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🗞 Market Wrap: Bitcoin Falls to $12.7K as Global Equities Falter; Ethereum Fees Continue to Drop
Bitcoin’s price fell Monday on larger macroeconomic concerns while lower Ethereum fees benefit hardcore DeFi users.
Bitcoin (BTC) trading around $13,011 as of 20:00 UTC (4 p.m. ET). Slipping 0.33% over the previous 24 hours.
Bitcoin’s 24-hour range: $12,773-$13,250
BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.
“I think that it is possible to keep around $13,000 for the short term,” said Willock. “There will likely be some traders looking to close out longs from the recent run-up that might cause a minor retrenchment,” he added.
While bitcoin has dipped when equities slump of late, the bellwether of cryptocurrency has performed much, much better than stocks over the balance of 2020.
Ether fees keep dropping
On Saturday, Oct. 17, the daily average fee on the Ethereum network hit a three-month low, at 0.00246199 ETH. That’s a level not seen since July 12 when the average was 0.00211437 ETH. Fees, which are trending back up from Sunday’s low, are required on Ethereum to send transactions, including to smart-contract based DeFi platforms.
🗞 Harvest Finance: $24M Attack Triggers $570M ‘Bank Run’ in Latest DeFi Exploit
An arbitrage trade exploiting weak points in decentralized finance (DeFi) protocol Harvest Finance led to some $24 million in stablecoins being siphoned away from the project’s pools on Monday, according to CoinGecko.
According to reports, an attacker used a flash loan – a technique that allows a trader to take on massive leverage without any downside – to manipulate DeFi prices for profit. The exploit sent the platform’s native token, FARM, tumbling by 65% in less than an hour, followed by the project’s total value locked (TVL), which dropped from over $1 billion before the exploit to $430 million as of press time.
Flash loans strike again
The exploit itself was executed by a series of arbitrage trades between DeFi protocols Uniswap, Curve Finance and Harvest Finance, according to Etherscan. The attacker began by taking out a $50 million USDC flash loan from Uniswap. Then they began swapping between USDC and tether (USDT) to cause the two tokens’ prices to swing wildly.
Interestingly, some $2.5 million was sent back to the Harvest Finance contract. The developer team said the funds would be distributed pro rata to affected users. The token’s price has slightly rebounded, down 49% in 24 hours to $126.82, according to CoinGecko. The exploit joins a grouping of similar flash loan–based arbitrage trades conducted against DeFi applications in 2020. For example, lending platform bZx was the first to be hit by a flash loan exploit in February 2020.
🗞 Whale alert — crypto user moves $1.1B in Bitcoin
With Bitcoin's price continuing to hold close to $13,000, one crypto wallet has moved more than $1 billion of the digital asset.
According to on-chain data, a Bitcoin (BTC) wallet holder moved more than 88,857 BTC — worth roughly $1.15 billion — for a fee of only 0.00027847 BTC, or $3.58 at time of publication. The coins were confirmed in block 654,364 on Oct. 26.
Data from analytics platform CrystalBlockchain appears to show that the user sent the coins from an address labeled as a Xapo Bitcoin wallet. Because Coinbase Custody acquired Xapo’s institutional business in 2019, it is possible that the $1.1 billion in Bitcoin originated from the U.S.-based exchange.
This transaction is the largest movement of any cryptocurrency by fiat value, with the Bitfinex exchange setting the previous record in April. It transferred 161,500 BTC — $1.1 billion at the time — for a fee of only $0.68.
🗞 Audius Distributes Crypto to RAC, Deadmau5 Listeners
The blockchain-based music platform sent 50 million in AUDIO tokens to its “top 10,000 artists and fans."
Audius, the blockchain-based music platform that launched with a star-studded concert featuring deadmau5 and RAC, must think the party is just getting started.
On Friday, it retroactively sent 50 million in AUDIO tokens to the “top 10,000 artists and fans” on the platform, which includes big names such as deadmau5, RAC, and Skrillex.
The AUDIO governance token allows holders to vote on the future of the platform as well as unlock access to artists via a Discord server. The stated idea is to disintermediate the music industry and rebalance power toward artists.
However, Friday’s distribution is just 5% of the initial token supply of 1 billion. A further 406 million (40.6%) go to Audius’ team and advisors, some of whom are artists—including the aforementioned deadmau5 and RAC. Another 360 million head to investors, and 178 million earmarked for a treasury that the community controls.
🗞 Daily Crypto Calendar, October, 27th💰
OMG Network (OMG)
"OMG: Tuesday, 27 October at 12:00 AM UTC"
Tael (WABI)
"Product & tech & features update (every Tuesday)"
Fuse Network Token (FUSE), Kyber Network (KNC)
"Planned Listing Date: Tue, 27 Oct, 9pm SGT."
Aragon (ANT)
"The token upgrade will start Tuesday, October 27th. "
Ocean Protocol (OCEAN)
"Ocean Protocol V3 launches tomorrow!"
KardiaChain (KAI)
"Trading for KAI/USDT and KAI/BTC: 22:00 on October 27, 2020 (UTC+7)"
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