Bitcoin at a Decision Point, Solana-Based Wallet Exploits, and the Nomad Fiasco: This Week’s Cryptocurrency Recap

The past seven days have not brought any positive developments, at least in terms of prices, as the total market capitalization of cryptocurrencies has dropped by about $ 35 billion. This stems from the fact that BTC and ETH fail to break through critical resistance levels and currently circulate below them.

This time last week, Bitcoin’s price was firmly set at around $ 24,000 and on Saturday we saw the cryptocurrency attempt to climb to $ 25,000. Unfortunately for the bulls, sellers have risen and sent the market to a correction that has resulted in BTC losing around 2.5% of its value over the past seven days.

Many other coins followed suit, with some obvious exceptions. FLOW, for once, appears to be the best of the week, recording a staggering 55% increase, all in the past 24 hours. This is no surprise. Meta (formerly known as Facebook) announced yesterday that the company will integrate the Flow blockchain to further expand the NFT universe for its users. This is interesting because, according to Vitalik Buterin, the co-founder of Ethereum, corporate attempts to create the metaverse (like Meta’s obvious efforts in this direction) are going nowhere.

The most impactful event this week was undoubtedly the widespread wallet attack on the Solana network. Over 8,000 hot wallets were compromised, with users having their funds dried up directly. The team confirmed that this is not an issue with the Solana network, but the price of the cryptocurrency still suffered.

Speaking of hacks, the Nomad Bridge was also used. Interestingly, the hacker posted the script to a public Discord group and everyone could copy and paste it to drain funds from the bridge. The team is now offering a bounty for the return of the $ 190 million that was drained.

Elsewhere, institutions could once again dive into the industry, as suggested by Nansen analysts in an exclusive interview with EthCC 5’s CryptoPotato in Paris. This was further demonstrated by the fact that Fairfax County Retirement Systems, which manages the Virginia pension fund of more than $ 6.8 billion, has invested an additional $ 70 million in two different cryptocurrency production funds.

The broader market sentiment has also improved a lot over the past couple of weeks. The cryptocurrency fear and greed index currently stands at 31. Although it is still considered to be in the “fear zone”, at least we are out of the “extreme fear” zone.

Speaking of improving market sentiment, some big investors also seem to think Bitcoin is out of the woods. For example, Anthony Scaramucci, founder of SkyBridge Capital, believes the cryptocurrency will not dip back below this year’s lows.

All in all, it has been an interesting week and it is very exciting to see what will happen in the future, as it appears that prices are reaching a focal point.

Market data

Market cap: $ 1.134 billion | Vol 24 hours: $ 83 billion | BTC dominance: 39.1%

BTC: $ 23,204 (-2.5%) | ETH: $ 1.668 (-3.2%) | ADA: $ 0.51 (+ 0.3%)

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This week’s cryptocurrency stocks not to be missed

Thousands of wallets compromised in ongoing Solana-based hacking. In what appears to be the latest widespread attack in the cryptocurrency industry, thousands of wallets in the Solana ecosystem have been compromised. According to the developers, this was not a problem with Solana, but rather an exploit aimed at stealing users’ private keys.

Virginia Pension Fund invests $ 70 million in crypto loans. Fairfax County Retirement Systems is diving deeper into the cryptocurrency field. The institution that manages over $ 6.8 billion in assets has invested approximately $ 70 million in two different cryptocurrency funds.

Bitcoin’s next bull run coming in 2024 predicts Mark Yusko of Morgan Creek. According to Mark Yusko, CEO of Morgan Creek Capital Management, BTC will enter its next bull run in 2024. The main reason for this, not surprisingly, would be the halving.

Corporate Attempts to Create the Metaverse That Goes Nowhere: Vitalik Buterin. One of the co-founders of Ethereum, Vitalik Buterin, believes that the current attempts by large companies to create a metaverse are going nowhere. Despite this, he thinks this is an “about to happen” concept.

BlackRock leverages Coinbase for institutional cryptocurrency trading and custody services. The world’s largest asset manager, BlackRock, has leveraged Coinbase to offer cryptocurrency trading and custody services for its institutional clients. The collaboration was revealed earlier this week, August 4th.

Bitcoin has already hit rock bottom in this cycle, says Anthony Scaramucci. Anthony Scaramucci, the founder of SkyBridge Capital, doesn’t expect BTC to drop below $ 17,500 again. He argues that its fair value should be around $ 40,000, which represents a close to 100% increase from current levels.

Graphs

This week we have a chart analysis of Ethereum, Ripple, Cardano, Solana and Ethereum Classic – click here for the full price analysis.

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