Bitcoin and doggy coins go up, while the Acala stablecoin crashes

After a long bearish period, Bitcoin (BTC) seems to be regaining momentum. The currency has increased by over 5% in the last week, touching briefly the $25,000 mark. During the same period, Dogecoin (DOGE) and Shiba Inu (SHIB) gained around 14% and 40%, respectively [CMC]. Aside from Bitcoin and these doggy coins, the Polkadot stablecoin Acala Dollar (AUSD) crashed by 99%.

There is some good and bad news. According to the Crypto Fear & Greed Index, the community is still in Fear, but bordering Neutral. For 일부 전문가, the Bitcoin price improvement could have something to do with the US inflation finally slowing down. In this context, long-term and short-term holders are resisting and buying more, as Glassnode discovered:

“LTH [Long-Term Holders] supply remains relatively range bound, which indicates more contained spending by a sub-set, rather than broad loss of confidence. In contrast, Short Term Holders are seeing a divergence between BTC and USD-denominated wealth. This is indicative of a pool of buyers who stepped in at the lows, and now hold some 300k BTC, acquired at a much lower cost basis.”

Some analysts are now aiming for $27,000 per BTC soon. Meanwhile, 총독 과 시브 seem to be enjoying the market returning to a risk-on attitude. In the case of SHIB, it’s been listed by more exchanges, and the team announced plans to release a new game, dubbed Shiba Eternity.

Beyond Bitcoin, Acala stablecoin goes to zero

Acala is a DeFi 프로토콜 built on Polkadot with their own 스테이 블코 인, the Acala Dollar (AUSD). Last Sunday, an exploit in their liquidity pool allowed several hackers to mint unlimited AUSD tokens arbitrarily. That caused the stablecoin to depeg from its intended value (1 USD) and plummet to $0.010, in a similar fashion to 테라(LUNA).

The team of Acala paralyzed the network quickly, leaving the hacker stranded with around 1.27 billion worthless AUSD tokens. However, the damages are calculated at around $10 million. This is without counting the losses from the stablecoin depeg (-99%) and the blow on the Acala utility token (ACA), which has lost 18% in the last week, anyway [CMC].

마찬가지로, Polkadot (DOT) lost over 5% in the last 24 hours, probably because of the incident. As a solution, the Acala team 제안 to return 1,292,860,248 total erroneously minted AUSD to the Honzon Protocol (the stablecoin system) to be burned. The community approved it for today. After this, they expect to resume paused activities soon.

With Bitcoin going up and Acala (and Polkadot) going down, the general landscape in the market remains mostly uncertain. We’ll see in the next few days if this happened for the better or not.

Wanna trade BTC, DOGE, DOT, and other tokens? You can do it 안전하게 Alfacash에서! 그리고 우리가 소셜 미디어에서 이것과 다른 많은 것들에 대해 이야기하고 있다는 것을 잊지 마십시오.

전보 * 페이스 북 * 인스 타 그램 * 유튜브 *트위터