From Outage to Recovery: Solana Breaks $100 Barrier as Grid Reboot in Full Swing

Audy Castañeda
-
0
From Outage to Recovery: Solana Breaks $100 Barrier as Grid Reboot in Full Swing

Solana, the ambitious blockchain ecosystem, showed its resilience in the face of adversity and experienced a major network outage that temporarily affected its cryptocurrency value.

The recent drop in SOL price, which fell to $93.36 during the outage, highlighted a challenging time for the blockchain platform. However, the subsequent rapid recovery, with SOL currently trading at $101.80, reflects the network’s ability to recover, marking a notable 6.6% increase in the last 24 hours.

Solana: Price Stagnation, Sudden Increase, Blackout Recovery

Amid weeks of relative price stagnation, which saw SOL fluctuate between $90 and $99, Solana’s recent rise is in stark contrast. This period of minimal price change reflected a cautious sentiment prevailing in the cryptocurrency market, which contributed to a 10% correction in Solana’s value, painting a tentatively bearish picture.

The network faced an outage of four hours and 46 minutes, causing considerable disruption. Despite the setback, Solana developers quickly addressed the issue by deploying a new software patch from Solana Labs. The recovery process involved mainnet validators rebooting their nodes with the updated software, emphasizing the platform’s commitment to stability, as posted via X, on February 6:

“Block production on Solana mainnet beta resumed at 14:57 UTC, following a successful upgrade to v1.17.20 and a restart of the cluster by validator operators. Engineers will continue to monitor performance as network operations are restored.

The outage began at approximately 09:53 UTC, lasting 5 hours. Core contributors are working on a root cause report, which will be made available once complete.”

Although the Solana Foundation has not issued a formal statement regarding the cause of the outage, a tweet from VanEck’s Head of Digital Asset Research, Matthew Sigel, suggested that a possible bug identified and patched in the Solana testnet could be the culprit:

Solana outage, what happened?

BPF loader, the “Berkley Packet Filter,” which is the mechanism to deploy upgrade and execute programs on Solana, failed. This seems to relate to a previous SMID (Solana Improvement Proposal) that altered some of the features including the adding a blocker to stop metadata from being used in the BPF because it was no longer needed…”

This tweet gained traction when Solana co-founder Anatoly Yakovenko and other notable developers shared it, underscoring its importance.

Solana has faced prolonged network issues before. About a year ago, a 19-hour outage occurred after a network upgrade. The Solana Foundation attributed the problem to extensive use of “custom block forwarding software” by several applications.

Solana has seen an increase in activity. Token trading volume on its decentralized exchanges recently surpassed that of Ethereum, indicating growing interest and adoption. The recent network outage may have affected investor sentiment, but the dynamic nature of the cryptocurrency market means that situations can evolve quickly.

Solana: Price Projections, Stability Concerns Persist

According to the latest price predictions, the Solana price is expected to fluctuate between $92 and $119 in February 2024. The price is expected to rise to $400 in 2025 and reach an all-time high of $445 in 2027. Market analysts and experts They predict that Solana is expected to cross a price level of $517 in 2029. However, it is important to note that these predictions are subject to change and may not be entirely accurate.

Investors and enthusiasts are closely following Solana’s trajectory as it strives to establish itself as a pillar of blockchain ecosystems. The Solana Foundation’s upcoming root cause report is eagerly awaited, offering insight into the outage and potentially addressing concerns about network stability.

By Audy Castaneda

USA: Janet Yellen Calls for Strict Regulation of Cryptocurrencies Before Congress

Leonardo Perez
-
0
USA: Janet Yellen Calls for Strict Regulation of Cryptocurrencies Before Congress

The Treasury Secretary urges lawmakers to strengthen regulations governing cryptocurrencies, highlighting the need to address the risks of this volatile sector. Janet Yellen spoke out in favor of strict regulation of cryptocurrencies following the FTX collapse, emphasizing the need for effective oversight. Despite her anti-crypto stance, Yellen favors creating a “robust regulatory framework” with global collaboration rather than banning the assets.

United States Treasury Secretary Janet Yellen asks lawmakers to strengthen the regulatory framework for cryptocurrencies and stablecoins.

Yellen will testify today before the US House of Representatives Financial Services Committee. It will underline the urgent need for laws that address the risks of the cryptocurrency sector.

Stablecoin Rise

Perhaps the most notable point is the entry into force of the MiCA law in European territory, which has already caused several countries to begin to adapt their regulations to adjust these principles in their local legislation, as is the case of France and Spain.

As for stablecoins, these assets are at the center of the regulatory focus due to the boom generated in recent years. For example, the case of Tether’s USDT stands out, a currency of its type with the greatest global adoption, which has a market capitalization that exceeds USD $96.2 billion at the time of publication. This is followed by Circle’s USD Coin (USDC), which has more than $27.18 billion in circulating assets.

It is worth noting that the regulatory emphasis on stablecoins gained more strength after the events that occurred with Terra’s UST stablecoin, whose collapse meant the loss of billions for a large number of users internationally.

Janet Yellen Urges to Regulate Cryptocurrencies

Yellen’s comments come at a particularly notable time for the digital currency industry, as several international regulatory initiatives are looming to establish rules in this area. The Treasury has noted that many cryptocurrency platforms are not complying with regulations. Hence, Janet Yellen seeks to solve this with new laws. Yellen stated the following:

“The Council focuses on digital assets and related risks, such as those arising from executions on cryptoasset and stablecoin platforms, potential vulnerabilities arising from the volatility of cryptoasset prices and the proliferation of platforms that act outside or fail to comply with applicable laws and regulations.

Applicable rules and regulations must be enforced, and Congress must pass legislation regulating stablecoins and the spot market for cryptoassets other than securities.”

Yellen’s advocacy for a tougher regulatory environment is not without precedent. The bankruptcy of the FTX cryptocurrency exchange in November 2022 served as a reminder of the vulnerability of the sector.

After the bankruptcy, Yellen spoke out about the need for “more effective supervision of cryptocurrency markets,” emphasizing the urgency of closing regulatory loopholes to avoid future crises similar to that of FTX.

Yellen’s support of regulators, particularly the Securities and Exchange Commission (SEC) under Gary Gensler, further reinforces her rigorous approach to sector oversight. Despite Yellen’s strict stance against cryptocurrencies, regulation efforts are crucial.

Janet Yellen and her Petition for Crypto Regulation

Its objective is to protect the stability and integrity of the financial system. Cryptocurrency regulation is especially pertinent given the anticipated revenue growth of the US cryptocurrency sector.

With a projected compound annual growth rate (CAGR) of 9.10% from 2024 to 2028, the sector is projected to reach total revenue of $32.9 billion in 2028. However, the silver lining is that the United States Treasury Secretary does not advocate a total ban on crypto assets. Last year, at the G20 Summit in India, he supported the creation of a “robust regulatory framework.”

By Leonardo Perez

The Solana Blockchain Suffers a Brief Setback That Impacts the Value of its Token, and other News

Audy Castañeda
-
0
The Solana Blockchain Suffers a Brief Setback That Impacts the Value of its Token, and other News

For five hours, the Solana blockchain suffered an outage that impacted the value of its SOL token. This incident is similar to what happened last year.

This Tuesday, Solana, the blockchain platform that has been at the center of the scene due to its low latency and increasing activity, faced a setback with an outage that lasted around five hours. Amid this incident, the value of the SOL token on the Solana blockchain saw a drop from around $96 to below $94. However, it has managed to recover most of those losses since then.

It was an unsettling déjà vu, as these outages are not new to the Solana blockchain. Almost a year after a strike that left the network down for almost two days in April 2023. Today, the platform faced problems again.

During the outage, Laine, a Solana validator, shared that the Solana Mainnet-Beta was experiencing a performance degradation, with block progression halted. Central engineers and validators were engaged in an active investigation to resolve the situation.

“Core engineers have identified a fix and are building a new version for Validators to upgrade. More details after testing is complete,” posted on X independent Solana validator Marty Superfast on February 6.

In a later statement, Laine indicated that senior engineers had identified a fix and were working on a new version for validators to implement. Additionally, it was revealed that validators were taking preventive measures by generating snapshots using the state of their local ledgers, thus preparing for an eventual reboot.

ARK Invest’s Cathie Wood Predicts Substitution of Gold for Bitcoin with the Popularization of Spot ETFs

Cathie Wood, the CEO of ARK Invest, has stated that a notable “substitution” of gold for Bitcoin (BTC) is occurring, and anticipates that the availability of spot exchange-traded funds (ETFs) will help broaden this trend.

On ARK Invest’s “Big Ideas 2024” podcast, Wood highlighted that although the price of Bitcoin is primarily denominated in fiat currencies, such as the US dollar, the largest cryptocurrency has seen a steady rise compared to gold since its inception.

“There is now a substitution of Bitcoin, and we believe that this will continue now, that there is a much easier way… to access Bitcoin,” Wood stated.

Bitcoin has often been compared to gold as a store of value due to its finite supply and the difficulty of mining both gold and BTC. This contrast with other assets, such as national currencies, which can be freely printed, has led to the growing acceptance of Bitcoin as a safe haven.

Grayscale CEO Advocates Exchange Traded Options for Bitcoin ETFs

In an article published on February 5 on X, Michael Sonnenshein, Grayscale CEO, has expressed his support for the approval of exchange-traded options for spot Bitcoin exchange-traded funds (ETFs) by regulators:

“As we look ahead, I think it’s never been more important for the crypto and ETF communities alike to advocate for the development of a robust listed options market for spot Bitcoin ETFs. Although GBTC has been in the public market since 2015, it was never accompanied by listed options, as they aren’t a feature of the OTC Market.”

He argues that options are beneficial to investors, as they support “price discovery and can help investors better navigate market conditions or achieve desired results, such as income generation.”

By Audy Castaneda

The Latest Airdrop Token Listed on Binance, and other Crypto News

Leonardo Perez
-
0
The Latest Airdrop Token Listed on Binance, and other Crypto News

Binance and other major cryptocurrency exchanges will list the Dymension (DYM) token airdrop on February 6, offering new trading opportunities. In South Korea, three executives were arrested accused of the theft of 1.1 billion Won in cryptocurrencies. Layer 2 startup LightLink has raised $4.5 million in seed funding on a multiverse project.

Major cryptocurrency exchanges, including Binance, announced the listing of the Dymension (DYM) airdrop token on February 6.

This development introduces new trading opportunities for Binance users with the inclusion of the DYM/BTC, DYM/USDT, DYM/FDUSD, and DYM/TRY spot trading pairs. Starting at 17:00 UTC on Tuesday, users will be able to deposit DYM for upcoming trading activities. Withdrawal options will be available from 15:00 UTC on Wednesday.

Major Cryptocurrency Exchanges List New Airdrops Token

Dymension, a newcomer in crypto, gained attention for its innovative approach, using the Inter-Blockchain Communication standard to secure and interconnect rollups. This modular blockchain raised $6.7 million in a private token round.

It garnered support from notable backers such as Big Brain Holdings, Stratos Technologies, and MatchboxDAO, demonstrating institutional confidence in its potential. However, with great potential comes greater risk and volatility. Therefore, Binance has applied the Seed label to DYM, requiring investors to conduct extensive research and risk management.

“The Seed tag represents an innovative project that may show higher volatility and risks compared to other listed tokens. The Seed tag will be applied to DYM.”

Other prominent exchanges such as KuCoin, ByBit, MEXC, Bitget, and Gate.io will also list DYM, further expanding their market presence. Although the DYM note is currently trading at $4, indicating a high level of interest, it is crucial to note that this price may not reflect the value of the token when it officially begins trading.

The project’s strategic airdrops distributed 7% of its total supply to various stakeholders within the cryptocurrency community. Includes stakers from Celestia (TIA), Cosmos (ATOM), Osmosis (OSMO), and users of the L2 and Solana networks, as well as holders of select NFT collections.

Haru Invest Scandal: Three Executives Arrested for Alleged Theft of 1.1 Trillion Won in Cryptocurrencies

South Korean authorities have arrested three senior executives of the Haru Invest performance platform, accused of stealing approximately 1.1 trillion won ($828 million) in cryptocurrencies belonging to around 16,000 clients.

This was reported by Yonhap News on Tuesday. Among those arrested is the company’s CEO, according to the Joint Virtual Asset Crime Investigation Team of the Seoul Southern District Prosecutor’s Office.

Haru Invest, which once promised double-digit returns for crypto deposits, has been going through turbulent times. In June last year, it suspended withdrawals and deposits citing issues with its service partners. Shortly after, it laid off about 100 employees.

LightLink, Layer 2 Startup Secures USD 4.5 Million in Initial Funding for Multiverse Project

Layer 2 startup LightLink has raised seed funding of $4.5 million in a round led by Thai media company T&B Media Global and real estate developer MQDC.

This funding will support LightLink’s technology, which was involved in a “multiverse project” called Translucia. This project seeks to merge the virtual and physical worlds, with the support of $300 million in financing from T&B Media Global and MQDC, according to a statement.

The collaboration between LightLink and Translucia is seen as an ideal alignment, with the shared goal of establishing an interconnected and easy-to-use digital world.

By Leonardo Perez

XRP Price at Crunch Moment, Key Levels to Watch

Audy Castañeda
-
0
XRP Price at Crunch Moment, Key Levels to Watch

A connecting bearish trend line is forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair (data feed from Kraken). The pair is now at risk of further declines below the $0.5000 support zone.

The XRP price is struggling to overcome the $0.520 resistance. The price could gain bearish momentum if it closes below the $0.4850 support. XRP is showing bearish signs below the $0.520 and $0.508 resistance levels. The price is now trading below $0.520 and the 100 simple moving average (4-hours).

XRP Price Faces Many Obstacles

Over the past few days, XRP price saw a downward reaction below the $0.550 pivot level. The bears remained active and were able to push the price below the $0.500 support zone.

Recently, there was a recovery wave above the $0.500 level. The bulls pushed the price above the 50% Fibonacci retracement level of the descending wave from the high of $0.5390 to the low of $0.4850.

However, the bears were active near the $0.525 resistance. The Ripple token failed to overcome the 76.4% Fibonacci retracement level of the descending wave from the high of $0.5390 to the low of $0.4850. XRP is now trading in a bearish zone below $0.508 and the 100 simple moving average (4-hours), unlike Bitcoin and Ethereum.

On the upside, immediate resistance is near the $0.512 area. There is also a connecting bearish trend line forming with resistance near $0.5120 on the 4-hour chart of the XRP/USD pair. The first key resistance is near $0.520, above which the price could rise towards the resistance of $0.5320.

A close above the $0.5320 resistance zone could lead to a sharp rise. The next key resistance is near $0.5550. If the bulls remain in action above the $0.5550 resistance level, there could be a rally towards the $0.5840 resistance. Any further gains could send the price towards the $0.6000 resistance.

XRP Fights Bearish Sentiments

All eyes are on XRP, focusing on maintaining its price above the $0.50 level as it is seen as a crucial anchor for the cryptocurrency to retest the $0.60 level. XRP has not reached the $0.60 mark again since mid-January, making it the primary target. In the short term, the price of XRP has fluctuated between $0.55 and $0.49.

Bulls perceive XRP’s current position favorably and see it as an opportunity to accumulate, hoping to push the price higher. This sentiment follows XRP’s recent formation of its first death cross for the year, marked by its short-term moving average crossing below the long-term moving average.

XRP encountered additional obstacles due to hacking incidents, resulting in the loss of 213 million XRP, equivalent to $112.5 million.

In response to the hack, cryptocurrency exchange Binance froze $4.2 million worth of XRP believed to be associated with the breach. In particular, this hack has caused a stir in the crypto space, with the first major one reported in 2024.

More Disadvantages?

If XRP fails to break above the $0.5120 resistance zone, it could continue to decline. Initial support on the downside is near the $0.500 zone. The next major support is at $0.485. If there is a break down and a close below the $0.485 level, the price could accelerate lower. In the given case, the price could retest the $0.450 support zone.

Below are the 4-Hour MACD Technical Indicators:

The MACD for XRP/USD is now gaining pace in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels: $0.500, $0.485 and $0.450.

Main resistance levels: $0.512, $0.520 and $0.532.

By Audy Castaneda

“If You Have a Cross-Sectional View, You Will Make More Sensible Decisions”: Javier Pastor, Director of Communication at Bit2Me

Leonardo Perez
-
0
“If You Have a Cross-Sectional View, You Will Make More Sensible Decisions”: Javier Pastor, Director of Communication at Bit2Me

Bit2Me’s Communications Director recommends users learn about cryptocurrencies thoroughly before investing money. Javier Pastor maintained that a good education in cryptocurrency trading is essential and recalled that Bit2Me has an academy available. According to Javier Pastor, “Bit2Me was very clear about it since 2014, since it understood that this is a technology with an enormous future projection.”

In an interview with a media outlet, the Communication Director of Bit2Me, Javier Pastor, issued his suggestions for a good education in cryptocurrency trading, pointing out that it is necessary to have a “more cross-sectional view” of reality, not only of a cryptoactive, but of philosophical or political aspects, since it will help to make much more reasoned decisions with “solid pillars.”

The Communication Director of Bit2Me, Javier Pastor, maintained that a good education in cryptocurrency trading is essential because “we are in the information age.” He recalled that Bit2Me has an academy with content about the industry, which is used by public institutions such as the Treasury or large companies in Spain, to train and learn about the ecosystem.

Javier Pastor: “It is Essential to Study Crypto Assets Before Injecting Money”

For the Communication Director of Bit2Me, we have all “started from scratch”, but in the case of blockchain technology it is essential to study it, since it has a “very broad terminology”, with details and concepts. Therefore, he suggested users study crypto assets before injecting money.

Bit2Me is the most prominent cryptocurrency exchange in Spain, with a positive activity of 214.8% in trading volume every 24 hours, according to CoinGecko. Just at the beginning of 2024, Bit2Me closed an investment agreement with BBVA Spark to drive the adoption of cryptocurrencies.

Javier Pastor: “Investing in Bitcoin Requires In-Depth Knowledge”

Javier Pastor recalled his time in five different industries, a couple of years in the real estate sector, later in the pharmaceutical sector and then starting a business in China, where he facilitated legal advice between suppliers and manufacturers. During a stay in the United Kingdom he discovered Bitcoin on a trip to Southeast Asia, he understood the depth on a philosophical and political level.

Later, he admitted that he looked for companies in Spain that had ventures related to Bitcoin and that was when he met Bit2Me:

“I met Bit2Me and I returned to Spain. They offered me an interesting position, to register street-level stores. We signed up 500 stores. That was the starting signal. For 6 years I have worked hand in hand with the entire team and in an industry that has flourished. “I like risk appetite and that’s why I ended up related to the world of Bitcoin.”

What Should Be Taken into Account to Evaluate a Good Exchange?

According to Pastor, Bitcoin is a new technology, a new asset that emerged in 2009 and until 2012 we saw the first ventures and until 2019 there was a statement by regulators and supervisors. It was up to the entrepreneurs to decide how to strategically position their company in the medium and long term. Bit2Me was very clear about this since 2014, since it understood that this is a technology with an enormous future projection.

To conclude, Pastor admitted that all the companies that “took a step forward” in cryptocurrencies are currently in trouble. For this reason, he strongly suggested that users should look for security and spend quality time selecting a trustworthy company to work with.

By Leonardo Perez

1...318319320...1,654Page 319 of 1,654