BTC, ETH and some altcoins are slightly green after a down weekend.
The total cryptocurrency market is up 1.5% over the last 24 hours. BTC is up around half a percent as ETH sees an increase of just under 1%. Meanwhile, SOL dropped 2% as users experienced downtime across the network.
Crypto markets saw a large push downward on Saturday, though many assets have made up some of their losses. Many look toward results from the Federal Open Markets Committee meeting held tomorrow and Wednesday for updates on monetary policies from the U.S. Federal Reserve. Sell-offs in both traditional and crypto markets are believed to be due to hawkish effects coming from the meeting — which could lead to unfavorable conditions for most risk assets.
DeFi Digest: Rari Capital’s Fuse lending pools hacked for $80 million
On Saturday, a hacker stole $80 million from Rari Capital’s Fuse lending pool on Ethereum. Auditing firm BlockSec says the hacker exploited the contract through a typical re-entrancy vulnerability. In addition to the exploit on the Ethereum mainnet, Rari also identified another on its Arbitrum protocol.
Among the affected parties was decentralized finance stablecoin issuer Fei Protocol, which allows users to take out loans against their positions.
As a result of the exploit, the Rari team has paused all borrowing and ETH redemptions — while working internally and externally with security firms to fix the vulnerability. Rari has also advertised a $10 million bounty in regards to the hacker.
Otherside, a metaverse project from Bored Ape Yacht Club creator Yuga Labs, held its nonfungible token land sale on Saturday. The project sold out in a few hours, with 55,000 Otherdeed plots of land minted to 27,000 buyers.
The NFTs minted on Saturday will allow users to claim land in the upcoming metaverse game Otherside, with a remaining 45,000 supply available as an airdrop to Bored Ape and Mutant Ape holders.
The mint created an unprecedented Ethereum gas war for participants, with some users paying an additional 3 ETH on top of the 305 APE required for the sale. Estimates show that over $170 million in gas was spent during the mint, causing spikes across the entire network.
Top altcoin gainers and losers: MAGIC leads altcoins
Although mostly down previously with the rest of the market, MAGIC has outperformed recently — sitting atop of most altcoins today. On the other side of the market, past winner KNC gave up some gains as traders take profits from the runner.
BTC technical analysis: Bouncing from lows
BTC reached as low as 37,400 USDT over the weekend before bouncing back above 38,500 USDT. The market leader has still not broken from its downtrend, which started in early April, and is currently sitting below all key moving averages on the daily timeframe. For now, sellers are still in control — and many traders expect more volatility and downside this week.
ETH technical analysis: Failing to gain
Similar to BTC, ETH took a hit lower over the weekend but has made up some of its gains. The coin continues to grind down from its early-April highs as buyers continue to lose footing. There have now been significant red candles for over a week — with choppy, smaller wicks filling most of the price action.
Altcoin technical analysis: NEAR distributes and sells off
A cryptocurrency that became a darling among traders and large funds beginning in late-March has fallen out of favor since failing to break its all-time high a few weeks ago. Coupled with increased altcoin volatility, NEAR lost almost all of its recent momentum — selling off from the 15 USDT area to as low as 10 USDT on Saturday.
As capital becomes harder to come by in these market conditions, aggressive profit taking has been the most viable strategy — with drops coming even in the strongest assets.
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Source: https://www.okx.com/academy/en/btc-and-eth-bounce-from-weekend-lows-crypto-market-daily