Connect with us
[crypto-donation-box]

Blockchain

Sushi Token Manages to Recover After Drastic 70 Percent Dip

Sushi Price Rally

A Gruesome Weekend for the Token Most of the digital tokens in the crypto space including the DeFi tokens had plunged over the past week. Sushi token also had surged to its highest level of $11 at the beginning of September 2020. But the sudden increase of the token to less than $3 in just …

The post Sushi Token Manages to Recover After Drastic 70 Percent Dip appeared first on Cryptocurrency information | Cryptocurrency News | Bitcoin News and Crypto Guide.

Avatar

Published

on


A Gruesome Weekend for the Token

Most of the digital tokens in the crypto space including the DeFi tokens had plunged over the past week. Sushi token also had surged to its highest level of $11 at the beginning of September 2020. But the sudden increase of the token to less than $3 in just three days created a whole bunch of uncertainty over the coin.

Further, the token surged from $1.24 on Sep 06, 2020, to $3.46 the very next day. It recorded an almost 100 percent surge within 24 hours. However, everything fell in vain with the announcement of the anonymous creator of the token.

sushi price chart

The token fell miserably losing nearly 50 percent of the value within hours of reaching above $3 mark. Currently, the token is trading at $2.21 with a loss of 30.51 percent. However, the 24-hour volume recorded the highest in these two days speculating a furthermore pump with the digital asset.

Band Protocol Distances Itself From Sushiswap

The headlines of the Band protocol being involved with SushiSwap had widespread. As the CTO of Band protocol, Sorawit Suriyakarn did an initial code to review Sushiswap. With the rounds of bugs in the code, the CTO reviewed as he did for many other projects too.

However, Suriyakarn after discovering the accusations of being the anonymous creator of Sushiswap ‘NomiChef’ went on twitter to clear the rumours. He said that he is not the creator of Sushiswap terming it as a personal attack on him.

The official statement was also released by the BAND Protocol on Monday,07 Sep 2020, terming all the circulating news as ‘Fake’. In the official tweet, the company said that they are not involved with Sushiswap in any terms.

But interestingly, a blockchain business development manager called CryptoBeast has claimed that the IP addresses of both SushiSwap and Band Protocol are the same. 

On the contrary, there is no official response from the SushiSwap team or the creators for the statements done by Band protocol. The token has fallen in the well of uncertainty after the unexpected event of the creator liquidating the whole Sushi and ETH holdings. Many speculate it as a scam but some still believe the token would give a tough fight back.

Summary

Sushi Token Manages to Recover After Drastic 70 Percent Dip

Article Name

Sushi Token Manages to Recover After Drastic 70 Percent Dip

Description

The DeFi token had a dramatic sequence of events in the past week. It plunged heavily, nearly 70 percent, yet to cope up with the crumbling situation. Band protocol distances itself from the Sushiswap protocol

Author

Sara

Publisher Name

Coinpedia

Publisher Logo

Source: https://coinpedia.org/news/band-protocol-distances-from-sushiswap/

Blockchain

ETH Developers Calculated How To Defuse The Difficulty Bomb

Republished by Plato

Published

on

ADVERTISEMENT

ETH developers calculated how to defuse the difficulty bomb because if they leave it untreated, they will slow down the network as we can see more in our Ethereum news today.

Ethereum’s encoded difficulty bomb is set to explode this summer and James Hancock as well as Tim beiko said that the ETH developers calculated the time needed to delay the bomb and this could the last time the developers need to take that action. Ethereum developers agreed on Friday how to delay the difficulty bomb ad if that is left untreated, the entire network could be slowed down. The difficulty bomb is an old piece of code that makes mining on ETH slower and less profitable over time by increasing the lag between the production of blocks.

Ethereum 2.0 switches the network from proof of work as a way of validating transactions with powerful mining computers to Proo of Stake which rewards the ones that pledge the coins to the network. It takes an average of 13 seconds to mine a block on ETH right now and without delaying the bomb, it could take more than 20 seconds to validate the block by the end of the year. Ethereum developers agreed on how many blocks were quite necessary to delay the bomb until December. The calculation for the delay was proposed by the ETH core developers James Hancock as he said:

ADVERTISEMENT

“The bomb’s always there, and we defuse it by turning the blocktime back just for the bomb.”

block time
The block time chart on Etherscan. Annotated by James Hancock for Decrypt.

He later said that the proposal will delay the bomb by 9,700,000 blocks. Tim Beiko, the ETH core developer also said that the developers dismissed a proposal to delay the bomb next spring but that won’t be necessary. The developers expected that by December, the network will update to allow the ETH 1.0 the network that relies on PoW to communicate with ETH 2.0 as the new network relies on PoS and this is known as the Merge:

“If the Merge is ready by December, we won’t need to do anything about the bomb because we will move away from mining entirely.”

If the merge plans remain unimplemented, the Shanghai fork is expected to go live and will delay the bomb once again. The Bomb has been delayed three times so far.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dcforecasts.com/ethereum-news/eth-developers-calculated-how-to-defuse-the-difficulty-bomb/

Continue Reading

Blockchain

VeChain price prediction: VeChain prepares to move higher?

TL;DR Breakdown VET retests 0.618 Fib retracement level. Closest major resistance at $0.22. Closest support at $0.16. Today’s VeChain price prediction is bullish as the market continues setting higher lows over the past days in preparation for a push to the upside next week.  The overall market trades in the red today as Bitcoin has […]

Republished by Plato

Published

on

TL;DR Breakdown

  • VET retests 0.618 Fib retracement level.
  • Closest major resistance at $0.22.
  • Closest support at $0.16.

Today’s VeChain price prediction is bullish as the market continues setting higher lows over the past days in preparation for a push to the upside next week. 

VeChain price prediction: VeChain prepares to move higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the red today as Bitcoin has lost almost 2 percent, while Ethereum trades with a 5 percent loss. Solana (SOL) is one of the best performers as it trades with a gain of 15 percent. Alternatively, Polkadot (DOT) is among the worst performers, with a loss of almost 9 percent over the last 24 hours.

VET/USD opened at $0.172 today after a bearish push yesterday. Over the past hours, VET/USD retested the local high at $0.19, from which the market moved lower once again and currently looks to set another higher low.

VeChain price movement in the last 24 hours

The VET/USD price moved in a range of $0.1701 – $0.1925, indicating a moderate amount of volatility. 24 hour trading volume has increased by 9.5 percent, totaling $1.7 billion. The total market cap trades around $15.5 billion, resulting in a market rank of 17th.

VET/USD 4-hour chart – VET consolidates in an increasingly tighter range over the past days

On the 4-hour chart, we can see bulls picking up any further selling pressure around the $0.175 mark, indicating that another slightly higher low will be set.

VeChain price prediction: VeChain prepares to move higher?
VET/USD 4-hour chart. Source: TradingView

Overall the market continues retracing from the $0.25 swing high set on the 7th of May. A total loss of 35 percent was seen over several days, indicating that further selling pressure is likely exhausted.

Currently, the VeChain price action builds a base from which to move higher over the next week. Both a higher low and a lower high were established over the past 24 hours, indicating an increasingly tighter range. Therefore, once VET/USD breaks above the $0.19-$0.195 mark, we expect the market to rapidly move forwards to the next major resistance target around $0.215 – $0.22. From there, bulls will likely pick up momentum and push the market towards the current all-time high resistance around $0.27-$0.28.

Alternatively, Vechain cannot move any higher and breaks below the current local swing lows around $0.17, we should see another push lower over the next 24 hours. In this scenario, VET/USD will likely continue moving lower next week towards the next major support area around $0.12-$0.13.

VeChain Price Prediction: Conclusion 

VeChain price prediction is bullish as the market continues to consolidate in an increasingly tighter range after a sharp drop earlier this week. Therefore, we expect VET/USD to push higher early next week to regain some of the loss.

While waiting for the Vechain price action to reverse, read our guides on other great altcoins – Monero, Ethereum Classic, and Ripple.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptopolitan.com/vechain-price-prediction-2021-05-16/

Continue Reading

Blockchain

Bitcoin Price Analysis: BTC Breaks Long Term Trend As Tesla Ditches It

Republished by Plato

Published

on

advertisement
Pointpay


Bitcoin has broken out of a long 3 month range of $10,000. After Elon Musk announced Tesla will no longer be accepting BTC due to environmental reasons, BTC broke its major support of $55,000 and quickly fell over 15%. BTC is now is now in scary waters. 

advertisement

Merchant Token

While looking at the chart, BTC has broken a long term trend that has been held for nearly 6 months. This is not a good sign as there is much FUD spreading about Bitcoins environmental impact. BTC must hold major support range of $46,500-$48,000 or we can experience a large fall to $40,000. As of now, the 150MA has held the price of BTC as it touched this moving average for the first time in 6 months. 

Bitcoin Price Analysis: BTC/USDT 1 Day Chart

advertisement

If BTC can break above $48,000 and hold, there will be a decent revival to $51,400. In the case that BTC holds this resistance, next up is $54,400. BTC has grown over 1000% in a year. With this being said, there is a good chance more downside might occur before BTC resumes a bullish uptrend.

While looking at the Stochastic RSI, we can see that strength has reset to oversold levels. If the strength can bound above 30, expect a revival to minimum $51,400. The regular RSI also confirms a small bullish upswing as it has printed a bullish divergence. This occurs when price makes a Lowe low but RSI makes a higher low. 

BTC intraday levels 

  • Spot rate: $48,100
  • Trend: Bearish
  • Volatility: High
  • Support: $46,400
  • Resistance: $48,000

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

Handpicked Stories

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/btc-breaks-long-term-trend-as-tesla-ditches-it/

Continue Reading
Blockchain5 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain5 days ago

Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries

Blockchain5 days ago

XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?

Blockchain4 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain4 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain4 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain5 days ago

The challenges with designing a CBDC, explained

Blockchain4 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain4 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain4 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain4 days ago

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

Blockchain5 days ago

Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think

Blockchain3 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May

Blockchain4 days ago

From cypherpunk to state contracts: the changing face of blockchain

Blockchain4 days ago

DeFi lending platform Aave reveals “private pool” for institutions

Blockchain5 days ago

TA: Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K

Blockchain4 days ago

MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations

Blockchain5 days ago

eBay Now Allows the Sale of NFTs on its Platform

Blockchain4 days ago

Griff Green: Doge-loving hippy hacker steals crypto before bad guys can

Trending