$BTC 24 Hour High $23,650 / Low $23,075 | $BTC +1.1% Past 24 hours; +0.5% Past 7 days
Solana underperformed the market as more than 8,000 Solana wallets were drained of over $5m USD worth of crypto. Several validation nodes were made offline as they also experienced DDoS attacks during the time. Initial finding points to Slope Finance and not a compromise of the Solana protocol.
Equities, Commodities & Macro
Asia markets look to move higher today following the US markets overnight. However, economists start to take a closer look at Pakistan and Bangladesh as they are struggling to repay debts. If they follow the footsteps of Sri Lanka, the domino effect may resemble what happened to the market in the Asia Financial Crisis back in 1997.
Bitcoin (Support / Resistance at $21,500 / $25,600)
- BTC flirts around $23K despite SOL hack that dented market sentiment in the space. Equities strength overnight lent support with BTC’s correlation to tradfi back to high level of 0.9.
- Bear flag still present, immediate support at 200 WMA ($22,790). Short-term bearish and likely to see prices testing lower bands of flag around $21,500.
- Need a meaningful move above the upper limit of flag and also where 1M EMA ($25,600) is sitting in-order to invalid our view and see the return of upside momentum.
Digital Assets Market
- Total crypto market capitalization stands at $1.1T, -0.2% from yesterday
- $BTC is +1.3% at time of writing; 24H liquidations and funding rates: 29.61M, +0.001653%
- $ETH is +2.1% at time of writing; 24H liquidations and funding rates: 45.47M, +0.016908%
- Stablecoins market dominance: USDT 43.60%; USDC 35.70%; BUSD 11.76%; DAI 4.56%
Alts and DeFi watch
- DeFi TVL: $87.4B (-0.0% over last 24 hours)
- $SOL +2.7% in the last 24 hours, -3% in the past week
- $SHIB +2.5% in the last 24 hours, +3.9% in the past week
- $ADA +3.1% in the last 24 hours, -0.4% in the past week
- $ENJ +9.3% in the last 24 hours, +9.5% in the past week
More news that caught our eye
- Solana Hack Blamed on Slope Mobile Wallet Exploit
- U.S. Senators seek to grant CFTC control over crypto regulation
- Alchemy expands its infrastructure into Polkadot ecosystem via deal with Astar
- ZB.Com Latest Victim of a Hot Wallet Hack
- Africa’s crypto adoption numbers continue to break records as blockchain investment grows