Bitcoin Price: US$35,011.88 (-0.14%)
Ethereum Price: US$ 1,891.75 (+1.95%)
Bitcoin (BTC) grappled with maintaining its price and one analyst suggested that traders might have opted to take profits in BTC and redirected their investments into alternative cryptocurrencies (altcoins), driving up the prices of the latter. While Bitcoin’s gains for the week remained modest at under 2%, altcoins like Avalanche (AVAX), Cardano (ADA), and Polkadot (DOT) surged 10% to 15% during the same period, and Solana (SOL) reached a 14-month high, with a 25% increase over the past week. Decentralised finance (DeFi) tokens recorded significant weekly gains, with the CoinDesk DeFi Index (DCF) rising nearly 10%, driven by double-digit rallies in tokens like UniSwap (UNI), SushiSwap (SUSHI), and Aave (AAVE). This shift is viewed as a sign of capital rotation, as investors typically reallocate their funds from Bitcoin and Ethereum into smaller, riskier tokens during crypto bull markets. Meanwhile, OpenSea, a prominent NFT platform, implemented staff layoffs amid declining NFT prices. Cryptocurrency custody firms BitGo and Copper have merged their custody settlement networks, providing users with the ability to access trading on multiple major exchanges without removing their assets from secure cold storage. This integration aims to address the growing demand for efficient, regulated, and scalable crypto custody and connectivity infrastructure for institutional investors.
Singapore’s police have issued a warning about a new WhatsApp phishing scam that involves hackers gaining control of a victim’s WhatsApp account and contacts by luring them into connecting their WhatsApp account to a fake phishing website via a QR code, granting access to the website owner. This scam is part of a broader trend of phishing scams in the cryptocurrency sector, where hackers exploit victims’ vulnerabilities to transfer funds while remaining anonymous. The irreversibility of cryptocurrency transactions makes users vulnerable to losing their assets when private keys are compromised. In separate news, the U.S. added 150,000 jobs in October, missing economists’ expectations, causing Bitcoin’s price to remain lower at $34,300. Bitcoin’s recent price movements have been influenced by a shift in the U.S. bond market’s outlook, which has affected yields and, in turn, impacted various asset classes, including cryptocurrencies. The bond market’s decline and falling yields have benefited stocks and Bitcoin, with expectations of an imminent spot ETF approval contributing to the cryptocurrency’s recent bull run. Additionally, Solana’s SOL has rallied over 50% in two weeks, with Coinbase being a significant source of bullish pressure for the cryptocurrency, according to data from Kaiko. The bullish prediction for Solana’s price is based on its potential to accommodate applications with over 100 million users, as suggested by a report from VanEck.
Monero’s community crowdfunding wallet lost its entire balance of 2,675.73 Monero (XMR), valued at nearly $460,000, due to an attack that took place on September 1 but was only disclosed in early November. The breach compromised Monero’s Community Crowdfunding System (CCS), which supports development proposals. The exact source of the breach has not been identified, and Monero’s core team is requesting the General Fund to cover the current liabilities resulting from the loss. In a separate incident, a fake Ledger Live application was found on Microsoft’s app store, which has already resulted in the theft of approximately $588,000 worth of Bitcoin from users who downloaded it. Additionally, Bitfinex experienced a “minor” security incident when a customer support agent was hacked, leading to phishing attacks against Bitfinex users, but no customer funds were lost. Bitfinex stressed that its systems were not compromised, and law enforcement has been informed of the incident.
Aave, a decentralised finance (DeFi) protocol, temporarily halted several markets across various networks, including Ethereum, Avalanche, Polygon, Arbitrum, and Optimism, on November 4, following reports of an issue with a specific feature. The exact nature of the problem was not disclosed, but Aave assured users that no funds were at risk during this temporary preventive measure. In a related development, Bloomberg Intelligence analyst Jamie Coutts predicted that if blockchain adoption continues at its current pace, the technology could attract 100 million daily users by 2028, supported by the remarkable 14% growth in daily active addresses observed in Q3 2023. Meanwhile, the Federal Reserve’s payment system experienced an outage on November 3, affecting various U.S. banks’ ability to facilitate customer deposits through the Automated Clearing House (ACH), a widely used payment processing network. Although the Federal Reserve claimed to have resolved the issue and assured customers that their accounts were secure, some users reported difficulties accessing their funds, highlighting the importance of resilient financial infrastructure in today’s interconnected world.
Source:
https://coindesk.com
https://cointelegraph.com
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