The market is moving. Bitcoin has stabilised slightly around the $47,000 mark following a multi day bear rally. Since printing ATH at $69,000 (Glad to see that crypto traders have a sense of humour) on the 10th of November BTC has dropped to $41,967 and has now stabilised above $45,000. That is a drop of 39.18% in just under a month! Bitcoin now holds itself at 69.3% of its all time high value.
What Is Next For BTC?
Bitcoin is currently holding support above the 200 day moving average. The 50, 100, and 200 day moving averages all are holding in a bullish cross currently, another bullish indication.
“Bitcoin and [Big Tech] are getting punished today as investors reallocate some of their more profitable risky bets,” ~Edward Moya. There is a lot of repositioning happening at the moment in crypto markets, so be wary of where the money is going.
BadgerDAO $130M Hack
In early December a front end exploit of BadgerDAO resulted in a $130 million drain of locked funds.
According to BadgerDAO’s founder Chris Spadafora, the restitution plan will depend upon the contribution of Badger’s 32,000 users. The losses are significantly larger (about 2.4x) than Badger’s treasury of roughly $53M.
This may be the largest and most complex restitution plan in decentralised autonomous organisation (DAO) history.
Melania Trump Launches NFT Platform
Melania Trump (Former FLOTUS) announced that she is launching an NFT Platform. Melania’s debut NFT is titled “Melania’s Vision” and features a watercolour style artwork with a voice narrating.