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PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%

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PoW Tokens Take A Hit: Ravencoin and Ethereum Classic Crash Over 20%

Ravencoin (RVN) and Ethereum Classic (ETC) were operated as a safe haven for miners seeking shelter from “The Merge” fallout. The event that completed Ethereum’s transition to Proof-of-Stake (PoS), “The Merge” locked out miners from the ecosystem.

Leading into the event, Ravencoin, Ethereum Classic, and other Proof-of-Work (PoW) cryptocurrencies were recording double-digit gains. The new participants onboarding the networks drove their hashrate to new highs, and their price followed as demand for PoW tokens followed.

However, as more miners flocked into these networks, it became more difficult to obtain rewards. In that sense, and with “The Merge” out of the way, miners might be seeking new alternatives to carry on with their operations and maximize their gains.

At the time of writing, Ravecoin and Ethereum Classic traded at $0.03 and $28, respectively. The cryptocurrencies record a 30% loss for RVN and a 22% loss for ETC over the past week. The tokens gave back a large portion of the gains obtained in previous weeks.

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RVN’s price is trending to the downside on the 4-hour chart. Source: RVNUSDT Tradingview

Ravencoin (RVN) And Ethereum Classic (ETC) Might Be Losing Market Share

As the price of Ravencoin and Ethereum Classic trend to the downside, their hashrate trend lower which hinted at the current bearish price action. Miners that were prompting the value of these cryptocurrencies seem to be existing or diversifying their participation across multiple networks.

Data from CoinWars shows a decrease in the hashrate for Ethereum Classic and Ravencoin. The former has seen a steadier decline in hashrate since September 17th, two days after “The Merge”.

As seen below, ETC’s hashrate reached a high of 210 terahash/s (TH/s) and an all-time high of 220 TH/s before trending lower. Over the same period, ETC’s price recorded massive losses, as mentioned.

Ethereum Classic’s hashrate trends to the downside. Source: CoinWarz

Ravencoin hashrate saw sideways movement after an aggressive push to the upside. The network saw an all-time high of 20 TH/s before starting a descend into its current levels at around 15 TH/s. Both cryptocurrencies might experience losses if their network’s hashrate sustains their current momentum.

Ravecoin hashrate moving sideways and trending to the downside over the past week. Source: CoinWarz

Where Are Ravencoin And Ethereum Classic’s Hashrates Fleeing?

As computer power leaves Ravencoin and other PoW cryptocurrencies, it must be finding new networks to increase the miners’ chances of obtaining rewards. Data from Coingecko indicates that a couple of PoW tokens have benefited from this crash in price and hashrate from RVN and ETC.

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The best-performing token seems to be CLO from Callisto Network. This project has seen a surge in trading volume and hashrate that has supported a 30% rally over the past 7 days. In the coming months, traders might benefit from frontrunning these spikes and crashes in PoW tokens hashrate.

#CallistoNetwork is the most profitable #ETHASH coin on Whattomine ⛏

Network #hashrate and trading volumes are growing, don’t wait and start mining $CLO now!

P.S. ZPoW is coming, so make sure you aren’t late 😏

➡️ https://t.co/Wj0zgNANzu pic.twitter.com/hIs6jqNBtI

— Callisto Network Official (@CallistoSupport) September 22, 2022 

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Binance

BNB Chain Halts Operations Following Massive Exploit

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BNB Chain Halts Operations Following Massive Exploit

Binance’s signature Binance Smart Chain is the latest to suffer from an exploit, and the chain is “temporarily paused,” according to the official BNB Chain Twitter account and Binance’s CZ.

Early hours following the hack look to show 2M BNB, or over $500M at time of publishing, through the Binance Bridge. Furthermore, many have criticized the response around the matter. Let’s take a look at the details we know thus far.

Binance Bridge Can’t Avoid The ‘Bridge Problem’ 

One of the biggest issues around crypto vulnerabilities often seems to be bridges – where movement from one chain to another adds a layer of complexity that has proved to be a challenge. According to Paradigm researcher @samczsun (who provides a detailed thread on the the exploit), the BSC Token Hub bridge was tricked to send the attacker two transactions of 1M BNB each.

However, in early reports it seems that the tokens were not owned user tokens, but rather tokens not in existence before the exploit.

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Binance's BNB token faced impacts from today's exploit. | Source: BNB-USD on TradingView.com

Criticism Around Halting The Chain

BSC reps went on to explain that they “coordinated with validators to temporarily suspend BSC,” which led to many critics emerging around the degree of centralization surrounding the chain. It seems that today’s hack is the second largest in history, and while Binance CEO Changpeng ‘CZ’ Zhao has assured holders that their funds are safe, there’s still a lot to discover here.

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Bitcoin

Solana Spikes 4% After Recent Recurring Glitches – A Little Shine For SOL?

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Solana Spikes 4% After Recent Recurring Glitches – A Little Shine For SOL?

There has been some criticism about Solana since it was established in March of 2020. Through a thread he created, Cyber Capital founder Justin Bons exposed the network’s recent “anomalies.” and how it violated decentralization in the sense of DeFi.

The native token of the network had a bullish pullback despite the controversy. Given the fundamental nature of some of the conflicts in which the Solana network finds itself embroiled, this comes as something of a surprise.

Is this price drop a precursor to future gains?

The Barrier To Confusion

At the moment, Bons is the most outspoken Solana critic, having started multiple threads concerning the most recent network developments.

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Solana has had many outages this year, the most recent being on October 1, according to his latest thread.

This is a serious issue for the network, since it might undermine trust in the project and its token among investors.

Chart: TradingView.com

An issue with a single validator on Solana’s blockchain led to the outage. As a result, the entire blockchain came to a halt, rendering all transactions suspended for a short time.

The management of Solana then utilized check-pointing to restart the entire cluster. In this way, they broke the decentralization of their ostensibly decentralized system.

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Additionally, the developers are the target of the thread. According to the discussion, two network developers posed as 11 other network developers. These two developers then double-counted to increase the TVL figure.

Despite recent issues, SOL gained about 8% during the 3rd and 4th of October, before establishing a downtrend earlier today.

What Does This Imply About Solana?

As of this writing, SOL is trading at $33.35, up 4% in the last 24 hours.

Indicators also present a negative narrative. The bull and bear power indicator has maintained its downward trend, sending investors and traders strong sell indications. Similarly, stochastic RSI values follow this signal, indicating a strong sell sentiment among investors.

This could be a harbinger of worse to come for SOL. Today’s forming downtrend could be the beginning of the token’s free fall.

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If things are to worsen significantly, the price should not fall below the 78.60 Fibonacci level, as any negative breach of this level will cause a further sell-off.

SOL total market cap at $11.8 billion on the daily chart | Featured image from Coinpedia, Chart: TradingView.com

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Cryptocurrency news

Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days

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Celsius Investors May Be Left Dismayed As CEL Drops 6.5% In Last 7 Days

To everyone’s surprise, the Celsius Network is still operating after the drama surrounding its bankruptcy in July. Alex Mashinky, the company’s CEO, quit on September 27 despite the announcement of a revival.

The Securities and Exchange Commission joined the chorus of agencies that came down hard on the company. When the SEC ruled that interest-paying crypto investments must be registered, Celsius found itself under a microscope.

The native token of Celsius, CEL, was impacted by these events, but what’s more unexpected is that CEL is still being used. However, investors of CEL tokens will be even more dissatisfied now that controversy surrounds the token.

As of this writing, CEL is trading at $1.37, down 6.5 percent in the last seven days, data from Coingecko show.

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A Chill In The Air At Celsius

Unlike most widely traded currencies, trading in CEL right now is extremely light, as evidenced by the gaps in the candle chart. Recent data shows a decline in CEL token trading volume from 19.8 million to 4.49 million. The percentage reduction in business activity was staggering, at 77.3%.

This is hardly surprising given that other on-chain signals also do not bode well for CEL. The market capitalization has decreased from a weekly high of $655,331,055 to $582,698,525. The coin’s trading activity is comparable to tokens with minimal activity.

This is simply CEL burning off over time. Recently, though, the graphs are green.

Is It Doable, Or Not?

CEL is still a tradable asset on the broader crypto market, making it open to speculation despite the fact that it is barely alive.

According to CoinGecko, CEL has gained 2.6% in value over the previous 24 hours. Given that there are gaps in the charts where little to no activity was recorded, this is a major surprise. However, this may not be a true recovery.

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Taking into account everything discussed previously, CEL may be on its last legs. Recent reports indicate that CEL’s active addresses have drastically decreased during the past month.

This decline in active CEL trading addresses is a pessimistic indication to potential investors that could boost CEL’s price recovery.

CELUSD pair trying to keep its balance at $1.36 on the daily chart | Source: TradingView.com    Featured image from Forkast, Chart: TradingView.com

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