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Bitcoin hits $25K as bearish voices call BTC price 'double top'
A casual dash over the $25,000 mark is fully retraced as weekend trading produces some classic volatility.
Bitcoin hits $25K as bearish voices call BTC price 'double top'
Bitcoin (BTC) spiked through $25,000 for the first time in months on Aug. 14, but traders refused to take any chances on a bull run.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewWeekend produces brief $25,000 tap for BTC
Data from Cointelegraph Markets Pro and TradingView tracked a sudden run-up on BTC/USD, which hit $25,050 on Bitstamp in a $350 hourly candle.
The move took the pair to a new personal best since June 13, erasing more of the losses seen that day in what remains a significant BTC price correction.
Analyzing the market setup, however, familiar bearish tones remained.
For popular Twitter account Il Capo of Crypto, the latest highs appeared to provide the last piece of the puzzle before a new downtrend set in.
Bitcoin hits $25K as bearish voices call BTC price 'double top'
A casual dash over the $25,000 mark is fully retraced as weekend trading produces some classic volatility.
Bitcoin hits $25K as bearish voices call BTC price 'double top'
Bitcoin (BTC) spiked through $25,000 for the first time in months on Aug. 14, but traders refused to take any chances on a bull run.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewWeekend produces brief $25,000 tap for BTC
Data from Cointelegraph Markets Pro and TradingView tracked a sudden run-up on BTC/USD, which hit $25,050 on Bitstamp in a $350 hourly candle.
The move took the pair to a new personal best since June 13, erasing more of the losses seen that day in what remains a significant BTC price correction.
Analyzing the market setup, however, familiar bearish tones remained.
For popular Twitter account Il Capo of Crypto, the latest highs appeared to provide the last piece of the puzzle before a new downtrend set in.
Velodrome recovers $350K stolen funds from team member Gabagool
Velodrome Finance, a trading and liquidity marketplace, announced the recovery of $350,000 stolen on Aug. 4. However, the occasion turned bittersweet when internal investigations pointed out the involvement of a prominent team member, who goes by the pseudo name Gabagool.
On Aug. 4, one of Velodrome’s high-worth wallets — dedicated for operating funds such as salaries — was drained off $350,000 before it could be transferred to the company’s treasury multisig wallet. A subsequent internal investigation revealed the attacker’s identification, which allowed the company to recover the entire loot. Velodrome’s official statement revealed:
“Much to our disappointment, we learned the attacker was a fellow team member Gabagool.”
While many community members came in support of the prominent coder, Gabagool owned up to the allegations made against him following Velodrome’s investigation.
Nearly six hours into the revelation, Gabagool released a note revealing various events that led him to attempt theft. Velodrome’s biggest mistake was to give ownership of its wallet’s private key to five individuals, which included Gabagool.
Velodrome recovers $350K stolen funds from team member Gabagool
While many community members came in support of the prominent coder, Gabagool owned up to the allegations made against him following Velodrome’s investigation.
BlueBenx fires employees, halts funds withdrawal citing $32M hack
BlueBenx’s lawyer, Assuramaya Kuthumi, revealed that the attack resulted in the loss of $32 million, which many investors found hard to believe.
Coinbase posts $1.1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Elon Musk: US ’past peak inflation’ after Tesla sells 90% of Bitcoin
With Tesla now having sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the U.S. economy is “past peak inflation” and predicts that only a “mild to moderate” recession could be incoming. “We sort of have some insight into where prices are headed over time, and the interesting thing that we’re seeing now is that most of our commodities, most of the things that go into a Tesla — not all, more than half the prices — are trending down in six months from now,” Musk said at Tesla’s 2022 Annual Meeting of Stockholders.
Coming sooner: ETH devs move up the date for Merge
The long-awaited Merge looks to be ahead of schedule, with Ethereum core developers Tim Beiko and Terence Tsao agreeing on a developer call Thursday to tentatively set the date of the Merge for Sept. 15. The previously estimated date from Beiko was Sept. 19, and suggested that the final preparation work is going smoothly after the final Goerli testnet merge went off without a hitch this week.
Coinbase posts $1.1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Elon Musk: US ’past peak inflation’ after Tesla sells 90% of Bitcoin
With Tesla now having sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the U.S. economy is “past peak inflation” and predicts that only a “mild to moderate” recession could be incoming. “We sort of have some insight into where prices are headed over time, and the interesting thing that we’re seeing now is that most of our commodities, most of the things that go into a Tesla — not all, more than half the prices — are trending down in six months from now,” Musk said at Tesla’s 2022 Annual Meeting of Stockholders.
Coming sooner: ETH devs move up the date for Merge
The long-awaited Merge looks to be ahead of schedule, with Ethereum core developers Tim Beiko and Terence Tsao agreeing on a developer call Thursday to tentatively set the date of the Merge for Sept. 15. The previously estimated date from Beiko was Sept. 19, and suggested that the final preparation work is going smoothly after the final Goerli testnet merge went off without a hitch this week.
Coinbase posts $1.1B loss, Polygon DApps rocket 400% in 2022 and Elon Musk says inflation is on the decline: Hodler’s Digest, Aug 7-13
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Elon Musk: US ’past peak inflation’ after Tesla sells 90% of Bitcoin
With Tesla now having sold 90% of its Bitcoin holdings during the bear market, Elon Musk says the U.S. economy is “past peak inflation” and predicts that only a “mild to moderate” recession could be incoming. “We sort of have some insight into where prices are headed over time, and the interesting thing that we’re seeing now is that most of our commodities, most of the things that go into a Tesla — not all, more than half the prices — are trending down in six months from now,” Musk said at Tesla’s 2022 Annual Meeting of Stockholders.
Coming sooner: ETH devs move up the date for Merge
The long-awaited Merge looks to be ahead of schedule, with Ethereum core developers Tim Beiko and Terence Tsao agreeing on a developer call Thursday to tentatively set the date of the Merge for Sept. 15. The previously estimated date from Beiko was Sept. 19, and suggested that the final preparation work is going smoothly after the final Goerli testnet merge went off without a hitch this week.
Ethereum hits 8-month highs in BTC as money heads for 'riskier' altcoins
Liquidity is strong on alt markets as Bitcoin gives way to Ethereum after a battle which has raged throughout 2022.
Ethereum hits 8-month highs in BTC as money heads for 'riskier' altcoins
Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins.
ETH/BTC 1-day candle chart (Binance). Source: TradingViewAltcoin market cap returns to $700 billio
Data from Cointelegraph Markets Pro and TradingView confirms that ETH/BTC has cleared key resistance to pass 0.08 BTC on Aug. 13.
The move is impressive for largest altcoin Ethereum, as the area around 0.075 represented a troublesome sell zone which had previously kept bulls in check for since January.
At the time of writing, ETH/BTC is working to retain the newly-won level, as traders query how long its strength might last.
As Cointelegraph reported earlier, ETH/USD passed $2,000 overnight, a significant psychological boundary in itself unseen since May.
Ethereum hits 8-month highs in BTC as money heads for 'riskier' altcoins
Liquidity is strong on alt markets as Bitcoin gives way to Ethereum after a battle which has raged throughout 2022.
Ethereum hits 8-month highs in BTC as money heads for 'riskier' altcoins
Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins.
ETH/BTC 1-day candle chart (Binance). Source: TradingViewAltcoin market cap returns to $700 billio
Data from Cointelegraph Markets Pro and TradingView confirms that ETH/BTC has cleared key resistance to pass 0.08 BTC on Aug. 13.
The move is impressive for largest altcoin Ethereum, as the area around 0.075 represented a troublesome sell zone which had previously kept bulls in check for since January.
At the time of writing, ETH/BTC is working to retain the newly-won level, as traders query how long its strength might last.
As Cointelegraph reported earlier, ETH/USD passed $2,000 overnight, a significant psychological boundary in itself unseen since May.
Ominous Solana technicals hint at SOL price crashing 35% by September
Solana (SOL) risks a significant price correction in the coming weeks owing to a classic bearish reversal setup.
A 35% SOL price correction ahead?
On the three-day chart, SOL's price has been painting a rising wedge, confirmed by two ascending, converging trendlines and falling trading volumes in parallel.
Rising wedges typically result in breakdown, resolving after the asset's price break below the lower trendline. If the price follows the breakdown scenario, it could fall by as much as the maximum distance between the wedge's upper and lower trendline.
SOL is far from a breakdown but trades within a falling wedge range, as shown in the chart below. The token eyes an immediate pullback from the wedge's upper trendline with its interim downside target sitting at the lower trendline around $45.
SOL/USD three-day price chart. Source: TradingViewIt will risk falling toward $30 if the price breaks below the lower trendline while accompanying a rise in trading volumes. In other words, a 35% price drop by September.
