ETH Records Newest All-Time High After Bitcoin

ETH (ethereum), the second-largest cryptocurrency has just recorded its newest all-time high with its price at $4,373 on Oct 21. This is a day after BTC (bitcoin), the most dominant crypto surpassed the $65K mark and hits another all-time high in history.

The surge in prices of the two largest cryptocurrencies has brought the industry’s market cap to a whopping $2.57T. This is despite the decline in the price of BTC (bitcoin). The combined market cap of the two largest digital assets makes up more than 50% of the industry’s total market cap.

On May 10, ETH (ethereum) recorded its previous all-time high after it surpassed the $4K mark with its price at $4,182 in data by Crypto.co.

The increase in the price of ETH (ethereum) can be highly attributed to the rapid growth of the NFT market which has now a market cap of $5B.  Curio Cards, a digital set of 30 unique cards, and the first NFT project was built on the Ethereum blockchain. Axie Infinity, the leading NFT project in the crypto space today which has a market cap of $7B is also built on the network.

Also, the DeFi market has also grown immensely with a total value locked of more than $100B in data by DeFi Pulse. In recent data by DeFi Prime, there are 220 DeFi projects that were built on the Ethereum blockchain.

In recent data by Crypto.co, ETH (ethereum) is now at $4,132.10 and has declined by 2.20% in a 24-hr chart. But the price of the altcoin maintains its price above the $4K mark. Will it remain sustainable and push its price to a new high?

Binance US Flash Crash Results in Bitcoin Sell-off

Binance flash crash results in Bitcoin sell-off

A flash crash has occurred in Binance US causing the price of BTC (bitcoin) to drop at only $8,200 losing 87% of its actual value in other exchanges.

On Thursday, BTC (bitcoin) rose above $65K and hits another all-time high with its price at $66,645 in data by Crypto.co. The price has also dropped shortly after, its price remained above the $60K mark with other exchanges but not with Binance US. The price dropped by 87% after its price plunged to only  $8,200 in a matter of seconds. Then the price immediately bounced back to its right price. But what had caused the flash crash?

According to a report by Bloomberg, the recent glitch was caused by an algorithm bug on one of the exchanges institutional traders.

“One of our institutional traders indicated to us that they had a bug in their trading algorithm.”

The client has already fixed the bug as further stated by Binance US.

“We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”

Flash crashes are not something uncommon to exchanges even to major exchanges. TradeBlock ETX has experienced an ETH (ethereum) flash crash on Feb 22 where the price drop by 15% from $1,765 to 1,534. But the recent BTC (bitcoin) flash crash could be one of the biggest flash crashes if not the biggest in history after resulting in a massive sell-off wiping the $400B of the cryptocurrency’s market cap in a matter of seconds. The current ETH (ethereum) price rally was also knocked off by the incident.

In a recent tweet, Changpeng Zhao, Binance founder, and CEO has issued a serious warning shortly after the incident.

BTC (bitcoin) is now at $63,430.21 in recent data by Crypto.co and has dropped by 2.52% in a 24-hr chart.

Polygon Gives Out $2M Bounty, Avoids an $850M Hack 

Polygon paid $2M bounty avoids $850M hack

Polygon, a layer 2 solution to increase the bandwidth of Ethereum fends off a possible $850M hack on its platform. It has tapped the services of Immunefi, a bug bounty and a security services platform in the amount of $2M as bounty.

On Oct. 5, Gerhard Wagner discovered the vulnerability on the Polygon Plasma Bridge. The said vulnerability can give access to an attacker to exit their burn transaction from the bridge up to 223 times. As stated in a blog, an attack using only $100K may result in $22.3M in losses. And with sufficient amount, using the Plasma Bridge, the Deposit Manager can be emptied in just a matter of time.

The amount received by the whitehat was so far the biggest bounty ever recorded in history.

In just 30 minutes, the glitch was immediately patched by Polygon and no users account was compromised. Mitchell Amador, founder and the CEO of Immunefi commended Polygon for its swift action.

“We congratulate Gerhard for his fantastic work and excellent report, and appreciate the swift response, subsequent fix, and a fast payout from Polygon.”

China Holds Public Opinion on Bitcoin Mining Ban

China opens public consultation for bitcoin mining ban

In a press release issued by China’s National Development and Reform Commission on Thursday, the agency now seeks a public opinion of the addition of crypto mining to its list of “phased-out” industries.

As further stated in the press release, the public consultation will run for a month and it will start from October 21 to November 21, 2021. It has encouraged relevant units and people from all walks of life to participate.

The public can participate using the following channels and methods:

  1. Log in to the Chinese Government Legal Information Network of the Ministry of Justice of the People’s Republic of China (https://www.moj.gov.cn, https://www.chinalaw.gov.cn), and enter the “Legacy Opinion Collection” section of the main menu on the homepage Make suggestions.
  2. Log in to the “Interactive Communication” section of the homepage of the National Development and Reform Commission portal website ( https://www.ndrc.gov.cn ), enter the “Opinion Solicitation” column, and put forward suggestions.
  3. Email: [email protected]
  4. Mailing address: Department of Industry, National Development and Reform Commission, No. 38, Yuetan South Street, Xicheng District, Beijing, postal code: 100824.

In past months, the Chinese government has launched an intensive crackdown against crypto activities including mining. Its hostile action on cryptocurrencies has even resulted in a bitcoin price crash in May.

Once touted as the biggest mining hub due to its massive source of hydro energy, the country is now the most dreaded place for miners. A massive exodus of miners in the country to elude crackdown by the authorities was recorded in August and was dubbed as the “great mining migration” in a report by the Wall Street Journal.

With the country’s seemingly positive instance, could this be an indicator that it is now going soft on cryptocurrencies?