ConsenSys pledges $2.4M annually for MetaMask Grants DAO 8225670622173
ConsenSys, a blockchain technology company, will spend $2.4 Million annually to fund its MetaMask Grants DAO that aims at further developing the Web3 ecosystem.
MetaMask employees will lead the fund and manage the decentralized autonomy organization (DAO).. The DAO will issue grants to developers who are not part of ConsenSys and are creating products or services in MetaMask’s environment and wider Web3 space.
To assess the viability and success of the project, the DAO will first run for 12 months. The DAO will process votes and proposals through SnapShot on Codefi Activate. ConsenSys will contribute $600,000. per quarter to help drive decentralization, adoption and adoption of Web3 mechanisms.
In a statement that was shared with Cointelegraph, Taylor Monahan, MetaMask’s global Product Lead, highlighted the importance of decentralized development as a driver for growth.
“This will not only accelerate growth for cryptocomfortable users but it will also increase adoption for cryptocurious individuals with more ways to participate in.”
The DAO itself is composed of three components. The first component is the employee-led DAO, which is made up of more than 900 ConsenSys employees. These employees can opt in to become Grants DAO members. All of them have equal voting rights.
Similar: The blue Fox: DeFi’s rise, and the birth Metamask Institutional
The second section is a mini-DAO leadership committee made up seven people. This committee will be responsible to identify high-potential projects and create governance proposals. They will also collect feedback and drive improvements for the DAO.
ConsenSys will oversee the final part, which is a multisignature secure wallet that will handle the token contract as well as the treasury. It can also sign transactions to fund disbursement and mint and burn tokens when employees join or leave the company.
The MetaMask Grants DAO leadership committee includes MetaMask’s co-founders, Snaps Studios’ global product lead, senior DAO strategist, and ConsenSys director of strategic initiatives as well as ConsenSys product management director.
Two types of grants will be available for funding the DAO. The Leadership Committee Grant will only be voted upon by its seven members. DAO Grants will then be available for all DAO members to vote on.
Blockchain technology firm ConsenSys will spend $2.4 million annually to fund its newly launched MetaMask Grants...
Analyst explains that crypto hacks will reach all-time highs by 2022. Kim Grauer, research director at Chainalysis, stated that the top priority of the crypto industry should be reducing hacks through improving cybersecurity. According to the firm, crypto thefts through hacks could surpass 2021 this year. These exploits mainly target the field of Decentralized Finance (DeFi). Grauer stated in an interview with Cointelegraph that “this can’t continue in the industry because people will lose faith in investing on DeFi platforms.” [embedded content] Decentralized protocols are more vulnerable than centralized exchanges. This is largely due to the open source code that they are built on. “Anyone can look through this open-source code to find code vulnerabilities they can exploit,” Grauer explained. The researcher believes that hacking vulnerability is not an inherent problem of DeFi but rather a result of insufficient security at the code level. She pointed out that “there are contracts that have shown that they can be kept secure.” Grauer believes that decentralized protocols can be more secure than their centralized counterparts if enough resources are spent on making the code “perfect”. You can see the full interview over on our YouTube channel and don’t forget about to subscribe!
Reducing the number of hacks by improving cybersecurity should be considered a top priority for the...
Official data confirms US recession with Bitcoin price falling to $19K
Bitcoin ( BitcoinTC), wobbled in its narrow trading range on Sept. 29, Wall Street Open, as official data placed the United States economy into recession.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
The U.S. meets the technical definition of recession
Data from Cointelegraph Markets Pro, and tradingView show that BTC/USD hovered just above $19,000 as of the writing.
The pair survived the gloomy statistics for the United States with the second quarter gross national product (GDP), growth of -0.6%. Despite protestations from the White House, this meant that the U.S. had met the standard criteria of recession, with two consecutive quarters without growth.
“Everyone talks as though recessions should never happen,” financial commentary resource The Kobeissi Letter responded.
“A healthy economy will experience many recessions over the long-term. A bubble is one that does not experience a recession. This is a case of a bubble and recession. Fake markets are not real.
Analyzing the European situation, Robin Brooks (chief economist at IIF), warned about a “deep” economic recession. This was based on consumer confidence data.
“With the second quarter GDP revision negative the White House stated that this isn’t the definition of recession,” popular Twitter account Unusual whales continued on the confusion about what constitutes a slump which started earlier in the year.
They advocate for NBER’s which is “a significant decline of economic activity spread across all sectors of the economy lasting longer than a few weeks.”
This event occurs after the Bank of England intervenes abruptly in the United Kingdom’s bond market. They then return to quantitative easing (QE), in a move that is reminiscent of the atmosphere during Bitcoin’s birth.
$19,000 seems unstable
However, the Bitcoin price action managed to avoid significant volatility even though the monthly close was just one day away.
Similar: Bitcoin’s ‘great detox’ could cause a drop in the price to $12K.
BTC/USD was trying to break $19,000 support at the time of writing.
Although the -0.6% GDP result was better that the forecasted -0.9%, Material Indicators, an on-chain analytics resource, had little to celebrate.
Material Indicators shared a screenshot from the Binance BTC/USD order books and warned that the market bottom was not in.
Strong economic report indicates that FED tightening is not having much, if any, impact. Translation: More aggressive rate increases through Q4 and into 2023,” it predicted as part of the accompanying comments.
BTC/USD order book data (Binance) chart. Source: Material Indicators/ Twitter
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.
Bitcoin (BTC) wobbled in its narrow trading range at the Sept. 29 Wall Street open as...
BitMEX CEO warns that Ethereum Merge could cause high volatility
The Ethereum Merge is one the most anticipated events within the crypto space for this year. Crypto firms are always on the lookout to spot any issues that might arise as the new upgraded Ethereum network becomes operational.
Alexander Hoptner (CEO of BitMEX crypto exchange) spoke to Cointelegraph about how the trading platform is preparing the Merge. He also discussed institutional adoption potential after the transition from proof of stake (PoS) and his thoughts on Bitcoin ( BTC and Ether ( ETH).
Hoptner explained that, aside from making sure all boxes are checked on company preparations for big events ahead of them, it is important to be attentive to what could happen and ensure that the services they provide are functioning properly. He explained:
“You must be just, let’s call it, awake and watch what happens. There is a possibility of high volatility. You need to ensure that your services are available. […] We do not expect major disruptions other than volatility.”
BitMEX’s executive said that a fork would be successful if it was supported by a strong community. Hoptner pointed out that forks are at risk if there isn’t enough support from miners.
The issue of institutional adoption following the Merge was another topic discussed during the interview. The BitMEX CEO feels that PoS Ethereum is better for organizations than major players who are increasing their services to institutional players. This is because it addresses the main environmental narrative with which institutions are most concerned. He stated:
“I am certain that this will push for institutional adoption as well as mass market adoption, because […]nerally, the current generation pays close to the efficiency, environmental development.”
He also pointed out that large financial institutions are already experimenting with crypto, primarily BTC and ETH. Hoptner stated that many institutions already offer 1% to 22% crypto in their portfolios and that he expects this trend to continue.
Related: ETH Merge – CoinGecko founder shares his strategy for forked tokens
Contrary to popular belief that the market is at the moment, BitMEX CEO shared his team’s belief that the current market conditions are not bearish. Instead, he believes that there is a small correction in traditional finance. He stated that:
“Beforehand it was extremely overheated on the market. We were too fond of money, and this is now a minor correction. However, we are extremely bullish about Bitcoin and ETH, particularly for proof-of stake.
Hoptner is positive that the Ethereum Merge is a positive step in the industry and reiterated his team’s belief in the value of ETH. He also stated that Ethereum has a strong community and ETH could eventually surpass BTC. He stated that he believes it could surpass Bitcoin in relative growth.
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Price analysis 8/19: BTC. ETH. BNB. XRP. The sharp sell-off in Bitcoin ( BTC), and other major altcoins on Aug. 19 was a result of a lackluster trigger. However, it is not clear what caused the abrupt drop. According to Coinglass data, the sharp fall led to liquidations exceeding $551 million over the last 24 hours. Other formations, except for a V-shaped top, take longer to complete because buyers and sellers are trying to get the upper hand. These volatile movements can lead to a lot of noise that could be a good opportunity for traders in the short-term, but investors who are looking long-term should not get sucked in by this noise. Everyday cryptocurrency market performance. Source: Coin360 Glassnode data indicates that Bitcoin investors who bought Bitcoin in 2017 and earlier are simply holding onto their positions. On Aug. 18, the Bitcoin supply that has been dormant for at most five years hit an all-time high 24.351%, indicating that investors aren’t willing to sell out in panic or for minor profits. Will Bitcoin and other altcoins be able to challenge their June lows? Or will the bulls simply buy the current dip. Let’s look at the charts for the top 10 cryptocurrencies to see what happens. BTC/USDT Bitcoin’s main trend is downward, but the bulls are trying to find a bottom. For the past few days, the price has been moving in an upward channel. Short-term traders may have been tempted to take profits by the failure of bulls to push price above the channel’s resistance line. This has caused the price to fall below the moving averages. BTC/USDT daily chart. Source: TradingView BTC/USDT pairs fall to support lines. When the price trades within an ascending channel it is common for traders to try to buy dips to support lines and then sell close to the resistance line. The likelihood of a bounce from the support line is high. The buyers will attempt to push the pair higher than the moving averages if that happens. The possibility of a rally towards the resistance line could be possible if the pair breaks and closes above the 20-day exponentialmoving average (EMA) ($23265). If the price falls below the channel, this positive outlook could be invalidated. This could lead to a drop in price to $18,626. ETH/USDT On Aug. 19, Ether ( ETH ) fell below the 20-day EMA ($1,771), which is the first sign the recovery may be slowing down. The $1,700 level is the most important to monitor on the downside. It had been a strong support for Ether between Aug. 6-10. ETH/USDT daily chart. Source: TradingView The price rebounding off $1,700 with strength will indicate that bulls are trying to turn this level into support. The ETH/USDT currency pair could rise to $1960, and then to $2,030. Breaking above this level could signal the resumption or continuation of the uptrend. The pair could rally to the downtrend. Contrary to popular belief, a break in the price will indicate that traders who bought at lower levels may be aggressively closing their positions. This could push the pair towards the 50-day SMA (simple moving average) ($1,519). BNB/USDT BNB fell below the 20-day EMA ($304), indicating that short-term traders might be making profits. On Aug. 19, the price fell further to the 50-day SMA (272) If the recovery is to continue, the bulls must defend this level. BNB/USDT daily chart. Source: TradingView The BNB/USDT pair may rise towards the overhead resistance of $338 if the price rises from its current level. This could create an inverse head-and-shoulders pattern that will end on a break above $338. The pair could fall to $240 if it falls below the 50-day SMA. This will indicate that the pair could remain within a wide range of $183 to $338 for a while. XRP/USDT The overhead resistance of $0.39 per hour on Aug. 17 was not reached by the bulls. This suggests that the bears will continue to defend this level with their full force. XRP/USDT daily chart. Source: TradingView Traders usually buy near the support in a range and then sell close to it. This is exactly what happened with the XRP/USDT pairs. Bulls might wait for the price of $0.30 to fall before buying. The price rebounding below $0.30 will signal that the range-bound action could continue for a few days. If buyers push the price higher than $0.39, or bears lower the price below $0.30, the next directional move might be made. Price action within a range can be unpredictable and random. Experiential traders wait for the breakout before entering a trade. ADA/USDT Cardano ( ADA ) fell below the 20-day EMA ($0.52) Aug. 18, suggesting that bulls might have been in a hurry to close their positions. The bears had a slight advantage. ADA/USDT daily chart. Source: TradingView On Aug. 19, the sellers continued to push their advantage and drove the price below its 50-day SMA ($0.49). This raises the possibility that USDT/ADA could fall to $0.40, the critical support. This level has been defended by the bulls twice before, so it is likely that they will bounce off it. The pair could fluctuate between $0.40- $0.60 for a while if that happens. To begin the next leg in the downtrend, the bears will need to bring the pair below $0.40. SOL/USDT Solana ( SOL), bounced off the support level on Aug. 18, and bulls attempted to push the price higher than the 20-day EMA (41). The bears held the level, however. SOL/USDT daily chart. Source: TradingView This led to a resurgence in the selling that occurred on Aug. 19, and pushed the price below the SMA of $39. This invalidated bullish ascending triangular pattern. The bears now plan to bring down the SOL/USDT pair at $34.50. The pair may attempt to rally above the moving averages if the price recovers from $34.50. The pair could then consolidate between $34.50 to $48 for a while. A break below $34.50 could send the pair down to $31. DOGE/USDT Dogecoin ( DOGE) declined and fell below the breakout level at $0.08 on August 18. This was the first sign that the Aug. 14 break above $0.08 may have been a dead cat bounce. DOGE/USDT daily chart. Source: TradingView The bears have continued to sell and pulled the price below the trendline for the ascending triangle pattern. Breaking below this level could cause the bullish setup to be invalidated and lead to a drop of $0.06. This level is expected to attract bullish buying. If the price bounces off its current level, it could indicate that bulls are trying to defend the trendline. To gain an upper hand, the buyers will need to push the DOGE/USDT price back above $0.09 Related: The debt crisis could lead to the liquidation of nearly $55M in Bored Ape and CryptoPunks NFTs. DOT/USDT Polkadot ( DOT), closed below the 20 day EMA ($8.46), on Aug. 17. This was the first sign that the breakout above $9 might have been a sucker’s rally. Sellers capitalized on the situation and pulled down the price below its 50-day SMA ($7.75), Aug. 19. DOT/USDT daily chart. Source: TradingView This could lead to a drop in the critical support level at $6. This level has acted as a strong support twice before; the bulls will defend it again. The DOT/USDT pairing could trade within a wide range for several days if the price recovers from $6. After bulls push the price higher than $10 or bears lower the pair below $6, the next strong move could be in the DOT/USDT pair. SHIB/USDT In a downtrend bull traps are often created by strong rallies. This is what happened to Shiba Inu ( SHIB). The price was not sustained above $0.000017 by the buyers on Aug. 17. They could not build upon the momentum. This may have led to profit-booking by short-term traders. SHIB/USDT daily chart. Source: TradingView On Aug. 16, the bulls attempted to resume the upward-move, but the bears stood firm. This increased selling pressure, and the bears pulled down the price to $0.000014 on August 18. The bears will attempt to consolidate their position by dropping the price below the 50 day SMA ($0.000012). The bulls must push the price above $0.000014 to invalidate this bearish view. If they achieve that, it will signal strong buying at lower levels which could open the way for a rally to $0.000017. A trend change could be signalled by the SHIB/USDT pairing above $0.000018 AVAX/USDT Avalanche ( SVAX ) was unable to sustain above the breakout level at $26.38 on Aug. 17. This indicates that traders were running for the exit. The selling continued, and the price fell below the 50-day SMA ($22.93 on Aug. 19. AVAX/USDT daily chart. Source: TradingView Otherwise, the selling could intensify. The AVAX/USDT pair could fall to $16 and then to $13.71. Breaking below $13.71 could indicate the beginning of the next downtrend leg. If the price bounces off the support line, it will indicate that bulls are trying to make a higher low. To gain an upper hand, buyers will need to push the price higher than $26.38 and keep it there. This will increase the chance of a break above $31. These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph. Risk is inherent in every investment or trading move. Before making any investment or trading move, you should do your research. Market data are provided by HitBTC Exchange.
Bitcoin (BTC) and most major altcoins witnessed a sharp sell-off on Aug. 19, but there does...
Block wallet addresses that are deemed at-risk using the DeFi platform Oasis
A new Discord post from Thursday’s community states that decentralized financing (DeFi) platform Oasis.app has announced that only sanctioned addresses can access the application. Due to the new terms of service, wallets that have been flagged as high-risk are no longer allowed to use Oasis.app for managing positions or withdrawing funds. These users will need to interact with Oasis.app directly or use another service.
Gabriel, a member of Oasis.app, explained the decision:
“We recently had to revise the Terms of Service of the Oasis.app front end to ensure compliance with the applicable laws and regulations. Oasis.app now has updated Terms of Service in accordance with the most recent regulations. Oasis.app functionality will not be accessible to any sanctioned addresses.
Oasis raised a $6 million Series B in 2020 and has since grown to be a well-known platform for DeFi borrowing and lending. In the last 30 days, $4.6 billion worth transactions were processed by Oasis and $3.42 billion has been managed in deposits.
It is unclear at the time of publication which tools Oasis uses to identify wallets that are high-risk. Similar to Oasis’s decentralized exchange (DEX), Uniswap has recently begun to block wallets allegedly linked to illicit activities using TRM Labs data. TRM Labs assists entities in investigating and detecting crypto-related financial crimes through on-chain analysis. Oasis has received mostly negative feedback about their new measure. One Discord user, Eagles#2541, claims:
“I am actually just interfacing with Oasis using an account that has been exposed to Tornado Cash. I cannot reproduce the problem that others are experiencing, so it is likely that the team is incompetent or has used a wide net with arbitrary holes.
It appears https://t.co/S7tb5tREIC, following Uniswap, has started sending all your data to TRM Labs. This is what happens when you are connected to an address that they don’t like. There is no way to close positions in the UI. pic.twitter.com/n2ocN8jQTq
August 11, 2022
According to a new community Discord post on Thursday, decentralized finance (DeFi) platform Oasis.app says that...
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Bitcoin reaches $41.7K as Ethereum closes $3K
Bitcoin ( BitcoinTC), saw an upbeat action during the Wall Street trading session of March 18, in line with predictions that higher levels would be retested.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Placed bets on $46,000
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD rose $1650 from daily lows to almost matching the $41,700 high in March 16.
This move buoyed traders who started to strengthen their short-term view that levels near the top Bitcoin’s 2022 trading range were being challenged.
Pentoshi, a popular trader, said that such a result did not indicate that BTC/USD has ended its downtrend.
“Macro headwinds are still too strong, but midterm I think we rally before any shot at new or prev lows. He stated that he leans towards the up and down imo late Q2 to followers on Twitter.
Cold feet over micro conditions became a major concern this week, according to Cointelegraph. There were multiple predictions for a major drawdown in major assets, including BTC, this year.
Matthew Hyland, an analyst, noted that support was increasingly being offered by the $40,000 resistance.
It appears that #Bitcoin used previous resistance ($40.3k), as new support in the last few days
Lets see if continues to rally: pic.twitter.com/PkkVYZ1LCG
Matthew Hyland (@MatthewHyland_).
March 18, 2022
Crypto Ed had previously provided a near term forecast of $43,000 BTC/USD, before a potential new consolidation period and then an exit up or down.
He showed them breaking out of the “bull flag” formation they had been in for several days in a later update.
However, Ether ( ETH) was the more interesting focus of the day.
Patience is a virtue, but finally breaking out of that bull flag pic.twitter.com/tCH9kVt7W6
— Ed_NL (@Crypto_Ed_NL)
March 18, 2022
Bitcoin was at $41,500 as of the writing. Volatility is still high.
All aboard for the summer “altseason?”
Altcoins: The top ten cryptocurrencies ranked by market capital saw varied movements in March 18.
Similar: Bitcoin could experience a $37.5K weekend drop before a ‘bigger movement’ next week — report
Avalanche ( AVAX), and ETH led the list. They each climbed over 5% within 24 hours. However, other tokens were generally flat.
The ETH/USD traded at $3,000, up 15% in the last week.
ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
These moves rekindled talk about “altseason”, with many commentators calling for a new golden age for altcoins in coming months.
Popular Twitter account BTCFuel suggested that the Summer could be a peak in prices.
2/ I will be using charts of #Bitcoin, #Ethereum, and the dominance #altcoins from the various past altseasons to determine when the next #altseason peak will occur. By aligning them “correctly” structure-wise, I found this provisional target zone when the peak should happen pic.twitter.com/8H1MyPONiF
— BTCfuel (@BTCfuel)
March 17, 2022
Bitcoin (BTC) saw brisk upwards action during the Wall Street trading session on March 18, conforming...