Monday, 30 August 2021

Market Summary

Market Summary 30 August 2021

Bored Ape Yacht Club Sells $96 Million of Mutant Ape NFTs in One Hour

  • The NFT project sold 10,000 Mutant Apes for 3 ETH each yesterday. Now they trade for double that.
  • Bored Ape Yacht Club holders received free Mutant Ape NFTs yesterday.
  • The project sold a further 10,000 Mutant Apes to the public for about $10,000 each.
  • The lowest asking price for a Mutant Ape on NFT marketplace OpenSea is around $22,400.

 

How does the infrastructure bill affect the mining industry in the US?

  • On August 10, the United States Senate voted to pass a $1 trillion bill to revitalize America’s infrastructure.
  • The bill allows for multiple interpretations of the term “broker.” “Any person who (for consideration) is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person.”
  • The bill requires mining companies to provide the same information to regulators that a stockbroker is required to provide, such as taxable net gain or loss, identity of the buyer/seller, the amount of the transaction and the location of the transaction.

 

Bitcoin weekly outlook: Why a $50K-retest is likely ahead of Friday’s US jobs data

  • Bitcoin bulls remain pressured under $50,000 in the week that would shed more light on the Federal Reserve’s taper outlook based on non-farm payroll numbers.
  • The heavy selling in the U.S. dollar market at the end of last week assisted Bitcoin (BTC) to climb above $49,000.
  • Technically, Bitcoin has been trending inside a short-term ascending channel, hinting at a move towards the lower trendline (near $47,000) for a potential pullback towards the upper trendline (above $50,000).

 

xSNX Post Mortem

  • “On 29 August at 04:43 UTC, a vulnerability in our xSNX contract was exploited. We estimate the loss to holders at $4.5 million. We are incredibly disappointed in ourselves and deeply sorry to our community.”
  • That the attacker was able to call the callFunction function was the source of the vulnerability. This function should only have been callable from dydx’s SoloMargin flashloan contract that we had integrated to improve fund performance on rebalances. An erroneous require statement allowed the function to be publicly callable.
  • “We will no longer be staking SNX from the xSNX contract. We’re pushing a contract upgrade early this week that will allow us to swap all of the assets in the contract into ETH to allow for maximum value at redemption.”

 

NFT Wrap: The $2 billion month

  • This week, OpenSea pushed the monthly figure for NFT market volume above $2 billion.
  • August’s NFT market volume currently weighs in at $2.3 billion, with OpenSea contributing $2.23 billion to that figure. It’s the definitive signal that OpenSea is now the dominant market for NFTs.
  • Of course, OpenSea’s rapid success has come with problems. Just this morning, the market’s website went down, triggering a round of complaints on social media — a side effect, no doubt, of the fact that NFTs are this summer’s prevailing crypto narrative and, well, all eyes are on this particular corner of the ecosystem.

 

XinFin (XDC) hits a new ATH after fresh partnerships and exchange listings

  • XDC price soared to a new all-time high shortly after a round of new partnerships, protocol integrations and exchange listings.
  • Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.0673 on July 20, the price of XDC rallied 190% to establish a new all-time high at $0.1952 on Aug. 21
  • Three reasons for the growing momentum behind XinFin are the addition of the XDC Network to the global TFD Initiative, the release of the decentralized email solution LedgerMail and a growing ecosystem of partners and listing exchanges.

 

Binance Australia onboards former DigitalX exec as new CEO

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