Lưu trữ cho từ khóa: Exchange

Phân tích

DYDX gained 29% amid whale selloff, emerging as top gainer

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The native token of dYdX, a decentralized trading platform, recorded an impressive rally despite the whale selloff.

dYdX (DYDX) surged 29% in the past 24 hours and is trading at $1.28 at the time of writing. Its market cap is hovering around $820 million with a daily trading volume of $350 million.

The asset saw a notable increase in its large holder outflow after hitting the $1.31 mark for the first time since late July. According to data provided by IntoTheBlock, DYDX saw a whale inflow of 6.42 million tokens and an outflow of 6.82 million tokens—leaving a net outflow of 401,270 DYDX on Sunday, Oct. 20.

DYDX price and large holder net flow – Oct. 21 | Source: IntoTheBlock

Sudden increases in the large holder outflows usually hint at panic-selling. In this case, the whale selloff was neutralized due to increased accumulation as DYDX reached a three-month high of $1.33 later that day.

On the other hand, the DYDX exchange inflows have been significantly increasing since Oct. 18. Per data from ITB, almost 600,000 DYDX tokens entered centralized exchanges yesterday—suggesting that more investors might be looking to take profits before the price falls.

This movement is natural since 91% of DYDX holders are currently at a loss—only 9% are in profit. Some investors might be looking to decrease their losses as the asset is still down by 72.5% down from its all-time high of $4.53 in March.

On Oct. 10, the company’s CEO Antonio Juliano returned after six months of taking the chairman role: “vision is essential to unite and inspire. In my time away from dYdX, execution went well but I saw everyone slowly start to ask ‘wait.. what are we really doing here again?’”

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Theo Crypto News

Pháp Lý

Kazakhstan proposes stricter controls for bank transfers to foreign crypto exchanges: report

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Kazakhstan’s financial watchdog is set to implement new restrictions that would require banks to automatically deny banking transfers to overseas crypto exchanges.

The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, which oversees the country’s financial sector, is considering new measures that would require banks to deny transfers to overseas crypto exchanges that have not registered with the local financial center.

According to a Wednesday report from Russian state-led news outlet TASS, in addition to transfer limits to crypto exchanges, the regulator’s draft also proposes restricting transactions involving online casinos and forbidding operators from accepting payments from individuals under 21 years of age.

The draft also suggests blocking transfers totaling no more than 100,000 tenge (around $205) per month when dealing with unregistered crypto exchanges. Additionally, banks will be required to conduct enhanced due diligence for any transactions exceeding $1,000, even with registered crypto exchanges.

Kazakhstan tightens regulation of crypto exchanges

Crypto exchanges in Kazakhstan are allowed to offer their services only when they operate within the financial center in Astana, which offers a special tax, currency, and visa regime. As of press time, the country has 10 regulated crypto exchanges, including Binance and Bybit.

Recently, Kazakhstan has increased its regulatory scrutiny of non-licensed crypto exchanges, freezing $1.2 million in crypto linked to nearly two dozen illegal over-the-counter platforms. As crypto.news reported earlier, Kazakhstan is targeting not only small exchangers but also major players. In December 2023, the country banned Coinbase, the largest cryptocurrency exchange in the United States, over allegations of violations of local crypto regulations.

At the time, the Ministry of Information confirmed that access to Coinbase was restricted at the request of the Ministry of Digital Development due to the exchange’s trading activities, which were found to violate Kazakhstan’s Law on Digital Assets. The law prohibits the issuance and circulation of uninsured digital assets and the operation of exchanges trading such assets.

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Phân tích

Ethereum whales bought $254m ETH despite rise in exchange inflows

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Ethereum whales accumulated the asset as it surged above the $2,600 mark despite a notable increase in exchange inflows, triggering mixed signals.

According to data provided by IntoTheBlock, the Ethereum (ETH) large holder inflow almost doubled over the past week—registering a net inflow of 97,220 ETH on Oct. 15 which is worth roughly $254 million at the current price point.

Large holder net flows – Oct. 16 | Source: IntoTheBlock

An increase in an asset’s whale net flow shows accumulation and vice versa, per ITB.

Meanwhile, the Ethereum exchange net flows also shifted from a net outflow of 5,700 ETH on Oct. 13 to a net inflow of 15,000 ETH yesterday. This movement shows that investors are aiming for short-term profits. 

On-chain data shows that ETH registered an exchange net inflow of $8.88 million over the past week.

This shift would be considered normal given that the ETH price rose from the 2,400 zone and surpassed $2,600 after two weeks of bearish consolidation. 

The chart shows major profit-taking momentum between 14:00 UTC and 15:00 UTC on Tuesday as Ethereum quickly plunged from its local high of $2,685 to $2,540. Roughly $16.6 billion was wiped from the ETH market cap within an hour.

ETH price – Oct. 16 | Source: crypto.news

Despite the increased short-term profit-taking, ETH is still hovering above the $2,600 mark at the time of writing. The leading altcoin has a market cap of $313 billion with a daily trading volume of $22 billion. 

Ethereum is still lacking a strong catalyst to continue its upward momentum. The U.S.-based spot ETH exchange-traded funds have also been performing poorly. These investment products recorded a net outflow of $12.7 million on Oct. 15 while the spot Bitcoin (BTC) ETFs saw a net inflow of $371 million.

Per a crypto.news report, the Australia-based Monochrome Asset Management launched the first spot ETH ETF in the country on Tuesday. The fund currently has only $272,908 in total net assets.

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Theo Crypto News

Bitcoin

CoinGecko: Major asset classes outperformed Bitcoin in Q3

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Bitcoin ended Q3 with a modest 0.8% price increase, overshadowed by gold’s significant 13.8% rise, fueled by concerns about the economy and global tensions.

As global uncertainties loom, investors are turning to safe havens for stability, leaving Bitcoin (BTC) trailing with a modest 0.8% price increase in Q3 2024, according to data compiled by crypto price aggregator CoinGecko. For comparison, major assets like gold surged 13.8% amid growing fears of an economic slowdown in the U.S. and escalating tensions in the Middle East.

Bitcoin’s price performance in Q3 2024 vs. traditional assets | Source: CoinGecko

Moreover, even the Japanese Yen demonstrated strong performance, climbing 12.0% after the Bank of Japan’s surprise rate hike alongside rate cuts by the Federal Reserve. In contrast, Bitcoin outperformed only crude oil and the U.S. Dollar Index, as all major fiat currencies gained against the dollar, reflecting shifting market dynamics amid fears of weakening demand and monetary policy adjustments.

Bitcoin’s modest gains lead to decline in trading volumes

While Bitcoin posted modest gains, the top ten centralized crypto exchanges reported a combined spot trading volume of $3.05 trillion, reflecting a nearly 15% decline quarter-on-quarter. Despite this downturn, Binance retained its status as the largest CEX, although its market share slipped below 40% for the first time since January 2022, ending September at 38%.

Crypto.com emerged as the second-largest CEX, leaping from ninth place in Q2, with a remarkable 160.8% growth in trading volume, capturing a 14.4% market share. Meanwhile, OKX and Gate.io struggled, each experiencing trading volume declines exceeding 30%. U.S.-based crypto exchange Coinbase also faced challenges, with a 23.8% drop in trading volumes, resulting in a fall from sixth to tenth place among the top exchanges.

Despite the market’s modest gains in Q3, analysts at CoinGecko noted that Bitcoin increased its dominance to 53.6%, a rise of 2.7% quarter-on-quarter, adding that the “last time BTC was able to achieve such dominance was in April 2021.”

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Theo Crypto News

DeFi

4.6m EIGEN entered the exchanges, profit-taking could be on the way

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The native token of the Ethereum-based restaking protocol, EigenLayer, regained upward momentum, closing the gap with its all-time high.

EigenLayer (EIGEN) is up 17% in the past 24 hours and is trading at $4.07 at the time of writing. Its market cap is hovering at $760 million with a daily trading volume of $475 million. The asset even touched an intraday high of $4.15 earlier today before some traders started to take profits.

At this point, EIGEN is 10% far from its ATH of $4.58 on Oct. 1, the day of its launch.

According to data provided by IntoTheBlock, over 4.6 million EIGEN tokens entered centralized exchanges on Oct. 8. This movement shows the potential readiness of traders to take short-term profits as the token’s price neared its ATH.

EIGEN price and exchange net flows – Oct. 9 | Source: IntoTheBlock

Data shows that EigenLayer’s large holders’ net flow to exchange net flow ratio reached 9.18% on the same day. The indicator suggests that EIGEN whales have also started to accumulate the asset and drive the price upwards.

Moreover, EIGEN recorded a total of $1.7 billion in whale transactions, worth at least $100,000, over the past week, per data from ITB. Whales have moved over 47 million EIGEN tokens, worth $177 million, in 277 unique transactions on Oct. 8 alone.

According to data from DefiLlama, EigenLayer is currently the third-largest decentralized finance protocol with a total value locked of $10.7 billion. The restaking DeFi platform’s TVL surpassed the $20 billion mark in June and has been constantly declining since then.

EIGEN’s 1H chart showed a strong bullish pattern on Oct. 8, per a crypto.news report. It’s important to note that EIGEN’s token unlocks can bring the price down as the number of tokens in circulation increases.

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Theo Crypto News

Altcoin

Crypto losses to hacks surpass $120m in September, PeckShield says

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Crypto hacks in September resulted in over $120 million in losses, with the top incidents targeting platforms like BingX, Penpie, and Indodax.

The crypto space has surpassed more than $120 million in losses in September due to more than 20 hacks, down 61.76% from August, according to data from blockchain forensic firm PeckShield.

In an X post on Oct. 1, PeckShield reported that BingX, a Singapore-based cryptocurrency exchange, was hit the hardest with over $40 million in losses, followed by Penpie at $27 million, and Indodax, which lost over $21 million. Other incidents included DeltaPrime, which saw $5.98 million stolen, and Truflation with $5.6 million in losses.

A phishing attack targeting $spWETH signatures resulted in an additional $32.4 million drain, though these figures were excluded from the overall tally. Partial funds were returned in the Shezmu hack, which saw $4.9 million stolen. Smaller hacks also impacted Onyx, BananaGun, Bedrock, and CUT, with losses ranging from $1.4 million to $3.8 million.

Over $400m lost in Q3

Despite the significant losses, the overall damage from crypto hacks was markedly lower compared to August, when the industry lost over $300 million worth of crypto in just 10 different incidents. In total, the crypto space saw a loss of nearly $413 million in Q3, per the latest report from web3 bug bounty platform Immunefi.

Data reveals that more than $409.9 million was lost to hacks across 31 specific incidents, and $3,087,552 was lost to fraud across only three specific incidents. Most of that sum was lost by two specific projects: WazirX, India’s crypto exchange, which suffered an attack that resulted in $235,000,000 lost, and BingX.

Analysts at Immunefi say that centralized finance was the main target of successful exploits at nearly 75% as compared to decentralized finance at 25.2% of the total losses. The most attacked blockchain network was Ethereum, with 15 incidents, followed by BNB Chain (formerly Binance Smart Chain) and Coinbase’s network Base.

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Theo Crypto News

Phân tích

Ethereum surged 15% in 7 days despite whale sell-off

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On-chain data shows increased selloff from Ethereum whales over the past week. But the asset’s price remained bullish.

According to data provided by IntoTheBlock, net flows for large holders of Ethereum (ETH) decreased from 85,650 ETH in inflows on Sept. 19 to 6,420 in outflows on Sept. 23. 

ETH large holders net flows, Sept. 23 | Source: IntoTheBlock

The indicator shows a strong sell-off from Ethereum whales as the price recovered from $2,300 to $2,400 on Sept. 19. At this point, the bullish momentum around the ETH price has mostly come from retail traders rather than large holders.

Data from ITB shows that Ethereum witnessed an exchange net inflow of 150,690 ETH on Sept. 19, but the inflows soon cooled down. ETH saw a net inflow of around $480 million into centralized exchanges over the past seven days.

The large holder to exchange net inflow ratio suggests that retail traders have been more active over the weekend, driving the asset’s price up.

Despite the selloff from whales, ETH gained 15% in the past seven days. The leading altcoin is up by 2.2% in the past 24 hours and is trading at $2,640 at the time of writing. Earlier today, Ethereum touched a local high of $2,685 — reaching this level for the first time in a month — as on-chain signals remained bullish.

ETH 1-hour price chart, Sept. 5-23 | Source: crypto.news

Ethereum’s market cap is currently sitting at $319 billion with a daily trading volume of just over $17 billion. 

One of the main catalysts for the market-wide bullish momentum was the 50 basis-point rate cut by the U.S. Federal Reserve. However, the Ethereum price will need to see stronger accumulation to sustain its upward movement toward the $2,800 mark.

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DeFi

CoinDCX’s Okto Chain allocates 1% of OKTO supply as developer grant

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Okto Chain will allocate 1% of its upcoming token to incentivize early builders who start using the Okto software development kit.

According to a press release shared with crypto.news, Okto, a blockchain focused on chain abstraction, has launched a Grant Program allocating 1% of its total OKTO token supply to reward developers who start building on the Okto Chain using its SDK and embedded wallet before the Token Generation Event.

Announced during the Token 2049 event in Singapore, the grant aims to encourage early adoption by helping developers integrate advanced Web3 features into their decentralized applications on Okto Chain.

Launched by CoinDCX in May 2024, Okto Chain aims to simplify blockchain integration and enhance Web3 usability. The blockchain employs an orchestration layer which according to CoinDCX and Okto chain co-founder Neeraj Khandelwal addresses the issue of fragmented user experiences across multiple blockchains.

“Through chain abstraction, we’re breaking down technical barriers to fuel the next wave of Web3 innovation,” Khandelwal told crypto.news.

As the native token of Okto chain, the OKTO token is used to incentivize network participants, support decentralized security measures, and facilitate transactions across different blockchain networks. Additionally, OKTO plays a vital role in Okto Chain’s governance, ensuring that developers, validators, and users all have a shared stake in the network’s growth. Detailed tokenomics for OKTO is expected to be released later this year.

For developers, Okto SDK simplifies blockchain development by providing a unified platform with a comprehensive set of APIs and programmable scripts, known as “Blocs.” With these tools, developers can create dApps without having to worry about gas management, transaction sequencing, or multi-chain compatibility. 

According to the project’s whitepaper, the SDK is expected to reduce development time by over 90%.

The announcement comes shortly after Okto Wallet, a self-custody solution built on the Okto Chain, became the first Web3 wallet licensed to operate in the RAK Digital Assets Oasis, a free-trade zone in the United Arab Emirates. The development was a part of CoinDCX’s expansion strategy in the region where it had previously acquired BitOasis, the first crypto exchange to register with the UAE Financial Intelligence Unit.

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Theo Crypto News

Phân tích

TRX whale selloff cools down amid market correction

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Whales started taking profits over the weekend, but the bearish momentum seems to have cooled down.

According to data provided by IntoTheBlock, the TRON (TRX) large holders’ net outflow declined from 141 million to 8.8 million TRX on Sept. 15. The on-chain indicator shows that the asset’s whale selloff has significantly declined.

TRX price and whale net flows – Sept. 16 | Source: IntoTheBlock

Usually, declining whale activity would also mean lower price volatility.

On the other hand, the TRX exchange inflows have been constantly increasing. The token’s exchange net flows shifted from an outflow of 140 million TRX to a net inflow of 37 million TRX between Sept. 13 and 15. 

The movement could mean two things. First, retail traders might be aiming at profits. Second, small TRX holders might be wandering FUD due to the market-wide correction after a high amount of whale activity was seen over the past three days.

TRX is up by 1% in the past 24 hours and is trading at $0.148 at the time of writing. The asset’s market cap is sitting at $12.9 billion with a daily trading volume of $250 million.

Profit-taking wouldn’t be surprising for TRX holders at this point. Data from ITB shows that over 94% of the TRON holders are in profit and only 3.8%, that bought TRX at an average price of $0.156, are at a loss.

Per ITB, most of the on-chain signals are looking neutral for TRX. Consequently, a price consolidation below $0.15 would be expected unless this crucial psychological point is breached.

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Theo Crypto News