The proposal, posted to the Sky DAO forum on May 1, suggests the full switch will occur between May 15 and 19, after which downgrading from SKY back to MKR will no longer be possible.

Rune Christensen, co-founder of Sky, called the proposal a “major milestone” and fully supported the move, noting that dual token functionality had hindered exchange support.

Penalty for Delayed MKR to SKY Conversion

A key element of the proposal is a 1% penalty for delayed conversions from MKR to SKY, set to begin on September 18, increasing every three months thereafter. Delayed users will also receive fewer SKY tokens in return.

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This measure aims to encourage timely migration and accelerate SKY adoption by exchanges, as fragmentation has created liquidity challenges.

SKY Staking and Temporary Liquidation Freeze

Christensen emphasized that the introduction of SKY staking is the most impactful part of the proposal. USDS rewards tied to the protocol’s income will begin two to three weeks after the governance contract is upgraded, with 50% of earnings distributed.

To mitigate price manipulation risks, SKY liquidations are temporarily disabled during the early stages of the one-way token transition. Once liquidity stabilizes, Sky Governance will lift the freeze and restore long-term risk parameters.

Sky rebranded from Maker in August 2023, though backlash initially led to reconsidering the change. However, a November poll showed 79% of holders supported keeping the Sky brand moving forward.

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The post Sky Pushes to Replace Maker Token and Finalize SKY Transition appeared first on Coin Engineer.

Currently, MKR is facing strong resistance in the bearish Fair Value Gap (FVG) zone above. This level is crucial, as breaking through it could push the price higher. If this resistance is surpassed, the next target will be the $1,969 resistance level. A successful breakout above this level could lead to further price appreciation.

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On the downside, in case of a market pullback, MKR has key support zones that need to be watched closely. The order block just below the current price serves as the first support level, followed by the $1,555 support zone. If the price drops further, the $1,358 level will act as the next major support.

Considering market dynamics, Maker (MKR) remains a highly volatile asset, making technical indicators and price trends critical for investors. Breaking the resistance could fuel further gains, while losing key support levels may trigger deeper corrections.

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The post Maker (MKR) Breaks Downtrend and Reaches Critical Resistance Zone appeared first on Coin Engineer.

Intraday Key Levels for Bitcoin

The BTC/USD pair has lost 3.61% in the last 24 hours and is currently trading at $88,655. Bitcoin (BTC) has continued its decline after losing the $92,053 support level. For a recovery, BTC needs to close above the $92,053 resistance. Key support levels are $85,414 and $81,337.

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Ethereum (ETH):

The ETH/USDT pair has dropped 0.92% in the past 24 hours, currently trading at $2,482. Resistance levels for ETH are $2,532 and $2,724, while support levels are $2,366 and $2,162.

Maker (MKR): The MKR/USDT pair has gained 22.75% in the last 24 hours and is now trading at $1,692. Resistance levels for MKR are $1,649 and $1,690, while key support levels are $1,598 and $1,559.

Celestia (TIA): The TIA/USDT pair has risen 16.42% in the past 24 hours and is currently at $3,717. Resistance levels for TIA are $3,781 and $4,120, with support zones at $3,513 and $3,309.

Quant (QNT): The QNT/USDT pair has increased by 13.75% in the last 24 hours and is trading at $104.6. Resistance levels for QNT are $107 and $110.4, while support levels are $99.9 and $96.1.

Trending Coins

In the past 24 hours, the most trending coins in the crypto market have been Sonic (S), Story (IP), and Hyperliquid (HYPE). The top gainers list includes Maker (MKR), Act I The AI Prophecy (ACT), and AB (AB), while the biggest losers are Ket (KET), Raydium (RAY), and The Grays Currency (PTGC).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, the major liquidation level on the upside is $89,518, with a total of $66.32 million. On the downside, $87,753 is another key liquidation level with $66.32 million.

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The post The Latest on Bitcoin and Cryptocurrencies: 26 February appeared first on Coin Engineer.

Key Levels for Bitcoin (BTC)

BTC/USD pair has gained 1.24% in the last 24 hours and is currently trading at $98,179. Bitcoin (BTC) lost the $98,331 support, continuing its decline with a re-test. To rise again, the $98,331 resistance level is critical. The support levels are $94,886 and $92,053.

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Ethereum (ETH): The ETH/USDT pair has gained 0.94% in the last 24 hours, trading at $2,755. The resistance levels are $2,877 and $2,930. The support levels are $2,725 and $2,532.

NEAR Protocol (NEAR): The NEAR/USDT pair has gained 10.36% in the last 24 hours and is trading at $3,535. The resistance levels are $3,606 and $3,874, while the support levels are $3,130 and $2,718.

Celestia (TIA): The TIA/USDT pair has gained 9.30% in the last 24 hours and is trading at $3,639. The resistance levels are $3,781 and $4,120. The support levels are $3,513 and $3,309.

Worldcoin (WLD): The WLD/USDT pair has gained 8.12% in the last 24 hours and is trading at $1,255. The resistance levels are $1,317 and $1,449. The support levels are $1,157 and $0.964.

Trending Coins

In the last 24 hours, MEOW (MEOW), KAITO (KAITO), and Story (IP) have been among the most trending coins. The top gainers are Story (IP), KAITO (KAITO), and Maker (MKR), while the biggest losers are Ket (KET), MEOW (MEOW), and Telcoin (TEL).

Bitcoin Liquidation Map

Looking at the 12-hour liquidation map for Bitcoin, the prominent liquidation at the top is at the $99,098 level, totaling $16.07 million. On the bottom side, the $97,129 level also saw $16.07 million in liquidations.

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The post The Latest on Bitcoin and Cryptocurrencies: 21 February appeared first on Coin Engineer.

Bitcoin Intraday Key Levels

The BTC/USDT pair gained 2.74% in the last 24 hours and is currently trading at $101,412. Bitcoin (BTC) reacted strongly from the previously mentioned support level of $97,362, continuing its upward movement. If the rally persists, the next resistance level is at $103,608. On the downside, support levels are at $100,998 and $99,304.

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Ethereum (ETH): The ETH/USDT pair increased by 0.60% in the last 24 hours, currently trading at $3,651. For ETH, resistance levels are at $3,653 and later at $3,750. Support levels are located at $3,535 and $3,440.

Aptos (APT): The APT/USDT pair saw a 5.19% increase over the past day and is trading at $10.37. Resistance levels for APT are at $10.54 and then at $11.22, while support zones are $9.95 and $9.69 in case of further declines.

Maker (MKR): The MKR/USDT pair gained 2.47% in the last 24 hours and is currently trading at $1,613. Resistance levels for MKR are at $1,649 and $1,708, with support zones at $1,598 and $1,559 in case of a deeper pullback.

EOS (EOS): The EOS/USDT pair rose 1.74% in the past 24 hours and is trading at $0.925. Resistance levels for EOS are at $0.957 and later at $1.01, with support zones at $0.884 and $0.815 for further declines.

Trending Coins

The top trending coins in the last 24 hours include PHNIX (PHNIX), Vector Smart Gas (VSG), and ai16z (AI16Z).
Top gainers are Akuma Inu (AKUMA), Swarms (SWARMS), and WEMIX (WEMIX).
Meanwhile, the biggest losers are Sonic (S), ACT I The AI Prophecy (ACT), and AI Rig Complex (ARC).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map:

• A significant liquidation at $102,751 stands out on the upper side, totaling $25.76M.
• On the lower side, $100,678 shows a notable liquidation of $22.05M.

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The post The Latest on Bitcoin and Cryptocurrencies: 7 January appeared first on Coin Engineer.

Placeholder Makes Huge Profits from MKR and UMA

In this regard, venture capital firm Placeholder invested $32 million in Maker (MKR) and UMA to Coinbase.

According to blockchain data analysis platform Spot On Chain, Placeholder invested $20.9 million worth of 7,250 MKR and $11.9 million worth of 5 million UMA in Coinbase during the day.

Placeholder was an early investor in both MKR and UMA, buying MKR at an average price of $765 and UMA at $0.382.

Comparing the buying prices with the selling prices, Placeholder made a 4x profit on MKR and a 12x profit on UMA.

Galaxy Digital Sells Avalanche (AVAX)

Apart from Placeholder, Galaxy Digital also sold altcoins. According to blockchain analyst The Data Nerd, Galaxy Digital deposited $2.93 million worth of Avalanche (AVAX) to Binance.

Accordingly, Galaxy Digital deposited approximately 105,000 AVAX (2.93 million ) from its over-the-counter (OTC) wallet to Binance.

As a result of the sales, the prices of MKR, UMA, and AVAX fell.

The post Institutional Whales Dumped Millions in Three Altcoins Including AVAX! appeared first on Coin Engineer.

Popular crypto portfolio tracking app CoinStats has reported a security breach. The breach impacted wallets created directly within the CoinStats app, and some iOS users received phishing notifications.

According to the company, approximately 1.3% of CoinStats wallets were affected, representing a total of 1,590 wallets. Users are being asked to immediately use their exported private keys to transfer funds as a precaution.

It May Attract Your Attention: FTX Has Made a New Altcoin Transfer

In the hack incident, a wallet belonging to Blurr.eth was compromised. The hacker managed to steal 3,657 MKR worth $8.7 million and sold it for 2,482 ETH on-chain.

-This theft had a significant impact on the market and caused the price of the MKR altcoin to drop from $2.462 to $2.280, representing a 7% drop in the short term.

Despite the partial recovery following the sudden drop, the MKR price has not been able to reach its pre-hack level. At the time of writing, the MKR price is trading at $2.390.

The post Another Crypto Platform Suffers Hack, Altcoin Price Plummets appeared first on Coin Engineer.

Positive developments continue in Hong Kong, which is taking important steps towards becoming a cryptocurrency hub.

In this context, HashKey, the first licensed cryptocurrency exchange in Hong Kong, is making altcoin listings for professional investors, and the latest listing is for Toncoin (TON).

Haskey announced that TON trading will start on May 09 and made the following statement:

“We are excited to announce that Toncoin will be listed on HashKey Exchange, a licensed virtual asset exchange in Hong Kong.

The listing information and schedule for TON are as follows:

TON deposit and withdrawal transactions are currently open.

TON trading is scheduled to open on May 09, 2024 at 16:00 (UTC+8).

The listed trading pair will be TON/USD, and this trading pair will only be available to professional investors.”

HasKey has listed many altcoins before. In this context, the exchange announced that it had listed altcoins such as Chainlink (LINK), Aave (AAVE), Cosmos (ATOM), Lido DAO (LDO), Maker (MKR), Polkadot (DOT), Litecoin (LTC) and Compound (COMP) in previous months.

Currently, BTC/USD, ETH/USD, USDT/USD, AVAX/USD, UNI/USD, LINK/USD, LDO/USD, ATOM/USD, AAVE/USD, MKR/USD, DOT/USD, COMP/USD, RNDR/USD, DYDX/USD, LTC/USD, OP/USD pairs are listed.

The post Hong Kong’s Largest Crypto Exchange Lists Surprise Altcoin! appeared first on Coin Engineer.

Rune Christensen, the co-founder of MakerDAO (MKR), made significant purchases of Shiba Inu (SHIB) tokens on March 1st and 3rd. His acquisitions totaled 7.41 billion and 17.62 billion SHIB tokens respectively. Notably, between Christensen’s two purchases, SHIB‘s price surged by 60%. Following his latest acquisition of $400,000 worth of SHIB, the token’s price jumped by an additional 20%.

However, Christensen isn’t the only crypto founder involved in SHIB transactions. Justin Sun, founder of Tron (TRX), recently transferred $544,400 worth of SHIB to Poloniex from cold storage. This move suggests Sun may be considering booking profits, contrasting Christensen’s bullish stance on SHIB‘s long-term potential.

As of now, SHIB is trading at $0.00002691, marking a remarkable 182.50% increase over the past seven days. Despite being 89.51% down from its All-Time High (ATH) on February 25th, recent price surges have altered SHIB‘s trajectory, bringing it 74.38% closer to its 2021 high.

From a technical standpoint, SHIB‘s Fibonacci extension suggests potential for further price increases. The 0.618 Fib level sits at $0.000030, indicating profitable entry points for long-term investors. Additionally, the 3.618 Fibonacci extension projects a potential price target of $0.000070, offering hope to long-term token holders.

Recent technical indicators support SHIB‘s bullish outlook, with the 50-day Exponential Moving Average (EMA) crossing over the 200-day EMA, signaling a solid bullish trend. Furthermore, the Chaikin Money Flow (CMF) indicates increasing buying pressure, with a reading of 0.18 at the time of writing.

However, traders should remain vigilant as a CMF crossing of 0.20 could indicate overbought conditions, potentially leading to a price retracement. Nonetheless, a downward reversal does not necessarily signify the end of bullish momentum, but rather a temporary cooldown before potential resumption.

The post SHIB Price Surges as Executives Make Moves – Here’s What’s Happening appeared first on Coin Engineer.

This transfer operation created a lot of movement in the crypto world. Approximately 2.2 million dollars worth of LINK, 1 million dollars worth of AAVE, 2 million dollars worth of MKR and 3.4 million dollars worth of ETH were first sent to an account starting with 0xde9 and then redirected to a Binance address.

Unfortunately, there is no clear information about the exact purpose of this transaction, but Nansen said that this major transfer could indicate a possible sale. FTX will carry out the tokens to be sold on Binance exchange through a market-making company called Wintermute .

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Additionally, Lookonchain reports that FTX’s cold wallets have transferred approximately 15 million dollars worth of SOL in the past 24 hours. Of this transfer, 8.1 million dollars went to other exchanges, while 5.5 million dollars found their way to Binance. This shows that FTX may have sold large amounts of SOL recently. Therefore, various speculations are circulating about these sales transactions and they may well be true.

After the bankruptcy of FTX, the court had imposed a weekly limit of 100 million dollars for FTX token sales. However, subsequent orders could increase this limit to 200 million dollars. Such events have the potential to exert significant downward pressure on the crypto market. Therefore, market participants are approaching with great caution and anxiety due to a possible oversupply.

In the comment section, you can freely share your comments and  opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube, and Twitter for the latest news and updates.

The post FTX made a transfer of millions of dollars to Binance! appeared first on Coin Engineer.