- ETH passes $1,700 for first time since September: Ethereum briefly surpassed $1,700 on February 2, soaring more than $500 since the start of the year.
- Analysts say local top may be in play: Supply of ETH on exchanges have fallen to their lowest levels since June 2018. A chart published by the market intelligence platform Santiment identified several key points that suggest a local top may be in.
- Key metrics suggest local top forming into the weekend: Major ETH profit taking hit its highest level since February 2021, while ETH supply on exchanges fell to below 11.25%, their lowest level since June 2018.
ETH Passes $1,700 for First Time Since September
Ethereum briefly surpassed $1,700 on February 2, soaring more than $500 since the start of the year. This marks a significant milestone as it is the first time ETH has passed this price point since September 2020.
Analysts Say Local Top May Be In Play
The surge in price has caught analysts‘ attention and they believe it might be short-lived. Supply of ETH on exchanges have fallen to their lowest levels since June 2018 according to a chart published by the market intelligence platform Santiment which identified several key points that suggest a local top may be in.
Key Metrics Suggest Local Top Forming Into The Weekend
The chart showed that major ETH profit taking hit its highest level since February 2021 coinciding with when ETH supply on exchanges fell to below 11.25%, their lowest level since June 2018. This may point to a potential local top forming into the weekend with Ethereum currently stable at around $1,640.
Dorian Batycka: Contributor at CryptoSlate
- Ric Burton, Balance CEO, alleges betrayal from Uniswap founder Hayden Adams over unpaid debts.
- Burton had invested time, money and friendship in helping Adams to get Uniswap off the ground.
- Adams raised over $1m for the project but Burton believes he was not repaid as promised.
The Beginning of a Friendship
In Spring 2018 Ric Burton, Balance CEO, began searching for dApp developers. He held events and provided studio space to promising developers. One of these was Hayden Adams and his idea for an AMM DEX platform – Uniswap. Burton quickly became close with Adams, supporting each other through their respective struggles to make it in the crypto world. To help him out when funds were running low, Burton even paid rent on behalf of Adams.
Uniswap Takes Off
Realizing the potential of the protocol, Uniswap attracted attention from Ethereum Foundation and crypto investment firm Paradigm. With their support the future looked bright for the project. However this is where things take a turn for the worse between Burton and Adams as promises made were not kept by both parties.
Adams Goes AWOL
Adams told Burton he intended to include him in the Uniswap round as repayment for his help but this did not happen after March 2019 when personal difficulties hit Burton including losing his grandmother and leaving Balance due to conflicts with co-founder. In that same month it was reported that Uniswap had raised over $1m yet there was still no repayments made to Burton as promised by Adams leading up to that point.
Legal Action Against AdamsThis led to legal action taken against Adams by Ric Burton who claims „heartbroken“ and „sad“ of how little respect he has been shown despite investing so much into supporting Uniswaps development early on while also providing emotional support during difficult times they both faced in their entrepreneurial endeavors together.
Conclusion h2 > This story serves as a warning about investing your trust into people or business partnerships without clear written contracts being established first before any forms of assistance are given out in good faith that can lead to disappointments later down the line if those agreements are broken or ignored altogether especially in highly competitive industries such as cryptocurrencies where there’s always plenty of opportunities available at all times making it easier than ever before now more than ever before today more than yesterday yesterday more than tomorrow tomorrow more than never never less than always!
Stablecoin Withdrawals Reach $800M on Jan. 30
• On Jan. 30, nearly $230 million of Bitcoin was sent to exchange addresses
• In addition, roughly $800 million of stablecoins were withdrawn from exchanges
• Almost half of this amount ($300 million) was BUSD being withdrawn from exchanges
On Jan. 30, 10,000 BTC was sent to exchange addresses, equivalent to around $230 million – the fifth largest inflow in three months. This influx of funds is indicative of the growing demand for cryptocurrencies and bullish sentiment in the market.
In addition to this Bitcoin influx, a significant amount of money left exchanges as well – roughly $800 million worth of stablecoins were withdrawn on the same day. Nearly half of this sum ($300 million) was BUSD being taken out. The total balance for stablecoins held on exchanges now sits at approximately $35.6 billion.
To provide an overview of the data: roughly 10,000 BTC was sent to exchange addresses on Jan. 30 (the fifth biggest inflow in three months), while nearly $800 million worth of stablecoins left exchanges with almost half ($300 million) being BUSD withdrawals. As a result, the current balance for stablecoins held on exchanges is sitting at around $35.6 billion.
The cryptocurrency market is continuing to show signs of strength and growth despite potential volatility in the short-term future as more investors enter and move funds into cryptoassets like Bitcoin and Ethereum; however it should be noted that trading digital assets involves risk and investors should do their own due diligence before making any investments or decisions related to cryptocurrencies or other digital assets
-Hackers compromised the official Twitter account of the bluechip NFT project Azuki on Jan. 27.
-The hackers posted two tweets with malicious links, promoting a fake virtual land mint.
-Several blockchain security firms, crypto wallets, and Robinhood’s social media accounts were all used to promote unassociated crypto tokens.
Hackers managed to breach the official Twitter account of the bluechip NFT project Azuki on Jan. 27th. The hackers posted two tweets with malicious links, promoting a fake virtual land mint, in an attempt to gain access to cryptocurrency from unsuspecting users. Several blockchain security firms, including Wallet Guard and MetaMask, as well as crypto wallets like Phantom Wallet, blocked their users‘ access to the phishing link.
The malicious players also took advantage of Robinhood’s social media accounts to promote an unassociated crypto token. Robinhood confirmed that its several accounts were used for the scam. Furthermore, Moonbirds founder Kevin Rose was also a victim of the attack, as hackers were able to drain his wallet of NFTs worth millions.
Azuki’s head of community, Dem, revealed the news of the breach and urged the community not to click any links. As of press time, a community manager Rose revealed that there was still a fake website present on Azuki’s Twitter bio. According to Etherscan data, one of the wallets connected to the hacker held 214 ETH ($343,000) as of press time.
The attack on Azuki’s Twitter account serves as a reminder that malicious players are always looking for new ways to exploit users. It is important to be aware of any suspicious activity and to take the necessary steps to protect yourself from scammers. Blockchain security firms and crypto wallets have implemented measures to protect users from these attacks, but it is ultimately up to the individual to stay alert and be vigilant.
• Investors betting against Bitcoin grew to some of the highest levels on record as markets welcomed the new year.
• A purchase of roughly $200 million in Bitcoin on spot trading markets was enough to force massive short liquidations due to dwindling volume.
• Long liquidations dominance rose to the highest levels in over two years as those betting against Bitcoin lost out.
As the new year began, investors betting against Bitcoin reached some of the highest levels on record. Bears seemed to be in control of the price action and Bitcoin teetered around $16,000. However, analysis from CryptoSlate revealed that those shorting Bitcoin were not as powerful as first thought.
A purchase of roughly $200 million in Bitcoin on spot trading markets was enough to cause mass liquidations of short positions due to the dwindling volume. In addition, large trades executed on major exchanges moved the needle just enough to create a brief short squeeze that took Bitcoin from $16,800 to over $21,000.
The below chart shows the futures long liquidations dominance (i.e., long liquidations / (long liquidations + short liquidations)). The 50% mark in the middle of the chart represents an equal amount of long and short liquidations. Values above 50% indicate more longs liquidated, and values below 50% indicate more shorts being liquidated.
Long Liquidations Dominance: (Source: Glassnode)
The liquidation became dominated by failing short positions that were ‚wrecked‘ by Bitcoin’s price increase. Over two years, the dominance rose to the highest level as those betting against Bitcoin lost out. The situation was so dire that many investors in the Bitcoin market had to accept their losses and move on.
The effect of the short squeeze had a significant impact on the Bitcoin market. The sudden surge in price caused buyers to flock to the markets, which in turn caused the price to skyrocket. This event was a reminder to investors that Bitcoin is a volatile asset and that betting against it can have disastrous consequences.
In conclusion, the Bitcoin market was able to demonstrate its resilience in the face of a bearish onslaught. As investors continue to bet against Bitcoin, it is important to remember that the markets can change quickly and those betting against the cryptocurrency could be in for a rude awakening.
• A Swiss judge has approved an audit to investigate a $715 million transaction conducted by Ethereum development firm ConsenSys.
• The audit was requested by shareholders, who claim the transaction was done without their knowledge or approval.
• The shareholders initiating the procedure are a group of 35 employees who make up more than 50% of shareholders.
The Ethereum development firm ConsenSys is facing an audit after a Swiss judge approved a request from its shareholders. The audit will investigate a $715 million transaction called „Project Northstar“ which was conducted between the firm’s Switzerland- and US-based corporations.
The shareholders initiating the procedure are a group of 35 employees who make up more than 50% of the firm’s total shareholders. They allege that the transaction was made in a „clandestine fashion“ and that ConsenSys ignored requests for clarity and illegally suspended shareholder meetings. Ultimately, they claim to have only found out about the transaction through public media coverage.
The request for an audit was filed in March of 2022 and approved by the judge in December. The shareholders argue that the transaction was authorized by ConsenSys CEO Joseph Lubin, who was the sole remaining member of the firm’s board of directors at the time.
The audit is intended to investigate the validity of the transaction and give shareholders a better understanding of the situation. If it is found that the transaction was conducted improperly, then the results of the audit could have a significant impact on the future of ConsenSys and the Ethereum industry as a whole. It will be interesting to see what the audit reveals and how it will affect the company moving forward.
• A recent court filing revealed a $65 billion artificial credit line between Alameda and FTX.
• The filing included a deck detailing the current findings relative to FTX group funds, including an illustration of the FTX liquidation process and a code sample for the Alameda backdoor.
• The deck also confirmed the existence of a ‚god mode‘ by which a small group of individuals were able to move funds off the exchange.
The recent court filing in the FTX bankruptcy case has uncovered a startling revelation – a $65 billion artificial credit line between Alameda and FTX. The filing included a deck that detailed the current findings relative to FTX group funds, including an illustration of the FTX liquidation process and a code sample for the Alameda backdoor. This code sample allows for uncollateralized borrowing without any record, which is why authorities are calling it a “backdoor”.
The filing also confirmed the existence of a “god mode” by which a select group of individuals were able to move funds off the exchange. This was done by setting up a specific “account setting code” in the exchange’s codebase. Seven million standard customers’ access codes were set so that they could not borrow if their balances were zero. Market makers for the company, on the other hand, had credit limits of up to $150 million.
But the biggest shock to come out of this filing was the revelation that Alameda was exempt from auto-liquidation and was not required to post any real collateral for trades. This means that Alameda was able to trade using an artificial capital line that was 43,000% larger than the FTX market makers.
This has caused much outrage among the public, as it is seen as a massive case of fraud. According to the filing, this act alone would be one of the most significant examples of fraud in history. It is currently unclear what the outcome of this case will be, as the investigation is ongoing. However, it is certain that FTX will face some serious repercussions for their actions.
• Ric Burton was compensated 10k ETH from Vitalik Buterin in 2016 for a month of work he did in 2014.
• Burton was introduced to Ethereum after hearing Buterin mention it in podcasts and decided to attend a talk given by Gavin Wood.
• After meeting Wood and Buterin, Burton was invited into the core Ethereum community and was “hooked”.
Ric Burton, a web3 designer, recently shared on Twitter the story of how he received 10,000 Ether (ETH) from Vitalik Buterin in 2016 as compensation for a month of work he did in 2014. Burton’s story began in 2014 when he heard Buterin mention “building a blockchain that he could run programs on” in various Bitcoin-related podcasts. This intrigued Burton, and after hearing about Ethereum two more times, he decided to attend a talk given by Gavin Wood. During the talk, Wood spoke about the importance of decentralization and the issues caused by Facebook controlling WhatsApp, Instagram, and the social web. After the talk, Wood invited Burton into the core Ethereum community and Burton decided to fly to the Bay Area to meet Buterin himself.
The two met up and discussed the Ethereum project, and Buterin offered to pay Burton for his help. Although Burton didn’t receive that payment in 2014, two years later, Buterin sent him an Ethereum transaction of 10,000 ETH as a thank you for his work. Burton was elated to receive the payment and shared his story on Twitter. This story serves as an example of the immense progress blockchain technology has made since its inception and how it is continuing to revolutionize the way businesses and individuals interact with one another.
– Bitcoin has broken $21,000, with its market cap now at $403 billion.
– Over the past 24 hours, $245 million of shorts have been liquidated, while $255 million of Bitcoin was bought on spot markets.
– Positive anticipation and sentiment toward a Consumer Price Index announcement may have been contributing factors to Bitcoin’s price growth.
Bitcoin, the world’s leading cryptocurrency, has seen a tremendous rally in the past several days, breaking the $21,000 mark and showing no signs of slowing down. According to Coingecko data, BTC was valued at $21,083 at 12:59 a.m. UTC on Jan. 14, with its market cap now at $403 billion. This represents a 12% increase in value over the past 24 hours, leaving investors optimistic about the future of the asset.
The impressive growth of Bitcoin is further highlighted by the fact that over the past 24 hours, $245 million of shorts have been liquidated, while $255 million of Bitcoin were purchased on spot markets. This surge in demand appears to be driven by a lack of bad news, as well as the fading of major crises such as FTX’s collapse. Furthermore, the round number of $20,000 is thought to have acted as a psychological barrier, as investors may have been eager to break it.
Positive anticipation and sentiment towards a Consumer Price Index (CPI) announcement may also have been contributing factors to this growth. The entire crypto market, which Bitcoin tends to lead, was also up 8% over the last 24 hours, now boasting a market cap of $1.02 trillion. This outperforms the stock market, with the Dow Jones increasing by only 0.3%.
It is clear that Bitcoin’s growth has been nothing short of remarkable, and with the asset showing no signs of slowing down, it is likely that the crypto market will continue to see impressive gains in the near future. With such positive investor sentiment, it is possible that Bitcoin may even break the $22,000 mark in the coming days.
1. The worst of miner capitulation could be over, according to CryptoSlate analysis.
2. The Hash Ribbon indicator chart indicates that a switch from negative to positive price momentum is expected.
3. Total supply of BTC currently held in miner wallets has hit roughly 1.8 million BTC.
The year 2022 was a difficult one for Bitcoin holders, with the price dropping by 75% from its all-time high (ATH). This was made even worse by the mining industry, which experienced a dramatic decline in stock prices, with some companies even declaring bankruptcy. However, the worst may be over, according to a recent analysis from CryptoSlate.
The Hash Ribbon indicator chart shows that when the 30-day moving average (MA) crosses the 60-day MA, a switch from negative to positive price momentum is expected. This is usually seen as a good buying opportunity, and it appears that the worst of miner capitulation is almost over as Bitcoin turns bullish and breaks out towards $19,000.
Glassnode data indicates that the total supply of Bitcoin currently held in miner wallets has hit roughly 1.8 million BTC. This is an important sign that the sell pressure from miners is abating, which could be a positive sign for the future of Bitcoin.
Overall, it appears that the worst of miner capitulation could be over. The Hash Ribbon indicator chart has suggested that a switch from negative to positive price momentum is likely, and the total supply of BTC held in miner wallets is also decreasing. This could be a sign that the market is ready to turn around, and that Bitcoin is on its way to a brighter future.