The launch of Worldcoin on Optimism has left many wondering whether this project is subverting Web3’s promise of decentralization to build just the opposite. And yet, more than 2 million people in underserved areas have already signed up to share their biometric data with Worldcoin in exchange for 25 WLD, worth less than $100 at the time of writing. Continue Reading on Coin Telegraph More
The past week in DeFi was dominated by exploits and hacks, with three DeFi platforms losing nearly $39 million. Alphapo’s hot wallets were exploited for over $32 million, Era Lend was drained for $3.4 million, and the decentralized finance protocol Conic Finance was exploited for almost $3.5 million.Continue Reading on Coin Telegraph More
According to a July 28 report from The Wall Street Journal, BaFin advised Binance that Zhao, also known as “CZ,” may not have passed a “fit and proper” test under the financial watchdog’s regulatory guidelines. The regulator’s guidelines for a license application state managing directors — in this case referring to CZ — must “have the required professional qualification and be of good repute to manage an institution and must dedicate sufficient time to performing their functions.”Continue Reading on Coin Telegraph More
The launch of Pond0x was announced on July 28 by “Pauly,” the pseudonymous founder of Not Larva Labs who is known only by his Twitter username. Not Larva Labs is the developer of a nonfungible token trading app for CryptoPunks and for a separate parody collection called CryptoPhunks. It is not associated with Larva Labs, the creators of CryptoPunks.Continue Reading on Coin Telegraph More
Currently, Seda says it enables over 12 million data feeds across 24 networks. In an interview with Cointelegraph at EthCC Paris, Jasper de Gooijer and Peter Mitchell, co-founders of the Seda protocol (formerly known as Flux), discussed the importance of oracles in cross-chain bridges and how they protect the value they enable.Continue Reading on Coin Telegraph More
In a July 27 filing in the United States District Court for the Southern District of New York, Bankman-Fried’s legal team said it had provided the court and Department of Justice with documents the former FTX CEO had shown a reporter that led to details in Ellison’s private journals being published. The lawyers requested Judge Lewis Kaplan allow them to file the documents under seal, citing “the need to avoid their public dissemination.”Continue Reading on Coin Telegraph More
In technical analysis, the moving average, a lagging indicator, gives a smoother line to daily price changes, reducing “noise” from random price fluctuations. If these MAs disperse, or move apart from each other, it implies a change in the market’s volatility or trend.Source: Currently, XRP’s MAs are diverging from one another, which suggests that the token is entering a phase of lower volatility. This dispersion comes on the heels of a sharp decrease in value, with XRP shedding 14% from its recent peak.This downward movement and subsequent flatlining of the trend follow a noteworthy surge in XRP’s value, which was triggered by Ripple’s win in court against the U.S. Securities and Exchange Commission (SEC). The positive legal outcome prompted a substantial increase in XRP’s price as investor confidence rebounded. However, the post-triumph euphoria seems to have tempered as XRP has gradually given back some of its gains.With the dispersion of the moving averages, appears to be returning to a state of pre-pump equilibrium. Notably, lower volatility often precedes a significant price movement, as periods of consolidation or reduced price fluctuations usually end with a breakout or breakdown.Recently, Cardano has experienced a drastic drop in both volatility and trading volume. Generally, this might be interpreted as a market cool-off or consolidation phase, a common occurrence in the dynamic world of cryptocurrencies. However, the simultaneous dip in both of these metrics may also be setting the stage for a significant price movement.Historically, periods of decreased volatility and trading volume have often preceded a volatility spike. This is attributed to the accumulation phase, where traders and investors buy and hold the asset, thereby reducing its available supply. The reduced supply, coupled with a potential surge in trading volume, can then lead to a sudden and significant shift in price.For Cardano, this implies that the current state of low volatility and volume could be the calm before the storm. Once trading volume starts to increase, it may catalyze a spike in volatility, thereby influencing ADA’s price trajectory.In market technical analysis, the 50-day EMA is considered a crucial indicator of an asset’s medium-term momentum. Ethereum’s inability to break above this line suggests a lack of bullish momentum, which may be reflective of a broader trend on the cryptocurrency market.Recently, the cryptocurrency market has appeared rather anemic, devoid of the vigor it typically exudes. There has been a conspicuous lack of market-moving news or events, leading to an environment of uncertainty and apprehension. This inertia has inevitably bled into the performance of major coins, including Ethereum.A combination of this uncertainty and the relative inactivity on the market has likely put a damper on the enthusiasm of traders and investors. Without sufficient catalysts to spur positive momentum, Ethereum’s struggle to break above its 50 EMA resistance is understandable.This article was originally published on U.Today More
Data from Cointelegraph Markets Pro and TradingView showed BTC price action getting only a modest boost from the Personal Consumption Expenditures (PCE) Index print.Continue Reading on Coin Telegraph More
