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Poly Network hacker returns funds as market ends work week strong

2021.08.13 Adam James

The cryptocurrency market is trying to close Friday out on a strong note following the returning of stolen funds from the worst DeFi hack in history.

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The cryptocurrency market is trying to end the work week on a strong note. A rise of nearly 2% in the price of BTC and a 2.5% increase in the price of ETH has helped lift the global crypto market capitalization by nearly 3% to over $2 trillion, per data from CoinGecko. Also helping is a substantial increase of 13.3% in the price of ADA.

The cryptocurrency market is predominantly green today, with ADA outperforming. Source: Coin360

DeFi Digest: Poly Network hacker returns stolen funds

Leading headlines in the decentralized finance space today is the news that Poly Network’s hacker — who stole roughly $611 million across multiple blockchains in the largest DeFi-related exploit to date — has returned almost the entirety of the stolen funds. The only funds that have not been returned are those frozen by Tether, which accounts for roughly 33 million USDT.

The DeFi market hasn’t exactly responded positively to the news — at least in terms of total value locked. TVLs for Aave, Maker, Liquidity, Bancor, Tornado Cash and others are all down by more than 5%, per data from DeFi Pulse.

The wider DeFi market has had an exceptionally strong last 30 days. Source: DeFi Pulse

Top altcoin gainers and losers: Losses hard to come by

  • PRQ/USDT +53.07%
  • GTO/USDT +45.00%
  • UTK/USDT +44.59%
  • GAL/USDT -5.30%
  • LMCH/USDT -8.18%
  • YOYO/USDT -12.12%

Winners are plentiful on OKEx today — per the exchange’s default time settings — with QTUM as the top-performing large-cap altcoin after gaining more than 19%. SNX and ADA are also big winners among altcoins with market capitalizations greater than $1 billion.

There are no large-cap altcoins currently experiencing losses on OKEx, as of the time of this writing.

QTUM is the top-performing large-cap altcoin on OKEx today. Source: OKEx

BTC technical analysis: Buyers found, resistance challenged

The price of BTC has found buyers inside the four-hour ribbon of exponential moving averages and is now once again challenging a heavy zone of resistance around 47,000 USDT. Having just found support from buyers, the odds of it moving into the resistance zone aren’t exactly unfavorable — but weekends generally bring uncommon price action.

OKEx’s BTC/USDT 4h chart — 8/13. Source: OKEx, TradingView

ETH technical analysis: Consolidating while burning

The price of ETH is still consolidating against BTC after also finding buyers inside the four-hour EMA ribbon. Having already burned more than 37,000 ETH since EIP-1559 was implemented in Ethereum’s London upgrade, many traders are favoring a breakout to the upside.

OKEx’s ETH/BTC 4h chart — 8/13. 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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