Kategorie: Crypto Markets

• Binance has suspened withdrawals to the Solana network amid issues of increased volumes.
• The exchange expects normal services to resume by March 9, 2024.
• Binance, Coinbase and Kraken are among exchanges to experience issues as crypto rallied amid Bitcoin’s run to a new all-time high on Tuesday.

Binance is temporarily halting all withdrawals to the Solana (SOL) network, according to an announcement the world’s largest crypto exchange published today.

Per the exchange, normal operations are likely to resume by March 9.

“Withdrawals on Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization, and is working to provide a stable and long-term solution. The estimated implementation date of the solution is 2024-03-09 18:00 (UTC),” Binance announced.

As well as Binance, other exchanges to experience increased transaction traffic and issues include Coinbase, Kraken and Bybit. The exchanges have reported huge volumes as Bitcoin price exploded in recent weeks to spark altcoin gains.

SOL price outlook

The news of Binance’s halt of SOL withdrawals coincided with a drop in the price of Solana (SOL), with the altcoin’s value dropping to lows of $117.

However, this happened as the broader crypto market looked to bounce alongside Bitcoin (BTC). The flagship cryptocurrency traded above $67,000 on Wednesday morning, back to winning ways following its sharp drop post new all-time high above $69,000 reached on Tuesday, March 5, 2024.

SOL is back above $130 and looking to retest recent highs above $140.

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• WOOFi has released a post-mortem report confirming an $8.75 million exploit on its lending market on Arbitrum.
• The decentralized exchange has offered a 10% whitehat bounty to the attacker.

Decentralized exchange WOOFi suffered an $8.75 million exploit that targeted its lending market on Arbitrum, according to a report the platform released on Wednesday.

In a post-mortem report, the WOOFi team noted that the attacker manipulated its Synthetic Proactive Market Making (sPMM) algorithm.

After pausing the manipulated contracts, an investigation into the attack revealed the hacker carried out a series of flash loan attacks, starting at around 15:49 UTC on March 5.

“The exploit consisted of a sequence of flash loans that took advantage of low liquidity to manipulate the price of WOO in order to repay the flash loans at a cheaper price,” the team noted.

During the attack, the exploiter borrowed approximately 7.7 million WOO tokens as well as other cryptocurrencies. They then sold these tokens into WOOFi, causing the sPMM to incorrectly adjust WOO token’s price to near zero.

With the anomalous pricing in place, the attacker proceeded to quickly swap out 10 million WOO three times.

While various blockchain security platforms, including PeckShield, Chainalysis, Hypernative, and Wintermute swiftly picked up the exploit, the attacker had already made off with $8.75 million in profits.

WOOFi offers 10% whitehat bounty

WOOFi is offering an 10% whitehat bounty to the attacker as efforts to recover the funds continue. The platform has also initiated bounty on Arkham Intelligence.

Meanwhile, the exchange says its WOOFi Pro, Stake, and Earn services were not affected and remain “fully operational.”

The WOOFi team posted on X:

3/ We have already initiated efforts to retrieve these funds, with a 10% whitehat bounty extended to the exploiter. Additionally, a bounty has been placed on @ArkhamIntel for anyone who can provide additional information.https://t.co/oSG0CQa4oP

— WOOFi (@_WOOFi) March 5, 2024

 

WOO price fell sharply after the attack, from around $0.59 to lows of $0.48. The token’s value changed hands at $0.52 at the time of writing.

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• Deutsche Börse has launched its crypto spot trading platform Deutsche Börse Digital Exchange (DBDX).
• DBDX will offer crypto trading services to institutional clients.
• Swiss-based platform Crypto Finance is the settlement and custody partner.

Deutsche Börse, a leading securities and market infrastructure provider, has announced its crypto spot trading platform is now live.

In a press release on Monday, targeting institutional clients.

Deutsche Börse Group said the Deutsche Börse Digital Exchange (DBDX) targets institutional clients and will offer a fully regulated trading ecosystem. Settlement and custody of users’ cryptocurrency assets will tap into the services of custody provider Crypto Finance.

Initially, access to crypto trading on the new platform will be on a Request-for-Quote (RfQ) basis. This means clients will have to solicit for quotes from select providers.

“Our new solution is a game changer for digital ecosystems. We aim to provide trusted market operations for crypto assets, ensuring transparency, security, and regulatory compliance for institutional clients in Europe,” Carlo KölzerCarlo Kölzer, head of FX & digital assets at Deutsche Börse, said in a statement.

The launch of DBDX follows Crypto Finance’s recent approval as a regulated crypto trading, settlement and custody provider. The Swiss-based platform received the required licenses from German regulator BaFin in February this year.

“This marks a pivotal moment in our mission to cultivate a resilient and trusted digital asset ecosystem together with Deutsche Börse, while also strengthening Crypto Finance’s well-established and regulated custody and settlement offering in Germany,” Stijn Vander StraetenStijn Vander Straeten, CEO of Crypto Finance, stated.

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Bitcoin has just broken to a new all-time high as price raced past the $69,000 level. On Tuesday, the price of the benchmark cryptocurrency rose past $69k, entering price discovery mode.

BTC traded at $69,322 on Coinbase. Crypto markets are wild following the feat. 

A new record high: The #Bitcoin price touched $69,000 today.#bitcoins #cryptocurrecy #markets pic.twitter.com/5WOL0qcSKG

— Mohamed A. El-Erian (@elerianm) March 5, 2024

Bitcoin price has jumped more than 200% in the past year and nearly 350% since it broke down to lows of $15k in 2022. 

#Bitcoin has never traded higher than it has today
Congratulations #HODLGang pic.twitter.com/JwdKqPBiuS

— Market Rebellion (@MarketRebels) March 5, 2024

Bitcoin may continue upwards pre-halving as bulls target extended dominace past $70k.

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• Anthony Scaramucci, founder of Skybridge Capital, says it is still “very early” for investing in Bitcoin.
• Bitcoin price rose to highs of $68,000 on Monday.
• Bitcoin Dogs is shaping up as top NFT and game on Bitcoin after launching the first ICO on the flagship blockchain.

As the crypto market eyes a fresh pop to above the $69,000, Skybridge Capital founder Anthony Scaramucci has said it’s still way early for BTC. 

Investors increasingly confident in projects within an emerging ecosystem on Bitcoin have flocked to Bitcoin Dogs, a new NFT and gaming project currently dominating the presale market. The project has raised more than $7.3 million in under three weeks.

Scaramucci’s bullish outlook for BTC as price pops to $68k

Bitcoin has been on an upward trend for the past year, trading to highs of $68,000 on Monday as experts predict further gains.

Anthony Scaramucci, founder of Skybridge Capital, predicts that Bitcoin price is set to rocket further amid greater adoption. The upcoming Bitcoin halving, increased demand in the spot Bitcoin ETFs market and general macro outlook are some catalysts coming into play for the bellwether crypto.

On March 2, as Bitcoin hovered around the $61,000 level, Scaramucci shared on X that it is still early when it comes to buying Bitcoin. In his view, BTC is comparable to Warren Buffett’s Berkshire Hathaway, with the digital asset “a compounding wealth generating machine for investors.”

‘It was never “too late” to buy Berkshire stock. It is still very, very early for Bitcoin,” the entrepreneur noted.

Bitcoin’s explosive performance in February has analysts now forecasting a potential new all-time high before the halving. But more than that, it is that the long term picture is bullish for investors.

Bitcoin Dogs: Huge interest in first BRC-20 ICO on Bitcoin

In February 2024, crypto project Bitcoin Dogs launched its presale – the first initial coin offering on the Bitcoin blockchain.

The groundbreaking ICO is part of the new era of growth within the Bitcoin ecosystem as developers leverage the proof-of-work network’s security and decentralization to create new applications.

According to their whitepaper, Bitcoin Dogs is a gaming and NFT project that intends to bring crypto and man’s universal love for the dog together. The platform’s native token $0DOG is a BRC-20 token that will offer a utility functionality in an ecosystem where fun and yield go hand in hand.

With 10,000 unique ordinal NFTs, Bitcoin Dogs is poised to be one of the leading projects where monetization of game time and collecting of rare NFTs meet. 

Both the NFT and crypto gaming industries are expected to rebound sharply following the bear market disruption, and Ordinal NFTs are already showing remarkable pull with projects like NodeMonkes.

Meanwhile, blockchain-based games are in the ascendancy once again as major players join the industry.

Is Bitcoin Dogs a good investment opportunity?

Among sectors set to see huge traction in coming years is DeFi, NFTs and gaming on Bitcoin’s secure network – and Bitcoin Dogs could have a first mover’s advantage as its pioneering ICO accelerates towards a close.

The Tamagotchi-inspired play-to-earn (P2E) environment provides for dog fun, with the Bitcoin Dogs Club Metaverse a key component to making every playful moment rewarding. The 10k Ordinals NFT Club is another opportunity where users can collect, parade and trade some of the coolest and rarest collectibles.

Also Bitcoin surges and the ecosystem on top of the network grows, there’s another opportunity that crops up – the potential for $0DOG to explode in value. This outlook aligns with the new era of developer activity on Bitcoin amid the expanding layer-2 and ordinals market.

Tying in with this is the resurgence in dog-themed projects, with meme coins breaking higher to reach $67 billion in market cap.

The $ODOG token will power the Bitcoin Dogs ecosystem, and rising demand amid adoption could aid its value long term. Given future predictions for Bitcoin and the nascent ecosystem on top of it, the current presale price $0.0312 may be a huge opportunity.

Check the Bitcoin Dogs website to find out more about this project.

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