Category: Cryptocurrency News

Binance has been experimenting with relatively lesser-known stablecoins after a pause on BUSD.

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The past week has painted a vivid picture of shifting investor sentiment worldwide. While Bitcoin and the broader cryptocurrency market witnessed a significant outflow of funds from investment products like ETPs, ETFs and funds, Solana (SOL) emerged as a beacon of hope for altcoin enthusiasts. A Dive Into The Numbers By Crypto Products Digital asset investment products experienced a net outflow of $107 million this week, a figure that underscores the growing trend of profit-taking that has been evident in recent weeks. “Digital asset investment products saw outflows this week, totalling $107m with profit taking gathering pace in recent weeks,” James Butterfill noted in his recent report published in CoinShares’ blog. Bitcoin, the de facto king of cryptocurrencies, bore the brunt of these outflows, seeing a staggering $111.4 million leave its coffers. This marks the “largest weekly outflows since March,” a time when US regulatory scrutiny began to intensify. Interestingly, for the first time in 14 weeks, the outflows into short bitcoin positions have also come to a halt. Related Reading: Solana Price Could Surge To $30 Upon Overcoming This Resistance Ethereum wasn’t spared either. The second-largest cryptocurrency by market capitalization saw outflows totalling $5.9 million, bringing the combined outflows for both Bitcoin and Ethereum to $117.3 million in just the past week. Solana Is The Rising Star Amidst this backdrop of outflows, Solana stood out, not just for its resilience, but for its impressive inflows. The altcoin witnessed the “largest inflows, totaling $9.5m, the largest single week of inflows since March 2022.” This surge in interest has propelled Solana’s Assets Under Management (AUM) to $89 million. With month-to-date inflows equalling $9.5 million and year-to-date inflows at $25 million, Solana is clearly on an upward trajectory. To put this in perspective, Bitcoin has the largest AUM with $24,136 million, followed by Ethereum with $7,820 million and multi-asset investment products with $3,060 million. Litecoin ($134 million) and Bitcoin Short ($104) also have bigger AUM than Solana. However, Solana’s AUM has now surpassed that of established altcoins like XRP ($74 million), Cardano ($28 million), and Polygon ($24 million). Related Reading: Solana (SOL) Records Positive Moves As Bears Took Control, What’s Pushing It? While Solana basked in the limelight, other altcoins had a mixed week. XRP and Litecoin registered modest inflows of $0.5 million and $0.46 million respectively. However, Uniswap and Cardano weren’t as fortunate, witnessing outflows of $0.8 million and $0.3 million respectively. Regionally, the outflows were predominantly concentrated among two ETP providers in Germany and Canada, which saw outflows of $71 million and $29 million respectively. SOL Price Analysis At press time, the Solana (SOL) price was trading at $23.05, above the 200-day EMA. If SOL manages to defend the 200-day EMA in the following days and confirm the breakout from the descending triangle, the chart looks very bullish. The next resistance level can be expected at the 50% Fibonacci retracement level ($24.00), before another move to the 61.8% Fibonacci level at $27.44 seems possible. Featured image from iStock, chart from TradingView.com

Valio has launched publicly, allowing investors to back money managers through a decentralized process.

Curve Finance, a popular decentralized (DeFi) protocol, has recently announced that it was rewarding persons capable of identifying the exploiters behind the draining of over $61 million from the platform’s stable pools on July 30.  The huge bounty offer is open to every person who can pinpoint the individual behind the incident in such a way that would lead to definitive legal repercussions.  Curve Finance Extends Bounty Offer to the Public Curve Finance announced the public offer using an Ethereum transaction’s input data, noting that the allowed time for the voluntary return of the funds connected to the Curve exploit was 08:00 UTC, and that time is now elapsed.  Related Reading: Crypto Funds Vs Bitcoin Holders: Who Was The Better Performer In H1 2023 Curve and other protocols that were affected by the attack had previously offered a 10% bug bounty to the hacker on August 3. Upon agreeing to the offer, the hacker returned part of the stolen assets to JPEGd and Alchemix but did not refund other affected pools.  Since the time allowed has elapsed, Curve announced that any person capable of identifying the hacker would receive assets worth $1.85 million. This recent announcement was extended in scope to include members of the general public.  According to Curve, while the deadline for the voluntary return of stolen funds had passed, should the hacker elect to return the stolen funds, the platform “…will not pursue this further.”  While returning the parts of the funds earlier, the hacker left a message that was seemingly targeted at Curve and Alchemix teams, noting their intention to return the funds. However, the hacker stated that the decision to return such funds was not based on fear of being recognized but rather out of a desire not to “ruin” the projects associated with the exploit. CRV price stalls at $0.61 following exploit | Source: CRVUSD on Tradingview.com The $61 Million Reentrancy Attack Members of the Curve Finance community were left shocked after a hacker utilized vulnerable versions of the Vyper programming language to implement reentrancy attacks on stable pools within Curve Finance on the 31st of July.  The attack drained Curve Finance of over $61 million, including $13.6 million from Alchemix’s aIETH-ETH, $11.4 million from JPEGd’s pETH-ETH, and $1.6 million from Metronome’s sETH-ETH. The event raised concerns about the likely fallout in the cryptocurrency ecosystem, especially with respect to the risks posed to every pool using Wrapped Ether (WETH). Related Reading: Ethereum ETF Race Gets Hotter As SEC Receives 11 Filings In One Week The DeFi community rallied around to provide support to Curve Finance and on the 31st of July, a white hat hacker was able to successfully recover from the exploiter about 2,879 Ether worth about $5.4 million, which was later returned to Curve Finance. Another ethical hacker also recovered about 3,000 ETH and refunded it to Curve Finance’s deployer address.  Featured image from Zipmex, chart from Tradingview.com

The head of product at Tools for Humanity told Cointelegraph that Worldcoin is expecting more companies to integrate in the second half of the year.

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