Daily News | Curve Finance Was Hacked and Lost Over $52M; The Monthly Trading Volume of CME BTC Futures Reached An Annual High; Michael Saylor Stated BTC Market Share Will Increase to 80%

Crypto Daily Digest: Curve Finance has been hacked; The monthly trading volume of CME Bitcoin futures reached an annual high; Michael Saylor stated BTC market share will rise to 80%

In the early morning of July 31, the official Twitter account of Ethereum EVM compiler Vyper tweeted that Vyper versions 0.2.15, 0.2.16, and 0.3.0 are vulnerable to recursive lock failures. The investigation is ongoing, but any project relying on these versions should immediately contact the team. Subsequently, many related protocols tweeted to announce hacking events affected by related issues, with Curve Finance being particularly vulnerable to vulnerability exploitation.

According to a tweet from Curve Finance, many stablecoin pools (alETH/msETH/PATH) using Vyper 0.2.15 were hacked due to the failure of recursive locks. The team uates the situation and will update the community as the situation develops. CrvUSD futures and other fund pools are not affected.

Previously, the Ethereum programming language Vyper announced that the recursive locks of Vyper version 0.2.15, 0.2.16, and 0.3.0 were invalid, which is currently under investigation.

Impacted by the hack, the price of Curve DAO‘s native token CRV dropped to $0.59 at one point and is currently at $0.64, a decrease of approximately 13% in 24 hours.

As a result, the vulnerability of Vyper directly threatens the DeFi of the whole Ethereum eco. If all projects have updated these versions, it will be a huge disaster for DeFi.

On July 30, 2015, the Ethereum mainnet officially launched, and a Genesis block was generated. The first block contains 8,893 transactions, providing block rewards of 5ETH. Currently, the Ethereum main network has been running for 8 years.

According to the on-chain data, presently, the total number of transactions of Ethereum has exceeded 2.05 billion Txns, the total number of addresses has reached 296 million, the number of futures addresses has reached 61.61 million, and the total trading volume has reached 9.93 billion ETHs.

Although the trading volume of cryptocurrency trading venues and exchanges has been decreasing, CME Group set the highest monthly trading volume this year in July.

The trading volume of the Bitcoin futures market on the Chicago Mercantile Exchange (CME) reached its highest level in April, with only one trading day left in July, reaching $53.33 billion in trading volume. In April, the company’s futures trading volume reached $53.06 billion.

As of July 29, the open positions in the CME Bitcoin futures market were $2.5 billion, indicating that the market is very popular among institutional investors such as hedge funds and large trading companies.

Recently, Michael Saylor, former CEO of MicroStrategy, commented in an interview that the SEC is currently suing platforms such as Coinbase and Binance, which he believes may bring unprecedented development opportunities for Bitcoin. Presently, the market share of Bitcoin in cryptocurrency is between 40% and 48%. Michael Saylor predicts that the market share of bitcoin will rise to an astonishing 80% in the future, and the remaining altcoins will only account for the remaining 20%.

Michael Saylor believes that because a large number of cryptocurrency trading platforms are afraid of the SEC and will delist altcoins that may be considered securities, Bitcoin will become the ultimate power of cryptocurrency.

The development momentum of Web3 in Hong Kong is booming. Since the release of the “Policy Declaration on the Development of Virtual Assets in Hong Kong” in October last year, 90 mainland and overseas enterprises related to virtual assets have expressed interest in settling in Hong Kong. The Hong Kong government established a comprehensive licensing for virtual asset service providers in the middle of this year, which helps to ensure the stable and orderly development of the market and safeguard the interests of investors.

At the regulatory level, there have been frequent actions.

Recently, the President of Peru issued a new decree stipulating that all cryptocurrency exchanges operating in the country must comply with anti-money laundering (AML) regulations. According to the law, virtual asset service providers, including individuals and companies operating within Peru, must now report information to the Financial Intelligence Unit (UIF-Peru). This department is responsible for receiving, analyzing, and sending information to identify money laundering and terrorist financing activities.

Although the law is now in effect, it is expected that UIF-Peru will release more specific guidelines in the coming days to clarify further the obligations and responsibilities of virtual asset service providers in the country.

US Congressmen Gus Bilirakis (Republican of Republican Party of Florida) and Jan Schakowsky (Democrat of Illinois) sent a letter to Tim Cook, CEO of Apple, asking whether Apple’s App Store Guide has killed emerging technologies, such as distributed ledger technology and NFT.

According to the Hindustan Times, the Supreme Court of India has instructed the federal government to state whether it intends to establish a federal agency to investigate criminal cases related to cryptocurrency, and said that it is “unfortunate” that India still has no laws or institutions to regulate cryptocurrency so far.

Today’s Main Token Trends

BTC

Over the past week, BTC has been continuously clinging to the support level at $29,500 USD and the bullish strategy is waiting for a breakthrough at $30,888 USD to initiate long positions, with the top target set at $36,000 USD. The bearish scenario might test the uptrend by pulling back towards the support at $28,500 USD.

ETH

Over the past week, ETH has maintained support at $1,857 USD and intends to stay within the upward trend. In the short term, attention should be paid to potential pullbacks to the trend line. A conservative bullish approach would be to wait for a breakthrough at $2,037 USD to enter positions with a profit target at $2,358 USD, using a risk-reward ratio strategy.

WLD

In the short term, there is a possibility of a clear ascending triangle pattern forming. A conservative bullish approach suggests waiting for a breakthrough at $2.55 USD to enter positions, with the following targets: $2.785 USD, $3.35 USD, and a top target of $4.3 USD.

Macro: The Federal Reserve is bullish on the future economy, focus on this Friday’s non-farm data

According to data released on Friday, the core PCE price index in the United States recorded an annual rate of 4.10% in June, lower than the expected 4.20% and 4.6%, the smallest increase since September 2021; The monthly rate recorded 0.2%, which is in line with expectations and the smallest increase since November 2022.

Meanwhile, the labor cost index in the United States recorded a quarterly rate of 1% in the second quarter, lower than the expected 1.10% and 1.2% of the previous value.

Reflecting the gradual cooling of the US labor market. Although the frequency of ECI publication differs from the income indicators in non-farm employment reports, economists often prefer it because it will not change due to changes in the employment composition of different professions or industries.

Institutional analysis indicates that the PCE report performed well, with a decreased inflation rate that exceeded market expectations. The overall PCE price index in the United States also dropped to an annual rate of 3.0% in June, which should not cause any trouble to the market.

Disinflation and moderate growth in consumer spending have increased the chances for the economy to achieve the soft landing envisaged by policymakers. Thursday and Friday’s data showed that the US economic data for the first half of 2023 far exceeded market expectations, which may make the Federal Reserve more optimistic about the economy and make room for further tightening policies.

Important Event Forecast for This Week:

On Tuesday, August 1, at 11:34 (UTC), the Ethereum sidechain Gnosis Chain will start the upgrade of the mainnet Shapella at 10379264 Slot (epoch 648704);

On Wednesday, August 2, Cosmos Eco EVM Compatibility Chain Evmos will Launch Evmos 2.0

On Thursday, August 3, at 09:40 (UTC), Litecoin is expected to halve. The block reward will be reduced from 12.5 LTC to 6.25 LTC.

Currently, the activity “Who Is the Gate.io’s Prophecy Emperor: Guess LTC price to Share $25,000 LTC Prizes” is currently underway. We welcome everyone to participate actively. Guess now!

On Friday, August 4, at 12:30 (UTC): The United States will release July non-farm data, and the market predicts that the unemployment rate will record 3.6%, with an increase of 225000 jobs.

On Saturday, August 5, at 00:00 (UTC), Tornado Cash (TORN) will unlock over 175,000 TORNs, accounting for 1.75% of the total issuance.