Table of Contents
Bitcoin News: 29th October 2021
- Dogecoin Jumps 30%, Flips SHIB to Reclaim Meme Coin Throne
- How much did the Ethereum ecosystem lose to crypto-hacks in Q3
- Wharton School to accept crypto tuition payments for new blockchain program
- Bitcoin holding rate reaches 9-month high, boosting hopes of ‘bull flag’ rally to $70K
- Floki Inu (FLOKI) Rallies Over 50% Amid Aggressive Marketing Campaigns, Is It the New SHIB?
- Squid Game: Netflix Themed P2E Token Surges Over 2,400% Here’s Why
- Ethereum hits new ATH after Altair upgrade shows clear path to the merge
- First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US [LINK]
Dogecoin Jumps 30%, Flips SHIB to Reclaim Meme Coin Throne
After losing the top spot to Shiba Inu yesterday, Dogecoin has recaptured it today, with a 30 percent increase in just 24 hours.
DOGE is presently selling for $0.31, making it the ninth most valuable cryptocurrency by market capitalization.
The price of Shiba Inu, or SHIB, an Ethereum-based coin based on a dog meme, is currently $0.00007276. It is the tenth most valuable cryptocurrency in terms of market capitalization.
Shiba Inu nabbed the ninth spot yesterday, overtaking DOGE, but lost it today. It has gained 10% in the last 24 hours and 149 percent in the last week.
Despite being created as a joke in 2013, Dogecoin has become a popular cryptocurrency. Its value has skyrocketed as a result of billionaire entrepreneurs such as Tesla CEO Elon Musk and Shark Tank investor Mark Cuban pumping the coin’s value on social media and claiming that it will become a viable cryptocurrency.
Dogecoin isn’t a particularly useful cryptocurrency for now, but shops like Cuban’s Dallas Mavericks have started to accept it as payment.
Both Cuban and Musk have expressed their belief in the coin’s future potential, with Cuban even referring to it as the “strongest cryptocurrency” available. Dogecoin has its own foundation, which is trying to make the cryptocurrency a fully functional and worldwide accepted payment system. The Dogecoin Foundation’s advisory board includes Vitalin Buterin, the co-founder of Ethereum, and Jared Birchall, an Elon Musk spokesperson.
Shibu Inu is a cryptocurrency that operates on the Ethereum platform. Its value has also skyrocketed: in the last year, it has increased by more than 90,000,000%.
Both are meme coins, which are digital currencies inspired by internet memes, current events, online communities, and influencers. These coins, perhaps more so than typical cryptocurrencies like Bitcoin or Ethereum, can be extremely volatile.
The gains, on the other hand, have been enormous for early investors. Vitalik Buterin would be $32.5 billion richer today if he hadn’t “burned” (i.e. destroyed) the 505 trillion SHIB he was given in May.
Well looks like we’ve some more days left to add some concluding points to this battle.
How much did the Ethereum ecosystem lose to crypto-hacks in Q3?
While the crypto-sector has grown at an exponential rate in recent years, blockchain-related cybercrime has also increased. Hacker exploitation and cyber security issues have been a big source of concern around the world, and the increasing frequency of such incidents just adds gasoline to the fire.
According to a recent report compiled by Atlas VPN, over $1.1 billion in stolen cryptocurrency were reported in the third quarter of 2021. Furthermore, at almost $800 million, the Ethereum ecosystem paid the highest price for this.
The Ethereum network was targeted the most number of times, 20 to be exact, in addition to suffering significant financial losses.
The Poly Network theft, which saw the hacker flee with $610 million in stolen cryptos, was the most major hack on the network during this time. While the ‘white hat’ hacker returned the majority of the funds, it did expose significant weaknesses in the network. It also highlighted the gravity of the situation.
The Binance Smart Chain (BSC) network also had a bad quarter in terms of cyber security, with seven vulnerabilities totaling $23 million. BSC, on the other hand, can trace a significant portion of this sum to the pNetwork attack (which is different from Poly Network). In September, the cross-chain DeFi platform was hacked, and the hackers made off with almost $12 million.
Exchange attacks, on the other hand, have decreased dramatically in recent years as a result of increased compliance and security initiatives. Between July and September, however, seven hacks were still carried out. The most important incident occurred at Liquid, a Japanese bitcoin exchange. A total of $90 million in stolen tokens was lost as a result of the theft.
While the number of hackers scanning networks for vulnerabilities increased, rug pulls and scams surged dramatically, according to the research.
Overall, the first three quarters collectively registered 146 hack events. This was notably more than what had occurred in all of the past three years. It signifies a 20% increase since last year when 122 hack events and scams were seen.
This number is expected to grow as such exploits are continuing to take place in the ongoing fourth quarter. Moreover, the Ethereum ecosystem and cryptocurrency exchanges remain the primary targets for hackers, the report concluded.
Wharton School to accept crypto tuition payments for new blockchain program
The Wharton School at the University of Pennsylvania will accept cryptocurrency payments for a new online programme, the Philadelphia-based Ivy League school announced on Thursday.
According to a spokeswoman, the new programme, dubbed the Economics of Blockchain and Digital Assets, is aimed at individuals with finance and IT backgrounds and will address blockchain use cases, smart contracts, and the creation of decentralised autonomous organisations.
The curriculum is divided into six weekly modules, each of which covers seven case studies. It is now accepting applications, with the programme beginning on January 3. Students can use Coinbase Commerce to pay for the programme with Ether, USDC, or Bitcoin.
Professor Kevin Werbach, the program’s academic director, said, “We built this programme for business professionals and executives from a variety of backgrounds, including traditional finance, management, and technology.”
In the wake of the industry’s growth, Wharton developed the programme to help professionals gain blockchain understanding. Hiring in the crypto field has increased, putting organisations under pressure to hire crypto experts. As The Block previously revealed in August, more than 19 companies increased their workforce by thousands of people.
Werbach continued, “Blockchain and digital assets are not going away.” “We intend to provide business leaders, consultants, and entrepreneurs with the practical knowledge they need to design solutions by identifying the value drivers of these revolutionary technologies.”
Bitcoin hodling rate reaches 9-month high, boosting hopes of ‘bull flag’ rally to $70K
According to Glassnode statistics, a yearlong price surge in the Bitcoin (BTC) market has motivated traders to keep the token rather than trading it for other assets, indicating that traders are holding the token rather than trading it for other assets.
The overall quantity of “hodled or lost currencies” reached a nine-month high of nearly 7.21 million BTC on Oct. 28, according to the blockchain data analytics firm. In plain terms, the Bitcoin metric represented an increase in out-of-circulation tokens – those that had been stored in cold wallets by long-term holders or lost due to human mistake and had little prospect of being recovered.
As a result, the total number of lost/hodled Bitcoins has surpassed 34% of the cryptocurrency’s entire supply of 21 million tokens, making it more scarce.
Further data from CryptoQuant revealed that on Oct. 28, 2021, the total amount of Bitcoin reserves held across all crypto exchanges fell to its lowest level since August 2018 – 2.337 million BTC.
Meanwhile, since March 6, 2021, the Miners Position Index (MPI), which gauges the ratio of BTC leaving all miners’ wallets to its 1-year moving average, has been trading below zero, indicating considerable accumulation among miners.
“The amount of Bitcoins [owned by miners] is equal to what it was in May when the price was under $40k,” a CryptoQuant analyst said as BTC tried to recover after plunging below $60,000 on Oct. 26, adding:
“You can see easily how early we are still before the final bulls run.”
After a 60 percent rise in October, Bitcoin’s price dropped from roughly $67,000 to $58,100. BTC/USD, on the other hand, established a purple parallel falling channel range, enhancing the possibility that the structure is a Bull Flag.
Bulls Flags are bullish continuation patterns that push the price back in the direction of its prior trend after a period of downside consolidation. Once the price breaks above the Flag’s upper trendline with bigger volumes, the technical indicator looks for upward targets at a length equivalent to the magnitude of the preceding upswing, also known as Flagpole.
The Bitcoin flagpole is around $15,000 in length. As a result, the cryptocurrency may theoretically soar by as much as $15,000 from the breakout point. The Fibonacci levels in the chart above could serve as support levels for a rebound to or above $70,000.
In the short term, however, not all traders believe the current scenario is positive.
As the meme coins battle is taking new turns some new alternatives and competitors are coming up as well, sounds like a high tech version of a superhero franchise, man this story can get its anime adaptation.
Floki Inu Rallies Over 50% Amid Aggressive Marketing Campaigns
Floki Inu (FLOKI) has joined the list of meme cryptocurrencies that have seen a lot of money poured into them. The meme cryptocurrency has risen by more than 50% in the previous 24 hours, as lead performer Shiba Inu (SHIB) takes a break after a massive gain.
Investors appear to be withdrawing money out of Dogecoin (DOGE) and putting it into Floki Inu (FLOKI) and Dogecoin (DOGE) (DOGE). Furthermore, Floki Inu coin promoters’ vigorous marketing initiatives have helped the meme cryptocurrency acquire traction.
The London public transit system has been inundated with “Floki Inu” advertisements in recent weeks. Physical advertisements with the message “Missed Doge?” have been seen at London’s tube stations, buses, and trains. “Go get Floki.” The coin’s advocates wrote in a Medium post last month:
“To keep momentum moving, Floki Inu is assaulting the market with very targeted and aggressive marketing campaigns. These advertising campaigns will run together and will be a full-out assault of the London public transportation system.”
Floki has already agreed to spend $1.5 million on advertising, according to the company. The FLOKI price hit an all-time high of $0.00020 earlier today. In the previous two days, the meme cryptocurrency’s value has increased by 4x, a strong 300 percent increase.
As previously said, FLOKI’s latest gain coincides with the investment frenzy surrounding meme cryptocurrencies. Over the previous several weeks, the Shiba Inu (INU) has invaded the market, becoming the top-ten cryptocurrency by market valuation.
The SHIB crypto has been resting for a bit after hitting an all-time high of $0.0008 earlier this week, while other players like FLOKI and Dogecoin have taken the lead. This year’s investment excitement with meme cryptocurrencies is at an all-time high. It’ll be interesting to see if FLOKI can keep its price surge going by taking the SHIB route.
Squid Game: Netflix Themed P2E Token Surges Over 2,400%, Here’s Why
Squid Game, Netflix’s most-watched and talked-about Korean programme of all time, is now making waves in the crypto world. SQUID, a similar Play-to-Earn NFT gaming token, appears to be following the show’s popularity in the crypto market, with its price surging about 2,400 percent in just 24 hours. Within 24 hours, the squid token’s price jumped from one cent to $2.20, making it one of the largest gainers in the crypto industry. SQUID continues to rise, currently selling at $3.07, up 450 percent in the last 24 hours.
Players can purchase the native token in the Squid game and use it to participate in a variety of online games that allow token holders to multiply their holdings. The explanation for the massive increase in the price of the P2E token, according to Cornell University economist Eswar Prasad, was explained to the BBC.
“This cryptocurrency joins a long and growing list of digital coins and tokens that piggyback on random memes or cultural phenomena. Remarkably, many such coins rapidly catch investors’ fancy, leading to wildly inflated valuations. Naïve retail investors who get caught up in such speculative frenzies face the risk of substantial losses.”
The NFT craze has just seized the crypto industry, and P2E NFT games are all the rage right now. The fact that the NFT game’s creators chose to bet on the success of the current Netflix blockbuster demonstrates how crypto projects frequently bet on the trend. Another disadvantage of the SQUID token is that it is difficult to sell.
Many users were unable to sell their SQUID token on Pancakeswap, where it is now listed, according to a Coinmarketcap caution. While the specific cause of the problem is unknown, many Koreans believe it is an anti-dumping feature in which users must meet certain requirements before selling the token.
Autoshark gets flashloaned, is anything more yet to come?
After Peck Shield Inc. cover this news, it seems to have created havoc in the investors as well developers of autoshark, both their tokens’ values have dropped drastically as it can be seen in the charts.
With fins value dropping from 0.7$ to 0.4$ and Jaws value dropping from 0.7$ to 0.5$ the graph along with the company faced a huge downfall today, and this attack itself not being the first one on them made people worried and got covered in mainstream crypto news
After the breakout of the news, the developers said:
“Everyone, please give the Devs some time to figure out what happened exactly, and to come up with a first stage plan on how to overcome this unfortunate event. This wasn’t the first time, and probably won’t be the last, but AutoShark will keep on moving forward.”
They have tried to be optimistic and spread positive vibes to their customers but at the same time its quite hard to figure out what will happen next, but we’ll surely update you with it but for now no clear trace of hackers have been found or neither the location where the attack was from, it’ll be hard time for the autoshark developers to recover what they lost.
Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US
Coinbase’s iOS app has become the most popular in the United States. With its ascension to the top, it has surpassed some of the most popular apps, like TikTok, YouTube, Instagram, Facebook, and others.
According to SensorTower statistics, the mobile app of the largest US crypto exchange has climbed to the top of the list of the most popular free iOS apps in the country.
In the last few weeks, the app that allows users to purchase, sell, or simply hold various digital assets has climbed numerous positions.
TikTok, the Chinese video-sharing social networking powerhouse that debuted in 2016, is now in second place as of this writing.
YouTube is farther down the list, followed by other social media behemoths such as Instagram and Facebook. Surprisingly, Robinhood’s app does not even make the top 10 list. The financial services company’s iOS application is ranked 12th.
It’s worth noticing that Coinbase is represented in two of the top 50 free iOS apps. The wallet app for the exchanges is the 46th most popular app, ahead of Uber, Google Drive, and Microsoft Teams.
The Ascension of Coinbase cover the following-
Coinbase’s ascension to the top slot only confirms the company’s popularity surge over the last year or so. The company capitalised on the current crypto bull market, which has seen prices skyrocket.
As a result, the company’s user base, volume, and revenue all increased dramatically in the first quarter of 2021.
These amazing results were achieved just before Coinbase went public. As CryptoPotato revealed in mid-April, the company’s shares (COIN) were listed on Nasdaq, the world’s largest stock exchange.
Despite the fact that several early backers sold their assets and prices dropped in the month that followed, Coinbase continued to expand aggressively. In its most recent venture, the company decided to buy Skew, a famous crypto analytics startup.
Read Yesterday’s news here.