Bitcoin Drops Below $100K; Balancer Suffers $128M Exploit; Major Updates from Ripple: This Week in Crypto
A recap of the latest significant events in the cryptocurrency market, highlighting Bitcoin's dip below $100K and recent developments involving Ripple.
Bitcoin Drops Below $100K; Balancer Suffers $128M Exploit; Major Updates from Ripple: This Week in Crypto
The total crypto market cap has significantly decreased by $350 billion since last weekend.
For the first time since June, Bitcoin has fallen below the $100,000 mark multiple times this week, surprising analysts due to prevailing positive macroeconomic trends. Recently, the US Federal Reserve announced a 25 basis point rate cut, typically viewed as favorable for risk assets. Additionally, significant progress was made in the US-China trade relationship, leading to a deal.
However, these events did not favor Bitcoin, which saw a drop to $106,500 last Thursday. Although it rebounded to around $111,000 over the weekend, it continued to decline as the new week began, eventually hitting a low of $99,000. Attempts by bulls to stabilize the price resulted in a brief recovery to over $104,000, but the cryptocurrency struggled to maintain this level.
Ethereum and XRP also experienced sharp declines, with ETH dropping to $3,200 and XRP nearing $2.20. Conversely, ZEC and ICP stood out with impressive gains of 73% and 163%, respectively.
Market Data
Weekly Market Overview: Source: QuantifyCrypto
Market Cap: $3.430T | 24H Vol: $198B | BTC Dominance: 58.2%
Notable Headlines This Week
- Balancer Exploited for $128M: A critical issue arose with the DeFi platform Balancer following a vulnerability in its smart contracts.
- ETH Traders Turn Bullish: Ethereum’s brief bounce attracted bullish sentiment among traders, typically seen as a red flag.
- Arthur Hayes Links BTC Rally to US Government Actions: Observers note the economic implications of the ongoing US government shutdown as a factor influencing Bitcoin’s performance.
- Ripple Secures $500M Funding: Ripple’s recent financing round has boosted its valuation to $40 billion, involving notable investors like Pantera Capital.
Current Prices
- BTC: $100,160 (-8.6%)
- ETH: $3,230 (-15.7%)
- XRP: $2.19 (-12.7%)
Stay tuned for continuous updates and insights on the evolving cryptocurrency landscape.
