Bittensor hacked for over $8 million 🙏

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📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• BTC is trying to hold it’s $656,500 support zone, which is in confluence with a daily horizontal support and ~the 200 Daily Moving Average

• If this support gets broken, price can fall till the sub $50,000 ranges.

• So far, the price has respected the initial support level. Usually, buying in spot with a very long term perspective on the 200 Day MA has never been a bad idea.

• $64,500 & $66,200 are crucial levels that need to be broken on the upside to protect the support zones mentioned above.

Consensus acquires Wallet Guard 🙏 

MetaMask’s developer, Consensys, has acquired Wallet Guard, a security app, to enhance MetaMask's protection features.

Wallet Guard's browser extension helps detect scams and wallet drainers in real-time. Consensys plans to integrate this technology into MetaMask to safeguard users' wallets and assets from fraud.

This will improve scam detection and provide real-time protection against malicious dapps. The deal's value wasn't disclosed.

According to Chainalysis, crypto scams resulted in over $1.7 billion in losses in 2023, down from $3.7 billion in 2022.

Bittensor hacked for $8 million 🙏 

Bittensor ($TAO) developers paused their blockchain earlier yesterday due to a suspected wallet security breach.

An unusual attack led to the theft of about 32,000 TAO tokens, worth over $8 million, prompting the network's halt.

Following this attack, the chain was pushed into safe mode, all transfers were paused, and all validators were isolated This hack caused a 15% drop in the TAO token’s value.

📕 Educational

5 altcoins which have outperformed the entire market in the past month 🔍

In a phase where most altcoins are down 50-70%, there have been a few outliers that have totally outperformed the market, and even made new all-time-highs despite a broader market dump. These include the following :

👉 $ACX (Across Protocol): The leading bridge in monthly volumes at over $1.05 billion, $ACX has a FDV of only $350 million. Compared to competitors like Wormhole's Portal, which handles 8 times less volume but has a 10x higher FDV, $ACX seems undervalued.

👉 $TON (TON token): With heavy investments from Pantera Capital, Kingsway Capital, Ryze Labs, and Animoca Brands, TON is gaining traction. Activated wallets on TON have surged from ~1 million in January to ~9.4 million now, reflecting growing adoption. As reported by The Block, Kingsway Capital's largest token holding is the TON token, which they began purchasing over two years ago. Ryze Labs, previously known as Sino Global Capital, has heavily invested in the TON token. Animoca Brands began purchasing TON tokens below $1 and continued buying as prices rose to $1, $1.50, and $2.

👉 $KAS (Kaspa): Marathon Digital announced that it has mined 93 million KAS tokens since September 2023, valued at $16 million, and aims for higher margins with advanced mining machines. The excitement around KRC20, a protocol for creating tokens and smart contracts on Kaspa, has fueled a recent price rally.

👉 $BANANA (Banana Gun): Banana Gun's trading bot hit record weekly fees of $2.293 million in early June and has tripled its user base from 65,000 to 195,000 since the start of the year, showcasing strong growth in fundamentals, which is reflecting in it's price.

👉 $ENS (Ethereum Name Service): Anticipation for the ENSv2 upgrade, which will lower gas fees and improve transaction speed by moving to a layer-2 network, has driven a speculative rally in $ENS prices. The exact launch date is still unknown.

📊 Stats

📈 Chart of the day

• Rationale & Confluences :

  

  BTC/USD - Daily

• The $56,400 horizontal is the most important support for BTC to hold

• The level is also in confluence with the 200 Daily Moving Average

• There is some bullish RSI divergence on the 4H & Daily timeframes

• A break of this support will invalidate the divergences

• A bullish hammer candle, bullish engulfing candle or a morning star at support will be signs of reversal and the support being respected.

• Source : Cointraction 

• Note : None of the content mentioned in the newsletter is financial advise. This is for educational purposes only.

🤣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.