Chart of the Day
The broader crypto market took a breather from falling prices as bullish sentiments rekindled amid growing concerns over the looming recession. However, token performances early Wednesday (Asian hours) point to a predominant risk-averse stance among investors. According to CME Group’s Fed Watch Index, the probability of another 75 bps hike rose to 50-50 less than 24 hours before the start of the Jackson Hole Symposium. As of the time of writing, BTC is changing hands at around $21.3k, after posting a 1.8% increase over the past day. Major resistance levels in the $21.5k to $22k zone persist, and bearish pressure may once again push BTC down to test its previous support at $21k. Bybit blog reports.
ETH saw a slightly stronger comeback after jumping by 4.1% over the last 24 hours. However, the number of weekly ETH deposits on the Beacon Chain has hit an all-time low just weeks before the final Merge. The pace has tapered partly because more than 11% of ETH’s circulating supply has already been staked.
On the other hand, some analysts attribute the decline to speculations of a PoW fork, which may have raised investors’ hope of getting airdrops. Most major altcoins have remained in the green, with CHZ leading the pack on a double-digit percentage gain over the same period.
Talk of the Town
SudoRare, an NFT platform forked from SudoSwap and LooksRare that boosts staking opportunities, is the latest project that has rug-pulled its customers. The project, established on Tuesday, has since disappeared from social media platforms, along with user funds of approximately $800,000. Six hours after the project went live, almost 1 million LOOKS tokens were swapped into ETH and USDC, despite the numerous warnings of potential fraud. Shortly after, all 519 ETH in the user funds were moved off the platform. According to the blockchain security company, PeckShield, the drained funds have already been sent to three different wallets, each receiving 173 ETH.
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