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BPSAA | Blockchain Privacy, Security & Adoption Alliance

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BPSAA (Blockchain Privacy, Security Adoption Alliance) goes live assembling crypto gurus from multiple projects for the good of cryptomanity. BPSAA aims to bring collaboration through BPSAA verified projects in order to enhance Privacy, Security, Adoption for users in the crypto realm.

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Projects in the Alliance:
Pirate Chain (Most Anonymous Crypto) https://bpsaa.vision/pirate-chain
Turtle Network (Interoperable DEX w/fiat) https://bpsaa.vision/turtlenetwork
Ether-1 (Decentralized Storage) https://bpsaa.vision/ether1
Sentinal (Decentralized VPN) https://bpsaa.vision/sentinel

Source: https://cryptocoremedia.com/bpsaa-blockchain-privacy-security-adoption-alliance/?utm_source=rss&utm_medium=rss&utm_campaign=bpsaa-blockchain-privacy-security-adoption-alliance

Blockchain

TA: Ethereum Stuck Below $410, Why It Could Correct Sharply Below $400

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Ethereum is struggling to gain momentum above $410 and $420 against the US Dollar. ETH price might start a strong downside correction if it clears the $400 support.

  • Ethereum is facing a couple of major hurdles near the $410 and $412 resistance levels.
  • The price is currently holding the $400 support and the 100 hourly simple moving average.
  • There was a break below a key contracting triangle with support near $412 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a sharp downside correction below $400 if it stays below $412 for too long.

Ethereum Price is Facing Hurdles

Ethereum failed to set a new monthly high above $420 unlike bitcoin against the US Dollar. ETH price seems to be facing a couple of major hurdles near the $410 and $412 resistance levels.

The last swing high was near $418 before the price declined below the $410 support. There was a break below a key contracting triangle with support near $412 on the hourly chart of ETH/USD. However, ether price remained well bid above the $400 support and the 100 hourly simple moving average.

A low is formed near $403 and the price is currently consolidating in a range. There was a break above the $405 level, but the price is facing a strong resistance near the $410 level. It is also close to the 50% Fib retracement level of the recent decline from the $418 high to $403 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance is near the $412 level or the 61.8% Fib retracement level of the recent decline from the $418 high to $403 low. If ether clears the $410 and $412 resistance levels, there are chances of a strong increase.

The next major resistance is near the $418 swing high and $420. A successful close above the $420 level might open the doors for a sharp increase in the coming sessions. The next stop on the upside could be near the $432 level, followed by $435.

Downside Break in ETH

If Ethereum fails to clear the $410 and $412 resistance levels, there is a risk of a fresh drop. The first major support is near the 100 hourly simple moving average and $405.

The main support seems to be forming near the $400 level. A continuous failure to gain traction above $410 might even result in a sharp decline below the $400 level (the last key breakout zone).

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving in the bullish zone.

Hourly RSIThe RSI for ETH/USD is just below the 50 level.

Major Support Level – $400

Major Resistance Level – $412

Source: https://www.newsbtc.com/analysis/eth/ethereum-stuck-below-410/

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$FARM down by 70% as Harvest Finance faces ‘economic attack’

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A few hours ago, reports from users on Harvest Finance’s Discord channel claimed that they had lost 10-15% trying to unstake fusdc, with many in the community soon voicing their concerns about a potential rug pull.

In fact, $FARM was down by over 70%, at the time of writing. With over $500 million at risk, hackers/ruggers are reportedly moving funds into renBTC and attempting to sell it off.

Source: Autism Capital

In fact, according to a few community members, funds have also been sent to Tornado Cash to be laundered.

In fact, at the time of writing, a clearer picture wasn’t available, with many confused about whether this is a Harvest issue or a Curve issue. However, Harvest Finance did confirm that something was going on after it released a statement announcing an “economic attack,” adding that the team is actively working on mitigating the attack on stablecoins and BTC pools.

The economic attack in question was performed through the curve y pool, stretching the price of stablecoins in Curve out of proportion and depositing and withdrawing a huge amount of assets through Harvest. The protocol added,

“To protect users, we’ve pulled Y pool and BTC Curve strategy funds to the vault.”

At this stage, 100% of all stablecoin and BTC Curve strategy funds have been withdrawn from the strategy and deposited into a vault. Further, no other pools are said to have been affected by this attack.

Harvest also released a statement claiming that their next steps to protect users include a move to block deposits to the Stablecoin and BTC vault, while existing deposits will continue to earn $FARM. Finally, after claiming that the 7-minute attack originated following a huge flashloan, the protocol tweeted,

“The attacker sent back $2,478,549.94 to the deployer in the form of USDT and USDC. This will be distributed to the affected depositors pro-rata using a snapshot.”

The aforementioned revelation was greeted by mixed feelings by many in the community, with Riccardo Spagni commenting,

“The attacker” sent some funds back because they’re such nice people. If this isn’t strong evidence that “the attacker” and “the devs” are the same then I don’t know what is.”

Interestingly, according to Chris Blec, $2.5 million worth of stablecoins were transferred into Harvest Finance’s anon developer admin key address from the hackers’ exploit contract.

Source: https://eng.ambcrypto.com/harvest-finance-economic-attack

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Bitcoin Breaks New 2020 High As Total Market Cap Topped $400 Billion (Market Watch)

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Bitcoin continues with the 2020 records and just a few hours ago marked a fresh high of above $13,350. Most alternative coins followed suit with impressive increases, but the market has calmed since then. The entire cryptocurrency market clocked at above $400 billion.

Bitcoin To Yet Another 2020 High

CryptoPotato reported a few days ago that the primary cryptocurrency exceeded the August 2020 high of about $12,500 and reached $13,200. What followed was a slight retracement to about $13,000 and stagnation yesterday.

Nevertheless, the volatility returned in the past 24 hours, and BTC headed towards new highs. This time, Bitcoin broke above $13,350. In fact, according to data from Bitstamp, BTC’s new 2020 high is at $13,362.

Another sharp rejection followed, and the asset tanked briefly below $13,000. Nevertheless, the bulls have since driven it above the coveted mark, and BTC trades at about $12,940.

A compelling chart recently revealed that Bitcoin is forming an inverse head and shoulders pattern. If it’s to play out, the cryptocurrency could soon skyrocket even further and top its all-time high of $20,000.

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If this scenario is indeed to materialize, Bitcoin would have to break above the resistance lines at $13,420, $13,500, $13,815, and $14,000 before reaching new records.

btcusd_chart
BTC/USD. Source: TradingView

Altcoins Follow Up And Calm Down

Most alternative coins experienced similarly increased volatility as Bitcoin. Ethereum surged to a new 7-week high of nearly $420. However, ETH quickly retraced and is now hovering around $409 again.

Ripple’s highest level came at about $0,26, but XRP has since decreased to below $0.253.

Thus, on a 24-hour scale, most larger-cap altcoins have remained essentially at the same positions as yesterday, despite the brief price jumps. Chainlink and Litecoin have registered the most gains of about 3.6%. LINK trades close to $12.35, and LTC is positioned at $56.3.

heatmap
Cryptocurrency Market Heatmap. Source: Quantify Crypto

The most impressive gainer since yesterday is Filecoin. After the recent controversy and continuous price slump, FIL has surged by 45% in the past 24 hours.

Ocean Protocol (18%), Quant (17.5%), THETA (10.2%), Reserve Rights (10.2%), and Ampleforth (10%) have also increased by double-digit percentages.

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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.


Source: https://cryptopotato.com/bitcoin-breaks-new-2020-high-as-total-market-cap-tops-400-billion-market-watch/

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