Regardless of the downtrend of the previous few months, some tokens are nonetheless inching increased as others show promising upward momentum. However, investor sentiment remains to be hovering across the “worry” zone regardless of the whole crypto market capitalization edging previous the $1.05 trillion mark.
Bitcoin Struggles to High $23,000
After momentarily leaping previous the vital resistance at $23,500, Bitcoin (BTC-USD) is as soon as once more trending beneath the $23,000 help stage. Over the previous seven classes, BTC has declined roughly 0.65%.
In the meantime, after months of dumping holdings to mitigate the worth decline, Bitcoin miners now cumulatively maintain 1.86 million BTC – a report two-year excessive – in line with new knowledge revealed by CryptoQuant. The report additionally signifies that the “miner capitulation” part is poised to finish quickly as BTC’s value motion stabilizes.
Nonetheless, blockchain analytics agency Glassnode, in its newest Week On-Chain Report, means that the continuing market situations, comparable to Bitcoin’s weak transaction volumes and the elevated demand for block area, have began to resemble the 2018-19 bear market. On the similar time, knowledge from Bitcoin derivatives present no potential indicators of “worry” amongst traders, creating an fascinating risk-reward setup for BTC.
Binance Chain and Filecoin Fend Off Bears
Whereas Ethereum’s (ETH-USD) latest rally has floor to a halt, with the second-largest cryptocurrency by market capitalization now dealing with excessive resistance on the $1,700 mark, the worth of Binance Chain’s BNB token registered spectacular positive factors this week. BNB jumped by almost 11.80% over the previous seven classes, and its 24-hour buying and selling quantity has jumped by 80%.
The sturdy uptrend for BNB comes on the heels of a number of new bulletins from the Binance group. Whereas the newly-published report on the BNB Chain Exercise for the second quarter of 2022 signifies a major decline in DeFi exercise on the BNB Chain, GameFi and NFT sectors on the BNB Chain registered exponential progress.
Furthermore, a possible BNB ZKRollup resolution to spice up scalability and velocity whereas reducing prices has additionally added to the upward momentum.
Among the many top-ten altcoins, Ripple (XRP) and Polkadot (DOT) gained round 4% and 6%, respectively. Within the low to mid-cap class, Close to Protocol (NEAR) and ApeCoin (APE) registered almost 13% positive factors.
The worth of NEAR pumped after reviews that the platform is aiming to develop into the NFT market to enlarge its market capitalization. APE gained floor following Gucci’s resolution so as to add ApeCoin to its listing of accepted cryptocurrencies.
That mentioned, this week’s largest gainer was Filecoin (FIL). Ranked thirty third by market capitalization, the worth of FIL stormed 46% increased over the previous seven classes. The decentralized storage community’s native token’s positive factors outpaced outstanding tokens like BTC, ETH, BNB, and others. The uptick comes on the heels of the Filecoin Basis’s newly inked long-term partnership with the Harvard College Library Innovation Lab (LIL).
Solana Again in Murky Waters But Once more
Solana’s SOL token is almost 86% down from its all-time excessive of November 2021, as traders proceed to lift critical questions in regards to the platform’s safety. After trying to recuperate from a string of exploits, hacks, and community downtime over 2022 that has already dented confidence within the Solana blockchain ecosystem, the community is dealing with renewed assaults.
A recent exploit over the previous week has now compromised 1000’s of Solana-based Slope and Phantom wallets, with customers repeatedly reporting a lack of funds. Preliminary reviews recommend that hackers have acquired non-public keys of comparatively dormant wallets and are concentrating on each cellular and internet variations of the wallets.
Based on OtterSec, greater than 8,000 wallets have already been compromised, and the hackers are actually sitting on high of greater than $8 million value of SOL, USDC, USDT, BTC, and ETH tokens. Up to now, the rationale hasn’t been pinpointed, stoking extra issues in regards to the outlook for the community.
Starbucks Leverages Web3, Nomad Bridge Hack, and Extra
Amid the continuing assaults on blockchain infrastructure, cross-chain bridges are additionally discovering themselves again within the crosshairs of enterprising hackers. Within the newest iteration, hackers have drained off roughly $200 million from the Nomad bridge undertaking – marking the third-largest cross-chain bridge hack this 12 months.
Switching gears to adoption information, Oxford Metropolis Soccer Membership grew to become the primary Nationwide League soccer membership to begin accepting BTC funds for his or her matches. Moreover, followers will be capable of buy tickets, meals, and drinks on matchdays with their BTC holdings by way of the Lightning Community.
Echoing different strikes to include blockchain know-how in loyalty techniques, international espresso franchise Starbucks has unveiled its personal plans to launch a buyer engagement and retention program leveraging Web3 primitives.
Lastly, amid an uptick in regulatory enforcement motion, the U.S. SEC has filed a lawsuit towards 11 people for his or her function in constructing a fraudulent crypto pyramid scheme by way of the Forsage platform, which engaged within the sale of unregistered securities. Per the lawsuit, the platform aggressively raised greater than $300 million from international traders by selling sensible contract funding choices throughout a number of blockchain networks.
