Multi-Million BNB Chain Hack and Bitcoin’s Battle for $20K: This Week’s Crypto Recap

In terms of general market movements, not much has happened in the past seven days. Total market capitalization remained somewhat flat at around $990 million, unable to rally above the coveted $1 trillion mark. The price of Bitcoin, as well as that of most altcoins, also did not post a significant difference.

At the time of writing, the price of Bitcoin is trading around $19,700, roughly where it was this time last week. Currently, volatility has disappeared from the cryptocurrency market and Bitcoin is no exception. The bulls tried to rally above $20,000 and even managed to hold the price above that level for a couple of days, reaching a weekly high at just under $20,500 (on Binance).

Unfortunately, the price dropped below $20,000 today when the US Bureau of Labor Statistics released information on jobs added through September. The figure beat expectations, and was seen by market participants as a sign that current measures to curb inflation and encourage spending are insufficient, thus pushing the price lower.

Like BTC, ETH is also registering a 0.2% increase over the past seven days, indicating a flat range trading trend. Most altcoins followed suit.

The most exciting, although in the bad sense of the word, was yesterday’s hack of the BNB chain. Someone managed to exploit a security vulnerability in the BNB bridge and siphon off at least $100 million in cryptocurrency. The developers reacted quickly and froze some of the funds while the entire network was paused.

The blockchain is now working as usual and the vulnerability has been patched, but efforts to recover the funds continue.

All in all, last week wasn’t as intense as previous weeks, but it’s still very interesting to see how the next seven days will play out. As is well known in the cryptocurrency industry, markets don’t stay calm for long, and it’s these periods of apparent inactivity that are often the precursors to a major move.

Market data

Market Cap: $986 Million | 24 Hour Flight: $54 Million | BTC Domain: 38.1%

BTC: $19,697 (+0.2%) | ETH: $1,335 (+0.2%) | ADA: $0.42 (-3.1%)


This week’s crypto headlines you better not miss

Binance Smart Chain Halted After $600 Million BNB Hack (Report) The BNB chain was temporarily halted after suffering a security breach. It translated into more than $100 million pledged. The network is now operational, but teams are working to freeze and possibly restore the funds.

3 Reasons Bitcoin Bottom Could Be In: ARK Invest Crypto Analyst. The price of Bitcoin is trading near the coveted $20,000 level and has been stuck in a range between $18,000 and $24,000 for quite some time. However, an ARK Invest analyst has provided data on where the fund could be.

These crypto executives have pulled out since the market crash in May. The market downturn has taken its toll on cryptocurrency-related businesses, with many having to cut staff to cope with the crypto winter. In this article, we take a look at some of the executives who have also resigned.

Bitcoin and Gold Correlation Rises to Annual Highs. Lately, there has been a noticeable change in the structure of the market as the correlation between Bitcoin and Gold took a new turn. The latter is at annual highs, the result of the strengthening of the US dollar and the increase in interest rates.

Bitcoin Lightning Network public capacity exceeds 5,000 BTC. The Lightning Network, the largest Bitcoin scaling solution, has seen its capacity expand beyond 5,000 BTC for the first time. This comes despite the almost 60% reduction in the price of BTC this year.

Leading asset manager Fidelity unveils $5 million Ethereum index fund. Fidelity, one of the world’s leading asset managers, has offered an Ethereum index fund to its clients through its brokerage arm. The product has grossed more than $5 million since sales began in late September.


This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Polygon (MATIC) – click here for the full price analysis.


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