Solana and Nomad bridge fall prey to exploits losing millions

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. This past week, the DeFi ecosystem saw two exploits one after another resulting in the loss of millions of dollars. First, cross-bridge token platform Nomad became a victim of what many deemed a decentralized robbery that saw almost $190 million drained out of their wallets. Solana ecosystem became the victim of a widespread unknown attack that saw thousands of wallets getting drained out of…

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Polygon gains 83% in a month, but data show project has been losing traction

Polygon (MATIC) had a promising July, gaining an impressive 83% in 30 days. The smart contract platform uses layer-2 scaling and aims to become an essential Web3 infrastructure solution. However, investors question whether the recovery is sustainable, considering lackluster deposits and active addresses data. MATIC/USD on FTX. Source: TradingView According to Cointelegraph, Polygon rallied after being selected for the Walt Disney Company’s accelerator program to build augmented reality, nonfungible token (NFT) and artificial intelligence solutions. Polygon announced on July 20 plans to implement a zero-knowledge Ethereum Virtual Machine (zkEVM), which…

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BTC price snaps its longest losing streak in history — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week with some fresh hope for hodlers after halting what has been the longest weekly downtrend in its history. After battling for support throughout the weekend, BTC/USD ultimately found its footing to close out the week at $29,900 — $450 higher than last Sunday. The bullish momentum did not stop there, with the pair climbing through the night into June 6 to reach multi-day highs. The price action provides some long-awaited relief to bulls, but Bitcoin is far from out of the woods at the…

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Anonymous culture in crypto may be losing its relevance

Crypto has inherited many values that were popularized in the early days of the internet.  Many participants in the crypto space have been anonymous since the beginning of Bitcoin (BTC), since using this digital money offers a certain degree of anonymity so long as nobody knows the public address of the user. The true identity of its creator, Satoshi Nakamoto, remains unknown to this day. The most recent wave of innovation spearheaded by decentralized finance (DeFi) and nonfungible token (NFT) projects have anonymous teams that maintain their general right to…

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Bitcoin to set a new record 9-week losing streak with BTC price down 22% in May

Bitcoin (BTC) threatened to continue an unprecedented losing streak on May 29 as BTC/USD stayed in a right intraday range. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Stocks correlation offers no comfort to BTC bulls Data from Cointelegraph Markets Pro and TradingView flagged the largest cryptocurrency heading for nine weeks of downtrend in a row — the most in history. Already at a dubious record, Bitcoin’s weekly chart closes provided the backdrop to weakness that continued to disappoint analysts over the weekend. Even stock markets, troubled by central bank tightening, managed…

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First 7-week losing streak in history ― 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week under $30,000 as the battle to save the market from fresh lows grinds on. After hitting its highest since the Terra LUNA crash last week, the largest cryptocurrency nonetheless continues to fail to reclaim $30,000 as support. What could be in store this week? The potential for major upheaval from macro players, notably the United States Federal Reserve, is shapeshifting this week ahead of the World Economic Forum. At the same time, internal crypto market pressure remains as the implications of LUNA’s collapse continue to play…

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First 6-week losing streak since 2014 — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts the second week of May 2022 by bringing up bearish ghosts from its past — how much worse could the picture get for hodlers? After falling to nearly $33,000, the largest cryptocurrency is giving market participants, new and old, a run for their money, and the fear is palpable. A brutal combination of macro cues, which are set to continue this week and beyond, forms the backdrop for some historical chart retests that no one wanted to see again. As calls for capitulation continue, there is still…

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Ethereum Losing Pace, What Could Trigger Another Increase

Ethereum is consolidating below the $3,450 resistance against the US Dollar. ETH price could resume increase if it stays above the $3,250 support. Ethereum is showing positive signs above the $3,350 support zone. The price is now trading above $3,300 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $3,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it clears the $3,440 and $3,450 resistance levels. Ethereum Price Remains Supported Ethereum extended…

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Bitcoin bulls risk losing $365 million upon Friday’s BTC options expiry

Bitcoin’s (BTC) price action hasn’t been bullish despite the $69,000 all-time high on Nov. 10. Some argue that that descending channel formed 40 days ago is the dominant trend, and $56,000 marks its current resistance. BTC/USD price on FTX. Source: TradingView Such bearishness follows scrutiny from United States regulators, after a Nov. 1 report from the President’s Working Group on Financial Markets suggested that stablecoin issuers in the U.S. should be subject to “appropriate federal oversight,” similar to banks and savings associations. On Nov. 12, the Bitcoin-backed exchange-traded fund (ETF)…

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Big bullish pattern on US dollar index chart puts Bitcoin at risk of losing $30K

Dollar traders have kept a close eye on a potentially bullish “inverse head-and-shoulders” pattern building in the U.S. dollar index (DXY) chart. Meanwhile, the smell of a stronger greenback is weakening Bitcoin’s (BTC) upside case, especially as the flagship cryptocurrency struggles to break out of its current $30,000-35,000 trading range. Three troughs, one price ceiling In detail, the inverse head-and-shoulders (IH&S) pattern forms after a downtrend. It contains three successive troughs, with the middle trough (head) being the deepest than the other two (shoulders). Ideally, the two shoulders are of…

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