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Crypto market continues its recovery despite hacks: DappRadar’s October report

The cryptocurrency market cap rose to $1 trillion in October despite the $1 billion in losses recorded via hacks during the month.

DappRadar, the global app store for decentralised applications, revealed in its October report that the cryptocurrency market has continued its recovery, reaching a market cap of $1 trillion.

Last month, the number of industry Unique Active Wallets (UAW) for blockchain dapps reached 2.01 million per day on average, a 6.84% increase from September. This data suggests the industry’s resilience against the wider economic turmoil.

Nonfungible tokens (NFTs) have become an integral part of the digital asset space. DappRadar revealed that NFT trading volume decreased by 30% from September, reaching $662 million, the lowest amount recorded this year. 

However, despite the decrease in NFT trading volume, the unique traders count increased by 18% reaching 1.11 million.

Last month, OpenSea’s market dominance decreased by 8.3% compared to August. Furthermore, the platform’s NFT trading volume decreased 12.1% ($313 million) month-over-month, the lowest trading volume since July 2021. 

While the NFT space continues to shrink, the blockchain gaming sector continues to experience a surge in adoption. DappRadar revealed that the gaming sector had an average of 898,481 daily UAWs in October, making it one of the most promising web3 sectors.

The decentralised finance (DeFi) sector continues to recover in tandem with the broader crypto ecosystem. The sector recorded a 5.33% growth last month, reaching $83 billion. 

Ethereum remains the most popular chain with $51 billion TVL, a 9.52% growth from September. Comparing Ethereum to other blockchains, its dominance decreased from 69% in September to 61.97% in October. BNB takes second place with $8.3 billion in TVL, an 8.57% growth from September. The recent BNB Chain exploit didn’t affect the metric at all.

The cryptocurrency market continued its slow recovery last month, with the market cap finally reaching $1 trillion after weeks of poor performance. The report said;

“After the crypto market started to turn green on October 25, over $1.2 billion in short liquidations took place in around 24 hours. The crypto market finally broke free from the tight price range it had oscillated in since September.”

Altcoins were not left behind as they rallied excellently in October, led by Dogecoin (DOGE). DOGE ended the month at $0.12, a 50% increase in the past 30 days and six-month highs. This price increase was driven by Elon Musk’s takeover of Twitter and Dogechain’s announcement of its future roadmap.

The recovery comes despite the record security hacks reported last month. According to the database of DeFi scams, hacks and exploits DEFIYIELD, this month saw the largest value of funds lost all year: $1.09 billion.

Cross-chain hacks represented 82% of the exploits reported last month. The biggest fraud this month is Francisco Valdevino da Silva, aka the “Bitcoin Sheikh.” 

Brazilian authorities revealed that he is suspected of having defrauded and laundered up to 4 billion Brazilian reals (about $766 million) from thousands of Brazilians and citizens from at least ten other countries. 

At the current pace, 2022 could likely surpass 2021 as the biggest year for crypto and blockchain hacking, despite the bear market. 

The post Crypto market continues its recovery despite hacks: DappRadar’s October report appeared first on CoinJournal.

Ethos launches a recovery token program for Voyager creditors and VGX holders

Ethos has launched its recovery token program for users affected by the collapse of the Voyager lending platform.

Ethos has announced the launch of its recovery token program designed for the users affected by the Voyager collapse.

According to the company, both VGX holders and creditors will be eligible to claim ETHOS tokens with proof of valid claim via their official website.

The team added that while there are no guarantees, Ethos’s past recovery tokens have been instrumental in repairing damage for victims. Ethos founders say they are focused on providing a ray of hope and a new path for victims and the broader cryptocurrency industry. 

Voyager Digital’s collapse a few months ago led to massive chaos in the broader crypto industry, with more than a million users affected. The users lost over $600 million following the collapse of the Voyager platform. 

Despite its popularity, the platform ran into the ground due to questionable business decisions, including lending customer funds to 3 Arrows Capital through an unsecured loan.

Voyager Digital filed for bankruptcy in July despite receiving a $200 million loan from Alameda Research. 

While commenting on this latest development, Ethos co-founder Adam Lavine said;

“Voyager joins a long list of centralized meltdowns, such as Mt. Gox and Quadriga, losing customer funds in the process. We’re building a next-generation decentralized finance platform, and giving out free tokens to encourage users to take control of their own crypto funds.”

Ethos revealed it had a working relationship with Voyager in the past as Voyager leveraged Ethos’ technology for years to onboard new users and to take care of their crypto assets, processing over $5 billion through Ethos crypto rails. 

Furthermore, Ethos rebranded as Voyager following a merger in 2019. However, the original Ethos team left in 2021 over differences in business vision.

Ethos said its team would extend a recovery token program for free to users affected by Voyager’s bankruptcy. Eligible users can claim ETHOS tokens, which is a utility asset across the Ethos self-custody platform, the team added. 

Finally, a total of 10% of the ETHOS token supply will be allocated towards VGX holders, based on a future blockchain snapshot. Another 10% will be distributed among Voyager creditors pro-rata if they provide proof of claim.

Ethos 2.0 will be launched by a team of 8 former Ethos team members and world-class cryptography experts. According to the team, Ethos 2.0 will serve as a decentralised and self-custody alternative to trading applications. 

Ethos is a people-powered blockchain platform. The Ethos mission is to build decentralised financial services that are open, safe and fair for everybody. 

The post Ethos launches a recovery token program for Voyager creditors and VGX holders appeared first on CoinJournal.

Another Bug Briefly Took Down Part Of The Lightning Network

The nature of open-source distributed systems leaves some vulnerabilities open to exploitation, but should bugs be exploited publicly or disclosed in private?

The below is a direct excerpt of Marty’s Bent Issue #1278: “Another LND/btcd bug emerges.” Sign up for the newsletter here.

via GitHub

For the second time in less than a month, btcd (an alternative implementation of Bitcoin) and, by extension, LND (one of the Lightning implementations) became incompatible with the rest of the Bitcoin network due to some meddling from a developer named Burak.

On October 9, Burak completed a 998-0f-999 tapscript multisig transaction that btcd recognized as invalid while Bitcoin Core and other implementations (correctly) recognized it as valid. Since LND’s implementation of the Lightning Network depends on btcd, it became incompatible with the rest of the Lightning Network, therefore disrupting all of their users’ ability to transact safely. Not ideal.

Fast-forward to yesterday and Burak was back again to disrupt btcd and LND with the type of transaction you see above: a P2TR (pay-to-taproot) spend containing N OP_SUCCESSx with 500,001 pushes, which exceeds the limit hardcoded into btcd. While the 998-of-999 tapscript multisig transaction seemed to be an honest mistake, yesterday’s transaction was an overt exploit in the wild by Burak.

Proof Burak knew this would break LND

Something to note about this OP_SUCCESSx transaction is that it typically wouldn’t be included in a block. However, it seems that Burak bribed miners by attaching a particularly high fee to this transaction that F2Pool couldn’t resist.

This situation has surfaced a lot of debate over the last two days. Was Burak wrong to exploit this bug in the wild on mainnet? Should he have properly disclosed the vulnerability to btcd and LND in private, allowing them to patch the code before the bug was exploited in the wild? Should LND be dependent on btcd, which is an alternative implementation of Bitcoin that doesn’t get nearly as close to the amount of attention and review that Bitcoin Core receives?

Your Uncle Marty certainly doesn’t have the right answers to all of these questions, but it’s important for you freaks to be aware of this stuff so I thought I’d bring them to your attention.

This is the nature of open source distributed systems. There could be a lot of vulnerabilities lurking out there and there is no clear way to handle the problems. Many will advocate for responsible disclosures in private while others will advocate for overt adversarial actions that force the issue. This is one of the trade-offs you choose when you decide to opt into a free market monetary network.

Bitcoin Brings Clarity Through Sound Money

Bitcoin represents the ultimate step forward in bringing clarity to the world through money grounded in physics and math.

This is an opinion editorial by James Collins, a financial professional with experience in various asset classes. 

As I sit here writing this piece, I search for the words to best describe my thoughts on the present state of the world. I couldn’t seem to find words to express my vantage point until I landed on Clockwork Orange. Stanley Kubrick’s 1971 dystopian crime thriller, “A Clockwork Orange,” presents ranging views of individualism and freewill to authoritarianism and force. The parallels between some people’s idea that we are headed toward a global totalitarian state known as the “Great Reset” and the intense level of response to the blatant use of force by The State and power in numbers expressed in the counterforce of the “Great Awakening” fit firmly in the scripting of “A Clockwork Orange.” We have a heightened global awareness of these buzz words like Great Reset and Great Awakening, but what I believe is the best descriptor of these connected, yet conflicting, ideas of global magnitude is the “Great Confusion.”

The Great Confusion stems from an underlying absence of the inverse, which is clarity. I believe if we as humans desire to grow as a species, we must sync to a global baseline level of objective truth or 100% clarity.

“Bitcoin, Clockwork Orange” is my musing on how clarity through money removes us from the “Great Confusion.”

To find clarity, we must sync to a global baseline of objective truth. What can we use as the baseline? It must be something that everyone can agree on, regardless of spoken language and geographical location, like mathematics and physics. Whether in the United States or El Salvador, two plus two will always equal four, and there is no place on earth where humans can jump off a building and fly; gravity will win. These objective truths are the perfect baseline for humans to build upon as a strong base layer.

“Mathematics is the base layer of language” — @FossGregFoss

On January 3, 2009, Satoshi Nakamoto released a decentralized system of peer-to-peer electronic cash in the form of Bitcoin, and that has changed our world forever, giving humanity clarity in the form of money. The Bitcoin network and its unit of account, bitcoin, flips upside down everything we once knew about finance. The time-value of money is the core principle of finance — that money today is worth more than money tomorrow. The current time-value of money only exists because a central authority can alter the volume of currency within an economic system at any time. Due to the central control of money creation, the saying is that governments can always print more money to handle their debts, so they have a risk-free rate. This risk-free rate is the base rate added when layering other risk factors when analyzing an investment in other bonds or equities. A central authority’s ability to alter the underlying money supply and affect these rates means they can affect everything in an economy and completely distort price signals. If looked at through its most sinister lens, controlled issuance of money supply in traditional finance is how central authorities keep their population on the road to serfdom; people work exponentially more onerous for a currency growing exponentially weaker, thereby being robbed of their time expressed through destroyed purchasing power.

“Finance is the time value of money. Bitcoin is the monetary value of time.” — @Lisa_Hough_

Satoshi Nakamoto solved the ills associated with time theft through currency debasement by discovering absolute scarcity using technologies that leverage the objective truth of mathematics and physics to back a natively digital supply by time itself, the only absolutely scarce asset we possess. Paraphrasing the work outlined in Chapter 2, Bitcoin is Time in Gigi’s “21 Lessons,” the Bitcoin Network is a decentralized timestamping server that uses asymmetric cryptography to create causality in cyberspace. Those causal events (known data needed to create a hash of that known data which is linked to the next block) link together by giving them meaning through entropy or the randomness, in the form of no one in a decentralized system knowing who is going to win the next block reward and which transaction will be hashed into a block to create the particular Merkel root defining a point in time that resembles an absolute now in the digital realm. Discovering a method of determining the “now” or “time” in a decentralized adversarial system is what allowed Satoshi Nakamoto to solve the centralization of time-keeping of the ledger to prevent double spending, as well as definable “time” in cyberspace, which is necessary for the determination of “when” transactions occurred.

(Bitcoin is simply a transaction-based ledger where the transactions are the spreading of ownership of the units of time encapsulated in bits called satoshis by signing continuous digital signatures to this append-only distributed timestamp server). The entropy of asymmetric cryptography creates an irreversible arrow of this “now” time, creating a legitimate past, present and unknown future. As mentioned, the objective truth of physics also comes into play through the unpredictability expressed through the same asymmetric cryptography in mathematics applied to the physical exertion of energy within proof-of-work consensus to solve the cryptographic puzzle, therefore emitting more bitcoin into circulation. Proof-of-work is essential to the underlying value of bitcoin because it runs physical computation, the only native form of energy transfer in the digital realm with no way to cheat it. Through an asymmetric cryptographic function, proof-of-work creates a scenario where the time taken to brute force the answer over the almost nonexistent time to verify the findings is expressed via computationally time-derived bits.

Finally, Nakamoto utilized the difficulty adjustment in block height or Bitcoin’s native clock to connect this computational work of time-exertion back to our physical world by using a cryptanalytically stable problem, allowing for a speed limit on the time expressed between our physical world (an average 10-minute block time) and the digital realm (a difficulty adjustment every 2016 blocks). The finality of this time-derived speed limit connecting our physical world to the digital world allows the absolutely scarce hard-cap of 21 million bitcoin expressed in the Bitcoin Core source code to be upheld.

No matter how much energy or computation you throw at the network, you can not speed up the emission schedule, and more energy does not mean more bitcoin; bitcoins underlying value is not computation through energy intensity but computation through energy exertion measuring the time asymmetry made possible through one-way cryptography.

“When you have scarcity in money, you have abundance in everything else.” — @JeffBooth

In conclusion, humanity is in the midst of the Great Confusion — some people think we are headed towards a Great Reset while others believe we are in a Great Awakening — and some don’t care. This lack of focus and attention is due to overwhelming noise and misdirection.

The signal we are looking for can be found at the depths of our oldest social structure, money, which has now been transformed through objective truth in mathematics and physics into the perfect signal. Bitcoin leverages that perfection to invert everything we know about finance and money. Satoshi Nakamoto used objective truth in mathematics and physics to bridge a synthetic digital time and space to our physical time and space in a decentralized manner allowing for coordination of when an absolute volume of costly unforgeable bits of digital time interlock with our physical efforts of computation.

The discovery of absolute mathematical scarcity with an intrinsic value of inescapable costliness in the real physical world linked to the heartbeat of a synthetic time in block height controlled by the cryptanalytic stability of the difficulty adjustment, a physical world time-based adjustment, is the most crucial discovery in monetary application of all time. Bitcoin is the unstoppable march of time-derived money wrapped in mathematics and physics, defining a pure price signal. Tick tock next block.

This is a guest post by James Collins. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Silk Road Was The Darknet Market Testing Ground For Bitcoin

Silk Road showed people that bitcoin could be effectively used as a medium of exchange on an open marketplace.

This is an opinion editorial by Jacob Kozhipatt, a YouTuber and writer.

For the uninitiated, The Silk Road was a darknet marketplace where users bought and sold all manner of products, including those considered illegal — most often drugs.

Supporters argued that the Silk Road leveraged technology to create markets necessarily divorced from the corruption of governments and big banks. For critics, the marketplace was an enemy of The State, that facilitated the sale of illegal substances that decimated countless lives.

For Bitcoiners, however, the marketplace was the first example of bitcoin being used as an actual currency — a mixed legacy as the website popularized the alternative currency, but also created a stigma surrounding digital currencies that lasts even today. So what exactly was Silk Road, and why did it play such an important role for bitcoin?

What Was The Silk Road?

The Silk Road was created and run by Ross Ulbricht. He created the marketplace in 2011 as a manifestation of his libertarian philosophy, rooted in the ideas of Austrian economists like Ludwig von Mises. Ulbricht believed that governments inherently utilize force to impede an individual’s sovereignty — a sentiment he believed manifested in the United States’ War on Drugs.

Ulbricht believed the American War on Drugs cost American taxpayers billions of dollars and was a greater instigator of violence than drugs themselves.

Ulbricht alluded to Silk Road and his motivation for creating it on his Linkedin profile, writing he sought to create an economic simulation that would show the governed first hand how to live in a world without, what he describes as, “the use of excessive force.”

It is important to note that the Silk Road explicitly forbade the sale of products or services, “who’s purpose is to harm or defraud,” e.g., child pornography, weapons grade plutonium or stolen credit cards. The U.S. government, though, reported that hacking services were available on the website.

An intriguing aspect of Silk Road was the professionalism it took in presenting its illicit substances/services. While the drug trade is notorious for violence and the selling of fake drugs, the Silk Road let dealers sell their products through the mail and let buyers know if the product they bought was coming from a legitimate seller, as the Silk Road employed a seller review system akin to other e-commerce sites like Ebay or Amazon. While some were fans of this, others like New York Senator Chuck Shumer, were outraged at the seemingly causal nature of buying drugs through the platform.

In October of 2013, Silk Road was shut down. At this time, the website had over 100,000 users and had thousands of transactions, amounting to tens of millions of dollars exchanged, every day. Ross Ulbricht was soon convicted of seven crimes and received a life sentence in prison, without the option for parole.

Bitcoin And The Silk Road

Central to Silk Road was the concept of buyers and sellers hiding their identities. Two technologies served as the marketplace’s agents of anonymity: the software Tor, and the cryptocurrency bitcoin.

Users would utilize a Tor browser to access the dark web, where their IP addresses, amongst other digital locators, would be hidden from third-party surveillance.

While hiding one’s digital address was important, it didn’t solve the problem of transacting anonymously. One’s identity could still be discovered through mainstream centralized payment processors, like Visa and Mastercard, who both work with the government to identify users engaged with illegal activities. This is where bitcoin played an important role.

At this time, bitcoin was still a nascent technology with few knowing the forensic accountability that the blockchain provides. Thus, bitcoin served as a means of exchange on Silk Road. Tens-of-thousands of users would exchange millions of dollars in bitcoin to purchase items on Silk Road.

When Silk Road was shut down, 70,000 bitcoin (now worth: $1.3 billion) was seized from the website. A Vocative report detailed the volume of sales of drugs that had occurred on Silk Road: Marijuana transactions totaled more than $46 million on Silk Road, while heroin sales were worth about $8.9 million; cocaine amounted to $17.4 million.

Impact Of The Silk Road

The story of Silk Road has lasting effects on bitcoin and the greater cryptocurrency landscape.

Silk Road was the first example of bitcoin’s ability to be used as an actual currency — a true financial facilitator of exchange between individual parties. Silk Road collected revenues of roughly 9.5 million bitcoin since 2011, a jaw-dropping amount as only 11.75 million bitcoin existed at the time. In other terms, 80% of all bitcoin in existence went through Silk Road at the time it was shut down. Within two hours of the news of Ulbricht’s arrest becoming public, the price of bitcoin tumbled from $140 to $110.

To this day, Silk Road is often used as an argument by cryptocurrency critics to show that bitcoin is primarily used as a facilitator of crime. This is best demonstrated through New York’s steep regulations, specifically the BitLicense, which was set in place in 2014, shortly after the conviction of Ulbricht. Senator Schumer specifically called out Bitcoin for its use on Silk Road stating: “[Bitcoin is] An online form of money laundering used to disguise the source of money, and to disguise who’s both selling and buying the drug.” This reputation has proven to be a lasting one, as Duke professor and former Federal Reserve regulator Lee Reiners as recently as 2021 argued that bitcoin and other cryptocurrencies should be banned for their use in facilitating crime.

Obviously, bitcoin bulls, like Tim Draper, vehemently disagree with this perspective. They argue that bitcoin’s immutable ledger actually makes it easier for the government to track criminal activity done via bitcoin. For example, the $4.5 billion hackers of Bitfinex, Ilya Lichtenstein and Heather Morgan, aka the “crocodile of Wall Street,” were outed to government officials while trying to launder their stolen bitcoin because of their blockchain transaction history. Moreover, many new cryptocurrencies market themselves anonymous alternatives to bitcoin, arguing the first cryptocurrency’s privacy components are insufficient.

Many bitcoin believers view Ross as a hero for the movement and actively campaign for his release in a movement called “Free Ross,” run by Ulbricht’s mother, Lyn. Lyn Ulbricht mentions that the national perspective on drugs has changed since the conviction of Ulbricht. Marijuana, the most popular drug sold on Silk Road, is more normalized in modern Western society. U.S. President Joe Biden recently announced that all federal marijuana convictions would be overturned by the government, and urged legislatures to reconsider the federal perspective towards marijuana.

It is often people on the fringes of a society that first adopt new ideas and technologies. Many of the early 2000’s YouTube content creators, like Jeffrey Starr or Lucas Cruikshank, were members of the LGBTQ community. In Chinua Achebe’s famed novel, “Things Fall Apart,” the first members of the Igbo Tribe to convert to the then-novel idea of Christianity were the disaffected misanthropes of the tribe. Similarly, the first people to popularize bitcoin were — for better or worse — drug dealers and users who inarguably are on the fringe of our society.

This is a guest post by Jacob Kozhipatt. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

This is the best way to trade cryptocurrency

Cryptocurrencies are a new and exciting investment opportunity, but it’s important to do your research before buying in. Cryptocurrencies are very sensitive, and prices can go up and down quickly. There are various cryptocurrencies on the market, so it is important that you choose the one that suits you best. Once you’ve found the perfect cryptocurrency for you, trade the same way you would with regular currencies.

Cryptocurrency – what is it and how does it work?

Cryptocurrency is a digital currency that uses cryptography to secure transactions. Cryptocurrencies are decentralised and do not exist in any physical format, making them more difficult to track and counterfeit. Bitcoin, the most famous cryptocurrency, was launched in 2009 and has since grown rapidly in popularity. Cryptocurrencies are often used by people who want to do business outside of the traditional banking and financial system, as the transactions cannot be traced back to any specific person or organisation.

What does the future look like for cryptocurrencies?

It is difficult to say what the future holds for cryptocurrencies, as there are many different factors that can affect their development. Cryptocurrencies have the potential to be a very big part of the future, but there are also risks with them. It is important to think through all aspects of cryptocurrencies before investing in them. And since digital currencies are not regulated by the big banks, they do not have the same protection as fiat currencies should something unexpected happen in the market. It is something that everyone should take into account when thinking about crypto investments. 

With this in mind, it is important to never invest money you cannot afford or to borrow money to make these investments. It could end in big and troublesome problems both now and in the future.

Cryptocurrencies – A Beginner’s Guide

Cryptocurrencies are digital currencies that use cryptography to secure transactions. Cryptocurrencies are not regulated by any central authority, and there are several different types of cryptocurrencies. 

Bitcoin is the most famous cryptocurrency, but there are also other types of cryptocurrencies, such as Ethereum, Litecoin and Ripple. Cryptocurrencies work in the same way as regular currencies, but there are some differences. 

Cryptocurrencies are mostly used for internet payments, and you can trade them in the same way as you trade regular currencies. However, cryptocurrencies are not as stable as regular currencies, and the value of a cryptocurrency can fluctuate greatly daily..

What is a good cryptocurrency trading strategy?

There is no one strategy that is best for every situation, but there are some basic principles that can help you succeed in cryptocurrency trading. First of all, you need to learn how the market works, and this means that you need to read a lot of information about cryptocurrencies. 

This can be difficult because there is a lot of technical information that can be difficult to understand. This is why it is important that you find a good resource to learn more about cryptocurrencies. Another important aspect of cryptocurrency trading is risk management. 

You have to be prepared to take some risks when trading, which is why it’s important to have a good risk management strategy. There are several different ways to manage risk, and you need to choose the method that suits you best. Finally, you also need to make sure that you have a good plan for how you will invest your money. There are several types of investments, and you need to choose the type of investment that suits you best.

What are the risks of trading cryptocurrency?

Cryptocurrencies are very risky investments. They are not regulated by any central authority, and there is no guarantee that you will actually get back the money you invest. Cryptocurrencies are also very sensitive, which means that prices can fluctuate greatly, both up and down. 

This feature makes it difficult for investors to know when to sell or buy the currency, and there is always a risk of losing money. There are many different cryptocurrencies, and it is important to do your due diligence before investing in any of them. One should also be aware that cryptocurrency trading is highly speculative, and there are no guarantees of profit.

The post This is the best way to trade cryptocurrency appeared first on CoinJournal.

Is Ethereum now bearish after the Fed rate decision?

Ethereum (ETH/USD) lost an intraday 1.70% on Thursday after a Fed interest rate decision the previous day. The Fed raised rates by 75 basis points. The hike was largely expected, and potentially, the news was priced in the market. However, additional comments raised scepticism that saw most cryptocurrencies fall.

As the Fed continues to fight inflation, officials hinted at more moderate rate increases. The tone was slightly hawkish as investors had hoped the Fed would move slower in the wake of recession concerns. The comments were also not the most hawkish, as the idea of aggressive tightening wasn’t evident. The statement, however, meant that investors must brace for higher rates longer, which spooked markets.

The lower trading of ETH from an intraday high of above $1,600 underlined caution that gripped markets. As of press time, ETH was trading at $1,530 with weakening momentum.

ETH recovers slightly at the 61.8 retracement zone

Source – TradingView

Applying the Fibonacci retracement levels, Ethereum’s swing high lies at $1,663 and swing low of $1,158. The possible retracement levels are $1,227.99 (23.6%), $1,351.61 (38.2%), $1,411.11 (50%), and $1,470.61 (61.8%).

The price is showing some upside close to the 61.8% fib level. However, the momentum is weak, with the price showing little upside. The MACD indicator is bullish but also shows weakening momentum.

Which is the likely price level for ETH?

With the weak momentum, it is unlikely that ETH will recover at the current level. Although the price could recover at the 61.8% fib level, we consider the 50% fib more likely. The latter coincides with a support zone, making it a realistic target.

If ETH reaches the 50% fib level, buyers could look to buy around $1,400 to $1,450. Still, we cannot consider ETH price bearish as key level (s) remain intact.

Where to buy ETH


eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy ETH with eToro today


Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ETH with Bitstamp today

The post Is Ethereum now bearish after the Fed rate decision? appeared first on CoinJournal.

The Graph token price prediction after a 12% jump

The Graph token (GRT/USD) rose by a dozen percentage points on Thursday. The token was among the few gainers on the day after a market drop following the Fed’s rate hike. CoinMarketCap showed a surge in trading volumes, coinciding with the price surge. The gains elicit the question, how sustainable is GRT? 

The Graph claims to be an indexing protocol. Users can use the platform to query other networks, including Ethereum and IPFS. The protocol allows anyone to create and publish subgraphs, or open APIs, further broadening data decentralisation.

Alongside the investor interest on Thursday, The Graph was projected to benefit immensely from the Ethereum Merge. However, since the Merge, GRT price has been a beaten-down cryptocurrency. That’s because of the querying function that The Graph provides to Ethereum. Consequently, The Graph has been recognised as key to Ethereum’s scaling plans. 

The gains in The Graph underline positive expectations the protocol will play in the post-Merge period. Going by the fundamentals, investors could see the Graph as a favourable investment in the PoS ETH era. 

GRT meets resistance after the intra-day gains

Source – TradingView

Technically, The Graph token has met resistance at $0.092. The token is undergoing a correction at the resistance zone. Although it broke past the resistance, a close of the daily candlestick below could invalidate a bullish view. However, the RSI remains above the midpoint, implying buyers are still active on the token.

What next for GRT?

The cryptocurrency has to clear the resistance level to consider a buy attractive. We need to wait for the close of the daily candlestick to assess the next price direction. A bullish breakout will allow buyers to target $0.10 and $0.12 next.

Where to buy GRT


eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy GRT with eToro today


Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy GRT with Bitstamp today

The post The Graph token price prediction after a 12% jump appeared first on CoinJournal.

Energy Company Turned Miner Produced A Record 532 BTC In October

CleanSpark saw a record bitcoin production in October following recent investments in growth amid a battered mining market.

CleanSpark Inc., an energy company turned bitcoin miner, produced a record amount of new BTC last month.

The Nasdaq-traded firm said in a statement sent to Bitcoin Magazine that it had mined 532 bitcoin in October, representing a nearly 20% increase from its September production. In addition, the company also shared some updates on its immersion-cooled farm.

“I’m excited to announce that Phase 2 of our immersion-cooled mining campus in Norcross is now officially complete and hashing,” said Zach Bradford, CleanSpark’s CEO, per the statement. “The progress there has translated into another record-breaking month for us, mining a total of 532 bitcoin. And we’ve now seen a 20% increase in our hashrate two months in a row.”

CleanSpark has mined a total of 3,622 BTC so far this year. However, the miner only holds 290 bitcoin on its balance sheet as it has been selling most of its production to cover operating costs. In October, the firm sold 836 BTC to fund “growth and operations” at an average price of approximately $19,340 per bitcoin to proceeds of $16.1 million.

While some bitcoin miners have faced extreme hardship since the digital currency’s price tumbled earlier this year, CleanSpark has grown its business, scooping up miners and facilities at attractive prices. Earlier this week, the firm announced it had purchased nearly 3,900 Bitmain Antminer S19j Pro miners to its mining fleet for $5.9 million, which translates to about $15.50 per terahash. The price tag paid by CleanSpark is low as, according to data from mining services company Luxor Technologies, machines of such efficiency are currently selling at about $23 per terahash.

Last week, CleanSpark hiked its 2022 hash rate forecast by 10% to 5.5 exahash per second (EH/s) from 5 EH/s. As of October 31, 2022, the company’s mining fleet operated with a hash rate of 5.1 EH/s, up 23% from September 2022. Daily bitcoin mined reached 19.2 in October.

Fidelity Opens Wait List For Commission-Free Bitcoin Trading

The banking giant announced it had opened a wait list for its bitcoin trading offering, but it has yet to set a launch date.

Banking behemoth Fidelity Investments has opened access to a wait list for its bitcoin trading offering, according to its website. Users can express interest in the product, offered by its subsidiary Fidelity Digital Assets, by signing up on the firm’s web page. The product will waive commission fees, an attempt to compete with popular cryptocurrency exchanges such as Binance that have recently launched zero-fee trading. Fidelity, however, will charge a 1% spread fee.

Fidelity has for the past year taken longer strides on the cryptocurrency sector. The asset manager, one of the world’s largest with over $4.5 trillion in assets under management as of September 2022, offers institutional products through Fidelity Digital Assets, including a spot bitcoin ETF in Canada, but the firm’s new moves would cater to the retail investor group.

Now, investors get a glimpse of that future as Fidelity opens up the waiting list for the offering. In addition to trading, the asset manager will also offer custody services for customers’ bitcoin holdings as it seeks to capitalize on the learning curve involved in self-custody.

While U.S. citizens might find it convenient to invest in bitcoin through Fidelity’s offering, the inability to withdraw funds to a self-custodial wallet might push some investors away. As a digital native peer-to-peer currency system, Bitcoin’s true value proposition is only achievable through proper self-custody, which enables independence and freedom. In any case, Fidelity’s offering surely has a market to target — and a growing one — as many in America start getting curious about and demanding some exposure to BTC.

Historically, users have for the most part leveraged cryptocurrency-specific exchanges for their bitcoin buys. However, banks and other financial institutions have grown in awareness as they saw millions if not billions of U.S. dollars flying out of customers’ checking accounts and into the likes of Coinbase and Gemini. In a bid to capture some of that capital, some traditional finance firms have quickly pivoted to launch bitcoin investing products of their own.

In addition to Fidelity, BlackRock, the world’s largest asset manager, also recently dipped its toes into the Bitcoin market. BlackRock’s plans were first heard of in February 2022, but it wouldn’t be until August that the $10 trillion AUM firm would launch its bitcoin trading product. BlackRock also launched a spot bitcoin private trust in that same month.