Altcoins are rocketing, Bitcoin dominance hasn’t ‘even sneezed’: Analyst
Crypto analyst Matthew Hyland suggests altcoins will be “ripping” much more when Bitcoin Dominance drops to 45%.
Crypto analyst Matthew Hyland suggests altcoins will be “ripping” much more when Bitcoin Dominance drops to 45%.
Crypto analyst Matthew Hyland suggests altcoins will be “ripping” much more when Bitcoin Dominance drops to 45%.
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Welcome to the Daily General Discussion on r/ethereum https://imgur.com/3y7vezP Bookmarking this link will always bring you to the current daily: https://old.reddit.com/r/ethereum/about/sticky/?num=2 Please use this thread to discuss Ethereum topics, news, events, and even price! Price discussion posted elsewhere in the subreddit will continue to be removed. As always, be constructive. – Subreddit Rules Want to…
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The figure is quoted in a report published by New York-based investment research firm Benchmark on Friday. Analysts Predict Metaplanet Stock Could Reach ¥2,400 Shares of Japanese bitcoin treasury firm Metaplanet continue to defy gravity, soaring 7,900% since the once embattled hotel company implemented a well-executed bitcoin ( BTC) corporate strategy last year. That’s according […]
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In a positive development for the crypto community, the individual responsible for the GMX exploit accepted the platform’s bounty and returned over $40 million worth of assets stolen from the project. Related Reading: Drop NFTs Like It’s Hot: Snoop Dogg’s Telegram Collection Raises $12M In 30 Minutes Crypto Hacker Takes $42 Million From GMX On Friday, the recent GMX V1 exploit ended on a happy note after the individual responsible for the incident turned into a white-hat hacker. Perpetual and spot crypto exchange GMX lost over $40 million on Wednesday when an attacker exploited a vulnerability in the protocol’s first version on Arbitrum. According to online reports, GMX V1’s vault contract had a vulnerability that allowed the attacker to manipulate the GLP token price through the system’s calculations. Blockchain security firm SlowMist explained that “The root cause of this attack stems from GMX v1’s design flaw, where short position operations immediately update the global short average prices (globalShortAveragePrices), which directly impacts the calculation of Assets Under Management (AUM), thereby allowing manipulation of GLP token pricing.” Through a reentrancy attack, they successfully established massive short positions to manipulate the global average prices, artificially inflating GLP prices within a single transaction and profiting through redemption operations. As a result, approximately $42 million worth of assets, including Legacy Frax Dollar (FRAX), wrapped bitcoin (WBTC), wrapped ETH (WETH), and other tokens, were transferred from the GLP pool to an unknown wallet. The perpetual crypto exchange halted GMX V1’s trading and GLP’s minting and redeeming on both Arbitrum and Avalanche to prevent another attack and protect users’ funds. However, they clarified that the exploit was limited to GMX’s V1 and its GLP pool. GMX V2, its markets, or liquidity pools, and the GMX token were not affected and remained safe. White-Hat Claims $5 Million Bounty Following the incident, GMX sent a message on-chain and on X offering a $5 million white-hat bounty to the attacker, claiming that their abilities were “evident to anyone looking into the exploit transactions.” GMX’s team noted that returning the funds within the next 48 hours and accepting the bounty would allow the hacker to “spend the funds freely,” instead of taking additional risks to access them. They also vowed not to pursue any legal action and to assist the exploiter in providing proof of source for the funds if it is ever required. Today, the exploiter responded in an on-chain message, accepting the bounty and starting the return process. As Lookonchain reported, they initially returned $10.49 million worth of FRAX on Friday morning. Meanwhile, another $32 million worth of assets had been swapped into 11,700 ETH, which are now valued at $35 million after the King of Altcoins’ price jumped to the $2,990 mark. In the following hours, the hacker returned 10,000 ETH, worth $30 million, keeping only 1,700 ETH, valued at $5.2 million, as the bounty. Related Reading: Solana Ready For $160 Reclaim? Analysts Say Breakout Is A Matter Of Time GMX later confirmed that the funds have now been safely returned and thanked the white-hat hacker for their actions, ultimately giving a positive turn to the incident. Lastly, they informed users that “contributors are working on a proposed distribution plan for presentation to the GMX DAO and will share more information shortly.” Featured Image from Unsplash.com, Chart from TradingView.com
TL;DR – People who post like ordinary Redditors have scam guides in their user profiles. They want to steal money from ordinary people by pretending to be ordinary people. Quick forenote: This is not the "I made 230 dollars in one day" scam where another user gets tagged in the OP. If you encounter this…
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Bitcoin has surpassed its previous all-time high, reaching $118,254 and marking a notable milestone in its price trajectory. This latest milestone comes after BTC’s former high at $111,000 levels in May, representing a 10% gain over the past week and roughly 5.9% in the last 24 hours. At the time of writing, Bitcoin is trading at approximately $117,584. The sharp price increase appears to be giving strength to activity among both miners and leveraged traders, prompting a closer examination of current market behavior. Analysts monitoring on-chain activity have flagged a resurgence of miner activity alongside a rise in derivative positions, suggesting multiple forces may now be contributing to price movements. Related Reading: Research Predicts $160,000 Bitcoin By EOY—If Treasury Firms Hold As these two segments of the market engage more actively, questions are emerging around the sustainability of this rally and whether these behaviors signal confidence or caution. The current on-chain environment shows both selling pressure from miners and increased exposure from long-positioned traders. Bitcoin Miner Activity Rises Alongside Price Surge One of CryptoQuant’s QuickTake contributors, Arab Chain, observed a marked increase in miner activity as Bitcoin crossed the $118,000 level. According to the analyst, this uptick in activity is tied to miner transfers to exchanges, marking the first such increase since May 23. This trend suggests miners could be taking advantage of recent price gains to realize profits. As Arab Chain explained, “The continued activity of miners, coupled with Bitcoin’s price rising to new highs, clearly indicates that they are selling Bitcoin.” Despite this renewed transfer volume, miner behavior has not yet reached the scale of over-the-counter (OTC) selling seen in previous months. Historically, large-scale selling by miners has introduced notable volatility into the market, particularly when sustained across a broader period. The analyst also pointed out the economic leverage miners hold in decision-making, owing to their ability to manage operational costs and balance between holding and selling mined Bitcoin. Whether this increase in exchange flows will develop into heavier selling remains to be seen. Derivatives Market Shows Renewed Leverage Exposure In a separate analysis, CryptoQuant contributor Enigma Trader focused on derivatives market activity, highlighting a 24% surge in open interest from approximately $33 billion on July 1 to over $41 billion by July 11. The timing of this increase coincides with Bitcoin’s breakout above $118,000, and reflects renewed leveraged interest following a reset late last month. This level of open interest suggests that traders are positioning more aggressively, potentially anticipating continued upside. The analyst also noted a shift in funding rates from negative to their highest positive reading in a month, around 0.012% per eight hours. Positive funding indicates that long-positioned traders are paying to maintain their positions, a sign of bullish sentiment. Related Reading: Bitcoin Uptrend Intact, But Binance Activity Warns Of Short-Term Pullback However, Enigma Trader cautioned that such positioning can become precarious if momentum slows. “This setup often fuels upside continuation if spot demand backs it, but also increases the risk of a long squeeze should momentum stall,” the analyst wrote. Featured image created with DALL-E, Chart from TradingView
The Akon City project, a high-profile initiative by singer Akon, has been officially terminated following an agreement between Akon and a state owned enity. Akon City Terminated Amidst Construction Delays The futuristic crypto-themed Akon City project, a high-profile initiative from Senegalese-American singer and entrepreneur Akon, has been officially terminated. Akon and the Senegalese Coastal Development […]