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What Happens in Crypto Market Today – July 18, 2024

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In today’s volatile crypto market, several notable events have unfolded. Some positive while others causing market downturn.

Also, July 18, 2024, has seen significant price movements for coins like BTC and ETH hitting $64k and $3.3k.

This market recap provides a comprehensive overview of the key happenings in the crypto space today.

Today’s Crypto Market Highlights

  • OKX Leaving Nigeria Starts Debate on Crypto Rules.
  • An Indian crypto exchange has been hacked, losing $235 million.
  • Bitcoin Eyes $65,000 Breakthrough: Traders and Analysts Watch Key Indicators for Momentum.

OKX’s Exit from Nigeria Sparks Debate on Crypto Regulations

Surprisingly, OKX, a major crypto exchange, has decided to leave Nigeria.

This move has caused concern among local cryptocurrency analysts.

They’re worried about how this affects Nigeria’s growing blockchain sector.

Furthermore, Rume Ophi, a local crypto expert, expressed surprise at OKX’s sudden departure.

He also questioned how exchanges enter and leave Nigeria so quickly.

Source: X Post

In addition, Ophi highlighted the lack of clear regulations, saying industry leaders are still trying to engage with the government.

Meanwhile, other countries are making progress. South Africa, for example, is becoming a leader in Africa’s crypto market.

This contrast makes Nigeria’s situation more concerning for local experts.

Consequently, crypto analysts are urging Nigerian authorities to act quickly.

They want transparent and welcoming regulations for the crypto industry.

Moreover, Obinna Uzoije, a policy expert, stressed the importance of this sector for job creation.

Overall, experts believe Nigeria is missing out on opportunities.

They compare the current situation to missed chances during the 2021 bull market.

Indian Crypto Exchange WazirX Hit by Massive $235 Million Hack

Recently, WazirX, a prominent Indian crypto exchange, has fallen victim to a massive hack.

The incident has sent shockwaves through the crypto community.

Initially, Web3 security firm Cyvers first detected suspicious transactions involving WazirX’s Safe Multisig wallet on Ethereum.

Source: X Platform

As a result, the hackers managed to move $234.9 million from the exchange’s wallet to a new address.

This is one of the largest cryptocurrency hacks in recent history.

Further, the attackers quickly started converting the stolen funds into Ether.

Specifically, they swapped various tokens, including Tether, Pepe, and Gala, for ETH.

This rapid conversion suggests a well-planned attack aimed at maximizing gains and complicating fund recovery.

According to crypto investigator ZachXBT, the main attacker’s address still holds over $104 million in various cryptocurrencies.

Notably, this includes large amounts of Shiba Inu, Ethereum, and Polygon tokens.

In response to the hack, WazirX has taken immediate action.

Source: WazirXIndia

Specifically, the exchange has temporarily suspended all withdrawals of cryptocurrencies and Indian rupees.

This move aims to prevent further losses and protect user funds.

WazirX’s team stated they are actively investigating the incident. They promised to provide updates as the situation unfolds.

However, when contacted for comment, the exchange said a response was “not possible at this time.”

This lack of immediate information has raised concerns among users.

For now, WazirX users can only wait and hope for a swift resolution.

The incident also serves as a warning to other exchanges to strengthen their security protocols.

Bitcoin Targets $65,000: Key Indicators Show Promise

Bitcoin is making moves, aiming to break through the $65,000 mark.

This level has become a crucial battleground for traders and analysts.

Currently, the cryptocurrency’s price has been fluctuating around this point. Notably, it briefly touched $66,000 before pulling back.

Meanwhile, experts are closely watching the short-term holder’s realized price.

This indicator sits just above $64,000 and could signal further upward momentum.

Furthermore, trader Rekt Capital believes Bitcoin needs stronger support to confirm a break into the $65,000-$71,500 range.

Source: Trader Rekt Capital

He warns of possible rejection if this level isn’t surpassed on daily charts.

“Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support,” says Rekt.

Meanwhile, Scott Melker, known as the “Wolf of All Streets,” sees positive signs in Bitcoin’s relative strength index (RSI).

Interestingly, this technical indicator suggests the upward trend may continue.

Additionally, another analyst, XForceGlobal, uses Elliott Wave theory to predict further price increases.

He expects Bitcoin to eventually break its all-time high of $73,800.

Adding to the optimism, a trading indicator called Predator has flashed a bullish signal.

Source: X Post

Notably, this is the first such signal since February when Bitcoin began its climb to record highs.

Collectively, these various indicators paint a hopeful picture of Bitcoin’s future price movement.

However, the struggle around $65,000 shows that challenges remain.

A decisive break above $65,000 could open the door to new heights.

As always in the crypto world, caution is advised. While signs point to potential gains, the market can be unpredictable.

For now, Bitcoin continues its dance around this key price level.

The coming days may reveal whether it has the strength to push higher or if a pullback is in store.

Wrapping Up on Crypto Market Outlook

The crypto market remains dynamic and full of surprises.

OKX’s exit from Nigeria highlights the need for clear regulations in emerging markets.

Meanwhile, the WazirX hack serves as a stark reminder of security risks in the crypto space.

Finally, Bitcoin’s push towards $65,000 keeps investors on their toes, balancing optimism with caution in this ever-evolving landscape.

Together, these events show the volatile nature of the crypto market.

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