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Is your SOL protected? What we all know concerning the Solana hack

Is your SOL protected? What we all know concerning the Solana hack

On this week’s episode of “The Market Report,” Cointelegraph’s resident specialists focus on the most recent updates in regards to the latest Solana (SOL) hack. To kick issues off, we broke down the most recent…

Cross-chain bridge hacks have accounted for 69% of the overall crypto stolen in 2022, amounting to $2 billion in losses, based on a brand new report. The report comes from blockchain analytics agency Chainalysis on Aug. 2, noting there have been 13 separate token bridge hacks this 12 months — the newest being the $190 million Nomad Bridge exploit.Q1 2022 was by far the quarter that noticed probably the most quantity of crypto stolen since 2021, due primarily to the Ronin Bridge Attack in late March, which noticed $624 million in Ether (ETH) and Circle USD (USDC) stolen.Following final night time’s exploit of the Nomad Bridge, an estimated $2B has been stolen from cross-chain bridges to this point in 2022. Read our weblog to be taught what makes these protocols susceptible and what the trade can do about it. https://t.co/WLo62H6NFe pic.twitter.com/CZRnqrPikh— Chainalysis (@chainalysis) August 2, 2022

Cross-chain bridges, also referred to as blockchain bridges are designed to switch cryptocurrencies from one blockchain community to a different. Chainalysis explains that whereas bridge designs range, customers sometimes deposit their tokens from one chain to the bridge protocol that are then locked right into a contract. The consumer is then issued the equal of a parallel token in one other chain. Bridge vulnerabilitiesAccording to the Chainalysis report, bridges are sometimes targets as a result of they “feature a central storage point of funds that back the ‘bridged’ assets on the receiving blockchain.””Regardless of how these funds are saved – locked up in a sensible contract or with a centralized custodian – that storage level turns into a goal.”According to some consultants, efficient bridge design remains to be in its nascent phases of improvement, and a few builders nonetheless have comparatively little understanding of safety protocols, making their protocols susceptible to exploitation by hackers. In a July 22 clip posted on Twitter, nearly two weeks earlier than the latest assault, Nomad founder James Prestwich says it is going to be “at the least one other 12 months or two earlier than there may be sufficient familiarity throughout chain safety fashions to construct defenses as a regular.” “In cross-chain programs, we have not constructed up that form of experience about assaults but, folks do not know what the frequent assaults are, and they also do not defend in opposition to them.”Centralized exchanges have been as soon as the favourite goal of hackers, however advances in safety protocols have seen a drop in profitable cyber assaults, based on Chainalysis.The blockchain analytics agency has careworn that cryptocurrency providers, together with bridges, ought to begin investing in safety upgrades and coaching sooner slightly than later. “A valuable first step towards addressing issues like this could be for extremely rigorous code audits to become the gold standard of DeFi, both for those building protocols and for the investors evaluating them. Over time, the strongest, safest smart contracts can serve as templates for developers to build from.”

Cross-chain bridge hacks have accounted for 69% of the overall crypto stolen in 2022, amounting to $2 billion in losses, based on a brand new report. The report comes from blockchain analytics agency Chainalysis on Aug. 2, noting there have been 13 separate token bridge hacks this 12 months — the newest being the $190 million Nomad Bridge exploit.Q1 2022 was by far the quarter that noticed probably the most quantity of crypto stolen since 2021, due primarily to the Ronin Bridge Attack in late March, which noticed $624 million in Ether (ETH) and Circle USD (USDC) stolen.Following final night time’s exploit of the Nomad Bridge, an estimated $2B has been stolen from cross-chain bridges to this point in 2022. Read our weblog to be taught what makes these protocols susceptible and what the trade can do about it. https://t.co/WLo62H6NFe pic.twitter.com/CZRnqrPikh— Chainalysis (@chainalysis) August 2, 2022 Cross-chain bridges, also referred to as blockchain bridges are designed to switch cryptocurrencies from one blockchain community to a different. Chainalysis explains that whereas bridge designs range, customers sometimes deposit their tokens from one chain to the bridge protocol that are then locked right into a contract. The consumer is then issued the equal of a parallel token in one other chain. Bridge vulnerabilitiesAccording to the Chainalysis report, bridges are sometimes targets as a result of they “feature a central storage point of funds that back the ‘bridged’ assets on the receiving blockchain.””Regardless of how these funds are saved – locked up in a sensible contract or with a centralized custodian – that storage level turns into a goal.”According to some consultants, efficient bridge design remains to be in its nascent phases of improvement, and a few builders nonetheless have comparatively little understanding of safety protocols, making their protocols susceptible to exploitation by hackers. In a July 22 clip posted on Twitter, nearly two weeks earlier than the latest assault, Nomad founder James Prestwich says it is going to be “at the least one other 12 months or two earlier than there may be sufficient familiarity throughout chain safety fashions to construct defenses as a regular.” “In cross-chain programs, we have not constructed up that form of experience about assaults but, folks do not know what the frequent assaults are, and they also do not defend in opposition to them.”Centralized exchanges have been as soon as the favourite goal of hackers, however advances in safety protocols have seen a drop in profitable cyber assaults, based on Chainalysis.The blockchain analytics agency has careworn that cryptocurrency providers, together with bridges, ought to begin investing in safety upgrades and coaching sooner slightly than later. “A valuable first step towards addressing issues like this could be for extremely rigorous code audits to become the gold standard of DeFi, both for those building protocols and for the investors evaluating them. Over time, the strongest, safest smart contracts can serve as templates for developers to build from.”

Cross-chain bridge hacks have accounted for 69% of the overall crypto stolen in 2022, amounting to $2 billion in losses, based on a brand new report.  The report comes from blockchain analytics agency Chainalysis on…

With a number of on-chain metrics for Bitcoin (BTC) nonetheless in a bearish vary, a continuation of the current value restoration would require elevated demand and costs spent over the community, says Glassnode. The evaluation of mediocre market development over the previous week got here from blockchain evaluation agency Glassnode in its newest The Week On Chain report on August 1.In it, analysts pointed to sideways development in transactional demand, energetic Bitcoin addresses remaining in “a well defined downward channel,” and decrease community charges as causes to mood traders’ pleasure concerning the 15% spike in BTC value over the previous week. However, BTC is presently down 2% over the previous 24 hours buying and selling under $23,000 to $22,899 based on CoinGecko.#Bitcoin and #Ethereum have rallied strongly off the underside, reaching above the Realized Price.Attention now turns as to if it is a bear market rally, or whether or not the basics are following by means of in help.Read extra in The Week On-chain https://t.co/taOkbeVlyv— glassnode (@glassnode) August 1, 2022

The report begins by highlighting the traits of a bear market which features a decline in on-chain exercise and a rotation from speculative traders to long-term holders. It means that the Bitcoin community remains to be demonstrating every of these traits. Glassnode wrote {that a} decline in community exercise will be interpreted as a scarcity of latest demand for the community from speculative merchants over long-term holders (LTHs) and traders who’ve a excessive degree of conviction within the community’s know-how. The report states:“With exception of a few activity spikes higher during major capitulation events, the current network activity suggests that there remains little influx of new demand as yet.”In distinction to final week when a major degree of demand gave the impression to be established on the $20,000 degree for BTC and making a ground, the extra demand wanted to maintain any additional value will increase shouldn’t be observable. Glassnode refers back to the regular decline in energetic addresses as a “low bear market demand profile” which has been in impact basically since final December.The evaluation noticed similarities between the present community demand sample and the one established within the 2018-2019 interval. Similar to the earlier cycle, community demand dried up after the April 2021 all-time excessive in BTC value. There was a notable restoration in demand main as much as the next November as costs recovered to a brand new ATH.However, since final November, demand has been on a downward development, with a serious spike down in the course of the mass sell-offs in May. “The Bitcoin network remains HODLer dominated, and as yet, there has not been any noteworthy return of new demand.”Glassnode added that the poor demand from anybody apart from devoted Bitcoin lovers is forcing community charges into “bear market territory.” Over the previous week, day by day charges amounted to simply 13.4 BTC. By distinction, when costs reached ATH final April, day by day community charges topped 200 BTC.Related: Bitcoin bulls defend $23K amid warning bear market rally ‘alive and properly’Assuming price charges enhance to any noteworthy diploma, Glassnode means that it might imply demand is on the rise, serving to to maintain additional “constructive structural shift” in Bitcoin community exercise.“Whilst we have not seen a notable uptick in fees yet, keeping an eye on this metric is likely to be a signal of recovery.”

With a number of on-chain metrics for Bitcoin (BTC) nonetheless in a bearish vary, a continuation of the current value restoration would require elevated demand and costs spent over the community, says Glassnode. The evaluation of mediocre market development over the previous week got here from blockchain evaluation agency Glassnode in its newest The Week On Chain report on August 1.In it, analysts pointed to sideways development in transactional demand, energetic Bitcoin addresses remaining in “a well defined downward channel,” and decrease community charges as causes to mood traders’ pleasure concerning the 15% spike in BTC value over the previous week. However, BTC is presently down 2% over the previous 24 hours buying and selling under $23,000 to $22,899 based on CoinGecko.#Bitcoin and #Ethereum have rallied strongly off the underside, reaching above the Realized Price.Attention now turns as to if it is a bear market rally, or whether or not the basics are following by means of in help.Read extra in The Week On-chain https://t.co/taOkbeVlyv— glassnode (@glassnode) August 1, 2022 The report begins by highlighting the traits of a bear market which features a decline in on-chain exercise and a rotation from speculative traders to long-term holders. It means that the Bitcoin community remains to be demonstrating every of these traits. Glassnode wrote {that a} decline in community exercise will be interpreted as a scarcity of latest demand for the community from speculative merchants over long-term holders (LTHs) and traders who’ve a excessive degree of conviction within the community’s know-how. The report states:“With exception of a few activity spikes higher during major capitulation events, the current network activity suggests that there remains little influx of new demand as yet.”In distinction to final week when a major degree of demand gave the impression to be established on the $20,000 degree for BTC and making a ground, the extra demand wanted to maintain any additional value will increase shouldn’t be observable. Glassnode refers back to the regular decline in energetic addresses as a “low bear market demand profile” which has been in impact basically since final December.The evaluation noticed similarities between the present community demand sample and the one established within the 2018-2019 interval. Similar to the earlier cycle, community demand dried up after the April 2021 all-time excessive in BTC value. There was a notable restoration in demand main as much as the next November as costs recovered to a brand new ATH.However, since final November, demand has been on a downward development, with a serious spike down in the course of the mass sell-offs in May. “The Bitcoin network remains HODLer dominated, and as yet, there has not been any noteworthy return of new demand.”Glassnode added that the poor demand from anybody apart from devoted Bitcoin lovers is forcing community charges into “bear market territory.” Over the previous week, day by day charges amounted to simply 13.4 BTC. By distinction, when costs reached ATH final April, day by day community charges topped 200 BTC.Related: Bitcoin bulls defend $23K amid warning bear market rally ‘alive and properly’Assuming price charges enhance to any noteworthy diploma, Glassnode means that it might imply demand is on the rise, serving to to maintain additional “constructive structural shift” in Bitcoin community exercise.“Whilst we have not seen a notable uptick in fees yet, keeping an eye on this metric is likely to be a signal of recovery.”

With a number of on-chain metrics for Bitcoin (BTC) nonetheless in a bearish vary, a continuation of the current value restoration would require elevated demand and costs spent over the community, says Glassnode.  The evaluation…

Price evaluation 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Price evaluation 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the…

A public company survey carried out by blockchain analytics agency Chainalysis highlights the necessity for higher instruments, coaching and help for cryptocurrency-related investigations. The blockchain information platform delved into the subject in its 2022 State of Cryptocurrency Investigations Survey, with 74% of respondents indicating their businesses have been under-equipped to analyze cryptocurrency-related crime.Chainalysis polled some 300 respondents throughout 183 public sector businesses within the United States and Canada to unpack the challenges and successes working within the sector. An overwhelming variety of respondents indicated that cryptocurrencies have been related to their investigations and that their respective businesses would do nicely to speculate extra sources. Despite cryptocurrency being central in some investigations, most respondents agreed that the area may positively advance the monetary system and disagreed with the suggestion that cryptocurrencies have been used primarily by criminals. Chainalysis famous the expansion of reliable cryptocurrency utilization far outweighs the expansion of prison utilization. Still, the proportion of illicit utilization is important sufficient in U.S. greenback phrases that the general public sector have to be ready to analyze.Respondents additionally recommended their businesses have investigators or analysts specializing in cryptocurrency-related investigations. The survey additionally indicated that many businesses don’t use specialised blockchain analytical instruments, and 74% of respondents imagine their company isn’t well-equipped to analyze cryptocurrency-related crime. Related: DeFi-ing exploits: New Chainalysis software tracks stolen crypto throughout a number of chainsChainalysis highlighted this as a significant drawback given the continuously altering business, citing the current shift from centralized providers to decentralized finance (DeFi) protocols, that are extra advanced and tough to analyze:“If agencies aren’t becoming proficient in cryptocurrency investigations now, their knowledge gaps could compound, causing them to fall further behind the criminals exploiting cryptocurrency regularly.”The survey revealed that over half of the 300 respondents see greater than ten cryptocurrency-related instances in a yr, whereas almost 40% encountered greater than 20 incidents. Scams, fraud, medicine, cybercrime and ransomware have been probably the most generally investigated crypto-related crimes.Chainalysis highlighted the necessity for reliable information powered by strong blockchain evaluation instruments that permit for easy and worthwhile information visualizations. Training in cryptocurrency and blockchain evaluation was one other level raised by respondents, whereas partnerships with the personal sector may ship these instruments and sources.

A public company survey carried out by blockchain analytics agency Chainalysis highlights the necessity for higher instruments, coaching and help for cryptocurrency-related investigations. The blockchain information platform delved into the subject in its 2022 State of Cryptocurrency Investigations Survey, with 74% of respondents indicating their businesses have been under-equipped to analyze cryptocurrency-related crime.Chainalysis polled some 300 respondents throughout 183 public sector businesses within the United States and Canada to unpack the challenges and successes working within the sector. An overwhelming variety of respondents indicated that cryptocurrencies have been related to their investigations and that their respective businesses would do nicely to speculate extra sources. Despite cryptocurrency being central in some investigations, most respondents agreed that the area may positively advance the monetary system and disagreed with the suggestion that cryptocurrencies have been used primarily by criminals. Chainalysis famous the expansion of reliable cryptocurrency utilization far outweighs the expansion of prison utilization. Still, the proportion of illicit utilization is important sufficient in U.S. greenback phrases that the general public sector have to be ready to analyze.Respondents additionally recommended their businesses have investigators or analysts specializing in cryptocurrency-related investigations. The survey additionally indicated that many businesses don’t use specialised blockchain analytical instruments, and 74% of respondents imagine their company isn’t well-equipped to analyze cryptocurrency-related crime. Related: DeFi-ing exploits: New Chainalysis software tracks stolen crypto throughout a number of chainsChainalysis highlighted this as a significant drawback given the continuously altering business, citing the current shift from centralized providers to decentralized finance (DeFi) protocols, that are extra advanced and tough to analyze:“If agencies aren’t becoming proficient in cryptocurrency investigations now, their knowledge gaps could compound, causing them to fall further behind the criminals exploiting cryptocurrency regularly.”The survey revealed that over half of the 300 respondents see greater than ten cryptocurrency-related instances in a yr, whereas almost 40% encountered greater than 20 incidents. Scams, fraud, medicine, cybercrime and ransomware have been probably the most generally investigated crypto-related crimes.Chainalysis highlighted the necessity for reliable information powered by strong blockchain evaluation instruments that permit for easy and worthwhile information visualizations. Training in cryptocurrency and blockchain evaluation was one other level raised by respondents, whereas partnerships with the personal sector may ship these instruments and sources.

A public company survey carried out by blockchain analytics agency Chainalysis highlights the necessity for higher instruments, coaching and help for cryptocurrency-related investigations. The blockchain information platform delved into the subject in its 2022 State of…

The newest episode of Market Talks welcomes Nicholas Merten, the founding father of DataDash, one of many largest cryptocurrency YouTube channels.Merten is a global speaker, thought chief and crypto analyst. He has utilized his 10-plus years of expertise in conventional markets to grasp the potential of cryptocurrencies and assist his 515,000 YouTube subscribers make higher funding selections.One of the subjects up for dialogue with Merten isthe latest Bitcoin (BTC) value rally. Are the markets lastly out of the sideways pattern it’s been caught in for months, or is that this simply one other bull entice forming, with BTC to go again down under $20,000?With all seasoned merchants and specialists eyeing the BTC 200-week shifting common, Merten is requested the importance of this indicator and why many think about it to be so vital. They additionally get into the place he sees BTC heading within the close to future, towards $30,000 or again all the way down to $17,000?Another matter up for dialogue is whether or not retail traders are beginning to rush again into the market — might that be enjoying a component within the value rally? Ether (ETH) has been performing exceptionally nicely just lately, with extra updates about its transfer from a proof-of-work protocol to proof-of-stake. Could Ether be the one main the markets this time, versus Bitcoin? The hosts will probably be having a look on the ETH chart to get a greater image.With the rise in Bitcoin’s value, altcoins are by no means far behind. Jebb and Merten will check out a number of the best-performing altcoins and work out which of them have but to interrupt out. Speaking of altcoins, Polygon’s MATIC has seen a latest value rally towards the upside after information that it was accepted into the Disney accelerator program — the one blockchain platform to take action. They will probably be discussing what this might imply for the platform and try the chart as nicely.Tune in to have your voice heard. The hosts be taking questions and feedback all through the present, so remember to have them able to go.Market Talks with Crypto Jebb streams reside each Thursday at 4:00 pm UTC. A featured interview is posted every week with a number of the most influential and galvanizing folks from the crypto and blockchain business. So, remember to head on over to Cointelegraph’s YouTube web page and subscribe for all future movies and updates.

The newest episode of Market Talks welcomes Nicholas Merten, the founding father of DataDash, one of many largest cryptocurrency YouTube channels.Merten is a global speaker, thought chief and crypto analyst. He has utilized his 10-plus years of expertise in conventional markets to grasp the potential of cryptocurrencies and assist his 515,000 YouTube subscribers make higher funding selections.One of the subjects up for dialogue with Merten isthe latest Bitcoin (BTC) value rally. Are the markets lastly out of the sideways pattern it’s been caught in for months, or is that this simply one other bull entice forming, with BTC to go again down under $20,000?With all seasoned merchants and specialists eyeing the BTC 200-week shifting common, Merten is requested the importance of this indicator and why many think about it to be so vital. They additionally get into the place he sees BTC heading within the close to future, towards $30,000 or again all the way down to $17,000?Another matter up for dialogue is whether or not retail traders are beginning to rush again into the market — might that be enjoying a component within the value rally? Ether (ETH) has been performing exceptionally nicely just lately, with extra updates about its transfer from a proof-of-work protocol to proof-of-stake. Could Ether be the one main the markets this time, versus Bitcoin? The hosts will probably be having a look on the ETH chart to get a greater image.With the rise in Bitcoin’s value, altcoins are by no means far behind. Jebb and Merten will check out a number of the best-performing altcoins and work out which of them have but to interrupt out. Speaking of altcoins, Polygon’s MATIC has seen a latest value rally towards the upside after information that it was accepted into the Disney accelerator program — the one blockchain platform to take action. They will probably be discussing what this might imply for the platform and try the chart as nicely.Tune in to have your voice heard. The hosts be taking questions and feedback all through the present, so remember to have them able to go.Market Talks with Crypto Jebb streams reside each Thursday at 4:00 pm UTC. A featured interview is posted every week with a number of the most influential and galvanizing folks from the crypto and blockchain business. So, remember to head on over to Cointelegraph’s YouTube web page and subscribe for all future movies and updates.

The newest episode of Market Talks welcomes Nicholas Merten, the founding father of DataDash, one of many largest cryptocurrency YouTube channels. Merten is a global speaker, thought chief and crypto analyst. He has utilized his…

Bitcoin’s longest ‘excessive concern’ streak lastly breaks

Bitcoin’s longest ‘excessive concern’ streak lastly breaks

Bitcoin (BTC) on Tuesday lastly escaped the “extreme fear” zone after a whopping 73 days, coinciding with a 19% weekly improve in Bitcoin (BTC) as bulls make their means again to the market.  The Crypto…

Price evaluation 7/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Price evaluation 7/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin (BTC) rose above $22,000 and Ether (ETH) traded above $1,500 on July 18, indicating that bulls are gradually returning to the cryptocurrency markets. This pushed the total crypto market capitalization above $1 trillion for…

Why is there a lot uncertainty within the crypto market proper now?

Why is there a lot uncertainty within the crypto market proper now?

In the fourth episode of Market Talks, we welcome YouTube media creator and crypto educator Crypto Wendy O. Crypto Wendy O is a YouTube media creator and crypto educator. Wendy turned excited by cryptocurrency and blockchain…

Price evaluation 7/11: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT,  SHIB, AVAX

Price evaluation 7/11: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX

The United States dollar index (DXY) resumed its strong uptrend on July 11, indicating that investors are preparing for the July 13 CPI report to be hotter than expected. A survey of economists by Bloomberg estimates that…