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Retail Investors Pump Chainlink’s Native LINK Token to All-Time High

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Source: https://cryptobriefing.com/retail-investors-pump-chainlinks-native-link-token-all-time-high/

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Breaking: DeFi Protocol Harvest Finance Attack Targets Liquidity Pools

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Details are thin on the ground at the moment as the situation is unfolding, but DeFi yield farming protocol Harvest Finance appears to have become the latest victim of an exploit by a malicious actor.

The team is currently updating via their twitter feed but it appears that an ‘economic attack’ was carried out on its Curve y pool. This ‘stretched the price of the stablecoins in Curve out of proportion’.

Large amounts of assets have been deposited and withdrawn from the protocol in what seems to be an arbitrage attack. DeFi Prime also confirmed this in a recent tweet as it monitors the situation.

To protect users, Harvest Finance has pulled the y pool and BTC Curve strategy funds to its vault adding that all stablecoin and BTC funds are secured. At the time of writing it was unclear as to whether any funds have been lost.

“To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.”

Harvest Finance is another DeFi protocol that seeks the highest earning pools to farm, similar to Yearn Finance. Following the now tired and much-repeated pattern, it has its own FARM token that is distributed as a reward for liquidity providers.

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The team states that its smart contracts have been audited by Haechi Labs and PeckShield. It is unclear at this stage whether the attack is the result of a smart contract code flaw.

According to DeFi Pulse, Harvest Finance garnered over $1 billion in total value locked surging into the top five DeFi platforms, however, that had already begun to plummet as the news broke.

harvest finance
Image – defipulse.com

The situation is currently developing and the latest updates are being posted on the Harvest Finance twitter feed: https://twitter.com/harvest_finance

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Source: https://cryptopotato.com/breaking-defi-protocol-harvest-finance-attack-targets-liquidity-pools/

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Chinese consumers spend 8.8 million in digital yuan during the first week of trial.

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Chinese consumers spend 8.8 million in digital yuan during the first week of trial. – Coinnounce




























In the first week of trials, consumers in China have spent over 8.8 million yuan to test the feasibility of China’s central bank digital currency.

Consumers in China have spent over 8.8 million yuan in the first week of trials held to test the feasibility of China’s central bank digital currency. This was one of the largest trials of its kind to be conducted in the country so far. Citizens of Shenzhen in China participated in the trial, which saw them turn to the as-yet-unreleased digital currency for payments in a variety of everyday settings. 

Over 1.9 million applicants reportedly participated in the trial. 

According to the South China Morning Post report, over 1.9 million applicants reportedly applied to take part in the trials, with in excess of 47,000 consumers ultimately participating in the program. Those selected to take part in the trial were awarded packets of 200 digital yuan for use at supporting outlets, with some 62,000 individual transactions conducted over the trial duration. The more recent round of trials in Shenzhen took the total spending in China’s digital currency to over $1 billion so far, with the central bank and state authorities keen to extensively trial the technology before any larger scale roll-out.

Central banks around the world continue to show interest in CBDCs. 

The news confirms China’s position as a global leader in central bank digital currencies, with reports suggesting the Asian country remains ahead of other major central banks in developing a national digital currency. China might be ahead in developing a CBDCs, but it is not the only country to explore the subject. Many countries are showing an increasing interest in CBDCs. Earlier, the U.S. Federal Reserve chairman, Jerome Powell, suggested the United States was waiting to get the right proposals in place, rather than becoming the first to launch in regard with a CBDC. Several other major central banks, including the Bank of Japan, the Philippines’ central bank, are working on a CBDC. 

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Jai Pratap

Jai Pratap

A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.


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Source: https://coinnounce.com/chinese-consumers-spend-8-8-million-in-digital-yuan-during-the-first-week-of-trial/

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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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