Lorenzo Stroe
Independent Analyst
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
-637369207617415690.png)
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
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.