Ripple Heist 💸, Polygon Layoffs 🔍, Tether's Triumph 💰, Solana's Stumble 📉
Hey Tigers!
From a daring $112 million Ripple heist and Polygon Labs trimming its workforce, to Tether outperforming Goldman Sachs with a record-breaking quarter, the drama unfolds.
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📰 News Makers & Shakers
🚨💸 Hackers swiped a whopping $112 million in XRP from the personal crypto wallets of Ripple's co-founder, Chris Larsen. The revelation came hot on the heels of crypto detective ZachXBT's exposé of the hack ⌛️🔍. Swiftly identifying the breach, Larsen and his team alerted exchanges to freeze the impacted accounts, with law enforcement now on the case 🔒👮.
Polygon Labs is trimming down, cutting 60 jobs or 19% of its workforce, as CEO Marc Boiron aims to refine the team's qualities post-crypto bull market surge 🛠️💼. In a silver lining, remaining employees will see a 15% salary bump and a shift away from traditional pay scales, while those departing receive two months' severance and health benefits 📈💖. This move echoes a wider trend in the tech and crypto sector, with giants like Block and OpenSea also making significant staff reductions in recent times 🌐🔧.
Tether, the titan among stablecoins, smashed records with a staggering $2.85 billion net profit in Q4 2023, accounting for nearly half of its annual $6.2 billion 🚀💰. With assets topping $97 billion, Tether not only outshines Goldman Sachs in quarterly earnings but also reinforces its robust financial health with $5.4 billion in excess reserves, securely backing its loans 💼🔐. A financial powerhouse, Tether stands tall as the third largest cryptocurrency, trailing only behind Bitcoin and Ethereum 🌐💪.
SOL's price took a hit, dropping over 3% after the Solana network experienced a "major outage," on Tuesday, 6 February 2024, marking a significant hiccup since a nearly 20-hour downtime in February 2023 📉🚧. Engineers were able to revive the network after a five-hour delay. This setback underscores the network's ongoing challenges and the quest for reliability in the blockchain realm 🌐💪.
Ethereum Name Service (ENS) teams up with GoDaddy to bridge Web3 and Web2, allowing users to link their .eth domains to traditional URLs for free 🌉💻. This collaboration paves the way for easier, cost-effective integration of human-readable names from the blockchain with the wider internet, cutting down the deterrent of high gas fees 🚀🔗. Paul Nicks of GoDaddy celebrates this as a milestone in merging domain names with blockchain tech, enhancing both ecosystems 🎉🌐.
🚀 Token Trading Alpha
Bitcoin dominance, often abbreviated as BTCDOM, serves as a crucial metric indicating the proportion of Bitcoin's market capitalization relative to the collective market capitalization of all cryptocurrencies 📊.
On the daily chart, BTCDOM exhibits a consistent pattern, trading within a parallel channel characterized by successive higher highs and higher lows 📈.
Presently, Bitcoin dominance finds itself positioned at a resistance zone, suggesting the potential for a retracement 🔽. Analysis of the chart pattern indicates a probable descent towards the median 🎯.
Simultaneously, the BTC market dominance encounters formidable resistance within the 53-54% range, heightening the probability of a reversal 🔙.
It's worth noting that BTCDOM appears opportune for a short position given the prevailing market conditions 📉. A prudent approach would entail setting the stop-loss above the preceding high ⚠️.
For more technical analysis and token trading alphas, join the Telegram group 👇
🎬 And that's a wrap on this week's digest! Stay tuned, and we'll meet in the next one! 📅 Until then, take care, and stay well! 👋💫
Cheers!
Kevin