The cryptocurrency market has become increasingly quiet in recent days. We have not seen any major movements in the market in the past 24 hours either. Despite this, problems at two major crypto companies are causing some new turmoil and could become highly volatile next week due to US CPI. Today, the total market cap dips back below $1 trillion, dropping 1% to $998 billion.
?Market Overview#BTC price trades below $20K
The Top 10 are traded in red zone: $BNB -3.22%, $DOGE -3.19%, $SOL -2.07%.
Market cap: $1.01T (-1.56%) $BTC dominance: 37.86% (-0.33%)
Fear & Greed Index: 23 (Extreme Fear)Full Report?https://t.co/osFaXIzdMP pic.twitter.com/q205DSq4VD
— CryptoRank Platform (@CryptoRank_io) October 7, 2022
Bitcoin dips below $20,000 again
Bitcoin (BTC) dipped below USD 20,000 again this morning to reach USD 19,850. At the time of writing, bitcoin is trying to recapture $20,000 after a small rebound, but seems to be meeting quite a bit of resistance. The BTC price is today 1% in the min.
Compared to Q2 2022, estimated energy consumption for #Bitcoin only increased 2% while hashrate increased 6% and reached a new all-time-high.
The decoupling could be attributed to newer ASICs coming online, which are more energy efficient and have a higher hashing rate. pic.twitter.com/NFG0veqEEb
— Messari (@MessariCrypto) Oct 6, 2022
Ethereum holds up a little better
Ethereum (ETH) is again largely following bitcoin, although the price has held slightly stronger in the past 24 hours. ETH found support at $1,350 three times and recovered each time, but so far failed to recapture $1,360 as well. ETH is down 0.3% today.
After the Merge, some crypto skeptics floated the idea that staking somehow makes ETH a security. It doesn’t.
In this article, my co-authors (@RSSH273 + @aixiicee) and I explain why Ethereum’s switch to proof-of-stake doesn’t trigger the securities laws:https://t.co/X2ME6vOL6l
— Jake Chervinsky (@jchervinsky) Oct 6, 2022
Binance Coin is down 3.2%
The most notable price movement among the largest crypto today is binance coin (BNB). BNB plunged from $293 to $282 last night, most likely related to the news below about a Binance Smart Chain hack. More on this will follow later today on Crypto Insiders. BNB has since struggled to recapture $286 and is down 3.2% today.
Five hours ago, an attacker stole 2 million BNB (~$566M USD) from the Binance Bridge. During that time, I’ve been working closely with multiple parties to triage and resolve this issue. Here’s how it all went down. pic.twitter.com/E0885Dc3lW
— samczsun (@samczsun) Oct 6, 2022
Celsius Network drops 12%
Then we have another striking price movement in the top 100, namely that of celsius network (CEL). The CEL price remains highly volatile since the crypto company collapse, and the price fell sharply yesterday. CEL currently stands at $1.13 and is down as much as 12% today. That probably has to do with the leakage of user and transaction data. More about this will follow later on Crypto Insiders.
Celsius published a 14,000-page document detailing every user’s full name, linked to timestamp & amount of each deposit/withdrawal/liquidation
This horrific breach of privacy will lead to many robbed & killed
Anything not provably cryptographically private will become public pic.twitter.com/xaLbEeedDe
— foobar (@0xfoobar) Oct 6, 2022
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