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Uniswap Reports Phishing Scam, As UNI Records 10% Profit In 7 days

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Uniswap Uni

Uniswap (UNI) has been moving against the general sentiment in the market. As Bitcoin, Ethereum, and larger cryptocurrencies give out their last week’s gains, UNI’s price remains impervious and maintains bullish momentum.

Related Reading | TA: Ethereum Breakdown Looks like the Real Deal, $1K Is The Key

At the time of writing, Uniswap (UNI) trades at $5.7% and records a 10% profit in the past 7 days and a 32% profit over the last month. In smaller timeframes, UNI’s price has begun to weaken as it displays a 3% loss in the past day.

UNI’s price trends to the downside on the 4-hour chart. Source: UNIUSDT Tradingview

Yesterday, liquidity providers on the platform suffered millions of dollars in losses as a result of a phishing scam. Via its official Twitter handle, Uniswap Labs confirmed the attack and called it a “problem far too common in crypto today”.

The company addressed the situation as there were ongoing rumors about a potential exploit to the Uniswap v3 platform. In that sense, they confirmed the phishing attack but claimed no exploit took place.

As they explained, liquidity providers on the platform received “malicious tokens” via airdrops which pointed them to a “malicious interface”. Users fell for this phishing attack because they were promised a chance to swap the airdropped tokens for UNI. The company explained:

This generated a setApprovalForAll transaction, which, if approved by the user in their wallet, gave the attacker the ability to redeem all of the user’s Uniswap v3 LP tokens for their full underlying value.

The company explained that users must consider potential phishing attacks from all those domain names not associated with unswap.org. In response to probable future measures to be adopted to mitigate these attacks, the creator of Uniswap Hayden Adams said:

In addition to education, I think there is a ton that can be done at the UI layer (wallets and other interfaces) to protect users. Example: by default, hide any unknown token with a URL in the name.

Why Uniswap Is Moving Against The Trend

Despite the attacks, the sentiment in the crypto market, and the UNI tokens entering the market, UNI’s price was able to maintain its weekly and monthly gains. The persistent bullish price action could be driven by a series of partnerships and acquisitions.

Uniswap Labs announced the purchase of non-fungible token (NFT) marketplace aggregator Genie. This will enable the platform to offer trading services for these digital assets.

In addition, developers will be able to leverage a new API to build applications on Uniswap and offer ERC-20, NFTs, and cryptocurrency trading. Thus, making the protocol a “comprehensive platform for users and builders in Web3.

Related Reading | Back Into Crab Mode, Bitcoin Bullish Potential Capped For The Coming Months?

The acquisition included a future USDC airdrop to all users that traded in the platform before April 15, 2022, and GENIE NFT holders. This has potentially boosted UNI’s trading volume and demand which provided the token with more resilience against the persistent bearish price action across the crypto market.

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Bitcoin Price Topside Bias Vulnerable Unless It Surges Past $24.5K

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Bitcoin

Bitcoin is struggling below $24,500 against the US Dollar. BTC could continue to move down below the $23,650 and $23,500 support levels.

  • Bitcoin is slowly moving lower and trading well below the $25,000 level.
  • The price is now trading below the $24,200 level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could extend losses below the $23,650 and $23,500 support levels in the near term.

Bitcoin Price Turns Red

Bitcoin price started a slow and steady decline from the $25,000 resistance zone. BTC declined below the $24,650 and $24,500 levels to move into a short-term bearish zone.

There was a break below the $24,000 level and the 100 hourly simple moving average. The price traded as low as $23,673 and is currently consolidating losses. On the upside, an immediate resistance is near the $24,000 level. It is near the 23.6% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low.

There is also a key bearish trend line forming with resistance near $24,020 on the hourly chart of the BTC/USD pair. The first major resistance on the upside sits near the $24,250 level and the 100 hourly simple moving average.

The next key resistance is near the $24,450 zone. It is near the 50% Fib retracement level of the recent drop from the $25,200 swing high to $23,673 low. A close above the $24,450 and $24,500 resistance levels might start another increase.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps climb towards the $25,000 resistance. Any more gains might send the price towards the $25,800 level.

More Losses in BTC?

If bitcoin fails to clear the $24,450 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,675 level.

The next major support now sits near the $23,450 level. A downside break and close below the $23,450 level might put a lot of pressure on the bulls. In the stated case, the price might decline towards the $22,750 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $23,650, followed by $23,500.

Major Resistance Levels – $24,020, $24,450 and $24,500.

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Bitcoin Poised For Recovery, Relief Summer still In Play?

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Bitcoin Poised For Recovery, Relief Summer Still In Play?

Bitcoin has been able to make a resurgence in recent weeks. The 25,000 USD barrier was recaptured by Bitcoin prices just two days ago, marking the first time since June 13th.

Bitcoin Poised For New Rally

In June, Bitcoin had its largest monthly decline since 2011, falling over 37.3% to a final value of $19,925. Since then, it has partially recovered its value and today saw its first test of $25,000.

Bitcoin continues to rule the charts despite being down 46.5% from its previous high, but its dominance has decreased to slightly under 40% as opposed to more than 50% a few months ago.

BTC/USD trades slightly below $24k. Source: TradingView

However, Bitcoin has been relatively peacefully fluctuating horizontally over the past two weeks between $22,500 and $24,500. At the same time, recent weeks have seen a significant recovery in both commodities prices and stock markets. As a result, the overall financial markets are experiencing the anticipated summer rally.

Since attitude had reached a severe panic state in the middle of June as a result of the financial markets’ steep, month-long decline, perception among participants has greatly improved during the course of the most recent rebound. This in and of itself is a well-known bear market pattern. However, it won’t be known whether and how the bears will return until around mid-September.

Over the previous four weeks, the Crypto Fear & Greed Index has made remarkable progress. The sentiment is still largely scared, though. Fear still permeates the cryptocurrency industry seven months after the devastating sell-off.

1660703779 954 Bitcoin Poised For Recovery Relief Summer Still In Play

Crypto Fear & Greed Index, as of August 11th, 2022. Source: Lookintobitcoin

The feeling of being defeated permeates the wider picture as well. There are several excellent contrarian opportunities in this setting.

Overall, there is still a contrarian buy signal due to the scared mindset.

Sharp declines in the financial markets would be extremely detrimental to retain the current administration in office given the midterm elections on November 8th in the US. As a result, only a slight decline in the financial markets in September would be more likely. The markets could then rise from those lows until the American election.

Since November 2021, the equity and cryptocurrency markets have been under intense pressure for months, but a broad rebound has now been going on for little over four weeks. The Nasdaq Composite, which is heavily weighted toward technology, has increased by over 20% from its low on June 16th as a result of this procedure, adding over $420 billion to its market value. This would imply that the bear market is officially over.

Related Reading: Bitcoin Price Trades A Little Over $24,000, Can It Target $27,000?

Featured image from Getty Images, chart from TradingView, and Lookintobitcoin
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Ethereum Price Rejected At The $2,000 Level, Will It Retrace To $1,700 Soon?

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Ethereum Price

Ethereum price has retraced over the past few days, in the last 24 hours the coin depreciated 2%. The current price action pointed towards consolidation. In the past trading sessions, ETH has retraced beneath the $1,900 price mark.

Continued consolidation for Ethereum has now pushed Ethereum price close to $1,800. In case the king altcoin is unable to break past the $1,800 level, it would be targeting the next support level for the coin.

Technical outlook had turned bearish as the coin was mainly consolidating causing a loss of value. Buying strength witnessed a fall on its chart which made ETH turn bearish at press time. If Ethereum needs to cross above the $1,900 price level, the buying strength needs to recover considerably on its chart.

The global cryptocurrency market cap today is $1.18 Trillion, with a 1.6% negative change in the last 24 hours. Market movers were also dipping on their respective charts, this had an effect on the coin’s overall price movement.

Ethereum Price Analysis: Four Hour Chart

Ethereum was priced at $1,880 on the four hour chart | Source: ETHUSD on TradingView

ETH was trading at $1,880 at the time of writing. The coin had witnessed rejection at the $2,000 price mark multiple times. At the moment Ethereum price witnessed a correction after it attempted to trade near the $2,000 price level.

Overhead resistance for the coin was at $1,900 and a jump beyond the mentioned price level will push ETH to touch the $2,000 mark.

Local support for the coin was at $1,700 but consistent lateral movement might end up pushing Ethereum price to $1,500.

Amount of Ethereum traded depicted an increase in selling pressure indicating that sellers were starting to drive control in the market.

Technical Analysis

Ethereum Price
Ethereum depicted low buying strength on the four hour chart | Source: ETHUSD on TradingView

The altcoin’s lateral trading had taken a toll on its buying strength. The indicator on the four hour chart reflected the same. The Relative Strength Index was under the half-line which indicated that buyers are lesser than sellers in the market.

This fall in buying strength could cause Ethereum price to revisit $1,745 where the altcoin might again witness demand. Ethereum price was above 20-SMA line and pointed towards buyers driving the price momentum in the market.

Ethereum Price
Ethereum pictured sell signal on the four hour chart | Source: ETHUSD on TradingView

ETH’s price movement has also indicated that the coin registered sell signal on its chart pointing towards bearishness.

The Moving Average Convergence Divergence underwent a bearish crossover and formed red histograms under the zero-line.

These formations are related to sell signal for Ethereum. Parabolic SAR which depicts the price direction of the coin was also negative.

The dotted lines of the indicator above the candlesticks indicated that the price direction of Ethereum was heading south proving that the bears were stronger than the bulls on the four hour chart.

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Polygon Seen Breaching $1 This Week – Can MATIC Start An Uptrend?

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Polygon

Polygon (MATIC) seems to have its vigor back with it potentially breaching $1 in the coming days.

  • Polygon price is seen to generate massive gains at 108%
  • MATIC price shoots close to a critical level that bulls are eyeing to test
  • Set your eye on this critical level to catch the uptrend

MATIC price is moving extremely bullish and could squeeze pushing the price above $1 setting the stage for a huge uptrend that could potentially double the coin’s price to $2.

With that being said, MATIC is set to make as much as 100% of gains in the next couple of months.

The token’s price open this week close to a key level as Sunday’s price rally allows the coin to hover close to the $1 range which is pivotal in the next trading sessions.

MATIC To Breach The $1 Mark?

The $1.1 mark is crucial once the bulls start to trade in that level or breach the 200-day SMA. Once that is broken, this will indicate the end of crypto winter and that the bulls can rally further toggling on a longer-term upswing.

For that to happen, MATIC price will have to breach above the 200-day SMA and swerve past a rejection spotted at a monthly resistance level of $1.14.

If the bulls manage to steer clear of that and end the week at a range above the key resistance of $1.14, then that would be the day.

They can can avoid and close the week above $1.14, then this signals a looming uptrend that is considered as a huge bearish event, especially with the Fed rate decision still a month away.

If they manage to play by the book then that would mean 108% in total gains.

Polygon Bears Pushing Back Price To $0.44

According to CoinMarketCap, MATIC is down by 1.40% or currently trading at $0.9525 as of this writing. And it seems now the bears are regaining traction.

With the elements in order, a rejection may be nearby and hint a next crypto winter cycle. The rejection is seen to be at $0.80 below the 55-day SMA.

Should bears regain power, MATIC price is at risk of losses at 55% and the price pushed back to $0.44.

MATIC was able to peak at $2.9 in December 2021. But, when the crypto winter starts rolling, MATIC was among the first ones to crash hard and has even lost as much as 88% or a plunge to $0.34.

When the crypto market kickstarts its recovery phase, MATIC soars by a whopping 200% in a matter of two months reaching $1.

The next critical price to target is now $2 which can happen if MATIC manages to jump over the resistance set at $1.35 and $1.8.

MATIC total market cap at $7.4 billion on the daily chart | Source: TradingView.com

Featured image from CoinCu News, chart from TradingView.com
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Why This New NFT Integration May Be What Cardano Needs To Break $0.6

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Cardano

Cardano has been making its mark in the NFT space long before smart contracts capability was available on the network. Collections have also found a reasonable level of success, given that non-fungible tokens remain relatively young for the blockchain. Nevertheless, developers continue to push for broader adoption when it comes to Cardano NFTs, and a new partnership is allowing the onboarding of a broader range of investors.

Pay For NFTs With Fiat

One of the things that continue to hold back NFTs is the fact that they are only purchasable using cryptocurrency. This means that, unlike cryptos which investors can just buy directly with fiat, there is now an extra layer and an added step that users have to go through to own these NFTs. However, this is starting to change with the introduction of fiat currency payments for NFTs directly in a marketplace.

IOG, the developer behind the Cardano network, has announced a new partnership that will be able to allow investors to purchase Cardano NFTs using fiat currency. NMKR is a Web3 protocol that is helping to accelerate the adoption of this new sector. In this new partnership, the NFT minting and payment infrastructure will provide two things to further the adoption of NFTs on Cardano.

The first of these two things is providing an easy minting app for anyone to be able to engage and mint NFTs on the network easily. Next is the most important one, which is allowing users to be able to pay for their NFTs with both cryptocurrencies and fiat currencies.

“This is an important step for IOG and our mission to build a better tomorrow for everyone through technology,” said Charles Hoskinson, founder of Cardano. “We are excited to be working with NMKR as they develop an entire minting and payment infrastructure ecosystem, making NFTs accessible for everyone.”

The Drive For Cardano Price

Like the rest of the crypto market, Cardano had been a victim of the bear trend. This further fueled the decline that had begun since the digital asset had hit its new all-time high of $3.10 back in September of 2021. Presently, the price of ADA is trending at $0.5, a price point that it has found difficult to beat.

ADA price trending at $0.5 | Source: ADAUSD on TradingView.com

However, like with any other asset, the price of ADA responds to important developments in the network. This is why news like the partnership between IOG and NMKR is essential. With users being able to purchase NFTs directly with fiat currencies, it is expected to trigger more interest in the Cardano network, contributing to a recovery in price.

Pair this with the Vasil hard fork that is expected to happen sometime this month, and Cardano is brewing the perfect powder keg for an explosion in price. The anticipation around these two developments could be what the price of ADA needs to break above the critical technical level of $0.6 finally. Beyond this point, the next major resistance lies at $0.8. If ADA is able to test $0.8 before the Merge, anticipation around Ethereum will also help push up the price of ADA, providing the catalyst for breaking above $1. 

Featured image from Investopedia, chart from TradingView.com

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Bitcoin Miners Suffer Over $1 Billion Loss In Q2 2022

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Bitcoin Miners Suffer Over $1 Billion Loss In Q2 2022

After incurring a number of impairment losses brought on by the decline in cryptocurrency prices, the three biggest US publicly traded Bitcoin mining companies lost more than US$1 billion in the second quarter.

Bitcoin Miners In Deep Red

In the three months that ended June 30, Core Scientific Inc., Marathon Digital Holdings Inc., and Riot Blockchain Inc. all reported net losses of US$862 million, US$192 million, and US$366 million, respectively. Following the approximately 60% decline in the price of Bitcoin during the quarter, other large miners such Bitfarms Ltd. and Greenidge Generation Holdings Inc., which released results on Monday, were also obliged to write down the value of their holdings.

Source: Bloomberg

Although there has been some relief in recent weeks for the shares of cryptocurrency mining companies, they remain significantly negative. In order to pay off debt and meet operating expenses in the most recent quarter, the miners were forced to sell some of the Bitcoin they had been hoarding. Through the third quarter, that persisted.

Not just the miners had huge losses last quarter; other members of the sector as well. The biggest US cryptocurrency exchange, Coinbase Global Inc., reported a loss of US$1.1 billion, and MicroStrategy Inc. also experienced a net loss of more than US$1 billion.

Top public miners mined 3,900 coins in June, but sold 14,600 of them, according to Mellerud. In June, Core Scientific sold approximately 80% of its coins to pay operating expenses and support growth.

To stay solvent, the miners are selling their assets and mining machines and taking on more debt. Marathon expanded its previous US$100 million line of credit in July by refinancing it with a new US$100 million term loan from cryptocurrency-friendly bank Silvergate Capital Corp. In addition, the miner sold its mining equipment for US$58 million. With B. Riley Principal Capital II, Core Scientific has signed a common stock purchase agreement for US$100 million.

Public corporations with significant Bitcoin holdings on their balance sheets have been warned by the US Securities and Exchange Commission not to exclude price fluctuations when reporting results. Losses are not realized until the tokens are actually sold.

Featured image from Getty Images, chart from TradingView, and Bloomberg
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