Ethereum

Gitcoin Annullates Grant for Farsi-Speaking Communities Due to U.S. Sanctions

gitcoin

Gitcoin, an organization that helps fund open source projects around the Ethereum blockchain, has deactivated a grant due to it being directed to individuals from a sanctioned country. Women in Blockchain Farsi organized and directed the grant called “Free Smart Contract Development Course For Farsi Speaking Communities”. This decision sparked a massive backlash on social networks.

Gitcoin Refunds Farsi-Speaking Community Grant

Gitcoin, an organization that promotes open-source software and other innovations around the Ethereum blockchain through the use of grants, has deactivated a grant due to legal issues concerning U.S. sanctions for other countries. The grant, titled “Free Smart Contract Development Course for Farsi Speaking Communities,” was directed to make the instruction of Farsi speakers on Solidity (Ethereum’s smart contracts language) much easier.

The course was organized by Women in Blockchain Farsi and is currently without funding to continue its work. Prior to this, Consensys, another Ethereum software company, had also banned 50 Iranian students from attending coding classes due to them being located in U.S.-sanctioned countries last month. Women In Blockchain Farsi criticized this take, stating:

The grant is only for Farsi speakers. It assumes that anyone who speaks Farsi must be Iranian and must be sanctioned.

Gitcoin’s View on the Issue

Gitcoin claims that they were required to respond in this manner and must act under law and authority. The grant reached was not known by the organization and it was deactivated as soon as possible. Gitcoin responded:

This grant was brought to our attention from a reporter who is covering a wider story about Ethereum and sanctioned countries. We are a US-based organization that complies with OFAC and US law. All US citizens, regardless of where they are located, are subject to the US sanctions laws.

The organization also stated that they could have lost the grant if it were to remain as is, which could have put them at risk of being sued by government agencies. Gitcoin also stated that they are focusing on a more decentralized grants program with their DAO at the front, that will allow them to offer dGrants that will be able to sidestep these legal hurdles.

However, this has not been well received by users on social media, who have criticized Gitcoin’s move to stop funding the grant directed to Farsi-speaking communities.

What do you think about the deactivation of the Gitcoin grant for this program? Let us know your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

Ethereum

Ethereum Price Analysis: What’s Ahead for ETH After a 9% Weekly Dip?

Ethereum currently rests at a notable support region near $3.2K, with market participants closely observing the potential for a bullish rebound.

The Funding Rates metric offers valuable insights into the sentiment within the perpetual futures markets, helping to gauge the likelihood of a recovery.

Technical Analysis

By Shayan

The Daily Chart

Ethereum has seen consistent declines following its rejection at the $4K resistance level, indicating the dominance of sellers. Most recently, another sharp decline pushed the price toward a substantial support zone, defined by the 100-day moving average of $3.1K.

This dynamic support is critical as demand concentration near this region is expected to curb downward momentum, with a bullish rebound being plausible if buying interest emerges.

Currently, ETH is trapped between the 100-day MA ($3.1K) and the $3.5K resistance level, forming a tight consolidation range. A decisive move in either direction will likely determine the mid-term trend.

The 4-Hour Chart

On the 4-hour timeframe, Ethereum broke down from an ascending wedge pattern, a bearish structure that typically signals further declines. This breakdown triggered a swift sell-off, pushing the price toward a support zone defined by the 0.5-0.618 Fibonacci retracement levels.

This support zone has the potential to stabilize the price and possibly initiate a short-term bullish rebound. However, persistent bearish pressure could result in a break below this line, intensifying the downtrend.

If Ethereum breaches this critical support zone, it may trigger panic selling, further strengthening sellers’ dominance. Conversely, a sustained rebound could pave the way for a recovery toward the $3.5K resistance level.

Onchain Analysis

By Shayan

Examining the chart, the recent market correction has coincided with a significant decline in funding rates. This shift suggests growing bearish sentiment among speculators, with many traders betting on further decreases in ETH’s price.

However, upon reaching the substantial support zone at $3K, the Funding Rates metric has started to show signs of recovery. A notable bullish spike in the metric suggests an influx of buying interest as market participants begin to open long positions in anticipation of a price rebound.

If this recovery in funding rates continues, it could indicate sustained demand and the potential for a bullish rebound from the $3K support. On the other hand, if the current recovery loses momentum or reverses, it would signal a return to bearish sentiment, paving the way for a deeper correction.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Ethereum

Bitcoin Price Stalls at $94K, Ethereum Struggles to Maintain $3.2K (Weekend Watch)

Bitcoin’s volatile end of the week resulted in a price drop toward $91,000 and a subsequent surge to $96,000 before the asset calmed roughly in the middle.

The altcoins continue to struggle as SOL, ADA, and AVAX have charted 4% daily declines.

BTC Calms at $94K

It was nothing short of a volatile rollercoaster of a week for the primary cryptocurrency. It all started quite promising after the most recent MicroStrategy purchase on Monday, as the asset flew past $100,000 for the first time this year and kept climbing on Tuesday morning to over $102,000.

However, that’s when the landscape changed, and BTC slumped hard later that day, and on Wednesday, it slumped to $96,000. Although that was a painful correction on its own, bitcoin kept plunging in the following days to $91,200 (on Bitstamp) on Thursday, which became its lowest price tag in over a month.

The bulls managed to intervene at this point and pushed BTC north. More volatility ensued with several big moves that eventually pushed the asset to $96,000. However, it failed there and has lost almost two grand since then to trade at $94,000 as of now.

Its market cap has risen to just under $1.870 trillion on CG, while its dominance over the alts is up to 54.5%.

ADA, SOL Struggle

Most altcoins are in the red today as well. Ethereum slipped below $3,200 on Thursday, and even though it managed to recover some ground since that low is close to breaking below it now after a 2.3% daily decline. XRP is among the few alts with minor gains today.

In contrast, SOL, ADA, SUI, AVAX, and LINK continue to lose value, with losses of up to 4%. SOL is well below $190 now, while ADA is just over $0.9. More painful losses come from OM, ICP, and RNDR from the larger cap alts.

The total crypto market cap has lost some steam since yesterday and is down to $3.43 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Cryptocurrency charts by TradingView.

Ethereum

Weekly Bitcoin, Ethereum ETF Insights: The Highs, Lows, and Key Takeaways

After struggling at the end of the year with numerous consecutive days of net outflows, the spot Bitcoin ETFs in the States finally registered some notable inflows on Friday.

The Ethereum counterparts sit in the opposite corner, as they have been mostly in the green since mid-December despite the FOMC aftermath on the entire market.

BTC ETFs Are Back

The latest FOMC meeting that took place in mid-December had a dramatic and immediate effect on US-based investors in terms of their Bitcoin-related activities. Following a superb streak after the presidential elections in which they poured billions of dollars within weeks into the regulated BTC financial vehicles, they did a 180-turn and started taking funds out.

December 19 was the worst day in terms of daily net outflows, with $671.9 million taken out. By January 2, seven out of the nine trading days were in the red, with a total withdrawn amount of roughly $2 billion.

This negative streak was finally broken on Friday as the spot Bitcoin ETFs saw $908.1 million in net inflows. Fidelity’s FBTC led the pack with $357 million, followed by BlackRock’s IBIT at $253.1 million and Ark Invest’s ARKB at $222.6 million. No fund recorded any outflows.

Friday’s numbers were so impressive that they managed to turn the whole week around. After the $415.1 million withdrawn on Monday and $242.3 million on Thursday, the week ended in the green with $256 million in net inflows, given the minor $5.3 million on Tuesday.

BTC’s price actions within the same week were quite volatile as the asset slumped hard on Monday amid the massive outflows to $91,300. However, it pumped to almost $99,000 later during the week as the inflows returned.

Ethereum ETFs’ Landscape

Unlike the BTC ETFs, the funds tracking Ethereum saw fewer days in the red after the aforementioned Fed meeting. Withdrawals were observed on December 19 and 20, but investors started to pour funds into them in the following days.

The past week was less positive, though, as net outflows dominated. $55.5 million was withdrawn on Monday and $77.5 million on Thursday. The $36 million in net inflows on Tuesday and $58.9 million on Friday couldn’t make up the difference, and the week ended with $36.1 million in the red.

ETH’s price tumbled hard on Monday as well but is 6.5% up on a weekly scale, which is more than double the increase for BTC. As of press time, Ethereum’s native token stands above $3,600.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!