As we reach the end of August, we’re witnessing a new bull market in the DeFi sector that has been pumping prices of many new tokens, reminiscent of the ICO hype days.
Bitcoin, BTC to USD, rose by 2.07% on Sunday. Reversing a 0.46% decline Saturday, Bitcoin ended the week up by 0.57% to $11,730.0.
It was a bullish start to the day. Bitcoin rallied from an early morning intraday low $11,480.0 to a late afternoon high $11,721.0.
Bitcoin broke through the first major resistance level at $11,582 and the second major resistance level at $11,672.
Late in the day, Bitcoin fell back to $11,620 levels before breaking back through the second major resistance level at $11,672.
The late recovery saw Bitcoin strike an intraday high $11,730 in the final hour.
The near-term bullish trend remained intact, supported by the latest move through to $12,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Alts and DeFi watch:
Across the rest of the majors, it was a bullish day for the majors on Sunday.
Ethereum (+7.62%), Litecoin (+10.45%), and Tron’s TRX (+8.65%) led the way.
Binance Coin (+2.87%), Bitcoin Cash ABC (+3.25%), Bitcoin Cash SV (+3.32%), EOS (+4.20%), Monero’s XMR (+3.86%), and Ripple’s XRP (+3.28%) also made solid gains.
Cardano’s ADA (+0.96%), Stellar’s Lumen (+2.01%), and Tezos (+1.13%) trailed the front runners.
For the week, it was a mixed bag for the majors, however.
Binance Coin (+8.00%), Bitcoin Cash SV (+1.11%), Ethereum (+9.73%), Litecoin (+3.76%), Monero’s XMR (+6.38%), and Tron’s TRX (+11.05%) joined Bitcoin in the green.
It was a bearish week for the rest of the majors.
Bitcoin Cash ABC (-1.78%), Cardano’s ADA (-3.48%), EOS (-1.92%), Ripple’s XRP (-0.62%), Stellar’s Lumen (-4.55%), and Tezos (-3.75%) saw red.
In the week, the crypto total market fell to a Thursday low $329.40bn before rising to a Sunday high $359.74bn. At the time of writing, the total market cap stood at $357.31bn.
Bitcoin’s dominance rose to a Thursday high 62.28% before falling to a Sunday low 60.17%. At the time of writing, Bitcoin’s dominance stood at 60.54%.
$YFI undoubtably seeing the craziest jump with yearn.finance #1 on the ETH spending list over the past 30 days at 31.7k ETH
Over the past 4 days we have seen it pop from $14,600 to $34,000 levels (+133%) and is currently at $19,400 at the time of writing
News that caught our eye and a timely reminder:
Hackers were able to exploit a bitcoin wallet loophole to steal ~US$16M from a seasoned trader, another reminder to remain vigilant with your accounts. An Electrum wallet user claims to have lost a fortune in bitcoin after installing an older version of the software from a malicious source.
In a Sunday post on GitHub, the individual described the loss of more than 1,400 bitcoin (worth around $16.2 million at press time) as a result of “foolishly” installing an old version of the lightweight wallet.
Going by the username “1400BitcoinStolen,” they described how a pop-up message asked to update their security prior to being allowed to transfer any funds.
Upon installing a purported “security update” for the wallet, it immediately triggered a transfer of the user’s entire balance to an address in the possession of a hacker.
Binance’s CEO Changpeng “CZ” Zhao has moved to blacklist the stolen funds from his exchange, stating users should “beware of this Electrum official update.”
1400BitcoinStolen said they had contacted blockchain analytics company Coinfirm for assistance in tracking the bitcoin and were awaiting a response.
Electrum has been around since 2011 and has gone through multiple updates while also being unable to stop bad actors exploiting previous versions by Sybil attacks using malicious servers.
Another member on the GutHub thread, “gits7r” – who seems to be associated with Electrum – said the problem comes from the decision by the team early on to allow users to “run their own servers or use servers that they trust.”
If users download a version from a different source than electrum.org and don’t check signatures, they may “install a backdoored Electrum,” gits7r said.
In 2018, the Electrum network suffered such an attack from a bad actor who created multiple fake servers on the Electrum network that saw 245 bitcoin siphoned from unsuspecting victims.