Bitcoin price drops 6%, trader says.
As the culmination of a week-long sideways action, Bitcoin ( BTC), fell quickly on Aug. 19, disappointing bulls.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
New lows are “just a matter”
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD dropped 6.2% in an hourly candle.
Reacting, traders believed that a rebound would allow consolidation higher than the current spot price levels (which were below $22,000 at the time this article was written).
“Well, I hope that it was liquidity seeking, otherwise, it’s over,” a sad Crypto Chase said to followers.
Crypto account Il Capo, a fellow account, had long predicted a return at lower levels. He was now content with new lows being “just an issue of time.”
He warned that consolidating below $22,500 would be “very bearish” in his most recent update.
$BTC
Second option is available. A test of 23500 resistance is a great selling opportunity.
A consolidation below 22500 (clean break + using the level of resistance) would be extremely bearish = 21k and lower
It is only a matter time before we see new lows. https://t.co/MzxrDCZuiZ pic.twitter.com/I5PatYduNW
— il Capo Of Crypto (@CryptoCapo_)
August 19, 2022
Venturefounder , an analyst, stated that any price below $23,000 would make Bitcoin a reasonable price to purchase in the long-term. He also said that it was unlikely that Bitcoin has exited its bear markets so far.
He argued that the relative strength index (RSI), which is still at all-time lows, showed how much BTC/USD was being oversold.
However, there were signs of buying emerging below key Bear Market support levels such as the 200 week moving average or key whale entry level.
BTC/USD 1-week candle chart (Bitstamp) with 200-week moving average. Source: TradingView
CryptoQuant data shows that exchange outflows in the first hours of August 19 reached 21,500 BTC.
Bitcoin exchange outflows chart. Source: CryptoQuant
Ether retraces August gains
Altcoins felt the impact of Bitcoin’s three-week lows.
Similar: Options data indicates that Bitcoin’s short-term uptrend could be at risk if it falls below $23K
The largest altcoin market cap was Ether ( ETH), which traded at $1,750.
ETH/USD 1-day candle chart (Binance). Source: TradingView
Other major tokens also lost more than 11%. Dogecoin ( DOGE) was the worst performer of the top ten, dropping 13.6%.
“Bear bias now, unless $1790 reclaimed/flipped for support,” Crypto Chase added to ETH in a separate tweet.
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.
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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
— banteg
August 11, 2022
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New report uncovers that there are over 1,900 block-producing nodes within the Solana ecosystem.
Solana has released its “Validator Health Report”, which revealed details about its network operators. The report revealed that the network contains over 1,900 block-producing devices, with almost 1,688 (88.14%) being run by independent entities.
Solana believes that the ecosystem’s long-term health depends on the strength and health of its validators. The network was previously subject to criticism for a lack in decentralization as well as expensive validator hardware.
This new report focuses on the 3,400 validators that are spread across six continents.
9/ Distribution across geographies is important. Resilient blockchains can continue to operate through any type of global event.
This is how the stake is distributed on the @Solana network. It also includes a snapshot of Ethereum miner distribution for benchmarking. https://t.co/1jsylk9J3J pic.twitter.com/faepZ4RvYm
— Solana Foundation (@SolanaFndn)
August 10, 2022
The report also shows that activity on the network has increased over the past year. Since June last year, the network has had 95 new consensus nodes and 99 RPC nosdes each month.
Source: Solana
It was also noted that Solana’s Nakamoto Coefficient, which is the amount of validator collusion required to censor the network by validators, is 31 and growing. A chart in the report showed Solana having the highest Nakmoto Coefficient relative to other networks like Avalanche Binance and Polygon.
This report is nevertheless a result of the hack last week. The hacker stole $5.2 million from Solana ( SOL). This was done using 8,000 wallets, including Trust, Phantom, Slope and Trust.
The industry was shaken by the news and users were asked to switch to cold storage wallets in order to increase security and guard against scammers.
Related: Is your SOL secure? The Market Report
Investigative efforts into the hacking are ongoing. Experts believe that the compromise was caused by the Slope wallet. Slope is a Web3 provider for a hot wallet that supports the Solana layer-1(L1) blockchain. According to reports, the compromised wallets were “created, imported, or used” at one time in the Slope mobile app.
Expert predicted a 40% price increase in SOL prior to the hack. This was despite the bearish market conditions. The hack caused a drop in cryptocurrency prices of almost 8% and then a rebound of $40 per currency.
SOL is currently at $44 USD per coin.
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