XDC asserts itself
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TOP TRENDING ASSETS
Trading activity in the past 24 hours on the Uphold platform as of 8 a.m. EST 7th October 2022
All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
What’s up
Unconcerned With Macroeconomic Data, XDC Network Says ‘Hey, Look At Me’
XDC Network, CoinGecko's 93rd-largest digital asset, has notched a 3.3% gain in the past 24 hours even as the crypto sector at large squanders its head of steam. Just within the realm of Ethereum scaling projects, XDC's green tint sets it apart from rivals such as Polygon, which is flat on the day, and Optimism, which shed 2%.
In the past few days, XDC has made announcements, including a funding infusion earmarked for ecosystem expansion and a partnership with Fluent, known for its regulator-friendly US+ stablecoin, an arrangement facilitated by fintech Impel which is leveraging XTC's layer-1 blockchain. Impel-XDC Network has built a bridge (R3 Corda) connecting with "future-facing" institutions ready to ditch legacy banking industry settlement systems like SWIFT and SEPA.
Over the past month, XDC has gained 21.3%. A quick check at 7:31 a.m. (EST) revealed XDC was $0.03141504, or some 84% off its all-time high of $0.19 reached in August of 2021. Note too that another blockchain-based cross-border payments player, Stellar, has seen its digital currency, Lumen, gain 18.6% in the past month, according to CoinGecko.
What's down
BNB’s Cross-Chain Bridge Gets Hacked
As of early Friday morning, Binance's BNB Smart Chain (BSC) was back up and running following a brief timeout amidst rumors of an exploit which turned out to be true. At least $70 million worth of funds were stolen in an incident that took place Thursday on Binance's cross-chain bridge, BSC Token Hub, and involved the creation of extra BNB, Binance said (Cointelegraph).
Per CoinGecko, BNB is the fourth-largest digital asset in terms of total market capitalization (roughly $46 billion). Since yesterday morning at 7:44 a.m. (EST), BNB has declined 3.6%.
Cross-chain bridge hacks are a dominant theme in the underworld. Back in August, Chainalysis estimated that $2 billion had been stolen by way of such hacks during the first seven months of 2022, including the $625 million Ronin Bridge exploit believed to have been carried out by a criminal enterprise in North Korea. "Bridges are an attractive target because they often feature a central storage point of funds that back the 'bridged' assets on the receiving blockchain," the Chainalysis report said.
What's next
Bitcoin In Jiu-Jitsu Match With Breakout Zone
As of 7:52 a.m. (EST) on Friday, Bitcoin and other major cryptos were mildly in the red with the imminent release of some key economic data widely expected to ignite a fresh round of volatility. BTC fell 1% to $19, 985, per CoinGecko. Ethereum also dipped by roughly 1%.
BTC has been in a gruelingly tight range, as if one chokehold away from losing $19,900 levels and/or consciousness.
Whale resistance is said to be enormous. Two separate attempts to scoot past $20,400 were knocked right back in the past day, Cointelegraph said.
The September U.S. jobs report, due out at 8:30 a.m. (EST), was expected to be positive, by historical measures. However, through the surreal looking glass we go. Because, in reality, seemingly good news (more people with money in their pockets) would be, in these inflationary times, bad news – for risk assets – susceptible to stiffer Fed rate hikes which could come sooner and last longer, were the economy refuse to slow down faster.
