Your weekly roundup of all the significant events in the cryptocurrency world! a rundown of the most fascinating and latest stories that have made headlines recently.
The crypto space buzzed with activities as usual. In my opinion, the market’s ever-trending activity span does represent its key-term “Crypto Market” well enough. Here are some of the stories that made headlines over the past week.
TL;DR
- Elon Musk Says Native X Token Will Never Be Released
- A Ray of Hope: Looter Behind $61M Curve Hack Begins Returning Assets
- Binance Labs Backs 4 Top-Performing Projects Emerging from MVB Programs
- FBI Issues Warning About Phishing Scams and Social Media Account Hijacking
- Record-Low Bitcoin Volatility Spurs Bullish Signals for SHIB, UNI, OKB, and HBAR
Elon Musk Says Native X Token Will Never Be Released
Elon Musk, the owner of the X app (previously called Twitter), addressed the rumours about X making its own cryptocurrency. In a tweet, he stated that there will never be an X token.
People have been wondering if X would use cryptocurrencies for payments since October last year when Musk bought Twitter for $44 billion. Many Dogecoin fans hope that Musk will allow using DOGE for small payments and tipping creators on X.
Right now, payments on X are done with regular money, not cryptocurrencies, but there were earlier reports of Twitter working on a “Coins” feature before they changed their name to X. Musk hasn’t clearly said if they will use Dogecoin for payments, but he has previously mentioned that DOGE could be a good alternative to Bitcoin for transactions on Twitter in several interviews and podcasts. This was before He bought Twitter
A Ray of Hope: Looter Behind $61M Curve Hack Begins Returning Assets
There is some good news regarding the $61 million stolen in the Curve hack. The person who carried out the hack has started to give back some of the stolen digital money after talking to one of the victims on Friday, blockchain data shows.
The person who stole the money sent a message through the Ethereum blockchain to Alchemix, one of the victims, asking where to return the stolen assets. After that, about $10 million in ether (ETH) and alETH was sent back to Alchemix’s special wallet using several transactions, as seen in the blockchain data on Etherscan.
This positive development has caused the governance token of Curve, CRV, to go up by 5%, giving hope that most of the stolen assets will be recovered.
However, the hack had a negative impact, as investors got worried and the price of CRV tokens dropped by 31%. This put the loans of Curve’s founder, Michael Egorov, in danger of being lost. To prevent this crisis, Egorov sold about $42 million worth of his CRV holdings to repay the loans.
Binance Labs Backs 4 Top-Performing Projects Emerging from MVB Programs
Binance Labs, a part of Binance that invests in new projects, has chosen to support four successful projects from its program called Most Valuable Builder (MVB). This program helps grow the BNB Chain ecosystem and aims to make a sustainable Web3 ecosystem with more users. The projects they are supporting include AltLayer, a special system for developers to launch applications, KiloEx, a user-friendly platform for trading, Kinza, a strong lending system for digital finance, and Sleepless AI, a game using AI and blockchain.
Yi He, who is a Co-Founder of Binance and also in charge of Binance Labs, said they believe in supporting founders who create new and exciting projects. The MVB Program found these great projects in different areas, and they hope to see them grow and help the Web3 ecosystem.
The MVB Program’s sixth season ended in June 2023 and had lots of applications, but only a very small percentage got chosen. Now, they are looking for more startups to support in areas like Infrastructure, Tools & Middleware, DeFi, and Application Layer for AI-powered DApps and Web3 games. If you have a startup in these areas, you can apply for support from Binance Labs.
FBI Issues Warning About Phishing Scams and Social Media Account Hijacking
The FBI warns that scammers are pretending to be real people in the crypto and NFT space.
They trick people by making urgent posts and using fake websites to steal their money and digital tokens. More and more people are falling for these scams, so be careful and double-check before clicking anything.
The FBI specifically warns the NFT community to be cautious of fraud schemes from fake NFT developers.
Record-Low Bitcoin Volatility Spurs Bullish Signals for SHIB, UNI, OKB, and HBAR
Bitcoin’s price hasn’t been changing much lately, but some other cryptocurrencies like SHIB, UNI, OKB, and HBAR are getting popular among buyers. Some analysts think that big Bitcoin investors are buying more, which could be a good sign. They believe these altcoins might keep going up until September.
Bitcoin’s current consolidation is providing an opportunity for these altcoins to catch up in value. Charts show that the price of Bitcoin is indecisive, with a slight advantage for the bears. If the price remains above $28,861, a recovery to $30,000 is possible. However, a break below $28,861 could lead to a downward move to $26,000.
For SHIB, it broke above resistance at $0.0000085, indicating a possible uptrend. If it stays above $0.000010, it may surge to $0.000012 and $0.000014. UNI has been in correction but could rise to $6.70 and $7.50 if it rebounds from the current level. OKB’s recent uptrend may take it to $48 and $50 if it maintains momentum, but a drop below the downtrend line could lead to a slump to $41. Lastly, HBAR’s breakout above $0.055 could signal a new uptrend with potential targets at $0.065 and $0.075.
Overall, these altcoins are showing positive signs, but traders should closely monitor the support and resistance levels for potential movements.
Final Thought
The Bull Market is predicted to be looming around. However, to maximise the bull market, it is important to stay prepared by diversifying your crypto portfolio! You can do that easily and swiftly on BoundlessPay.
Remember to always DYOR!
