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After the large options expiry last Friday, BTC has remained in the red for the past three days, and is likely to extend its decline after breaching the key bullish trendline at the $61.5k level. However, not all is doom and gloom. The prevailing narrative in the market is that of rotation, with large volumes of near-term ETH options being bought over in the past few days, and many altcoins seeing parabolic run-ups in the wake of recent bullish news. MANA, the token powering the Ethereum-based metaverse game Decentraland, soared as much as more than 150% after Meta (once Facebook) officially announced its foray into the metaverse space. Many other metaverse tokens saw similar gains, leading the Metaverse Index token, a tokenized index fund that tracks the prices of top metaverse tokens, to jump by 20% overnight.
On Saturday morning (Oct. 30, 2021), several investors woke up to the cruel reality of losing nearly $60 million in a project that claimed to be a fork of OlympusDAO, a protocol-owned liquidity model that was so successful it inspired a handful of copycats. AnubisDAO, a canine-themed cryptocurrency inspired by the Egyptian deity Anubis, quickly attracted a $60 million investment during its initial token sales. However, just twenty hours into the sale, all liquidity in the pool was drained after an alleged PDF phishing attack on the founder, sending Anubis swiftly back to the underworld, along with all its poor victim's hard-earned monies.