With the beginning of the trading week in Asia, Ether and Bitcoin are witnessing minor declines. Exploiting the stablecoin exchange curve can prove to be threatening to more than 100 million dollars in crypto. Crypto mining is currently booming in Russia after China banned this industry in their county.
In this trading week, Bitcoin has gone up 0.3%, which is around $29,415, whereas Ether has gone down by 0.6%, which is around $1,869. By far, it has been noticed that the exploit in the curve of stablecoin exchange has been digested without any contagion. As it was previously reported by CoinDesk, a bug in the programming language, Vyper, had put over 100 million dollars of cryptocurrency at risk.
The total losses estimated by BlockSec, an auditing firm, estimated the total amount to be 42 million dollars. In an interview, Gene Hoffman from Chia Network told CoinDesk that inspite of the decoupling between tech stocks and stocks, there is still potential for correlation between tech and Bitcoin because of the mass adoption.
Hoffman also added, “The coin usually tends to trade as if it were a tech stock. The tech earnings around are mixed to positive. There’s no real force to break things one side or the other.”
Hoffman is also expecting the market to go sideways in August because of the global vacation season, but it is expected to go upwards in all the markets by September because of the job support, the opening in the IPO market, and also a decrease in the potential rate after the final high in the United States.
Last week in an interview with CoinDesk, Markus Thielen, the head of strategy and research of Matrixport, said that traders should make a switch from Bitcoin to bullish call options because of the low volatility, which will help them to lock their current gain and also benefiting from the coming upside rallies. He further added, “This allows locking in the year-to-date gains for bitcoin, while the call option exposure allows participating in any upside rally.”
