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Crypto Highlights: Your Top Stories Today, August 7

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It is another hectic day in the crypto world. Bitcoin and other major digital currencies have been on a rollercoaster.

There’s also been plenty of drama in the DeFi space, with new projects launching and old ones facing challenges.

Let’s dive into the details of what’s been making headlines.

Key Highlights

Hackers stole money from another DeFi project. This comes after a big hack last week.

Big investors have purchased $23 billion worth of Bitcoin.

Meanwhile, a famous Bitcoin supporter compared owning Bitcoin to buying a massive piece of land.

Another DeFi Disaster: Nexera Hacked for $1.5 Million

The DeFi world is once again in turmoil after another major hack.

This time, hackers targeted Nexera, a platform that’s trying to bridge traditional finance and crypto.

 Source: X Post

Hackers exploited Nexera’s smart contract and stole $1.5 million worth of its tokens.

This attack comes just a day after the Ronin Network was hacked for millions of dollars.

crypto chart 2

Source: PeckShieldAlert X Post

While the Ronin hackers eventually returned the stolen funds, there’s no sign of that happening in the Nexera case.

Experts are worried about the increasing number of DeFi hacks.

They’re finding links between this attack and other recent cybercrimes.

These experts suggest that the same group of hackers might be behind multiple incidents. Moreover, the trend highlights the severe security challenges facing the DeFi industry.

Big Investors Are Bullish on Bitcoin: $23 Billion Accumulation in a Month

Big players in the Bitcoin game are making a big move.

According to data from CryptoQuant, a company that tracks crypto transactions, a special group of long-term Bitcoin holders, called “permanent holder addresses,” have been buying much of Bitcoin lately.

Over the past month, these addresses have accumulated almost $23 billion worth of Bitcoin.

Crypto chart

CryptoQuant – Source: X Post

Ki Young Ju, the CEO of CryptoQuant, made this post via the X platform.

He says that 404,448 Bitcoin ($22.8 billion) has been moved into these permanent holder addresses within the last 30 days.

Ki Young Ju believes this is a clear sign that big investors are increasingly confident in Bitcoin’s future.

Further, he predicts that big companies, banks, and even governments might soon announce that they’ve bought Bitcoin.

He also thinks regular investors might regret not buying Bitcoin.

Saylor’s Bitcoin Vision: A New Era of Crypto Accumulation

Bitcoin supporter Michael Saylor is making waves again in the crypto space.

In a recent CNBC interview, Saylor compared buying Bitcoin to the US government’s purchase of the Louisiana Territory in 1803.

Saylor believes Bitcoin is a valuable asset that will be worth a lot more in the future.

Just like the US government bought a massive piece of land back then, Saylor thinks the government should buy Bitcoin now.

He wants the US to own a big chunk of Bitcoin, similar to how it holds gold.

“Bitcoin is scarce, desirable digital property. It’s a great idea to trade a little bit of currency or paper for someplace that billions of people are gonna want to be in 100 years,” says Saylor.

Saylor’s company has already bought a lot of Bitcoin, and he thinks other big investors should do the same.

Moreover, he supports a new law, the BITCOIN ACT, which could allow the US government to buy Bitcoin.

Saylor’s comments have sparked a new debate about cryptocurrencies’ role in the global economy.

Some people agree with Saylor, saying Bitcoin is a good investment for the future.

Others are more cautious, pointing out the risks of investing in something new and unpredictable.

Japan’s Interest Rate Hike Triggers Crypto Crash

The crypto market took a big hit recently, losing a huge chunk of its value.

CoinGlass report shows that more than $1 billion was liquidated within this period.

The main reason for this crash wasn’t something happening in the crypto world but in Japan.

Japan decided to raise its interest rates after keeping them very low for a long time.

This change made it more expensive for people to borrow money in Japan.

Source: CoinGlass

Many investors had been borrowing money cheaply in Japan to invest in other markets, including crypto.

However, these investors had to pay back more money when the interest rates went up.

To do this, they had to sell their investments, including cryptocurrencies.

This massive selling caused the price of Bitcoin and other cryptocurrencies to drop sharply.

As prices fell, more people started selling out of fear of losing more money.

This made the situation even worse.

But there might be a silver lining. With prices lower, some people see this as a good opportunity to buy crypto at a discount.

Conclusion

Today’s crypto market has been a whirlwind of events. There’s no shortage of drama, from devastating hacks to massive investments and unexpected market crashes.

While the future of the crypto industry remains uncertain, these events highlight the need for more robust security measures in DeFi.

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