sebastian vargas

when everything turns round against you, never loss hope, just keep trus

[sebastian vargas @sevm1994]

Manta Pacific, the third-largest Layer 2 network by TVL, achieved this milestone within just five months of its launch. The project's New Paradigm campaign, which introduced yield-bearing assets to its Layer 2 network, played a significant role in attracting interest and pushing the network to the top four. Additionally, the platform's native deployment of liquidity and volume, along with its partnership with Mountain Protocol for yield generation from U.S. Treasuries, propelled Manta Pacific to secure a spot in the top three. Despite experiencing a distributed denial of service attack during its token launch, the project successfully navigated the challenge and compensated users for the congestion and increased transaction fees. Moving forward, Manta Pacific is transitioning to a zkEVM based on zero-knowledge proof technology while remaining compatible with the Ethereum blockchain. The focus of Manta Network, the parent network of Manta Pacific, is to support and foster the growth of projects within its ecosystem.

[sebastian vargas @sevm1994]

Bitcoin is currently consolidating around the $42,000 mark, with analysts keeping a close eye on the $43,000 level as an important indicator for a potential surge towards $50,000. Markus Thielen, the founder of 10x Research who accurately predicted BTC's drop to $38,000, advises traders to re-engage in long positions once Bitcoin breaks above $43,000. According to Thielen, Bitcoin has been following a bullish pattern with five waves since early 2023, and the recent pullback represents the fourth wave, with the fifth wave now commencing. This bullish outlook is supported by a decrease in selling pressure from investors taking profits from the Grayscale Bitcoin Trust GGBTC crypto investment vehicle. The launch of US-based spot ETFs on January 11 also influenced the correction during the fourth wave.

In other news, the Hong Kong Securities and Futures Commission has received its first bitcoin ETF application from Harvest Global Investments, a Chinese asset manager. Hong Kong regulators are ready to consider spot crypto ETF applications, following the recent approval of Bitcoin ETFs by the US Securities and Exchange Commission. Venture Smart Financial Holdings, another Hong Kong firm, plans to file a spot bitcoin ETF application and aims to begin trading in the first quarter. Both Harvest and Venture have also been in discussions with Hong Kong's central bank regarding the development of stablecoins in the region.

Additionally, Solana-based trading aggregator Jupiter has settled over $500 million in trades over the past 24 hours, surpassing Uniswap v3 to become the largest trading platform. CoinGecko data reveals that Jupiter lists 550 tokens and more than 5,550 trading pairs, with the USDC/SOL pair being the most active, boasting a trading volume of $166 million. Jupiter's meme coin, wen (WEN), has also seen considerable trading volumes of about $150 million across two trading pairs since its launch last week. On Wednesday, Jupiter is set to issue its JUP tokens, and nearly 1 million Solana wallets qualify for a share of the airdrop, representing 40% of the total supply. This large airdrop demonstrates Jupiter's popularity among traders.

[sebastian vargas @sevm1994]

Kaspersky, the Russian cybersecurity firm, has issued a public alert about a new malware specifically targeting cryptocurrency wallets installed on Mac computers. This malware focuses on Mac devices running operating systems version 13.6 or above, predominantly targeting newer devices used by crypto-savvy individuals.

The malware is distributed through pirated applications, bundled with an activator app that patches compromised pirated applications to run on the targeted computer. Failure to apply the patch renders the application inoperable.

Once it gains administrative rights, the malware scans the computer for installed cryptocurrency wallets and attempts to replace them with compromised versions. Its goal is to obtain access keys to these wallets and drain the cryptocurrency held within.

While malware targeting cryptocurrency wallets is not unheard of, this particular malware introduces two innovative aspects. Firstly, it uses DNS records to deliver its malicious scripts. Secondly, it replaces the wallet application with another infected version. The malware has been observed targeting Bitcoin Core and Exodus wallets in this manner, but it is uncertain whether it can target other cryptocurrency wallet applications.

Sergey Puzan, a security researcher at Kaspersky, has emphasized the serious risks associated with pirated software being linked to macOS malware. Cybercriminals exploit pirated apps to gain easy access to users' computers and obtain administrative privileges by tricking them into entering their passwords.

Furthermore, Puzan advises users to exercise extra caution when it comes to cryptocurrency wallets. He recommends avoiding downloading apps from unofficial sources and utilizing security software solutions to enhance protection.

[sebastian vargas @sevm1994]

The surge in new Bitcoin addresses indicates a growing wave of investor interest and a substantial accumulation trend. Investors seem to be capitalizing on the recent Bitcoin price dip, reflecting renewed confidence in the overall market. Despite fluctuations in value, the increased trading volume and engagement suggest positive signs for the health of the coin. These developments will be closely monitored to assess the sustainability of the accumulation trend and its potential impact on Bitcoin's price in the future. Bitcoin continues to be a focal point for investors in the dynamic world of digital assets.

[sebastian vargas @sevm1994]

The SUI cryptocurrency has shown a strong potential for further gains, as indicated by its recent price correction finding strong support at $1.31. The rounding bottom pattern in the SUI/USD pair suggests the possibility of a breakout towards $2.00, supported by the robust bullish momentum indicated by the RSI, MACD, and CMF indicators. Investors and traders are taking note of SUI's uptrend and the bullish momentum it has exhibited, despite facing resistance at $1.50. This correction could be seen as a buying opportunity, with the price bouncing back to $1.40. Technical analysis supports the bullish outlook, with the RSI rating indicating strong bull momentum, the MACD shift signaling increasing purchasing pressure, and the CMF reading reinforcing the bullish momentum with intense purchasing pressure. A breach and closure above $1.50 could propel SUI towards $2.00, with the ultimate target set at $2.50.

[sebastian vargas @sevm1994]

Max Keiser, a vocal Bitcoin supporter, recently criticized several top altcoins, including XRP, ADA, and BNB, referring to them as s-coins. Keiser believes that Bitcoin is the only cryptocurrency that deserves to exist and sees altcoins as unregistered securities. He also mentioned that the $50,000 price level is the new immediate target for Bitcoin, following a sell-off triggered by the approval of a spot-based Bitcoin ETF. Despite the dip, Bitcoin has seen a wave of growing interest from investors, as indicated by the increase in newly created Bitcoin wallets.

[sebastian vargas @sevm1994]

The Financial Stability Oversight Council (FSOC), a regulatory body established after the 2008 financial crisis, has regained its power to designate companies as threats to the financial system, including those in the crypto sector. While there are currently no signs of immediate action, the council has been highlighting stablecoins as potential risks to financial stability. Congressional Republicans have publicly expressed concerns over FSOC's involvement in regulating digital assets, urging the council to support legislative efforts instead. Although the FSOC has warned of the risks posed by stablecoins in the absence of comprehensive legislation, industry experts believe that it is unlikely for the council to utilize its regulatory powers. Critics argue that the council may be using the threat of risk designations as leverage to influence how crypto bills are written. The track record of the FSOC raises doubts about its effectiveness, as it failed to prevent recent industry failures and crises. Designating a crypto firm as risky would also raise questions about potential bias and why other major asset managers have not been targeted. Republican lawmakers are sending a warning that they will take action if the FSOC oversteps its authority.

[sebastian vargas @sevm1994]

Investors are closely watching the changing narratives surrounding Cronos (CRO) and AAVE, while considering Algotech (ALGT) as it demonstrates the potential for high returns after a successful presale. Despite Cronos (CRO) experiencing a decline in value, it remains a contender for long-term investment. AAVE, on the other hand, has faced market cap reduction and price fluctuations, although experts predict a potential peak in February. Meanwhile, Algotech (ALGT) has garnered attention with its impressive presale, offering investors the opportunity to benefit from innovative approaches and future ownership rights.

[sebastian vargas @sevm1994]

The future trend of Solana's SOLUSD price will be determined by its movement around the $100 resistance area. A breakout above $100 could lead to a 60% increase in Solana's price, while a rejection could cause a 25% drop. The daily RSI and wave count analysis indicate mixed signals, making the reaction to the $100 area crucial in determining the future SOL trend. Traders and analysts are generally bullish on Solana, with price targets ranging from $140 to $150. The recent breakout from a corrective pattern and the high trading volume on a decentralized exchange on Solana are positive indicators. However, confirmation of the bullish trend reversal and the completion of wave four are yet to be established.

[sebastian vargas @sevm1994]

According to a crypto analyst, history suggests that February could be a bullish month for Bitcoin. In the past, when Bitcoin closed the last four months of the year in the green and had a bearish January, February tended to be a green month with significant gains. Based on this historical pattern, the analyst predicts that February could once again see positive price movement for Bitcoin, potentially reaching as high as $53,000. Despite recent price declines, Bitcoin still maintains over 500 days of bullish momentum and remains supported by strong investor interest. Currently, BTC is trading just above $42,000.

[sebastian vargas @sevm1994]

OKX, the leading Web3 technology company, has announced an integration between OKX Wallet and SatoshiVM Bridge. This integration enables seamless connectivity between the Ethereum Virtual Machine (EVM) ecosystem and Bitcoin, marking a significant milestone in OKX's mission to promote interoperability between different blockchain ecosystems.

With the integration, OKX Wallet users can now access a wide range of solutions offered by SatoshiVM Bridge, including cross-chain transactions, trading, and earning opportunities. The solutions can be conveniently accessed through the OKX Wallet web extension.

SatoshiVM Bridge introduces unique features and advanced technology, empowering the Bitcoin ecosystem to issue assets and develop applications. Notable features include a community-driven Bitcoin ZK Rollup Layer 2 solution, an enhanced original Tapleaf Circuit scheme, and seamless connectivity between the Bitcoin and EVM ecosystems.

OKX, a globally recognized technology company, offers a comprehensive suite of products to cater to beginners and experts alike. These include the OKX Wallet, a powerful and secure crypto wallet enabling access to over 80 blockchains while ensuring users retain custody of their funds. The wallet incorporates MPC technology for easy wallet recovery and utilizes account abstraction-powered Smart Account for cross-chain transactions and interaction with multiple contracts.

Additionally, OKX provides a multi-chain decentralized exchange aggregator, a zero-fee NFT marketplace, and a powerful Web3 DeFi platform supporting earning and staking across various protocols and chains. The company boasts partnerships with renowned brands like Manchester City F.C., McLaren Formula 1, and Olympian Scotty James.

OKX's commitment to innovation is evident through their recent global brand campaign, The System Needs a Rewrite, advocating for a new paradigm driven by Web3 self-managed technology. As a leader in the industry, OKX continues to challenge the status quo and shape the future of blockchain technology.

[sebastian vargas @sevm1994]

JPMorgan has issued a warning about an upcoming selloff in Bitcoin, attributing it to anticipated outflows from Grayscale's Bitcoin fund. The bank suggests that these outflows will exert further downward pressure on Bitcoin prices in the coming weeks. JPMorgan's analyst, Nikolaos Panigirtzoglou, also explains that the recent inflow of $3 billion into new spot Bitcoin exchange-traded funds (ETFs) reflects a shift from existing Bitcoin investment vehicles or a transition by retail investors from digital wallets to more cost-effective spot Bitcoin ETFs. The decline in Bitcoin's price following the launch of spot Bitcoin ETFs, along with the significant outflow from Grayscale's fund, has contributed to the predicted selloff. Panigirtzoglou estimates that the overall outflow from Grayscale's Bitcoin ETF could reach $1.5 billion, potentially putting additional pressure on Bitcoin prices in the near future.

[sebastian vargas @sevm1994]

According to JP Morgan, there is hesitancy regarding the approval of an Ethereum spot ETF by the US SEC before May. Although they acknowledge the arguments supporting Ether's classification as a commodity, they remain skeptical about the SEC making a decision on this matter within the next three months. The anticipation for an ETH Spot ETF has increased since the SEC granted approval for BTC spot price-indexed exchange-traded funds. However, for those eagerly awaiting an ETH ETF, it seems that the wait will be slightly extended.

[sebastian vargas @sevm1994]

Crypto markets are experiencing a retreat over the weekend as the excitement surrounding Bitcoin ETFs fades and the correction continues. This week, the United States will have key economic events, including the release of the Manufacturing PMI and Services PMI reports, which are important indicators of business conditions and overall economic health. Additionally, the quarterly gross domestic product (GDP) report for the fourth quarter of 2023 will be published, reflecting the nation's economic activity and health. A positive economic outlook generally benefits high-risk assets like cryptocurrencies, but the market is still cooling after a three-month rally. Despite small daily losses so far, the predominant color for crypto markets this Monday is red.

[sebastian vargas @sevm1994]

Terraform Labs, the company behind stablecoin TerraUSD and Luna, has filed for Chapter 11 bankruptcy, citing liabilities and assets ranging from $100 million to $500 million. The company aims to address ongoing legal matters, including a fraud charge from the U.S. Securities and Exchange Commission (SEC) and pending litigation in Singapore. CEO Chris Amani states that this step safeguards their collaboration with the community in terms of infrastructure, tools, products, and ecosystem support. Meanwhile, former CEO Kwon Do-hyeong is awaiting extradition after being arrested for using false documents, and the SEC trial has been postponed to late March at Kwon's request.

[sebastian vargas @sevm1994]

Congressman Tom Emmer has expressed his agreement with former President Donald Trump's stance on central bank digital currencies (CBDCs), stating that they pose a serious threat to Americans' right to financial privacy. Emmer has offered his support to Trump in the fight against the expanding government surveillance state and has introduced the CBDC Anti-Surveillance State Act, which has gained significant support. While the Federal Reserve has begun exploring a digital dollar, it has not yet committed to creating one. Emmer believes that Trump will become more crypto-friendly during his second term as president, and analysts predict that a Trump victory in the upcoming election could lead to record highs for Bitcoin.

[sebastian vargas @sevm1994]

Nethermind, an Ethereum infrastructure provider, has promptly addressed a critical bug that was causing invalid blocks on the network. The bug, present in versions 1.23 through 1.25 of Nethermind's client, prevented block validation and raised concerns about client diversity. While this incident affected only a minority of nodes, it has sparked conversations about Ethereum's reliance on the majority Geth clients. The recent emergency hotfix emphasizes the potential for bugs in any client and the need for decentralized execution layers and sequencers. Achieving adequate distribution and fault tolerance is crucial for maximizing security in blockchain networks like Ethereum.

[sebastian vargas @sevm1994]

The XRP market is currently facing a critical situation, with technical indicators pointing towards a potential deepening crisis. The breakdown below the 200-day EMA and the impending bearish EMA cross suggests a dominance of bearish momentum, increasing the risk of further decline. The descending volume adds to the concern, indicating a lack of conviction in the downtrend and potentially leading to a more prolonged bear market. XRP needs to breach the resistance level at $0.66 and avoid breaching the support level at $0.42 to alter the bearish narrative. A reversal scenario would require positive developments in Ripple's legal challenges or adoption news to initiate a bullish EMA cross and increase buying volume.

Arbitrum (ARB) is currently experiencing a significant price correction, signaling a bearish reversal pattern. The loss in value for ARB might be indicative of the current sentiment towards Ethereum and its Layer-2 solutions, as interest in ecosystems like Solana grows. The critical support level at $1 is crucial for ARB to prevent further slides, while the resistance at $1.8 poses a barrier to recovery. For a reversal scenario, ARB would need to reclaim and consolidate above the $1.05 support, driven by enhanced user adoption or technological milestones within the Arbitrum ecosystem.

On a more positive note, Cardano has seen a potential shift in market sentiment with a candle of hope forming on the chart. The decreasing volume accompanying the downward price action suggests weakening selling pressure. ADA has found strong support at $0.4126, which could serve as a springboard for recovery, while the resistance at $0.5591 needs to be decisively broken for ADA to regain its bullish momentum. A bullish reversal scenario would require ADA to build on the momentum of the candle of hope and break through the resistance with increasing volume. Stabilized market conditions and positive developments within the Cardano network could serve as catalysts for a reversal from the current downtrend.

[sebastian vargas @sevm1994]

Terraform Labs, the company behind the failed stablecoin TerraUSD, has filed for Chapter 11 bankruptcy protection in the United States. The Singapore-based company disclosed assets and liabilities ranging from $100-$500 million. Despite the bankruptcy filing, Terraform Labs assures that it will fulfill its financial obligations to employees and vendors without the need for additional financing. The company also intends to continue expanding its Web3 offerings. The bankruptcy filing will allow Terraform Labs to proceed with its business plan while dealing with ongoing legal proceedings, such as litigation with the Securities and Exchange Commission. The SEC's civil case is related to the collapse of TerraUSD and its associated token, Luna. The collapse of these cryptocurrencies resulted in significant losses of around $40 billion. A trial involving the SEC and Terraform Labs' co-founder, Do Kwon, has been postponed to facilitate Kwon's extradition for his alleged involvement in a $40 billion cryptocurrency fraud.

[sebastian vargas @sevm1994]

US Senator Saddam Azlan Salim has voiced his support for cryptocurrency mining by proposing regulations that protect the industry. He believes that digital asset mining should not face penalties solely due to the nature of the business, stating that it should be allowed in areas that permit manufacturing and industrial activities. In December 2023, Marathon Digital achieved a significant milestone by mining 1,853 Bitcoins, contributing to a total output of 12,852 Bitcoins for the month. However, concerns have arisen regarding the upcoming Bitcoin halving in April and its potential impact on mining companies. Despite some controversy surrounding Bitcoin mining's environmental impact, politicians like Robert Kennedy Jr (RFK) argue against using it to restrict financial freedom. In July 2023, the US government planned to auction off almost $246 million worth of Bitcoin, acquired from illicit activities on Silk Road. The Department of Justice (DOJ) subsequently dispersed the 8,200 BTC across various Coinbase addresses.