Cryptocurrency

Hyland observes that the BTC Weekly Bollinger Bands have reached their tightest levels in BTC’s entire history.The Bollinger Bands, developed by famed trader John Bollinger, serve as a predictor of volatility and price levels where an asset may encounter support or resistance.Earlier this month, on-chain analytics platform Glassnode indicated that Bitcoin might be in its quietest market period since January. This comes as the cryptocurrency market continues to experience unusually low volatility.The relevance of this is that because Bitcoin is rarely quiet for such long periods, the likelihood of a volatile move either way increases.Twitter Crypto analyst “” predicts that a major move might be brewing for the first and largest crypto asset: “Either way, a major move for Bitcoin is brewing, as volatility is at historic lows.Weekly Bollinger bands have never been as tight as they are today.Fireworks, soon.”In another Twitter update, Jelle stated, “Expecting this week to be slow, but fireworks to start next week.”Despite BTC’s present sideways trading, the market forecasts a surge in volatility and a likely large BTC price gain, bolstered by Bitcoin’s upcoming halving and demand spurred by a Bitcoin spot ETF, if it is launched.In the short term, two scenarios remain: the bears attempt to bolster their position by sustaining the price below the critical MA 50 at $29,447. If this holds, BTC could remain rangebound between $31,000 and $24,750 for the foreseeable future.Alternatively, a break and close above the overhead barrier at $30,277 might indicate that the advantage has tilted in favor of bulls. BTC might target the $31,000 to $32,000 levels afterward.This article was originally published on U.Today More

On July 31, it was confirmed that the Bank of Korea has chosen Jeju, Busan and Incheon as its candidates for the “private target CBDC test bed.”Continue Reading on Coin Telegraph More

In an interview, Coinbase Chief Executive Brian Armstrong told the paper that the SEC “said…we believe every asset other than bitcoin is a security.” Armstrong added that the regulators then asked that Coinbase delist all of the more than 200 tokens it offers to customers, apart from Bitcoin.Armstrong refuted the claim, saying that agreeing to the shutdowns “would have essentially meant the end of the crypto industry in the U.S.” Instead, he said Coinbase decided to challenge the SEC’s assertions in court.Signs are emerging that the SEC may be attempting to gain more control over the crypto industry, with Chair Gary Gensler arguing that most cryptocurrencies qualify as securities, or tradeable financial assets. Coinbase was sued by the SEC last month for failing to register as a broker.Should the SEC win this case, it could set a precedent for the power regulators in the U.S. have over crypto businesses and potentially lead to more stringent compliance rules.For its part, the SEC told the FT that its enforcement division did not make formal requests for “companies to delist crypto assets.” It also declined to comment on what the delisting would mean for the crypto industry. More

While LSTs are just beginning to hit their stride, their advantages over traditional ETH will soon become clear to liquidity providers (LPs), toppling ETH from its throne and ushering in a new era of LST domination.Continue Reading on Coin Telegraph More

On July 29, the WLD price rose nearly 6% to $2.35. Still, the token was down 70% from its market debut peak of $7.50. Continue Reading on Coin Telegraph More

A number of pools using Vyper 0.2.15, 0.2.16 and 0.3.0 have been exploited due to a malfunctioning reentrancy lock, targeting at least four liquidity pools on Curve Finance protocol. “The short answer is that everything that could be drained was drained. The targeted pools are aETH/ETH, msETH/ETH, pETH/ETH and CRV/ETH. All remaining pools are safe and unaffected by the bug,” Curve Finance said on Discord. Continue Reading on Coin Telegraph More

The decision relates to an order from 2020 in which the SEC exempted the SPIKES Index — a stock volatility index — from the definition of security futures, thus eliminating heavy taxes and other regulatory requirements attached to the term “security.“ The relief, according to the SEC, was intended to promote competition among volatility indexes. Continue Reading on Coin Telegraph More

According to the blockchain security company, Peckshield, Kannagi Finance erased its digital footprint after bolting with more than $2 million worth of investors’ funds.Its official website, along with social media and communication channels, are offline.A rug pull refers to a form of scam where developers of a cryptocurrency project unexpectedly pulls liquidity from a pool, leading to sharp losses.German blockchain security firm, SolidProof, audited Kannagi’s smart contract. However, it has clarified that it did not conduct an audit for Vault contracts related to the rug pull incident.The company has also stated that it is investigating the matter.Crypto tracking and compliance platform, MistTrack, also claims that 600 Ethereum (ETH) from the suspected Kannagi rug pull, valued at about $1.1 million, has been sent to the Tornado Cash crypto mixer.Kannagi Finance is a decentralized finance (defi) platform that automates yield farming, allowing crypto investors to earn passive income via smart contracts.It is built on the zkSync Era network, a layer 2 protocol that scales Ethereum with zero-knowledge (ZK) technology while maintaining Ethereum’s security and decentralization.According to DeFiLlama, an analytics dashboard that tracks defi platforms, as of July 28, the total value locked (TVL) in Kannagi Finance was $2.13 million.However, current records show a TVL of a mere $0.17, indicating a near 100% loss for users.Kannagi Finance TVL | Source: DeFiLlamaThis incident is the latest to affect the zkSync Era network, following the $3.4 million hack of EraLend on July 25. The EraLend exploit was the first on zkSync Era since its launch in March.The layer-2 platform is popular. At one point in June, the its TVL surpassed the $500 million mark.However, the network’s reputation seems to have suffered following the revelation of the suspected rug pull so soon after the EraLend hack.At the time of writing, zkSync Era’s TVL stood at $154.59 million, according to DeFiLlama. The new numbers represent a more than $345 million drop from its all-time high level.This article was originally published on Crypto.news More