weekly market summary

Real-Time Crypto Data in ChatGPT

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.

Quick weekly news

HTX Recovers $8 Million in Stolen Funds and Offers Bounty to Hacker

In late September, HTX (rebranded Huobi Global) fell victim to a hacker who stole $8 million worth of cryptocurrency, equivalent to 5,000 ETH. However, HTX acted swiftly to recover the stolen funds and made an interesting decision to offer a 250 ETH bounty to the hacker in question.

The theft took place on September 25th, and shortly after the incident, HTX reached out to the hacker in Chinese, asserting that they had identified the individual behind the attack. In a bid to retrieve the funds without resorting to legal measures, HTX proposed a 5% bounty, amounting to approximately $400,000, with the condition that 95% of the stolen assets be returned by October 2nd. It appears that the hacker chose to accept this offer.

On October 7th, in a post on X (formerly Twitter), Huobi Global investor and HTX advisor Justin Sun expressed his gratitude to the industry for their assistance. He commended the hacker’s decision to return the funds and reiterated HTX’s commitment to enhancing blockchain security and safeguarding user assets.

Major Cryptocurrency Exchanges Adapt to UK Regulations

The Financial Conduct Authority (FCA) of the United Kingdom recently enforced new financial promotion regulations in the cryptocurrency sector. In response, leading global cryptocurrency exchanges have swiftly adjusted their operations to adhere to the FCA’s requirements.

Binance, one of the world’s largest exchanges, announced on October 6 that it has launched a localized domain for its UK users to ensure compliance. This domain will exclusively feature products and services that meet UK regulations, such as spot and margin trading, Binance Pay, its NFT marketplace, and loans. Non-compliant offerings like gift cards, referral bonuses, academy services, and research have been discontinued.

OKX, another prominent exchange, released a statement on October 6 outlining its commitment to FCA compliance. Measures include reducing token offerings to around 40 assets and incorporating clear risk warnings that emphasize the high-risk nature of crypto investments. But not all platforms hurry to meet UK regulations, earlier ByBit has announced exiting from UK market.

Meanwhile, the FCA’s actions have impacted the cryptocurrency industry, with 143 entities, including major exchanges like KuCoin and HTX (formerly Huobi), identified as “non-authorized firms.” The FCA has advised against dealing with these entities.

Binance Bolsters Security with Self-Transaction Prevention Feature to Curb Unintentional Self-Trades

Binance, a leading cryptocurrency exchange, is taking steps to prevent unintentional self-trades by introducing a self-transaction prevention (STP) function. This feature, initially launched in January 2023, is designed to block the execution of orders that would result in self-trading, primarily targeting API traders who use Binance’s trading platform. The STP function will become the default mode for all trading pairs and orders on Binance’s spot and margin trading platforms starting from October 26, 2023.

Self-trading, whether intentional or unintentional, can lead to unnecessary trading fees and market manipulation. The STP function aims to address this issue, particularly when API users set up automated trading programs.

CoinMarketCap Introduces ChatGPT Plugin for Real-Time Crypto Data

CoinMarketCap, the cryptocurrency data aggregator under the ownership of Binance, has unveiled a new plugin designed to integrate with ChatGPT, the AI chatbot. Subscribers to ChatGPT Plus can now pose a wide range of cryptocurrency-related queries and access real-time crypto data sourced directly from CoinMarketCap. Notably, this integration comes at no extra cost, with users only paying the standard $20 per month subscription fee for ChatGPT Plus.

ChatGPT, based on a large-language model (LLM), can now offer answers to a variety of cryptocurrency-related questions, from basic inquiries about the correlation between Bitcoin and Ethereum to more complex questions about token distribution models and price volatility. This integration is unique in that it sources prompts and real-time data directly from CoinMarketCap, providing users with access to the latest cryptocurrency listings, gainers, losers, and blockchain statistics, available on both desktop and mobile devices.

Diving into Trading Candlestick Patterns

chart patterns

Common trading patterns, you’ll encounter include:

  • Bullish reversal patterns,
  • Bearish reversal patterns,
  • Candlestick continuation patterns.

Bullish candlestick patterns emerge during market downturns, signaling potential price reversals. Traders might consider opening long positions to profit from upward movements. In contrast, bearish candlestick patterns appear at uptrend ends, indicating strong resistance and potential price drops due to buyer exhaustion. Both are trend reversal patterns.

Candlestick patterns, however, can also confirm ongoing trends, known as continuation patterns. They often accompany periods of market rest and sideways or neutral price movement.

Check out our candlestick patterns cheat sheet for a quick visual reference of these patterns. Dive into the full article for a deeper understanding!

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Top Crypto Meme of the Week

crypto meme

We hope this digest was valuable and informative for you! If you want to be the first to receive new crypto insights and stay up-to-date with the market, follow us on Twitter or Telegram. Become a better trader with the Good Crypto App!

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October 12, 2023

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