Tuesday, 8 August 2023

Market Summary

Market Summary 8 August 2023

Bitcoin Price: US$ 29,202.70 (+0.44%)
Ethereum Price: US$ 1,828.18  (-0.07%)  

 

Solana-based decentralised exchange Cypher suffered a substantial loss of nearly $1 million in crypto due to an exploit, prompting the freezing of its protocol contracts as efforts are made to communicate with the hackers for potential fund recovery. The exploit, occurring during Cypher’s biannual hacker event, has disrupted its rapid growth trajectory. Meanwhile, Mango Markets, a Solana blockchain-based exchange, grapples with escalating legal expenses following a massive alleged heist by Avi Eisenberg. Despite internal tensions within Mango DAO, the platform’s stakeholders are reluctant to allocate additional funds for legal costs, with questions raised about budget management transparency. This backdrop underscores the enduring repercussions of crypto breaches. In a significant development, fintech giant PayPal’s launch of its regulated stablecoin PYUSD is noted as a “watershed moment,” contributing to regulatory evolution in the stablecoin domain. Partner Paxos emphasises the unique regulatory oversight it offers, mitigating bankruptcy risks and enhancing customer asset protection compared to other stablecoins.

Bitcoin bulls are cautiously optimistic ahead of the July Consumer Price Index (CPI) report, aiming for favorable U.S. inflation data to sustain their sentiment. Economists predict a 0.2% monthly increase, mirroring June, with a 3.3% year-over-year growth, slightly up from the previous month. While Bitcoin’s recovery has been linked to eased Federal Reserve tightening, this week’s CPI data is unlikely to drastically alter its stance on central bank policy. In another news, Lido’s liquid-staking platform attracted 10,000 ETH depositors in July, contributing to a notable $15 billion total value locked (TVL) milestone, while crypto exchange Blockchain.com obtained a payments license from Singapore’s central bank, enhancing its digital payment token services for institutional and accredited investors amidst Singapore’s efforts to solidify its crypto hub status through increased regulation and industry support.

Weekly cryptocurrency asset flows for the week ending August 4 showed outflows of $107 million, marking the continuation of a three-week negative trend totaling $134.8 million, primarily attributed to Bitcoin. Bitcoin funds experienced significant outflows of $111 million, overshadowing inflows for the week and indicating further profit-taking following previous gains. While Bitcoin remains up for the year, its price movement has largely been sideways since April, potentially influenced by market uncertainty. The Steadefi app suffered an ongoing attack resulting in at least $334,000 in losses, putting all funds at risk and highlighting the persistent issue of security vulnerabilities in the DeFi space. Meanwhile, prominent investors Warren Buffett and Bill Ackman have taken opposing views on Treasury yields, with Buffett buying short-term Treasury bills and Ackman shorting long-term Treasury bonds, reflecting differing perspectives on inflation and interest rate risks.

 

Source:

https://coindesk.com
https://cointelegraph.com

 

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