Ether (ETH) rejected the $2,000 resistance on Aug. 14, but the solid 82.8% gain since the rising wedge formation started on July 13 certainly seems like a victory for bulls. Undoubtedly, the "ultrasound money" dream gets closer as the network expects the Merge transaction to a proof-of-stake (PoS) consensus network on Sept. 16. Some critics point out that the transition out of proof-of-work (PoW) mining has been delayed for years and that the Merge itself does not address the scalability issue. The network’s migration to parallel processing (sharding) is expected to happen later in 2023 or early 2024. As for …

On August 15, Bitcoin (BTC) price and the wider market corrected while the S&P 500 and DOW looked to build on four-straight weeks of robust gains. Data from TradingView and CNBC show the Dow pushing through its 200-day moving average, a first since April 21 and perhaps a sign for bulls that the market has bottomed. While equities markets have been strikingly bullish in the face of high inflation and a steady schedule of interest rate hikes, a number of traders fear that the current 32 day uptrend in the DOW and S&P 500 could be a bear market rally. …

Bitcoin (BTC) has been witnessing a tough battle between the bulls and the bears near the $25,000 level. A clear winner may not emerge in the short term due to a lack of a catalyst and because there is no major macro economic data scheduled for this week in the United States. Data points from Asia or Europe may increase volatility, but they are unlikely to start a new directional move. Anthony Scaramucci, founder and managing partner of Skybridge Capital, in an interview with CNBC, advised investors to ride out the current uncertainty in cryptocurrencies and “stay patient and stay …

The Acala Network’s aUSD stablecoin depegged by over 99% over the weekend and forced the Acala team to pause a hacker’s wallet, raising concerns about its claim of being decentralized. On Aug. 14, a hacker took advantage of a bug on the iBTC/aUSD liquidity pool which resulted in 1.2 billion aUSD being minted without collateral. This event crashed the USD-pegged stablecoin to a cent, and in response, the Acala team froze the erroneously minted tokens by placing the network in maintenance mode. The move also halted other features such as swaps, xcm (cross-chain communications on Polkadot), and the oracle pallet …

Shiba Inu (SHIB) broke out of its prevailing "cup-and-handle" pattern on Aug. 14, raising its prospects of securing additional gains in the coming weeks. Shiba Inu could soar 50% A cup-and-handle appears when the price falls and rises in a U-shaped trajectory in the first stage, followed by a swift move sideways or downward in the second. Notably, the price trend develops under a common resistance level. Typically, cup-and-handle patterns resolve after the price breaks above the resistance level; SHIB did the same on Aug. 14 after rising 27% to $0.000016, as shown below. Per the rule of technical analysis, …

The S&P 500 rose for the fourth successive week as investors cheered on signs that inflation may have peaked. Bitcoin (BTC) and select altcoins also extended their recovery, suggesting that investors are increasing their exposure to risk assets. A similar trend has played out in the cryptocurrency markets. Altcoins, led by Ether (ETH), have outperformed Bitcoin after clarity on Ethereum’s Merge, according to analysts at Glassnode. However, trading firm QCP Capital is cautious about the momentum in the altcoin market. They highlighted that the open interest on Ether options had surged to $8 billion, exceeding Bitcoin option OI which was …

Bitcoin (BTC) spiked through $25,000 for the first time in months on Aug. 14, but traders refused to take any chances on a bull run. Weekend produces brief $25,000 tap for BTC Data from Cointelegraph Markets Pro and TradingView tracked a sudden run-up on BTC/USD, which hit $25,050 on Bitstamp in a $350 hourly candle. The move took the pair to a new personal best since June 13, erasing more of the losses seen that day in what remains a significant BTC price correction. Analyzing the market setup, however, familiar bearish tones remained. For popular Twitter account Il Capo of …

Velodrome Finance, a trading and liquidity marketplace, announced the recovery of $350,000 stolen on Aug. 4. However, the occasion turned bittersweet when internal investigations pointed out the involvement of a prominent team member, who goes by the pseudo name Gabagool. On Aug. 4, one of Velodrome’s high-worth wallets — dedicated for operating funds such as salaries — was drained off $350,000 before it could be transferred to the company’s treasury multisig wallet. A subsequent internal investigation revealed the attacker’s identification, which allowed the company to recover the entire loot. Velodrome’s official statement revealed: “Much to our disappointment, we learned the …

Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins. Altcoin market cap returns to $700 billio Data from Cointelegraph Markets Pro and TradingView confirms that ETH/BTC has cleared key resistance to pass 0.08 BTC on Aug. 13. The move is impressive for largest altcoin Ethereum, as the area around 0.075 represented a troublesome sell zone which had previously kept bulls in check for since January. At the time of writing, ETH/BTC is working to retain the newly-won level, as traders query how long its strength might …

Solana (SOL) risks a significant price correction in the coming weeks owing to a classic bearish reversal setup. A 35% SOL price correction ahead? On the three-day chart, SOL's price has been painting a rising wedge, confirmed by two ascending, converging trendlines and falling trading volumes in parallel. Rising wedges typically result in breakdown, resolving after the asset's price break below the lower trendline. If the price follows the breakdown scenario, it could fall by as much as the maximum distance between the wedge's upper and lower trendline. SOL is far from a breakdown but trades within a falling wedge …

Crypto lending platform Celsius Network has an approximately $1.2 billion gap in its balance sheet, with most liabilities owed to its users. In addition, the firm has filed for bankruptcy protection, so its future looks bleak. Still, Celsius Network's native utility token CEL has soared in valuation by over 4,100% in the last two months, reaching around $3.93 on Aug. 13 compared to its mid-June bottom of $0.093. In comparison, top coins Bitcoin (BTC) and Ether (ETH) rallied 40% and 130% in the same period. Takeover rumors behind CEL explosion? Technically, the price rally made CEL an excessively valued token …

The excitement around Ethereum’s (ETH) upcoming upgrade, The Merge, which involves the merger of two blockchains — Mainnet Ethereum and Beacon Chain — has unknowingly spurred rumors across the community. Termed the most significant upgrade in the history of Ethereum, The Merge does indeed mark the end of proof-of-work (PoW) for the Ethereum blockchain. However, here are five misconceptions that stand out among the rest. Misconception 1: Ethereum gas fees will reduce after The Merge Ethereum’s impending upgrade will reduce Ethereum’s infamous gas fees (transaction fees) is one of the biggest misconceptions circulating among investors. While reduced gas fees tops …