Gate Research: BTC Shows Weak Rebound | SVL, BARD, and HEMI Lead Gains | Seedify Cross-Chain Security in Spotlight

Crypto Market Overview

• BTC (+0.06% | Current Price: 112,462 USDT): After BTC fell from its high of $116,113, it bottomed out at $111,470. Currently, it has slightly rebounded to $112,462. The trading volume significantly increased during the decline, but the rebound volume failed to follow suit, indicating that buyers’ confidence is still insufficient. If it can break through and stabilize in the range of $112,800 to $113,000, it is expected to further recover to above $114,500; but if the price falls below $111,800 again, it may accelerate its decline to the support at $111,000. Overall, BTC is currently in a weak rebound, and we still need to pay attention to the changes in trading volume and the defense of key support.
• ETH (+0.27% | Current Price: 4,192 USDT): After oscillating above $4,500, the price of ETH experienced a rapid decline, bottoming out at $4,067. It then consolidated at lower levels before rebounding to around $4,192. Trading volume increased during the downturn but remained relatively weak during the recovery, indicating that market sentiment remains cautious. If ETH can break through and stabilize above the $4,200 mark, it may have the potential to recover to above $4,300. Conversely, if it falls back below $4,100, it could continue to weaken, with further downside risks. The overall trend remains bearish, with the short-term rebound being more of a probing nature.
• Altcoins: Most mainstream counterfeit products coins maintained a modest upward trend, with market sentiment predominantly “neutral” or “buy.” The Fear and Greed Index stands at 45 today, still within the neutral zone, indicating a balanced market sentiment without strong bullish or bearish sentiment.
• Macro: On September 23rd, the S&P 500 index fell by 0.55%, closing at 6,656.92 points; the Dow Jones index fell by 0.19%, closing at 46,292.78 points; the Nasdaq index fell by 0.95%, closing at 22,573.47 points. As of September 24th at 2:41 AM (UTC), the spot gold price per ounce was temporarily reported at $3,754, with a 24-hour decline of 0.25%.

Trending Tokens

SVL – Slash Vision Labs (+61.17%, Circulating Market Cap: $168M)

According to Gate market data, the current quote for SVL tokens is $0.03831, an increase of about 61.17% in the past 24 hours. Slash Vision Labs tokens (SVL) are published on the Mantle Network and follow the ERC20 standard. SVL tokens are the core of the Slash project and a key part of driving the project’s ecosystem. SVL includes various functions, including publishing SVL TimeLock NFT, which is an important part of the project’s governance structure. In addition, the operating ecosystem of SVL uses the profits generated from the gross merchandise volume (GMV) of Slash Payment and Slash Card to purchase Mantle Network’s native token (MNT) from the market, and then distributes it to SVL TimeLock NFT holders. This profit-sharing model highlights the decentralized nature of the organization and promotes growth and sustainability.

SLASH VISION officially launched the pre-registration for the Closed Beta Test of “Slash Card”, attracting widespread market attention. As Japan’s first BNPL service backed by USDC, the product uses stablecoins as collateral and combines non-custodial wallets to achieve seamless connection between online and offline shopping, highlighting its innovation and Application Scenario value. At the same time, the project team emphasizes compliance and security, especially in the strengthening of international Anti Money Laundering (AML) measures, further enhancing market trust. This new narrative injects new imagination space for the integration of crypto assets and the real economy. According to Gate market data, the SVL token is currently priced at $0.03831, with a significant increase of 61.17% in 24 hours. With the rapid influx of funds and strong bullish sentiment, the market heat has significantly increased.

BARD – Lombard (+47.33%, Circulating Market Cap: $318M)

According to Gate market data, the current quote for BARD tokens is $1.41, an increase of about 47.33% in the past 24 hours. Lombard is building a full stack infrastructure to promote the development of Bitcoin Capital Markets on the blockchain and unlock the full potential of our generation’s most important asset. Lombard will bring the impact of Tether/Circle for stablecoins to Bitcoin. Lombard has established its market leadership with $LBTC, a leading yield asset in Bitcoin. $LBTC is fully backed by BTC and can be combined in the DeFi field. It integrates with 12 protocols on blockchains such as Aave, Spark, Pendle, and Etherfi, while also earning yields. It is guaranteed by a decentralized alliance of 14 digital asset institutions and is currently the largest Bitcoin LST, accounting for 57% of the market share. $LBTC is also the fourth largest BTC derivative, following the non-interest-bearing tokens $WBTC, $CBBTC, and $BTCB.

BARD tokens completed their TGE on September 18th and quickly became the focus of the market. Its narrative is not limited to governance, but also a key pillar of LBTC’s security system. Relying on Symbiotic’s universal staking layer and Chainlink CCIP, it provides real-time security guarantees for cross-chain Bitcoin transfers. At the same time, the Lombard protocol forms an expandable revenue model through minting and redemption fees, treasury fees, and transaction fees on Ledger and SDK. With the accelerated growth of Bitcoin-related demand, it is expected to become an enterprise-class Middleware and infrastructure layer. This multi-dimensional value support significantly boosts market confidence. According to Gate market data, the BARD token is currently priced at $1.41, with a significant increase of 47.33% in 24 hours. The transaction is active, and a strong bullish sentiment is being released.

HEMI – Hemi (+53.20%, Circulating Market Cap: $149M)

According to Gate market data, the current quote for HEMI tokens is $0.1532, an increase of 53.20% in the past 24 hours. Hemi is a Modularization blockchain designed to achieve exceptional scalability, security, and interoperability, supported by Bitcoin and Ethereum. While other projects view Bitcoin and Ethereum as isolated islands in the ecosystem, Hemi sees them as part of a single super network, which opens up a higher level of programmability, portability, and potential. The core of Hemi is the Hemi Virtual Machine (hVM), which integrates a complete Bitcoin node in the Ethereum Virtual Machine. In combination with the Hemi Bitcoin Kit (hBK), developers have a familiar and powerful platform to create Hemi decentralized applications (hApps).

Hemi recently topped the CoinMarketCap popularity list, attracting significant market attention with its “unpackaged, uncross-chain” native Bitcoin DeFi narrative. The project not only achieved a TVL of over $1.2 billion, covering 90+ protocols and gathering more than 100,000 users, but also has unique credibility because its founders are OG Bitcoin core developers. Hemi utilizes the security of Bitcoin itself to achieve final confirmation, and provides trust-minimized re-pledge income of native BTC, truly releasing more than $2 trillion in potential capital value. According to Gate market data, HEMI is currently trading at $0.1532, an increase of 53.20% in 24 hours, with a significantly increased trading volume, and the market’s bullish sentiment continues to soar.

Alpha Insights

Vitalik emphasizes the openness and verifiability of full stack, promoting technological fairness and transparency

Ethereum co-founder Vitalik Buterin recently published an article, emphasizing the core role of full stack openness and verifiability in modern technology, especially in the application of personal health, digital citizen technology, and the global economy. He pointed out that to ensure that technological development can take into account both security and fairness, we must adopt an open-source and verifiable approach, in order to reduce the abuse of power and enhance the overall transparency and trust of society.

This action not only demonstrates Vitalik’s forward-thinking about future technology architecture, but also highlights the importance of the open-source ecosystem in building a trusted infrastructure. He proposes to create a fully open-source, easily verifiable full stack solution, covering hardware, software, and biotechnology, focusing on high-security but non-performance-critical application scenarios. This vision is expected to promote the implementation of decentralized concepts in a wider social and industrial context. However, at the same time, how to balance openness and efficiency, privacy protection, and compliance regulations will still be a key issue for future development.

Tether may raise up to $20 billion, and its valuation may reach $500 billion

According to Bloomberg, stablecoin issuer Tether is in talks with investors to raise $15 billion to $20 billion through a private placement, in exchange for about a 3% equity stake. If the deal is successfully completed, the company’s valuation could reach as high as $500 billion, putting it on par with one of the most valuable private companies in the world. Sources revealed that potential investors have been granted access to the data room to evaluate the details, and the transaction is expected to be completed as soon as possible before the end of the year. However, Tether’s advisors and relevant representatives have publicly denied that there are currently any financing plans.

This news not only shows the market’s attention to Tether’s dominant position in the global stablecoin landscape, but also highlights the potential for crypto-financial companies to leap to higher valuations. If the deal goes through, Tether is expected to further strengthen its industry influence at the capital level. However, at the same time, the financing scale and terms are still in an uncertain stage, and market volatility, compliance pressure, and corporate transparency issues will all become key factors that investors must carefully evaluate in the decision-making process.

Seedify was attacked by hackers, and the team urgently froze cross-chain funds to control risks

Seedify officially disclosed that one of its developers’ private keys was stolen by a hacker group associated with North Korea. The attackers used this to modify the OFT contract settings, illegally issued SFUND tokens through the Avalanche cross-chain bridge, and cross-chained them to Ethereum, Arbitrum, and Base to extract liquidity. Ultimately, it was only stopped by the team after they were massively sold off to the BNB chain. Seedify emphasized that the incident was limited to the theft of minting privileges, and the core contracts, user wallets, and underlying protocols were not affected.

This incident not only highlights the criticality of private key security in Web3 projects, but also reminds the market of the latent risk of cross-chain bridges in asset security. Seedify has suspended all cross-chain bridge operations and, in conjunction with several exchanges, has frozen suspicious funds, further revoking relevant permissions. Although the official confirmed that there is no risk to BNB chain liquidity, users are still advised not to purchase SFUND on other chains to prevent unknown risks. Investors also need to be aware that the impact of hacker attacks on token trustworthiness and market liquidity may bring subsequent volatility and risk tests.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/trade/GT_USDT
• Gate, https://www.gate.com/price
• Gate, https://www.gate.com/launchpool/HP?pid=384
• CoinGecko, https://www.coingecko.com/en/cryptocurrency-heatmap
• Foresightnews, https://foresightnews.pro/news/detail/85200
• Foresightnews, https://foresightnews.pro/news/detail/85193
• Foresightnews, https://foresightnews.pro/news/detail/85188

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.