Crypto VIP Signal

19 июля 2024 19:34

Everything About the WazirX Hack

WazirX, one of the biggest cryptocurrency exchanges in India, experienced a significant security breach on 18th July. A multisig ERC20 wallet belonging to WazirX was compromised, resulting in the theft of over $230 million in assets, equivalent to 1900+ Crore INR.

The hacker swiftly swapped most of the stolen ERC20 tokens to ETH, deliberately avoiding stablecoins since they can be frozen. Currently, the WazirX team is diligently working to locate the hacker and negotiate for the return of the stolen funds, but they have yet to receive any response.

What About User Funds?

In response to the hack, WazirX has stopped all withdrawals immediately, leaving users unable to access their funds for now. Following the news of the breach, the value of all coins on WazirX dropped by more than 25%. As of now, there is no official announcement from the WazirX team regarding the status of user funds or when deposits and withdrawals will resume.

The situation remains tense, and users are advised to stay tuned for further updates from WazirX.

Where Should You Store Your Cryptocurrencies?

It's crucial to store your cryptocurrencies in non-custodial wallets, where you have full control of your private keys. History has shown that exchanges can be vulnerable to hacks, leading to significant losses for users. Notable examples include Mt. Gox, Cryptopia, FTX, and now WazirX.

Using non-custodial wallets ensures that you are the sole owner of your funds, reducing the risk of losing them due to security breaches or exchange failures. Stay safe and take control of your crypto assets!

Not Your Keys, Not Your Coins

Crypto VIP Signal

19 июля 2024 15:28

Educational Post

What Is Premining?

Premining refers to the process in which a portion of cryptocurrency tokens is mined or created before the official launch of the project. These premined tokens are typically allocated to the project's developers, early investors, or other stakeholders involved in the cryptocurrency's creation and development.

How Does Premining Work?

In a typical Proof of Work (PoW) blockchain network like the one of Bitcoin, new units of cryptocurrency are generated through a process called mining, which involves solving mathematical problems to validate transactions and secure the network. In contrast, premining bypasses this process by creating a certain number of tokens before the project or token is publicly launched.
Typically, these premined tokens are distributed according to a predetermined plan:

1. Development phase: During the development of the blockchain, developers decide on the total supply of tokens and the amount to be premined.

2. Token creation: Before the project goes live, the agreed-upon number of tokens is created.

3. Distribution: These tokens are usually allocated to developers, early investors, and advisors – or reserved for future use, such as marketing or partnerships.

4. Launch: The blockchain project is launched to the public while the premined tokens are already in the hands of the designated parties.

Crypto VIP Signal

19 июля 2024 12:31

ALT has broken the downtrend channel, retested it, and moved towards the resistance area, but got rejected. Consider opening a long position if the price drops to the support area.

Support Area: $0.136-$0.14

Resistance Area: $0.164-$0.169

Crypto VIP Signal

18 июля 2024 20:47

THETA analysis:

The daily chart has a falling wedge pattern, and the price has not yet broken out of this pattern. We may see a move towards the support area, presenting an opportunity to open a long position.

Support Area: $1.20-$1.35

Resistance Area: $1.55-$1.60

Crypto VIP Signal

18 июля 2024 14:34

ADA is currently testing the resistance area as expected. A break above this area would be bullish. Let's wait for a break above the resistance area for new entries.

Resistance Area: $0.43-$0.46

Crypto VIP Signal

18 июля 2024 10:05

BTC flipped below the support but formed the triangle pattern at the zone and need to see a breakout with that. More over, weekend is about to get hit, so intermediate movement is expected from here.

Crypto VIP Signal

17 июля 2024 17:10

Educational Post

What Is an Ethereum ETF?

An Ethereum ETF is a type of ETF that tracks the price of ether (ETH). It allows investors to gain exposure to ETH’s price movements without having to deal with the difficulties of managing crypto wallets and exchange accounts. Investors can purchase shares of the Ethereum ETF allowing them to trade ETH through a familiar investment environment, such as a brokerage account.

How Does an Ethereum ETF Work?

An Ethereum ETF can either hold ETH directly or invest in futures contracts that are tied to the price of ETH. Let’s take a closer look at how an Ethereum ETF works:

1. Fund creation: Large financial institutions create shares of the ETF by purchasing ETH and contributing it to the ETF. They may also invest in futures contracts instead of holding ETH.

2. Tracking ETH’s price: The Ethereum ETF closely tracks the price of ether. If its price rises, the value of the ETF shares should also increase, and vice versa.

3. Trading on exchanges: The shares of the Ethereum ETF can then be listed and traded on various stock exchanges, such as Nasdaq. Investors can buy and sell these shares throughout the trading day, just like they would with stocks.

Crypto VIP Signal

17 июля 2024 11:33

The TOTAL cryptocurrency market cap continues to move upward as expected. The market is moving up after Germany's selling and it looks like no sellers are left.

Resistance Area: $2.45-$250 Trillion

Crypto VIP Signal

16 июля 2024 20:43

RAY analysis:

Price is currently breaking out of the resistance area and undergoing a retest, signalling a potential continuation of the upward movement. Consider opening a long position with a tight stop loss.

Support Area: $1.83-$2.00

Resistance Area: $2.65-$3.00

Crypto VIP Signal

16 июля 2024 12:19

SOL continued its upward movement and reached the resistance area. The price dropped from there, and we might witness another test of the resistance area. A break above the resistance area indicates a bullish trend. Maintain your long position with a stop loss.

Resistance Area: $160-$165

Crypto VIP Signal

16 июля 2024 07:55

Bitcoin is continuing its upward movement and has tested the resistance area. However, there was a sharp rejection at the resistance area, leading to traders taking profits. This correction is considered healthy and we may expect some sideways movement now.

Support Area: $59,500-$60,000

Resistance Area: $64,500-$65,000

Crypto VIP Signal

15 июля 2024 15:55

Bitcoin is testing the short-term holders' MVRV support area. Historically, in the majority of cases, this has been a precursor to a continued bull run.

Crypto VIP Signal

15 июля 2024 08:31

Bitcoin broke through the resistance area with a large green candle, which is a good sign for the entire crypto market. We may now see some sideways movement before moving towards the next resistance area.

Support Area: $59,500-$60,000

Resistance Area: $64,500-$65,000

Crypto VIP Signal

14 июля 2024 14:04

🚨 Breaking News:

US Bitcoin ETFs saw $310 million in inflows yesterday, marking the highest in a month.

This significant influx highlights growing investor confidence and a bullish sentiment in the market.

Crypto VIP Signal

14 июля 2024 08:51

Bitcoin is currently testing a key resistance area. Let's observe its reaction. A breakout above this level would be bullish and bring positive sentiment to the market.

Crypto VIP Signal

19 июля 2024 17:25

Initially, Grayscale BTC ETF investors booked profits by selling their Bitcoins, but now they have started buying again. Overall, spot BTC ETFs are accumulating, with no signs of selling for now.

Crypto VIP Signal

19 июля 2024 14:11

The average daily ETH issued vs the average daily ETH burned.

The issuance rate of ETH is nearly identical to the rate of ETH being burned. The supply of ETH remains almost the same after the ETH 2.0 merge.

Crypto VIP Signal

19 июля 2024 08:29

Bitcoin broke the small symmetric triangle in a downward direction, but the good news is that the price is again testing the resistance area. Let's see if the price is able to hold above the resistance area this time.

Crypto VIP Signal

18 июля 2024 16:02

BlackRock bought another 1,708 Bitcoin. Nothing stops this train. The accumulation is going on and sooner the sellers are left with no BTC to sell.

Crypto VIP Signal

18 июля 2024 11:34

News Alert: One of the biggest Indian crypto exchanges, WazirX has been hacked for over $230M. The attacker still holds over $100M in SHIB and more than $4.7M in FLOKI tokens.

Crypto VIP Signal

17 июля 2024 20:47

OMNI analysis:

Price is currently attempting to reclaim the resistance area, with the downtrend line also serving as a resistance area. It's advisable to wait for a break of this resistance area for new entries.

Resistance Area: $14.50-$15.00

Crypto VIP Signal

17 июля 2024 15:01

The current daily transaction volume on the Bitcoin network, without filtering for irrelevant transactions, stands at $46.4 billion. According to Glassnode analysts, this figure surpasses the respective transaction volumes of the Visa and Mastercard payment networks.

Crypto VIP Signal

17 июля 2024 08:43

The correction is over, and Bitcoin continues its upward movement. Mt. Gox transactions didn't affect the market much, and it looks like the bulls are back. The next resistance level is in the $69,000-$70,000 area, so let's see how the price reacts there.

Crypto VIP Signal

16 июля 2024 15:16

NEAR has broken the resistance area and is now trading above it. Consider opening a small long position on a retest with a tight stop loss. There may be a continuation of the upward movement in the coming days.

Support Area: $5.50-$5.85

Resistance Area: $8.00-$8.50

Crypto VIP Signal

16 июля 2024 09:16

After the German government, Mt. Gox is now moving BTC for repayments. Bitcoin is experiencing a dip due to this, but don't worry – this phase will also pass soon.

Crypto VIP Signal

15 июля 2024 20:32

ALGO analysis:

Price is currently testing the resistance area. It's better to wait for new entries to see if it can break this level.

Support Area: $0.115-$0.124

Resistance Area: $0.156-$0.166

Crypto VIP Signal

15 июля 2024 11:11

ETH is expected to continue its upward movement, heading towards the resistance area. It is advisable to accumulate ETH during dips for the mid-term, as the spot ETF is expected to drive significant buying and pump.

Crypto VIP Signal

14 июля 2024 20:41

ALT analysis:

Price is currently trading within a downtrend channel and is unable to break the resistance line. Before considering any trades, it is advisable to wait for a break above the resistance line.

Support Area: $0.11-$0.116

Resistance Area: $0.136-$0.140

Crypto VIP Signal

14 июля 2024 12:34

NEAR is slowly approaching the resistance area. If the price can break above this resistance area, then we could see a move towards the major resistance area. A rejection from here will send the price towards the support area. It's better to wait for price action before making new entries.

Resistance Area: $5.50-$5.85

Major Resistance Area: $8.00-$8.50

Crypto VIP Signal

13 июля 2024 19:48

Bitcoin’s recent decline below the 200-day moving average (DMA), marking its deepest correction since late 2022, has resulted in significant unrealized losses for many short-term investors, according to a new report by Glassnode analysts.