While the crypto markets have currently gripping under a set of hacking attacks, with Solana being the prime victim, profits accumulate in bull markets. In contrast, bear markets provide the opportunity to chop assets at dirt-low prices.
Around $5 million worth of tokens has been stolen from the Solana network. It is recorded that an attacker gained the ability to sign transactions for 8000 hot wallets through slope finance.
Despite the prevalent hacks in the market, Bitcoin was up 2%, claiming back $23,000. The price of the primary cryptocurrency has managed to climb above the 200-day weekly moving average. This makes up a piece of bullish news for Bitcoin investors.
Ether was up 4% over the last 24 hours at $1660, changing hands at $1,600. In contrast, the current price action for Ethereum highlights a downward move towards the nearest support — $1,500.
While Uniswap’s UNI was up 15%, Curve (CRV) 10%, and Aave 8%. Responding to the news, Solana fell 4% to take support at $39.
Optimism Protocol
Optimism protocol on August 2, announced the next major release for its network upgrade in the remaining half of 2022 — Bedrock.
The new update release, timed for Q4 2022, is designed like post-merge Ethereum, with consensus layer (CL) and execution layer (EL) separation.
And also, by mining a block for every new transaction, the Protocol would now have a fixed block time of 2 seconds. Before the update news, optimism was trading at $1.39, while it is now changing hands at $2, registering a 48% gain in two days.
Lido
LIDO recently released its first version of the Lido node Operator Portal to consolidate information and resources.
This new release would allow existing operators to seek information about the internal processes of the LIDO.
LDO has gained roughly 22% over the last three days, sending the crypto token’s value to near $2.5. Furthermore, if a rally continues, LDO can face resistance at $2.8.
Near Protocol
Recently, Near Protocol announced its flagship web3 event — Nearcon. The event will be happening in Lisbon and will receive 2000+ attendees.
The protocol easily sits on the list of today’s top gainers, currently trading at $4.45, up 10% since the Nearcon announcement. However, the crypto faces resistance at $4.67, while the nearest support at 7% below the current level, at $4.172.
Perpetual Protocol
Another crypto that has gained massively in the slew of this minor bear market rally. Perp Protocol has secured more than 40% gains in the past two days.
The crypto recently launched a thread about a major shift in its liquidation mechanism. This new update will allow perp protocol liquidators to sell near bankrupt positions when approaching liquidations. At the same time, a buyer can acquire them for a discount.
This new update has prevented the possibilities of cascading liquidations and bad debt elimination in the system.
PERP is changing hands at $1.226, marking a 48% gain north of the base price of $0.827.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)
