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Bitcoin Magazine Pro launches The Bitcoin Report, a monthly digest offering key insights into Bitcoin trends. From on-chain analysis to price forecasts, its a must-read for investors. The inaugural August edition is free to download.
Crypto asset manager Grayscale has published an in-depth report outlining sectors poised for bullish growth in the final quarter of the year amid a notable recovery in the cryptocurrency market, particularly for major players such as Bitcoin (BTC) and various altcoins, which have reached price levels not seen in over two months. Grayscale Highlights Key Trends In Crypto In its Thursday report, Grayscale updated its Crypto Sectors Indexes, showcasing emerging themes within the digital asset industry. Key trends include the rise of decentralized artificial intelligence (AI) platforms, efforts to tokenize traditional assets, and the growing popularity of memecoins. Notably, Bitcoin and the cryptocurrency sector have outperformed other market segments in 2024, likely due to the successful launch of spot Bitcoin exchange-traded products (ETPs) in the US earlier this year and favorable macroeconomic conditions following the Federal Reserve’s (Fed) interest rate cut on 18 September. Related Reading: Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here? While gaining 13% this year, Ethereum has underperformed Bitcoin but still surpassed many other cryptocurrencies. Grayscale’s Crypto Sectors Market Index (CSMI) has seen a slight decline of about 1% year-to-date, with the Smart Contract Platforms Crypto Sector Index down approximately 11%, making Ethereums performance relatively stronger than its peers. Despite its challenges, the asset manager finds that Ethereum remains the Smart Contract Platforms sector leader, boasting the highest number of applications, developers, and fee revenue. Top 20 Cryptocurrencies For Upcoming Quarter In producing its quarterly Top 20 list of cryptocurrencies, Grayscale thoroughly analyzes hundreds of digital assets. This list represents a diversified selection of assets with high potential for the upcoming quarter. Among those highlighted by the firm are standout performers such as Sui (SUI), Bittensor (TAO), Optimism (OP), Helium (HNT), Celo (CELO) and the UMA Protocol (UMA). However, below is the full list with other assets beyond these to which Grayscale pays particular attention. Sui, a third-generation blockchain created by former Meta engineers, has made waves following a recent network upgrade that enhanced its transaction speed by 80%, surpassing Solanas capabilities. Optimism, an Ethereum Layer 2 solution, plays a critical role in scaling the Ethereum network. It has developed a framework called the Superchain, which is utilized by platforms like Coinbases Layer 2 BASE. Celo and UMA are capitalizing on unique trends, with Celo focusing on stablecoin use and payment solutions in developing regions, particularly in Africa. The platform recently surpassed Tron in stablecoin usage, while UMA serves as an oracle network for decentralized applications like Polymarket. Related Reading: MicroStrategys Bitcoin Bet Pays Off In Multiple Ways As Stock Surges 317% Helium’s inclusion in the Top 20 reflects Grayscale’s preference for category leaders with sustainable revenue models. The project has established itself as a leader in decentralized physical infrastructure networks (DePIN), growing its network to over one million hotspots and generating significant fee revenues. Bittensor, which focuses on the intersection of AI and crypto, has recently gained recognition within Grayscale’s framework due to improvements in market structure, offering a decentralized platform for AI innovation. In this quarters adjustments, Grayscale has rotated out several assets, including Render, Mantle, ThorChain, Pendle, Illuvium, and Raydium. While Grayscale sees value in these projects, the revised Top 20 list aims to offer more compelling risk-adjusted returns for investors in the coming months. At the time of writing, the biggest winner across all time frames in Grayscale’s top 20 list is Bittensor’s TAO token, which has seen gains of 86% over the fourteen-day time frame and a substantial 841% year-to-date, resulting in a current trading price of $536. Featured image from DALL-E, chart from TradingView.com
Golems latest report explains the transfer of 135,000 ETH to CEXs as part of a staking test to ensure operational security.
The Philippines' declining rank indicates that while crypto adoption remains robust, the country's growth has slowed compared to other nations in the region.
Cooperation with the US Treasury sanctions on Tornado Cash was strongest at the user level and weaker further along the settlement chain.
The Hong Kong Mortgage Corporation Limited (HKMC) has published its Social Bonds Allocation Update and Impact Report 2024, detailing the allocation and social impact of bonds issued in 2022 and 2023. (Read More)
The post A Smart trader buys the dip, adds $68 million worth of Ethereum appeared first on Coinpedia Fintech News
Amidst this bearish market sentiment, traders and investors look at accumulating massive Ethereum (ETH) as it experienced a notable price drop. Today on August 3, 2024, an on-chain analytic firm lookonchain made a post on X that the smart trader with a 100% win rate purchased a notable 2,424 ETH worth $7.22 million. Smart trader …
Hindenburg Research has uncovered evidence of big problems with a major AI hardware provider.
Crypto protocols usually sustain real damage after the exploit occurs, but some tokens are more resilient.
The Entry Smithii Audit Report was published first on CoinFabrik.
The Entry Aquarius Audit Report was published first on CoinFabrik.
QCP reports that world global markets surged this week, driven by a slowing inflation rate in the United States, which has significantly boosted investor confidence. The drop in inflation has created a promising outlook for equities, pushing them closer to historical highs. This upward momentum was further strengthened by additional rate cuts from major global […]
GitHub experienced four significant service disruptions in July 2024, affecting Webhooks, Copilot, and Actions. Learn more about the incidents and mitigation steps. (Read More)
According to the report, all parties involved have agreed to settle the charges without admitting or denying the SECs findings
The post MicroStrategy’s Bitcoin Holdings: Unraveling a High-Stakes Investment Strategy appeared first on Coinpedia Fintech News
Recently, an announcement made by executive chairman about his $1 billion worth of Bitcoin personal investment created headlines. This move has reignited discussions around Bitcoin holdings, particularly those of public companies. MicroStrategy’s obsession with Bitcoin is well-known, having steadily increased its holdings since 2019. In this article, we will explore all the major data sets …
Thecryptocurrency industry faced a barrage of security breaches in the secondquarter of 2024, with total losses reaching $629.7 million across 49 incidents,according to a new report from blockchain security firm Cyvers. Despite thestaggering figure, only 24% of stolen funds were recovered, highlighting thepersistent challenges in safeguarding digital assets.
Since thebeginning of the year, cryptocurrency criminals have seized over $1.38 billion, most of which resulted from "access control breaches."
Crypto Recovery EffortsFall Short as Losses Mount
The reportreveals a significant shift in attack vectors, with centralized exchanges (CEX)emerging as the primary targets. Two major incidents accounted for over 57% oftotal losses.
"Thedramatic 900% increase in CeFi losses compared to Q2 2023 signals a significantshift in attacker focus," Cyvers commented in the newest report."This trend may be attributed to the concentration of assets incentralized platforms and potentially lax security measures in someexchanges."
@Cointelegraph reports on the alarming rise in crypto losses in Q2 2024. "A 900% increase in losses on centralized exchanges was the main factor driving the surge in stolen funds." Total losses doubled compared to Q2 2023, reaching over $600 million. Read More: pic.twitter.com/Ck5nCDQfQe
Cyvers | Proactive Web3 Security (@Cyvers_) July 9, 2024While thetotal amount recovered rose by 42% compared to the same period last year, from$138.9 million to $197 million, it represents less than a quarter of the totallosses.
Thismeans that barely one in four victims of cryptocurrency hacker attacks is ableto recover their funds. Considering that in the first half of 2024, scammersseized nearly $1.4 billion, this indicates that over $1 billion remained in thepockets of the fraudsters, who have remained unpunished.
A small consolation might be the fact that the total values seem to be lower than last year. According to the FBI's March report, in 2023, crypto fraudsters seized just under $4 billion.
Access Control BreachesDrive 35% Surge in Crypto Exploits
The reportalso highlights a notable change in hacker tactics, with a 35% increase inaccess control exploits. They refer to security incidents where attackers gainunauthorized access to systems, wallets, or accounts by exploiting weaknessesin authentication and authorization mechanisms.
Thesebreaches accounted for $491,311,000 in losses across 26 incidents, representinga substantial portion of the total $629,689,000 lost in Q2 2024. The DMMExchange hack, which resulted in a $305 million loss, was reportedly due to acompromised private key, exemplifying this trend.
ALERTWe hear reports that @DMM_Bitcoin, a major Japanese crypto #exchange, reports a loss of $305M in $BTC due to a hack.In the blog at https://t.co/1wD0fpsJEI DMM Bitcoin revealed 4,502.9 $BTC transferred out of the exchange.They've implemented measures to prevent further
Cyvers Alerts (@CyversAlerts) May 31, 2024"Asthe ecosystem becomes more interconnected, security audits need to beconsidered for improved cross-chain interactions," the Cyvers reportadded.
Data from a report published by Cyvers align with statistics that blockchain security firm CertiK released last week. According to the report's findings, nearly $1.2 billion disappeared from the cryptocurrency market in the first six months. The only difference is that the report ranks phishing attacks first, not access control exploits.
The surgein attacks has far-reaching economic implications beyond the direct losses.Market volatility triggered by major incidents has wiped billions in marketcapitalization across the crypto ecosystem. Additionally, the frequency andscale of attacks have led to sharp increases in crypto insurance premiums,adding to the operational costs of Web3 projects.
The Web3ecosystem in Q2 2024 has faced substantial challenges from sophisticatedcyberattacks. Projects and organizations must implement robust securitymeasures, conduct continuous monitoring, and engage in proactive communityefforts, the report concluded.
This article was written by Damian Chmiel at www.financemagnates.com.
Bitfinex analysts pointed out several reasons suggesting that Bitcoins bloodbath should be over soon.
Digital asset investments see significant inflows of $441 million, driven by Bitcoin price weakness, Mt. Gox activity and a German government sell-off, according to a CoinShares report.
Thecryptocurrency and decentralized finance (DeFi) sectors suffered a staggering$1.19 billion in losses due to hacks, scams, and exploits in the first half of2024, according to a new report from blockchain security firm CertiK.
Crypto Security WoesDeepen as H1 Losses Hit $1.19 Billion
The"Hack3d: The Web3 Security Quarterly Report" for Q2 and H1 2024,released this week, paints a sobering picture of the crypto industry's ongoing security challenges. Phishing attacks emerged as the mostdamaging vector, accounting for $497.7 million in losses across 150 incidents.
"Q22024 experienced the highest losses since Q3 of the previous year, despite arelatively quiet quarter in which the markets mostly consolidated the gainsfrom Q1," the report emailed to Finance Magnates reads.
Private keycompromises were the second most costly attack type, resulting in $408.9million lost over 42 major incidents. The Ethereum blockchain bore the brunt ofthe attacks, experiencing 235 security incidents that led to nearly $400million in losses.
The largestsingle incident of the period was an attack on the Japanese exchange DMM Bitcoin,resulting in a staggering $304.7 million loss. Other notable breaches includeda $112.5 million loss by Chris Larsen anda $90 million hack of Turkish exchange BtcTurk.
Despite theoverall increase in losses, there was a silver lining: approximately $177.8million was returned to victims across 18 separate incidents in H1, reducingthe net losses for the period to $1.01 billion.
Hack3d: Q2 + H1 2024 184 hacks, scams, and exploits drained $688,102,941 from Web3 in Q2 2024. This is a 37% increase in value lost compared to Q1 2024, despite an 18% decrease in incidents.Read our full report: https://t.co/XnuddaEecn pic.twitter.com/GGHdbqWZoz
CertiK (@CertiK) July 3, 2024Forcomparison, throughout 2023, investors and exchanges were estimated to have lost$2 billion in cryptocurrencies. Although these figures are alarming, theywere still half as much as in the record year of 2022, whenlosses reached nearly $4 billion.
Crypto Losses Surge to$688 Million in Q2 2024
The reportalso provided a breakdown of Q2 2024 figures, which showed a concerning trend:
Overall,Q2 2024 was marked by significant financial losses due to security breaches,emphasizing the ongoing challenges in the cryptocurrency and DeFi sectors.Phishing attacks and code vulnerabilities remain prevalent, with substantiallosses impacting both individual users and large platforms, the report adds.
Thepersistent security issues highlighted by CertiK's findings may pose challengesfor platforms seeking to demonstrate the robustness and reliability of theirsystems, especially as the industry grapples with increased regulatory scrutinyand attempts to attract institutional investors.
This article was written by Damian Chmiel at www.financemagnates.com.
Tether's Q2 2024 attestation reveals a record $5.2 billion profit in the first half of 2024, highest-ever treasury bill ownership, and almost $12 billion in consolidated equity. (Read More)
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