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The attack against Solana-based wallets attributed to Slope wallets

Hi there!

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

Support for the Ethereum Proof-of-Work Fork is still possible on Binance

The exchange declared it would support “the merge,” a protocol modification that would complete Ethereum’s long-awaited transition to a proof-of-stake consensus mechanism and is anticipated to occur on or around September 19. All of it was assumed.

But the company also said it might back “merge resistors” who want to keep using proof of work and build a separate network and coin. “In case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens,” its statement from Wednesday read.

Binance added that “in order to protect Binance users, all forked tokens will go through the same strict listing review process as Binance does for any other coin/token.”

Due to a “fast and rapid” decline in the value of cryptocurrency, Coinbase lost $1.1 billion in the second quarter

Coinbase, the world’s largest crypto exchange, blamed a “fast and furious” drop in the cryptocurrency markets for its stunning $1.1 billion net loss in the second quarter of 2022. The Coinbase fall from grace also saw a decline in trading volume and transaction income.

The cryptocurrency business has lost money for the last two quarters in a row, and this one marks the worst loss since it went public on the Nasdaq Stock Exchange (Nasdaq) in April 2021.

On August 9, Coinbase sent its shareholders a letter outlining its Q2 2022 financial results, which similarly fell short of analyst estimates.

Long ETH bets on Bitfinex plummet to May lows

ETH performed unconvincingly on short durations this week due to controversy surrounding the imminent Merge event.

ETH/USD was down about 7% in the 24 hours before August 9, while BTC/USD lost $1,000 in 24 hours.

Analysts, like Cointelegraph writer Michal van de Poppe, said that anxiety about the United States Consumer Price Index (CPI) reading on August 10 led to the downward trend.

Meanwhile, on-chain monitors saw that a prominent trader on Bitfinex had significantly cut their long ETH position, indicating confidence that the next move will almost certainly be down.

The attack against Solana-based wallets attributed to Slope wallets

Following yesterday’s destruction of the Solana ecosystem, information is now suggesting that wallet provider Slope is primarily to blame for the security flaw that enabled thousands of Solana customers to steal their cryptocurrency.

Slope is a layer-1 (L1) Web3 wallet service for the Solana blockchain. The Solana Foundation blamed Slope, claiming that “it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applicationsthrough the Solana Status Twitter account on Wednesday.

Anatoly Yakovenko, a co-founder of Solana, also connected Slope wallets to the attack on his own Twitter account. He encouraged consumers to renew a seed phrase from a source other than Slope as soon as possible. Additionally, he advised one of the impacted users to “Start practicing the cold/hot wallet separation.”

Moving Averages, SMA, EMA, WMA Explained

MA_2

The trend is one of the numerous crypto Moving Average trading strategies you can try. 

The MA provides a quick indication of the movement.We can quickly determine if the price is setting new highs by examining the behaviour of the Moving Average indicator. The indicator’s tip, or outside end, will also display a potential future orientation. When the price reaches substantial moving averages, trend traders often accumulate. Significant refers to the most abundant data points, such as 100 MA or 200 MA, which are hardly touched.

Find more strategies and types of MAs in A Complete Guide for Traders Explained by Good Crypto!

Receive an instant notification when a new coin is listed with the GoodCrypto’s PRO plan.

Top Crypto Meme of the Week

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We hope this digest was valuable and informative for you! If you want to be the first one 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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August 11, 2022

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