It’s not a great day to be in crypto. Perhaps you’ve seen an article (or 20) about this. Perhaps you’ve been on Twitter, where our detractors are cackling gleefully over every headline, each one more harbinger-of-doom-esque than the next. To be fair, things are going badly. Crashed, collapsed, erased, plunged, obliterated and imploded are the operative verbs in most coverage, and they’re not being used incorrectly or in an exaggerated manner. There’s no putting a positive spin on a week where $400 billion in value just evaporated. Even for the most furiously determined buy-the-dippers and diamond-handed believers who feed off detractors and never say die, it’s dire out there.
I’m not interested in making a case for buying the dip or for dipping out forever and getting into, say, stockpiling gold bars in an underground bunker. But I do see this feral, angry, rabid bear market we find ourselves careening through as an opportunity for some much-needed course correction. I’ve argued before that the crypto space at large has lost the plot, forsaking the borderline revolutionary potential of decentralized finance for an inescapable horde of stupid-looking monkeys. I’m not the only person in crypto who feels this way, let alone the most prominent. Vitalik Buterin made similar points in his widely-read profile in the March 2022 issue of Time magazine.
As crypto has soared in value and volume, Vitalik Buterin has watched the world he created evolve with a mixture of pride and dread, writes @andrewrchow.
— TIME (@TIME) March 21, 2022
Comeuppances and consequences
Twitter is never a great sample audience, but given the sorry state of crypto’s public reputation, it’s not unfathomable or even unexpected that this crash is being met with derision and schadenfreude by people outside the space. From rampant scams to ugly nonfungible tokens (NFT) to carbon-spewing mining, we’ve given the outside world plenty of reason to not only be skeptical of crypto. Many people still think we’re a bunch of tasteless bros duking it out on an unregulated stock market imitation whose comeuppance has arrived. Even before this crash, some writers and publications openly speculated that a crypto bubble burst would push a group of mostly male, newly broken, and deeply disillusioned people toward fascism and away from democratic values and, by extension, society.
Whether or not you agree with that point — and I certainly don’t — it speaks to the dire state of crypto’s public image. Something has gone horribly awry when journalists at reasonably well-read political publications, however biased, are making even remotely compelling arguments for a crypto-to-fascism pipeline.
Perhaps I’m shouting into the void here, given that the absence of regulation is largely the point of crypto, and unregulated spaces will always and inevitably breed bad actors. But people, we’ve absolutely got to get it together.
Holding ourselves to a higher standard
Let’s do something interesting with crypto. Let’s use crypto to make people’s lives better and more enjoyable and easier. Let’s stop spending ungodly amounts of money on NFT projects that exist only to exist and, in most cases, eventually crash. It’s not even about civic responsibility or altruism. When did we become so unambitious? When did we become so self-involved, motivated only by profit, and interested only in solving insular problems? When did we become so incredibly boring? In crypto’s infancy, the mood was positively utopian. Now it’s anything but, even among the people who were once true believers. Are we truly so easily swayed?
Post-crash crypto ought to be better and smarter and more creative. We should be investing in projects and coins that enable a regenerative economy, support our much-needed natural ecosystems, make our cities smarter and more resilient, foster green energy, streamline supply chains, and fit into regular people’s investment portfolios. We should be thinking bigger. I know suggesting such a thing is a fool’s mission, but we should maybe consider cooling it with the yield chasing and the dreams of rags to riches without the work. We should figure out ways to separate crypto more meaningfully from the whims of the stock market, which is a large part of how we ended up in this catastrophe of a crash. Aren’t we supposed to remove the middlemen who have extracted so much value from the little guy? We’re not here to build a new Wall Street designed to make rich insiders richer.
The crash isn’t anyone’s fault, so to speak. But our reputation and the people delighting in what they see as the potential demise of decentralized finance? We did that to ourselves. When we come out the other side, let’s move forward with actual intention. It’s the only way we get to mass adoption. And it’s the only way we’ll survive.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Dominik Schiener is a co-founder of the Iota Foundation, a nonprofit foundation based in Berlin. He oversees partnerships and the overall realization of the project’s vision. Iota is a distributed ledger technology for the Internet of Things and is a cryptocurrency. Additionally, he won the largest blockchain hackathon in Shanghai. For the past two years, he has been focused on enabling the machine economy through Iota.
Bitcoin (BTC) Nearly Taps $25,000 Level For the First Time Since June
Bitcoin (BTC) is showing several bullish signs in the daily time frame but has yet to break out from a short-term corrective pattern.
Bitcoin has been moving upwards since reaching a long-term low of $17,622 on June 18. On July 19, it broke out from a long-term descending resistance line, which had been in place since the end of March.
On Aug. 11, BTC reached a local high of $24,918, which was the highest since June 12. However, it failed to sustain this increase and created a long upper wick in its daily candlestick (red icon).
If the upward movement continues, the closest resistance area would be found at $29,370. This target is the 0.382 Fib retracement resistance level.
An interesting reading comes from the daily RSI, which moved above 50 at the same time which the price broke out from the descending resistance line.
Since then, the RSI has created an ascending triangle (dashed), which is often considered a bullish pattern. The indicator is currently at 61, right at the resistance line of this pattern.
Therefore, a breakout above it would likely also cause the price to accelerate upwards.
Short-term BTC pattern
Despite the relative bullishness from the daily time frame, the six-hour chart shows that BTC has been trading inside an ascending parallel channel since the June 18 bottom. Such channels usually contain corrective patterns, meaning that an eventual breakdown from it would be expected.
Moreover, the price has created what resembles an even shorter-term double top (red icons), which is considered a bearish pattern made at the resistance line of the channel.
On Aug. 9 (green circle), the price rebounded from the midline of this channel and at a short-term ascending support line.
So, whether BTC breaks out from the channel or breaks down from the support line will likely determine the direction of the future trend.
Wave count analysis
The main wave count indicates that BTC is likely in wave three of a five-wave upward move (black). The sub-wave count is shown in yellow, and also suggests that the price is in wave three. So, this seems to be a 1-2/1-2 wave formation. If correct, it would mean that the upward move will accelerate in the near future.
In order for the count to remain correct, Bitcoin has to hold on above the slope of the original 1-2 (black).
The most likely long-term wave count is also bullish, aligning with the proposed short-term count.
For Be[in]Crypto’s previous Bitcoin (BTC) analysis, click here
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Binance recovers the majority of funds stolen from Curve Finance
Binance recovered and froze around $450,000 worth of the stolen assets, which is around 80 percent of the stolen funds.
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Crypto exchange Binance has recovered a big part of the funds from the recent hack that targeted the decentralized finance (DeFi) protocol Curve Finance.
In a tweet, Binance CEO Changpeng Zhao announced that the exchange has frozen and recovered $450,000 of the stolen assets, which is more than 80 percent of the stolen funds. According to Zhao, the hacker tried to send the funds to the exchange in various ways but was detected by Binance. The exchange is currently working to return the funds to their rightful owners.
The Curve Finance team detected the hack on Tuesday and alerted their users to refrain from using their website. An hour after the warning, the team announced that it was able to find and resolve the issue. However, the attackers were still able to hijack around $537,000 worth of USD Coin (USDC) before the issue was resolved.
According to experts from the blockchain analytics firm Elliptic, a hacker compromised the domain name system (DNS) of Curve Finance, which ended with malicious transactions getting signed. The experts told Cointelegraph that the funds were then sent to various exchanges and crypto mixers in an attempt to hide the trail. In the end, the funds were sent to Binance and were caught by its team.
This is not the first time this week that the good actors in the crypto community have worked to return stolen funds. On Monday, whitehat hackers and researchers returned an estimated $32.6 million worth of USDC, Tether (USDT) and other altcoins to Nomad, following the recent $190 million exploit.
The Curve Finance exploit is only one of the many attacks that happened in 2022. According to analytics firm Chainalysis, $2 billion worth of funds were drained because of cross-chain bridge hacks. This is 69% of the overall stolen amount in the year.
Institutional staking won’t take off unless asset lock-up solved: Coinbase CFO
Coinbase’s new institutional-focused staking product won’t be a “near-term phenomenon” while liquid staking is still being worked out.
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Institutional staking of crypto assets, including the post-Merge Ethereum, could become a “phenomenon” in the future, but not while their assets still need to be “locked up.”
Speaking during a Q2 earnings call on Tuesday, chief financial officer Alesia Haas noted that she didn’t expect their new exclusive institutional staking service, rolled out in Q2, to be a “near-term phenomenon” until a “truly liquid staking option” is available:
“This is the first time we had the products available. Previously, the way that institutions could have access to staking is via Coinbase Cloud […] But offering it as the delegated staking service similar to what we have for retail customers.”
However, Haas said it was still “early days” for their new staking service, adding they’ll likely only see a “real material impact” when they have created a liquid staking option for post-Merge Ethereum, also known as Eth2.
Liquid staking is the process of locking up funds to earn staking rewards, while still having access to the funds.
Haas explained that many financial institutions “don’t want their assets held indefinitely:”
“So when you stake ETH2 you are locking in your assets into Ethereum until the Merge and then some period after. For some institutions, that liquidity lock-up is not palatable to them. And so, while they may be interested in staking, they want to have staking on a liquid asset.”
Haas reaffirmed this issue is “something we are looking to solve,” and added that once this liquid staking is available for financial institutions that can pool in funds at higher proportions, “we’ll see the real material impact of institutional revenue.”
Investors and institutions have been able to access Coinbase’s delegated staking service through Coinbase Prime, which was first launched in Sep. 2021. The platform also offers other integrated services, such as access to a custody wallet with enhanced security, real-time crypto market data and analytics, and other crypto-native features like decentralized governance.
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