will engage with Composable’s core team members as they continue to build the infrastructure to drive value to developers, stakeholders, users and other protocols seeking to expand into the cross-domain world.

Those who are interested in learning more about Composable and their efforts to connect blockchain ecosystems for a future of private, secure and free execution of user intentions directly on-chain can visit Composable’s booth at Cosmoverse’23, and join their community via X (Twitter), Discord or Telegram.

About Composable

Composable is the base layer connecting layer ones and layer twos. We are scaling IBC to other ecosystems, pushing the boundaries of trust-minimized interoperability.

We abstract the cross-chain experience for users, delivering seamless chain-agnostic execution of user intentions.

Contact

Leila Stein, YAP Global

The post Polkadot and Composable Announced As Diamond Sponsor at the Cosmoverse’23 Conference in Istanbul appeared first on The Daily Hodl.

A closely followed crypto strategist says a bullish pattern is taking shape for Bitcoin (BTC) against the S&P 500 (SPX).

Pseudonymous analyst Kaleo tells his 596,500 followers on the social media platform X that Bitcoin is starting to form a breakout pattern against the SPX that historically precedes an upward trend.

“Now, what gives me a little bit more confidence we’re going to see some follow through is this chart right here: BTCUSD/US500. If you are feeling a little bit more aggressive, I do think that this gives you a little bit more confidence looking into it.

When we’re looking at these diagonals for the past year, all of 2023 when we have had a breakout of this major downtrend for BTC versus the S&P 500… every time that we’ve gotten one of these major downtrend breaks on the diagonal, we’ve seen a pretty decent follow through, a decent impulse move.”

The trader is closely watching whether the crypto king can decisively enter the $28,000 range, which he says would confirm BTC’s bullish momentum.

“The thing to be a little bit more cautious of right now: we haven’t necessarily seen that pure straight green candle higher immediately right here. But again, you go back to a bunch of these breakouts previously… It wasn’t as straight up as what it looks like whenever you’re looking at the four-hour [chart]… A little bit of a grind higher followed by just continuation after that…

I’m in the camp where I think this continues higher. I think that we have the breakout that we’re looking for. If you really want to be a little bit more cautious, I think $28,000 is what you want to look for as far as the USD price, but just looking at BTC versus equities, I think there’s a decent chance to really buy into this hopium.”

Bitcoin is trading for $27,561 at time of writing, down 1.5% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A widely followed crypto analyst is laying out the upper bounds of his price target for Bitcoin (BTC) in 2025.

In a new YouTube video, the anonymous host of InvestAnswers tells his 447,000 YouTube subscribers that his price target for Bitcoin is heavily dependent on multiple factors, including on-chain supply, the future of spot BTC exchange-traded funds (ETFs) in the US and the overall adoption of the top crypto asset.

The host also notes that Bitcoin’s long-term holder supply has reached a new all-time high.

“It is insane. People are not selling.” 

The analyst believes Bitcoin could hit $89,000 sometime in 2025, though he thinks BTC has a “max upside” of $142,000.

The InvestAnswers host notes that his price targets will be lower if the U.S. Securities and Exchange Commission (SEC) decides against approving a spot Bitcoin ETF. However, the analyst says that “things could go crazy” if the SEC green-lights a spot-based Bitcoin ETF.

The SEC delayed decisions on a slew of spot BTC ETF applications last week, though the regulator will likely rule on a number of them by early 2024.

BTC is trading at $27,528 at time of writing. The top-ranked crypto asset by market cap is down 1.2% in the past 24 hours but remains up by nearly 66% since the beginning of 2023. However, despite its price gains this year, Bitcoin is still more than 60% down from its all-time high of $69,000, which it hit in November 2021.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto analyst Jason Pizzino believes one scenario is likely to play out for both Bitcoin (BTC) and the S&P 500 (SPX) in the coming months.

In a new strategy session, Pizzino tells his 290,000 YouTube subscribers that both BTC and the S&P 500 could dip at the start of October before entering a bull market cycle.

“I’m thinking this period here, that quarter three of 2023, early quarter four, might be the next best opportunities for those [Bitcoin] DCAs (dollar-cost averaging)…

Now let’s just take a quick look at the downside, because it’s not all going to be straight up and roses from here because we’ve got a lot of overhead resistance. We still have a 50% level here, the macro level at $23,600, which is the cycle low to the current first range out.

In the short term, maybe October does push lower, because, like we’ve seen in the past from the S&P 500 that we do get some of these lows here. Sometimes we get October lows, sometimes we get March lows, which both happened this time around, and maybe the S&P just touches a little bit lower [at 4,110 points] for October and it starts to work its way higher over the course of quarter four and quarter one [2024].

For Bitcoin, maybe it does have this nice green September, a quick move to [$23,630] for October and then maybe a higher close [at $28,518]. That could also be a possibility there.”

The trader is keeping also a close watch on key price levels to the upside to determine if Bitcoin will confirm a massive bull market cycle after October.

“And then let’s see if the market can overcome those key levels to the upside. $28,500 is the real big trigger that I’m looking for here for consolidation so that we can start to test $32,000, which is the white line here. And that would then drop the probabilities of further downside moves past $25,000.

Now the last white lines to the upside are at 50%. That’s the $42,000 level, or $42,200 to be more precise, and then the monthly swing top at $48,200. So they’re going to be some pretty significant levels when this market does start to break out of $32,000 and of course throw in $35,000, throw in $38,000 and of course the psychological number of $40,000 for good measure.”

At time of writing, the S&P 500 is sitting at 4,288 points. Bitcoin is trading for $27,522 at time of writing, down 1.5% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A top trader who accurately called the 2018 bear market bottom for Bitcoin (BTC) believes that the crypto king has officially entered bull territory.

Pseudonymous analyst Bluntz tells his 225,000 followers on the social media platform X that Bitcoin’s recent rally has invalidated his bearish view that BTC could drop below $24,000 before reversing its downtrend.

According to Bluntz, Bitcoin’s move above $27,000 indicates that BTC is now in a bull market.

“BTC breaking higher, invalidating this triangle structure. I think it’s time to get rid of any [bearish] bias.” 

At time of writing, Bitcoin is trading for $27,487.

The crypto strategist is also keeping a close watch on Ethereum (ETH) rival Avalanche (AVAX). According to Bluntz, AVAX may be in a position to ignite rallies after printing a bullish market structure and losing over 50% of its value this year.

“Beautiful AVAX weekly forming, swept a major lows, and now putting in a weekly engulfing, not to mention it has been absolutely decimated this year.

I think this can move significantly higher.” 

At time of writing, AVAX is worth $9.31.

Bluntz also says that many crypto assets printed a bullish engulfing candle last week. Traders keep an eye on a bullish engulfing candle as it may suggest that an asset is gearing up to reverse its downtrend.

Says Bluntz,

“Some solid weekly engulfings forming across the board, looking very promising so far…” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Time To Get Rid of Bearish Bias As Bitcoin Bull Market Is Confirmed, Says Trader Who Nailed 2018 BTC Bottom appeared first on The Daily Hodl.

A closely followed crypto analyst believes that the smart contract platform Solana (SOL) is gearing up for a strong bull market.

Pseudonymous analyst Inmortal tells his 199,100 followers on the social media platform X that Solana is giving long-term bulls a shot to accumulate the crypto asset at a point of maximum opportunity.

“This is a generational SOL long.

Take profit is $250.” 

According to the crypto strategist, those who accumulate SOL now will likely be rewarded in the coming years.

“In two years, you will realize that everything was as simple as buying SOL below $20 and waiting.

But you were too scared because FTX was going to dump their coins.” 

Last month, court documents revealed that FTX owns $1.16 billion worth of SOL, leading many traders to believe that Solana will likely see lower prices if the bankrupt crypto exchange liquidates its holdings.

However, investor Chris Burniske pointed out that only a fraction of FTX’s SOL holdings are liquid.

“Only ~13% of FTX’s SOL holdings are liquid… Keep a cool head, folks.” 

At time of writing, SOL is trading for $24.54, up over 14% in the last 24 hours.

Inmortal notes that Solana’s latest rally is a precursor to how SOL will likely move in the next couple of years.

“This move up is just a sample of how SOL will move in the coming years. The most hated rally ever.” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Swiss multinational investment bank and financial services company UBS is launching a “tokenized money market fund” pilot program on Ethereum (ETH).

In a new blog post, UBS Asset Management announces what it calls the “first blockchain-native tokenized VCC fund pilot” in Singapore.

Says Thomas Kaegi, Head of UBS Asset Management, Singapore & Southeast Asia,

“This is a key milestone in understanding the tokenization of funds, building on UBS’s expertise in tokenizing bonds and structured products. Through this exploratory initiative, we will work with traditional financial institutions and fintech providers to help understand how to improve market liquidity and market access for clients.”

UBS says the pilot program, led by the Monetary Authority of Singapore (MAS), uses UBS Tokenize, the company’s in-house tokenization service, which allows for fund subscriptions and redemptions to be managed through a smart contract.

The announcement goes on to state that this initiative is a part of the company’s global strategy to enhance fund issuance and distribution by utilizing distributed ledger technology(DLT) on both public and private blockchain networks. The tokenization services are being expanded by UBS through its UBS Tokenize program.

According to the company,

“Following the successful launch of the first pilot transactions, UBS Asset Management will be looking to execute further live pilot use cases under Project Guardian – working with a wider set of partners and explore various investment strategies.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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