Meanwhile, the US markets have closed again. We take a look at the live Bitcoin price and the prices of the top 25 crypto. Then we share how the Pentagon discovered problems with the Bitcoin and Ethereum blockchain. We also see why Tether (USDT) is under fire and what the Solana (SOL) price forecast is.
We start, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto drop
At the time of writing, the live Bitcoin price is quoted EUR 19,343.94 ($20,443.36). This is 1.96% lower than during our crypto update yesterday.
The prices of the top 25 crypto are also falling. Apart from some stable coins, we only see red numbers. The biggest loss is currently for Shiba Inu (SHIB), which is down 9.47%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Bomb under crypto? Pentagon finds Blockchain problems
The Blockchain is the heart of the crypto industry’s reliability, after all, that technology ensures that there would be little or no possibility of transaction fraud. Therefore, the Pentagon’s investigation showing that there are security problems with the Blockchains of Bitcoin (BTC) and Ethereum (ETH) could have serious implications.
The research shows that it only takes 4 malicious, colluding entities to disrupt the Bitcoin blockchain. The Ehtereum (ETH) blockchain can be disrupted with as few as 2 such parties. In doing so, 60% of all BTC traffic appears to go through only 3 ISPs.
To analyze the blockchains, they created accounts at mining pool sites. The findings are shocking. For example, logging into the pools (and thus accessing the blockchain) often does not even require a password. It also appears that with a simple cloud server one can manipulate the nodes and set up a Sybil attack. It also appears that many software errors and bugs can be found. It appears that there are nodes active that have not updated their blockchain software. The entire report on blockchain weakness can be read here.
The news is very fresh, so at this point it is impossible to estimate how the markets will react.
Crypto stable coin Tether (USDT) literally under fire this time around
When we wrote before that Tether (USDT) was under fire it was usually because of market capitalization problems or quarrels with financial authorities. This time Tether (USDT) is literally under fire because of an attack by hedge funds. The funds are taking ‘short’ positions on the Tether price for hundreds of millions.
So since the price of the stable coin is normally, as the name implies, stable, there has to be heavy bad news to cause the price to fall sharply. This is done by spreading bad news and trying to cause a so-called de-peg. This would then create a situation, as with Terra (LUNA), where the value of the other assets would no longer be sufficient to guarantee the stability of USDT.
Meanwhile, the technical director of Tether (USDT) responded via Twitter. He confirmed the coordinated action of the hedge funds, but also vowed that a Terra (LUNA) scenario is unlikely for USDT.
Twitter is not loading because you did not give permission.
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I have been open about the attempts from some hedge funds that were trying to cause further panic on the market after TERRA/LUNA collapse.
It really seemed from the beginning a coordinated attack, with a new wave of FUD, troll armies, clowns etc. https://t.co/hhcsgHV1Ow
– Paolo Ardoino (@paoloardoino) June 27, 2022
Still, we are cautious. Indeed, Tether (USDT) is also the subject of investigation by the SEC (US stock market regulator). In addition, the closet of failed crypto projects is full of examples of initiatives whose failure seemed unlikely by their owners.
Technical analyses price Solana (SOL) contradictory
The live Solana (SOL) price is currently $35.34. This is 8.74% lower than yesterday. With this, one has almost lost the positive weekly results, as the 7-day result is still only + 1.44%. As a result, the technical analyses are giving conflicting signals.
Indeed, since the bulls got stuck on the resistance which was around $40, the price has been moving in a bearish trend pattern. As a result, eyes are focused on the ‘final bullish support zone’ which lies at $31. As soon as the price drops below that level, a price drop could occur, pushing the Solana (SOL) price back below $20.
On the other hand, eyes are on the zone between $36.80 and $38.80. If the price rises above this so-called demand zone, a further price rise is possible. The price could then rise further to $ 44. This would immediately break the bearish pattern (this happens as soon as the price rises above $43). A further price rise towards the strong resistance zone between $ 47 and $ 49 is then possible.
So it seems that it is also wise for Solana (SOL) to focus on the opportunities to make money in an uncertain crypto market.
We will, of course, continue to follow developments.
Stay up to date on the latest share price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay updated in real time. Are you interested in other investments besides crypto? Then our weekly price forecast on Monday morning might be a reading tip. “Note: We never give financial advice, so you can’t interpret our contributions that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest.”
