Bitcoin failed to overcome $79,000, but a potential bear trap formed as $1.4 billion in short positions face liquidation at $80,000. Will spot market demand be the trigger?
Hedera-based lending protocol Bonzo Lend lost approximately $9 million after an attacker manipulated the price of SAUCE collateral via a flaw in Supra's oracle verifier. The exploit allowed the attacker to borrow significantly more assets than deposited, highlighting risks in DeFi protocols.
New analysis suggests US-based whales are driving Bitcoin's (BTC) price rebound to $64,000. The Coinbase Premium Index, a key indicator of demand on the largest US crypto exchange, shows signs of recovery, bouncing off local lows and reclaiming its 14-day moving average, though still in negative territory.
Decentralized finance (DeFi) tokens have shown unusual resilience against Bitcoin's decline in June, with Bitwise suggesting a market re-rating of the sector. Despite a 22% drop in Bitcoin, DeFi tokens tracked by Bitwise fell only 4%. This stability is attributed to institutional adoption, improving token economics, and real institutions building on protocols like Morpho and Jupiter.
Bitcoin surged past $63,000 but faces potential correction due to rising US Treasury yields and a $1.4 billion options expiry. While ETF outflows were noted, balanced options demand suggests support at $62,000, with AI sector strength drawing capital from other assets.
A crypto user lost nearly $1 million in USDT on Ethereum after signing a phishing token approval. This incident highlights the ongoing threat of social engineering scams in the crypto industry, which have already resulted in hundreds of millions in losses this year.
Decentralized finance analytics platform Zapper announced it will cease operations on August 3rd, citing falling demand as the primary reason. The platform, which once served over 2 million monthly active users and processed billions in transactions, joins a growing list of crypto firms folding amid a market downturn and reduced venture capital funding.
