An MEV bot gained massive profits worth $1 million by seizing an arbitrage opportunity. However, it was tricked into authorizing a malicious transaction that drained the funds.
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Bitcoin (BTC) hit new weekly lows into Sept. 28 as risk asset drawdown continued overnight.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Trader: “First new lows” before Q4 recovery
The change of direction came in lockstep with stocks, which turned red after initially heading marginally higher at the Wall Street open.
The S&P 500 and Nasdaq Composite Index ultimately finished the day down 0.25% and up 0.25%, respectively.
Crypto, however, failed to recoup its losses, and while hopes were for Q4 to bring about a more solid recovery, traders were betting on the pain continuing first.
Over $12 million in value was issued in the pilot with commercial and central banks in Hong Kong, Thailand, the UAE and China taking part.
The paper's authors say Central Bank Digital Currencies are problematic for the future of individual and economic freedom but crypto is a viable alternative.
Pantera CEO Dan Morehead painted an optimistic outlook for the wider cryptocurrency space during a keynote presentation at Token2049 in Singapore.
The theory is “not convincing enough to accuse the Wintermute project,” wrote BlockSec, as it highlighted that Wintermute’s actions during the hack made sense given the circumstances.
To attract more users and make blockchain gaming more mainstream, Kevin Shao says future titles should find a “balance” between and accommodate different users' tastes.
The Internet hacktivist group called on high-profile celebrities and big brands to speak up and take a stand.
Markets briefly flashed green on Sept. 27 as equities markets bounced back from Sept. 26’s pullback, bringing the Bitcoin (BTC) price back to the long-term descending trendline resistance, which currently resides at $20,100.
Unfortunately for bulls, the positive momentum for stocks and cryptocurrencies rapidly eroded and Bitcoin price gave up a majority of the intraday gains as it slipped back below $19,000.
As has been the case since March 25, BTC price has been unable to kick above the resistance for more than a few hours and the Sept. 27 breakdown at the trendline continues the trend of successive bear flags that see a continuation to the downside.BTC/USD 1-day chart. Source: TradingView
According to Arcane Research, Bitcoin’s tight rally above $20,000 is relatively insignificant, given that futures premiums are still low and it “contributes little to improving the market risk appetite.”BTC perpetual contract funding rate versus Bitcoin price. Source: Arcane Research
Additional data from Arcane Research shows funding rates flipping neutral for the first time since Sept. 13, but generally, traders are reluctant to add longs, given the concerns over macro challenges and the continuous threat of unfriendly crypto regulation.
Bitcoin (BTC) crossed under $20,000 after the Sept. 27 Wall Street open as United States equities inched higher.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
U.S. dollar has room to run — trader
BTC/USD had managed local highs of $20,344 on Bitstamp overnight, while retracing U.S. dollar strength gave modest relief to risk assets across the board.
The S&P 500 and Nasdaq Composite Index had been up 0.4% and 0.65%, respectively, after two hours’ trading, but subsequently reversed.
At the same time, the U.S. dollar index (DXY) was down 0.15% on the day, back below the 114 mark but still near its highest since mid-2002.
Integration will roll out before the end of 2022, enabling General Message Passing on Sui blockchain.
Bitcoin (BTC) will see increased interest from the United Kingdom “very quickly” as fiat currency volatility makes BTC look like a stablecoin.
That was the conclusion from Gabor Gurbacs, strategy adviser at investment giant VanEck, one of many flagging Bitcoin’s appeal over the pound this week.
UK becomes fertile ground for Bitcoin "orange pill"
As the U.S. dollar runs rampant, its strength has come at the expense of trading partner currencies, notably the euro, pound and Japanese yen.
The pound’s disintegration gathered pace this week, however, as GBP/USD hit its lowest on record at nearly $1.03.
With the United Kingdom’s central bank, the Bank of England, avoiding interventions so far, nerves are showing as purchasing power takes a double hit from currency weakness and inflation at forty-year highs.
Web3 data firm Space and Time is also supported by blockchain oracle firm Chainlink through its startup program.
The latest discovery in the long-drawn Terra ecosystem saga contradicts many of Do Kwon’s early claims.
ETHW has logged a significant price rebound despite its blockchain network, ETHPoW, suffering a smart contract hack in the first week after its launch.
Bull trap risks surround ETHW market
ETHW rebounded more than 150% eight days after the attack and traded for around $10.30 on Sept. 27.
Fundamentally, this suggests that traders ignored the hack and trusted ETHPoW's long-term viability as a blockchain project.
But from a technical perspective, the ETHW price rally has accompanied weaker trading volumes. In other words, fewer traders have been involved in the pumping of the ETHPoW token's price in the past eight days, as the Bitfinex exchange data shows in the chart below.ETHW/USD daily price chart. Source: TradingView
The growing divergence between ETHW's rising prices and falling trading volumes suggests that traders' interest in the ETHPoW token has been dwindling. In other words, ETHW's price risks a sharp correction in the coming days.
Modernizing public finance management through blockchain could help governments identify potential corruption and waste by providing additional transparency and traceability.
A survey showed that more than 70% of respondents believe they have the right tools to become crypto billionaires.
Bitcoin (BTC) is seeing some of its oldest coins come back to life after a decade lying dormant.
The latest on-chain data reveals that two-year BTC price lows have reawakened the most ancient part of the supply.
"Very old" Bitcoin come back to life
As BTC/USD returns to levels not seen since Q4 2020, questions are arising over how long-term holders will respond.
The on-chain picture is mixed — the dormant supply is aging, but certain old hands are showing signs of wanting to sell at current prices.
The latest piece of the puzzle comes in the form of BTC returning to circulation after remaining in the same wallet for at least ten years.