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DeFi tries to recover from Curve hack, but exploits continue: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week.

The DeFi ecosystem is yet to recover from the crisis brought on by the Curve Finance hack, and even though the issue seems contained, another set of exploits hit the DeFi ecosystem this past week.

DeFi protocol Steadefi is the latest victim of an ongoing exploit as the ecosystem was still recovering from the Curve crisis.

Binance came forward to invest $5 million in the Curve token as the hacker partially returned the funds to manage the risk associated with the Curve token price.

In other news, Aptos has partnered with Microsoft to collaborate on multiple Web3 solutions, helping its token soar in double digits. Coinbase became the first publicly listed company to launch a decentralized layer-2 platform called Base, which has already attracted significant interest from the DeFi community.

Binance invests $5 million in Curve token as hacker partially returns funds

Binance Labs, the venture arm of cryptocurrency exchange Binance, has invested $5 million in Curve Finance (CRV), the namesake token of the decentralized stablecoin trading platform.

“Curve is the largest stableswap and second-largest DEX [decentralized exchange], with approximately $2.4 billion in total value locked and $215 million in daily volume at the time of writing,” Binance Labs said in the Aug. 10 announcement. Yi He, Binance’s co-founder and head of Binance Labs, said the firm is pledging its full support to the DEX “given recent events that have impacted the protocol.”

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Aptos token rises 11.6% after Microsoft deal to marry AI with blockchain

Aptos (APT), the cryptocurrency powering the layer-1 Aptos Network, is up approximately 11.6% since announcing it will leverage Microsoft’s suite of artificial intelligence tools to advance Web3 adoption among banks and financial enterprises.

This will be achieved by enabling the Aptos Network to tap into Microsoft’s Azure OpenAI service to explore innovations in asset tokenization, on-chain payments and central bank digital currencies, Aptos said in an Aug. 9 statement.

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Base network has officially launched: Here’s how it can be used

Coinbase’s Base network has officially launched after spending a few weeks in an “open for builders only” phase. The network is now ready to onboard users, according to an Aug. 9 announcement from the team.

Several Web3 development teams have simultaneously announced that they are releasing apps for Base, and the network’s team has released a schedule of upcoming events to celebrate its launch.

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Breaking: ‘All funds are at risk’ — Steadefi exploited in ongoing attack

DeFi app Steadefi was exploited for at least $334,000 on Aug. 7 in an ongoing attack. The app’s development team said in a social media post that the attack currently “puts all funds at risk.” The app’s total value locked has plummeted due to the attack, according to data from DefiLlama.

The Steadefi team posted a message to X (formerly Twitter) stating: “NOTICE: Steadefi has been exploited and all funds are currently at risk.” The team also confirmed that an on-chain message had been sent to address 0x9cf71F2ff126B9743319B60d2D873F0E508810dc on Ethereum in an attempt to negotiate with the attacker. Blockchain data reveals several large inflows on the Avalanche chain came into this address, beginning at 4:41 pm UTC on Aug. 7.

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DeFi market overview

DeFi’s total market value saw a bearish decline in the past week. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top 100 tokens by market capitalization had a mixed week, with most tokens trading in the red. The total value locked into DeFi protocols remained below $50 billion.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

Cryptocurrency

BONK Explodes by 20% Daily as Bitcoin (BTC) Remains Solid at $108K: Weekend Watch

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Bitcoin’s stagnation continues as the asset has made little to no attempt to move away from the $108,000 level.

While most larger-cap alts have produced insignificant gains, TON and BONK have emerged as the biggest gainers on a relatively calm Sunday morning.

BTC Calm at $108K

It has been a quiet period for the primary cryptocurrency. In fact, the latest major price moves came about two weeks ago – on June 23 and 24 – when it dumped to $98,000 before it soared past $105,000 a day later as the Middle East war was going rampantly.

Ever since then, though, the asset has been stuck in a tight trading range between $105,000 and $110,000. It tested the lower boundary on Wednesday, where the bulls stepped up and pushed it south toward the upper one.

On Thursday, BTC showed signs of a breakout attempt when it spiked to a multi-week peak of $110,500, but the bears stepped up at this point and didn’t allow a surge to a new all-time high.

The landscape has been somewhat unchanged since then, as bitcoin quickly returned to $108,000 and has not moved from that level for a few days. Its market capitalization stands strong at $2.150 trillion, while its dominance over the alts is at over 63% on CG.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

BONK on the Run

As the graph below will demonstrate, most larger-cap alts are slightly in the green on a daily scale. Such minor increases are evident from the likes of ETH, BNB, SOL, TRX, DOGE, ADA, BCH, LINK, and XRP. In contrast, HYPE and PI have lost some traction over the past 24 hours.

The biggest gainers are TON and BONK. The former has risen by over 9% and sits at $3, while the meme coin has exploded by 20% and now trades at $0.000022.

The cumulative market cap of all crypto assets has remained relatively stable at $3.4 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

We Asked 4 AIs How High Ripple (XRP) Will Go in 2025: The Answers Might Shock You

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TL;DR

  • Ripple’s price actions are a big prediction topic within the cryptocurrency community, with analysts and believers rushing to offer their insights and forecasts.
  • However, we decided to take a different approach this time and asked four of the biggest AI chatbots (ChatGPT, Perplexity, Grok, and Gemini) about their take on the matter.

2025 Price Targets

All four AI solutions seemed very coherent about XRP’s price potential this year, as Perplexity explained it:

“Ripple’s (XRP) price in 2025 is broadly expected to rise significantly from current levels, with expert forecasts varying but generally bullish.”

Although Ripple’s cross-border token has stalled in the past few months and is actually slightly in the red since the start of the year, all AIs had similar conclusions about its price moves until the end of the year.

ChatGPT laid out three potential scenarios, with the conservative one being at $3.4, which would match the asset’s all-time (and yearly) high. The optimistic is set at $5-$6, and the “aggressive forecasts” put the token at $10-$15 by the end of the year.

Google’s Gemini had similar ideas in mind, saying that “a realistic high could be in the $5-$10 range.” Perplexity also joined the $5-$10 club, which could be reached under “favorable conditions” (more on that later).

Grok was slightly more specific and was the only one that said XRP can finish the year lower than its current price tag. It noted that a “realistic price range” for the asset this year is somewhere between $1.8 and $5.81. Although that’s a pretty wide range, it concluded that the most likely peak will come somewhere between $3 and $4.5.

The Favorable Conditions

When it came down to outlining the factors that could impact XRP’s price moves this year, the AIs were once again aligned in their answers. First, they mentioned regulatory clarity and the official conclusion of the lawsuit against the SEC.

Although Ripple CEO Brad Garlinghouse stated in March that the case had been resolved and there had been several developments on the matter, the judge overseeing the case has yet to agree fully.

Second, the AIs brought up institutional adoption and bullish partnerships, such as those with Santander, SBI Holdings, and others. A spot XRP ETF will also play a significant role in the asset’s price trajectory this year, if approved, said the chatbots. According to ETF experts, the current odds stand at nearly 100%.

Lastly, the AI solutions highlighted the overall crypto market trends:

“Bitcoin’s post-halving performance and a pro-crypto U.S. administration under President Trump could fuel bullish sentiment across the crypto market, benefiting XRP,” – answered Grok, which was similar to what the others had to say.

Despite these bullish predictions for 2025, all four chatbots clarified that these are just that – speculative forecasts that might or might not come to fruition. Investors should do their own research before allocating funds to any cryptocurrency (or other asset, for that matter).

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Ethereum Price to Hit $6K This Year? Analysts Make Bold Call

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If pseudonymous analyst Weslad is to be believed, Ethereum (ETH) is caught in a tug-of-war between wildly differing futures: a historic surge past $6,000 or a soul-sapping plunge to $1,800.

The market technician claims that ETH is completing a massive ABCDE wave structure within a years-long “symmetrical pennant,” which can only mean one thing: explosion.

The Roaring Bull Case

In a recent breakdown, Weslad explained that Ethereum’s price action since its $4,851 all-time high has formed a giant consolidation pattern. According to him, this structure is now approaching a critical inflection point known as wave D, testing its upper boundary.

At the same time, a bullish Inverse Head and Shoulders (IH&S) pattern is emerging on the daily chart, with its neckline acting as stubborn resistance near $2,855.

This technical confluence suggests a coiled spring ready to unleash tremendous energy into the market, leading the analyst to state unequivocally:

“A confirmed breakout above the neckline [$2,855] would likely validate both the IH&S and the breakout from wave D, setting the stage for a potential expansion move toward the $6,000 target and beyond.”

Weslad’s audacious target found an ally in fellow strategist Jeremy Fielder, who declared in a video posted on X:

“We’re looking at $6,500 Ethereum by the end of the year and then a possible 10,000 Ethereum in early next year… Regulation is now pro-crypto. That’s all you need to know.”

He based his argument on the accelerating adoption of Web3 and a favorable regulatory shift, dismissing granular metrics in favor of a sweeping bullish tide.

While not as lofty a milestone as Weslad’s and Fielder’s, market watcher Titan of Crypto’s $4,100 target is not far off the ballpark. His thesis is hinged on Ethereum’s successful recovery back inside its crucial weekly trading range, noting that momentum is building towards the range high.

Looming Bear Trap

But don’t celebrate just yet. Weslad’s otherwise bullish analysis also comes with a stark warning for the downside scenario. He suggested that if ETH faces rejection at the critical $2,855 neckline resistance or the upper boundary of the pennant, a retracement into wave E becomes highly probable.

According to him, this trajectory would drag the price down towards a “high-confluence demand zone” spanning $1,400 to $1,800. That’s a potential 40% collapse from current levels.

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