Coffeezilla believes the lawsuit aims to “crush new investigations while taking revenge for the old ones.”
Wazirx Update: Trade Reversals Near Completion, 344 Bounty Entries Received – Exchanges Bitcoin News
Indian crypto exchange Wazirx says it is close to completing the reversal of trades after the $230 million cyberattack. “We’re working with legal experts to help us formulate an effective method for enabling withdrawals,” the exchange stated. Additionally, Wazirx revealed that its bounty program has attracted 344 bounty hunters to help recover the stolen funds. […]
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With Broadband Growth Stalling, Real World Assets Offer a Lifeline
A modern approach can be found in a technology that is gaining traction in the blockchain industry. Tokenized real world assets (RWAs) are digital tokens on a blockchain that represent physical and traditional financial assets, enabling more efficient and transparent management, trading, and ownership.
European Customers Can Now Buy Ferraris With Bitcoin, Ether, Or USDC
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Ferrari, the luxury Italian automaker, has announced plans to extend its crypto payments scheme to Europe following the massive success in the United States.
The world’s leading luxury automotive brand currently allows Americans to purchase their luxury sports cars with Bitcoin and other cryptocurrencies in partnership with crypto-payment processor BitPay to handle the conversion from digital asset payments into local currency on behalf of Ferrari dealers.
Ferrari To Roll Out Crypto Payments In Europe
Ferrari is in the process of adding cryptocurrency as a payment method in Europe in response to demand from its wealthy customers.
The Maranello, Italy-based luxury sports car manufacturer announced on July 24 that it will expand its crypto payment system to Europe from the end of this month “to support dealers in better addressing the evolving needs of its clients.”
Notably, the majority of Ferrari’s European dealers have already integrated or are currently adopting the new payment feature, the company stated, adding that there are plans to expand this service to other regions worldwide by the end of 2024:
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“By the end of 2024, Ferrari will expand cryptocurrency transactions to other countries in its international dealer network, where cryptocurrencies are legally accepted.”
Ferrari’s foray into the European market follows the successful launch of the crypto payment system in the United States in October 2023. The company partnered with BitPay to process transactions in Bitcoin (BTC), Ethereum (ETH), and stablecoin USD coin (USDC) in the initial rollout in the U.S.
Ferrari Dealers To Receive Payments In Fiat
It’s worth mentioning that Ferrari’s crypto payment system does not require dealers to handle cryptocurrencies directly. Customers’ cryptocurrencies will be immediately converted into fiat currencies and sent directly to their bank accounts.
“The providers’ solutions will also allow for the verification of the source of funds and protect transactions from price fluctuations related to exchange rates,” the announcement explained.
Time For Tesla To Restart Bitcoin Payments?
Despite crypto’s high popularity as an investment vehicle, it remains uncommon for high-profile firms to accept it as a payment option. In February 2021, Elon Musk’s Tesla started accepting BTC payments for its electric cars but suspended the service only three months later because of concern about the energy consumed by computers crunching the calculations that underpin Bitcoin.
Research shows that the Bitcoin mining industry has since shifted toward alternative energy sources, igniting speculations about Tesla restarting the Bitcoin payments feature in the near future.
Notably, Bitcoin has already hit the milestone that Musk was waiting for before resuming BTC payments at Tesla. The EV giant turning these payments back on would likely encourage other companies to follow in its footsteps (or tire marks).
Aleph Zero launches zkOS-powered Ethereum layer 2 mainnet
Aleph Zero’s mainnet launch integrates Arbitrum Orbit technology and zkOS tools to revolutionize blockchain privacy and speed.
Top Microsoft Engineer Predicts Blockchain Vertical Upscale: Which Industries Might Lead the Charge? – CoinJournal
- Chris Li predicts blockchain will shift from horizontal to vertical scaling soon.
- Vertical scaling could enhance efficiency in online casinos and improve user experience.
- Advanced solutions like atomic swaps may replace wrapped assets, preserving decentralisation.
Chris Li, a former Microsoft engineer and the founder and CTO of Ava Protocol, has made a bold prediction for the future of blockchain technology.
According to Li, the focus of blockchain development is set to shift from horizontal scaling towards vertical scaling within the next five years. This transition is anticipated to redefine how various industries utilise blockchain technology, particularly in terms of efficiency, user experience, and decentralisation.
Horizontal scaling solutions reach saturation
Horizontal scaling, which involves increasing the number of nodes or expanding network capacity, has been the primary method for improving blockchain performance. However, Li suggests that this approach has reached its limits.
The saturation of horizontal scaling solutions, such as Ethereum’s layer-2 solutions and zk-rollups, indicates a pressing need for new strategies.
Vertical scaling, on the other hand, aims to enhance the capabilities of individual transactions, making them faster and more cost-effective while maintaining decentralisation.
Online gaming set to benefit significantly from vertical scaling
One industry poised to benefit significantly from vertical scaling is online gaming, specifically online casinos.
The integration of blockchain technology in online casinos has already shown promise in terms of transparency, security, and fair play.
Vertical scaling could further revolutionise this sector by enabling more complex transactions and interactions within gaming platforms. Enhanced smart wallets and multi-signature solutions could streamline the user experience, making it easier for players to manage their assets and engage in secure, instant transactions.
Li highlighted the limitations of wrapped digital assets, which, despite their utility in bridging assets across different blockchains, reintroduce centralisation risks and trust dependencies.
For online casinos, this means that the current reliance on custodians for asset management could be replaced by more decentralised solutions such as atomic swaps and cross-chain bridges.
These technologies promise to preserve the decentralised ethos of blockchain while enhancing functionality and security.
Balancing between security, scalability and decentralisation
Moreover, vertical scaling could address the blockchain trilemma — balancing security, scalability, and decentralisation.
By allocating resources more efficiently and enhancing transaction capabilities, vertical scaling could provide industries like online casinos with robust, scalable solutions that do not compromise on security or decentralisation.
Vertical scaling offers a promising future, transforming how blockchain technology is applied across various sectors and paving the way for more efficient and user-friendly applications.
Crypto Market Selloff: Here's Why Bitcoin, ETH, XRP Risk Massive Liquidations
Crypto market selloff intensified gradually as global affairs, macroeconomic events, and technical weakness spurred panic among investors. The global crypto market lost more than $100 billion over the last 24 hours, with market cap falling to $2.05 trillion.
Bitcoin and Ethereum prices dropped more than 4% to hit intraday lows of $58,207 and $2,513, respectively. Other top altcoins such as BNB, SOL, XRP, TON, and ADA fell 4-7% in the last 24 hours. Major selloffs were seen in AI coins and meme coins.
Crypto prices are gradually rebounding and the market cap has climbed to $2.11 trillion. The crypto market is likely to remain under pressure and risks further liquidation in the coming days. Here are the reasons that can continue to impact crypto market in the coming days.
Speculation Over Bank Of Japan Rate Hike Next Year
While the Bank of Japan (BOJ) cleared that they won’t raise interest rates this year after the recent market turmoil, Yen carry trades still haunt markets. Experts and traders anticipate a second wave of crypto market selloff as people have swapped on cash and carry trade after Bitcoin ETF launch.
Former BOJ board member Makoto Sakurai recently said “They won’t be able to hike again, at least for the rest of the year.” However, it’s still unclear whether Bank of Japan can do one more rate hike next March.
Japan’s Financial Services Agency Commissioner Hideki Ito also took a cautious stance on approving crypto ETFs and cited no long-term value and investor protection concerns. The move came during the recent market meltdown after rate hike by Japan.
Geopolitical Tensions, US Recession Fears, and More
The crypto market selloff continues amid the Russia-Ukraine war, with recent tensions regarding fire at Europe’s largest nuclear power plant. Russia and Ukraine accused each other of starting a fire at Russian-occupied Zaporizhzhia nuclear power plant in Ukraine.
Several reports now claim that Israel expects a major Iranian attack to be launched within days. As per a report by The Times of Israel, it could happen possibly before renewed ceasefire-hostage deal talks are held on Thursday.
Meanwhile, Hindenburg Research’s allegations directly on the SEBI Chairperson of having stake in obscure offshore entities linked to Adani money siphoning scandal raised risks. SEBI Chief Madhabi Puri Buch denied these allegations. But Hindenburg Research in a new post on X platform claimed that Buch’s new statements raise critical questions about her consulting companies and involvement.
US recession fears still exist as some economists believe the economy could be in recession, contradicting CEOs and businesspeople’s view that the US economy is resilient and there are no signs of recession. The crypto market also awaits the jobs numbers this week for further data on the labor market conditions.
US Inflation Data May Drive Further Crypto Market Selloff
The week has key US macro readings this week. The US Producer Price Index (PPI) on Tuesday, US CPI inflation data on Wednesday, Initial Jobless Claims and U.S. Retail Sales on Thursday. The US Federal Reserve to consider these before deciding on its monetary policy plans. Lower inflation data to stop crypto market selloff.
According to the CME FedWatch Tool, there are 53.5% odds of a 25 bps rate cut and 46.5% odds of 50 bps rate cut by the Federal Reserve at their September meeting.
Bloomberg’s latest survey of economists showed that nearly four-fifths of respondents expected the Federal Reserve to only cut interest rates by 25 bps in September. Moreover, the average estimate showed that the probability of an emergency rate cut before the September meeting was only 10%.
CoinGlass reports that BTC Liquidity / OrderBook Heatmap indicates weakness. It predicts that BTC price can further drop to $56,800. However, if the bounce is strong, BTC will test higher levels. However, the prices could drop to lower levels, if the bounce is weak. Notably, Bitcoin death cross could trigger further crypto market selloff.
Moreover, $2 billion in BTC longs risks getting liquidated below $58,600, as per BTC exchange liquidation map data by CoinGlass. In the last 24 hours, 68k traders were liquidated as total liquidation rose above $180 million for top cryptocurrencies. The largest single liquidation order happened on crypto exchange OKX for ETH-USD-SWAP trade valued at $2.17 million.
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Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin makes DeFi leap with Tap Protocol's native swap innovation
Tap Protocol has achieved a major milestone by executing the first Bitcoin-native swap directly on Bitcoin Layer 1, according to an Aug. 13 statement shared with CryptoSlate.
This breakthrough is a landmark achievement for Bitcoin as it enables DeFi operations on the leading blockchain without relying on Layer 2 solutions or roll-ups.
The Tap metaprotocol now opens new use cases within the blockchain, including Digital Matter Theory and the facilitation of seamless token swaps, all natively and securely, on Bitcoin.
ICP’s role
Traditionally, Bitcoin has been limited compared to the smart contract and DeFi capabilities of platforms like Ethereum and Solana. Tap Protocol’s innovation changes this by integrating assets directly into its system, bypassing the need to bridge assets across different chains.
Benny, CEO of Tap Protocol, pointed out that ICP was one system that played an important role in the firm’s solution. According to him, the network served as a “powerful and decentralized workhorse, providing authority in a trust-minimized manner.”
He added:
“The breakthrough is that we’ve demonstrated inflationary releases of Layer 2s aren’t necessary—there are already qualified options that can do the job.”
By combining Tap Protocol’s embedding mechanism with ICP’s functionality on Bitcoin, Tap creates a Layer 1 automated market maker (AMM) solution. This approach eliminates the need for bridges, Layer 2 wallets, or wallet switches and avoids dependency on new opcodes like OP_CAT or modified Bitcoin forks.
In contrast to traditional Layer 2 solutions that necessitate moving assets off-chain, Tap Protocol ensures that all operations stay on Bitcoin Layer 1. This preserves Bitcoin’s inherent security while avoiding the complexities and risks associated with Layer 2 protocols.
However, Tap users can still leverage the protocol solution on Layer-2 networks because the platform is layer-agnostic.
Meanwhile, this development further highlights Bitcoin’s evolution from a simple transactional currency to a platform supporting diverse digital assets alongside innovations like Ordinals, BRC20, and Runes.
Ethereum Nears Key Bearish Triangle Apex: Breakdown To $2,160 Target Looms
Recent trading activities reveal that Ethereum is approaching a crucial point in its trading as it forms a bearish triangle pattern, signaling a potential significant breakout. If the cryptocurrency breaks below the lower boundary of this triangle, it could lead to a sharp decline towards the $2,160 target.
This article aims to provide readers with a detailed technical analysis of Ethereum’s price action, emphasizing the importance of the bearish triangle pattern that has emerged on the charts. It will also explore how this pattern indicates a potential downward move toward the $2,160 support level.
In the past 24 hours, Ethereum has gone up by 2.11%, reaching around $2,642, with a market capitalization of over $317 billion and a trading volume exceeding $21 billion at the time of writing. ETH’s market cap has increased by 2.32%, while its trading volume has surged by 33.62%
Analyzing Current Price Actions Within The Bearish Triangle
On the 4-hour chart, ETH’s price is currently trading below the 100-day Simple Moving Average (SMA) and is moving closer to the lower boundary of a bearish triangle, with several bearish candlesticks forming. This indicates a prevailing bearish sentiment in the market and suggests the potential for further price declines.
Additionally, an examination of the 4-hour Composite Trend Oscillator reveals that both the signal line and the SMA line are currently in the overbought zone, with the signal line attempting to cross below the SMA line. This suggests that bearish pressure is building up for the cryptocurrency, potentially resulting in more price declines.
On the 1-day chart, Ethereum remains below the 100-day SMA and, with a single bearish candlestick, is approaching the lower boundary of the bearish triangle. Given the current price action on the daily timeframe, it appears that bearish momentum is increasing, which could potentially lead to a price breakout.
Finally, the composite trend oscillator on the 1-day chart also suggests a potential for continued bearish movement, with both the signal line and the SMA line in the oversold zone, showing no signs of crossing above.
Potential Scenarios For Ethereum Following A Breakout
If Ethereum’s current trading activities lead to a breakout below the bearish triangle, the price may continue to descend toward the $2,160 support level. When the crypto asset reaches this level and breaks below, it could lead to a further bearish move toward other lower levels.
However, if Ethereum fails to break below, it might start moving toward the upper boundary of the bearish triangle. Should the cryptocurrency break above this upper boundary, ETH could continue to rise to test the $2,816 resistance range and possibly advance to challenge higher levels if the price surpasses this resistance.
Featured image from iStock, chart from Tradingview.com
Bitcoin Сity Announcement Changes Everything: $1.6 Billion Can Shoot 5 Altcoins to the Moon
El Salvador’s $1.6 billion funding for Bitcoin City is causing excitement in the market. It is now impacting major coins like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Solana (SOL) as well as high-potential presales like Minotaurus (MTAUR) – all ready to make a significant price jump.
Market players looking for emerging growth opportunities and market trends will find this article valuable for making informed decisions since this announcement might change everything.
Bitcoin (BTC): King of Crypto at a Crossroads
Bitcoin (BTC) is currently trading between $57,814.74 and $60,499.00, facing resistance at $71,902 and $79,192. The 10-day moving average is $58,433, below the 100-day average of $64,104, indicating a short-term bearish trend. Support at $55,436 is strong.
With the RSI at 45, Bitcoin (BTC) is not overbought, suggesting potential for upward movement. The $1.6 billion used for El Salvador’s Bitcoin City funding could drive prices towards resistance levels. If Bitcoin (BTC) breaks $71,902, a rally towards its ATH of $73,737.94 is possible; otherwise, consolidation around current levels may occur.
Ethereum (ETH): Eyes on the Horizon Amid Strong Inflows
Ethereum (ETH) is trading between $2,524.73 and $2,737.53, below its 10-day moving average of $2,576.00 and well under the 100-day average of $3,304.40. The RSI at 41.0 suggests it might be slightly oversold, hinting at a buying opportunity.
With weekly crypto inflows at $176 million, Ethereum (ETH) could see significant movement. If it breaks the $2,840.40 resistance, it may test $3,592.00 and potentially reach $3,953.10. However, Ethereum’s (ETH) progress is delicate; a failure to maintain momentum could lead to a sharp decline, making this a critical period for the crypto.
Minotaurus (MTAUR): Your Gateway to Tomorrow’s Gaming
Minotaurus (MTAUR) offers a fresh twist with hybrid casual gameplay in a captivating maze-running adventure. The casual gaming industry’s projected growth of 9% yearly makes Minotaurus (MTAUR) a promising player right away.
The balanced tokenomics of Minotaurus (MTAUR) prevents sudden dumps through cliff and vesting mechanisms. Backed by robust technology, it ensures reliable performance at every turn. The $MTAUR token includes utilities like in-game boosters and customization, plus cutting-edge AI tools for enhanced experiences as well as vesting and referral incentives. Currently, in presale, $MTAUR tokens are available at 74% off, starting at $0.0000527 each. The clear roadmap, and verified and strong tech set Minotaurus (MTAUR) up for a bright future, especially in view of the latest market sentiment change.
Ripple (XRP): Poised for a Breakout or Another Rejection?
Ripple (XRP) is trading between $0.5579 and $0.5794, with its 10-day moving average at $0.55898 slightly above the 100-day average of $0.52207, indicating short-term bullish momentum. The RSI at 51.00 shows a balanced market with neither side dominant.
Analysts predict a potential price surge if Ripple (XRP) breaks resistance at $0.72650, possibly reaching $0.83019, its largest move in years. However, failure to breach these levels might lead to a pullback towards the $0.45086 support level. The current phase is critical for Ripple (XRP), with significant movement expected based on whether it can overcome resistance.
Solana (SOL): Riding the Bullish Wave
Solana (SOL) is trading between $142.19 and $150.74, with the 10-day moving average at $146.23 near the 100-day average of $155.14, showing a stable, slightly bullish trend. The RSI at 44.34 suggests it’s not overbought, indicating potential for price appreciation.
Recent inflows of $4.5 million could support this bullish trend. If Solana (SOL) surpasses resistance at $203.39, it might target $234.92. However, if it fails to get momentum, the $130.67 support level could become a concern. Solana (SOL) is at a critical juncture, and its next moves are crucial.
Conclusion
With El Salvador’s $1.6 billion Bitcoin City move driving market excitement, now may be an optimal time to consider a crypto pick that will grow fast. BTC, ETH, XRP, and SOL are poised for potential price shifts. Still, MTAUR offers a compelling buy opportunity in its presale at 74% off, so it may be wise to act swiftly to capitalize on the current market momentum before the window closes.
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