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Bitcoin Shows 'Overheating Signal,' Major Correction Possible; SHIB Lead Issues Crucial BONE Call, Vitalik Buterin Shares Ethereum's Strategy Against Quantum Attacks: Crypto News Digest by U.Today

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Mon, 11/03/2024 - 16:57
Bitcoin Shows 'Overheating Signal,' Major Correction Possible; SHIB Lead Issues Crucial BONE Call, Vitalik Buterin Shares Ethereum's Strategy Against Quantum Attacks: Crypto News Digest by U.Today
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U.Today summarized its top three news stories about the most important crypto events over the past weekend, check them out.

Bitcoin (BTC) displays "overheating signal," major correction possible

Despite Bitcoin exploring new highs, CryptoQuant analytics platform is warning market participants that the largest crypto could experience a major correction soon. In a recent X thread, the analytics platform shared some factors backing the case, underscoring "the Bull-Bear Market Cycle Indicator has flagged an Overheated-Bull phase as prices soared above $65K." Another factor mentioned is miners being overpaid as profitability jumped to the highest level since December 2023. Additionally, CryptoQuant highlighted that traders' unrealized profit margins have reached 57%, which is historically associated with upcoming corrections as traders are bound to take profits eventually. While the platform has not offered its insights into how steep Bitcoin might fall with the impending correction, its founder and CEO Ki Young Ju shared earlier that Bitcoin is likely not going to return to its spot BTC ETF listing price around $46,376.

Shytoshi Kusama issues crucial BONE call to Shiba Inu community

On Saturday, March 9, Shiba Inu lead Shytoshi Kusama took to X platform to urge the SHIB community to vote for the Bone ShibaSwap (BONE) token as it stands a chance to be listed on the Binance Futures platform. Last week, Binance unveiled a new tool dubbed Binance Futures Next, which allows the community to cast votes for the tokens they want to see listed on the Binance Futures market. At the moment of writing, BONE is ranked fifth on the platform by picks, which comprise 49,205. It is trailing behind Delysium (182,296 picks), Milady Meme Coin (121,755 picks), Baby Doge Coin (67,842 picks) and Metis (65,400). Kusama then added in his next X post that since not all countries can take part in the voting, he urges the SHIB army to press on and help the token to get to first place. Boosted by the news of the potential Binance listing, BONE soared by more than 23% on Friday. Currently, BONE is trading at $1.10, down 0.12% over the past 24 hours.

Related

Vitalik Buterin opens up on Ethereum's strategy against quantum attacks

In a recent blog post, Ethereum cofounder Vitalik Buterin has shared insights regarding his brain child's resilience against potential quantum threats. He drew attention to the inherent vulnerability of ETH addresses as well as the implications of quantum computing on cryptographic operations. Utilizing the Ethereum blockchain's architecture, Buterin suggested a feasible approach for reducing the risks associated with quantum computing. His approach combines the use of a strategic hard fork with quantum-resistant cryptographic techniques. By going back to a previous block and making changes to the transaction protocols, Ethereum might be able to prevent large-scale fund breaches. Buterin emphasizes the role of advanced cryptographic mechanisms such as STARKs in fortifying Ethereum's security posture against quantum threats. These developments, along with modifications to transaction types and validation processes, could make Ethereum more robust in the event of a quantum emergency.

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