This will be Bitcoin’s saving grace amid dwindling prices

The past few days have been quite distressing for Bitcoin bulls. During the early hours of Tuesday, the asset’s price managed to go as low as $40.8. The aforementioned level was previously visited by the king-coin back in early-August. However, BTC did manage to pick itself up from the lows, and was trading back at […]

Increasing Stability of the Utopia P2P Network

The number of full nodes in the Utopia P2P ecosystem has passed the 30,000 mark.
This means that more than 30,000 nodes are working for the security and resilience of the network.


The number of full nodes within the Utopia decentralized ecosystem has reached 30,000 and is moving forward. This number is an indicator of the stability of internal processes and a guarantor of reliability.

Nodes in the blockchain have one of the most important roles – they are responsible for checking the legitimacy of blocks, approving transactions, and ensuring the smooth operation of the network. To a large extent, this responsibility falls squarely on the full nodes. In other words, the more nodes involved in supporting the network, the harder it is to trick, hack or crash the system. As a consequence, better connection quality, safer operations, cleaner and more honest mining.

When you install and run Utopia ecosystem mining bot, you automatically increase the number of nodes, thereby contributing to the stability of the network. Everyone involved in this process receives Crypton Cryptocurrency (CRP).


Crypton is the unique currency of the Utopia peer-to-peer network. Coin mining does not burden your PC and is eco-friendly as it is done through an ecosystem. All you need to mine is a computer and a bot installed.

By launching the app, you start receiving collective rewards every 15 minutes – that’s how long it takes to form a new block. Users also receive a Proof of Stake reward to their minimum monthly balance. CRP is already listed on a number of exchanges and is available for sale.

– Anyone can mine, send and receive Cryptons. Cryptocurrency mining is available to all Utopia ecosystem users. CRPs are provided for being on the network and. Mining participants are rewarded for supporting the ecosystem – forwarding packets and providing RAM for caching purposes,” according to 1984 Group, the developer of the Utopia P2P network.

At the time of writing, 4,672,181.975674 CRPs have already been mined by Utopia network users, with the total number of transactions steadily approaching 300,000.


The creators of Utopia Network have built an independent ecosystem, which doesn’t ask for your personal information even when you register and doesn’t track your activities or geolocation.

The server is basically not involved in data transfer and storage. The Curve25519, XSalsa20, and Poly1305 algorithms are used to encrypt, sign, and authenticate packets, objects, and peer-to-peer connections.

This way, you don’t have to worry about the security of your personal data and are free to use the Utopia ecosystem. In addition to in-network mining there are anonymous messenger, browser, email, and e-wallet. All functionality is focused on user anonymity and is available to all registered in the Utopia P2P decentralized network.

As far as we know, in the near future the developers will release an encrypted anonymous Utopia ecosystem app on IOs and Android.

Download Utopia:
Crypton Exchange:

The post Increasing Stability of the Utopia P2P Network appeared first on Live Bitcoin News.

SEC chair compares stablecoins to casino poker chips

"We’ve got a lot of casinos here in the Wild West, and the poker chip is these stablecoins at the casino gaming tables," said Gary Gensler.

U.S. Securities and Commission, or SEC, chair Gary Gensler has doubled down on his “Wild West” analogy for cryptocurrencies, calling stablecoins instruments for gambling at old-timey casinos. 

Speaking to Washington Post columnist David Ignatius on Tuesday, Gensler said most projects in the crypto space dealt with securities that fall under the regulatory purview of the SEC, while the Commodity Futures Trading Commission, or CFTC, was better suited for enforcement for others. The SEC chair described the authority of both agencies as “robust” but said there were gaps in the coverage, particularly for stablecoins, which “may have attributes of investment contracts.”

“Stablecoins are almost acting like poker chips at the casino right now,” said Gensler. “We’ve got a lot of casinos here in the Wild West, and the poker chip is these stablecoins at the casino gaming tables.”

Gensler hinted that both the SEC and CFTC would benefit from “help from Congress” in regards to regulation and enforcement of stablecoins. However, according to the SEC chair, the laws currently in place are seemingly broad when it comes to handling a modern financial instrument like crypto.

“I do really fear that we’ll keep bringing these enforcement cases, but there’s going to be a problem. There’s going to be a problem on lending platforms, on trading platforms. Frankly, when that happens, I think a lot of people are going to get hurt.”

The SEC chair’s statement comes following major U.S.-based cryptocurrency exchange Coinbase announcing it would abandon its plan for a crypto lending program. The SEC previously threatened legal action against the exchange, saying it deemed the program a security.

Related: SEC chair doubles down, tells crypto firms 'come in and talk to us'

Cointelegraph reported in August that Gensler hoped to introduce crypto-related policy changes surrounding token offerings, decentralized finance, stablecoins, custody, exchange-traded funds and lending platforms. He has long urged crypto projects to register with the SEC, specifically saying they should work with regulators to survive over the long term.

Jim Cramer Urges for Caution in The Cryptocurrency Market Amid Evergrande Saga

CNBC’s Jim Cramer opined that the Evergrande debt crisis in China could keep causing severe disruption in financial fields, including the cryptocurrency market. He also advised people sitting on unrealized gains from their investments to take “something off the table” before losing it.

‘Don’t Let It Become a Loss’

The American TV personality Jim Cramer shared his stance on the recent crypto decline and the ongoing crisis with one of China’s leading real estate companies – Evergrande. He believes the firm’s issues are likely to keep harming the digital asset market in the near future. Consequently, he urged fellow crypto investors (like himself) to take some profits while it is time:

“If you own crypto in any form and you’ve got big gains, I recommend taking something off the table. I know the crypto-lovers never want to hear me say sell, but if you’ve got a big gain as I did, well, I’m begging you: Don’t let it become a loss.”

Still, CNBC’s Mad Money recommended leaving some holdings in case China “changes its attitude towards the Evergrande bailout.”

According to Cramer, another reason why cryptocurrencies are a risky investment instrument at the moment is their relation to Tether. His concerns are that many investors purchase Bitcoin and Ether via the most widely-utilized stablecoin, which has exposure to Chinese commercial paper. Being a multibillion-dollar company, Tether’s collapse could have a vicious impact on the entire digital asset market.

“If Tether collapsed, well, then it’s going to gut the whole crypto ecosystem.”

It’s worth noting, though, that Tether recently denied assumptions that it holds any commercial paper or securities related to Evergrande.

Jim Cramer
Jim Cramer, Source: CNBC

Should Investors Follow The Advice?

It is worth noting that Cramer’s cryptocurrency actions have been highly inconsistent, as time has shown. Back in 2018, when bitcoin dipped beneath $4,000, he criticized the asset calling it an “outlaw currency.” However, when BTC reached an all-time high of nearly $65,000 three years later, the American said he had invested in the asset and vowed to receive his salary in it.

CNBC also doesn’t have the best record at providing cryptocurrency predictions. At the end of 2020, Brian Kelly – another TV personality of the media – warned that bitcoin’s price could experience a short-term correction by dropping to $12,000. Instead, its USD value continued its rally as BTC traded at nearly $30,000 by the year’s end.

Another example is CNBC’s report about Ripple in 2018. The media advised investors to get involved with XRP, praising it as “one of the hottest new cryptocurrencies, and it only costs a bit over $2 per coin.” What followed, however, was a quick and painful slump. A month later, XRP dropped by 82% to $0,57, and in August, it went further down to $0,23.

Featured Image Courtesy of BusinessInsider

Indian government cautious about crypto-adoption, CBDC is a possibility

Indian traders and exchanges might be bullish about the crypto market, but the Indian  government doesn’t seem keen on rushing into the scene. At least, not until studying its homegrown fintech industry and the anti-Bitcoin protests in El Salvador. Tracking global news Indian finance minister Nirmala Sitharaman in a recent interview with Hindustan Times explained […]

Did Bitcoin Really Experience A Flash Crash Down To $5,400?

Bitcoin has been plagued by numerous dips that have left the price of the asset at one-month lows. Monday was brutal for the cryptocurrency as the close of the weekend drew in with its low momentum in the market. This, in turn, led to the market experiencing a downtrend. Most notable was the price of bitcoin actually dropping into the $42,000 price range.

While the market dealt with this, a record flash crash happened on the trading platform Pyth Network. The crash was so significant that it saw the price of bitcoin lose almost 90% of its current value. The price crash lasted for approximately two minutes. Driving the price of bitcoin down to as low as $5,400 on Monday. The crash happened between the BTC <> USD pair on the Pyth Network. The Solana-based solution also saw the confidence interval (four times the asset reported price) for bitcoin drop to $21,623.

Related Reading | Just 10 Days After El Salvador’s “Bitcoin Day”, President Bukele Confirms 1.1 Million Citizens Have Chivo Wallet

Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 – the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot – which was off-market relative to the BTC price available on other markets

— Pyth (@PythNetwork) September 20, 2021

Pyth Network acknowledged the crash on their Twitter account, where they assured their users that they were working to figure out what caused this. “Engineers are continuing to investigate the cause and a full report is in the works,” it said.

BTC price recovers after falling to low $40K | Source: BTCUSD on Why Did Bitcoin Crash So Much?

It is still not clear what the reason behind the crash was. So far, there seem to be no other pairs affected by the crash. And no other cryptocurrencies have been reported to have suffered the same fate as bitcoin. The crash led to massive liquidations on the platform, which were, “unfortunately working as intended,” tweeted Bonfida.

Related Reading | While Broader Crypto Market Holds Its Collective Breath, Whales Are Loading Up On Bitcoin

The crash no doubt affected a number of Pyth Network users. The network has apologized to affected users, saying, “We’re very sorry for any hurt incurred for Pyth customers.” And the team has asked those affected by the flash crash to reach out to the team either through Twitter or Discord. The team continues to work on figuring out the cause of the crash and will produce a report of their investigations.

Featured image from Yahoo Finance, chart from

Ray Dalio: If BTC Works, Regulators May Destroy It

In the past, Ray Dalio – a billionaire investor that started the world’s largest hedge fund – has stated that the governments of the world could potentially try to ban or take one’s bitcoin units if the asset was to be successful enough.

Ray Dalio Warns Crypto Fans of Possible Government Action

Now, his warning has become even more dire, with Dalio saying that governments everywhere could potentially just try to “kill” bitcoin if it goes much further. He commented that the world’s number one digital asset by market cap could wind up being completely shut down by regulators who are looking to ensure banks stay in control and people’s financial futures remain in their hands.

While speaking at the SALT conference in New York, Dalio explained to an audience of listening crypto fans:

I think at the end of the day if it’s really successful, they will kill it and they will try to kill it, and I think they will kill it because they have ways of killing it, but that doesn’t mean it doesn’t have a place. A value and so on.

Banks and governments everywhere are allegedly afraid of bitcoin because it does something that standard financial institutions were never designed to do, and that is to offer monetary freedom to the people of the world. With banks in power, access is potentially limited to services and products for many people that would be necessary to survive each day, and individuals do not have as much say in how far their money goes.

However, bitcoin does not care what your background is. It doesn’t care about your employment history or where you are situated. Rather, if you have access to the internet, anyone from anywhere can potentially open a digital wallet and start trading. Bitcoin makes finance easy, and banks are not crazy about this.

It’s a Good Diversification Tool

Dalio says that he is not an expert on bitcoin. In fact, he has often claimed he prefers gold in the long run, though he has sought bitcoin as a means of keeping his portfolio diversified, and over time, he has become more bullish on BTC, claiming:

I’m no expert on it … I think diversification matters. Bitcoin has some merit. The real question is how much [do you] have in gold versus how much you have in bitcoin. I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time.

Despite these thoughts, he was quick to warn his audience that everything could go south in a short period, warning that bitcoin could be “tulips in Holland” if people were not careful.

The post Ray Dalio: If BTC Works, Regulators May Destroy It appeared first on Live Bitcoin News.

Chipz Betting Platform Announces NFT Marketplace and UFC Champion Nick Diaz as Ambassador

The global gambling industry is in the midst of being completely reinvented thanks to the recent adoption of cryptocurrencies, and the now flourishing DeFi (Decentralized Finance) sector. This growth has been further propelled by the explosion of NFTs (Non-fungible tokens) and the emergence of esports in the wake of the Coronavirus pandemic.

The development of decentralized smart contracts & oracles have empowered sportsbooks to aggregate real life events onto the blockchain for immutable verification and betting enablement, while NFTs have given blockchain-based games, giving fresh vigour to industry

These technological advancements have subsequently led to a tsunami of new gambling projects, many with their own utility-based cryptocurrency or token, claiming to bring some innovative new technology to the table. But how many of these projects are just jumping on the bandwagon, and how many actually offer something totally unique to their competitors? Be The Bookmaker

One promising new project that stands out is, a privacy-orientated, DeFi-backed betting platform that lets its users become independent bookkeepers and take bets from other users on a broad range of various sports with the platform’s native ERC-20 CHPZ token.

To take advantage of this unique function users must register on the platform, create an account, choose a payment plan, and then link to a non-custodial wallet. Once an account is set up users can then create their own betting room via the Chipz interface, choose a sport, set the betting conditions, and then start taking bets

Chipz uses blockchain smart contracts to execute the dispersion of the prize pool to winning bets at the end of the event in a transparent manner. The functionality also allows those betting to rate the bookkeeper before the room closes, keeping bookkeepers accountable.

The platform launches in Q4, 2021, and will initially host betting for sports like NFL, NBA, and esports, and cover all sports, video games, casino games, and just about everything that people can bet on. also stands out from traditional alternatives as it has no limits on bets, no KYC, and a lending protocol to loan out CHPZ to users. The platform really does focus heavily on user privacy and control.

CHPZ DeFi Staking

Chipz will be the first to introduce DeFi-backed solutions for betting situations, allowing gamblers to stake the platform’s native CHPZ token and earn a yield over time based on the result of major events. Once the results of a sporting event is final, smart contracts automatically disperse the appropriate amount of the pool prize to bettors, bookmakers (based on rank), and CHPZ stakers.

CHPZ stakers will benefit from an initial 3% of the total revenue from all winning payouts and lose no profit from any fees from unresolved or canceled bets. Unlike traditional sportsbook staking, all staked CHPZ will be locked into a liquidity pool on Uniswap, and therefore entitle stakers to earn 3% of their staked CHPZ, in CHPZ!

Chipz NFT Marketplace

NFTs have been the catalyst for the 2021 cryptocurrency bull market and are becoming rapidly infused into the modern gaming ecosystem. Having helped change the shape of gaming, NFT assets now hold a tangible value outside the realms of gaming and betting platforms.

The Chipz NFT marketplace will go live on September 21st, tapping into a $3 Billion market with a series of exciting projects and major synergies. The first of which is, an NFT-based racing experience that uses wrapped Chipz tokens on the Clean NFT network of Tezos for purchases, race entries, and prize pools. Drive will give players access to buy, use and sell a limited selection of NFT cars, including:

3 F1 Racers
4 Supercars
5 street racers
12 Single Edition Vehicle NFTs

All of which will be listed on September 21, exclusively on The NFT cars can be used by players in the game for race events on “out-of-this-world quality” virtual race tracks to enter into a prize pool with their CHPZ tokens and bet on their vehicles to take the top prize.

Nick Diaz Joins the Chipz Team

Chipz has already attracted some big names to its advisory board, including American businessman Jacob Busch, former NFL running back TJ Duckett, and Limp Bizkit member DJ Lethal. The DeFi betting innovator has now announced that renowned UFC legend Nick Diaz will be Chipz first major brand ambassador.

To celebrate this announcement Chipz is extending the CHPZ public sale & NFT giveaway until the press conference for his fight at UFC 266, where Nick Diaz will be wearing a Chipz cap, and promoting the project.

Make Your Market with Chipz

With the marketplace launch imminent, and a new ambassador to promote the project the Chipz team is not resting on its laurels, A selection of Chipz mini-games will be released this month, along with other exciting market releases planned in the lead up to the launch of chipzdrive towards the back end of 2021

The innovative Chipz platform and NFT marketplace have the potential to create endless possibilities for all betting fans and potential entrepreneurs. Users can now be their own boss and earn from running a sportsbook and selling limited edition NFT assets. Anyone interested in being a part of the future of betting can join the public sale, and start the journey to become their own bookmaker.

The post Chipz Betting Platform Announces NFT Marketplace and UFC Champion Nick Diaz as Ambassador appeared first on Live Bitcoin News.

A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

A Deep Dive Into The Bitcoin Wallets Of U.S Congress Members, And Why Bitcoiners Are Strongly Against Them

Key takeaways

  • U.S. Congress’ split disposition towards cryptocurrencies raises concerns among market participants.
  • Bitcoin proponent, James Loop goes digging into the financial disclosures of Congress members.
  • His findings revealed only three Congress members have ever disclosed that they hold Bitcoin.

The United States is a key base for innovation and adoption in the cryptocurrency industry. According to data from Crunchbase, there are at least 1,135 organizations founded in the U.S. that provide various cryptocurrency-related services.

Despite the broad adoption of the asset class by the country’s citizens, the government is still divided on opinions about the growing cryptocurrency industry. This can be seen in the U.S. Congress where members of Congress are split between those who support and those who do not support Bitcoin, the most prominent cryptocurrency.

This polarised disposition of Congress has been a pain point for Bitcoiners. Bitcoin market participants have pointed out several issues that emanate from the fact that there are still members of Congress who have not shown themselves to fully understand Bitcoin.

The sentiment is that Congress members who do not fully understand the asset, having not used it, should not be responsible for making laws about it. Additionally, market participants also think it will be a conflict of interest if members of Congress who oppose Bitcoin are found to be holding Bitcoin or if those who support it do not own any. 

Jameson Lopp, the co-founder, and chief technology officer of Casa – a leading provider of Bitcoin self custody solutions, has gone digging into the United States Senate Financial Disclosures portal. The investigation was carried out to identify Congress members who have declared holdings of cryptocurrencies, and Bitcoin in particular, in their portfolios. 

His findings paint a dismal picture as the majority of the members of Congress who have been vocal in supporting Bitcoin have not held the asset at all according to their financial disclosures for the year ending 2020.

According to his findings, only 3 Congress members have disclosed that they own Bitcoin. The now-retired Representative Bob Goodlatte of Virginia was the first Congressman to disclose the ownership of Bitcoin, doing so in 2017 even before laws were passed to make disclosure mandatory. According to his disclosure, he owned between $1,000 and $15,000 of Bitcoin at the time.

Among currently seated Congress members, only Senators Cynthia Lummis and Pat Toomey have reported Bitcoin holdings in their portfolios in 2020. Senator  Lummis reported owning $100,000 – $250,000 of bitcoin in 2020 making up between 0.6% and 2.75% of her net worth. Similarly, Senator Pat Toomey reported purchasing $1,001 – $15,000 of GBTC in June 2021. The GBTC investment is between 0.01% and 0.7% of his net worth.

The sleuth however concedes that he did not have the time and resources to go through the financial disclosures of all 535 congressional members. Nonetheless, it is telling that of the ones he checked, even members of caucuses in Congress that are affiliated to cryptocurrency and members that have drafted bills that will provide clarity for the industry do not hold Bitcoin or other cryptocurrencies as their financial disclosures show.

China Again? — Why The Crypto Market Lost Over $300 Billion In Hours And What To Expect

China Reemphasizes It's Not Yet Done With Clamping Down On Bitcoin

Key takeaways:

  • Crypto-market records over s$1 billion worth of Crypto liquidations in hours. 
  • Liquidated long positions significantly surpass shorts.
  • Fundamental factors pose serious threat to the market, but the road to recovery is near.

The crypto market has been hit with yet another massive liquidation. Within the last 24hrs, a whopping $1.03 billion worth of long and short positions have been liquidated, as reported by the aggregate derivative exchange platform ByBt.

When traders are long on a particular asset, they are simply gaining exposure to the cryptocurrency in question, in hopes that prices will surge significantly at a later time. It appears that a lot of investors were bullish on crypto for the most part, as long positions were significantly higher than shorts. Precisely $946.10 million worth of crypto was liquidated, while $6.56 million short positions were liquidated.

Liquidations usually take place in the crypto market when a trader’s leveraged position is forcefully sealed by an exchange when the trader’s initial margin is partially or totally lost. Futures and margin trading is usually where liquidation is common.

Many market pundits have warned against over-leverage, which they point to as the case of repeated liquidation. However, despite cryptocurrencies being high-risk due to the intense volatility, leveraging provides an opportunity for investors to generate significant profit. For this reason, liquidations are imminent.

On a larger spectrum, the question at hand is how the market will be affected going forward. Although no one can accurately predict, recent events hint that the dip could go even deeper, no thanks to fundamental factors like the ongoing Evergrande crisis.

“The Hong Kong stock market plummeted, triggering a decline in global markets and cryptocurrencies. The main reason is Evergrande, China’s largest real estate company with nearly 2 trillion debts.” wrote Chinese journalist Colin Wu.

Thus far, leading assets like Bitcoin, Ether, Solana, Cardano, and many others have dropped in price value and are, at this time, still going downwards. Bitcoin has plummeted to $42,928. While losing more than 7% in value today. Ether, XRP, SOL, DOGE, and Cardano are likewise seeing an extensive decline.

In response to the dip, analysts have responded to their previous sentiments on Bitcoin especially, saying that the expected floor price for this month remains at $42,000 and that a bounce will follow a while later. Altcoin analysts are also keeping their fingers crossed to see how the next 24hrs play out before predicting the market’s trajectory.

Assessing the odds of Solana dropping below $100 soon

A $100 investment in Solana a year back would have led to a $5000 return on investments right now. The digital asset has undoubtedly taken the market by storm and over the past couple of months, its valuation has parabolically risen. However, thanks to a major invalidation on the daily chart, a correction is possibly […]

Avalanche Defi Platform Vee Finance Attacked — $35 Million in ETH, BTC Siphoned

Avalanche Defi Platform Vee Finance Attacked — $35 Million in ETH, BTC Siphoned

On September 21, 2021, an Avalanche-based decentralized finance (defi) platform Vee Finance announced that it suffered from an incident that siphoned 8,804 ether and 213 bitcoin out of the system. The team has suspended the defi platform contracts and stressed that the stablecoins have not been “affected by the attack.”

Defi Project Vee Finance Suffers a Loss of $35 Million From Hack

The Avalanche (AVAX) blockchain has been a popular network in recent times and it has attracted a number of defi applications like, Trader Joe, Lydia Finance, Shroom Finance, and Osiris. The Vee Finance platform is another defi platform that has gathered a number of users and coins which added to the platform’s total value locked (TVL).

However, on September 21, the team explained that the project was “attacked” and updated the Vee Finance community via Twitter and an incident report. “Vee.Finance Incident Announcement,” the tweet details. “The Vee Finance team has suspended the platform contracts to ensure the safety of more users’ assets, and has suspended the deposit and borrow function. The Stablecoin section is not affected by the attack,” the disclosure further noted.

Vee Finance Project Insists Stablecoins Are Safe

In the incident report, the Vee Finance team disclosed that “8,804.7 ETH and 213.93 BTC were attacked.” At the time of writing, the loss equates to around $35.49 million using current bitcoin and ether exchange rates. “After investigation, the suspected attacker has launched the attack through the above address (etherscan address) and has collected the stolen assets in this address,” the Vee Finance team said. The defi project operators further insisted:

The Stablecoin section is not affected by the attack. Currently, according to address monitoring, the attacker has not yet transferred or processed the stolen assets further. The Vee team is actively working to further clarify the incident and will continue to try to contact the attacker to recover the assets.

The Vee Finance network attack follows an attack against the Pnetwork protocol on September 20, that saw the loss of 277 bitcoin (BTC) via the Binance Smart Chain (BSC). The Avalanche network saw its first major defi attack six days ago when Zabu Finance lost $3.2 million in a hack. The Zabu Finance hacker exploited the platform’s Spore Token protocol and minted 4.5 billion zabu and withdrew the coins to a secret wallet.

What do you think about the Avalanche defi platform Vee Finance getting hacked for $35 million? Let us know what you think about this subject in the comments section below.

US Treasury Dept sanctions crypto OTC broker Suex for alleged role in facilitating transactions for ransomware attacks

The government agency hinted at possible additional sanctions for "financial institutions, cyber insurance firms, and companies involved in digital forensics and incident response" that facilitated ransomware payments.

The United States Department of the Treasury has announced it will impose sanctions on Czech Republic and Russia-based business Suex OTC for allegedly allowing hackers to access cryptocurrency sent as payment for ransomware attacks.

In a Sept. 21 advisory update, the Treasury Department Office of Foreign Assets Control, or OFAC, added Suex OTC to its list of Specially Designated Nationals for which “assets are blocked and U.S. persons are generally prohibited from dealing with them.” The government agency listed Suex OTC’s offices in Moscow and Prague, as well as its website and 25 crypto addresses for Ether (ETH), Bitcoin (XBT), and Tether (USDT).

“Companies that facilitate ransomware payments to cyber actors on behalf of victims, including financial institutions, cyber insurance firms, and companies involved in digital forensics and incident response, not only encourage future ransomware payment demands but also may risk violating OFAC regulations,” said the federal agency. “The U.S. government strongly discourages all private companies and citizens from paying ransom or extortion demands and recommends focusing on strengthening defensive and resilience measures to prevent and protect against ransomware attacks.”

According to a Reuters report, Treasury Deputy Secretary Wally Adeyemo said that "exchanges like Suex are critical to attackers' ability to extract profits from ransomware attackers," seemingly targeting cryptocurrency. He added that the sanctions were an attempt to “disrupt the illicit infrastructure using these attacks."

Blockchain analytics firm Chainalysis said it had been investigating Suex's money laundering activity, claiming many of its funds were from "illicit and high-risk sources." The firm's investigation found that "tens of millions" worth of crypto payments came from addresses associated with different cybercrimes.

"In Bitcoin alone, Suex’s deposit addresses hosted at large exchanges have received over $160 million from ransomware actors, scammers, and darknet market operators," said Chainalysis. "$13 million from ransomware operators [...] $24 million from cryptocurrency scam operators [...] $20 million from darknet markets [...] $50 million worth of cryptocurrency from addresses associated with BTC-e."

Related: Bitcoin ledger as a secret weapon in war against ransomware

Ransomware attacks have seemingly been part of President Joe Biden’s agenda after a group of hackers breached the network behind the Colonial Pipeline in the United States in May, reportedly forcing the firm to pay more than $4 million in ransom. U.S.-based food packing firm JBS was hit with a similar attack which reportedly cost the company $11 million.

Many U.S. officials have targeted cryptocurrencies as the medium of exchange in these ransom payments. Biden’s national security adviser, Jake Sullivan, said in June that crypto “lies at the core of how these ransom transactions are played out,” citing cyberattacks as a “national security priority” for the U.S. government, particularly for “critical infrastructure.”

Fear & Greed Index suggests Bitcoin’s price is undervalued

The technical analysis tool is popular amongst crypto traders hopeful of securing an insight in the markets psyche.

Recent data from the Crypto Fear & Greed Index indicates that the cryptocurrency market is experiencing a period of investor fear with a 3-month low score of 27 out of 100.

By utilizing leading cryptocurrency asset Bitcoin (BTC) as the markets representative, the seasoned technical analysis tool informs cryptocurrency traders worldwide on the current emotional sentiment and bias of the market.

This data can be then used — in accordance with other analytical strategies — to determine the potential of a future surge or correction, and ultimately, whether price levels represent an opportunity to buy or sell the market.

A lower number out of 100 indicates a shift towards extreme market fear and that BTC may be undervalued, whilst a higher number represents extreme market greed and that prices could be inflated above true value, foreshadowing a future decline.

Following Bitcoin’s 10.4% decline to $43,313 this week, the index revealed a score of 27. The last time it printed a figure at or below this level was almost 3 months ago today on the 26th July.

The index recorded 1-year lows on the 21st July with a score of 10, followed by a parabolic rally to 5-month highs of 79 across late August and early September. This volatility has been paralleled across the entire cryptocurrency market, with prices frequently printing double-digits.

Related: Bitcoin bounces to $43K ahead of fresh crypto comments from SEC Chair Gensler

Reddit user u/_DEDSEC_ adapted the common trading mantra ‘buy the rumour, sell the news’ and commented that traders should "buy the fear, sell the greed."

Ethereum ‘head & shoulders’ chart pattern puts ETH price at risk of dropping to $2K

The bearish setup positions Ethereum price to extend the decline toward $2,000.

Ethereum's native token Ether (ETH) rates may fall to a two-month low after it slid below support at around $2,954, based on a classic trading pattern.

The $2,954 level represents a so-called neckline constituting a head and shoulders setup. In detail, the said support level appears to be a floor to three peaks, with the middle one (HEAD) higher than the other two (SHOULDERS).

A breach below the $2,954 level signals a trend reversal, suggesting that ETH/USD may fall by a length equal to the distance between the head's peak and neckline.

ETH/USD daily price chart featuring head and shoulders pattern. Source: Peter Brandt

Peter Brandt, CEO of global trading firm Factor LLC, shared the bearish pattern late Monday, noting that a successful breakdown below $2,954 could crash prices to arou $2,000.

"I am NOT saying I believe it, and I am saying I am not shorting it — but like it or not, if you own ETH, you will have to deal with it. This possible H&S exists, whether it is completed, fails, or morphs, it exists."

Research conducted by Samurai Trading Academy notes that head and shoulders reach their projected target almost 85% of the time.

Bullish outlook

Ether traded at $2,805 as of 00:22 UTC, its lowest level since Aug 7. However, the cryptocurrency later recovered to reach an intraday high of $3,104 and was wobbling around $3,000 at the time of writing.

The seesaw price moves came as a part of a correction trend that started after ETH/USD formed a sessional top at $4,030 on Sept 3. As a result, the pair initially fell by as much as 25.34% to hit $3,009. It then recovered back to as high as $3,675. 

Nonetheless, bulls started losing control all over again at the beginning of this week as a wave of selling triggered by a tumult in China's heavily indebted property sector hit crypto and traditional markets alike.

Ether dropped by 10.58% on Monday.

Some analysts anticipate that the Ethereum token would recover again if its price held above historic support levels. For instance, pseudonymous chartist PostyXBT mentioned $2,850 as "an important level" that kept Ether's bullish bias intact.

"Good to see ETH testing a key level of support at the same time as BTC," the Twitterati noted.

"Similar to BTC at ~$40k, ~$2850 is an important level that must hold."

PostyXBT's chart setup envisioned ETH/USD to retest $4,000 in the coming sessions.

ETH/USD weekly price chart featuring $2,850 level's history as support and resistance. Source:, PostyXBT

The Crypto Monk, another pseudonymous analyst, added that the latest declines flushed out weak traders and presented opportunities for strong hands to buy and send the Ether prices to a new all-time high.

Related: Bitcoin in ‘good shape’ as long as BTC price stays above $40K — Mike Novogratz

Brandt also noted that ETH/USD's drop might lead to a potential "bear trap," a technical pattern that occurs when an asset's price performance incorrectly signals an end of a bullish trend. As a result, traders with leveraged short positions could suffer losses should the spot ETH/USD rates rebound.

"I have a strong suspicion that recent weakness, especially overnight, successfully washed out weak longs and might have trapped some bears," Brandt wrote.

"Of course, subsequent price action would need to confirm this."

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

BTG Pactual becomes first bank in Brazil to participate directly in the crypto market

Financial institutions have been increasingly keen on being part of the booming $2 trillion cryptocurrency market, with over 13 of the world’s largest banks pushing roughly $3 billion in funding so far, into cryptocurrency. The latest major news came from Brazil. One of the leading Brazilian investment banks BTG Pactual has been trending within the crypto […]

Grootste Braziliaanse investeringsbank gaat bitcoin aanbieden

BTG Pactual, de grootste investeringsbank van Brazilië, gaat klanten binnenkort de mogelijkheid bieden om bitcoin te kopen en verkopen, zo meldt CNN Brasil. De bank lanceert ervoor een nieuw platform genaamd Mynt.

Het zal de eerste keer zijn dat een traditionele en gereguleerde Braziliaanse bank klanten aanbiedt via hen bitcoin te kopen of verkopen. BTG Pactual is de grootste investeringsbank in Brazilië en tevens de grootste in heel Latijns-Amerika. De bank bestaat sinds 1983 en heeft zo'n $72,6 miljard dollar in beheer.

CEO Roberto Sallouti vertelde aan Cointelegraph dat de stap een reactie is op vraag uit de markt. "BTG begreep dat er een grote kans lag in de wereld van crypto", licht hoofd van het Digital Assets-team André Portilho toe.

Volgens de bank is de bitcoinprijs nog wel volatiel, maar zijn er steeds meer bedrijven die het als betaalmiddel accepteren. Het noemt de Amerikaanse bioscoopketen AMC als voorbeeld.


Het kopen en verkopen van bitcoin via BTG Pactual zal voornamelijk gebeuren via een nieuw platform genaamd Mynt. Dat gaat op den duur ook andere digitale activa aanbieden.

Het platform zal zich behalve op bitcoinhandel ook richten op educatie. "Als een nieuwe klasse activa, zullen we ook content aanbieden ter educatie en om onze klanten te informeren over deze nieuwe activa en de technologie", legt Sallouti uit.

"We geloven dat dit, samen met alle educatieve inhoud die we gaan meenemen, niet alleen verschil zal maken, maar ook zal helpen bij de ontwikkeling van de markt", aldus Portilho.


Eerder dit jaar lanceerde BTG ook al een bitcoin investeringsfonds. Bij het Bitcoin 20 Multi-Market Investment Fund wordt 20% van de gelden gebruikt om in bitcoin te investeren. Ook dat was destijds een primeur in Brazilië. BTG Pactual biedt het fonds aan in samenwerking met de exchange Gemini.

Steeds meer banken gaan overstag en besluiten bitcoin aan te bieden. Zo kondigde de Amerikaanse Vast Bank kortgeleden ook aan dat het bitcoin aan alle klanten gaat aanbieden. Diverse andere banken lanceerden reeds bitcoin investeringsfondsen.

DeFi’s potential means more institutional demand for next-gen tokens

Ether’s impressive YTD gains have largely been overshadowed by the profits accrued by other smart contract-enabled projects.

There’s no denying that the last couple of years have seen the altcoin sector blossom and have a major impact on the crypto market at large. In fact, a quick look at data available on Google Trends shows us that searches related to the term “Ethereum killer” have been soaring over the past 90-days, signaling a growing interest among investors in various altcoins.

In this regard, a few cryptocurrencies — such as Cardano (ADA), Solana (SOL), Polkadot’s DOT and Terra (LUNA) — have made a major market push recently. SOL, in particular, has been turning a lot of heads among investors, thanks in large part to its most recent rally, which saw the cryptocurrency surge despite the market experiencing a massive selloff

In this regard, a few cryptocurrencies — such as Cardano (ADA), Solana (SOL), Polkadot’s DOT and Terra (LUNA) — have made a major market push recently. SOL, in particular, has been turning a lot of heads among investors, thanks in large part to its most recent rally, which saw the cryptocurrency surge despite the market experiencing a massive selloff

In addition, there are several other networks that have shown a lot of promise. For example, following the completion of its much-hyped Alonzo hard fork, Cardano, too, has been able to record substantial profits, posting numbers of +70% and +1,200% over the last 90 and 180 days, respectively. 

Demand for next-generation tokens soars

To gain a better idea of what the aforementioned developments mean for the market at large, Cointelegraph reached out to Antoni Trenchev, managing partner and co-founder of lending platform Nexo. In his view, there is growing institutional demand for coins such as Solana’s SOL and Terra’s LUNA, something that is made evident by the fact that both assets have been able to make their way into the list of top 15 cryptocurrencies by total market capitalization. Trenchev told Cointelegraph:

“This is a reflection of companies going deeper into crypto. Over the first two months of 2021, major institutions like BlackRock, Square and MicroStrategy were only just dipping their toes into Bitcoin. Now they’ve tasted its benefits and are looking to harness the untapped potential of up-and-coming blockchains and DeFi coins that could yield higher returns.”

Trenchev highlighted that such developments suggest that the crypto market may currently be in the midst of an alt-season; however, what’s different this time around is that established coins such as ETH and Bitcoin (BTC) are showing a higher level of stability in comparison to some of these newer assets. “Think of the current situation as alt season meets institutional interest, and yes, I think we will see more and more trends like this in the future,” he said.

The stability these institutions bring became fairly evident on Sept. 16 when Solana experienced a major outage wherein instead of going into a panic-induced sell frenzy, SOL barely lost any of its value, dropping less than 10%.

Solana’s run puts the market on notice

Earlier this month, institutional traders flocked to Solana as demand for Ether and Bitcoin (BTC) exposure seemed to plateau. In this regard, over the first week of September, SOL-centric investment products represented a whopping 86.6% of the total weekly inflows into the crypto investment market.

More specifically, per data made available by digital asset management firm CoinShares recently, SOL’s combined investment products witnessed inflows in excess of $49.4 million between Sept. 6 and 10. Not only that, for the week, SOL saw a 275% week-over-week increase in its value, representing 86.6% of total capital inflow into the crypto investment sector.

Lastly, other digital asset products have also continued to see major cash inflows for the fourth consecutive week, with demand for different altcoins quite easily exceeding that of BTC products, with the latter only witnessing minimal inflows of $200,000. For example, it is worth highlighting that during the first half of September, multi-asset products, XRP, Polkadot’s DOT and Bitcoin Cash (BCH) were able to register sizable financial inflows of fa$3.2 million, $3.1 million, $1.7 million and $600,000, respectively.

“Undiscovered” projects pique institutional interest

Kadan Stadelmann, chief technical officer of end-to-end blockchain infrastructure solutions provider Komodo, told Cointelegraph that rising demand for undiscovered projects is nothing new for the crypto market. However, what separates this time from previous cycles is the sheer amount of capital flowing in from institutions. He said:

“The risk is that this will lead to faster market cycles for specific cryptocurrencies that are outliers from overall market movements. We see extreme FOMO and price increases, followed by a large sell-off and price declines. With SOL, in particular, prices are down 20% this week. That doesn’t mean it won’t quickly return back to its all-time high. It’s just that people who are new to crypto should be aware that volatility is par for the course.”

Lastly, echoing Trenchev’s view, Stadelmann believes that as we move into an increasingly decentralized future, it will become more common to see a sharp increase in the price of different altcoins. “Hundreds of DeFi projects are flying under the radar. Many of these projects have solid technology and can gain upward price momentum once institutions recognize their potential,” he said.

The rise of altcoins is justifiable

One of the core reasons underlying the rise of many of the above-stated altcoins has been the lack of scalability offered by the Ethereum network. In this regard, despite all of its recent highly touted functional updates, the platform is only able to process around 15–25 transactions per second in its current state — all while offering an extremely low throughput capacity.

Not only that, even though the recently concluded London hard fork was designed to help regulate Ether’s rising gas fees — after rates rose as high as $40 and $70 earlier this year during Q1 and Q2, respectively — the figure still seems to be hovering around the $15–$20 range, which is quite high for the average Ethereum customer. 

Furthermore, during peak traffic hours, minting a nonfungible token (NFT) on the Ethereum network can cost up to 3 ETH, which, in many cases, may actually work out to a price point that is more than the actual NFT itself. On the other hand, Solana, as well as many other projects, not only offer faster transaction speeds but far lower gas prices, allowing for the more economical issuance of NFTs.

With Ethereum gearing up to make its transition to a proof-of-stake framework, it is expected that once the move is finally done, the platform will be able to process up to 100,000 transactions per second. However, until that day comes, it looks as though a growing list of smart contract-enabled platforms may continue to eat into Ethereum’s mammoth market share.

Is Ethereum on the verge of being overshadowed?

Ethereum’s most recent overhaul, the all-important London hard fork — which incidentally contained crucial updates such as the Ethereum Improvement Proposal 1559 — was supposed to deploy a new transaction pricing mechanism for the network, resulting in the ecosystem becoming deflationary in nature. 

Available data suggests that over 336,000 ETH tokens have already been burned, with the current burn rate currently sitting at 4.9 ETH per second or about 2.7 million ETH tokens per year, which would basically take the project’s yearly supply growth rate to 2.3% while taking its issuance to around 5.3 million tokens per annum.

Moreover, Ethereum is not the only project to make use of such a deflationary setup, since Solana is also known to burn 50% of its transaction fees to regulate the supply of its native SOL token. Khalid Howladar, chairman of MRHB DeFi — a Shariah-compliant decentralized finance (DeFi) platform — told Cointelegraph:

“While it’s clear that Ethereum is the current smart contract backbone of the DeFi ecosystem, Solana is emerging as a solid competitor with potentially more upside to come. Key factors such as cost and speed mean that Solana has become a solid challenger to Ethereum’s position both within the realm of programmable money (DeFi) and programmable media (NFTs).”

In Howladar’s view, institutions are only just getting their toes wet when it comes to DeFi, and therefore, the next few months could be extremely interesting in terms of how they become further involved. “If DeFi platforms can somehow ensure basic things like consumer protection using decentralized KYC and AML, they will take vast chunks out of banks’ market share, especially as peer-to-peer economic systems take hold,” he said.

Moving forward, it will be interesting to see whether Ethereum is able to maintain its current dominance levels, especially as a growing list of smart contract-enabled alternatives continues to garner mainstream market traction.

eGI Announces New Service ‘SAKURA WALLET’

eGI Announces New Service 'SAKURA WALLET'


SAKURA WALLET is a crypto wallet for eGI, XRI, and more in the future. 

It has been developed to provide the lock-up service and information of released data for the eGI investors. The decentralized data encryption is implemented on this wallet. Moreover, additional DAO services such as Data Locker and Scoring will be implemented in the future.

Different from the SAKURA NFT Platform, which was released the other day, SAKURA WALLET has the lock-up function for the investors. There is a possibility to integrate these services in the future.

“eGI Contributes to the Innovative NFT Platform: SAKURA”


You can make your account by e-mail from this page.

Get eGI from Coineal

eGI’s Mission:

eGI aims to engage the next generation of eSports, on the blockchain. eGI creates meaningful engagement like never before between fans and players of esports. On the eGame platform, users create communities, provide insight, create fantasy tournaments, engage in safe betting, and sponsor the growth of up-and-coming players all over the world. Get more information on eGI from the official website below.


・Official website:




Solana Price Analysis: SOL Trades Inside Price Channel Following Near 19% 7-Day Drop

SOL/USD – SOL Heading Lower Inside Descending Price Channel.

Key Support Levels: $130, $123, $121.
Key Resistance Levels: $150, $160, $180.

SOL is down a sharp 18.5% this week as it continues to trend lower inside a descending price channel. It managed to set a new ATH price in the first week of September at $216. Since then, SOL rolled over to form the falling price channel.

On Saturday, the cryptocurrency attempted to break the upper angle of the price channel but failed to go above $170. During the capitulation yesterday, SOL fell as low as $130 but has since rebounded to $135.

For SOL to continue the upward trend it established over the past month, it would need to break above the price channel and clear $160 (20-day MA).

SOL/USD Daily Chart. Source: TradingView.

SOL-USD Short Term Price Prediction

Looking ahead, the first strong resistance lies at $150 (upper angle of the price channel). This is followed by $160 (20-day MA), $180, and $200 (1.618 Fib Extnesion).

On the other side, the first support lies at $130. This is followed by $123 (downside 1.272 Fib Extension), $121 (.5 Fib Retracement), and $112 (downside 1.414 Fib Extension), and $100 (50-day MA).

The daily RSI is right at the midline, indicating indecision within the market. However, the 40hour RSI is beneath the midline.

SOL/BTC – Bulls Rebound From ​​0.003 BTC Support.

Key Support Levels: 0.00315 BTC, 0.003 BTC, 0.00288 BTC.
Key Resistance Levels: 0.0035 BTC, 0.00367 BTC, 0.004 BTC.

SOL is also heading lower against BTC, but the bulls are battling to hold the support at around 0.00306 BTC (1.272 Fib Extension). The market formed a bearish wedge over the past week, which caused SOL to fall as low as 0.00288 BTC (downside 1.414 Fib Extension).

The buyers managed to break toward the upside of the wedge over the weekend but failed to overcome resistance at 0.0035 BTC. The market has now returned to the 0.00305 BTC support, which is crucial to defend.

SOL/BTC Daily Chart. Source: TradingView.

SOL-BTC Short Term Price Prediction

Looking ahead, the first support lies at 0.00315 BTC (.382 Fib). This is followed by 0.003 BTC, 0.00288 BTC, and 0.00267 BTC (.5 Fib).

On the other side, the first resistance lies at 0.0035 BTC (20-day MA). This is followed by 0.00367 BTC (1.272 Fib Extension), 0.004 BTC (1.414 Fib Extension), and 0.0043 BTC (1.618 Fib Extension).

The daily RSI is still above the midline here, indicating that the bulls still weakly control the market momentum.

Metamask As The Most Solid Crypto Wallet In 2021?

Metamask As The Most Solid Crypto Wallet In 2021?

Easy-to-use, flexible, and has a pretty 3D orange fox looking at you when using it, yes, Metamask has everything to charm new users. But is it safe? What is it made for exactly? How to use it? Let’s find out in our following guide.

What’s Metamask?

Metamask is an Etherum virtual wallet that stores your cryptocurrency information. With the latter, you can send, add, or swap different tokens and ETH easily. It works as an add-on or extension on your web browser, in parallel with the trading platforms where you buy your favorite cryptos. The supported web browsers are as follows:

  • Google Chrome
  • Firefox
  • Brave

Moreover, Metamask also has its own mobile application, that will make great use of your fingerprint scan, if you have that feature on your smartphone.

Is Metamask safe?

First and foremost, you should see Metamask more as a bridge, and not as your one-stop solution for managing all of your ETH-based cryptocurrencies. In fact, Metamask is not the most secure place to store your virtual coins, as it is always and absolutely online.

Phishing sites could steal your username and password while you’re surfing on the web with your Metamask extension still opened. So the best advice would be to only open the extension when you actually need it. Also, we highly recommend using Metamask with MyEtherWallet or a ledger, so you can safely cold store your coins.

How to install Metamask?

In order to be able to start using Metamask from the comfort of your preferred web browser, follow the steps down below:

  1. Go on the Metamask official website (with one of the previously mentioned web browsers)
  2. Add the add-on/extension to your web browser by clicking ‘Get Chrome Extension’ for example
  3. The cute fox icon of Metamask will appear, click on it!
  4. Then, click on the Create New Vault button
  5. Thereafter, you will receive 12 seed phrases, so save them somewhere safe, they will be useful if you need to recover your account
  6. And you’re all set now, you can add Etherum in Metamask

What’s the difference between a ledger and a virtual wallet?

If you didn’t know, there are actually many ways you can store your cryptocurrency. There are web-based solutions, which are very popular since they are easy to use, but there are also safer (and more expensive) solutions.

Furthermore, you can store coins in a ledger, which is the best and most secure way to protect your crypto, as it is a hardware cold storing device with its own operating system. This OS is mainly designed to protect the stored assets.

In all cases, the best way to approach Metamask and other web-based crypto wallets is to combine them with other solutions. That way, you can get the advantage of all their best features and strengths, and your cryptocurrencies won’t be stuck all in one place.

Bitop Aims to Create A New Era of Artificial Intelligence in Crypto Trading

Bitop Aims to Create A New Era of Artificial Intelligence in Crypto Trading

The business world has seen some shake-ups in the last few years, especially with the boom of cryptocurrency and blockchain, the technology behind it. The expansion of the blockchain and crypto industry has seen many innovative and exciting projects pop up that are on track to push the industry even further and offer amazing products and services to consumers.

As the industry evolves, so do the needs of consumers, especially when it comes to interacting with digital assets as easily as they do fiat currency and traditional assets. So far, Bitop has shown exceptional promise. 

Bitop is one of the best digital asset exchanges that work for project development and implies services such as easy trading methods, easy payment solutions, and decentralized finance development. 

Moreover, it makes accountable the vast benefits of artificial intelligence by creating an ecosystem based on blockchain that solves users’ financial problems and helps them achieve their goals. 

Some of the features include:

Digital Assets:  Bitop has built a successful general asset model that includes metadata, ownership, status, life cycle, publisher, and more assets that can be transferred and replaced with metadata hash.

Payments: The platform offers a reconciliation payment system that is based on blockchain technology where real-time account information is registered when transactions take place making them quickly, effectively and accurately.

Mining: One of the biggest issues in the crypto industry is to maximize mining profits. Bitop has launched a mining data resource service platform based on blockchain technology that provides real and effective data services for individuals, institutions, and enterprises. It uses smart contracts to exchange and trade with external data, strengthening the connection between major links so that users can obtain stable and reliable income.

Internet Finance: With a high-quality blockchain, Bitop has been able to make up for the lack of internet finance and risks controls, mitigating any issues and making the platform safer and more transparent. It has alleviated the problem of information asymmetry and offer traceability, anti-counterfeiting, and transaction verifications to make blockchain technology the foundation of a new generation of supply chain finance.

Moreover, the digital exchange platform is also mining its own native token, BTOP which is powering the platform’s collateralized lending attribute.

Bitop’s token BTOP combines DeFi and centralized exchange to grant customers a clear and straightforward experience. It also offers an affiliate program where users can earn a certain portion of their referred user’s transaction fee as commission. The portal follows a tiered rebate ratio for its members and the cap limit is fixed at 15%.

Make sure to follow Bitop Exchange and not miss any of their special offerings and latest news:

For media cooperation, please contact Bitop PR manager on Telegram at @Harrison_Bitop or simply send an email to

Bitcoin Price Analysis: BTC rebounds from $41,200, swift return above $44,000 to follow?

Story 481387575

TL;DR Breakdown

  • Bitcoin price analysis is bullish for today.
  • BTC/USD saw another spike lower overnight.
  • Support was found at $41,200.

Bitcoin price analysis is bullish for today as a strong spike lower overnight was quickly rejected, pushing the market price back below $44,000 resistance. Therefore, we expect bullish momentum to return later this week, sending BTC/USD towards new highs.

Bitcoin Price Analysis: BTC rebounds from $41,200, swift return above $44,000 to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, lost 3.42 percent, while Ethereum is down by 2.69 percent. Meanwhile, Avalanche (AVAX) is among the best performers from the majors, with a gain of 2.3 percent.

Bitcoin price movement in the last 24 hours: Bitcoin spikes to $40.200

BTC/USD traded in a range of $40,468.33 – $44,160.32, indicating massive volatility over the previous 24 hours. Trading volume has increased by 7.25 percent and totals $42.59 billion, while the total market cap trades around $802.33 billion, resulting in the market dominance of 42.38 percent.

BTC/USD 4-hour chart: BTC set to reverse?

On the 4-hour chart, we can see Bitcoin price rejecting further downside, indicating an upcoming reversal.

Bitcoin Price Analysis: BTC rebounds from $41,200, will it return above $44,000?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action continues to trade in bearish market sentiment. After reaching the $53,000 mark on the 7th of September, a sharp drop of almost 20 percent followed.

From there, BTC/USD consolidated until the 13th of September, when a slight bullish momentum returned and took the market to $48,500. What followed was another drop of around 15 percent yesterday, with support found around the $41,000 price mark.

Since further downside was rejected and the Bitcoin price quickly moved higher, we expect a new swing low to be set. Overall, this price action development should lead towards more upside later this week.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a further downside was heavily rejected overnight after a brief spike below the $41,000 price mark. Therefore, we expect BTC/USD to reverse later this week and look to regain some of the loss.

While waiting for Bitcoin to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinbase Abandons Plan to Launch Lend Program After SEC Threatens Lawsuit

Coinbase Abandons Plan to Launch Lend Program After SEC Threatens Lawsuit

The Nasdaq-listed cryptocurrency exchange Coinbase has dropped its plan to launch a lending program after the U.S. Securities and Exchange Commission (SEC) threatened to sue the company.

Coinbase Will Not Launch Lending Program

Coinbase announced Friday that it has decided not to launch the Lend program. The exchange wrote:

Our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world. As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision not to launch the USDC APY program.

“We have also discontinued the waitlist for this program as we turn our work to what comes next. We had hundreds of thousands of customers from across the country sign up and we want to thank you all for your interest. We will not stop looking for ways to bring innovative, trusted programs and products to our customers,” Coinbase added.

Coinbase unveiled the Lend program in June where users could “earn interest on USD coin (USDC) with rates more than 50x the national average of a traditional savings account,” the company explained at the time. The program advertised that users could earn 4% APY and the “principal is guaranteed.”

However, Coinbase revealed in early September that the SEC sent the company a Wells Notice regarding its Lend program. “The SEC has told us it wants to sue us over Lend. We don’t know why,” the exchange said. “The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

Meanwhile, Coinbase is growing its business in some other ways. Last week, the company filed an application with the National Futures Association (NFA) to offer futures and derivatives trading on its platform. Coinbase is also raising $2 billion by selling bonds. Furthermore, the exchange announced Monday that Coinbase Prime, a comprehensive platform for institutional investors, is launching with updated capabilities.

What do you think about Coinbase abandoning its plan to launch a lending program? Let us know in the comments section below.

The Top Five Most Promising dApps Being Built On Cardano

Cardano Finally Ousting Ethereum? — Expect The Unexpected As Alonzo Hard Fork Kicks Off

The top five most promising dApps being built on Cardano smart contract

Key Takeaways

  • Cardano smart contracts arrival means that decentralized applications (DApps) can now be launched on the platform.
  • No DApps have launched yet, in part due to Cardano’s novel design challenges of eUTXO model.
  • However, several dApps are on the way that claim to have solved the design challenges.

The Cardano mainnet went live in late September 2017. However, it only recently delivered on its promise of being a smart contracts platform with its Alonzo hardfork combinator (HFC) event last Sunday.

With the highly awaited upgrade of the Alonzo testnet to the Cardano mainnet, the blockchain has become a fully-fledged smart contracts platform. This means that decentralized applications can now be launched on it.

It is still early days, however, for the platform as they are yet to see any decentralized applications launch despite several being in development. This has in part been due to the design challenges that Cardano’s novel e-UTXO model poses. Most prominent among the challenges is the fact that if the platforms are not designed properly, they may run into problems with multiple users utilizing it at the same time – technically called concurrency problems. This has already been exposed to be a serious challenge as shown in the initial testnet launch of MinSwap, a decentralized exchange. 

Irrespective of that, several (DeFi) and (DEX) platforms have already revealed their road maps for launch on Cardano. Some of these are billed to be game-changers in the cryptocurrency space in terms of cost efficiency, speed, and use cases.

One of the platforms in development is Sundaeswap, a decentralized exchange that will function much like Uniswap. The DEX is hoping to become the leading exchange on Cardano as well as a hub for initial DEX offerings or IDOs for new Cardano projects. On its roadmap, the platform intends to become fully functional, with limit orders and direct swap by the 4th quarter of the year. The team of developers has also claimed that they have solved the concurrency issues but are yet to publicize their solution.

Ariana is another exciting Cardano ecosystem decentralized application to look out for. It is billed to be the leading decentralized autonomous organization (DAO) on Cardano. This will make it possible to mint a US dollar stablecoin called sUSD using ADA as collateral. It also intends to offer a Danaswap, an automated market maker (AMM) decentralized exchange for stable multi-asset pools. The platform plans to carry out a public sale, a token generation event, as well as release its stablecoin and DEX in the 4th quarter of the year too.

Meld is also in development. It is to be a DeFi protocol comparable to Aave on Ethereum, meaning it makes it possible to lend and borrow tokens on Cardano. According to the Meld roadmap, MELDapp launch — Beta testing of the MELDapp begins on mobile and chrome — is expected in this quarter.

NFT gaming is also making its way to Cardano which has unique support for NFTs that do not require smart contracts to mint or trade the digital assets. Drunken Dragons Games is an NFT game on Cardano akin to Axie Infinity on Ethereum. 

Finally, the Cardano ecosystem is also expecting that it will have a real-world impact with the launch of Empowa. Empowa describes itself as the first ‘RealFi’ platform in the world, with a mission to increase affordable housing on the African continent, starting with Mozambique. The plans indicate that the project should start in earnest in 2023.