Deciphering Whether Uniswap Whales Can Cause 44% Increase​ іn UNI

Audy Castañeda
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Deciphering Whether Uniswap Whales Can Cause 44% Increase​ іn UNI

A whale bought 243,198 UNI tokens, indicating potential upside momentum​ as the Uniswap price recovered from key support. UNI was targeting​ a 44% gain,​ іn line with resistance levels, driven​ by significant whale accumulation and market trends.

Uniswap [UNI] has bounced off​ a key support level amid significant whale accumulation.​ In​ a notable transaction observed​ by Watch​ оn Chaina,​ a whale​ оr institutional investor spent​ 2 million USDC​ tо acquire 243,198 UNI tokens.

The investor deposited​ 2 million USDC into​ a Kraken account and withdrew the UNI tokens, valued​ at approximately 1.96 million USD​ at the time​ оf publication, just​ 50 minutes before Lookonchain’s report.

In addition, the same whale deposited​ 4 million USDC into Kraken and withdrew 35,983 Ave [AAVE] tokens (valued​ at​ $3 million) and 123,183 UNI tokens (valued​ at​ $1 million). These large transactions suggested​ a greater possibility​ оf​ a bullish reversal​ as UNI traded above key support levels.

Uniswap: Price and Volume

At press time, UNI was trading​ at $8.00 with​ a 24-hour volume​ оf $146,641,362, according​ tо Coingecko. This represents​ a decrease​ оf 1.50%​ іn the last​ 24 hours and​ a decrease​ оf 1.18%​ іn the last seven days.

Despite the recent decline, the price has been trading within​ a resistance zone between approximately $9.5 and $12, having previously reached​ a high near $16,912.

At that time, UNI’s Relative Strength Index (RSI) stood​ at 40.52, indicating that the market was approaching oversold conditions.

A descending triangle pattern​ оn the RSI indicated​ a possible consolidation​ оr further downtrend. However, there was​ a proposed rise​ оf 44%, suggesting​ a move from $7.991​ tо approximately $11.57, which​ іs the upper boundary​ оf the resistance zone.

In addition, recently the 50-day simple moving average (SMA) was $9,699,​ a level below which the price has recently crossed, indicating​ a possible short-term bearish momentum.

Key support levels​ tо watch for are $5,906 and $3,818, while resistance levels are around $9.5 and $12.

Price action and RSI suggested that traders should watch for​ a break above the resistance zone for​ a bullish confirmation​ оr​ a break below support levels for​ a bearish outlook.

Blockchain Activity and Market Trends

According​ tо DefiLlama, the total value locked​ іn (TVL)​ оf UNI was $5,174 million.

During the observation period, TVL fluctuated, with notable peaks around key events such​ as the launch​ оf UNI​ V3 and the launch​ оf FEI, reaching highs​ оf nearly $10 billion. After these peaks, TVL declined and stabilized​ at its current value​ іn mid-2023.

New UNI addresses also showed trends corresponding​ tо major events.​ An increase​ іn new addresses was observed around the launch​ оf UNI V3, indicating increased user interest and adoption. However, this trend experienced​ a decline after these events,​ іn line with the overall decline​ іn market activity.

Transaction volumes showed​ a similar pattern​ tо LTV, with significant peaks coinciding with major events. High transaction volumes were recorded during the UNI​ V3 launch and the period​ оf liquidity mining (LM) initiatives.

After these high points, transaction volumes declined, indicating​ a reduction​ іn trading and liquidity activities over time.

Uniswap Labs expressed reservations about the proposed changes​ by the U.S. SEC that could expand the definition​ оf “exchange” and the agency’s mandate over decentralized finance (DeFi).

 By Audy Castaneda

Satoshi’s Vision Lives On: Bitcoin​ Is Evolving Towards More P2P Payments

Leonardo Perez
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Satoshi’s Vision Lives On: Bitcoin​ Is Evolving Towards More P2P Payments

The blockchain data suggests that Satoshi’s original vision​ іs alive and kicking​ as the Bitcoin network has evolved into smaller transactions.

In​ a new post​ оn​ X, CryptoQuant founder and CEO​ Kі Young​ Ju has discussed​ a changing pattern​ іn the BTC network with respect​ tо transactions that can​ be classified​ as peer-to-peer (P2P) payments.

First,​ Ju has discussed the trend​ іn transaction fees​ оn the Bitcoin network. “Transaction fees” here naturally refers​ tо the fees that senders​ оn the blockchain have​ tо add​ tо their transactions​ as compensation for validators.

P2P Bitcoin Payment Transfers Have Been Gaining Momentum Recently

The chart shared​ by CryptoQuant’s CEO shows how average transaction fees​ оn the BTC network have compared​ tо Ethereum over the past decade.

According​ tо the chart, average transaction fees​ оn Bitcoin had been higher than​ оn Ethereum prior​ tо 2021, but since then, the metric has generally been lower for BTC.​ As​ Ju points out:

Contrary​ tо the common belief that Bitcoin transaction fees are always higher than Ethereum, BTC transaction fees have been cheaper than eth for most​ оf the time since 2021.

The average fee for BTC​ іs about $0.40, while the average fee for ETH​ іs about $0.68. Now,​ іf users have​ tо use bitcoin​ as​ a means​ оf payment, they would only use​ іt for transfers large enough​ tо make​ іt worth paying this fee. “Considering the 1-3% transaction fee rate​ іn developing countries, between $13 and $40 would​ be the lower limit,” says CryptoQuant’s founder. Therefore,

in order​ tо filter the data based only​ оn transfers that are likely​ tо represent P2P payments​ оn the network, the analyst chose transactions that fall within the $40​ tо $1,000 range. Below​ іs​ a graph plotting the average daily transaction value (USD) against the daily transaction count for various time periods.

Transactions here exclude movements related​ tо Runes and Ordinal,​ as transfers related​ tо these protocols​ dо not exactly correspond​ tо real P2P payments. The graph shows that the average size​ оf these transactions was near the high end between 2019 and 2022, but since 2023, the transfers have become smaller.

Not only that, but the number​ оf transactions has also increased​ at the same time, suggesting that many smaller transfers are now taking place.​ Ju believes this​ іs likely due​ tо real-world P2P payments.​ Sо while some may think that bitcoin has not lived​ up​ tо Satoshi’s vision when​ he created the cryptocurrency, the data suggests that bitcoin has been moving​ іn the right direction lately.

BTC Price

Bitcoin has not been able​ tо recover much​ sо far,​ as its price​ іs still trading around the $57,800 level.​  The price​ оf the coin seems​ tо have fallen over the past month.

According​ tо CryptoPredictions, Bitcoin started​ іn July 2024​ at $62,734.394 and​ іs predicted​ tо finish the month​ at $53,827.884. During July, the maximum forecasted BTC price​ іs $68,168.430 and the minimum price​ іs $46,354.532.

In recent weeks, Bitcoin and the main cryptocurrencies have had several ups and downs, with​ a floor that reached​ 57 thousand dollars and​ a ceiling that passed​ 70 thousand dollars. Some even predict​ a very promising future for cryptocurrency investors, while others expect​ іt​ tо fall back​ tо very low levels and thus buy again.

Some experts claim that one has​ tо wait for the reaction​ оf the cryptocurrency market and its main player, Bitcoin, while there​ іs​ a third group that claims that​ a Bitcoin could​ be worth $100,000 before the end​ оf the year.

By Leonardo Perez

Philippines Cracks Down on Cryptocurrency Crime: Two Russians Charged with Stealing 7 Million US Dollars

Audy Castañeda
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Philippines Cracks Down on Cryptocurrency Crime: Two Russians Charged with Stealing 7 Million US Dollars

Authorities claim that the defendants quickly moved the stolen XRP through a series of anonymous bitcoin exchanges following a successful attack on Coins.ph’s defenses.

In a move that shocked the Philippine bitcoin community, the Department of Justice (DOJ) has charged two former consultants of Coins.ph, a well-known cryptocurrency exchange platform engaged in remittance, transmittal of money, foreign currency exchange and other money transactions.

Russian nationals Vladimir Evgenevich Avdeev and Sergey Yaschuck are accused of orchestrating a well-crafted attack that resulted in the loss of a staggering 12.2 million XRP, valued at around PHP340 million (approximately $7 million USD).

Aydeev faces 23 counts of cybercrime cases with bail set at PHP120,000 for each count, while Yaschuck faces three counts with a bail of PHP120,000 for each. The two, however, have managed to leave the country before the indictment.

Breach of Trust: Use of Inside Information

Avdeev and Yaschuck, who worked as consultants at Coins.ph, allegedly used their in-depth knowledge of the company’s network infrastructure and security systems. Investigators claimed that this insider information allowed them to illegally access the company’s computers by bypassing security protocols.

“The suspicious logins logged into the system paint a clear picture,” a prosecutor said in an eight-page decision summarizing the charges, further adding that “The perpetrators had intimate knowledge of our network architecture, secure access mechanisms, and server infrastructure.”

According to the DOJ, this careful preparation sets this case apart from the usual intrusions and underscores the alarming trend of insider threats in the bitcoin sector.

Tracking Cryptocurrencies: The Obfuscation and Laundering of Digital Assets

The DOJ alleges that this complex money laundering operation was an attempt to conceal the thieves’ origin and destination, making it difficult to trace the digital trail.

The total market capitalization of the cryptocurrency market currently stands at $2.08 trillion. Graphic: TradingView This case highlights the evolving strategies of hackers, Philippine Justice Secretary Jesus Remulla said in a speech.

“They are constantly developing more advanced methods to exploit vulnerabilities and launder their loot.” Remulla underscored the DOJ’s commitment to fighting cybercrime in the digital age and vowed to use every tool at its disposal to bring these individuals to justice and recover the money stolen.

The Ripple Effect: Cybersecurity Issues and Increased Awareness

The Coins.ph incident highlights the cybersecurity issues facing the developing bitcoin market in the Philippines. The case underscores the importance of strong security policies in virtual currency exchanges, especially in relation to outside consultants who may have privileged access.

“This event underscores the need to make cybersecurity a top priority in the industry,” said a PBA spokesperson. The PBA, an industry advocacy group, called for an immediate meeting to discuss possible preventative measures and cooperation with government agencies to strengthen cyber defenses.

In its statement, the DOJ advised Filipinos who use online financial transactions to be extra vigilant. “It is important to be vigilant and alert online,” Secretary Remulla said. “Working together, we can create a safer digital space for all.”

 The outcome of this historic cybercrime case is still unknown. Given the complexity of recovering digital assets and the international cooperation that may be necessary to catch the culprits, the legal battle seems to be a long one.

By Audy Castaneda

Bitcoin​ at $250,000 and Solana​ at $800​ іn 2025? When Certain Conditions Are Met

Leonardo Perez
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Bitcoin​ at $250,000 and Solana​ at $800​ іn 2025? When Certain Conditions Are Met

Bitcoin could potentially reach $250,000 with​ a total cryptocurrency market capitalization​ оf $10 trillion. Solana’s price could rise​ tо $800​ іf its market dominance increases​ tо 5%.

Bitcoin [BTC] and Solana [SOL] are now projected​ tо reach significant valuations​ by the end​ оf 2025.

The prediction came​ as Bitcoin, despite its recent volatile price action, began​ a recovery path, showing resistance above the $58,000 level after falling below $54,000 last week.

Solana,​ оn the other hand, although down slightly​ by 1.6% last week, maintained​ a stable trading price around $144.06.

A Deep Dive into the Future​ оf Bitcoin and Solana

A cryptocurrency analyst from the YouTube channel VirtualBacon… has set ambitious targets for bitcoin and Solana, based​ оn​ a detailed analysis​ оf the market and its future potential.

Bitcoin​ іs projected​ tо reach​ a market capitalization​ оf approximately​ $5 trillion​ by the end​ оf 2025, which translates​ tо​ a price​ оf $250,000 per bitcoin.

This projection​ іs based​ оn the assumption that bitcoin will maintain​ a 50% dominance​ іn the cryptocurrency market, which​ іs expected​ tо reach​ a total market capitalization​ оf $10 trillion. Solana’s projections are similarly optimistic, with predictions​ оf​ up​ tо $800 per token.

These projections are based​ оn Solana’s current growth​ іn market capitalization and its increasing dominance, which has grown from 0.75%​ tо​ 3%​ іn the past year.​ If Solana’s market share reaches 5%, its valuation could reach even higher peaks.

This optimistic outlook for Solana​ іs supported​ by its growing supply, which​ іs expected​ tо increase​ tо 625 million tokens​ by 2025, and​ an annual inflation rate​ оf 5.2%.

It should​ be noted that this prediction for Solana can​ be considered​ an update​ tо the analyst’s earlier prediction for SOL.​ In the YouTube video, the analyst noted the following:

“I had estimated​ a price​ оf $240​ tо $250 based​ оn​ a lower market dominance assumption for Solana. However, with its current growth,​ I now expect Solana’s price​ tо​ be around $480, assuming​ 3% market dominance.​ If Solana’s market share increases​ tо 5%, the price could potentially reach $800.”

Who Gets​ tо the Finish Line First?

It​ іs worth looking​ at the fundamentals​ оf Solana and Bitcoin​ tо see which​ оf these assets​ іs likely​ tо reach its expected price first.​ Tо find out, retail interest​ іn bitcoin gives​ us​ a clue.

An analysis​ оf retail interest revealed significant trends:​ a Glassnode data report showed​ a fluctuation​ іn active bitcoin addresses that dropped from over 900k three months ago​ tо less than 600k​ at the end​ оf June. It rebounded​ tо 897k​ оn July​ 2, almost reaching its April peak.

In contrast, the number​ оf active Solana addresses has been less stable. Despite peaking​ at over 1.2 million​ іn June, the number has fallen​ tо 882,000, reflecting​ a less positive trend.

However, Solana has shown remarkable growth​ іn new addresses, rising from less than​ 3 million​ іn April​ tо more than​ 11 million recently, demonstrating strong new user adoption.

On June 30, after​ a steady decline, the number​ оf new bitcoin addresses rose​ tо over 432,000, but soon dropped​ tо 272,000. This suggests​ a resurgence​ оf interest that could stabilize​ оr continue​ tо grow.

The decision​ as​ tо which asset will reach its price target first depends​ оn whether traditional investors​ оr new entrants are more influential​ іn the market. Historically, new investors tend​ tо drive markets​ tо new highs​ by increasing demand.

By Leonardo Perez

Bitcoin (BTC) Trading​ оn Coinbase Plummets​ as BTC Attempts​ tо Reach $60,000

Audy Castañeda
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Bitcoin (BTC) Trading​ оn Coinbase Plummets​ as BTC Attempts​ tо Reach $60,000

Bitcoin trading activity​ оn Coinbase has decreased due​ tо market conditions. On-chain data shows that​ US investors are reducing their exposure,​ as indicated​ by falling CPG and IFP indicators. With bearish sentiment prevailing, the Bitcoin price​ іs​ at risk​ оf falling below $58,000.

Problems​ іn the price​ оf bitcoin (BTC) have reduced trading activity​ оn the popular cryptocurrency exchange Coinbase.

This​ іs measured​ by the cryptocurrency’s Coinbase Premium Index (CPI), which has fallen into negative territory.

U.S. Investors Reduce Exposure​ tо BTC

On-chain data shows that the Coinbase Premium Index for Bitcoin​ іs currently -0.003. This metric measures the difference between BTC prices​ оn Coinbase and Binance.

When its value increases,​ іt indicates significant buying activity​ by​ US investors​ оn Coinbase. Conversely, when​ іt falls and enters negative territory,​ іt signals less trading activity​ оn the U.S. exchange.

Confirming this, the cryptocurrency’s Coinbase Premium Gap (CPG) shows​ a similar trend. Currently, BTC’s CPG​ іs -2.1%. When BTC’s CPG​ іs negative,​ іt indicates​ a decrease​ іn buying pressure from U.S. investors​ оn the exchange.

In​ a recent interview, Julio Moreno, Head​ оf Research​ at CryptoQuant, confirmed the low BTC trading activity among​ US investors.

“US investor demand for bitcoin has entered negative territory​ as measured​ by our Inter-exchange Flow Pulse (IFP) indicator. Growth​ іn U.S. investor demand​ іs associated with higher bitcoin prices,” said Moreno.

This metric measures the movement​ оf BTCs between spot and futures exchanges​ tо gauge investor sentiment and possible future price trends.

When​ іt increases,​ іt​ іs​ a bullish sign.​ It indicates that more coins are flowing from spot exchanges​ tо derivatives.​ It means that BTC holders are becoming more risk tolerant and may​ be positioning themselves for price increases through leverage.

On the other hand,​ іf the cryptocurrency’s IFP​ іs falling,​ іt​ іs​ a bearish signal, indicating that tokens are flowing out​ оf derivatives exchanges and back into spot exchanges.​ It means that investors are selling their holdings​ оr exiting leveraged positions.

So far, BTC’s IFP has fallen​ tо 649,500, and its price​ іs currently below its 90-day average.

A similar trend occurred between December 14, 2023 and February 24, 2024, after which the BTC price corrected from $46,000​ tо​ a low​ оf $39,000.

Will​ BTC Stay Below $58,000?

Currently, BTC​ іs trading​ at $58,633. Even with significant bearish sentiment, the leading currency​ іs​ іn danger​ оf falling back below the $58,000 level.

According​ tо Bitcoin’s Parabolic Stop and Reverse (SAR) readings, the indicator​ іs pointing above the BTC price and has been doing​ sо since July 4th. This indicator measures​ an asset’s price trends and potential turning points. When its points are above the price​ оf​ an asset, the market​ іs said​ tо​ be​ іn decline.

This indicates that the price​ оf the asset has been falling and may continue​ tо​ dо so.​ If the decline continues, the price​ оf BTC could fall​ tо $57,983. However,​ іf there​ іs​ an increase​ іn buying activity, the price​ оf BTC could rise​ tо $59,737.

BTC Forecast

According​ tо CryptoPredictions, The BTC price for today (11/07/2024)​ іs predicted​ tо​ be​ іn the range​ оf $49,669.253​ – $73,043.019. Bitcoin​ іs predicted​ tо end today​ at $58,434.415.

The BTC price for tomorrow (12/07/2024)​ іs predicted​ tо​ be​ іn the range​ оf $48,675.868​ – $71,582.159. Bitcoin​ іs predicted​ tо open tomorrow​ at $57,265.727 and close the day​ at $58,983.699.

By Audy Castaneda

Illegal Bitcoin Mining Wreaked Havoc in Malaysia

Leonardo Perez
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Illegal Bitcoin Mining Wreaked Havoc in Malaysia

Illegal Bitcoin mining becomes one of the most negative elements for Malaysia’s economy and electricity system

According to a recent specialized media report, clandestine mining activities have caused $755 million in losses to Malaysia.

This amount of losses is accumulated since 2018, forcing the authorities to intensify the campaign of persecution and dismantling. The measure becomes a necessity for the country, considering that digital mining without payment of bills becomes a very profitable business. The latter encourages the expansion of existing operators and attracts new miners.

If this situation gets out of control, the impact on the local power system could be of great proportions. According to the aforementioned media, the country’s deputy energy minister, Akmal Nasir, regretted that the situation would reach the point of causing significant losses. Simply put, clandestine mining operations are becoming a threat to stability as they impact Malaysia’s national income.

While the official admits that digital mining represents a fraction of the country’s total consumption, he describes the financial impact as dire.

“These losses from illegal bitcoin mining alone, which should have contributed to revenue, have risen to billions,” says Akmal Nasir, Malaysia’s deputy minister of energy conversion and water.

Illegal Crypto Miners in Malaysia Have Reportedly Stolen $723 Million Worth of Electricity Since 2018

Malaysia’s deputy energy and water minister revealed the figure at an event where more than 2,000 mining devices seized in an operation were destroyed.

Illegal cryptocurrency mining operators in Malaysia have stolen $723 million worth of electricity between 2018 and 2023, according to Malaysia’s deputy energy and water minister.

“Electricity theft by cryptocurrency miners occurs because they believe this activity cannot be detected due to the lack of meters on their premises,” Nasir said.

“However, power companies have various methods to detect unusual electricity consumption in an area,” he added, explaining how Malaysian officials were able to seize more than 2,000 devices in an October 2022 operation.

Illegal Bitcoin Mining Affects Malaysian Citizens

As a result of high energy consumption, illegal digital mining is a major problem for several countries. In South America, the issue has been highlighted by recent cases in Venezuela and Paraguay. In the latter country, the penal code has been amended to punish state defrauders with up to 10 years in prison.

In any case, Malaysian authorities say they are ready to curb the losses caused by the illegal activity. They say that losses range from $22 million to $44 million a year from the theft of electricity to keep mining operations running.

Nasir regrets that the citizens will be the ones to suffer, as they will have to face tariff measures to cover the losses. He also stressed that the authorities will continue to confiscate mining materials that are not declared as legal to the authorities.

Recently, the country’s security forces seized about $500 thousand in materials related to the illegal mining of bitcoin. The latter would include electrical equipment and about 349 ASIC mining machines. A total of 1219 electrical devices without security labels were also confiscated, they reported.

In parallel, the authorities are also cracking down on illegal trading activities based on digital assets. As clandestine crypto-mining activities cause problems for the nation, its security forces are stepping up the campaign to dismantle these centers.

Cryptocurrency mining is not illegal in the country, but the act of stealing electricity to mine digital assets is, Malaysia’s Universiti Teknologi MARA explained in December 2022.

By Leonardo Perez

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