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Crypto market keeps losing ground as more Bored Apes stolen

2021.12.30 Adam James

As funds continue to rotate to alternate L1s and L2s, the price of ETH is struggling. 

The wider cryptocurrency market is still giving ground after another decline of more than 2.5% over the past 24 hours — during which time BTC and ETH fell by more than 2% and 3%, respectively. Major altcoins SOL, LUNA and AVAX have also all pulled back by more than 2%.

The wider cryptocurrency market is still a sea of red, though declines remain relatively moderate and not extreme. Source: COIN360

NFT Snapshot: More Bored Apes stolen

Another owner of Bored Ape Yacht Club nonfungible tokens was hacked. According to the affected individual, the loss includes eight BAYC tokens, seven mutant variants of the popular NFT collection, and one Clonex. 

Some blockchain sleuths on Twitter are positing that the loss stemmed from interacting with a fraudulent smart contract posing as an NFT exchange — a reminder to always conduct your own due diligence before making approvals with Web 3.0 wallets.

Top altcoin gainers and losers: SOS reverses, leads market

  • SOS/USDT +30.79%
  • CTXC/USDT +25.26%
  • BORING/USDT +15.67%
  • BHP/USDT -6.76%
  • THG/USDT -7.46%
  • MOF/USDT -10.67%

OpenDAO’s SOS token has reversed course today and is currently the top-performing altcoin on OKEx today — per the exchange’s default time settings.

SOS is the top-performing altcoin on OKEx today. Source: OKEx

BTC technical analysis: Showing weakness

The price of BTC failed to find support around 48,000 USDT — which could potentially turn into resistance in confluence with the four-hour ribbon of exponential moving averages. Buyers will be hoping to find the bulls step in around 44,000 USDT, should it fall back into its old descending wedge.

OKEx’s BTC/USDT 4h chart — 12/30. Source: OKEx, TradingView

ETH technical analysis: Finding no buyers against BTC

ETH continues to grind lower against BTC and is being driven down by the four-hour EMA ribbon. ETHBTC is in desperate need of finding buyers lest it fall to significantly lower levels — something that may not happen if traders continue to rotate funds to alternate layer-ones and layer-twos.

OKEx’s ETH/BTC 4h chart — 12/30. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.



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