Connect with us

Cryptocurrency

Bitcoin hash rate increased. Implications for Stocks – Bitcoin Magazine

Avatar

Published

on

Bitcoin Pro Banner Magazine

Below is an excerpt from a recent issue of Bitcoin Magazine Pro, Bitcoin Magazine Premium Markets Newsletter. To be among the first to receive these and other on-chain Bitcoin market insights straight to your inbox, subscribe now.

New all-time high hash rate

Just two months ago, the 2022 expansion of Bitcoin’s hash rate looked bleak. The price of bitcoin has fallen, mining margins are shrinking, and large public miners are dumping their bitcoin holdings, and it is time to reconsider the market cap miners’ case. Fast forward to today: The price fell from a bearish market rally to $25,000 while the online hash rate rose to an all-time high of around 250 EH/s. The chops, range, and spikes in the bitcoin price have not affected the hash rate from ripping higher this year. The hash rate hasn’t really fallen on a 30-day growth basis since July.


Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Cryptocurrency

The price returned to $57, but the risk of a new attack looms

Avatar

Published

on

Ethereum-based decentralized finance (DeFi) protocol Aave has suffered an attack led by Avraham Eisenberg. He was the controversial person behind a complex race against Mango Markets. Running has been called an attack by some and a clever strategy by others.

Aave (AAVE) is trading at $57 with a loss of 7% and 36% in the last 24 hours and the previous week, respectively. Curve Finance’s native CRV token was also part of the attack. This token has seen significant selling pressure in the short term but is trending higher during today’s trading session.

AAVE price is moving sideways after a bearish trend on the daily chart. source: AAVEUSDT TradingView

Organizing an attack on Aave, first attempt?

Rudy Kadosh, Founder, Portfolio Management Project Nested, Summarization Yesterday’s event and the Bad Debt attack on Aave. According to this report, Eisenberg borrowed $83 million from CRV and used $50 million USDC stablecoin as collateral on the decentralized finance platform.

Eisenberg published the thesis that supported this strategy in October 2022 via his Twitter account. It was public, and its goals were very well defined: to leverage its seed capital to influence the price of an illiquid token, such as CRV or Ravencoin (RVN), in the hope of creating “bad debt”, the excess liability assumed by the protocol.

Advertisement

To pay off this debt, Aave will launch an auction mechanism involving the sale of AAVE in the spot market. By taking a short position on this symbol, Eisenberg would benefit.

By paying the price of the underlying security, the Aave borrower can double or increase its price by “at least” five times. This attack was unsuccessful, Kadosh noted, due to a lack of capital. The actor was trying to liquidate a CRV whale to create bad debt.

However, while executing the attack, the team behind Curve Finance released the white paper for a stablecoin, crvUSD. This announcement supported the price of the token and changed the trend. Kadosh noted:

– $sdCRV, $cvxCRV, $yCRV severed a lot with over 10% off $CRV recovery.

– People pay over 200% to borrow CRV dollars.

– Tell people that Aave is not secure while the system was ready for such an event.

Av’s future is in danger?

On the other hand, the protocol works as intended without central intervention. The team behind Aave claims that they will be speaking with the community and the DAO about the latest incident.

Advertisement

In this sense, the protocol may introduce changes in the coming days to mitigate “long-term asset risks.” Many believe that Eisenberg will resume his attack on protocol once he can accumulate more capital.

The “bad debt” attack on Aave was similar to the situation that led to the collapse of FTX. The failed company kept huge amounts of FTT, its original token. When the price of the asset collapsed, Sam Bankman-Fried’s empire followed.

Unlike FTX, as many users have pointed out, everyone has access to cross-chain information about Eisenberg’s transactions, the funding status of the protocol, and the amount of bad debt it holds on its balance sheet. This transparency is the critical difference between centralized ecosystems and decentralized protocols. The team behind Aave advertiser:

Most importantly, today’s events contrasted with those we’ve seen with centralized entities in the space — transactions were fully traceable and auditable on-chain, providing transparency to users and the community.



Source link

Advertisement

Continue Reading

Cryptocurrency

Industry Confidence in NFTs Amid FTX Collapse: Nifty Newsletter, November 16-22

Avatar

Published

on


In this week’s newsletter, read about how to make a Non-fungible token (NFT) The protocol was affected by the FTX crash which led to layoffs. Despite the effects of the FTX crash, players in the NFT space remain confident that NFTs will be restored. Meanwhile, Disney has brought back metaverse-support Bob Iger as its CEO, and check out how NFTs are taking center stage in Formula 1. And don’t forget this week’s Nifty News featuring China-based tech companies offering FIFA World Cup fans a way to metaverse. Like the experience of watching a football event.

Nickel Digital, Metaplex, and others are still feeling the impact of FTX’s collapse

Due to the effects of the FTX collapse, Metaplex NFT Protocol has laid off members of the Metaplex Studios team. According to the company’s CEO Stephen Hess, the collapse of the FTX cryptocurrency exchange indirectly affected their business. Because of this, the company is taking a “more conservative approach” as it moves forward.

Hess also highlighted that Metaplex is the base layer of the Solana NFT ecosystem. The NFT executive stated that it is his responsibility to ensure the sustainability of the protocol for his community.

Continue reading…

Advertisement

Industry expresses confidence in NFT space amid FTX meltdown

Despite the troubles brought about by the FTX disaster, NFT industry players still have hope in the space. Cointelegraph spoke with several people working in the space to ask for their views on how the space will recover from the bear market and FTX crash.

The space will stabilize and consolidate around the stronger communities, says Oscar Franklin Tan, CEO at NFT platform Enjin. By then, the space will see a second generation of “smarter and more sustainable NFTs.”

Continue reading…

Disney has brought back Bob Iger as CEO: Here’s the crypto connection

Bob Iger, best known as a metaverse backer, returned as CEO of Disney, replacing Bob Chapek. The CEO is known within the crypto space after working with digital avatar platform Genies.

Back on December 28th, the company filed a metaverse patent while Iger was still working at the company as CEO and Chairman of the Board. Despite this, the company said at the time that there were no plans to use the patent yet.

Advertisement

Continue reading…

Team NFT rides a gun as Red Bull Racing wraps up the F1 season

NFTs took center stage as Formula 1 ended the 2022 season. Red Bull Racing, a team that exchanges cryptocurrency Bybit as its partner, dominated the racing championship. With this, the Bybit logo will be displayed alongside an NFT artwork called Lei the Lightning Azuki.

The Lei Azuki NFT is one of the pieces in the anime-inspired Azuki NFT collection of 10,000 NFTs. The NFT is listed at about $11,000 in Wrapped Ether (wETH) at the time of writing.

Continue reading…

Nifty News: Chinese Firms Present Metaverse World Cup Showcases, X2Y2 Dumps Royalties & More

With the FIFA World Cup underway, China-based technology companies have introduced Metaverse-like experiences that allow soccer fans within the country to access the World Cup within the Metaverse. Meanwhile, NFT Market X2Y2 retracted its royalty declaration, indicating that it will charge royalties on all current and upcoming pools.

Advertisement

Continue reading…

Thank you for reading this summary of the week’s highlights in the NFT space. Come back next Wednesday for more reports and insights on this actively evolving space.