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RichQUACK became the most popular coin in August, according to CoinMarketCap

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More than 229,000 CoinMarketCap (CMC) users added RichQUACK.com to their watchlists. RichQUACK.com more than doubled from its closest competitor SENSO, that is, on the second line of the rating. Moreover, it managed to bypass even the world’s main cryptocurrency – bitcoin (BTC).

CoinMarketCap believes that the meme coin, which is based on the Binance Smart Chain blockchain and is the leader among the BNB Chain projects in terms of social activity, should thank its strong community for such success.

The project recently renewed its all-time high in the number of onchain chokers. The figure reached the 128,000 mark. In addition, RichQUACK.com has 268,000 followers on Twitter, 50,800 on Telegram, and 19,400 on Discord. Although the token has rolled back from its August peak in the past 30 days, it is still trading, up 1,220%, according to CoinGecko.

About RichQUACK coin

The coin was originally conceived as a pseudo-competitor to another popular meme coin, Dogecoin. It was launched in June 2021. RichQUACK is a community-driven platform with an automated liquidity feature that generates yields and static rewards for holders.

RichQUACK Coin is a BEP-20 format token. Its distinctive feature is hyper-deflationary characteristics. It has developed a special Black Hole algorithm that has absorbed 50% of QUACK’s circulating offering. The hole continues to exponentially absorb all of QUACK’s circulating supply, creating an ever-increasing price floor.

A 10% fee is charged for all transactions on the network. Of that, 5% goes to AutoFarm, where it is automatically distributed to token holders through the revenue farming system. The remaining 5% is locked up as liquidity in the PancakeSwap pool.

Earlier we reported that Coinbase started giving away crypto domains for free.

Cryptocurrency

Cryptocurrencies have overtaken traditional assets regarding profits. How to take profits from cryptocurrency? 

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Investments in cryptocurrencies in the third quarter paid off many times more than in precious metals or U.S. indices. Kaiko analysts report this in their newsletter. How to take profits from cryptocurrency? 

Despite the strong volatility, most of the cryptocurrency market surpassed other traditional assets in the III quarter, although in the II quarter, the market had double-digit losses. However, analysts point out that the growth of individual items on the list was solely due to some altcoins.

For example, the DeFi token basket (which includes altcoins MKR, IDO, AAVE, COMP, CVX) grew 60% thanks to the LDO token, which jumped from $0.6 to $3 during the quarter. How to lock in profits cryptocurrency? 

The cryptocurrency ether (ETH), despite a sharp pullback after the Ethereum update, also managed to close Q3 with a growth of more than 20%. Bitcoin (BTC), on the other hand, closed the quarter with a slight decline due to falling global risk sentiment, Kaiko said. The only successful asset in both Q2 and Q3 was the U.S. dollar index (DYX). Demand for saving assets fueled the index’s performance in both quarters.

The RSI indicator on the monthly chart for bitcoin promises a market bottom soon. Wave analysis promises another declining low and only then a reversal. The current price dynamics are very similar to the situation in 2015, as the price bounced both times from the candles of the previous historical high.

The current period is the shortest, so even if bitcoin were to reverse, the RSI would probably take more than one month to recover again. Also, in 2015 and 2019, the RSI fumbled for a bottom in 62 days and 91 days, respectively. The current RSI bottom was reached after 61 days.

Previously, we reported that the bear market in the cryptocurrency and financial world continues

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The U.S. Treasury Department considers cryptocurrency a threat to central banks and the financial system

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The formation of cryptocurrency rates, mainly due to market speculation, which may threaten the financial stability of the U.S. economy. This is the opinion of the U.S. Treasury Department; The Hill found out. Therefore, cryptocurrency threatens central banks. 

According to the Ministry, the cryptocurrency market will pose a threat to the U.S. economy and a cryptocurrency threat to national security. If cryptocurrency increases its interaction with the traditional financial system, it could end badly. The ministry has prepared a report for U.S. lawmakers, which called for increased oversight of the market. At the same time, the U.S. Treasury admits that so far the cryptocurrency market’s connection to the traditional financial system is “relatively limited.”

In August, the U.S. introduced a bipartisan bill to regulate the cryptocurrency market. According to its details, U.S. cryptocurrency traders are required to register with the Commodity Futures Trading Commission (CFTC).

The bill requires cryptocurrency exchanges to cross out or disclose conflicts of interest, maintain a reserve balance, and have a proper customer data protection program. For now, however, U.S. lawmakers are concerned about the U.S. House of Representatives elections, which will be held on November 8, 2022. Until then, U.S. authorities are unlikely to take concrete steps on the crypto market.

The White House is pushing for Congress to speed up the issue of cryptocurrency oversight. The U.S. Financial Stability Oversight Council urged policymakers to come to an agreement on the issue of cryptocurrency market regulation as soon as possible. The council suggests forming an interagency collaboration to close existing loopholes that allow shadowy crypto businesses to flourish. 

Earlier we reported about what happened in the world of cryptocurrencies on October 4

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Mastercard will start fighting cryptocurrency fraud. Mastercard accepts cryptocurrency is out of the question so far

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International payment system Mastercard has developed a new system that will help banks identify and block “dirty” transactions. CNBC wrote about it referring to the company. Soon we’ll see the Mastercard cryptocurrency card. 

The system, dubbed Crypto Secure, uses “sophisticated” artificial intelligence algorithms to determine risk on cryptocurrency exchanges. The system relies on data from the blockchain, publicly available transaction records, and other sources, the publication writes. There is a possibility that this is a preparation before the event when Mastercard will start accepting cryptocurrency. 

The development is supported by analytics firm CipherTrace, which Mastercard absorbed in 2021. With Mastercard’s solution, financial institutions and credit card issuers will be able to assess the risks of contact with a cryptocurrency business. CNBC notes that Mastercard has long used similar technology to prevent fraud in transactions with traditional money.

Earlier, Chainalysis analysts found that the volume of fraudulent schemes in the cryptocurrency market has decreased by 15% since the beginning of 2022. Compared to July 2021, fraud proceeds decreased by 65% to $1.6 billion. According to Chainalysis, the drop in proceeds can be attributed to the overall decline in the cryptocurrency market.

The only area of the crypto market where activity is growing are hacks and hacking attacks. Attackers stole $1.9 billion in July 2022 alone, compared to $1.2 billion in July 2021. According to Chainalysis, such high amounts of revenue from hacking attacks are due to the vulnerability of many decentralized finance (DeFi) applications to new attack vectors.

According to research firm Elliptic, attackers are also using cross-chain bridges to launder money. Experts found that criminals have laundered at least $540 million through the RenBridge cross-chain bridge since the beginning of 2020.

We previously reported that WazirX has cut almost half of its staff

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