Blockchain and Crypto News

Don’t miss real-time updates

Decentral Block Post

Access real-time blockchain and cryptocurrency news updates from around the globe.

3 reasons why Bitcoin’s drop to $21K and the market-wide sell-off could be worse than you think

On Friday, August 19, the total crypto market capitalization dropped by 9.1%, but more importantly, the all-important $1 trillion psychological support was tapped. The market's latest venture below this just three weeks ago, meaning investors were pretty confident that the $780 billion total market-cap low on June 18 was a mere distant memory.

Regulatory uncertainty increased on Aug. 17 after the United States House Committee on Energy and Commerce announced that they were "deeply concerned" that proof-of-work mining could increase demand for fossil fuels. As a result, U.S. lawmakers requested the crypto mining companies to provide information on energy consumption and average costs.

Typically, sell-offs have a greater impact on cryptocurrencies outside of the top 5 assets by market capitalization, but today’s correction presented losses ranging from 7% to 14% across the board. Bitcoin (BTC) saw a 9.7% loss as it tested $21,260 and Ether (ETH) presented a 10.6% drop at its $1,675 intraday low.

Some analysts might suggest that harsh daily corrections like the one seen today is a norm rather than an exception considering the asset’s 67% annualized volatility. Case in point, today’s intraday drop in the total market capitalization exceeded 9% in 19 days over the past 365, but some aggravants are causing this current correction to stand out.

The BTC Futures premium vanished

The fixed-month futures contracts usually trade at a slight premium to regular spot markets because sellers demand more money to withhold settlement for longer. Technically known as "contango," this situation is not exclusive to crypto assets.


United Texas Bank CEO wants to 'limit the issuance of US dollar-backed stablecoins to banks'

Scott Beck, the CEO of United Texas Bank, claimed that stablecoin issuers like Circle were “effectively sucking deposits out of the banking industry.”

FTX blocks Aztec Network privacy DApp, calling it a ‘high risk’ mixer

Some users took to Twitter to bemoan what some are calling a continuing attack on privacy in the wake of the U.S. Treasury Dept.’s action against Tornado Cash.

FTX US among 5 companies to receive cease and desist letters from FDIC

The government agency had previously stated that deposits at non-bank entities, including crypto firms, are not covered by FDIC insurance.

Crypto Unicorns founder says P2E gaming is in a long ‘maturation phase’

Crypto Unicorns founder Aron Beireschmitt chats with NFT Steez about the key components blockchain-games need to build sustainable in-game play-and-earn economies.

Celsius Network coin report shows a balance gap of $2.85 billion: Finance Redefined

Majority of the DeFi tokens traded in red with several registering double digit losses over the past week.

Celsius Network coin report shows a balance gap of $2.85 billion: Finance Redefined

Majority of the DeFi tokens traded in red with several registering double digit losses over the past week.

Price analysis 8/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin (BTC) and most major altcoins witnessed a sharp sell-off on Aug. 19, but there does not seem to be a specific trigger for the sudden drop. The sharp fall resulted in liquidations of more than $551 million in the past 24 hours, according to data from Coinglass.

Barring a V-shaped bottom, other formations generally take time to complete as buyers and sellers try to gain the upper hand. This tends to cause several random volatile moves that may be an opportunity for short-term traders, but long-term investors should avoid getting sucked into the noise.

Daily cryptocurrency market performance. Source: Coin360

Glassnode data shows that investors who purchased Bitcoin in 2017 or earlier are just doing that by holding their positions. The percentage of Bitcoin supply dormant for at least five years hit a new all-time high of 24.351% on Aug. 18, suggesting that holders are not willing to sell in panic or for minor gains.

Could Bitcoin and most altcoins challenge their June lows or will the bulls buy the current dip? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s major trend is down but the bulls are attempting to form a bottom. The price has been rising inside an ascending channel for the past few days. The failure of the bulls to push the price above the resistance line of the channel may have tempted short-term traders to book profits. That has pulled the price below the moving averages.

image

Price analysis 8/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin and altcoins sold-off sharply on Friday, leading technical traders to forecast a possible drop to new yearly lows.

Price analysis 8/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

Bitcoin and altcoins sold-off sharply on Aug. 19, leading technical traders to forecast a possible drop to new yearly lows.

Ethereum Merge prompts miners and mining pools to make a choice

The Ethereum Merge to PoS is slated for the third week of September, eliminating PoW mining. Experts weigh in on how mining pools and miners would be impacted.

Ethereum Merge prompts miners and mining pools to make a choice

The Ethereum Merge to PoS is slated for the third week of September, eliminating PoW mining. Experts weigh in on how mining pools and miners would be impacted.

Merkle trees vs. Verkle trees, Explained

This article helps you to understand the importance of and differences between Merkle vs. Verkle trees in blockchain.

Merkle trees vs. Verkle trees, Explained

This article helps you to understand the importance of and differences between Merkle vs. Verkle trees in blockchain.

Fake employees and social attacks: Crypto recruiting is a minefield

Hiring in the crypto world can be difficult. Web3 companies are often disorganized and lack HR departments. Developers sometimes want to remain anonymous — even to their potential employers.

Some employees don’t exist at all, while others are secretly juggling three other remote gigs. Then there are those who pretend to be employees but are really just plotting to rug everyone.

The job of a hiring manager is no easy one. This goes doubly so for the Web3 world, where expectations both from employers and employees can be drastically different compared to the Web2 corporate world.

Magazine spoke to Declan Strain, managing partner of Dubai-based talent consultancy BlockDelta, which helps companies in the Web3 industry connect with workers of all levels. After 20 years as a recruiter, he became involved in the blockchain space in 2015 and set up his specialist consultancy in 2017.

“A traditional recruiter won’t be as successful as someone who lives and breathes this space,” he says, referring to his efforts to “be part of the fabric of the metaverse” by attending events and making connections in person.

Consultancy

Fake employees and social attacks: Crypto recruiting is a minefield

Hiring in the crypto world can be difficult. Web3 companies are often disorganized and lack HR departments. Developers sometimes want to remain anonymous — even to their potential employers.

Some employees don’t exist at all, while others are secretly juggling three other remote gigs. Then there are those who pretend to be employees but are really just plotting to rug everyone.

The job of a hiring manager is no easy one. This goes doubly so for the Web3 world, where expectations both from employers and employees can be drastically different compared to the Web2 corporate world.

Magazine spoke to Declan Strain, managing partner of Dubai-based talent consultancy BlockDelta, which helps companies in the Web3 industry connect with workers of all levels. After 20 years as a recruiter, he became involved in the blockchain space in 2015 and set up his specialist consultancy in 2017.

“A traditional recruiter won’t be as successful as someone who lives and breathes this space,” he says, referring to his efforts to “be part of the fabric of the metaverse” by attending events and making connections in person.

Consultancy
Image