Here is what you need to know on Tuesday 29, September
BTC/USD is trading at $10,870 while bulls are trying to confirm a daily uptrend. The next resistance level is established at $11,200 and it’s the most vital point in the short-term.
ETH/USD continues eying up $400 but remains weaker than Bitcoin overall. The smart contracts giant is currently trading at $362.
XRP/USD is trading at $0.24 and struggling to climb above the 26-EMA at $0.246. XRP bears are looking for a lower high compared to $0.258 into a continuation of the downtrend.
Chart of the day: KCS/USD daily chart
Market
KuCoin, one of the leading cryptocurrency exchanges suffered a massive hack. The attackers managed to steal around $200 million in crypto, however, the market did not react negatively to the news.
Although the hacker managed to withdraw several ERC-20 tokens, the address is already traced by almost every exchange and platform. Tether, for instance, managed to freeze $33 million which will re-issue to KuCoin. Additionally, Orion Protocol, which suffered a huge loss of around 4 million tokens with only 9 million in circulation, issued a 1:1 swap with another contract, essentially rendering the coins of the hacker useless.
Aleph, another cryptocurrency project affected by the hack did the same. Kardiachain also joined the trend. The hacker is now trying to sell most of its remaining tokens on Uniswap, however, this doesn’t really mean the funds are laundered as it is a decentralized exchange and everyone can still trace all the transactions.
The native token of Kucoin, Kucoin Shares (KCS) dropped from $1.05 to $0.84, a mild dip considering the magnitude of the hack.
Industry
Bitfinex, one of the largest cryptocurrency exchanges by assets held is planning to expand beyond cryptocurrencies launching equity derivatives that will settle in Tether. The new derivatives are called Europe 50 and Germany 30, and they are perpetual swaps. They will both offer up to 100x leverage and will settle in USDT.
Quote of the day
Right now Bitcoin feels like the Internet before the browser.
– Wences Casares
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.