Here Are the Levels to Watch After Bitcoin Plunged $1,500

Earlier this week, Bitcoin surmounted $12,000 as global markets surged as the U.S. dollar saw a notable collapse. The world’s reserve currency, though, has since reversed, dragging down global markets with it. Like the stock market and precious metals, BTC has recently sustained a heavy correction. The cryptocurrency has plunged around 12% in the past 48 hours, shedding notable price support levels. Analysts note that all hope is not lost yet. Here are levels that the leading cryptocurrency must hold in the near future to maintain its technical uptrend as…

Yearn.finance’s $140M yETH vault proves investors are ravenous for DeFi

Yearn.finance, an automated DeFi yield-farming protocol, has recently launched the latest yvault strategy, yETH. yVault strategies are a set of predefined actions that allow users to deposit funds and have them automatically sent to liquidity pools where high-yield interest and additional token rewards are earned. The yETH vault was launched on September 2, along with the yWETH vault and a few other updates. The yWETH vault is equivalent to the yETH vault but uses wrapped ETH, an ERC-20 token pegged and backed by ETH.  According to a recent client newsletter…

Ethereum’s Mid-Term Outlook Remains Extremely Bullish Despite Today’s Drop

Ethereum has seen some rocky price action over the past few days, with sellers gaining clear control over its price action today after pushing it down over 20% from its multi-day highs. This selling pressure has come about in tandem by that seen by both Bitcoin and the rest of the crypto market, with this ongoing downswing marking a market-wide correction following the intense uptrend seen throughout the past couple of weeks. With regards to ETH, analysts are noting that this latest decline has not done much damage to its…

MIT is helping the Boston Fed build a CBDC that can be scaled for consumer use

The MIT Digital Currency Initiative, or DCI, is helping the federal reserve bank of Boston build a digital currency with the goal of scaling for consumer use. The DCI’s director Neha Narula told Cointelegraph: “We’re trying to build a high throughput, low latency transaction system that could be used by consumers and could handle the security and resilience required for a national currency.” The multi-year collaboration between the two organizations is still in very early stages and not much information is being released to the public. Yet the focus is not…

It’s been 4 months & KeepKey’s hardware is still vulnerable to remote ransom attacks

A Shift Crypto employee successfully deployed a ransom attack on Trezor and KeepKey hardware wallets last May. While Trezor released a fix on September 2, KeepKey has yet to fix the issue. According to a blog post published on September 2, the vulnerability affected all cryptocurrencies on affected devices. The exploit, which was first spotted on April 15 by developers Shift Crypto, also affected KeepKey wallets — which were originally based on a fork of Trezor’s code and likely operate on similar foundations. When asked about the vulnerability, a KeepKey…

Chainlink (LINK) Dives to Key Liquidity Region; Here’s the Case for Upside

The entire cryptocurrency market has seen some turbulence over the past 24-hours, with Bitcoin’s decline to lows $10,400 creating a headwind for the market. Despite its macro strength, Chainlink was not able to avoid the losses that came about as a result of this BTC movement. Analysts are now noting that Chainlink is trading at a crucial near-term level that could have significant implications for its outlook. One trader is particularly looking towards the price region between $12 and $13.50, noting that there is massive liquidity here that may slow…

Bitcoin price, stocks and gold plunge in tandem — What’s next?

The price of Bitcoin (BTC), the S&P 500 index, and gold all fell simultaneously on Sept. 3. The sentiment around the markets remains cautiously negative after the drop. Two factors likely triggered the abrupt decline of Bitcoin by over 8% on the day. First, miners sold off unusually large amounts of BTC in a short period. Second, the U.S. dollar index has started to recover from a key multi-year support area. BTC/USD daily chart. Source: TradingView.com Analysts also attribute the fall of gold to the rising U.S. dollar. The European…

Barron’s Recommends Hedging A Stock Portfolio, But What About Bitcoin?

Barron’s, an American finance publication operated by Dow Jones & Company, has given a rare suggestion to its audience to hedge their stock portfolios ahead of the upcoming election. The risk hanging over the market could also be responsible for the recent collapse in Bitcoin. Given the recommendation, how should crypto investors consider hedging their portfolio too? Or should stock market investors consider hedging against uncertainty with Bitcoin? Barron’s Warns Of Stock Market Decline, Recommend Hedging Portfolio Ahead Of “Weird” Election In a new report from financial market magazine Barron’s,…

Here’s Why More Downside Is Expected

Along with Bitcoin, Ethereum, and the rest of the crypto market, XRP has taken a significant hit during the last 48 hours of carnage. Ripple has since plunged by over 20% from its recent peak, but a bearish divergence forming could be a prelude to substantial downside ahead. XRP Falls 20% In Two Days, Is The High For 2020 Already In? The total crypto market cap within the last 48 hours had over $50 billion in value wiped out from the massive 2020 rally that at the peak saw an…

ETH miner revenue reaching a new all-time-high may be bad news for low volume yield farmers

On September 2, the revenue of Ethereum (ETH) miners reached an all-time high of 51,541 ETH. While this may be good for the miners, it could turn popular DeFi projects into a mousetrap. Ethereum miner revenue, percent from fees and total gas used. Source: Glassnode. When denominated in USD, these numbers are still below the record set on January 10, 2018 — when miners earned $32 million versus $23 million on September 2. The price of ETH at the time was approximately three times the current rate. However, what is…