Institutional investors have already shown how bullish they are on Bitcoin (BTC) and the broader crypto market, especially as they continue to accumulate USDT during the downturn. This bullish sentiment was once again on display as the institutional investor sent $445 million of USDT to exchanges to buy more crypto. Cumberland Transfers $445 Million USDT to Exchanges On-chain analytics platform Lookonchain revealed in a post on X (formerly Twitter) that crypto trading firm Cumberland has deposited $445 million from Tether Treasury into several exchanges. According to data from on-chain analytics platform Arkham Intelligence, Cumberland has been using USDT funds to…
Author: Crypto Flexs
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Binance Labs Invests in Solayer to Support Solana’s Ecosystem Solayer plans to solve Solana’s network congestion problem. Re-staking is a cutting-edge technology that promises to decentralize dApps. In recent months, Solana has seen more and more decentralized protocols join its ecosystem. These applications, attracted by its fast speed and developer-friendly environment, are crucial to strengthening the Solana network. One such app has recently received external recognition for its potential. Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, has invested in Solayer. The application aims to help increase Solana’s performance and secure the network and apps. Solayer…
Solana developers, validators, and client teams secured a majority stake in the network to address a critical security vulnerability before publicly disclosing the issue.According to Solana validator Laine, the process began on Wednesday, August 7, 2024, when the Solana Foundation reached out to known network operators via private channels. This initial contact was part of a strategy to carefully patch the vulnerability so that it could not be exploited in any way.Line added that operators can independently verify and apply the change via a patch provided via Anza engineers’ GitHub repository. Detailed instructions for implementing the patch were distributed to…
Darius Baru Aug 9, 2024 06:46 Ethereum developers discussed Pectra updates, PeerDAS implementation, and research findings at the All Core Developers Consensus Call #139. According to galaxy.com, on August 8, 2024, Ethereum (ETH) developers gathered via Zoom for the All Core Developers Consensus (ACDC) Call #139, which is held every two weeks. The meeting, chaired by Ethereum Foundation (EF) researcher Alex Stokes, focused on various updates and changes to Ethereum’s consensus layer (CL), the Beacon Chain.Pectra UpdateEF researcher Xiao Wei Wang is working on the next official release of the Pectra CL specification, alpha.4,…
Veteran trader Peter Brandt has warned that there is a 50% chance that Bitcoin (BTC) will crash below $40,000 this cycle. Brandt told his 734,000 followers on social media platform X that Bitcoin could crash by more than 35% from its current value by the end of next year. “I believe there is a 50% chance that BTC will drop below $40,000 before the last half of the halving.” Source: Peter Brandt/X Brandt also suggests that Bitcoin’s price action this year could be forming an inverted right triangle, similar to the black swan event Bitcoin experienced at the start of…
Hong Kong lawmaker Johnny Ng has urged the government and banks to ease banking restrictions on cryptocurrency and Web 3.0 companies, as many still struggle to open accounts in the country.Ng, a member of Hong Kong’s Legislative Council, wrote: mail Today X reported that Web3 companies are having trouble opening bank accounts, “hindering their ability to conduct business effectively.””Virtual banks should develop in a way that diversifies services and complements traditional banks,” Ng said, adding that Hong Kong should upgrade its virtual banks to manage virtual assets, which is in line with the government’s Web3 development goals.Ng said at a…
Terryl Dickey Aug 9, 2024 07:31 Binance Research highlights the need for cryptocurrency projects to focus on real value, sustainable revenue, and real user demand to ensure long-term growth. According to Binance Research, the longevity and resilience of a cryptocurrency project largely depends on its ability to provide real value to users. Short-term interest driven by narrative, emotion, and hype can drive initial engagement, but these factors alone are not enough for long-term growth, especially in bear markets.Current situationMany projects have successfully gained traction by leveraging popular trends such as AI and re-staking. However,…
SAND has found strong support recently as the bulls look to break out of the current pattern. Derivatives data showed a downtrend, with some expecting a bullish rebound. As the bear market in the SAND market triggered another liquidation rally, price action struggled to stay above key support levels. A bounce from the 50 EMA has led to a downtrend towards the support level of $0.23 at the time of writing. The bulls will now try to break the bearish boundary, especially as the price approaches the high liquidity zone. At the time of writing, SAND is trading at almost…
According to the latest analysis, Bitcoin can overcome the impending “death cross” if it flips $62,000 as support.In an August 9 X-only thread, popular trader Benjamin Cowen suggested a way for bulls to avoid a Bitcoin (BTC) price crash, based on history.$62,000 Becomes Key BTC Price Resistance HurdleThe recent BTC price action has brought BTC/USD to the threshold of another moving average crossover, classically known as a “death cross.”This includes the downward sloping 50-day simple moving average (SMA) crossing below its 200-day equivalent. The current 50-day and 200-day SMAs are 61,998 and 91,882, respectively, according to data from Cointelegraph Markets…
Market • August 9, 2024 3:57 AM EDT Posted 1 minute earlier ~ in Pump.fun, a Solana-based Mimecoin launchpad, eliminates token distribution fees and rewards token creators with 0.5 SOL ($80) when the token crosses the bonding curve.The platform will now allow the first purchaser of Mimecoin to pay the token creation fee instead of the creator paying a fee of 0.02 SOL ($3). “This opens up a use case where someone can create coins without having to purchase any supply at all.” Pump.fun Wrote About X.Memecoin creators receive a 0.5 SOL reward, regardless of whether they hold the tokens…