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📉 ADA/USD Price Analysis - Weekly Overview

In the weekly price analysis, Cardano (ADA) has been trading within the range of $0.5 to $0.6 over the past week, experiencing a slight downtrend. The coin initially surpassed the $0.55 level but quickly retraced due to strong selling pressure from the market. At the time of writing, ADA is trading around $0.52, with relatively weak support.

📊 Weekly Chart ADA/USD:

- ADA has traded within the $0.5 to $0.6 range, showing a slight downtrend.
- Currently trading at approximately $0.52 with weak support.
- RSI sliding towards 67, indicating increasing selling pressure and potential further losses for ADA.
- MACD trending upwards, signaling optimism in the near future.
- The 20 EMA moving below the 50 EMA suggests bearish dominance in the market.

📉 Technical Indicators:
- RSI: Sliding towards 67, signaling increased selling pressure.
- MACD: Trending upwards, indicating optimism.
- 20 EMA below 50 EMA: Suggests bearish dominance.

📊 Conclusion:
Cardano (ADA) has shown a slight downtrend within the $0.5 to $0.6 range. The weak support at $0.52 suggests vulnerability to further losses. The RSI indicates growing selling pressure, while the MACD brings a bit of optimism. However, the 20 EMA moving below the 50 EMA points to prevailing bearish sentiment. Traders should monitor key support and resistance levels for potential trend reversals. #ADAAnalysis #Cardano #CryptoTrading 📉

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🚀🔥 Shiba Inu Announcement: Shibarium to Begin SHIB Token Burning in January 2024

Exciting news for Shiba Inu enthusiasts! The development team has officially confirmed that Shibarium, the layer2 network, will commence burning SHIB tokens starting from January 2024. Burned tokens will be sent to a dead wallet, ensuring they can never be retrieved.

This strategic move aims to reduce the circulating supply of SHIB, creating scarcity and potentially driving up the token's value. The team, in their latest blog post, has affirmed that Shibarium will initiate the token burning process immediately after January 2024.

This marks the first time Shibarium will implement the burning mechanism this year. The burning event is highly anticipated, especially among SHIB investors eager to witness billions of tokens being removed from circulation. The more tokens burned on Shibarium, the better SHIB's ranking prospects in the coming months.

🔥 Shibarium's burning mechanism will be fully operational from January 2024 onward.
The much-awaited burning mechanism will be fully operational from January 2024 onward. Shibarium charges users fees for transactions on the network, and these funds will be used to burn SHIB. Seventy percent of the base fee will be allocated to remove Shiba Inu tokens from circulation, while the remaining 30% will be used to maintain the network.

The burning process will kick off after collecting a total fee of $25,000 from users. Once the $25,000 threshold is reached, the first burning event will take place. However, the exact amount of tokens to be sent to the dead wallet is yet to be determined. More detailed information about this will be provided by the team in January.

In summary, a substantial burn is expected to contribute to the sustainable price increase of SHIB over the years. The primary goal for investors is to reach the 0.01 USD milestone. Whether burning will help SHIB approach this goal will only be answered with time. 📈🔥 #ShibaInu #Shibarium #TokenBurning #CryptoNews

[Awecredible @TheGabMonster]

🔄💰 Bit Mining Sells https://t.co/iknwa7iQtg’s Mining Operations for $5 Million

Bit Mining Limited has successfully sold the mining pool operations of https://t.co/iknwa7iQtg for $5 million to Esport-Win Limited, a Hong Kong-based company. Here's a summary of the key details:

Transaction Overview:
- Bit Mining (NYSE: BTCM) has divested its mining pool division associated with https://t.co/iknwa7iQtg for $5 million.
- The buyer, Esport-Win Limited, is based in Hong Kong.

Financial P
- While https://t.co/iknwa7iQtg's mining pool generated $593.2 million in yearly revenue, it incurred a net operating loss of $2.6 million over the full year.
- Bit Mining anticipates that the divestiture will lead to increased profitability and a stronger cash position.

Strategic Shift and erformance:Outlook:
- Bit Mining, formerly known as https://t.co/Wm9EMljtYa Ltd, transitioned from a sports lottery firm to focus on bitcoin mining in 2021.
- The sale aligns with Bit Mining's strategy to enhance core resources and advance the research and development of existing businesses.
- Xianfeng Yang, BTCM’s chief, expresses optimism that the disposal will strengthen the company's position for future expansion.

https://t.co/iknwa7iQtg's Evolution:
- When initially acquired, https://t.co/iknwa7iQtg's mining pool commanded over 10% of the total hashrate and ranked among the top five globally.
- As of December 30, 2023, https://t.co/iknwa7iQtg's hashrate share has decreased to 1% of the network’s hashrate, making it the 15th largest mining pool.

Assets Retained:
- While https://t.co/iknwa7iQtg's mining pool venture was sold, Bit Mining retained ownership of the internet domain https://t.co/EUQYnxLjcs and blockchain explorer services.

Bit Mining's strategic move aims to streamline operations, enhance profitability, and explore new areas for potential expansion. 🔄🌐💡 #BitMining #BtcCom #CryptoMining #BusinessNews

[Awecredible @TheGabMonster]

📉 #Solana (SOL) Slides in Market Cap, Drops Behind BNB

Solana (SOL) reluctantly surrenders its top 3 position in market cap rankings to BNB, just within a week of surpassing it.

📉 SOL is consolidating below $100 after a fervent peak last week. The memecoin frenzy has subsided, and airdrop allure from Bonk is no longer as prominent.

📉 In the past 24 hours, SOL has seen nearly a 10% decline, distancing itself further from the April 2022 peak of $125. At the time of writing, SOL hovers around $104.

📈 Not only SOL but around $144 million Long positions have been liquidated in the day, according to CoinGlass data.

💹 Last week's meme coins on Solana like BONK and WIF, often among the top gainers, have seen over a 50% drop from their monthly highs. This indicates investors are profit-taking and shifting to stablecoins to temper the volatility of these meme coins.

🔄 Unlike SOL undergoing a significant correction, BNB has capitalized on the opportunity to demonstrate its resilience. BNB's native token has regained its position in market cap rankings, which SOL had surpassed in the past few days. However, SOL still firmly holds the top 5 it gained from XRP on December 21.

🔍 In summary, Solana remains one of the top-performing cryptocurrencies in 2023. Despite the recent correction, SOL has surged over 958% since January, quickly recovering from the losses in 2022.

🔒 A deep correction is deemed necessary for SOL at this point to curb unsustainable growth, fueled by excessive leverage in derivative positions, noted David Shuttleworth, Anagram's representative.

📊 Shuttleworth emphasized that on-chain data indicates traders are tending to withdraw capital from SOL and reduce exposure to the token.

📉🚀 #CryptoMarket #Solana #BNB #Cryptocurrency

[Awecredible @TheGabMonster]

🔥 Shiba Inu Coin (SHIB): Recent Developments Unveiled 🌐🚀

Shiba Inu Coin (SHIB) is making waves in the crypto world with some noteworthy developments. Let's delve into the recent changes and their potential impact:

1️⃣ Dramatic Burn Rate Surge:

SHIB experienced a staggering 1800% increase in its burn rate.
Burning coins is a strategy to reduce supply and potentially boost the value of remaining tokens.
Despite the significant burn, SHIB's market price has not seen a corresponding surge, currently priced at $0.00001077.
2️⃣ Token Movement from Binance:

Approximately 228 trillion SHIB tokens were transferred out of Binance, a major cryptocurrency exchange.
Large-scale movements like this may signal portfolio reshuffling by major investors or potential changes within the SHIB ecosystem.
3️⃣ Market Performance:

SHIB is currently trading at $0.00001077, reflecting a modest increase of 0.65% in the last 24 hours.
24-hour high: $0.00001084; 24-hour low: $0.00001000.
Substantial trading volume, with over 4 trillion coins traded (equivalent to about $44.8 million).
📈 Market Dynamics and Considerations:

Despite the burn rate surge, SHIB's value is influenced by various market dynamics.
Large token movements from exchanges often spark speculation about potential developments or investor strategies.
Traders and investors are closely monitoring SHIB's movements for potential shifts and opportunities.

[Awecredible @TheGabMonster]

🚨 Telcoin Responds Swiftly to $1.2M Polygon Wallet Hack; Pledges Full Restoration 🛡️💼

In a recent setback, Telcoin faced a significant exploit within its wallet on the Polygon blockchain, resulting in a 40% decline in TEL token value and over $1.2 million unauthorized withdrawals. Here's a summary:

1️⃣ Exploit Details:

Telcoin exploited for ~$1.25M.
Exploiter utilized un-initialized proxy contracts, initialized with vulnerable implementations to transfer Telcoins.
2️⃣ Immediate Response:

Telcoin halted its mobile app to prevent further unauthorized transactions.
Temporary freeze on app use during investigation.
3️⃣ Security Measures:

Telcoin assured no compromise of private keys, backend systems, or user data.
Impact primarily on accounts with no previous app transactions.
4️⃣ Root Cause Identified:

Exploit linked to the wallet's interaction with the Polygon blockchain, not the Telcoin Wallet code itself.
5️⃣ Restoration Commitment:

Telcoin committed to restoring all affected wallets to their previous balances.
Demonstrates dedication to user security and resilience in the face of cyber threats.
6️⃣ Market Response:

TEL coin price initially plummeted by over 65%.
Significant recovery observed, trading at $0.00149 (21% increase in the last 24 hours, Coingecko data).
7️⃣ Lessons Learned:

Telcoin's response sets a commendable standard for proactive risk management.
Highlights the continuous need for heightened vigilance and security protocol enhancement in the crypto industry.

[Awecredible @TheGabMonster]

📉 Bitcoin Analysis: Confession and Potential Correction Alert 📉

Bitcoin Price Update:As of the latest update, Bitcoin is hovering around $42,500, maintaining a relatively narrow range. Recently, it experienced a dip to $41,637, but the overall movement has been sideways throughout the week. Altcoin investors are benefiting from this stability, witnessing positive trends in diverging altcoins.
Confession from a Famous Gold Bull:Amidst Bitcoin's price action, a notable gold bull has made an important confession. The confession comes at a time when BTC faces challenges in breaking a significant sell wall around the $44,700 mark. Despite its explosive breakthrough of tough resistances, Bitcoin is now at risk of a price drop.

Puell Multiple Indicator Warning:The on-chain analysis platform CryptoQuant has highlighted concerns related to the Puell Multiple indicator. This indicator has historically presented significant resistance levels for Bitcoin markets. Currently, it has reached values that, in the past, preceded notable price corrections. Similar scenarios unfolded in 2012, 2016, and 2019, suggesting a potential correction in the near future.
Bitcoin End-of-Year Forecast:Analysts are closely watching these indicators, and the Puell Multiple's historical significance raises caution about a potential correction. While Bitcoin has defied expectations in the past, the current resistance levels pose a challenge. The end-of-2023 forecast remains uncertain, with the possibility of a correction looming.

2024 Outlook: Bull Peak and Bear Market Predictions:Looking ahead, analysts are predicting a potential bull peak in 2024, followed by a subsequent bear market. This projection underscores the cyclical nature of Bitcoin's price movements and the anticipation of shifts in market sentiment.

[Awecredible @TheGabMonster]

📉 Altcoins on the Verge: Beware the 'Sell the News' Trap

The recent surge in altcoins, starting from mid-October, has propelled the market close to crucial resistance levels, raising anticipation for a potential AltSeason. However, signs suggest caution, with concerns of a 'Sell the News' scenario.

📈 Strength and Resistance:Altcoins have displayed remarkable strength, with a push beyond crucial levels anticipated to initiate a fresh upswing. The market sentiment hints at a phase of reloading and accumulating, preparing for a significant upcoming wave.
🔍 Analyst's Insight:An analyst, known as Stockmoney Lizards, highlights the altcoin market cap approaching the 2.618 FIB Extension level. While the levels are expected to hold for a few more days, the looming ETF news could lead to a short spike, targeting around $235 billion. However, the analyst issues a warning about potential rejection at these levels.

💡 Caution Amid Optimism:The expectation of a strong AltSeason is met with a note of caution, emphasizing the importance of closely monitoring market dynamics. The analyst's skepticism about the sustainability of the rally following the ETF news suggests a potential 'Sell the News' trap.
📅 Santa Rally Diffused?The question arises: Did the bears manage to diffuse the anticipated Santa Rally? As the market navigates these critical levels, investors and traders are urged to stay vigilant and adapt strategies accordingly.

[Awecredible @TheGabMonster]

📉📈 Tether Issues 1 Billion USDT: Inventory Replenishment or Market Manipulation?

🔍 Overview:

Tether, the issuer of the world’s largest stablecoin USDT, has reportedly minted one billion USDT, labeled as "authorized but not issued" by CEO Paolo Ardoino.
A report from Whale Alert on Tether's action has sparked questions and speculation within the crypto community.
Some individuals suspect that the minting could potentially influence the price of Bitcoin positively.
📅 Recent Actions:

Blockchain tracking platform Whale Alert reported on December 26th that Tether Treasury minted one billion USDT ($1 billion) on December 25th.
According to Tether's CEO Paolo Ardoino, this action is part of an inventory replenishment process, creating new USDT stored as "authorized but not issued" in Tether’s treasury inventory.
🔍 Tether's Transparency:

As of December 26, 2023, Tether's transparency section indicates 925 million USDT as "authorized but not issued" on Ethereum.
🔄 Consistent Actions:

Ardoino's statement aligns with a similar 1 billion USDT transaction in September 2023, where he clarified that the transaction was not an actual issuance but an authorization for upcoming issuance requests on the Tron network.
❓ Doubts and Speculations:

Some market observers express doubts and suspicions, questioning the authority behind the creation of 1 billion USDT and referring to it as a "Christmas miracle."
Positive rumors suggest that the recent USDT minting might be used to support the price of Bitcoin, with some linking it to a potential rise in BTC value.

[Awecredible @TheGabMonster]

🔒 Security Breach Alert: Telcoin's Mobile App Hacked, TEL Coin Plummets by 35%!

📉 Market Turbulence: Cryptocurrency project Telcoin is facing a significant setback as its mobile application falls victim to a security breach, causing a staggering 35% drop in the value of its native TEL coin within a single day. The incident, first reported on December 25, prompted Telcoin to immediately suspend its mobile app for investigation.

🛡️ Root Cause and Fix: Telcoin's update on December 26 revealed that the security flaw was traced back to the proxy implementation of the wallet on the Polygon network. This primarily affected wallets that had yet to initiate any transactions. The company claims to have implemented a fix for the issue, assuring users that all affected wallets will be restored to their previous balances before mobile app access is reinstated.

💸 Estimated Exploitation: Blockchain security firm CertiK estimated that the exploit led to losses of around $1.25 million. The exploit reportedly took advantage of un-initialized proxy contracts, initializing them with vulnerable implementations to transfer Telcoins. Notably, this specific contract was not within the scope of the audit conducted by CertiK.

🔄 Market Impact: Telcoin's TEL token experienced a sharp decline of 37% in the last 24 hours, plummeting to $0.00145 at the time of reporting. The incident also caused a substantial spike in trading volume, soaring by over 1400% to $18.8 million during the same period.

💼 Financial Repercussions: The security breach resulted in a significant drop in Telcoin's market capitalization, falling approximately $60 million from its previous $166.78 million to the current $105 million.

🌐 Telcoin's Assurance: Telcoin assures users that no keys, backend systems, or user data were breached. While the restoration of affected wallets is promised, the exact timeline for reinstating mobile app access remains uncertain, with Telcoin acknowledging that the process "may take some time."

[Awecredible @TheGabMonster]

Certainly! Here's a concise tweet summarizing the information: 🚀🚀🚀

"📉 BTC dips below $43K, sparking discussions in the crypto community. Amidst the broader market cooldown, data shows Bitcoin's resilience with lower volatility. What's your take on the recent drop? 🤔

[Awecredible @TheGabMonster]

Experienced analysts at Santiment have drawn attention to specific altcoins with notably pessimistic market sentiment. The identified altcoins with highly negative sentiment are Illuvium (ILV), Storj (STORJ), Litecoin (LTC), and dYdX (DYDX).🚀🚀

[Awecredible @TheGabMonster]

💡 According to the analysts, historical data reveals a linear correlation between FUD (Fear, Uncertainty, Doubt) and the potential for price increases.⚡️⚡️

[Awecredible @TheGabMonster]

Shibarium's Total Value Locked (TVL) has experienced a slight dip, currently standing at $1.03 million, reflecting a 8.98% decrease in the past 24 hours. This follows a peak of $1.13 million on December 23💎💎

[Awecredible @TheGabMonster]

Ethereum’s Bright Future: Analyst Michaël van de Poppe’s Insightful Report🚀🚀

Analyst challenges the narrative of Ethereum's decline.
Historical patterns suggest a potential rally for Ethereum.

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Former SEC Official Says Gary Gensler’s Legacy Could Be the Approval of Spot Bitcoin ETF💎💎

Securities and Exchange Commission’s former head of internet enforcement, a crypto skeptic, now believes that the SEC is likely to approve a spot bitcoin exchange-traded fund (ETF).

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We Asked ChatGPT if BONK Will be the Biggest Memecoin on Solana Next Year⚡️⚡️

Community and Technological Influence: BONK’s success could be influenced by its community support, social media trends, and technological advancements.

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The Bulgarian Prosecutor’s Office Clears Crypto Lender Nexo ⚡️

The post The Bulgarian Prosecutor’s Office Clears Crypto Lender Nexo! appeared first on Coinpedia Fintech News