5 Things to Know in Crypto Today – XRP Joins the Market Recovery

Key Insights:

  • XRP and the broader crypto market are in recovery after the Fed Chair Powell-fueled sell-off on Wednesday.
  • Arweave (AR), Litecoin (LTC), and polygon (MATIC) lead a bullish morning session.
  • Crypto Winter news continues to hit the wires, however.

XRP Joins the Broader Crypto Market in Recovery Mode

On Wednesday, Fed Chair Powell wiped $41 billion off the crypto market cap in a few hours. Powell poured cold water on investor hopes of a December Fed pivot. The Fed Chair warned the markets of high inflation and the need to continue with aggressive policy moves to bring inflation to target.

Riskier assets found buyer support this morning. The crypto market is on track to reverse a $20.8 billion loss from the Wednesday session.

However, market volatility will likely pick up later today. US economic indicators could support Powell’s more hawkish stance. We expect the ISM Non-Manufacturing PMI and its sub-components to draw the most investor interest.

A pickup in hiring and prices could test today’s bullish sentiment.

While arweave (AR), litecoin (LTC), and polygon (MATIC) lead the way, XRP is also on the move. Hopes of a favorable outcome to the SEC v Ripple case continue to limit the downside.

This morning, the crypto market was up $15.2 billion to $966.8 billion, with XRP up 1.26% to $0.4559.

Crypto market in recovery.
Total Market Cap 031122 Daily Chart

Polygon (MATIC) Responds to News of Instagram NFTs

On Wednesday, Meta (META) updated a May 2022 announcement, stating,

“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.”

The announcement went on to say,

“They’ll have an end-to-end toolkit – from creation (starting on the Polygon blockchain) and showcasing, to selling.”

Investors responded favorably to the news, with MATIC up 10.64% to $0.9659 this morning.

MATIC on the move.
MATICUSD 031122 Daily Chart

JPMorgan Executes DeFi Trade on Public Blockchain in Singapore

On November 2, the Monetary Authority of Singapore announced the completion of its first live trades under Project Guardian, which ‘explores potential decentralized finance (DeFi) applications in wholesale funding markets.’

According to the announcement,

“DBS Bank, JP Morgan (JPM), and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (Yen), and Singapore Dollar (SGD).”

Robinhood (HOOD) Sees Revenue Fall 12% in Q3 2022

On Tuesday, Robinhood (HOOD) released its Q3 2022 results. According to the press release, cryptocurrency transaction-based revenues fell 12%, while revenues increased for options (10%) and equities (7%).

While transaction-based revenues fell, Robinhood enhanced user experiences in the quarter. Notably, the report stated,

“Robinhood rolled out the beta version of Robinhood Wallet, our self-custody, web3 wallet to the first ten thousand customers on the waitlist. The approachable, standalone app gives customers total control of their crypto, allowing them to trade and swap with no network fees.”

In the quarter, Robinhood also expanded its coin listings to include USD Coin (USDC), cardano (ADA), uniswap (UNI), stellar lumen (XLM), and avalanche (AVAX).

Dapper Labs Announces 22% Reduction Citing Macroeconomic Factors

This morning, Founder and CEO of Dapper Labs Roham Gharegozlou announced a 22% cut in the Dabber Labs workforce. In the announcement, the Dapper Labs CEO said,

“These reductions are the last thing we want to do, but they are necessary for the long-term health of our business and communities. We know web3 and crypto is the future across a multitude of industries – with 1000x potential from here in terms of mainstream adoption and impact— but today’s macroeconomic environment means we aren’t in full control of the timing.”

The announcement coincided with news of NBA Top Shot having its worst month since 2020. According to CryptoSlam, sales totaled $2.68 million in October 2022, down from $4.68 million in September. October sales were the lowest since $0.87 million in December 2020. Sales peaked in February 2021 at $224.07 million.

 

Crypto Market Daily Highlights – DOGE Leads for a Third Session

Key Insights:

  • It was a bullish Friday session for the crypto top ten, with dogecoin (DOGE) leading the top 100 for the second time this week.
  • US economic indicators and US corporate earnings delivered a bullish Friday session.
  • The crypto market cap rose by $19.5 billion to $959.6 billion.

It was a bullish Friday session for the crypto top ten. Dogecoin (DOGE) led the way for a third consecutive session. Notably, BTC fell short of $21,000 for the second session while ending the day at $20,000 for the fourth successive day.

US economic indicators delivered much-needed support, with the crypto market in negative territory through the morning session.

The Core PCE Price Index reflected a pickup in inflationary pressure, rising by 5.1% year-over-year versus 4.9% in August. The numbers led the crypto market to a session low before investors responded to personal spending and wage growth figures that were crypto-friendly.

In September, personal spending increased by another 0.6% versus forecasts of a 0.4% rise. More importantly, the Employment Wages Index increased by 1.3% in Q3, which was softer than a 1.4% rise in the previous quarter.

Following the stats, the FedWatch Tool had the probability of November and December rate hikes at 81.3% and 44.9%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 45.6%.

NASDAQ 100 rallied by 2.87% in response to the stats.

Graphical user interface, chart, histogram Description automatically generated

Crypto Market Jumps as Investors React to Fed Pivot-Friendly US Stats

A bearish start to the day saw the crypto market slide to a mid-day low of $925.82 billion. However, responding to US economic indicators, the crypto market rallied to a late high of $969.4 billion before easing back.

While easing back to wrap up the day at $959.6 billion, the total crypto market cap rose by $19.5 billion, taking the market cap up $54.0 billion for October.

Crypto market rallies on Fed pivot bets.
Total Market Cap 291022 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bullish Friday session for the crypto top ten.

DOGE led the way, rallying by 9.08%, with ADA (+4.38%), BNB (+3.91%), and SOL (+4.85%) enjoying breakout sessions.

BTC (1.53%), ETH (+2.69%), and XRP (+2.66%) trailed the front-runners, however.

From the CoinMarketCap top 100, it was a mixed session.

Dogecoin (DOGE) and shiba inu coin (SHIB) led the way, with gains of 9.08% and 10.06%, respectively. Avalanche (AVAX) was also a front-runner, rising by 8.61%.

However, aptos (APT) and casper (CSPR) slid by 5.86% and 6.03%, respectively, to lead the way down. BinaryX (BNX) fell by 4.38%.

24-Hour Crypto Liquidations Fall as Market Reacts to US Stats

Over 24 hours, total liquidations fell to below-normal levels. At the time of writing, 24-hour liquidations stood at $99.59 million, down from $109.25 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 44,511 versus 53,890 on Friday morning. Liquidations were down over one and four hours and over 12 hours.

Crypto liquidations fall further back.
Total Crypto Liquidations 291022

According to Coinglass, 12-hour liquidations fell from $67.73 million to $63.42 million, with four-hour liquidations falling from $35.57 million to $4.68 million. One-hour liquidations declined from $2.50 million to $1.26 million.

The chart below shows market conditions throughout the session.

Crypto market rebounds in the afternoon session.
Total Market Cap 291022 Hourly Chart

After Avalanche’s 20% Weekly Spike, Can AVAX Reclaim the $35 Level?

Key Insights:

  • Larger market gains strengthened AVAX’s existing bullish trend.
  • Avalanche recorded an all-time high daily transaction count alongside healthy price action.
  • While AVAX bulls are targeting the $35 level, there are still some speculations about the coin’s trajectory.

Avalanche (AVAX) has been on most crypto traders’ watchlist after the altcoin’s recent 30% price appreciation from the $22 level. At the time of writing, AVAX had reclaimed the 12th rank in the cryptocurrency space by market capitalization, trading at $29.06, noting a 5% rise on the daily chart.

With larger market gains, many in the market expect another round of price appreciation towards the $35 level for AVAX. So, with fundamentals for Avalanche looking decent, what’s in store for the altcoin?

New Milestones For Avalanche

In the late trading hours of the Asian session, on August 9, the Avalanche network reached a new milestone as the coin saw its highest recorded daily transactions. AVAX’s daily transaction count reached an all-time high as the indicator breached the 1.51 million transaction mark.

FXempire, AVAX, Crypto, Avalanche
Source: Coin98 Analytics

While the high transaction indicated increased interest or optimism in the market for the ecosystem, it wasn’t the most impressive thing. One of the most amusing things about AVAX’s high transaction count was that on August 9, the coin noted a higher transaction count than that of Ethereum, Arbitrum, and Optimism combined.

AVAX’s price rally primarily took off around August 6 with a 9% rise in price. Many crypto analysts were of the opinion that the coin’s bullish momentum could be attributed to the growth of Avalanche-based NFTs.

On August 9, the trade volumes of Avalanche-based NFTs saw a 30% rise. Furthermore, NFT sales also presented a close to 10% rise over the same time.

In addition to that, Robinhood announced support for Avalanche and Stellar (XLM), further aiding the bullish momentum flourish.

AVAX Bulls Eye the $35 Level

AVAX’s price saw the lowest price level of $13.75 just last month; however, the coin’s quick recovery has instigated optimism for the token investors.

Notably, AVAX presented signs of a strong recovery from the larger downtrend that the altcoin has seen for over four months. The bullish reversal has pushed the altcoin’s price by over 110% from the lower price levels seen in June 2022.

In the short term, AVAX’s price establishing above the psychological level of $30 could further aid market momentum for bulls.

FXempire, AVAX, Crypto, Avalanche
AVAX Daily Chart | Source: FXEmpire

In the short-term, AVAX’s next resistances that bears could defend would be the $36 and $51 levels.

That said, daily trading volume over the last 24 hours from press time was up by 22%, indicative of a renewed retail momentum for AVAX. Since AVAX’s price jumped above the key $28 resistance, chances of the coin seeing the $35 mark are high unless bears take the lead.

Top 3 Trending Coins: AVAX Bulls Eye Move Above $30 NEXO Targets $1 Level as SOL Flounders

Key Points 

  • Avalanche is the best performing top 20 coin as daily transactions hit a new all-time high.  
  • Nexo is the best performing top 100 coin as customer liabilities on the platform return to growth.  
  • Solana is the top 20 underperformer, with bears eyeing a test of a key uptrend.  

AVAX Bulls Eye Push Back Above $30 as Daily Transactions Hit New ATH 

According to CoinMarketCap, Avalanche is the best performing cryptocurrency in the top 20 by market capitalization on Wednesday and was last trading with gains of around 2.5% in the last 24 hours. News that Avalanche’s daily transaction count just hit a new all-time high (ATH) over 1.5 million could be supporting the cryptocurrency.  

AVAX, the token that powers the Avalanche blockchain, was last changing hands slightly to the north of the $28 level, having reversed an earlier dip below $27. Bulls appeared to buy the dip ahead of a test of support in the form of mid-July highs in the $26.30s.  

AVAX still looks very much to be in an uptrend and, as such, traders will likely be on the lookout for a retest of recent highs above the $30 level, so long as the upcoming release of US Consumer Price Index data doesn’t deliver too substantial a blow to cryptocurrency market sentiment.  

AVAX/USD
AVAX/USD Chart. Source: FX Empire

NEXO Bulls Eye Push Above $1 as Nexo Customer Liabilities Rise 

Elsewhere, crypto lending platform Nexo is the best performing cryptocurrency in the top 100 by market cap over the last 24 hours, according to CoinMarketCap. Over this time period, its NEXO token has risen over 11%. The cryptocurrency was battered in May and June as many of Nexo’s competitors like Celsius Network announced user withdrawal freezes, with Celsius now going through bankruptcy proceedings.  

But Nexo has remained afloat and a recent rise in its customer liabilities is being hailed by some social media users as a bullish sign for the NEXO token. Nexo’s customer liabilities were 186.285K BTC as of 10 August, with its collateral ratio above 100%. According to @EidenHodl, this had been as low as 169K a few weeks ago.  

NEXO was last changing hands just below $0.85, having been in an uptrend since mid-July and having consistently found support at its 21DMA as of late. But NEXO faces a significant hurdle in getting past the $1 level once again. If it is able to manage this, a swift rally into a $1.15-$1.40ish trading range is likely.  

NEXO/USD
NEXO/USD Chart. Source: FX Empire

SOL Lags as Bears Eye Test of Key Uptrend 

Solana is the worst performing cryptocurrency in the top 20 by market capitalization in the last 24 hours on Wednesday, according to CoinMarketCap. Over this time period, SOL, the blockchain’s native token, has shed 6% of its value. At current levels just under $40 per token, SOL is nestled between its 21 and 50DMAs at $38.60 and $40.50.  

The cryptocurrency appears to be eyeing a test of an uptrend from mid-June. A breakdown below the 50DMA and push under this uptrend could see SOL swiftly drop back towards support in the $35 and $32 areas.  

SOL/USD
SOL/USD Chart: FX Empire

Top 3 Trending Coins: GRT, FLOW & AVAX Lead the Way as Crypto Bulls Regain Control

Key Points

  • The Graph is the best top 100 performing crypto, with GRT last up over 20% on Monday alone.
  • Flow has also reclaimed its status as an outperformer, with the bulls back in control after Meta’s integration announcement.
  • Avalanche is the best-performing top 20 coin and recently broke above $30 for the first time since May.

The Graph (GRT) Outperforms, Hits Two-month Highs

GRT, the native token that powers The Graph’s blockchain, was last up around 22% on Monday, making it by far and away the best performing top 100 cryptocurrencies by market capitalization on the day.

Cryptocurrencies have been lifted across the board on Monday as investors focus on recent strong US economic data rather than central bank tightening fears and on the news last week that the world’s largest asset manager Blackrock has partnered with Coinbase to offer crypto trading to clients, a positive for so-called “institutional adoption”.

GRT/USD was last changing hands just above $15.60, at its highest level since early June, having leaped from earlier lows under $13 and its 100-Day Moving Average at $0.141. GRT bulls are now eyeing a test of resistance in the $0.175 area, which marks a double top formed in late May to early June.

If the broader cryptocurrency market rally picks up pace this week, perhaps aided by US data on Wednesday if it shows an improvement in the US inflation picture, then GRT may even stand a chance of testing resistance at $0.20. Beyond that, the next key area if the 200DMA at $0.2740 and then resistance in the $0.30 area.

GRT/USD
GRT/USD breaks above its 100DMA. Source: FX Empire

Flow (FLOW) Blasts Above $3.0

FLOW, the token that powers the Flow Blockchain, blasted above the $3.0 level for the first time since mid-May on Monday. Its 16% gain on Monday makes it one of the best performing cryptocurrencies in the top 100 by market cap. The cryptocurrency has maintained upside momentum since last Thursday when it was announced that Meta Platforms would be utilizing its blockchain in order to expand non-fungible token (NFT) related integrations across its platforms, including Instagram.

FLOW is now up about 66% since its pre-announcement levels in the $1.80s. If FLOW can clear resistance in the $3.10 area to the upside, then this could unlock a move higher towards the next key area of resistance in the $4.25-30 area, where the 200DMA resides and the early 2022 lows. To the downside, there is support around $2.50.

FLOW/USD
FLOW/USD surges above $3.0. Source: FX Empire

Avalanche (AVAX) Surpasses $30 as Bulls Remain in Control

Avalanche’s AVAX token is on course for a fourth successive day of big gains and recently surpassed $30 for the first time since mid-May. The cryptocurrency was last trading higher by just shy of 9.0% on Monday and around 10% in the last 24 hours, making it the best performing coin in the top 20 by market cap.

The next area of upside resistance for AVAX bulls to target is near $33, and then slightly above that at $38. If Avalanche can surpass these levels, there isn’t much by way of technical resistance to prevent it from surging all the way back to the next area of resistance around $50 per token, which would mark a 60% rally from current levels.

Avalanche
AVAX/USD bulls eye upside targets. Source: FX Empire

Bitcoin’s Bullish Stability

Market picture

Bitcoin has been down 1.2% over the past seven days, trading at $23,600. These are tiny moves by crypto market standards. Indeed, the first cryptocurrency has been dealing with little amplitude over the past week.

Ethereum has added the same amount of 2.6% to $1720 in the last 24 hours and seven days. The top altcoins’ 7-days performance ranges from -0.11% (Solana) to +19% (Avalanche).

The total capitalisation of the crypto market, according to CoinMarketCap, rose 2.5% for the week to $1.1 trillion. The Bitcoin Dominance Index slipped 0.6 percentage points to 40.4% over the same period. The Cryptocurrency Fear and Greed Index fell 3 points for the week to 30 and remains in a state of “fear”.

Graphical user interface, chart, line chart Description automatically generated

Last week Bitcoin made its fourth reversal from decline to rise within a moderately rising range. Investors were probably inspired by the positive dynamics of the stock markets amid recovering risk demand there. Buying forces reversed the trend even before the price reached the lower boundary of the corridor and the 50-day average.

The 200-week moving average, in this case, acted as a support line, which we see as a confirmation that the downtrend in cryptocurrencies is over. However, it is worth remembering that a rally rarely follows this. Typically, the market goes through a long period of uncertain and vulnerable growth. Only global events like halving or extreme liquidity injections from central banks or governments into the financial system can kick-start a rally.

Chart, line chart, histogram Description automatically generated

Crypto news

That said, Americans are investing in cryptocurrencies despite the market downturn. According to The Balance’s financial website, 39% of US investors have become more invested in cryptocurrencies.

American investor and Shark Tank star Kevin O’Leary said he had bought high market capitalisation cryptocurrencies such as Bitcoin and Ethereum despite the slump in his investment portfolio.

According to a Cumberland survey of institutional investors, most respondents expect bitcoin to rise to $32K as soon as this year. Before that, however, BTC could fall to $16K.

Tesla CEO Elon Musk again spoke out in support of Dogecoin. According to him, the “dogecoin” cryptocurrency network can handle significantly more transactions than the bitcoin network.

CME Group, one of the world’s leading derivatives players, will launch BTC and ETH futures in euros.

by FxPro’s Senior Market Analyst Alex Kuptsikevich

Top 3 Trending Coins: FIL Outperforms, AVAX Eyes Bullish Breakout Towards $30s, FLOW Lags

Key Points

  • Filcoin bulls are back in control, with the cryptocurrency the best performer in the top 50 on Saturday.
  • Avalanche is eyeing a bullish breakout from an ascending triangle pattern.
  • Flow is suffering amid profit-taking after massive gains on Thursday/Friday.

Filecoin (FIL) Bulls Regain Control

Filecoin, one of the biggest recent movers in the cryptocurrency space, has regained upside momentum on Saturday. FIL, the native token that powers Filcoin’s decentralized data storage blockchain protocol, was last trading over 11% higher on the day on Saturday in the $9.30 area, having surged from closer to $8.0 on Friday.

The cryptocurrency was sent careening higher last weekend by the news that Filecoin had partnered with prestigious US university Harvard to work together on preserving digital information via decentralized technology. Between 30 July and 1 August, FIL rallied as much as 90% from under $6.0 to around $11.35, but its price action saw some consolidation this week.

FIL seems to have attracted decent demand upon a retest of its 10-Day Moving Average this week and bulls appear to be gunning for a retest of recent highs. In terms of upside resistance levels to watch out for, there is the late April low at $11.75, the 200DMA at $13.98 and then support in the $16.90 area.

FIL/USD
FIL/USD bulls regain control. Source: FX Empire

According to CoinMarketCap, FIL is over 12% higher in the last 24 hours, making it the best performing cryptocurrency in the top 50 by market capitalization.

Avalanche (AVAX) Eyes Bullish Ascending Triangle Breakout

The best-performing cryptocurrency in the top 20 by market cap over the last 24 hours on Saturday according to CoinMarketCap is Avalanche. Over this time period, the AVAX token that powers Avalanche’s blockchain has rallied around 6.0% to above the $25.50 mark.

However, AVAX is for now holding below recent highs in the $25.80 to $26.30 area and below its 100DMA at $26.76. But a bullish breakout is looking increasingly likely. AVAX/USD has formed an ascending triangle in the last few weeks and these often break to the upside.

The immediate upside target would be a test of the $28.00 support-turned-resistance area. Beyond that, there is much to stop AVAX from surging into the $30s and beyond.

AVA/USD
AVAX/USD eyes bullish breakout. Source: FX Empire

Flow (FLOW) Pulls Back After Meta Platforms Fuelled Rally

FLOW, the native token that powers the Flow blockchain, is the worst performing cryptocurrency in the top 50 by market cap in the past 24 hours this Saturday according to CoinMarketCap. Over this time period, FLOW has dipped nearly 10%. However, the recent drop is probably just a reflection of some profit-taking in wake of the stunning near-50% surge higher that the cryptocurrency enjoyed on Thursday and Friday.

FLOW was boosted earlier this week by the news that Meta Platforms will utilize the Flow blockchain in order to expand its non-fungible token (NFT) offerings. Meta this week announced an international expansion of its digital collectibles features that it successfully piloted on Instagram back in May. Meta will now support the Dapper wallet, whose creator Dapper Labs also created the Flow blockchain, as well as supporting the Coinbase wallet.

Over $2B Lost in 13 Separate Crypto Bridge Hacks This Year

Key Insights:

  • Chainalysis reports that bridges have become the top crypto security risk.
  • North Korean-linked hackers have been highly active in bridge exploits.
  • More than $2 billion has been lost from bridge attacks this year.

In a report released this week, blockchain analytics firm Chainalysis stated that vulnerabilities in cross-chain bridge protocols have emerged as the top security risk.

The firm estimates that $2 billion in crypto assets has been stolen from bridges in 13 separate exploits this year. “Attacks on cross-chain bridges account for 69% of total funds stolen so far this year,” it added.

A bridge is software usually consisting of smart contracts that enable tokens to be transferred from one network, such as Ethereum (ETH), to another, such as Avalanche (AVAX). Each blockchain ecosystem has its own token standard though Ethereum’s ERC-20 has emerged as the industry standard.

A Bridge Too Far

The report follows the hack of the Nomad bridge this week, which resulted in the loss of the protocol’s entire collateral of $190 million.

As more value flows across these bridges, they become more attractive to hackers, the report added. It also stated that hacking groups with ties to North Korea have been responsible for half the amount lost so far this year by targeting bridges and decentralized finance (DeFi) protocols.

Bridges are lucrative targets for cyber criminals because they often store funds that back the bridged tokens on the destination chain. The funds could be held in a smart contract or centralized custodian, but they become a central storage point which is the target.

Additionally, bridges are mainly experimental, and the technology hasn’t had time to mature, meaning vulnerabilities and novel attack vectors can be discovered.

The largest bridge hack to date was the Ronin bridge which was exploited for $615 million in March. Ronin allows users to transfer assets from the Axie Infinity (AXS) Metaverse game between various blockchains. In February, the Solana (SOL) Wormhole bridge was exploited for $325 million.

To protect themselves, crypto platforms have been urged to undergo rigorous auditing processes. However, even audited smart contracts can be exploited, as was the case with Web3 music streaming platform Audius which lost $6 million in a hack in July.

Although not a bridge attack, the Solana ecosystem suffered another setback this week when as many as 8,000 wallets were exploited for more than $8 million.

Crypto Market Unfazed

In previous years, multi-million dollar hacks and exploits would send crypto markets tumbling. However, they appear to be unfazed this week.

Total market capitalization has gained 2% on the day to reach $1.12 trillion. Markets remain range bound, however, with resistance proving too strong to overcome.

Bitcoin (BTC) has inched up 1.5% to $23,146, while Ethereum was trading 2.7% higher this morning at $1,654 at the time of writing.

Nomad Bridge Hackers Return $9M in USDT, USDC After $190M Exploit

Key Insights:

  • Hackers returned $9 million to Nomad after attackers abused a “chaotic” security exploit to steal $190.38 million.
  • Blockchain firm PeckShield reported that most recouped were stablecoins – USDT and USDC.
  • The funds came back after Nomad requested white hat hackers and ethical researchers to return.

In what is called one of the most extensive hacks, the cross-chain messaging bridge Nomad fell victim to a security exploit on Monday. Hackers drained $190.38 million in digital assets, including Wrapped Bitcoin (WBTC) and the USD Coin stablecoin (USDC).

As a result, the token bridge said that investigations are going “round the clock,”  with law enforcement teams. In line with it, the firm Tweeted Wednesday that it is seeking “white hat hackers” and “ethical researchers” to return funds.

The tweet read that Nomad has partnered with crypto custodian Anchorage Digital, which will accept and safeguard the returned funds. The note read,

“If you are a white hat hacker/ethical security researcher who took ETH/ERC-20 tokens with the intention of returning them, we now have a process for you to do so.”

$9 Million Returned So Far

In recent data shared by blockchain security firm PeckShield, hackers have returned $9 million of the total lost funds. This accounts to around 5% of crypto assets stolen, after Nomad revealed the fund recovery address.

 

Per PeckShield’s stats, most of the funds sent back were stablecoins, notably $3.78 million USDC and $2 million USDT. This is followed by $1.38 million in Covalent (CQT) and $1.2 million in Frax (FRAX). Multiple crypto addresses sent the stolen funds.

Nomad Bridge allows users to send and receive tokens from Ethereum (ETH) blockchain to others such as Avalanche (AVAX), Evmos (EVMOS), and Moonbeam (GLMR).

Per news reports, the Nomad blamed “impersonators posing as Nomad and providing fraudulent addresses to collect funds.”

The exploit follows the theft of blockchain bridge Harmony, which lost around $100 million in an attack in June. Majority hackers target these token bridges, given their relative new coming and inevitable bugs.

According to Nikos Andrikogiannopoulos, CEO of Metrika, an operational intelligence source for blockchain, Cross-chain bridges are “complicated” and more frequent software updates of the bridge could introduce bugs and enable exploits. He told FX Empire,

“The high rate of innovation in the crypto world and the frequent software upgrades of the multi-chain world will inevitably introduce more vulnerabilities. We need to have real-time monitoring infrastructure in place to prevent and quickly react to exploits.”

Bitcoin and ETH Price Prediction: Bulls Keep Pushing, LINK Signals Breakout To $10

Key Insights:

  • Bitcoin remained in a bullish zone above $22,000.
  • Ether (ETH) gained steadily and settled above $1,700.
  • LINK is signaling a major bullish breakout on the daily chart.

Bitcoin

After a clear move above the $23,000 level, bitcoin price followed a bullish path. There was a minor downside correction, but the bulls were active and pushed the price above $23,500.

There was a clear move above the $24,000 level and the 21 simple moving average (H1). On the upside, there is a major resistance forming at $24,420, above which bitcoin could rise towards the $25,000 resistance.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If there is a downside correction, the price might find bids near $23,850 and a connecting bullish trend line on the hourly chart. Any more losses might call for a test of $23,450.

Ethereum (ETH)

ETH also followed a similar path after it settled above the $1,600 support. There was a sharp increase above the $1,700 level and the 21 simple moving average (H1).

The price even climbed above the $1,750 level before there was a downside correction. The price is now back above the $1,725 level and facing resistance near $1,750. On the upside, the bears might remain active near the $1,770 and $1,780 levels. The next major resistance sits near the $1,850 level.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there is a downside correction, the price might find support near $1,700 and a connecting bullish trend line on the hourly chart. Any more losses might call for a test of $1,665.

Chainlink (LINK)

LINK formed a strong support base above the $5.20 level. There were multiple attempts by the bears to push the price below the $5.20 level, but the bulls protected losses.

As a result, there was a steady increase above the $5.50 and $6.00 resistance levels. There was a clear move above a major bearish trend line with resistance near $7.40 on the daily chart. The price even settled above the $7.00 level and the 21-day simple moving average.

Chainlink (LINK) Daily Chart
Chainlink (LINK) Daily Chart by FXEmpire

The price is up over 10% in a day and is now facing resistance near the $8.10 level. It seems like the price might continue to rise towards the $8.80 and $9.20 levels. The main resistance sits near the $9.65 and $10.00 levels.

ADA, BNB, and DOT price

Cardano (ADA) remained well bid above the $0.50 support. The price is now rising and approaching the key $0.545 resistance zone.

Binance Coin (BNB) also found support well above the USD 250 level. The price is now back above USD 275 and might revisit the USD 300 resistance.

Polkadot (DOT) is up 10% and trading above the $8.20 level. An immediate resistance is near $8.35, above which it could test $8.50.

A few trending coins are SOL, AVAX, and ETC. Out of these, ETC seems unstoppable and might even test the $50 resistance zone.

Chipotle to Give Away $200K in Crypto With New Online Game

Key Insights:

  • The ‘Buy the Dip’ game runs until July 31. 
  • The company will give out crypto prizes of varying amounts to 516 players in BTC, ETH, SOL, AVAX and DOGE. 
  • Last month, Chipotle began accepting 98 different cryptocurrencies as payment at its restaurants.

It seems that the most well-known Mexican grill restaurant in the world has a sense of humour. Chipotle, which is famed for its burritos, quesadillas and tacos, is encouraging customers to buy the dip with a new online game that will give away more than $200,000 in crypto.

As a homage to National Avocado Day, the ‘Buy the Dip’ game runs until July 31 and will offer crypto prizes that range in cash value.

Buy the Dip, Literally

According to Chipotle, customers can play the online game using their rewards accounts with a chance to win $45,000 in Bitcoin (BTC), $10,000 in Ethereum (ETH), $13,750 in Solana (SOL), $14,250 in Avalanche (AVAX) and $14,250 in Dogecoin (DOGE). This means that players will need to log in or sign up for the Chipotle Rewards loyalty program in order to participate in the giveaway.

The company will give out crypto prizes of varying amounts to 516 players, while around 700,000 people will receive coupons for free food.

Notably, each account is allowed three plays per day and Chipotle has confirmed that it will hand out prizes based on the exchange rate of the day as opposed to the exchange rate at the end of the campaign.

Overall, five customers per day will receive $2,000 BTC. Another five will get $1,000 ETH, five more will get $250 SOL and 20 players will each be rewarded with $150 in AVAX or $150 in DOGE.

The term ‘buying the dip’ is a common phrase used by investors that refers to the practice of purchasing an asset after it has declined in value, with the hope that it is likely to rise again following the price drop and a profit can be made if the market rebounds. The concept is based on the theory of price waves.

New Payment Options

This is not Chipotle’s first foray into the cryptocurrency space. Last month, the fast-casual restaurant chain began accepting 98 different cryptocurrencies as payment at its restaurants.

The company partnered with digital payments platform Flexa to incorporate 3,000 of its restaurants in the United States into such plans.

Prior to this, Chipotle became the first U.S. restaurant brand to launch a cryptocurrency giveaway through its ‘Burritos or Bitcoin’ initiative. The scheme gave away $100,000 in BTC as part of a promotion for National Burrito Day in April last year.

Other mainstream fast food chains that have launched similar giveaways in the U.S. include Burger King which last year partnered with stock trading app Robinhood to give away crypto as prizes to members of its Royal Perks loyalty program from a pool of 20 BTC, 200 ETH and 2 million DOGE.

Similarly, McDonalds’ China arm released a set of 188 non-fungible tokens (NFT) in October last year to celebrate its 31st anniversary on the Chinese market, while its U.S. operations has filed multiple trademark applications for a virtual restaurant indicating an entry into the metaverse.