Bitcoin at a decision point, exploit of Solana-based wallets and the Nomad fiasco: this week’s crypto recap

The past seven days haven’t brought any positive developments, at least in terms of pricing, as the cryptocurrency’s total market cap declined by around $35 billion. This is due to BTC and ETH failing to clear critical resistance levels and currently circulating below them.

At this time last week, Bitcoin was priced firmly at around $24,000 and we saw the cryptocurrency make an attempt to rally towards $25,000 on Saturday. Unfortunately for the bulls, the sellers stepped up and sent the market into a correction that saw BTC lose about 2.5% of its value over the past seven days.

Many of the other coins followed suit, with some obvious exceptions. For once, FLOW seems to be the best performer of the week, posting a staggering rise of around 55%, all in the last 24 hours. That’s 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 Ethereum co-founder Vitalik Buterin, corporate attempts to create the metaverse (like Meta’s apparent efforts in that direction) are going nowhere.

The most influential event this week was undoubtedly the widespread attack on wallets on the Solana network. Over 8,000 hot wallets were compromised and users saw their funds withdrawn directly. The team confirmed that this is not an issue with the Solana network, but the cryptocurrency price suffered nonetheless.

Speaking of hacks, the Nomad Bridge was also exploited. Interestingly, the hacker posted the script on a public Discord group and anyone could copy and paste it to pull funds from the bridge. The team is now offering a bounty for the return of the $190 million withdrawn.

Elsewhere, institutions could dive back into the industry, analysts at Nansen hinted in an exclusive interview with EthCC 5’s CryptoPotato in Paris. This was further evidenced by the fact that Fairfax County Retirement Systems, which operates Virginia’s retirement fund, which consists of over $6.8 billion, invested an additional $70 million in two different cryptocurrency income farming funds.

The general market mood has also improved significantly in recent weeks. The cryptocurrency fear and greed index is currently at 31. While this is still considered to be in the “fear zone,” we are at least outside the “extreme fear” zone.

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

All in all it’s been an interesting week and very exciting to see what will happen in the future as prices seem to be reaching a point of focus.

market data

Market Cap: $1,134 billion | 24-hour band: $83 billion | BTC dominance: 39.1%

Bitcoin: $23,204 (-2.5%) | ETH: $1,668 (-3.2%) | ADA: $0.51 (+0.3%)

This week’s crypto headlines you can’t miss

Thousands of wallets compromised in ongoing Solana-based hack. 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 $70M in Crypto Loans The Fairfax County Retirement Systems dives deeper into the cryptocurrency space. The institution, which has over $6.8 billion in assets under management, has about $70 million invested in two different crypto income funds.

Bitcoin’s next bull run in 2024 is predicted by Morgan Creek’s Mark Yusko. According to Morgan Creek Capital Management CEO Mark Yusko, BTC will enter its next bull run sometime in 2024. The main reason for this, somewhat unsurprisingly, would be the halving.

Corporate attempts to create the metaverse that leads 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 not really effective. Still, he believes this is a concept that “is going to happen.”

BlackRock opens up Coinbase for institutional crypto trading and custody services The world’s largest wealth manager, BlackRock, has tapped Coinbase to offer cryptocurrency trading and custody services to its institutional clients. The collaboration was announced earlier this week – on August 4th.

Bitcoin has already bottomed this cycle, says Anthony Scaramucci. Anthony Scaramucci, the founder of SkyBridge Capital, does not expect BTC to fall below $17,500 again. He claims that its fair value should be around $40,000, which is almost a 100% increase from current levels.

charts

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

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