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Bitcoin to be integral to Twitter’s future, THORChain exploited (again)

2021.07.23 Adam James

The cryptocurrency market is trying to end the week on a solid note by holding on to gains made after a strong mid-week bounce. 

The cryptocurrency market is looking to end the workweek on a positive note after a strong mid-week rally. As of the time of this writing, the global crypto market capitalization is up more than 2%, per data from CoinGecko, while the price of leaders BTC and ETH are up 1% and 3.5%, respectively.

Among major altcoins, UNI and OKB are leading the charge after gaining more than 7% each.

The cryptocurrency market is trying to hold to gains sustained after a strong mid-week bounce. Source: Coin360

Helping BTC sustain its gains today is the news that Twitter CEO Jack Dorsey believes Bitcoin is the "best candidate" to become the internet's "native currency." In a Q2 earnings call, the social media giant's founder also shared his belief that Bitcoin will be a "big part" of Twitter's future, stating:

"I think there is a lot of innovation above just currency to be had, especially as we think about decentralizing social media more and providing more economic incentive. So I think it's hugely important to Twitter and to Twitter shareholders that we continue to look at the space and invest aggressively in it."

At the same time, JPMorgan Chase has greenlit the ability for wealth-management advisors to invest in crypto funds — specifically Grayscale and Osprey's offerings — on their clients' behalf.

THORChain exploited for third time in July

Leading headlines in the decentralized finance sector today is the $8 million hack of THORChain — its third exploit of the month.

In basic terms, an attacker was able to trick THORChain into thinking they had deposited funds — despite having not deposited anything — and subsequently received a refund.

The attack actually could have been much worse, according to the hacker themselves. The attacker wrote in one of the transaction's input data fields that the exploit was meant to teach a lesson — namely, not to "rush code that controls 9 figures."

After July's three exploits, THORChain's losses currently stand at $13 million — though, the situation continues to develop.

THORChain currently holds more than $101.75M worth of assets. Source: Defi Llama

Top altcoin gainers and losers: CEL takes biggest hit among large-caps

  • HEGIC/USDT +56.86%
  • SAND/USDT +19.43%
  • COVER/USDT +17.92%
  • ANW/USDT -7.12%
  • CEL/USDT -7.20%
  • BOX/USDT -14.78%

The vast majority of OKEx's top gainers today are altcoins with market capitalizations under $1 billion. Far down the list, however, is STX, which has added nearly 6% to its valuation today — per the exchange's default time settings.

On the losing end of the spectrum, major altcoin CEL is the fourth worst-performing altcoin of the day.

CEL is the worst-performing major altcoin on OKEx today. Source: OKEx

BTC technical analysis: More bid support potentially added lower

In an effort to reflect what we believe to be more indicative of the current market conditions, we have moved the outlined area of buy interest (green) on the BTCUSDT chart down. The price of the foremost cryptocurrency has caught bids and bounced from this area — or just above — on multiple occasions. It now stands to reason that bidders may look to trap short sellers on any premature attempt to short a capitulatory move — especially with plenty of bids on the order books.

That said, 34,000 USDT still needs to be surpassed before bulls may start to make substantive claims that the long-term bottom might be in.

OKEx's BTC/USDT 4h chart — 7/23. Source: OKEx, TradingView

ETH technical analysis: Up only since bouncing against BTC

The price of ETH against BTC has essentially moved up in a straight line since bouncing above the bottom of a large descending triangle. The leading altcoin is now running up against resistance at the top of said triangle, so traders will be anxiously watching to see how the generally bearish pattern resolves with EIP-1559 coming rapidly into view.

OKEx's ETH/BTC 4h chart — 7/23. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.