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Belt Finance to Compensate Users Following $6.3 Million Attack

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In recent days, the Binance Smart Chain network has been a hotspot for flash loan attacks. There have been multiple attacks on popular liquidity protocols like PancakeBunny and Bogged Finance, resulting in losses worth millions of dollars. The latest victim has been Belt Finance, another BSC-based lending protocol that lost $6.3 million in a series of transactions that manipulated the system.

Belt Finance Shares Compensation Plan

The Rekt Blog, in a post mortem on the exploit, referred to it as “another notch in the now-famous flash loan exploit season on the BSC.”

However, the project has announced a compensation plan, which is intended especially for users who had funds in the 4Belt pool or beltBUSD vault, both of which were targeted by the attack. BELT token holders would also be compensated since its price dumped 54% following the attack.

“The price of the BELT token is a direct reflection of the value of Belt Finance as a protocol, and while BELT may not be a part of our 4Belt pool, it is representative of the faith our users have vested in us.”

The first phase in the compensation plan is to take a snapshot of the 4Belt pool and 4BELT token holder addresses. They will receive remedy4BELT (r4BELT) tokens in proportion to their pre-attack holdings.

According to the blog, these new tokens can be utilized to acquire further compensation over time. Users will need to deposit new tokens alongside existing ones on PancakeSwap in order to get liquidity provider tokens, which must then be staked back into the network, implying that compensation must be effectively earned.

It was also indicated that 67 percent of the team’s unlocked allocation would be transferred to r4BELT compensation, equating to 864 tokens every day. In addition, the team will also donate $3 million USD to establish a new BELT buyback fund. PancakeSwap’s initial public offering will raise $1.5 million.

The Attack

The attack on Belt Finance caused losses of over six million dollars. The attacker leveraged Pancakeswap to carry out its plan, manipulating its belt/BUSD pool, a protocol-wide stable coin, and profiting from its inefficiency. According to the Belt Finance team’s post mortem analysis, the attackers exploited this vulnerability eight times before it was spotted.

Belt Finance’s team promptly halted withdrawals and deposits to the impacted pools, claiming that the attack vector had been addressed following the attack.

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Source: https://btcmanager.com/belt-finance-compensate-users-6-3-million-attack/

Blockchain

Over 100K ETH ($200 Million) Staked in Ethereum 2.0 in a Single Day

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The total amount of ETH staked ahead of the upcoming Ethereum 2.0 upgrade has grown significantly and will likely continue to increase as the launch date draws closer.

100 ETH Staked in a Day

Data from CryptoQuant revealed yesterday that more than 100k ETH worth over $200 million as per current prices was sent to the Ethereum 2.0 deposit contract in a single day.

With the new staking, the total value of ETH now locked up in the Eth2 contract is currently more than 5% of the cryptocurrency’s entire circulating supply.

Ethereum Price vs. Amount Staked. Source: CryptoQuant
Ethereum Price vs. Amount Staked. Source: CryptoQuant

A Major Milestone

Earlier this month, the Ethereum network witnessed a major milestone when the total amount of coins staked on ETH 2.0 exceeded 5.2million ETH, which was worth a whopping $14 billion back then.

At the time of writing, there are 174,318 validators processing the blocks on ETH 2.0 with more than 5.88 million ETH staked in the deposit contract, which is currently worth $11.6 billion due to the current bearish market conditions. The figure represents more than a 1,000% increase from the minimum 524,000 ETH threshold required to move forward with the staking process.


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The increasing number of validators and staked ETH is impressive as it shows that the Ethereum community believes in the possibilities that ETH 2.0 will unlock.

The Ethereum 2.0 Upgrade

The ETH 2.0 upgrade was initiated to address some of the pressing issues of the Ethereum network, such as scalability and high gas fees.

The network-wide upgrade will introduce sharding to improve Ethereum’s efficiency and scalability. Sharding will ensure that the network will use parallel processing by breaking up data verification tasks among various sets of nodes, with each being responsible for verifying only the data it received.

Although sharding is a layer-1 scaling solution that will come with ETH 2.0, Ethereum co-founder Vitalik Buterin revealed in March that his team is already completing a layer-2 solution that would make the network 100x scalable within the next few months.

Additionally, Ethereum will be making a shift from the extremely complex and power-intensive Proof of Work (PoW) to the more efficient Proof of Stake (PoS) consensus algorithm. The move to a PoS mechanism means that Ethereum 2.0 will become an eco-friendly blockchain.

With these adjustments, the ETH 2.0 network will supposedly be faster and more robust than the current system.

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Source: https://cryptopotato.com/over-100k-eth-200-million-staked-in-ethereum-2-0-in-a-single-day/

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Bitcoin Price Analysis: After Rising 18% Since Tuesday’s Low, Is BTC Bullish Again?

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Over the past month, since the May-19 price collapse, BTC had been trading inside a range between $30K from below and $42K from above.

Last Tuesday, Bitcoin broke below the range, and for the first time since January 2021, traded beneath $30K. This lasted only for two hours before bulls stepped in for a heavy bounce, which spiked the price over $5k in a matter of a few hours. So, in conclusion, Bitcoin went up a total of 18% since hitting the 5-month low of $28,600 on Tuesday.

While negative fundamental news is coming from China, the fact that Bitcoin bounced sharply after hitting $30K teaches us that there is still a strong bullish demand, and the bull run of 2021 might not be over yet.

Despite that BTC had struggled to close a 4-hour candle above $34K since breaking the marked descending price channel (as shown below), Bitcoin is forming a short-term ascending triangle pattern. A breakout of this pattern should see BTC reaching as high as $37,000.

Overall, the daily chart is still indecisive inside the choppy zone, while BTC did not close a daily candle beneath $30K. After successfully confirming $32K as support, the latter becomes the first critical support zone to watch.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $33,520, $33,000, $32K, $31,185, $30K.

Key Resistance Levels: $34,700, $36,000, $37,000, $39,500, $40,500.

Looking ahead, the first resistance lies at current levels of $34,000. This is followed by $34,700, $36,000 (20-day MA), $37,000 (ascending triangle target), and $39,500. Added resistance lies at $40,500 (bearish .382 Fib & 50-day MA).

On the other side, the first strong support lies at $33,520. This is followed by $33,000 (triangle’s lower boundary), $32K, and $31,185 (Tuesday 4-Hour support). Further support lies at $30K.

RSI, short term: The 4-hour chart’s bullish divergence played out nicely and resulted in BTC breaking the descending price channel, as of yesterday. RSI is now trading above the midline in bullish territory, indicating the bulls are in charge of the short-term momentum.

The daily RSI is rising, indicating fading bearish momentum, but it is still yet to enter the bullish territory.

Bitstamp BTC/USD Daily Chart

btcusd-jun24
BTC/USD Daily Chart. Source: TradingView.

Bitstamp BTC/USD 4-Hour Chart

btcusd-4hr
BTC/USD 4-Hour Chart. Source: TradingView.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/bitcoin-price-analysis-after-rising-18-since-tuesdays-low-is-btc-bullish-again/

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After Bitcoin Dipped Below $30K: Is Bear Market Confirmed? Industry Experts Weigh In

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With BTC’s price going through a severe correction this week, reaching a near six-month low, the question arisen within the community if we have officially entered a bear market.

Dumping to more than 50% south from its peak, which came just two months ago, certainly has some arguing that the bears are indeed in control. To find out more expert views on the matter, though, CryptoPotato reached out to some of the most prominent names in the industry.

Those include the host of Keiser Report – Max Keiser, Jason Deane – Bitcoin Analyst at Quantum Economics, CoinGecko’s Bobby Ong, and the renowned DJ turned crypto analyst – Scott Melker, better known with his Twitter handle – The Wolf Of All Streets.

Version One: Bear Market It Is

After the previous bull market in 2017/2018, bitcoin’s price started to fall quickly and saw a half of its value slashed in a few months. Fast-forward to the middle of 2021, and the situation is quite similar.

BTC peaked in mid-April at $65,000 before it started to decline in value gradually. FUD, initially propelled by Elon Musk and intensified by China, resulted in more vigorous movements that culminated (so far) days ago when the cryptocurrency fell to around $28,500 – the lowest price tag since January 2020.

The Co-Founder and COO of CoinGecko, Bobby Ong, believes this drop has officially marked the start of the 2021 bear market but raised questions about its longevity.

bobby_ong_coingecko
Bobby Ong. Source: CoinGecko

“Bitcoin trading at its current levels has already made the current market a bear one as it is down 50% from its ATH. The question now is how long and how deep the bear market will be.”

He outlined a few differences between the start of this bear market and the previous ones as “there is no blow-off top, and this has been a gradual decline over the past month. How long this bear market will last will be anyone’s guess as well.”

The Wolf Of All Streets supports Ong’s stance to some extent. He noted that a 50% retracement from the top means the asset is “not in a bull market” because “it’s not a healthy correction anymore.” But that’s only when zoomed-in on a smaller timeframe.

If one looks at a more macro scale, seeing that BTC is still up by more than 200% in less than a year, the most logical conclusion is that BTC is “absolutely” in a bull market.” As such, he believes “much higher prices are likely.”

Scott_Melker
Scott Melker

The Relationship Between Price and Hashrate

China has received most of the blame for the adverse price developments. The Asian Superpower took its negative stance on the industry a step further by going after BTC mining and ousting miners.

Being the country responsible for over 60% of the hash rate until that moment, its actions had an immediate impact on the metric, which went down by roughly 50% in a matter of a month.

Jason Deane, a Bitcoin Analyst at Quantum Economics, touched upon this topic and debunked the idea that BTC’s price and hash rate are actually correlated. His company doesn’t see this as the start of a bear market, as the correction was mostly fueled by sentiment and momentum instead of actual fundamentals.

“This is most likely the case here, with that momentum almost certainly sparked, among other things, by the widely held (and incorrect) belief that lower hash rate is a hard driver for lower prices. It is true that this is a period of adjustment, but the network continues to run perfectly and will continue to do so, just as it was designed to do.”

Furthermore, he believes China’s actions will make the Bitcoin network “far more decentralized than ever before, and this move is considered to be extremely positive in the medium to long term.” Interestingly, recent reports indicated that miners are relocating from China to other countries, like Kazakhstan and the US, which would indeed loosen the nation’s grip on the mining industry.

“Fundamentals remain intact. In our view, therefore, this is far more likely to be a period of market overreaction that will ultimately correct in due course.” – Deane concluded.

Not The Worst Correction

Max Keiser, who has been a permanent BTC bull for over a decade, reassured the masses that such retracements are somewhat expected for the asset. In fact, he has been through “15 major pullbacks” since 2011, and this one “is not as bad as several I have seen.”

He also attributed it to the migration of mining out of China, but “the miners will be up and running soon enough in new regions. And it’s a huge positive to be out of China, in my view.”

Max Keiser. Source; Yahoo
Max Keiser. Source; RT

Additionally, he believes there’re far more critical factors to consider when examining BTC’s actual value.

“If you are asking whether or not this pullback is a bear market, keep in mind that Bitcoin’s fundamental value proposition is not price-sensitive; it’s block-sensitive. As the price has pulled back, so has the difficulty adjustment ensuring that blocks keep coming right in schedule. So in effect, nothing has changed. Blocks keep coming no matter what the price is.

For those looking at price only, keep in mind this one important axiom: Fiat money, over time, has zero volatility and a guaranteed loss of purchasing power. Bitcoin, over time, has some volatility and guaranteed increase in purchasing power.”

Keiser also referred to BTC as “sound, unconfiscatable money separated from the state, and a perpetual bull market.”

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Source: https://cryptopotato.com/after-bitcoin-dipped-below-30k-is-bear-market-confirmed-industry-experts-weigh-in/

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