AI Summary
Show More
Quickly grasp the article's content and gauge market sentiment in just 30 seconds!
As BTC continues to linger below the $57k level amid investor passivity, its UXTO-realized price distribution chart is hinting at the presence of multiple lower nodes of volume in the $30k-$50k range and a cluster of moderately higher nodes between $56k to $58.3k, with the latter constituting an immediate price wall against sudden plummets. Said price wall is further bolstered by whale movements that took place in the aftermath of the Black Friday dip, as can be seen from the dense cycles above the $55.8k mark on the whale map. Additionally, many holders who bought in at the $35-$50k range are also still sitting in profit, and will likely hold despite the general gloom overshadowing the global financial markets. Meanwhile, ETH has retraced slightly from the $4,600 level, and continues to trade in a narrow range. Despite the fact that transaction activity on Ethereum has dwindled from past highs, the total value locked in decentralized finance (DeFi) protocols has now reached a new all-time high of above $250 billion. Ethereum's declining dominance within the DeFi space suggests that capital is rotating into alternative L1 ecosystems, with leading networks such as Solana, Terra, and Avalanche the main (and deserved) benefactors.
BadgerDAO, a decentralized protocol that allows for BTC to be used as collateral across decentralized finance (DeFi) applications, has suffered a severe attack on Thursday that resulted in $120 million worth of cryptocurrencies being taken from the protocol's yield vault platform. BadgerDAO has since put a halt to withdrawals in their bid to prevent further losses, and is actively working with authorities to get to the bottom of the hack. If we were to go by the BadgerDAO community's speculation, the hacker was able to pull the attack off by targeting vulnerabilities within the website's user interface, an attack vector that is not commonly seen. The price of the protocol's governance token, BADGER, plummeted by 17% in the hours after the attack. This incident adds another unfortunate name to the long list of DeFi protocols that have fallen victim to hacks or exploits in 2021, with the total amount of funds lost by said protocols to hacks and exploits already amounting to a whopping $10.5 billion in this year alone.