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Cryptocurrency

President Trump’s action triggers Ethereum plunge

ETH price is testing the $340 support and it remains at a risk of more losses.

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cryptocurrency, Crypto: Large investors transfer over 700,000 Ethers

Ethereum price was down more than 3% as it broke below the key support level of $350 support on news that the most powerful political leader, President Trump has halted the stimulus deal.

The president had earlier said via his Twitter page; “Nancy Pelosi is asking for $2.4 Trillion Dollars to bail out poorly run, high crime, Democrat States, money that is in no way related to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their request and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”

Explore the Nairametrics Research Website for Economic Data

What this means is that global investors would be wary of increasing inflow into risky financial assets like cryptos, global equities in the near term.

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READ: Thrive Agric drama: We only insure the farms, not funds of individual investors – Leadway Assurance

Price analysis: ETH price is testing the $340 support and it remains at a risk of more losses.

  • Ethereum price at this report was drafted, traded around $340.92 with a daily trading volume of $11 Billion Ether price is down -3.3% in the last 24 hours.
    It has a circulating supply of 110 Million coins and a max supply of ∞ coins.
  • Ethereum in recent days failed to breach the $355 resistant price level and dropped by 3%.
  • Ether is now trading near the $340 support and it is well below the 100 hourly SMA.
  • If it breaks through and ascends to around $350 it might in a matter of weeks reach $400 again, as the momentum on Ethereum based assets, DeFi cryptos maintain momentum.

READ: How foreign exchange risks and others affect the Nigerian pension industry 

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In addition, Ethereum’s latest on-chain activity, much like the market itself, features a mix of hopeful and cautious signals.

READ: Buying signs: Ethereum whales increase their Ether holdings by 84%

Also growing popularity of Ethereum based networks and the use of DeFi protocols are both a blessing and a curse.

  • The Ethereum network is presently close to reaching its technical limits, as DeFi and Tether are essentially responsible for as many transactions as the network can handle at the moment.
  • Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without fraud, interruption, control, or interference from a third party.

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading and Financial Market Analysis. Member of the Chartered Financial Analyst Society. You can follow Olumide on Twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. G

    October 8, 2020 at 10:46 am

    Please blame Nancy Pelosi and leave Trump out of this.

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Cryptocurrency

$100,000 bounty offered to catch crypto hacker

Harvest Finance, a major decentralized finance protocol, has recently tagged a $100,000 bounty as a result of a $24 million attack.

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$100,000 bounty offered to catch crypto hacker

Harvest Finance, a major decentralized finance protocol, has recently announced a $100,000 bounty, as a result of a $24 million attack targeting its liquidity pools.

In a recently released tweet seen by Nairametrics, Harvest Finance disclosed there is enough data so far to identify the attacker, “who is well-known in the crypto community.”

READ: Ethereum robber transfers $1.5 million worth of Crypto

READ: Where to invest $10,000 right now

READ: Biggest IPO: World’s biggest Fintech plans to raise $34 billion 

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Also, for the BTC addresses which hold the funds, there is now a significant amount of personally identifiable information on the attacker, who is well-known in the crypto community.

“We are putting out a 100k bounty for the first person or team to reach out to the attacker,” Harvest Finance tweeted.

READ: Crypto exchanges with most valuable crypto-assets in the world 

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Why it’s happening

Harvest Finance’s $100,000 bounty is coming on the back burner when it observed its protocol was apparently hacked, with the cyber hacker reportedly exploiting about $24 million from Harvest Finance pools and swapping for renBTC (rBTC).

Hence, Harvest Finance affirmed the hack, stating the protocol is “working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools.”

READ: Bulls on rampage, Ethereum wallets now record high

READ: Naira weakens at black market as external reserves loses $42 million in 1 week

The report reads,

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We are working actively on the issue of mitigating the economic attack on the Stablecoin and BTC pools and will update this thread in realtime as soon as additional details are available.

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The economic attack was performed through the curve y pool, stretching the price of the stablecoins in Curve out of proportion and depositing and withdrawing a large number of assets through harvest.

READ: Big entity transfers 51 million TRX

“To protect users, we’ve pulled y pool and btc curve strategy funds to the vault

“At this point, all Stablecoin and BTC funds are in the vault (not deployed in a strategy). No other pools are affected.

“To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.”

READ: Rich Bitcoin investor moved $175 million worth of BTC for just $0.84

What you should know

Harvest, a new (DeFi) platform created on the Kava blockchain, plans to launch a product that will enable users to earn more on Bitcoin, XRP, Binance coin, and two other cryptos.

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Harvest offers crypto users the platform to supply crypto assets for lending, and earn interest on them, as well as, use their crypto as security for borrowing,; this is according to Brian Kerr, Kava’s co-founder and Chief Executive.

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Cryptocurrency

Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58

A Whale is said to have moved 88,857 BTC, worth roughly $1.15 billion for a fee of only 0.00027847 BTC.

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Bitcoin Whale transfers $1.1 billion worth of crypto for $3.58

Big whales are definitely up to something, with the prevailing price seen at the world’s flagship crypto.

As Bitcoin’s price trades above $13,000, an unknown Bitcoin whale moved more than $1 billion worth of cryptos.

According to on-chain data Blockchain, the said whale moved 88,857 BTC — worth roughly $1.15 billion — for a fee of only 0.00027847 BTC, or $3.58 at the time of writing. The coins were confirmed in block 654,364 on Oct. 26.

READ: Two Bitcoin whales transfer 4,503 BTC, as Bitcoin stays above $11,400

What you should know

  • Bitcoin, at the time of this publication, traded at $13,085.43.
  • With a daily trading volume of $21.4 billion, BTC price is down -0.1% in the last 24 hours.
  • It has a circulating supply of 19 million coins and a max supply of 21 million coins.

READ: Crypto: REN, LEND and KNC emerge best performing DeFi assets

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That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.

Explore Data on the Nairametrics Research Website

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  • That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
    This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
  • Bitcoin accumulation has been on a constant upwards trend for months.
  • 2.6M $BTC (14% of supply) are currently held in accumulation addresses.

READ: Large entity moves Bitcoins valued $244 million

What this means

Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs. While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

What this means from a macro level is that the increase in the number of these large entities can be considered bullish.

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Cryptocurrency

Large entity moves Bitcoins valued $244 million

BTC whale moved about 18,901 BTC estimated to be worth about $244million, some hours ago.

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3 BTC whales move 140 million worth of Bitcoins from Binance

As the price of the Bitcoin, the world’s flagship crypto breaches above $13,000 price levels, a growing amount of large entities in recent times have been increasing their transactional volume at the world’s most popular crypto.

Data obtained from Whales Alert, a crypto analytic tracker, revealed that an unknown BTC whale moved about 18,901 BTC estimated to be worth about $244 million, some hours ago.

READ: 5 major reasons it’s good to buy Bitcoin

READ: Jaiz Bank reports 45.3% profit increase in H1 2020, involved in 21 litigations

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READ: PenCom okays N2.58billion for relatives of 591 deceased workers in three months

Meanwhile, at the time of writing, Bitcoin traded at $13,064.05 with a 24-hour trading volume of $18,700,010,754. BTC price is down -1.8% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.

Explore Data on the Nairametrics Research Website

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What this means: From a macro level, the increase in the number of these large entities can be considered bullish.

  • At the time this report was drafted, Bitcoin was still trading around the $13,000 support levels, as investors have kept buying BTC at its support levels.
  • Nairametrics believes the increased buying pressures by notable institutional brands are partly responsible for the non-dilutable crypto recent highs while it is difficult to predict market movements. BTC whales have shown historically that they often determine the BTC trend.

READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

Quick fact: At the BTC market, investors or traders who own large amounts of Bitcoins are typically known as Bitcoin whales.

  • This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
  • As BTC whales accumulate BTCs, bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
  • This means that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

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