Mastiff
The nursing losses on Monday as the community behind Qubic, which recently attacked Monero, voted to target the Dogecoin network on Zcash and Kaspa by a large margin.
At the time of writing the time of the editorial staff, DOGE exchanged more than 22 cents, representing a drop of 4% on a basis of 24 hours, according to Coindesk data. The cryptocurrency wrote a golden golden crossover last week, but the Haussier model failed to inspire the bullish momentum.
Early on Monday, the Blockchain project focused on AI Qubic announced the community’s intention to target Dogecoin on X, declaring: “There are ongoing discussions on $ DOGE and preparation will take time.”
He added that “the questions concerning the resilience of the blockchain are being lifted and that we can have tools to solve them”.
Sergey Ivancheglo, the founder of the Qubic network, asked for a community vote on which the integrated circuit specific to the application (Asic)-Activated workword (Pow) The blockchain must be targeted with a 51%attack. From a list that included Kaspa and Zcash, the community voted massively for Doge.
“The Qubic community has chosen Dogecoin,” said Ivancheglo on X via its handful compared to Beyond.
Qubic recently launched a successful 51% attack against Monero, gaining majority control over the computing power used to secure the confidentiality network.
DOGE leads the CVD decline
Doge’s future with open interest adjusted the cumulative Delta volume (CVD) The indicator has dropped almost 1% in the past 24 hours, the largest of the first 25 cryptocurrencies per market value, according to the VELO data source.
MCVs, or cumulative Delta volume, is a technical indicator that measures the net purchase or sale pressure on a market over a specific period. This is a total of the difference between purchase and sales volume.
A negative MCV indicates that the sale pressure is more substantial than the purchase pressure. This means that a larger number of market participants sell a particular asset than to buy it. It is often considered a lower signal, suggesting that the price is likely to lower or continue its decline.
Most cryptocurrencies, including BTC and ETH, have a similar bearish profile. Meanwhile, Link is the only token, offering a positive MCV.
BTC falls below $ 116,000
Bitcoin
The main cryptocurrency by market value fell by almost $ 115,000 early on Monday, extending the drop compared to the record summit on Thursday of more than $ 124,000.
The decline follows the price inflation of American producers warmer than expected on Friday, which weakened the case for a drop in rate of the Fed of 50 points in September. That said, the central bank should always reduce the loan cost by 25 base points.
“Given the persistent uncertainty surrounding the main economic indicators, the federal reserve has so far maintained a prudent position on interest rate cuts. The recent price index of American producers (PPI) For July, that does not facilitate this, “said Coinbase Institutional analysts in a weekly report.
“Nevertheless, we see this as an opportunity. We believe that the possible focus of the Fed on the broader economic image, including the labor market, will ultimately lead to reductions in 25 basis tariffs in September and October,” added the analysts.
Some observers expect the president of the Fed Jerome Powell to set the foundations for the September move during this speech at the Jackson Hole symposium later this week.
Read more: Asia Morning Briefing: the rise of crypto shows signs of stress, says Galaxy Digital
