BigONE Weekly Recap
Axie Infinity’s Ronin bridge hacked for over $600M
“We are in touch with security teams at major exchanges and will be reaching out to all in the coming days,” said the team at Ronin. As told by Ronin developers, the attacker used hacked private keys in order to forge fake withdrawals, draining the funds from the Ronin bridge in just two transactions.
Obtaining unauthorized access to the latter was especially time-consuming. Last November, when Sky Mavis, the developer of the Axie Infinity and Ronin ecosystems, requested help from the Axie DAO, to distribute free transactions due to a surge in the number of users. However, access to the whitelist was not revoked.
Ukraine launches NFT museum ‘to keep the memory of war’
“While Russia uses tanks to destroy Ukraine, we rely on revolutionary blockchain tech,” said the country‘s minister of digital transformation Mykhailo Fedorov. And the place to celebrate the Ukrainian identity and freedom.”
In addition to raising funds for Ukraine’s military, the NFT campaign seems to be targeted in opposition to Russian state media which many worldwide have criticized for spreading propaganda and misinformation, particularly in regard to the events in Ukraine following Feb. 24. The project said one of its goals was to “spread truthful information among the digital community in the world.”
Ukraine’s government has accepted crypto donations directly through wallet addresses provided by the Ministry of Digital Transformation since Feb. 26.
Ethereum risks ‘double-bust’ drop despite ETH price rebounding 30% in two weeks
Ether now retests a critical resistance range for a potential pullback towards $1,800. ETH fakeout risks However, the market analyst also notes that symmetrical triangles have a tendency to “double-bust,” wherein the final breakout direction comes out to be the same as the original one.
Interestingly, the $1,800-level was instrumental in capping Ethereum’s downside attempts during the selloff witnessed in May-July 2021. In return, they would receive annual yields in the same token. Simultaneously, Ether still faces downside risks due to its strong correlation with the U.S. stock market and Bitcoin (BTC).
Bitcoin to $58K next? A 2019-like ‘reversal ascending triangle’ hints at more upside for BTC
BTC price charts suggest that $52,500 should be a very challenging resistance level to flip. On the daily timeframe, Bitcoin broke out of its ascending triangle on March 27 to the upside, bringing the much-anticipated level of $50,000 within its range. Interestingly, ascending triangles are continuation patterns, meaning they typically resolve by sending the price in the direction of its previous trend once it breaks out of their tightening range.
Why $52,500 is the most decisive level Bitcoin ascending triangles in both shorter- and longer-timeframe charts present extremely bullish outlooks. Interestingly, the rebound appeared exactly similar to price actions witnessed between November 2019 and January 2020.
If Bitcoin repeats the same move in 2022, the BTC/USD pair could reach its current 0.618 Fib line near $52,500, only then to correct back toward the 200-week EMA near $26,000.
Pro traders curb their enthusiasm until Ethereum confirms $3,400 as support
ETH price has shown a strong recovery since bottoming at $2,500, but derivatives data suggests pro traders are moving with caution. At the same time, the Office of Science and Technology Policy, an executive office of the President of the United States, launched a study to offset energy use related to digital assets.
The transition has been postponed multiple times, although Q1 of 2022 was mentioned on the official roadmap. Even though the metric points to a neutral-to-bearish sentiment, one must remember that Ether remains down 9% year-to-date and 28% below its $4,800 all-time high.
On the other hand, generalized excitement reflects a negative 10% skew. Basically, ETH options markets are pricing a slightly higher risk for downside, so professional traders are not confident that the current $3,400 support will hold.
