Bitcoin Rallies Towards 12k! Last week I had a prediction that it was too early for whales to squeeze the LONGs. I was wrong, and there was a liquidation of over $1b worth of positions; but the good news is sentiment doesn’t seem to be changing one bit. BTC continues its rally and should test the 12k-mark again soon. Gold breaks above 2k, US equities remain strong despite weak earnings; so again, “Don’t fight the liquidity” and as an add-on, “Don’t apply high leverage” because surely whales will pull this stunt again in the near future.
Total value locked in “DeFi” is +$2b in the past 30d! However, some negatives are coming to light:
- Asuka token was another fork of YFI. The Korean creator exit scammed by dumping tokens for a mere 30k DAI. Seems small but painful for those who bot near the peak ~$1600.
- Opyn, a decentralized protocol for options, suffered an exploit of specifically its ETH PUT contracts. The payout was mistakenly doubled which looks like an unintentional coding error. Total damage estimate is ~$370k.
These are good examples of inherent centralized risks of the new DeFi platforms. Generally speaking, high risk always = high reward (i.e. high APY).
ETC is a top-25 coin in terms of market cap but the blockchain has been under attack by 51% twice in the past week. Double-spent amount exceeds $5m and the team has been asking exchanges to pause all deposits/withdrawals. For PoW, remember hashrate trumps mkt cap. Btw, a convenient opportunity for Vitalik to shill PoS andl the new mutli-client testnet. There are already over 20k validators.
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