Bitcoin’s Bollinger Bands Hint at Breakout as BTC Nears $27K

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Quick weekly news

Remitano Crypto Exchange Hacked: $2.7 Million Stolen, Tether Blocks Attacker’s Move

The popular cryptocurrency exchange, Remitano, fell victim to a major hack on September 14, 2023. The breach led to the unauthorized withdrawal of a staggering $2.7 million worth of digital assets, sending shockwaves through the crypto community. Tether, a leading stablecoin provider, played a pivotal role in thwarting a significant portion of the attack, saving around $1.4 million worth of customer funds.

Blockchain analytics platform Cyvers was quick to alert the crypto community about these unusual transactions. Tether, showing vigilance, promptly froze the address associated with the attacker. This decisive action prevented $1.4 million worth of the pilfered crypto, in the form of USDT, from being moved any further. Tether’s intervention was crucial in halting the attacker’s potential cash-out, thereby safeguarding a significant portion of users’ assets.

On September 15, Remitano publicly acknowledged the security breach in a blog post. According to the exchange, their Security Management team discovered a data breach originating from a third-party source. This breach compromised sensitive information, resulting in unauthorized withdrawals from the exchange’s hot wallets.

Ethereum Launches New Testnet ‘Holešky’

Ethereum, the world’s leading blockchain platform, has unveiled its latest testnet named “Holešky” on September 15. Designed to cater to staking, infrastructure, and protocol development, Holešky is poised to play a vital role in Ethereum’s ecosystem. Ethereum developers have allocated an initial supply of 1.6 billion Holešky testnet Ether (HETH) to validators, marking a significant boost compared to the mainnet’s Ether supply. This move aims to facilitate robust testing and development within the Ethereum network.

Previously, Ethereum developers heavily relied on the Goerli testnet for testing staking, infrastructure, and protocol developments. However, concerns emerged about Goerli’s limited supply of Goerli ETH, hindering its effectiveness. Holešky, with its abundant initial supply of HETH, is expected to alleviate these constraints and offer a more resource-rich testing environment.

Bitcoin’s Bollinger Bands Hint at Breakout as BTC Price Nears $27K

Bitcoin, the world’s leading cryptocurrency, finds itself at a pivotal juncture, with its price hovering around the $27,000 mark. According to John Bollinger, the creator of the Bollinger Bands volatility indicator, this marks a decisive moment for Bitcoin’s future trajectory.

In a recent post on X (aka Twitter), John Bollinger pointed out that Bitcoin was on the cusp of a significant decision point. Bollinger Bands, a popular metric used to gauge price volatility, are currently in focus. These bands employ standard deviation around a simple moving average to assess potential price ranges and volatility.

Presently, Bitcoin’s price action is generating daily candles that touch the upper Bollinger Band. This occurrence often signals either an impending reversal towards the center band or, conversely, a burst of upward volatility. The recent narrowing of Bitcoin’s Bollinger Bands is bolstering hopes that the latter scenario might come to fruition.

On-chain monitoring resource Material Indicators urged subscribers to scrutinize the bullish momentum, emphasizing the presence of technical resistance at Key Moving Averages and support at the LL. The commentary also hinted at the possibility of Bitcoin revisiting its recent trading range. The upcoming decision by the United States Federal Reserve on interest rates is adding an element of unpredictability to the mix. This event could trigger sudden volatility and render short-term trading signals unreliable.

CoinEx Prepares to Resume Services After $70M Hack, Enhances Security

Cryptocurrency exchange CoinEx is gearing up to reestablish its deposit and withdrawal services for users following a significant security breach that led to the theft of $70 million worth of cryptocurrencies. In response to the incident, CoinEx has taken swift and comprehensive measures to rebuild its wallet system, enhance security, and protect user assets.

More than a week ago, CoinEx fell victim to a hack that compromised the private keys of its hot wallets. This breach allowed hackers to withdraw substantial sums of cryptocurrencies, including 231 BTC, 4,953 ETH, 135,600 Solana (SOL) tokens, and 137 million Tron (TRX) tokens.

CoinEx’s immediate response to the security breach was to prioritize the construction and deployment of a new wallet system. This revamped system is designed to accommodate the 211 blockchains and 737 tokens that CoinEx previously supported, with a primary focus on enhancing security

The latest announcement from CoinEx brings hope to its users as the exchange plans to resume deposit and withdrawal services for select cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (USDC), and others. This recovery process is set to commence on September 21, 2023.

Unlocking Stochastic Oscillator’s Insights

Stochastic, a momentum oscillator like RSI and MOM deciphers price momentum. It evaluates the speed of price changes. But Stochastic brings a twist – it factors the highest and lowest highs within a set time frame. This subtle yet significant detail enriches its analysis, capturing the market’s historical strength and vulnerability.

Here’s how it works:

Two lines: %K (blue) and %D (yellow)
They move between overbought and oversold.
When they cross paths, it hints at potential trend shifts.

Want to delve deeper into Stochastic Oscillator’s insights? Read the full article!

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