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Crypto Markets Bleed Another $180 Billion: Bitcoin Dominance at 46% (Market Watch)

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The entire cryptocurrency market is bleeding out, losing over $180 billion in the past 24 hours alone. Bitcoin’s dominance, however, continues to increase.

Bears continue to take their toll on the cryptocurrency market as the prices are still bleeding out. The total market capitalization lost over $180 billion since yesterday’s peak.

It’s worth pointing out, though, that throughout the past few days, Bitcoin’s dominance – the index that tracks BTC’s share relative to that of the entire market – is increasing and now sits at almost 46%.

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Bitcoin Price Slides Below $35K

Yesterday, bitcoin’s price was on the verge of recovery. It reached an intraday high of exactly $38,200 (on Bitstamp).

However, bears intercepted the move and started dragging the price down. Today, it dropped down to a current daily low of around $33,821, and, at the time of this writing, bitcoin is down about 7.4% over the past 24 hours.

Zooming out a little bit paints an even worse picture. Over the past seven days, the cryptocurrency is down almost 25% after having dropped to a low of $30K earlier on Wednesday.

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BTC/USD. Source: TradingView

The silver lining for Bitcoin bulls is that its market dominance is increasing. The total market cap is down about $180 billion, but BTC’s dominance increased to almost 46%, which is a sign that the primary cryptocurrency is recovering a lot better compared to altcoins.

Tough Days for Altcoins

Altcoins have it even worse. The entire market is painted in red altogether. Ethereum is currently down about 14.5% on the day, Binance Coin (BNB) – 18%, Cardano (ADA) – around 14.6%, and so forth.

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Cryptocurrency Market Heatmap. Source: Quantify Crypto

Out of the top 100 cryptocurrencies by market cap, the only notable gainers are XinFin Network (10%), Shiba Inu’s SHIB (10%), Theta, and Theta Fuel, both charting gains in the range of 3%.

Everything else is bleeding out. This comes a couple of days following another round of reiterations on behalf of China, the State Council of which once again reminded us that authorities should crackdown on Bitcoin mining and trading – a narrative that we’ve seen more than once in the past.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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