Crypto Flipsider News: Bitcoin (BTC) Drops 2%; Aptos (APT) Loses 45%; Moola Market Recovers $8.4M; Ethereum Shanghai Testnet; blue sky road map

Read in the Digest:

• (BTC) falls while stocks rise as $940 million is withdrawn from exchanges.

• Aptos (APT) drops 45% on the first trading day after the APT airdrop.

• Celo’s Moola Market recovers $8.4 million of the $9.1 million looted in the recent attack.

• launches a testnet to prepare for the Shanghai Update.

• Jack Dorsey’s decentralized social media app ‘Bluesky’ lays out a roadmap.

Bitcoin (BTC) Falls While Stocks Rise as $940M Pulled From Exchanges

In a rare event of movement against the stock markets, the price of Bitcoin (BTC) fell as much as 2.3% in the last 24 hours, while the main stock indices continue on solid upward trajectories.

The price of BTC, which opened for trading today at $19,650, is down 2.1% in value, trading at $19,144 at the time of writing. Bitcoin’s drop indicates a loose correlation between BTC and stocks, the all-time high recorded last month.

The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap

The drastic drop in the price of Bitcoin comes as 48,000 bitcoins (worth $940 million) were withdrawn from Coinbase (NASDAQ:) Pro. CryptoQuant reported that the Bitcoins were moved by institutional investors in over-the-counter trading deals.

According to CryptoQuant, the number of bitcoins moved is the largest volume transferred between cryptocurrency exchanges since the infamous crash in June this year. Also, it marks the second largest BTC stash of all time to be moved.

flip side:

• The exchange exits suggest that investors are withdrawing their crypto from exchanges in a shift from selling mode to accumulation mode.

why should you care

Maarten Regterschot, a contributing analyst at CryptoQuant, highlights that Bitcoin’s movement off exchanges is a pattern that preceded the famous Bitcoin bull run of 2021.

Aptos (APT) drops 45% on first trading day after APT airdrop

The launch of the mainnet of the Aptos blockchain (APT), dubbed as a so-called “Solana killer”, was greeted with high expectations. However, since the blockchain failed to deliver on its promises from the start, the APT token plummeted on the very day of its launch.

After months of testing, Aptos Labs, the firm behind Aptos, a layer 1 blockchain developed by former Meta employees, promised processing speeds of up to 160,000 transactions per second (TPS). However, on launch day, the blockchain barely managed 3.88.

As a result, after the APT airdrop, in which the “early network participants” received free APT tokens, the price of the token plummeted rapidly, falling by more than 45%.

After opening for trading for around $8.55 according to CoinMarketCap, the price initially rose to $13.73. However, it wasn’t long before its value plummeted again, with APT now trading at $7.69 at the time of writing, after falling as low as $6.69 according to CMC metrics.

The 24-hour price chart for Aptos (APT). Source: CoinMarketCap

flip side:

• Aptos’ allocation of 49% of all APT tokens to developers and private investors has raised concerns about the network catering to venture capital.

why should you care

The uncertainties surrounding the Aptos launch have proven to be a major contributing factor to the token’s underperformance.

Celo’s Moola Market recovers $8.4 million of $9.1 million looted in recent attack

Moola Market, a noncustodial liquidity protocol on the Celo Network, was forced to temporarily halt lending operations on Oct. 19 after $9.1 million worth of cryptocurrency was stolen as an attacker manipulated MOO prices to borrow against your newly inflated MOO guarantee. .

The perpetrator of the $9.1 million Moola Market vulnerabilities returned 93% of the stolen funds, worth nearly $8.4 million, less than 12 hours after the developers contacted law enforcement. law enforcement, earning a “bug bounty” of approximately $500,000.

The attacker initially bought $45,000 worth of MOO, posting it as collateral to borrow from CELO. The attackers then borrowed 243,000 CELO from Binance, depositing it all as collateral to borrow more and more MOO tokens until their price increased by 6,400%.

The attackers made $6.6 million worth of CELO and $1.2 million worth of MOO, along with $644,000 Celo Dollars (cUSD) and $740,000 Cello Euros (cEUR), totaling a total loss to the protocol of $9.1 million. .

flip side:

• Moola’s shutdown is scheduled to continue until the protocol can follow up with the community on its next steps and safely restart operations.

why should you care

The return of the funds reduces the damage done to the DeFi sector in October, which already ranks as the biggest month for hacks in crypto history.

Ethereum launches testnet to prepare for Shanghai upgrade

In preparation for the Shanghai upgrade, the first major upgrade after its move to Proof-of-Stake (PoS), Ethereum launched “Shandong,” a testnet for developers to start testing their protocols in Shanghai.

According to the announcement released by EF DevOps, Shandong will play a major role in selecting the Ethereum Improvement Proposals (EIPs) to be activated in the Shanghai upgrade.

Five major EIPs have already been highlighted for implementation in the testnet, and some of the EIPs being considered could address some of the network’s scalability and efficiency issues. One of the most anticipated proposals is EIP 4895.

EIP 4895 will allow developers to try “withdrawing” their ether (ETH) staked on the Beacon Chain, and withdrawing these stakes, along with any rewards they have earned in the meantime.

flip side:

• Ethereum’s transition to PoS has raised many concerns about decentralization and its recent loss of resistance to censorship.

why should you care

The Shandong testnet is intended to give developers enough time to test their protocols and ensure a smooth transition when Shanghai launches next year.

Jack Dorsey’s decentralized social media app ‘Bluesky’ lays out a roadmap

Three years after first introducing the idea of ​​decentralized social media as a way to limit corporate and government influence on major social media platforms, Jack Dorsey’s Bluesky app has released its roadmap.

The website for the decentralized social media protocol was also launched, while the underlying protocol for Bluesky was renamed from ADX to Authenticated Transfer Protocol.

According to Bluesky, the AT Protocol will run on a federated network and include interoperability, improved performance, and algorithmic election features. The protocol gives users access to an open market for algorithms, like those seen on search engines.

There has been excessive demand for the Bluesky app waiting list, which filled up quickly and required third party intervention. Since then, Bluesky has changed mail providers and continues to accept new applications on the waiting list from users looking to test the beta version before the launch of the platform.

flip side:

• Ye, formally known as Kanye West, has been hit with a $250 million lawsuit after agree to buy Parler, the crypto-friendly social networking site.

why should you care

Bluesky aims to promote interoperability and mutual compatibility between different platforms on the same protocol, similar to blockchain technology.

See original on DailyCoin