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Cryptocurrency prices continue to fall this morning after a massive sell-off through Friday night and into the weekend, despite a valiant attempt by Salvadoran President Nayib Bukele to support the market by buying the dip. As prices rallied somewhat on Sunday, bears appear to be regaining control this morning. Read what to expect from crypto prices at Forbes.
the bitcoins the price fell a further 2% from this hour yesterday, with other major cryptocurrencies taking even bigger losses. Ethereum is down more than 4%, while its main rivals Binance BNB, solana, gimbal, peas and new challenger terra’s moon are down between 4% and 12%.
Bitcoin is now back below the $ 1,000 billion market cap level and the combined crypto market is falling towards the $ 2,000 billion mark. Expectations of a Santa Claus rally before Christmas appear to have been dashed and “down bad” has replaced “gm” as the most popular saying on crypto Twitter.
Now read this: How Bitcoin Prepared For This Sale
?? Hackers hit Bitmart
Be fed up: Cybercriminals have taken nearly $ 200 million worth of cryptocurrency from the Cayman Islands-based crypto exchange Bitmart, it was first reported by digital security analysis firm Peckshield in weekend course. Representatives of the trading platform initially claimed the exits were routine withdrawals, calling the hack reports “fake news” on Bitmart’s official Telegram channel. The CEO of Bitmart then confirmed the hack via Twitter.
What are a few million dollars between friends: There was some disagreement over the amount stolen, with Bitmart’s statement on Saturday night indicating that the hackers removed around $ 150 million in assets. However, Peckshield estimates the loss to be closer to $ 200 million. Bitmart added that all withdrawals have been temporarily suspended until further notice and said a security review is underway. Peckshield estimates losses at $ 100 million in various cryptocurrencies on the ethereum blockchain and $ 96 million on the Binance smart chain.
How it was done: The hacker systematically used the 1-inch Decentralized Exchange Aggregator (DEX) to exchange the stolen assets for Ethereum Ether and used a secondary address to deposit the Ether into the Tornado Cash Privacy Mixer, which makes pirated funds harder to track, Counter Explain.
Why is this important: The $ 200 million worth of cryptocurrency lost makes it one of the biggest centralized exchange hacks to date. See a full list of trading platform hacks here.
Head held high… Don’t let the hacks and stock market crashes get you down. Renowned tech analyst Benedict Evans has released his annual technical review. you can read it here. Key quote: “The most exciting topics in tech today are transformative visions for 2025 or 2030: crypto, web3, VR, metaverse… and then everything in between. “
The coming week ️
Be on the lookout for these cryptocurrency and crypto-adjacent events this week.
📲 Digital media company BuzzFeed to make its Nasdaq compatible with the Special Purpose Acquisition Vehicle (SPAC)
🪖 US President Biden and Russian President Vladimir Putin will discuss Ukraine in a video call on Tuesday, fearing that Russia is about to invade the country. ICYMI: The crypto capital of the world has to be somewhere. Why not Ukraine?
The memes stock that inspired the dogecoin rally, Game Stop, will release its latest results on Wednesday. Market surveillance has a primer.
In Europe, crypto-skeptic Olaf Scholz Chancellor of Germany is expected to replace Angela Merkel on Wednesday while another crypto-critical leader, the president of the European Central Bank Christine Lagarde, will speak at a conference.
The latest US inflation data came out on Friday. Last month’s Consumer Price Index (CPI) showed prices were rising at the fastest rate in 31 years. If the economy continues to warm, that could mean the Federal Reserve is stepping up plans to ease its lax monetary policy—something that increasingly worries investors and the markets.
Now read this: Welcome to ‘web3.’ What is that?