Bitcoin's price action over recent weeks and months has undoubtedly been bullish. In the face of macroeconomic turmoil and the worst pandemic in a century, the leading cryptocurrency has shot higher. In the past week alone, the price of one BTC has gained just under $2,000. The cryptocurrency is expected to move even higher in the weeks ahead as the fundamentals and technicals...
The Paypal news triggered massive bullish momentum for Bitcoin which broke above $13k and climbed to levels not seen since last year. This was followed by the rest of the cryptocurrency market following suit which also soared to fresh highs. But the...
Synthetix declines on hiatus amid low volatility and volume. Recovery is likely to hit a snag at the 21-day SMA, which could send SNX back to the drawing board. The decentralized finance (DeFi) craze appears to have hit pause. It seems this the time tokens in the sector have to prove their worth to investors. The post Synthetix Network Token DeFi Dominance Tanks...
DeFi activity saw a massive boom in the third quarter of the year. This September, several DeFi tokens sustained severe pullbacks along with numerous market corrections. Despite this, these tokens continued to lead the pack. This was...
While Ethereum has become much less congested than it was just weeks ago, transaction fees are still far from cheap. It may cost $10-20 to complete interactions with decentralized finance protocols such as Compound, MakerDAO, or Synthetix. That's not enough to break the bank, of course, but it restricts many users from accessing these protocols and the rest of the Ethereum ecosystem. This...
KuCoin underwent a brutal hack last week that resulted in millions of dollars worth of coins lost. While the first number reported was $150~160 million due to a lack of transparency on part of the exchange, new information suggests that up to $250 million worth of coins were siphoned out of the exchange's accounts over a few hours. Most of the tokens were...
Synthetix Network Token’s price has seen some volatility over the past couple of days, with inflows of selling pressure coming about due to the massive amount of SNX tokens stolen due to the recent KuCoin hack. Buyers were aggressive with absorbing this selling pressure, however, and have since pushed the cryptocurrency higher as its mid-term...
Late last week, KuCoin, a notable Singapore-based exchange known for its large offering of altcoins, bit the dust. Blockchain analysts recorded a series of suspicious withdrawals from the company's hot wallets that suggested the crypto exchange was hacked. Around eight hours after the withdrawals, it was revealed that a hack had happened, through which millions were lost in...
It's been quite the year for DeFi. But due to natural constraints on the Ethereum blockchain, this period of growth has meant that transaction fees have quickly reached unsustainable levels for most users where it makes little sense to transact small sums. Synthetix, especially, has suffered from these high fees. Due to how the protocol works, users looking to interact with Synthetix's multiple...
As Bitcoin and especially Ethereum's DeFi ecosystem has drawn down from its recent highs, analysts have been left wondering what phase of the market cycle are cryptocurrencies in. Is this the early innings of a bull market or the start of another bear trend? According to Kain Warwick, the founder of Synthetix and a long-time crypto market participant (since 2012), ongoing price...
Synthetix price bounces off support at $3.40 in readiness for a breakout to $5.00. SNX/USD is drawing closer to the resistance at the 50EMA, likely to delay the bullish scenario. Synthetix Network Token price fell in tandem with other decentralized finance (DeFi) tokens. The lending, borrowing, and liquidity ecosystem has been dealt a heavy blow The post Synthetix Technical Analysis: SNX Flips Resistance...
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