Značka: Exchanges

Bitcoin batters longs as liquidations copy May 2021 run to $30,000

Bitcoin (BTC) has dealt significant pain to bulls in recent weeks, and now, fresh data shows just how much.In a tweet on Jan. 10, on-chain analytics firm Glassnode revealed that those longing BTC had suffered a rerun of last May, when BTC/USD began to fall toward $30,000.Long traders fail to “catch the knife”According to Glassnode’s Longs Liquidations Dominance metric, the “majority” of liquidations over the new year involved longs.This is unsurprising, given Bitcoin’s overall trajectory since late November, but the extent of losses puts the past few weeks on par with May in terms of longs vs. shorts.“Bitcoin long liquidation dominance has hit 69%, the highest level since the May 2021 deleveraging event,” researchers commented. “This means that the majority of liquidations in futures markets over recent weeks were long traders attempting to catch the knife.”Bitcoin futures long liquidations dominance annotated chart. Source: Glassnode/TwitterLooking at the data, the period from late July through late November saw the opposite trend form, with shorters becoming victims of an unexpected bull run multiple times.Unusual lowsWhile long liquidation spikes do not always mark local price bottoms, the appetite for a turnaround on short timeframes has long been vocal. Related: ‘Most bullish macro backdrop in 75 years’ — 5 things to watch in Bitcoin this weekBitcoin, as Cointelegraph reported, is firmly “oversold” by historical standards at current prices.“If we bounce here, I’m not convinced we won’t revisit these prices, but some short-term relief would be nice,” quant analyst Benjamin Cowen tweeted Saturday as part of intraday observations.“Daily RSI is also technically oversold, $40k-$42k is theoretically a support area too.”Cowen was commenting on the Crypto Fear & Greed Index, which hit rare lows of just 10/100 over the weekend, signifying “extreme fear” among market participants.Since bottoming out in the depths of 2018 depression, $BTC has only seen this oversold indicators only four times at 3k, 10k, 4k, and 30k. Not long after these records were achieved, #Bitcoin rallied 340%, 17%, 1585%, 141% accordingly. Full details: https://t.co/qtlKY9tQzS pic.twitter.com/oSpb3fTjKX— CRYPTO₿IRB (@crypto_birb) January 8, 2022Such occurrences tend to be followed by a price and sentiment recovery, but current lows are poignant, as the same price level one year ago was accompanied by the opposite phenomenon — 93/100 or “extreme greed.”

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LCX loses $6.8M in a hot wallet compromise over Ethereum blockchain

Liechtenstein-based crypto exchange LCX has confirmed the compromise of one of its hot wallets after temporarily suspending all deposits and withdrawals on the platform. The hack was first identified by PeckShield, a blockchain security company, based on the suspicious transfer of ERC-20 tokens from LXC to an unknown Ethereum (ETH) wallet.hot wallet compromised? @lcx https://t.co/uL5a7oCFfM— PeckShield Inc. (@peckshield) January 9, 2022The probable hot wallet compromise was soon confirmed by the exchange as it announced the loss of numerous tokens including ETH, USD Coin (USDC) and other tokens including its in-house LCX token.Ethereum blockchain based assets such as ETH, USDC, EURe, LCX and other assets have been moved to theHacker ETH Wallet: 0x165402279F2C081C54B00f0E08812F3fd4560A052/3— LCX (@lcx) January 9, 2022

Based on PeckShield’s investigation, LCX lost a cumulative of $6.8 million after the hacker successfully transferred eight types of tokens that included Sandbox (SAND), Quant (QNT), Chainlink (LINK), Enjin Coin (ENJ) and Maker (MKR).Details of the stolen funds on LCX. Source: PeckShield.At the time of writing, LCX has not shared any plans to help return the stolen funds. However, the company has confirmed to take security measures to protect other wallets and assets:“During this difficult period, we greatly appreciate the support from our customers, other exchanges, security experts, and the broader crypto community.”LCX has not yet responded to Cointelegraph’s request for comment. Related: ImmuneFi report $10B in DeFi hacks and losses across 2021A recent report from security platform ImmuneFi found that crypto companies incurred losses of over $10.2 billion in 2021 due to hacks, scams and other malicious activities. As Cointelegraph reported, ImmuneFi identified 120 instances of crypto exploits and rug-pulls, the highest-valued hack being Poly Network at $613 million, followed by Venus and BitMart with $200 million and $150 million, respectively.

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