Connect with us
...

Crypto

Crypto Market Stagnates on Global Inflation

Published

on

The cryptocurrency market was relatively dull over the past 7 days as no major price movements took place. It appears that global inflation woes are looming over.

The cryptocurrency market went through little volatility over the past seven days and is currently found almost where it was this time last week. The sentiment remains overly fearful as global inflation woes and economic unrest settle in.

Starting with Bitcoin, it lost roughly 1.8% in the past seven days, going through almost no volatility whatsoever. The cryptocurrency attempted a break above the critical level of $20,000 but to no avail. It was quickly rejected by the bears, which are currently seemingly in total control.

It’s also interesting to note that the BTC domination – the metric that tracks its share relative to that of the entire market, is also more or less where it was last week. This means that altcoins failed to capitalize on the uncertainty of the Bitcoin market.

This is evident in the performance of the top 10 altcoins by means of total market cap. Cardano lost 9.3%, Solana lost 10%, whereas XRP is down 7%. These are notable declines.

Perhaps the most notable event during the past week was the launch of Aptos’ mainnet and its listing on major exchanges such as Binance, Coinbase, and FTX. The community was underwhelmed, to say the least, given that top-tier exchanges rushed to list APT despite the fact that there wasn’t even a clear-cut tokenomics sheet of the token.

That said, global inflation woes continue to loom over the cryptocurrency market. In the United Kingdom, for example, inflation clocked in at levels not seen for the past 40 years.

It’s interesting to see how the next week will shape up, but the sentiment is currently very gloomy amid an overly stagnating market.

Market Data

Market Cap: $951B | 24H Vol: $60B | BTC Dominance: 38.5%

BTC: $19,112 (-1.8%) | ETH: $1,295 (0.5%) | BNB: $269 (-08%)

21.10

‘Solana Killer’ Aptos Hits Mainnet But Fails to Charm Community. Aptos – a project that many touted to be a “Solana killer,” launched its mainnet and also saw its APT token listed on numerous top-tier cryptocurrency exchanges. The community, however, wasn’t overly excited.

These Banks Are Venturing Into Crypto Despite Ongoing Bear Market. The German mobile bank N26, as well as Brazi’s Nubank, become the latest financial institutions to jump on the cryptocurrency bandwagon. The former established a cryptocurrency service, whereas the latter is launching its own cryptocurrency in Brazil.

Hodlonaut Prevails in Lawsuit Against Self-Described Satoshi Craig Wright. Hodlnaut has prevailed in his legal case against the self-proclaimed Satoshi Nakamoto – Craig Wright. The case became amongst the most interesting and important ones for the entire industry.

Bitcoin Whales Accumulating on Binance According to On-chain Metrics. Bitcoin whales are accumulating on Binance. This is evident by on-chain data and happens despite the fact that the current market conditions are somewhat stagnant. However, BTC’s price doesn’t seem to be affected.

Bitcoin Is Trading at Discount and Will Rally to $100k: Bloomberg Strategist. According to a popular Bloomberg strategist – Mike McGlone, Bitcoin is currently trading at a discount. He also thinks that the cryptocurrency will eventually reach $100,000 in the next five to ten years.

Crypto Will Be Vital in Customer Transactions: Walmart CTO. Walmart’s Chief Technology Officer, Suresh Kumar, thinks the cryptocurrency industry will impact the future of finance significantly. According to him, the biggest difference will be the way consumers transact, and he also reiterated his overly positive stance on the sector.

Charts

This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.

Reports /TrainViral/

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto

Bitcoin’s Recovery – the Downturn Is Over

Published

on

By

The market is currently in a news-driven environment where the prices of cryptocurrencies have been determined by news agenda rather than fundamentals.

Bitfinex analysts have warned crypto investors to be cautious as bitcoin’s (BTC) recovery over the weekend is not a sign that its correction is over; the asset could witness more bloodshed in the near term.

In the latest Bitfinex Alpha report, experts deemed the market’s reaction this week critical, especially as supply alleviated over the weekend could return when traditional markets open.

“No Man’s Land”

Since Saturday, bitcoin has risen almost 10% from $57,600 to $63,000, closing last week in the green. The asset has surged above the 125-day range low of $60,200, which it broke through earlier this month after news of the German government’s massive BTC selling hit the market.

Market sentiment began to improve after reports that wallets linked to the German government were almost empty. However, the positive sentiment may not be sustained for long as the BTC the German authorities moved to trading desks and exchanges are yet to be sold.

While the supply from Germany appears to have been factored into bitcoin’s market price, Bitfinex analysts believe the end of selling pressure depends on how the involved trading desks execute their trades in the coming days.

Although the shift in sentiment underscores the market’s capacity to integrate new information and adjust expectations quickly, analysts think the market’s reaction over the first two trading days of the week cannot be overlooked for two reasons.

First, the low support level in the $60,200 range has now become a potential resistance line. Second, trading patterns over the past three months suggest that weekends are usually favorable for markets, especially on Saturdays when supply pressure seems to subside.

“We are now in no man’s land until we get clear resolution above or below this level,” the analysts said.

A News-Driven Environment

Besides the potential resistance level and three-month weekend trading pattern, the market is currently in a news-driven environment, where the prices of cryptocurrencies have been determined by news agendas rather than fundamentals.

Since selling pressure concerns are not yet completely obsolete due to upcoming Mt Gox creditor distributions, Bitfinex analysts expect such headlines to continue to have some impact on price movements. As such, the analysts urged investors to exercise caution in their trading strategies.

Reports /Trainviral/

Continue Reading

Crypto

Bitcoin ETFs Saw $300M in Daily Net Inflows

Published

on

By

BlackRock’s IBIT led with $117.25 million in inflows on July 15, also being the most traded Bitcoin ETF.

The US spot Bitcoin ETFs recorded a daily net inflow of $301 million on July 15th. This extended their winning streak to seven consecutive days amidst a broader market recovery.

None of the ETFs recorded outflows for the day.

Bitcoin ETFs Rake in $16.11B in Net Inflows Since Jan

According to the data compiled by SoSoValue, BlackRock’s IBIT, the top spot Bitcoin ETF by net asset value, recorded the largest net inflows of the day at $117.25 million. IBIT was also the most actively traded Bitcoin ETF on Monday, with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB came in close behind with net inflows of $117.19 million.

Fidelity’s FBTC experienced net inflows of $36.15 million on Monday, while Bitwise’s BITB saw $15.24 million in inflows. VanEck’s HODL, Invesco and Galaxy Digital’s BTCO, and Franklin Templeton’s EZBC funds also recorded net inflows. Meanwhile, Grayscale’s GBTC and other ETFs, such as Valkyrie’s BRRR, WisdomTree’s BTCW, and Hashdex’s DEFI, registered no flows for the day.

A total of $2.26 billion was traded on Monday. The trading volume for these ETFs was less than in March when it exceeded $8 billion on some days. Meanwhile, these funds have collectively attracted $16.11 billion in net inflow since their January launch.

What’s Next For Bitcoin?

Earlier this month, bitcoin’s price decline was mainly due to fears of massive selling pressure from Mt. Gox and the German government’s BTC sales.

But the assassination attempt on pro-crypto former US President and presumptive Republican candidate Donald Trump at Saturday’s rally seemed to spark a recovery in the world’s largest digital asset, and experts are bullish on the asset’s price trajectory going forward. Bitcoin surged more than 9% over the past week and was currently trading slightly below $64,000.

Veteran trader Peter Brandt discussed bitcoin’s price outlook, suggesting a potential major rally. He referred to a pattern he terms “Hump->Slump->Bump->Dump->Pump” and highlighted that the July 5 double top attempt was a bear trap, confirmed by the July 13 close. He sees a likely continued upward trend but warned that a close below $56,000 would negate this bullish view.

“Bitcoin $BTC could be unfolding its often-repeated Hump…Slump…Bump…Dump…Pump chart construction. Jul 5 attempt at the double top was a bear trap, confirmed by Jul 13 close. Most likely scenario now is that bears are trapped. Close below $56k negates this interpretation”

Reports /Trainviral/

Continue Reading

Crypto

LI.FI DeFi Platform Exploited, Over $8M Lost

Published

on

By

PeckShield alert reveals LI.FI’s protocol vulnerability is similar to a March 2022 attack, with the same bug recurring.

The decentralized finance (DeFi) platform LI.FI protocol has suffered an exploit amounting to over $8 million.

Cyvers Alerts reported detecting suspicious transactions within the LI.FI cross-chain transaction aggregator.

LI.FI Issues Warning After $8 Million Exploit

LI.FI confirmed the breach in a statement on July 16 via X: “Please do not interact with any http://LI.FI powered applications for now! We’re investigating a potential exploit.” The team clarified that users who did not set infinite approval are not at risk, emphasizing that only those who manually set infinite approvals seem to be affected.

According to Cyvers Alerts, more than $8 million in user funds have been stolen, with the majority being stablecoins. According to on-chain data, the hacker’s wallet holds 1,715 Ether (ETH) valued at $5.8 million and USDC, USDT, and DAI stablecoins.

Cyvers Alerts advised users to revoke relevant authorizations immediately, noting that the attacker is actively converting USDC and USDT into ETH.

Crypto security firm Decurity provided insights into the exploit, stating that it involves the LI.FI bridge. “The root cause is a possibility of an arbitrary call with user-controlled data via depositToGasZipERC20() in GasZipFacet, which was deployed 5 days ago,” Decurity explained on X.

“In general, the risks behind routers, cross-chain swaps, etc. are about token approvals. Raw native assets like (unwrapped) ETH are safe from these kinds of hacks b/c they don’t have approvals as an option. Most users & wallets also no longer do “infinite approvals” which gives a smart contract total control on removing any amount of their tokens. It’s important to understand which tokens you’re approving to which contracts.

This dashboard looks for all transactions of a user that intersects Lifi. Not all of these transactions indicate risk- but you can see how, broadly, integrations & layers of tech (like how Metamask bridge uses Lifi on BSC) can complicate how users do or don’t put their assets at risk. Revoke Cash is the most well known approval manager app.

But it’s also good security practice to simply rotate your address. New addresses start with 0 approvals, so starting fresh by moving your tokens to a fresh address is another good security practice.” – commented Carlos Mercado, Data Scientist at Flipside Crypto.

Recent Exploit Mirrors March 2022 Attack

Further analysis by PeckShield alert revealed that the vulnerability is similar to a previous attack on LI.FI’s protocol that occurred on March 20, 2022. That incident saw a bad actor exploit LI.FI’s smart contract, specifically the swapping feature, before bridging.

The attacker manipulated the system to call token contracts directly within their contract’s context, making users who had given infinite approval vulnerable. This exploit resulted in the theft of approximately 205 ETH from 29 wallets, affecting tokens such as USDC, MATIC, RPL, GNO, USDT, MVI, AUDIO, AAVE, JRT, and DAI.

“The bug is basically the same. Are we learning anything from the past lesson(s)?” PeckShield Alert said in a July 16 X post.

Following the 2022 incident, LI.FI disabled all swap methods in its smart contract and worked on developing a fix to prevent future vulnerabilities. However, the recurrence of a similar exploit raises concerns about the platform’s security measures and whether adequate steps were taken to address the vulnerabilities identified in the previous breach.

LI.FI is a liquidity aggregation protocol that allows users to trade across various blockchains, venues, and bridges.

Reports /Trainviral/

Continue Reading

Trending

Copyright © 2024 TechDaja News.