‘DeFi Has an Exclusive Role to Play in Development of Crypto Space’, Says CEO of Cardano

In the past two years, there had been phenomenal growth in the decentralized finance (DeFi) sector even though the crypto winter season was on.

Within this sector, the lead DeFi protocol is that of Cardano while the number two and three spots are secured by Lido Finance and Aave networks.

Charles Hoskinson on DeFi and Decentralized Identities

According to the CEO of Cardano, Charles Hoskinson, DeFi shall play a crucial role in the development, growth, and strengthening of the crypto space.

These were the words that Hoskinson said while responding to questions thrown at him by the virtually present participants.

While explaining his argument, Cardano’s CEO first of all made mention of the newly implemented travel rule by the Financial Action Task Force (FATF).

He explained that a user would be unable to access assets if the person had moved assets into a self-custodial wallet out of an exchange.

Digital Identities for Transactions

Hoskinson opined that this problem can be solved by affixing ‘decentralized identities’ with the transactions.

He suggested that this solution can be applied to transactions irrespective of whether they have been executed either by regulated or non-regulated entities.

According to Hoskinson, the decentralized industry is already acquainted with the such a concept and hence the idea of ‘digital identities’ makes more sense.

Future Prospect of DeFi

Explaining further the dynamic role of DeFi in the development of the crypto industry, Hoskinson said that DeFi will become an area of competition.

He said that it will take about two years that the entire industries of the world will see DeFi as the ultimate competitor.

Cardano Rebounding Ahead

As regards his company’s native digital currency, Cardano, Hoskinson was hopeful of rebounding ahead.

In the past 24 hours, a value surge of 4% has occurred for Cardano and the asset is now swapping hands at $0.319.

The coin is almost there to break beyond the crucial resistance point of $0.320. If this happens, then Cardano would likely take the opportunity of increasing its value above $0.333.

Watchful Against Bearish Momentum

However, Cardano (ADA) has to keep a close eye on the bearish momentum. Any further bearish sentiment affecting the ADA price could lead ADA below the support level of $0.315.

In that process of incurring value loss, ADA would also likely break beneath its Exponential Moving Averages of the past 50 and 30 days.

On the other side, if ADA is able to keep the bullish momentum going, then further value increases are expected. If bullish momentum continues then it wouldn’t be too far to see ADA crossing its value above $0.298.

To keep the bullish momentum intact, ADA must need to ensure that at the end of daily trade without any declines. Otherwise, the declines would certainly invalidate this momentum leading the coin’s value below $0.285.

For now, things are not going in favor of ADA as whichever card it has tried throwing in the crypto market has not worked out well.

The platform reportedly launched Vasil, the upgrade for the entire Cardano blockchain hoping it would bring masses and success to their protocol.

However, things did not work out the way Cardano developers had expected them. Recently, Cardano has announced putting a halt on the development of their stablecoin.

This has also acted as a negative factor for Cardano, showing that the platform is currently struggling to earn a strong rally in the market.

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Bitcoin Keeps Hovering in a Bearish Territory, Bulls have No Power

For a while, Bitcoin (BTC) has not been able to experience a bullish run. The trading price of Bitcoin has continued experiencing a downtrend and even the relief rally was not good enough to push its price.

Despite the efforts, the bulls have not been able to make much of a difference. They are constantly being pushed down by the bears who seem to be in a very strong position at the moment.

Bulls Failed to Sustain Bearish Pressure

After a strong selling spree, the bears finally slowed down. Many investors were under the impression that it was a relief for the bulls so they could push with their strong buying rallies.

The bulls did try their best to push the trading price of Bitcoin over the $16,972 (20-day EMA) mark. However, the situation was completely opposite to the expectation.

The bulls failed to push BTC’s price over the particular level as the bears soon regained their strength and launched their selling spree.

Since then, the bears have continued selling BTC on a larger scale. As a result, the trading price of BTC has continued to experience a great plunge.

The trading price of BTC has kept falling in the downward direction and seems to be falling closer to its crucial support.

The crucial support for BTC at the moment is $15,476. The bulls may try their best to push the price of BTC farther from this mark. They may try to push BTC’s trading price to a higher level.

BTC Price May Dip to $13,330

Given the amount of pressure the bears have managed to build on the bulls, they may not be able to defend the $15,476 level.

If the bears continue with their strong selling momentum, the price of Bitcoin may continue experiencing a downtrend. This would end up pulling BTC’s price even lower and it will keep falling below the support levels.

If the selling spree continues for a longer period, then the trading price of BTC may lose the $14,500 level. If the situation becomes even more bearish, then the trading price of BTC may fall to $13,330.

The moving averages for Bitcoin are also moving downstream, which is a clear signal that the price of Bitcoin will continue plunging.

Most Alarming Predictions

While the price of Bitcoin is moving at the bottom, analysts are coming up with even more predictions. According to many senior analysts, there is a possibility that the Bitcoin prices may dive lower.

If the contagion from the FTX exchange’s collapse does not come to an end, then Bitcoin price may plunge to a low of $10,000.

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Rubic Suffers Major Exploit, Losing Private Keys and $1,000,000 to an Exploit

Rubic, a decentralized exchange (DEX) and a multi-chain swaps protocol has recently become a victim to an exploit.

Rubic Reports an Exploit

The decentralized exchange has confirmed it has fallen victim to an online exploit. Due to that, they have ended up losing cryptocurrencies that are worth over $1,000,000.

The most concerning part is what the Rubic officials added to their notification. They revealed that the hackers were able to gain access to the private keys.

As confirmed by the officials, the private keys stolen by the hackers belong to the wallet of the administrator.

It was early in the morning today when Rubic came to know about the exploit. They established that one of the wallets belonging to their administrator had its private keys stolen.

The particular wallet addresses are used for the management of the staking rewards as well as the bridge rewards.

Now that the private keys to these addresses have been compromised, it is a major concern for the entire Rubic community.

According to the officials at Rubic, the hackers were able to plant hacking (malicious) software into their system. This allowed the hackers to gain access to their system and they were exploited.

Hackers Stole RBC and BRBC

As a result, the staking and the RBC/BRBC rewards that the hackers have managed to steal. The RBC exists as the native token on the decentralized exchange Rubic.

Whereas, BRBC is RBC’s wrapped version, which allows the users to carry out their trading activities with the token on the BSC network. Using the token, the users are able to take advantage of multiple benefits.

Using the tokens, the users do not have to worry about paying very high overall fees. The token is also beneficial for bringing in more users to RBC.

Funds Stolen by the Hacker

From the exploit, the hacker or the hackers were successful in stealing BRBC and RBC tokens. The total quantity that attackers were able to steal was 34 million for the respective tokens.

The hackers went on to sell the tokens on a couple of cryptocurrency exchanges. These exchanges were PancakeSwap and Uniswap.

The value of the stolen RBC and BRBC tokens is more than $1.2 million. Rubic officials also shared the details of the hacker’s wallet, revealing it held more than 205 Binance Coins.

In addition to the 205 BNB, the hacker also held many ETH that translate to more than $205,000.

Right after the announcement, the value of the RBC token has taken a major hit. The value of the token has plunged more than 98% after the update from the Rubic officials.

However, in the past 24 hours, the token’s value has recovered by 15%, trimming some of the losses it recorded following the exploit.

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Price Prediction For Dogecoin After Donald Trump Has Reportedly Returned To Twitter

In the past 24 hours, the trading price of Dogecoin (DOGE) has experienced a 4% dip. It happened after the reports started to come in about the Twitter account of Donald Trump being put back on.

No matter how much people protest despise Donald Trump or talk bad about him, the fact is that he was the 45th President of the United States.

Donald Trump was among the highly influential people in the entire world who were very active on Twitter and other social media channels.

However, the former president was impeached, which also led to his Twitter account being banned permanently. It appears that Elon Musk had different plans as he has reportedly reinstated his account.

Performance of Dogecoin

Just as more and more people started to realize Trump’s account had been reinstated, the word spread like a wildfire. As Elon Musk is a DOGE proponent, the people soon blew their anger on the meme coin.

It can be seen that in a 24-hour window, the trading price of the meme coin plummeted by 4%. Despite being down in the past 24 hours, the past 7-day gains of DOGE still stand at 23%.

A look at the past 30-days is also promising as it shows that DOGE’s price rose by 14%

It was Expected

Even before Elon Musk had acquired Twitter, he had mentioned that he would not ban any users from Twitter, he it was to be under his control.

He added that everyone had the freedom of expressing their thoughts and make them known to the entire world.

Therefore, as Twitter was bought by Musk, people know that Trump’s account reinstating was the next thing to happen.

Musk made More Promises

However, what the followers of Elon Musk and the DOGE community want to see from the richest man in the world is when he fulfills his other promises.

In the past, Elon Musk had promised that he would add Dogecoin as a payment method if he were to acquire Twitter. Now, the community wants to know if he is going to realize his other promises or not.

If that happens, then something really big will happen to Dogecoin. Just the mere idea presented by Elon Musk back in April 2022 had the entire DOGE community flying high.

IF Twitter does adopt DOGE as a payment method, it could be a game-changer for the meme coin.

DOGE Price to Hit All-Time Highs

Twitter is a major social media platform, which Elon Musk wants to turn into a payment platform that rivals PayPal and other payment services platforms.

If that happens, then the trading price of DOGE may experience the largest rally ever. In such a scenario, the value of the DOGE may cross the $0.80 mark, which would be an all-time high for the meme coin.

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Litecoin’s Value Has Surged Over 21% In A 24-Hour Window, Overtakes SHIB’s Market Position

Litecoin (LTC) has demonstrated a strong performance in the past 24 hours. The price chart shows that the trading price of LTC has surged over 21% in the particular window.

SHIB was overtaken by LTC

The strong performance demonstrated by Litecoin has helped it overtake Shiba Inu (SHIB). Due to the recent strong rally, the market valuation of LTC has grown enough to challenge and defeat SHIB.

In the latest trading sessions, the market valuation of LTC has taken over the valuation of the second-largest meme coin.

LTC has Continued Building Strength

The month of November has proven to be one of the worst experiences for the entire cryptocurrency industry in the year 2022.

The situation turned ugly due to the FTX crash and the entire market is still hoping to recover from the disaster.

Even major cryptocurrencies such as Bitcoin and Ether have all witnessed great downfalls. Cryptocurrencies are still trying hard to get through the hard times without any strong recovery in sight.

While the crypto market is trying hard to recover, Litecoin appears to have been exempted from the impact. The report shows that the majority of the month of November has turned out to be lucky for LTC.

The digital asset has continued gaining strength in the respective month and the situation has only gotten better in recent days.

The asset has gained enough strength that it has overtaken the second-largest meme, Shiba Inu in terms of market capitalization.

The core reason behind the downfall of the entire cryptocurrency industry, FTX collapse is still growing worse for the entire cryptocurrency industry.

The FTX contagion has been spreading throughout the cryptocurrency. Over time, multiple firms have come out revealing the truth that they had spent quite a fortune in the FTX exchange.

Now, every firm that had invested in FTX, is paying the price and is on the verge of going bankrupt.

Current Performance of LTC

Just when the majority of the cryptocurrencies are experiencing downtrends, Litecoin has recorded a 21% surge in the past 24 hours. At the time of writing, the trading value of LTC is at a high of $78.

Given the current situation of LTC and its constant backing by the bulls, the asset is only going to grow bullish. As a result, the trading price of the asset may continue to grow stronger.

When the FTX crash took place, its trading value was at a high of $72 but right after the grieving news, its value plunged to lower than $50.

After the brief plunge, LTC’s price continued pushing higher and at the time of writing, it is floating at a higher level.

In the past 7 days, the value of LTC has surged 35% and following its rally, it has moved higher in terms of its market rank. Prior to the rally, it ranked as the 20th largest crypto but now, it is at the 15th spot.

Litecoin has defeated Shiba Inu in the market valuation competition and has taken over its 15th spot in the process.

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Oryen Has Launched Its 5th Initial Coin Offering, Witnesses 200% Gains For Early Investors

The cryptocurrency industry has proven to be very unstable ever since the beginning of 2022. Due to the market downfall, almost every major cryptocurrency is facing a bearish trend.

During these difficult times, investors are looking for new ventures that are promising and have the potential to offer huge gains.

Therefore, for any new venture that seems like a promising one and sounds great, the investors go for it without giving it a second thought.

Oryen (ORY) is a Promising Asset

Just when the majority of the new tokens and ventures are appearing as fluctuating and volatile, Oryen is proving to be a token with great potential.

Therefore, the investors have already started gathering around the token as it is already offering them huge gains. The investors believe that over time, it will bring in huge returns against their investments.

Even now, ORY is in its initial coin offering (ICO) phase, still, it is proving to be a highly profitable investment for the users. The early investors of the ORY token are already looking at 200% gains.

This is a quite impressive demonstration of power and potential by the token. The token is proving to be a very impressive asset so far with great potential to offer its investors.

Other Major Coins are suffering

ORY is demonstrating a strong performance even before its official launch. Its strong performance comes at a time when all major cryptocurrencies are going through difficult times.

The major cryptocurrencies such as Cardano (ADA) and Solana (SOL) are currently under too much pressure, and even their rallies are not strong enough.

While these major cryptocurrencies are going through bearish market trends, ORY has a high potential of achieving strong rallies.

Despite the general market sentiments being in the bearish territory, ORY is brushing off all the negative factors. It is currently moving in the positive direction and its value will be much higher as it goes on the mainnet.

Oryen Network’s Performance

The first presale that the token held was on September 26. From September 26 until now, this is the 5th initial coin offering by the Oryen Network.

On the first day of the ORY ICO, the trading price of the asset was at $0.05. However, at the time of writing, the value of the ORY unit is worth $0.15.

The asset has already started showing its great potential and the investors expect that its value will continue rising even after its mainnet launch.

The coin has been created on the Binance Smart Chain and the firm that will be auditing its protocol is SolidProof.

There is a high possibility that the token may get enlisted on the Binance exchange as it goes live. This is going to be even more promising for investors as its price will shoot tremendously.

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WEMIX Token’s Trading Price Faced with a 70% Plunge after its Latest Delisting

The value of the WEMIX Token (WEMIX) has taken a huge fall in the recent trading sessions and it is all because of its recent delisting.

It has come as a huge shock to the entire WEMIX community that the cryptocurrency exchanges in South Korea have decided to delist the asset.

SR Crypto Exchanges to Delist WEMIX

WEMIX is the native token issued by Wemix, a blockchain platform backed by Wemade, a major gaming company in South Korea.

According to the cryptocurrency exchanges based in South Korea, the platform “Wemix” has provided them with misleading and wrong information pertaining to the asset.

The exchanges have also issued an investment warning for their users where they have intimated their users about the false information provided by Wemix.

Following the accusations, the exchanges have made it clear that they will be delisting the token from their platforms.

Major Exchanges Partaking in the Delisting

The major cryptocurrency exchanges in South Korea that are supporting the delisting include Gopax, Korbit, Coinone, Upbeat, and Bithumb.

These exchanges form a collective, mainly known as DAXA (Digital Asset eXchange Alliance). The DAXA announced the delisting of the WEMIX token from their platforms on November 24.

The firms have revealed in their announcement that the contract for the particular token will be terminated from their end in the month of December.

The communication reveals that December 8 would be the last day of trading for the users with the particular asset. After that, the token will be decommissioned with no access to trading or acquisition.

Claim by DAXA

It was back on October 27, when the DAXA highlighted the matter for the first time. At that time, the DAXA argued that the number of WEMIX tokens in circulation are much higher than communicated by Wemix.

After the issue was highlighted, Wemix provided assurances that it will work with DAXA to address the matter. Wemix assured the entire WEMIX token community that they will deal with the problem at hand.

They will work together to alleviate the concern and everyone will be on the same page. From the looks of it, no progress was made on the matter, forcing the exchanges to make a radical decision.

However, Wemix officials completely denied the claim made by the DAXA about the actual versus the communicated supply of WEMIX.

In a statement, Wemix officials stated they do not appreciate the decision that has been announced by the DAXA on the matter. They have not circulated a single WEMIX more than the communicated supply.

Following the announcement, the value of the WEMIX token has plummeted by 70.8%. At the time of writing, it is trading at a low of $0.476.

As the day of the delisting approaches, the value of the WEMIX token would continue plunging.

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