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Privacy-Centric Crypto Mixing Protocol Tornado.cash Plans to Deploy on L2 Platform Arbitrum – Privacy Bitcoin News

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by Jamie Redman
One of the largest cryptocurrency mixing protocols, Tornado.cash, has announced the project will deploy on the L2 (layer 2) Ethereum platform Arbitrum One. The creators of the Ethereum-based mixing application explain that settling on Arbitrum will allow Tornado.cash users to benefit from cheaper transactions.
On November 29, the team behind the ethereum mixing application Tornado.cash revealed the project plans to deploy on the Arbitrum One network. The news follows the project’s recent collaborative efforts that applied network connections to Polygon, Avalanche, Binance Smart Chain, and Xdai. This week, total deposits for Tornado.cash on the Xdai chain crossed $1 million. In terms of ether deposited since the project’s inception, the protocol has taken in 2,222,007 ether, or $4.3 billion.
Essentially, Tornado.cash improves ether transfer privacy by breaking onchain links between the source and destination addresses. The protocol depends on zero-knowledge proofs (ZKP) in order to ensure links to deposits and withdrawals are non-existent. Tornado.cash is just over two years old as it was introduced in August 2019. The project even got the former Bitcoin Core developer, Gavin Andresen, to notice the ether mixing protocol in mid-January 2020.
On May 13, Tornado.cash developers destroyed their private keys using a process called multi-party computation (MPC). The scheme allowed the Tornado.cash developers to give the smart contract to the community without the developer’s private key. “With a record 1114 contributions this was by far the largest Trusted Setup Ceremony to date. By comparison, all other trusted setup ceremonies had less than 200 participants,” the Tornado.cash team explained in the blog post.
Arbitrum is an L2 solution that leverages optimistic rollups and Arbitrum users benefit by using ethereum (ETH), its token derivatives, and smart contracts for a fraction of the cost. Statistics from l2fees.info show that the average ethereum transaction can cost $7.08 while using Arbitrum the same transfer would cost $2.81. While transferring ERC20 tokens could cost $16.19 using L1 (layer 1), L2 fees using Arbitrum to transfer a token will cost $3.09.
Swapping tokens is the most expensive onchain (L1) transaction costing around $35.41 per transaction. However, Arbitrum users swapping tokens only pay around $4.85 per transfer according to today’s l2fees.info metrics. The Tornado.cash blog post says that “the protocol’s smart contracts are all set and ready to spin on Arbitrum.” The biggest advantage to using Tornado.cash with Arbitrum is data transfer costs.
“Settling on Arbitrum will allow Tornado.cash users to take advantage of all the benefits a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage,” the team’s blog post highlights. “This proposal is part of the protocol’s desire to constantly improve itself and allow more users to claim back their right to privacy. Moreover, with this deployment, Tornado.cash will join a thriving ecosystem composed of multiple other defi applications.”

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Bitcoin Price and Ethereum Regain Upward Momentum; BlockFi Files for Bankruptcy – Cryptonews

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Despite the market’s ongoing fear, the leading cryptocurrency, Bitcoin, is rebounding above the psychological level of $16,000 on November 29. Similarly, Ethereum, the second-most valuable cryptocurrency, is rising after gaining support near the $1,150 level.
Major cryptocurrencies were trading mixed early on November 29, with the global crypto market cap increasing nearly 1.0% to $822.27 billion on the previous day.
Over the last 24 hours, the total crypto market volume increased by over 12.5% to $46.87 billion. The total volume in DeFi was $2.98 billion, accounting for 6% of the total 24-hour volume in the crypto market.
The total volume of all stablecoins was $45.05 billion, accounting for 96% of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Fantom (FTM), Chainlink (LINK), and Dash (DASH) are three of the top 100 coins that have gained value in the last 24 hours. The FTM price has soared by more than 20% to $0.2196, the LINK price has grown by more than 9% to $7.40, and the DASH price has increased by nearly 8%.
Chain (XCN), Huobi Token (HT), and Convex Finance (CVX) are three of the top 100 coins that have lost value in the last 24 hours. Whereas XCN has lost over 3.5% to trade at $0.037, HT is down nearly 1% to trade at $6.45. At the same time, CVX’s price is down over 1% to trade at $4.
After suffering losses due to its exposure to the dramatic collapse of the FTX exchange earlier this month, cryptocurrency lender BlockFi announced Monday that it has filed for Chapter 11 bankruptcy protection.
When the paperwork was submitted to a New Jersey court, cryptocurrency prices were already in freefall. More than 70% of Bitcoin’s value has been wiped down from its all-time high in 2021.
BlockFi, a New Jersey-based company formed by financial executive-turned-crypto entrepreneur Zac Prince, filed for bankruptcy claiming that its significant exposure to FTX caused a liquidity crisis. 
Monsur Hussain, senior director at Fitch Ratings stated: 
“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem,”
This month, FTX, established by Sam Bankman-Fried, sought bankruptcy protection in the United States after investors have withdrawn $6 billion from the platform over the course of three days and rival exchange Binance backed out of a rescue arrangement. 
After a display of unprecedented civil disobedience since President Xi Jinping took office a decade ago, police in China have been out in force to crush zero-Covid protests and at least one person has been arrested, according to social media videos.
There were also claims that several protesters who participated in the street meetings in cities around the country were subjected to phone interviews with officials.
Supposedly, the arrest occurred late on Monday in the city of Hangzhou. Social media videos from Monday night purportedly show hundreds of police barricading a big public space to prevent a public gathering.
Hence, this is keeping the crypto market sentiment bearish. Let’s look at Bitcoin price prediction. 
The current Bitcoin price is $16,479 and the 24-hour trading volume is $25 billion. During the last 24 hours, the BTC/USD pair has gained nearly 2.0%, while CoinMarketCap currently ranks first with a live market cap of $316 billion, up from $310 billion yesterday. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,219,543 BTC coins.
On Tuesday, the BTC/USD is trading bullish after gaining support at the $16,000 psychological trading level. An upward trendline is extending support around the $16,000 level in the 4-hour timeframe, and the closing of candles above this level has triggered a bullish recovery in Bitcoin.
On the higher side, Bitcoin’s immediate resistance is at $16,650, which is supported by a downward trendline.
Bitcoin has also formed a double top level at $16,650, and a break above this level could take BTC to $17,250 or even higher.
Leading technical indicators like the RSI and MACD have entered the buying zone, indicating the start of a buying trend. Bitcoin has just surpassed the 50-day moving average at $16,250, signaling yet another bullish trend.
 Alternatively, if Bitcoin breaks the lower symmetrical triangle pattern and closes the candle below $16,000, it is likely to be exposed to the $15,650 support zone.
The current price of Ethereum is $1,207, with a 24-hour trading volume of $7 billion. In the last 24 hours, Ethereum has gained nearly 4%. CoinMarketCap currently ranks #2, with a live market cap of $147 billion. It has a circulating supply of 122,373,866 ETH coins.
Ethereum has recovered in the 4-hour timeframe after completing a 50% Fibonacci retracement at $1,150. Above this, Ethereum formed a bullish engulfing candle, signaling a bullish trend.
Furthermore, the ETH/USD pair has crossed above the 50-day simple moving average (SMA) of around $1,170, implying that the ETH has a good chance of heading north toward the $1,235 double top resistance level.
Increased demand for ETH may allow it to break through this level and reach $1,295 or even higher.
Alternatively, failure to break above the $1,235 resistance level may trigger selling until the $1,150 or $1,135 Fibonacci retracement levels, which mark the 50% and 61.8% Fibonacci retracement levels, respectively.
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides real-time analytics and social data to traders of all skill levels, allowing them to make better-informed decisions. The platform will go live in the first quarter of 2023, providing investors with information to help them make proactive trading decisions.
Dash 2 Trade, a platform for crypto trading intelligence and signals, has piqued investors’ interest after raising $7 million in just over a month. As a result, the D2T team has decided to discontinue the project at stage 4 and lower the hard cap target to $13.4 million.
Dash 2 Trade has also been a success, with two exchanges (LBank and BitMart) promising to list the D2T token after the presale concludes. 1 D2T is currently worth 0.0513 USDT, but at the end of the sale, this will increase to $0.0533.
D2T has so far raised over $7.4 million by selling more than 84% of its tokens.
Visit Dash 2 Trade now
A quick 3min read about today's crypto news!

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Bitcoin price starts ‘Uptober’ down 0.7% amid hope for final $20K push – Cointelegraph

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Bitcoin price action could include a fresh trip to $20,500 but, beyond that, the overall trend remains firmly down for traders.
Bitcoin (BTC) failed to hold $20,000 into the September monthly close as one trader eyed a final comeback before fresh downside.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD staying lower after finishing the month at around $19,400.
Capping 3% losses, the monthly chart failed to rally on Oct. 1, with BTC/USD down another 0.7% in “Uptober” so far, according to data from on-chain data resource Coinglass.
Dismal financial data from macro markets contributed to the lack of appetite for risk assets, and among crypto traders, the outlook remained gloomy.
For popular Twitter account Il Capo of Crypto, a return above the $20,000 mark was still possible on the day, this still to be followed by a dive much lower.
An additional post noted steady buy-ins worth $192,000 on exchange FTX, something which he argued could contribute to the short-term upside.
Still, at the time of writing, BTC/USD looked apt for volatility into the weekly close, as suggested by the tightening Bollinger Bands on lower timeframes.
The September close nonetheless continued a losing streak for Bitcoin which now rivaled the 2018 bear market, as highlighted by Caleb Franzen, senior market analyst at Cubic Analytics.
“#Bitcoin has officially produced 10 consecutive red monthly Heikin Ashi candles, with the September close,” he revealed on Twitter, continuing:
The macro story of the moment revolved around major global banks, headlined by worrying signs coming out of Credit Suisse.
Related: Bitcoin 2021 bull market buyers ‘capitulate’ as data shows 50% losses
The Swiss lender’s share price, having all but collapsed since 2021, now had concern spreading to institutions such as Deutsche Bank, UniCredit and even the Bank of China.
“Credit Suisse is not the only major bank whose price-to-book is flashing warning signals. The list below is of all G-SIBs with PtBs of under 40%,” Alistair Macleod, head of research at Goldmoney, said via a tweet, uploading a comparative chart of various banks’ price-to-book ratios. He continued:
In a memo quoted by Reuters on Oct. 2, Credit Suisse CEO Ulrich Koerner cautioned investors against “confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank.”
The events follow the Bank of England returning to quantitative easing last week in an unprecedented U-turn with inflation at forty-year highs.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Crypto News Live Update Nov 30: Binance Acquires Sakura Exchange BitCoin – CoinGape

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Crypto News Today Live Updates November and Latest News: (30 November 2022) The global digital asset market printed green indexes for two days straight. The cumulative market cap is up by 2% over the past day. It now stands at $852 billion. The 24-hour trading vol stands at $46.44 billion.

The world’s largest crypto exchange Binance on Wednesday said it has acquired 100% of Sakura Exchange BitCoin (SEBC). The acquisition marks the entry of Binance into the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity.

Blockchain gaming giant Animoca Brands on Wednesday said it plans to launch an approximately $2 billion fund to invest in metaverse projects.
The fund named Animoca Capital will be used to invest strategically to develop a Web3 ecosystem and create an active market rather than pursuing economic returns. Animoca has made massive investments in crypto projects despite the slowdown amid the bear market.

Reports suggest that South Korean Prosecutors have issued arrest warrants against several Terra employees including CEO Shin.
As per reports, the Seoul Southern District Prosecutors have issued arrest warrants for four early investors with four technicians linked with Terra Lab. An arrest warrant has been issued over the suspicion of fraud and other crimes.

Brazilian lawmakers finally regulated the crypto market bill. After getting approval the bill is all set to get the final nod of President, Jair Bolsonaro. After seven years of tussle, the Chamber of Deputies adopted Bill (PL) 4,041/2021, which controls the Brazilian cryptocurrency sector, earlier this Tuesday night (29).

Troubled crypto brokerage firm Genesis Global Trading’s creditors have hired restructuring lawyers to prevent the firm from filing for bankruptcy. Genesis currently seeks $500 million in emergency funding from investors and crypto firms after facing trouble raising $1 billion in funds. BlockFi filing bankruptcy has worsened sentiments in the crypto market.

A transcript of SBF’s phone interview with Tiffany Fong came out in public. However, the interview reportedly happened five days after FTX filed for bankruptcy on November 11. SBF made several claims over the fund recovery. He said that users of FTX US will get 100% of their money back. Read more here..

The global digital asset market printed green indexes for two days straight. The cumulative market cap is up by 2% over the past day. It now stands at $852 billion. The 24-hour trading vol stands at $46.44 billion.
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