Ethereum
Wormhole’s recent exploit exposed the vulnerabilities in cross-chain bridges
An attack on the Wormhole Token Bridge left it short of 120,000 wETH. Wormhole’s parent company has since restored the stolen tokens. On Wednesday, smart contract bridge platform Wormhole was targeted by an exploit through which an attacker minted and made away with 120,000 wETH tokens. After confirming on Thursday morning that the vulnerabilities had been remedied, Wormhole said later in the day that the more than $320 million worth of wETH lost to the exploit had been recovered. “All funds have been restored and Wormhole is back up. We’re deeply grateful for your support and thank you for your patience,” a tweet from the team read. The Wormhole team also told users that it was preparing an incident report on the matter, and it would release it soon. Ju...
Price analysis 2/2: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) rose above $39,000 on Feb. 1 but the sharp fall in the shares of PayPal may have resulted in aggressive selling by the short-term traders. However, in the long-term, large investors seem to be viewing the decline as a buying opportunity. On-chain monitoring resource Whalemap said that whales holding between 100 to 10,000 BTC have accumulated during the recent decline. Fidelity recently released a paper dubbed “Bitcoin First,” which highlights that Bitcoin is the most “secure, decentralized form of asset” and is unlikely to be overtaken by any of the altcoins “as a monetary good.” The report said that Bitcoin combines “the scarcity and durability of gold with the ease of use, storage and transportability of fiat.” Daily cryptocurrency market performance. Source: Coin360 I...
First cross-chain governance proposal passes on Aave
On Monday, the first cross-chain governance proposal passed on decentralized finance, or DeFi, borrowing and lending platform Aave (AAVE). According to DeFi Llama, the amount of total value locked on Aave is approximately $12 billion. As told by its developers, a proposal executed on Aave, which is built on the Ethereum (ETH) network, was sent to the Polygon (MATIC) FxPortal. The mechanism then read the Ethereum data and passed it for validation on the Polygon network. Afterward, the Aave cross-chain governance bridge contract received this data, decoded it and queued the action, pending a timelock for finalization. The development team wrote: The Aave cross-chain governance bridge is built in a generic way to be easily adapted to operate with any chain that supports the EVM [Et...
Can Ethereum price reach $4K after a triple-support bounce?
Ethereum’s native token Ether (ETH) looks ready to continue its ongoing rebound move toward $4,000, according to a technical setup shared by independent market analyst Wolf. Classic bullish reversal pattern in the works? The pseudonymous chart analyst discussed the role of at least three support levels in pushing the ETH price up by nearly 30% from its local bottom of $2,160. These price floors included a 21-month exponential moving average, the 0.786 Fib level of a Fibonacci retracement graph drawn from $1,716-swing low to $4,772-swing high, and the lower boundary of an ascending triangle pattern. ETH/USD daily price chart featuring the three-supports. Source: TradingView Wolf noted that the triple-support scenario could push Ether price to $3,330. In doing so, ...
DFINITY-based Internet Computer unveils Bitcoin and Ethereum integration plans
Internet Computer will integrate Bitcoin via the ‘Chromium Satoshi Release’ before the end of Q1 this year The Ethereum integration would not come until Q3 when the ‘Vanadium Vitalik Release’ is run DFINITY Foundation, a non-profit organisation that supports the public blockchain Internet Computer, has released its roadmap for 2022. The release detailed that Internet Computer plans to develop Bitcoin and Ethereum blockchains integrations. This would effectively cut out the current need for a bridge, eliminating a potential loophole for ill-intentioned actors. “The ICP [and] BTC integration will prompt a new wave of DeFi applications built to leverage the world’s largest cryptocurrency,” a tweet from the DFINITY Foundation read. Unlocking the power ...
2 key Bitcoin price metrics suggest BTC is primed to reclaim $40,000
Cryptocurrencies had a volatile week after Bitcoin’s (BTC) sudden crash to $33,000 on Jan. 24. However, the sharp 9% drop fully recovered within 8 hours after BTC price regained the $36,000 support. On Jan. 26, Bitcoin rallied to $38,960 but it could not sustain the level and corrected by 8.8% in the following 8 hours. When factoring in the recent ups and downs, Bitcoin managed to only gain a meager 1.6% over the past seven days. Even with the considerable price swings, the aggregate futures contracts liquidations were relatively low. Longs (buyers) had $570 million futures terminated, while shorts (sellers) faced $690 million. Data shows that Bitcoin futures represented 41% of the total $1.25 billion liquidations. Regulatory winds could be limiting BTC’s price recovery The total cry...
Blockchain enthusiast allegedly losses $500k by sending WETH to contract address
In a now-deleted deleted profile, an anonymous Reddit user allegedly lost close to $500 thousand on Sunday after sending wrapped Ether (WETH) directly into a WETH wrapping smart contract. WETH came into existence as a way for Ether (ETH) to conform to the ERC-20 token standard so that it can be traded directly with altcoins minted on the Ethereum blockchain. To wrap Ether, users first send ETH to the WETH smart contract address and receive an equivalent token in return. However, to unwrap WETH, users must either swap for ETH on a decentralized exchange like Uniswap (UNI) or call the withdrawal function in the WETH smart contract. Instead, the anonymous Reddit user sent the WETH directly back into the WETH smart contract address in the hopes of receiving ETH back. Unfortunately for the user...
New week kicks off with marginal dips in the crypto markets
Top crypto assets are down by between 2% and 5% over the last 24 hours. At the time of press, Bitcoin is holding $37,076, and Ethereum $2,544. Terra continues to lose significantly, declining 25% over the last week. The volatility that has plagued crypto markets in January continued into the last week of the month. Market swings sent the prices rocking with major crypto-asset tokens in the red into the start of the new week. Now having a market cap of $705.98 billion according to CoinMarketCap, Bitcoin has plunged 2.6% in the last 24 hours and is currently trading at $36,975. Though the world’s market-commanding digital asset resided north of $38k in bits over the weekend, it has remained inconsistent, and so has Ethereum’s native coin ETH. ETH is currently down 1.85% on the day, but ...
Internet Computer plans to roll out BTC and ETH integrations by year-end
The Internet Computer has released a roadmap for 2022 and beyond, indicating plans to roll out integrations with Bitcoin and Ethereum by the end of the year. The Internet Computer is a public blockchain and protocol that allows developers to install smart contracts and decentralized applications (DApps) directly on the blockchain. It was incubated and launched in May 2021 after years of development by Dfinity — a nonprofit based in Zurich. The #ICP #BTC integration will prompt a new wave of DeFi applications built to leverage the world’s largest cryptocurrency. Full story:https://t.co/kexreQTw20 pic.twitter.com/bQkKdel7r5 — DFINITY Foundation (@dfinity) January 27, 2022 The direct Bitcoin integration will be launched as part of Dfinity’s “Chromium Satoshi Release,” which is planned for Q1 ...
Vitalik Buterin suggests making NFTs ‘soulbound’ like World of Warcraft items
In a blog post published Wednesday, Vitalik Buterin, co-founder of Ethereum (ETH), expressed his wishes to make nonfungible tokens, or NFTs, soulbound as with the namesake item class in popular MMORPG World of Warcraft, or WoW. In outlining his reasons, Buterin explained that if someone shows they own an NFT that is obtainable by doing X, such as attending an auction, it is not possible to tell if the person attended the auction to obtained it or simply bought the NFT via the secondary market. An example of a soulbound item in WoW | Source: Blizzard Watch The soulbound feature in WoW prevents an item from being traded, mailed or sold at the in-game Auction House to other players. It was designed by developers to prevent “twinking” or passing down gear from high-level to low-lev...
Fed’s latest meeting sends bearish wave – Here’s how top crypto coins stand a day later
The Federal Reserve Chairman confirmed that plans to hike interest rates are coming into play this March. Crypto markets, as well as stocks, reacted, with token prices plunging. At the time of writing, Bitcoin is down 3.15% and Ethereum 5.25%. Following a two-day Federal Open Market Committee (FOMC) meeting that concluded Wednesday, Federal Reserve Chair Jerome Powell issued a press conference to speak on the country’s plans in monetary policy. Powell said the Fed would halt asset purchases by March and also hold off on plans to hike interest rates till then. In the lead up to yesterday’s press conference, the markets were bullish and looked optimistic. Actually, minutes into the press conference, Bitcoin price ascended, clocking a $38,740 peak. However, half an hour into the b...
Bybit announces 2 notable updates: completion of Arbitrum integration, funds BitDAO with $134M
Bybit, a global cryptocurrency exchange that has seen extensive growth over the past few years, has finally completed the integration of the Arbitrum mainnet, according to a press statement published on 27 January. Arbitrum is an Ethereum Layer 2 platform that was among the first to bring the optimistic rollups features to the Ethereum network. According to the press release shared with CoinText, the move means users can now deposit and withdraw Ether (ETH) as well as the stablecoins Tether (USDT) and USD Coin (USDC) via the Arbitrum mainnet. Security, scalability and low cost Ben Zhou, the co-founder and CEO of Bybit said the integration brings Arbitrum’s “promising and innovative scaling technology” to Bybit users. He noted that the exchange will continue to provide next-level products a...
