ETH has now completed The Merge and is anticipated to move in a bullish state.
ETH blockchain has changed from Proof of Work (PoW) to Proof of Stake (PoS) consensus.
The biggest upgrade of the blockchain industry is finally live as The Ethereum Merge is complete. This marks the beginning of the Ethereum 2.0 era. And The Merge has changed the Mainnet into the consensus layer and the beacon chain into the execution layer. The ETH blockchain has changed from Proof of Work (PoW) to Proof of Stake (PoS) consensus.
The ETH Merge
The Merge includes three prominent testnets Ropsten, Sepolia, and Goerli, making the Ethereum network advance towards the actual Merge transition. As per the developers, it includes two upgrades Bellatrix and Paris.
The Merge leads to a cutoff of energy consumption of nearly 99.95%and Ether becomes a Deflationary token and it also leads to a 0.6% drop per year.
Now the ETH is going to focus on the next upgrade that is Shanghai Upgrade. The upgrades ‘The Surge, The Verge, The Purge, and The Splurge’ is queued up next.
Since, the 2nd largest cryptocurrency has successfully entered into PoS. The miners are anticipating to see the ETH in a bullish state.
At the time of writing ETH is trading at the price of $1.607.33 with circulating of 122,372,547.44 ETH and 24hours volume $20,076,770,064 and market cap $196,665,715,43.
Helium (HNT), a cryptocurrency project focusing on the Internet of Things, has gained in recent times despite market conditions. According to CoinMarketCap, HNT has been up 8.42% over the last 7 days, trading at $4.90 at press time.
Despite the gains, the token has found it difficult to break above the $5 mark. The price movement has been on a downward trend. It’s uncertain if this will continue or not. However, its weekly price action has given traders a good reason to be hopeful.
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How Helium Is Holding Its End
As of writing, the Helium (HNT/USD) price is $4.90. Although earlier this morning, October 2nd, it was considerably higher than that. What makes this rate so exceptional for this coin?
The market is behaving strangely. Friday’s HNT price of $5.11 and recent volatile trends indicate this. This is a really positive sign for this cryptocurrency, as there is now a great deal of interest in it. The coin’s value and trading volume have both increased since last week’s all-time high. So far, today’s trading volume is $19 million, although it’s down 9.52% over yesterday’s total of $21 million.
The charts currently show a double top which indicates a bearish reversal pattern. However, the current price is still very much within the range of support levels. If the price continues to fall below these levels, then we could see further losses. But if the price breaks out of the resistance level, then we can expect some bullish momentum.
Where Does Helium Go From Here?
There’s no telling where this coin will go from here, but things are going well for now. The price of HNT may be almost the same as it was at the beginning of the month, but this does not imply that the price has stayed relatively flat.
Quite the reverse, as the coin has seen much activity. This activity has taken HNT both to new lows and new highs in the space of a few weeks. As it strives to go more mainstream, we anticipate Helium will continue to experience a great deal of activity.
Those that took advantage of the recent downturn have reaped substantial profits from Friday’s upswing. The price movements between then and today, October 2nd, show they might get another chance to benefit in the weeks ahead. But there’s no way to tell for sure.
More On Helium’s IoT Offering
Helium is a blockchain-based technology that focuses on IoT. It has an internet router called Helium hotspot. These nodes provide users with more affordable and extensive internet connectivity. Most crypto initiatives focus on decentralized finance and non-fungible tokens, but just a handful on IoT.
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Helium allows for long-distance communication thanks to its worldwide wireless network and helium hotspots. Connectivity for all IoT devices is guaranteed by these hotspots, which serve as the network’s backbone.
If you own a hotspot, you may benefit from increased visibility and financial incentives. Helium’s distributed ledger technology is made possible by these nodes allowing IoT devices to communicate with one another.
Featured image from Pixabay and chart from TradingView.com
Quant (QNT), a top 100 cryptocurrency on CoinMarketCap, has marked positive moves in the last few weeks. This is coming when major coins are facing dumps due to bearish market conditions.
The token has stayed green for 4 weeks, gaining over 47.37% since its $95.1 price on September 1st. The price action has been driven by strong volume and trading activity. Despite its market cap still down 2.98%, QNT has performed well against other coins with similar market caps.
Related Reading: Bitcoin Bullish Signal: Exchange Outflows Spike Up
Quant Take Back Nearly 50% From The Market In 4 Weeks
The world’s financial markets were rocked on September 13 as the U.S. Federal Reserve released inflation figures. The stock market crashed, taking the cryptocurrency market with it because of the correlation between the S&P 500 index and Bitcoin.
QNT fell along with the rest of the crypto market on September 13, halting its upward momentum shortly. Market uncertainty and mistrust also made it hard for bulls to boost Ethereum and Bitcoin prices. At that time, the price of QNT had a challenging time moving beyond $112.12. This price acted as its resistance level for the next few days.
Quant finally broke above the $115 mark on September 24th and continued climbing higher. During this time, the majority of coins on the market still lagged behind QNT. The token is still on an upward trend, trading at $132 as of press time. It has gained over 45.65% in the past four weeks.
What The Charts Say About Quant’s Movement
A formatted inverted head and shoulders pattern emerged on the Quant seven-month price chart. This bullish reversal is frequently seen near market bottoms. It signals a shift in market sentiment from selling on rises to purchasing on declines. In addition, coin purchasers have lately broken through the pattern’s resistance at the neckline. This creates an opportunity for coin holders to recover their investments.
The price of Quant gave a tremendous breakthrough from its resistance trendline of $121 on September 27th. This comes despite the continued uncertainty that exists in the cryptocurrency market. The altcoin buyers spent the next two days trying to keep prices above the broken trendline and the $131 mark.
Plus, the lower price resistance included in these retest candles suggests that buyers are receiving adequate support at this level. As a result, the reversed support reinforced yesterday’s 8.5% rise, providing confirmation of the chart pattern breakthrough.
Chart Trend Gives Traders Hope For A New High
The price of Quant is at $132 as of writing. If people keep buying, the price should go up to $155, which will be the next level of resistance.
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A possible breakthrough in this monthly resistance will give buyers more room to move. It’ll also make the ongoing recovery last longer. On the other hand, the bullish thesis would be disproved if the coin price declined from the $155 barrier. It might even fall below $131.
Featured image from Pixabay and chart from TradingView.com
Coinbase has labelled the problem with U.S. bank accounts as a “Major Outage.”
The corporation has acknowledged the problem and says a remedy is on the way.
Transaction issues plagued Coinbase users on Sunday morning who had linked U.S. bank accounts. The corporation has acknowledged a problem with “ACH withdrawals, deposits, and buys failures,” and says a remedy is on the way. The Automated Clearing House (ACH) network facilitates electronic cash transfers between financial institutions in the United States.
The company said in its status section:
“We are currently unable to take payments or make withdrawals involving US bank accounts. Our team is aware of this issue and is working on getting everything back to normal as soon as possible.”
All Updates on the Support Section
The platform would still allow customers to make direct transactions using a debit card or PayPal account, the firm said. Coinbase has labelled the problem with U.S. bank accounts as a “Major Outage” on its support section. Except for Solana, which was suffering “Degraded Performance” owing to its own outage on Friday night, every supported currency was still completely trading.
“We’re currently experiencing technical issues creating ACH transfers. Rest assured, your funds are safe. Our team will provide an update here and on our Status Page when full functionality resumes: https://t.co/a3pl4WiDhZ”
Following the outage, Coinbase’s official Twitter support page reassured users that their “funds are safe” and promised to send updates once the service was back up.
According to CoinGecko, in the last 24 hours, Coinbase’s exchange has witnessed approximately $569 million in trade activity. Bitcoin and Ethereum accounted for more than half of the total, with Sol accounting for the remaining 4%, or $23 million.
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On-chain data shows the Bitcoin exchange outflows have spiked up recently, a sign that could prove to be bullish for the crypto’s price.
Bitcoin Exchange Netflow Has Observed Deep Red Values In Recent Days
As pointed out by an analyst in a CryptoQuant post, investors have withdrawn more than 60k BTC from exchanges recently.
The relevant indicator here is the “all exchanges netflow,” which measures the net amount of Bitcoin entering or exiting wallets of all centralized exchanges. The metric’s value is simply calculated by taking the difference between the inflows and the outflows.
When the value of this indicator is greater than zero, it means there are more inflows taking place in the market than outflows. Such a trend, when prolonged, can be bearish for the price of the crypto as it may be a sign of dumping from investors.
On the other hand, negative values of the netflow suggest investors are taking out a net number of coins right now. This kind of trend can indicate buying pressure in the market, and hence could be bullish for BTC’s value.
Now, here is a chart that shows the trend in the Bitcoin all exchanges netflow over the last month:
The value of the metric seems to have been below zero in recent days | Source: CryptoQuant
As you can see in the above graph, the Bitcoin all exchanges netflow has observed some negative spikes during the last three days.
These downward surges in the indicator’s value have amounted to more than 61k BTC leaving exchange wallets, the largest stack of withdrawals in months.
The crypto’s price has been struggling hard for many months now, so this kind of fresh demand could be constructive for the coin, and help it turn things around, at least temporarily.
At the time of writing, Bitcoin’s price floats around $19.1k, up 1% in the last seven days. Over the past month, the crypto has lost 5% in value.
Below is a chart that shows the trend in the price of the coin over the last five days.
Looks like the value of the crypto has been mostly trending sideways during the last few days | Source: BTCUSD on TradingView
Bitcoin hasn’t seen much price activity at all recently as the value of the crypto has been painting a flat curve. One exception was the surge to $20k a couple of days back, but it wasn’t long before the spike died down and BTC returned to its trend of consolidation.
Featured image from Dylan Leagh on unsplash.com, charts from TradingView.com, CryptoQuant.com
Earlier, officials in Kentucky claimed that Nexo was insolvent.
Nexo created three loans and sent $530 million to MakerDao.
A cryptocurrency wallet address identified as NEXO 0x8fd withdrew 7,758.8 Wrapped Bitcoin (wBTC) from MakerDAO. At the time equivalent to almost $153 million. This is only days after market experts forecast a 50% decline in Nexo price. Owing to regulatory pressure and investor fears.
On September 26th, authorities from eight US states issued a cease-and-desist order against Nexo. Accusing it of marketing unregistered securities to investors without providing enough disclosure. In addition, officials in Kentucky claimed that Nexo was insolvent since its liabilities outweighed its assets.
Similarly, on September 30th, blockchain researcher Peckshield notified of a MakerDAO transfer of 7,758.8 wBTC. The name of the wallet, Nexo: 0x8fd, is one of the key reasons the cryptocurrency community connected the withdrawal of money with allegations of bankruptcy at Nexo.
Operational Capital Requirements
After dropping by 43.3% over the previous year, MakerDAO’s TVL is now at $7.11 billion. The DSProxy transaction history shows that $50.1 million worth of Dai (DAI) tokens were sent from Nexo: 0x8fd to a null address (perhaps a burn address). The transaction hash snapshot verifies that $153.2 million was sent in wBTC.
A Nexo spokesman informed a news outlet that the monies are still in the publicly labelled Nexo wallet, despite widespread suspicion of misconduct in the cryptocurrency community.
As per the statement:
“This routine transaction made yesterday represents a loan repayment in line with the latest market dynamics and as per the company’s standard treasury management.”
Etherscan data reveals that on the same day Nexo created three loans and sent $530 million to MakerDao, further indicating that the aforementioned transactions were undertaken to fund Nexo’s operational capital requirements.
BNB price creates mixed feelings on the high timeframe as price forms a descending triangle on the daily chart while an ascending triangle forms on the weekly chart.
BNB looks more stable as the price aims to flip the $340 resistance to set up a bullish sentiment.
The price action of the Binance Coin (BNB) continues to look strong despite the price forming a bilateral chart pattern on the daily and weekly timeframe. Surprisingly Bitcoin (BTC) movement in a range has had little effect on the price of Binance Coin (BNB), with BNB creating more hope of a better price moment in October. (Data from Binance)
Binance Coin (BNB) Price Analysis On The Weekly Chart
Despite showing a great price movement in recent weeks as the price rallied to a high of $337 before facing rejection, the price of BNB has handled the rejection pretty well as price bounced from a weekly low of $270 to a region of $283 as price holds up the key region.
The price of BNB retraced to a region of $270 after a rejection that affected the price from trending higher, coupled with the news from Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) having a negative impact. BNB price so far has handled the reactions very well over the weeks, with the price looking more decent in price action.
BNB’s price needs to break and hold above $350 for the price to rally to a higher region with more bullish sentiments.
Weekly resistance for the price of BNB – $337.
Weekly support for the price of BNB – $270.
Price Analysis Of BNB On The Daily (1D) Chart
In the daily timeframe, the price of BNB continues to trade below key resistance as the price attempts to break above higher heights, with the price being rejected on several attempts. BNB bulls have had a hard fight trying to defend falling off the $270 region as this price holds the key to a rally in an attempt to break the resistance holding off the price from going higher.
BNB’s price continues to increase as it forms an ascending triangle with a breakout that could signal a relief rally.
The price of BNB trades at $280 above the 50 Exponential Moving Average (EMA). The prices of $282 correspond to the price at 50 EMA for BNB on the daily timeframe.
A break and close above $350 could see the price of BNB assume some bullish sentiment in October as many traders and investors anticipate a green October, which could spell a rally to a region of $400 or higher.
Daily resistance for the BNB price – $300-$340.
Daily support for the BNB price – $270.
Featured Image From Coingape, Charts From Tradingview