Bitcoin's current market structure is similar to its setup before reaching its all-time high in November 2021, suggesting a potential bullish trajectory for the leading cryptocurrency, according to crypto expert Credible Crypto, who believes a breakout from the accumulation range could lead to a 120% rally and new all-time highs this year. However, a drop below $24.8k would invalidate this prediction.
New York-based sustainable Bitcoin mining operation Bit Digital has added Ethereum Staking to its operations, leveraging Ethereum's proof-of-stake model to generate a new revenue stream and promote sustainability in cryptocurrency mining.
Bitcoin and other cryptocurrencies are facing intense pressure as prices drop and short-term holders offload their assets, signaling a possible capitulation phase and suggesting further downside potential. Additionally, major altcoins like Ethereum, Solana, and Cardano have witnessed a decline in their Total Value Locked (TVL) over the past week, indicating a decrease in popularity and utilization in the decentralized finance (DeFi) ecosystem.
The cryptocurrency market is preparing for a potential larger financial event in September that could significantly impact Bitcoin, Ethereum, XRP, and the wider digital asset landscape.
Key social metrics suggest that cryptocurrency markets may soon rebound, as the use of the term "bear market" has reached an 11-week high on social media platforms, which historically indicates that price rises are likely; additionally, deep-pocketed investors are accumulating Bitcoin again, contributing to a recent rally.
The recent downturn in the cryptocurrency market has led to the liquidation of long positions and a decrease in market capitalization, but five undervalued cryptocurrencies trading below $0.1, including VeChain (VET), SNM (SONM), MVL (MVL), Dogecoin (DOGE), and Hedera (HBAR), have the potential for a rebound in the future.
AI-powered solutions are bringing stability to crypto markets by mitigating slippage and uncertainty, improving liquidity access and predictive analysis.
Summary: Meme cryptocurrencies, including Pepe, LUNC, and SHIB, have experienced price corrections but show potential for a rebound with bullish reversals and recovery rallies expected.
Decentralized finance (DeFi) has been heavily impacted by the crypto bear market, with the total value locked in DeFi reaching its lowest point since February 2021, as investors withdraw approximately $170 billion in deposits due to decreased yields and increased exploits. However, newer protocols like Unibot are attempting to simplify the DeFi experience and show promising signs for reigniting the DeFi space.
BlackRock's entry into the crypto space with its application for a Bitcoin exchange-traded fund (ETF) marks a significant turning point that dispels the notion of cryptocurrencies as a passing trend, signaling the growing institutional interest in Bitcoin and the crypto industry.
At least five Ethereum liquid staking providers have committed to self-limit their ownership to 22% of the Ethereum staking market to ensure decentralization, while the largest provider, Lido Finance, voted against the self-limit proposal and currently holds a dominant market share.
Bitcoin's recent legal victories and temporary price surges should not be mistaken for long-term catalysts, as the approval of a spot ETF, liquid staking capabilities, and the upcoming halving event hold the key to sustainable price appreciation.
Ethereum staking services have agreed to limit all validators to 22% in order to ensure the decentralization of the Ethereum network, while DeFi hacks and exploits resulted in a loss of $16 million in August, including a nearly $900,000 exploit on Balancer protocol, and Shibarium's second launch saw over 100,000 new wallets added to the layer-2 protocol. Additionally, the USDC stablecoin is set to launch on Coinbase's layer-2 platform, and the DeFi market experienced a bearish decline in response to a delay in the approval of a Bitcoin spot ETF.
Crypto betting platform Stake has reopened deposits and withdrawals just five hours after being hacked and losing an estimated $41.3 million, with all user funds confirmed to be safe.
Market makers in the crypto sector are facing challenges as costs increase and investors shy away from the market following a $2 trillion crash, leading to efforts to mitigate risks and a decline in profitability, with providers diversifying their activities across exchanges and storing digital assets away from trading venues. The market-making sector is experiencing a drop in profitability due to the use of intermediaries and collateral, and the industry has recognized the need for higher costs and increased risk management.+
Ethereum staking protocol Lido Finance has reassured users that their funds remain safe despite a known security flaw in Lido DAO's token contract that enables "fake deposit" attacks on exchanges, according to blockchain security firm SlowMist. Lido Finance argues that this flaw is present in all ERC-20 tokens and is not specific to Lido's LDO token. The company has pledged to update the token integration guides to address the issue.
Bitcoin and other cryptocurrencies have rebounded from recent lows, but facing downside momentum and September worries, it may be difficult for them to maintain their recovery.
The crypto industry experienced significant capital outflows of $55 billion in August, leading to a liquidity crunch that allows isolated events to have a greater impact on prices and market movements, according to an analysis from Bitfinex.
Boerse Stuttgart Digital, the crypto-focused arm of the Stuttgart Stock Exchange, is planning to launch an insured cryptocurrency staking service in 2022, in collaboration with global reinsurance company Munich Re, to reduce the risks of slashing and offer institutional investors a secure environment for participating in staking.
After Ethereum's transition to proof of stake one year ago, notable developments have occurred, including a reduction in energy consumption, a substantial increase in staked Ethereum, concerns about centralization and censorship, advancements in scaling solutions, regulatory scrutiny on staking services, a decrease in overall token supply, and ongoing development of future upgrades.
Crypto's most important commercial highway, Ethereum, risks being overwhelmed by the surging demand for staking, which could lead to network strain and a shortage of Ether for transactions. Developers are working on short-term measures to slow down the influx and exploring longer-term solutions to manage staking more effectively.
Bitcoin and other cryptocurrencies experienced a rise in value as traders made bullish bets in anticipation of the Federal Reserve's interest rate decision, though this surge may be premature.
Ark Invest's recent report highlights the recovery of Bitcoin's realized capitalization, the decline in liquidity and trading volumes, the recent increase in volatility, and the optimistic long-term outlook for the cryptocurrency.
