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Bitcoin Basics

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For someone not familiar with Bitcoin, the first question that comes to mind is, “What is Bitcoin?” And another common question that is often asked relates to the Bitcoin price. It started out a under 10 cents per Bitcoin upon its introduction in early 2009. It has risen steadily since and has hovered around $4000 per Bitcoin recently. So regarding Bitcoin value or the Bitcoin rate this is a most remarkable appreciation of value and has created many, many millionaires over the last eight years.

The Bitcoin market is worldwide and the citizens of China and Japan have been particularly active in its purchase along with other Asian countries. However, recently in Bitcoin news the Chinese government has tried to suppress its activity in that country. That action drove the value of Bitcoin down for a short time but it soon surged back and is now close to its previous value.

The Bitcoin history chart is very interesting. Its creator was an anonymous group of brilliant mathematicians (using the pseudonym Satoski Nakamoto) who designed it in 2008 to be “virtual gold” and released the first Bitcoin software in early 2009 during the height of the USA economic crisis. They knew that to have lasting value, it like gold had to have a finite supply. So in creating it they capped the supply at 21 million Bitcoin.

Bitcoin mining refers to the process by which new Bitcoin is created. With conventional currency, government decides when and where to print and distribute it. With Bitcoin, “miners” use special software to solve complex mathematical problems and are issued a certain number of Bitcoin in return.

A question that then arises is, is Bitcoin mining worth it. The answer is NO for the average person. It takes very sophisticated knowledge and a powerful computer system and this combination of factors makes it unattainable for the masses. This applies even more to bitcoin mining 2017 than in past years.

Many wonder, who accepts Bitcoin? This question gets asked in various ways, what are stores that accept bitcoin, what are websites that accept bitcoins, what are some retailers that accept bitcoin, what are some places that accept bitcoin and where can I spend bitcoin.

More and more companies are beginning to see the value of accepting cryptocurrencies as a valid payment option. Some major companies that do are DISH network, Microsoft, Expedia, Shopify stores, Newegg, Payza, 2Pay4You, and others.Two major holdouts at this time are Walmart and Amazon.

Ethereum is the strongest rival to Bitcoin in the cryptocurrency market and many wonder at the question of Bitcoin vs Ethereum. Ethereum was created in mid-2015 and has gained some popularity but still ranks far behind Bitcoin in usage, acceptance and value.

A question that often comes up often relates to Bitcoin scam. This author has a friend who made a purchase from a company that promised 1-2% growth per day. The company website listed no contact information and after a couple months the website simply vanished one day and my friend lost all the money he had invested which was several thousand dollars.

One has to know how to buy Bitcoins, how to purchase Bitcoin or how to buy Bitcoin with credit card in order to get started. Coinbase is a very popular site to do this. Their fee is 3.75% and the buying limit is $10,000 per day. This would probably be the easiest way to buy bitcoins.

Others would like to buy Bitcoin with debit card. Coinbase also provides this service and has clear step by step instructions on how to proceed with either your debit or credit card.

There are those who would like to buy Bitcoin instantly. This can be done at Paxful, Inc. and can be done through W. Union or any credit/debit card.

Other common questions that come up are what is the best way to buy Bitcoins, the best way to get bitcoins or where to buy bitcoins online. The easiest way is probably to purchase it through a digital asset exchange like the previously mentioned Coinbase. Opening an account with them is painless and once you link your bank account with them you can buy and sell Bitcoin quite easily. This is quite likely also the best place to buy Bitcoins.

One must know what a Bitcoin wallet is and how to use it. It is simply the Bitcoin equivalent of a bank account. It allows you to receive Bitcoins, store them and send them to others. What it does is store a collection of Bitcoin privacy keys. Typically it is encrypted with a password or otherwise protected from unauthorized access.

There are several types of digital wallets to choose from. A web wallet allows you to send, receive and store Bitcoin though your web browser. Another type is a desktop wallet and here the wallet software is stored directly on your computer. There are also mobile wallets which are designed for use by a mobile device.

A question that occasionally comes up is that of Bitcoin stock or how to buy Bitcoin stock. By far the most common way to proceed in this area is to buy Bitcoin directly and not its stock.

There is one entity called Bitcoin Investment trust which is an investment fund that is designed to track the market flow of Bitcoin. Some analysts however are calling this a risky way to become involved in this marketplace.

The Bitcoin exchange rate USD is a closely watched benchmark both on a daily basis and long term over the last 8 years since its introduction to the world’s financial marketplace. A popular company to receive the most current rate in Bitcoin valuation is XE. They show Bitcoin to USD valuation and also the complete Bitcoin price chart, the Bitcoin value chart and the Bitcoin to USD chart. If you ask, “How much is one Bitcoin?” you will always know from their continuously updated charts.

Similar questions that come up in this area relate to the bitcoin rate history, the bitcoin price chart live, the bitcoin to dollar exchange rate, the bitcoin dollar chart and the bitcoin 5 year chart. The previously mentioned website, xe, is also a good source for answers to these questions.

Regarding Bitcoin cash, ie. to get USD from selling Bitcoin, Bitwol is one company that enables you to do this. WikiHow is another company that will take you through this process.

Bitcoin projected value is a subject often discussed. In January of 2015 the price of one bitcoin was $215. Currently it is around $5000. This is a phenomenal increase and one far beyond what most experts would have projected at that time. Currently in reviewing forecasts from experts around the world a common answer seems to be that the top value will settle in at around $10,000 and one expert even projected a value reaching $100,000.

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Cardano Price Dropped Below $2 but Bulls Recovered the Critical Level

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Cardano Price Dropped Below $2 but Bulls Recovered the Critical Level
  • On September 21 (Thursday) price was dropped below $2.
  • Bulls have jumped in and protected this critical level.
  • There is the chance for Cardano (ADA) to hit above $2.70.

On September 21 (Thursday) Cardano’s (ADA) price has dropped in the crypto market. Cardano’s price was dropped below $2. But the bulls of the crypto market have jumped in and protected this critical level.

Accordingly, by today ADA has recovered from the 618 Fibonacci level, and it had found a support level at $2. But still, ADA was 10% on the last 7 days. For bulls, $2 seems to be a promising level. 

As per the Coin Bureau host, Cardano has a potential has the potential to begin a major new trend of crypto innovation. According to Guy, a pseudonymous analyst, several decentralized applications (Dapps) are ready to launch on the Cardano platform. He also mentioned, the main reason, why consumers and developers are drawn to Cardano is its most unique staking structure, this makes ADA one of the most decentralized cryptocurrencies in the crypto market.

Furthermore, Cardano seems to be one of the most valuable blockchains in terms of active stake. Because, currently on Cardano, the staking incentives are roughly 4.5% each year, and there is no point for lack of stacking lock or unlock times. Therefore roughly 70% of the ADA supply is currently staked.

Cardano is founded to be the most active cryptocurrency community because it has 1.6 million users.  But their DApps won’t manage this traffic. 

Current Market Status of Cardano (ADA)

As per CoinMarketCap, Cardano’s (ADA) price is trading at $2.19 at the time of writing with the 24-hour trading volume of $5,111,668,450. In the last 24 hours, ADA was increased by 6.48%. Now ADA price is waving around $2, according to this the first level of support is $2.05, the next level is $2.00 and $1.88.

Eventually, the first level of resistance would be $2.21. The second resistance level will be $2.33, the next resistance level is $2.40 and $2.55. There is the chance for Cardano (ADA) to hit above $2.70.

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Why Cardano Bull Trend Isn’t Over And 91% Increase Is Imminent, deVere CEO Nigel Green

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Picture of deVere CEO Nigel Green

One look at the charts and any crypto investor will see Cardano is currently suffering. The digital asset is currently down with the rest of the market, which is suffering in the wake of the Evergrande situation in China. The market has been in a downtrend as the situation has evolved. Its biggest ties to the market being the fact that Tether allegedly owns some of the Evergrande bonds.

This has spilled over into the crypto market in a big way. Bitcoin fell to one-month lows with the news and as the altcoins have followed, Cardano has recorded receding prices also. Hitting lows that haven’t been seen since the rally began in August. Current indicators point to the market poised for further decline. But deVere CEO Nigel Green believes that while ADA may be down, it is definitely not out.

Cardano’s Streak Is Not Over Yet

Green explained his reasoning behind Cardano’s hot streak being far from over. The CEO cited the recent technological advancements in the project, namely the recent addition of smart contracts capability to the blockchain. Due to this, Green points out that the digital asset will be setting new all-time highs soon.

Related Reading | Why The Hydra Layer 2 Solution Is Important To The Cardano Network

Talking to Insider, the CEO pointed out that Cardano currently has a reputation of being a “green” cryptocurrency. Along with a broader crypto market rally, Green sees the price of the digital asset hitting $4 by the end of 2021. Given the current price points of the asset, this would be a 91% increase to get to this point.

A major reason behind Green’s bullish stance on Cardano has to do with the applications of the network. The recent addition of smart contracts has now brought the booming decentralized finance (DeFi) market to Cardano. Once again increasing the use cases of the blockchain. The deVere CEO believes that its ability to solve problems is a major driving force.

“Things you should be looking at are the purpose of the cryptocurrency, how long it has been in the market, market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are likely to succeed more than those that do not. The longer a cryptocurrency has been in the market, the more trust it has attained, and cryptocurrencies that are developed on strong networks will stand longer,” Green told Insider.

ADA price falls to $2.11 | Source: ADAUSD on TradingView.com

Just As Bullish On Ethereum

Green’s bullish outlook does not fall solely on Cardano. The CEO also explained that he was just as bullish on Ethereum. Reasons for this were basically identical to the ones given for Cardano. Their vast use cases make both projects important to users and are thus poised to rally higher in the market. Investor interest has also grown in the project, which has made it more valuable than most projects in the market.

Related Reading | Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed

Ethereum, according to Green, is going to outperform bitcoin. Although the pioneer cryptocurrency will certainly return to its previous all-time high before the year ends, says the CEO. Giving bitcoin a price growth of 50% going further. Not surprisingly, given his stance, Green believes that Ethereum will trade higher than bitcoin in the next five years.

Featured image from Investors King, chart from TradingView.com
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Enzyme (MLN) Price Upsurges 60 Percent in a Day

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Enzyme (MLN) Price Upsurges 60 Percent in a Day
  • The MLN token powers Enzmye.
  • Investors may be attempting to cash in on Enzyme’s recent gains.

Undoubtedly, decentralized finance (DeFi) is one of the most potential real-world blockchain applications, capable of altering global financial markets and revolutionizing everyday financial management.

Enzyme (MLN), a protocol focused on on-chain asset management, has gained traction in the last week as the mainstream world progressively wakes up to the potential of DeFi. Moreover, it allows investors to access various DeFi products in one place. Furthermore, Enzyme’s official token, MLN, enables DeFi transactions.

The MLN token powers Enzmye. That includes discretionary, robo, ETF, and market-making techniques. It prioritizes safety. Also, every mainnet deployment of the second-generation smart contract-enforced infrastructure is extensively tested.

Upswing Might Reverse

Enzyme catalysts include increased platform total locked value and MLN exchange support. Moreover, Binance has supported MLN token along with Coinbase and Gate.io. Wide exchange support improves crypto liquidity.

Investors may be attempting to cash in on Enzyme’s recent gains. So the upswing may reverse, but many investors will be waiting for the drop. The total quantity of MLN coins is 1.8 million in circulation. However, unlike Bitcoin or Ripple, Enzyme has a managed inflation rate. A year’s supply of MLN tokens is limited to 300,000.

In 2021, crypto increased by 400%. According to CoinMarketCap, MLN Price surged 60% in the last 24 hours. Its price today is $164.82 USD with a 24-hour trading volume of $683,121,457 USD. Enzyme, like DeFi products, has a promising future. DeFi, according to Shark Tank star Kevin O’Leary, would eliminate financial intermediaries in three to four years.

The Enzyme crew is on point. Enzyme has formed key alliances that should support long-term growth. One is its DeFi-focused community collaboration with Yearn Finance. 

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Top TVL Gainers in BSC Ecosystem in Last 7 Days

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Top TVL Gainers in BSC Ecosystem in Last 7 Days
  • Top TVL gainers in the BSC ecosystem are ANN, BABY, JAWS, DOP.
  • CHESS, HUNNY, HELMET, CAKE, CSS, ALPACA

The top 10 TVL gainers in the BSC ecosystem in the last 7 days are Annex Finance (ANN), BabySwap (BABY), AutoShark (JAWS), Dopple Finance (DOP), Tranchess (CHESS), Pancake Hunny (HUNNY), Helmet.insure (HELMET), PancakeSwap (CAKE), CoinSwap Space (CSS), and Alpaca Finance (ALPACA).

1. Annex Finance (ANN)

The first top TVL gainers in the BSC ecosystem is Annex Finance (ANN). It is a lending and borrowing network for cryptocurrencies. The main aim of Annex Finance is to bridge the traditional lending and borrowing platform for Binance Smart Chain (BSC), Ethereum (ETH), and Poly Network. As per CoinMarketCap, ANN’s price is trading at $0.3914 with a 24-hour trading volume of $254,361.

2.BabySwap (BABY)

For newborn projects on Binance Smart Chain (BSC), BABy Swap is the best and topmost AMM with a non-fungible token (NFT) decentralized exchange (DEX). According to CoinMarketCap, BabySwap’s (BABY) price is trading at $0.7179 with a 24-hour trading volume of $36,336,566. In the last 24 hours, BABY has increased 4.87%

3.AutoShark (JAWS)

AutoShark (JAWS)  is a yield optimizer on the Binance Smart Chain (BSC) and Polygon Network (MATIC). Through the use of superior yield strategies, AutoShark facilitates unparalleled access to framing opportunities. At the time of writing, JAWS’s price is trading at $0.3188, with a 24-hour trading volume of $351,279.

4. Dopple Finance (DOP)

The fourth top TVL gainer in the BSC ecosystem is Dopple Finance (DOP). It is an automated market maker (AMM) which is developed for competently trading stablecoins and pegged assets on the Binance Smart Chain (BSC). Accordingly, as per CoinMarketCap DOP, the price is trading at $0.1368 with a 24-hour trading volume of $94,161. In the last 24 hours, the DOP price has surged 21.45 %.

 5. Tranchess (CHESS)

Tranches is a derivatives trading platform. Tranches network’s governance token is CHESS. The project influenced smart contracts that make it transparent and automated across processes. Henceforth, at the time of writing, CHESS’s price is trading at $3.47 with the 24-hour trading volume of $15,371,930 and the price has increased 1.83% within a day.

6. Pancake Hunny (HUNNY)

Pancake Hunny (HUNNY) is a decentralized finance (DeFi) platform but more particularly a yield optimizer. The codes and smart contracts in Pancake Hunny were audited by CertiK, a most popular and famous blockchain audit firm. According to CoinMarketCap, HUNNY is trading at $0.3355 with a 24-hour trading volume of $466,943 at the time of writing.

7.Helmet.insure (HELMET)

Helmet.insure (HELMET) is launched on Binance Smart Chain (BSC). It enables users to develop an insurance policy for any crypto assets in the crypto market for safeguarding DeFi users against the risk of price fluctuations. At press time, HELMET’s price is waving at $0.2354 with a 24-hour trading volume of $560,718.

8.PancakeSwap (CAKE)

Another top TVL gainer is PancakeSwap (CAKE). It is a decentralized finance (DeFi) application that enables users to exchange tokens, providing liquidity through farming and earning fees in return. Furthermore, as per CoinMarketCap, the CAKE price is trading at $19.44 and it increased 0.21% in the last 24 hours. At the time of writing, a 24-hour trading volume of CAKE is $425,992,684.

9.CoinSwap Space (CSS)

A decentralized exchange (DEX) developed for swapping BEP20 tokens on the Binance Smart Chain (BSC) is CoinSwap Space (CSS). The utilized model in CSS is the automated market maker (AMM), where users can trade against a liquidity pool. CSS price is trading at $1.04. According to CoinMarketCap, the 24-hour trading volume is $12,595, at press time.

10. Alpaca Finance (ALPACA)

One of the largest lending platforms is Alpaca Finance. That allows authorized yield farming on Binance Smart Chain (BSC). It will be utilized to earn safe and stable yields. ALPACA can be traded in crypto exchanges such as Binance, Mandala Exchange, ZT, KuCoin, and Hoo. Henceforth, as per CoinMarketCap, ALPACA’s price is trading at $1.05 with a 24-hour trading volume of $39,571,828.

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Binance Australia To Shut Down Crypto Futures Trading Amid Regulatory Concerns

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Picture of binance CEO on a newspaper page

As the crypto industry continues to dominate, financial regulators fear criminals will turn to the industry for their illicit activities. This year 2021, has been hot for the crypto industry in terms of regulation. Many financial watchdogs in the USA and other countries pushed harder to regulate the sector.

Some top exchanges, including Binance, saw a lot of pressure from several bodies, especially on many of their products.

The reason was that many of these exchanges could serve as a means of money laundering given the anonymity of the transactions. As a result, some countries keep limiting the operations of crypto exchanges in their markets.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? 

Binance has seen a lot of pressure from regulators all over the world. Some countries and apex financial bodies such as the Dutch Central Bank have accused the exchange of non-compliance with financial laws against terrorism.

Australia Bans Crypto Futures Trading

Amid the pressure on the largest crypto exchange, the Australian government has banned them from offering their crypto futures and options in their market. So now, traders will no longer access such products from Binance.

The government even warned all their citizens and residents who have invested in futures, options & leveraged tokens to close their position within 90 days. Binance announced this instruction on September 20, 2021.

Based on the available information, all Australian users will not invest in these products starting from Friday, September 24. But they can increase their margin balances against liquidation & margin calls. But from December 24, 2021, all manners of transactions on derivatives will close down.

Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

In response to this restriction, Binance’s representative stated that they aim to ensure compliance and acceptance for all their products.

As such, they usually monitor the regulatory requirements of the localities wherein they operate. But with the recent development, the company will also try to protect the interests of the users.

Restrictions On Binance Keep Growing

Apart from the recent restrictions in Australia, other countries have been limiting the operations of Binance in their markets. In addition, many global regulators have also been issuing warnings to the exchange.

For instance, last month, the exchange stopped offering its derivative trading services in Brazil. Before that, the Hong Kong government also suspended its operations.

Binance also halted its crypto derivatives trading in many other countries, such as Netherlands, Germany, and Italy. According to the exchange, it has decided to stop those services in European countries.

crypto market is recovering from an abrupt decline | Source: Crypto Total Market Cap on TradingView.com
Featured Image From Binance, Chart From Tradingview.com
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Last 2 Bull Runs Saw Sell Offs in July and September

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Last 2 Bull Runs Saw Sell Offs in July and September
  • The two bull rallies saw sell offs in July and September.
  • This is indicated to be the best time to hodl crypto or even buy more coins.

According to Crypto Analyst Lark Davis, the fourth quarter of 2021 will create many millionaires. Notably, panic sets in the crypto market. 

Lark Davis’ tweet suggests that September is a good time to buy the dip. In detail, the Bitcoin Monthly Returns chart he shared on his tweet indicates a graphical representation of the market flow from 2013 to 2021. 

Last 2 Bull Runs Saw Sell Offs in July and
Bitcoin’s Monthly Returns From 2013 to 2021

Moreover, for crypto holders, traders and investors, this is indicated to be the best time to hodl crypto or even buy more coins for the bullish period. In contrast, the newbies and a few oldies may beg to differ in thought. 

Q4 usually looks to be more bullish for BTC.  Lark Davis states ‘We are about halfway through the #bitcoin and thus the crypto market cycle, and chances are we could even pump longer and harder due to the fundamentals. So much opportunity in this market still.’

According to the Analyst, the last two bull rallies saw sell-offs in July proceeded with massive runs. In addition, both also saw sell-offs in September. This is exactly as we look in 2021. In both previous runs, Bitcoin represents the parabolic yearly end. He also states that history will not repeat by it surely does rhyme.

Bitcoin price has risen considerably in a short span of time. Hence, making the BTC/USD pair much popular among investors and traders. According to CoinMarketCap, the BTC price is trading at $42,235.53 with a 24-hour trading volume of $43,327,095,993, at the press time. 

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Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect?

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Bitcoin Fear

Data shows the Bitcoin fear and greed index has been pointing towards fear lately, something that might keep buyers from the Halloween Effect.

The Bitcoin Fear And Greed Index Points At Fear

The BTC fear and greed index is an indicator that measures the sentiment and emotions of the market based on various sources, and displays them on a numeric meter.

The metric uses a system with 0-100 as values, where low values indicate fear in the market, and higher ones show greed.

Extreme fear and greed occur when the indicator shows very low or very high values, respectively. Periods of fear usually happen when Bitcoin goes in the red, while those of greed are seen during big moves up.

Here is how the fear and greed index has looked like recently, as per the latest Arcane Research report:

The Bitcoin market continues to show fear | Source: Arcane Research

Last week the indicator slowly started shifting towards greed as the market recovered from the crash of 7 September. However, before the greed level could be hit, sentiment quickly turned into fear as BTC had yet another crash.

Related Reading | Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018

Bitcoin Fear And Greed

The fear and greed needle points at fear currently | Source: Arcane Research

The below chart shows the trend in Bitcoin’s price over the last month, highlighting the crashes that lead to this state of fear.

Bitcoin Price Chart

BTC's price continues to fall down | Source: BTCUSD on TradingView

Over the last few days, Bitcoin has had two big dips where the price went down to $40.5k in the first one, but all the way down to $39.6k in the second one. These have only fed into the fear sentiment.

Will These Fear Levels Hold Buyers Back From The Halloween Effect?

The Halloween Strategy is a trading method that’s based on the idea that stocks, Bitcoin and other assets perform the best between 31 October and 1 May.

Traders using the strategy generally recommend “to sell in May and go away,” until the next Halloween comes around.

Because of this idea, buyers usually see this time of the year as an optimal entry point into the market. This is sometimes dubbed as the “Halloween Effect.”

The effect is a weird statistical anomaly as data over a period of a few years suggests the trading strategy does seem to produce better results.

Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Next month is the Halloween month, but will the effect attract buyers to Bitcoin this time? As the fear and greed index shows fear among traders currently, investors might be hesitant to enter the market right now.

If the market continues to show fear through the next month, then perhaps the Halloween Effect won’t benefit BTC this year.

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Polygon (MATIC) Launches $2 Million Bounty Program On Immunefi

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Polygon (MATIC) Launches $2 Million Bounty Program On Immunefi
  • MATIC’s price has undergone a massive downtrend.
  • Polygon has launched a $2 million bounty program on Immunefi.
  • The Payouts directly handled by the Polygon (MATIC) team.

Polygon, which also known as Matic Network, aims to facilitate various tools to increase the speed and lower the cost and complexities of the transaction on blockchain networks. In the past four days, MATIC’s price has undergone a massive downtrend. And it had found the solution for temporary relief.

Accordingly, if the traders step into the new program then MATIC may experience a minor rally, or else if failing to do so MATIC price might fall very low.

Furthermore, Polygon has launched a $2 million bounty program on Immunefi. It provides smart contract security through bug bounties. Immunefi found to be the world’s best and premier bug bounty platform.

This launch from Polygon comes as millions of dollars are being lost to accomplishment due to buggy smart contracts and unaudited codes in the Decentralized finance (DeFi) ecosystem. Henceforth, the Polygon team wants to make sure it does not undergo these troubles and problems and is aggressively offering around $2 million in rewards.

More so, the main focus of the bug bounty program is on smart contract bugs. The Payouts are directly maintained by the Polygon (MATIC) team and are denominated in U.S. Dollar (USD). Eventually, payouts made in Ethereum (ETH) and Polygon (MATIC) or a stablecoin, at the choice of the Polygon team.

Current Market Staus

According to CoinMarketCap, MATIC’s price is trading at $1.14 with a 24-hour trading volume of $1,249,813,067. In the last 24 hours, MATIC dropped 2.56% and in the last 3 days, MATIC decreased roughly 30%. On a note, the current support level provides a stable platform for the traders or buyers to come back.

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Polygon Will Seek To Strengthen DeFi With $2 Million Bounty

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Polygon MATIC MATICUSDT

In the face of an increase in the number of attacks on DeFi platforms, Polygon has decided to take new measures. The Ethereum scaling platform recently announced a $2 million bug bounty.

In that way, Polygon expects to “root out and eliminate potential security flaws”, according to a press release. Only a few months ago, the DeFi ecosystem experienced one of its biggest hacks when it lost over $600 million on different platforms.

Polygon recorded an $85 million loss at the time. While Ethereum and Binance Smart Chain (BSC) recorded a combined estimate of $500 million in losses.

Related Reading | Q&A With Poly Hacker, Hero Or Villain Behind Biggest DeFi In History?

The exploit used by the Poly Network hacker focused on a blockchain agnostic trading pool called O3 Swap. Ironically, the attacker that perpetrated this hack asked the projects for more security measures and transparency.

The Polygon network bounty program is live since September 20, 2021, on the bug bounty platform Immunefi. Focused on DeFi and smart contract security, the platform will host the program as an “open invitation to security researchers”.

In that way, the project expects to find and fixed potential security vulnerabilities in the smart contracts and dApps ecosystem power by Polygon. Thus, the platform seeks to offer its users more security and protection for their funds.

The bug bounty program will reward white hackers in relation to their findings and the severity of the potential security vulnerability discovered. The rewards will range from the $1,000 for “low-level threats”, the release clarifies”, and $2,000,000 for critical threats.

Related Reading | Polygon Links With Filecoin, How Users Will Benefit From Free Storage

On the other hand, if a white hacker finds a vulnerability on a dApp, they could receive a reward ranging from $2,500 to $15,000. Payments will be made in the following cryptocurrencies: Polygon (MATIC), Ethereum (ETH), or a stablecoin.

How Polygon Will Operate Its Bounty Program

Polygon will leverage Immunefi Vulnerability Classification System. This mechanism will allow the team to have a threat classification system according to the potential vulnerability of the network.

In order to be eligible for a reward, white hackers must submit a report that needs to include certain details about their findings. For example, reports must have a step-by-step guide so the Polygon team can reproduce the potential threat and other evidence such as screenshots and logs.

Related Reading | Ethereum Is Ready For Inevitable Climb Over $10,000, Says Crypto Analyst

Data from research firm Messari claims that over $284 million have been lost to DeFi hacks since 2019. Thus, why an improvement in this sector’s security has become a “matter of utmost importance”.

Source: Messari via Twitter

Sandeep Nailwal, Co-Founder of Polygon said the following on their new bounty program:

User security is at the forefront of Polygon’s ethos. This substantial bounty offering aims to solidify what we know to be an extremely secure network.

On the other hand, founder and CEO of Immunefi Mitchell Amador said:

Bug bounty programs continue to be an essential part of the security stack for protecting crypto protocols and user funds locked in their contracts. We’re proud Polygon chose us among other platforms to ensure the safety of its protocol, and look forward to our collaboration.

At the time of writing, MATIC trades at $1,21 with a 9.5% profit in the daily chart.

Polygon MATIC MATICUSDT
MATIC trends to the upside in the daily chart. Source: MATICUSDT Tradingview

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Top Crypto BTC, ETH, ADA Price Drops — Will it Regain Again?

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Top Crypto BTC, ETH, ADA Price Drops — Will it Regain Again?
  • Top cryptocurrencies such as Bitcoin, Ethereum, and Cardano price drops.
  • The rival crypto Ethereum was trading at $2,901.56, down 5.23%.
  • Cardano was trading at $2.10, down 3.16%.

Top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) price drops to 12%, 15%, and 12% respectively in a week.

Currently, Bitcoin was trading at $41,942.12 dropping 3.48% in the past 24-hours. Moreover, the total market capitalization of BTC is at $789.89 billion, as per CoinMarketCap data. Added to this, Bitcoin slid, riding on the back of fears originating from the Evergrande crisis which is weighing on all the markets across the world.

More so, the falling trajectory is not something that is exclusive to Bitcoin,  other digital assets such as Ethereum, Cardano, etc. have slided on the same path. The rival crypto Ethereum was trading at $2,901.56, down 5.23% and its total market cap was at $342 billion. 

Aside from this, the Cardano was trading at $2.10, down 3.16%. In addition, Cardano dropped 3.25% over the last week. Similarly, the Binance coin was down 3.85% at $358, however, the currency shed 15.4% over the last week.

Likewise, the price of Ripple also dropped 3% in a day. Furthermore, the global crypto market is moving in the red. Notably, the primary reason for this was the Evergrande crisis which is dubbed as China’s Lehman Brothers crisis. 

Adde to this, the stock markets around the globe had an impact because of the uncertainty emanating from Evengrande’s crisis. In fact, the crisis sends a shock wave not only to the equity markets across the globe but also to the cryptocurrency market.

The crypto price drop is not permanent. When the demand to buy crypto increases, the price of the crypto will also increase. Specifically, currently, there are more sellers than buyers in the crypto space. Price reversal can happen anytime from now. 

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