Crypto exchange Coinbase is in high gear to have the lawsuit | Generation Crypto on Binance Square

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Generation Crypto

4 Aug 2023

Crypto exchange Coinbase is in high gear to have the lawsuit filed by the United States Securities and Exchange Commission (SEC) dismissed.#Coinbase. #crypto #cryptonews #crypto2023 

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The #ZK token has crashed 17% within a short timeframe amid a hack event that saw the exploiter gain control of millions in unclaimed ZKSync airdrop tokens. The ZKSync ecosystem has again found itself in the midst of controversy, this time following a serious security breach that led to a sharp plunge in the price of its native token, ZK. ZKSync Suffers Exploit On-chain activity on April 15 confirmed that an entity successfully minted 110 million ZK tokens earlier today. Of this staggering amount, the individual has already sold 66 million tokens, triggering massive volatility and panic across crypto exchanges. Notably, the ZKSync security team quickly released a statement on X regarding the development. They acknowledged that an admin account suffered a compromise, granting the attacker access to nearly $5 million worth of unclaimed tokens from the project’s airdrop allocation. The team emphasized that the exploit only impacted the airdrop contract and did not affect the broader ZKSync protocol, the ZK token smart contract, or user wallets. According to them, security teams have already initiated emergency protocols, and a thorough investigation is underway to determine the full scope of the breach. While the core infrastructure remains intact, the market reaction was immediate. Within a mere 30-minute window, ZK token’s price plummeted from $0.0478 to $0.0396 — a brutal 17% drop that rattled holders and traders alike. Although the asset made a partial recovery, rebounding to $0.0441, the market sentiment remains overwhelmingly bearish. In addition, the Relative Volatility Index (RVI), a metric for tracking price turbulence, surged from a low 18.68 to a hyperactive 72.81 within just an hour. #CryptoNewss

10h

The V-shaped recovery in #Dogecoin faces exhaustion near $0.168, risking a triangle pattern breakdown. Will DOGE dip to the $0.13 zone? At $0.15936, Dogecoin struggles to hold a triangle pattern as selling pressure grows. The biggest meme coin has a market cap of $23 billion and has dropped 3.54% in the last 24 hours. As market volatility persists, meme coins are poised for high-momentum moves in either direction. Could Dogecoin see a swift correction toward $0.13? Dogecoin Price Analysis On the 4-hour technical chart, Dogecoin forms a V-shaped recovery from the $0.13219 level, initiating a short-term rally that peaked at the $0.1680 resistance. Alongside this recovery, DOGE’s price action forms a triangle pattern. Recently, Dogecoin completed a downswing, testing the local support trendline within this pattern. Facing short-term pressure, DOGE has slipped below the 50 and 100 EMA lines on the 4-hour chart. Moreover, the sudden decline in bullish momentum has triggered a bearish crossover in the MACD and signal lines. As a result, technical indicators suggest a potential breakdown and price drop due to a triangle pattern meltdown. Rising Bearish Sentiments Signal Downside Risk As Dogecoin price nears a potential triangle pattern breakdown, bearish sentiments are growing in the derivatives market. The Long/Short ratio has dropped to 0.8025, with the short positions reaching 55.48%. The increasing bearish sentiments meet increased trading activity, reflected by the 0.82% rise in open interest. Currently, the open interest stands at $1.57 billion, with the funding rate dropping to 0.0007% on Bybit. Analyst Remains Optimistic on DOGE Analyst Trader Tardigrade remains optimistic on DOGE despite the increasing downside risk. The analyst identified an inverted head-and-shoulders pattern on the 4-hour price chart, highlighting a potential rally. The pattern’s neckline aligns with the $0.17 supply zone. A breakout above this level could propel DOGE toward the $0.20 mark. #cryptonewstoday

17h

The US Securities and Exchange Commission has delayed a decision on Grayscale’s request to add staking services to its #Ethereum ETFs. In an April 14 notice, the Wall Street’s top regulator disclosed that it is extending the first deadline on the decision by 45 days. The US SEC took a proactive move on Monday, announcing the delay three days before the actual decision date. Grayscale would now wait until July 1 to know the SEC’s next course of action. Meanwhile, the final deadline for an SEC decision on the rule change request is in late October. US SEC Postponed Decision For context, the New York Stock Exchange (NYSE) Arca filed a rule change request with the US SEC on February 14, seeking to amend the listing and trading guidelines of the Grayscale Ethereum ETF (ETHE) and the Grayscale Ethereum Mini ETF (ETH). The submission requested permission to introduce staking services to both US-native Ether investment funds. The funds, with a net asset of $1.93 billion and $744.5 million, launched in July 2024 with seven other Ethereum spot ETFs. Nonetheless, the launch has failed to live up to the hype, especially compared with similar products tracking Bitcoin’s performance. For context, the Ether ETFs have seen a cumulative net inflow of $2.27 billion, with ETHE contributing negatively with a $4.23 billion net outflow. Meanwhile, for the uninitiated, staking involves locking up an underlying asset (Ethereum) in a network to become a validator. While staked, the locked assets yield passive income for the user as they aid in processing transactions and improve the network’s security. As a result, if the SEC approves the application published in the Federal Register on March 3, Grayscale will add staking services to its funds. This means users can decide to lock up their shares on the ETHE and ETH and earn staking rewards for doing so, further improving the attractiveness of these funds. Notably, the average annual staking reward on-chain ranges between 2.3% and 3.5%, while that of centralized exchanges varies slightly... #CryptoNews🚀🔥V

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