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The popular ‘decentralized’ derivatives exchange, dYdX, has announced via its X (formerly Twitter) account that its v3 website was compromised. It has, however, moved to reassure users that this does not affect the current v4. The dydx.exchange website appears to have been hosted on Squarespace, according to its registration. Almost two weeks ago, several other crypto products, including Compound Finance and Celer Network announced that their frontends had been compromised. Both of these sites also relied on Squarespace for domain registration services. We just learned that dYdX v3 website (dYdX . exchange) has been compromised. Please do not visit the website or click any links until further notice. An update will be provided when available. This message does not relate to dYdX v4. — dYdX (@dYdX) July 23, 2024 When these other products were compromised , the firm took to X to note that “ no vulnerabilities or security issues have been detected at this ti...

Given the uncertainty in the macroeconomic environment, Bitcoin price bulls have no reason to bet against a six-week descending wedge pattern. A bearish market structure has been pressuring cryptocurrencies’ prices for the past six weeks, driving the total market capitalization to its lowest level in two months at $1.13 trillion. According to two derivative metrics, crypto bulls will have a hard time to break the downtrend, even though analyzing a shorter timeframe provides a neutral view with Bitcoin (BTC), Ether (ETH) and BNB, on average, gaining 0.3% between May 12 and May 19. Total crypto market cap in USD, 12-hour. Source: TradingView Notice that the descending wedge formation initiated in mid-April could last until July, indicating that an eventual break to the upside would require an extra effort from the bulls. Furthermore, there’s the impending U.S. debt ceiling standoff, as the U.S. Treasury is quickly running out of cash. Even if the majority of investors believe that the B...

With the upcoming Shapella upgrade, liquid staking derivatives are on the way to turn into the new Alaska gold fields. The liquid staking sector, with $16.68 billion in TVL, now surpasses DeFi lending and bridges as the second-largest crypto sector according to Defillama data. The upcoming Ethereum Shapella upgrade, scheduled for April 12, has fueled existing interest: Liquid staking tokens, along with Ether (ETH) itself, see an increase in value as the upgrade date approaches. The Shapella upgrade technically combines two major modifications: Shanghai, which brings changes to the execution layer, and Capella to the consensus layer. Among other improvements, both updates will allow ETH holders to retrieve their staked ETH and stake additional amounts of ETH without being tied to an indefinite lockup period, as is the case currently. As one of the consequences, experts expect mass adoption of staking and that Ethereum will remain the largest proof-of-stake network in terms of staked ca...

Bullish BTC traders are using excessive leverage, but bears’ reluctance to fight back could extend the current Bitcoin price rally. Bitcoin (BTC) price rallied over 12% on Feb. 15, marking the highest daily close in more than six months. Curiously, the movement happened while gold reached a 40-day low at $1,826, indicating some potential shift in investors' risk assessment for cryptocurrencies. A stronger than expected U.S. inflation report on Feb. 14 presented 5.6% growth year-over-year, followed by data showing resilient consumer demand caused traders to rethink Bitcoin's scarcity value. U.S. retail sales increased by 3% in January versus the previous month — the highest gain in almost two years. On-chain data indicates that the recent gains can be traced back to a mysterious institutional investor that started buying on Feb. 10. According to Lookonchain's data, nearly $1.6 billion in funds have flowed into the crypto market between Feb. 10 and Feb. 15. The analysis sh...