Morning Coinheads…

It’s been a bit of a mixed bag for the crypto majors overnight, with a few of them heading north and a few heading south, while the overall market grew 1.8% to a market cap of $1.23 trillion.

BTC was one of the gainers, adding 0.5% in the past 24 hours, while ETH edged down 0.2% over the same period.

The rest of the Top 10 look like this today:
 

Top 10 overview

With the overall crypto market cap at US$1.23 trillion, up around 1.0% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

 

crypto gains BTC
Chart via CoinGecko.com

 

In the news

Among the attention-grabbers in the headlines this morning is a developing story around Yet Another Crypto Hack, which has more than a couple of market watchers concerned that we’re seeing an enormous rug pull taking place at beleaguered cross-chain bridge, Multichain.

Last week, someone got in and stole the equivalent of US$125 million – and in the past 24 hours, another US$103 million has been quietly nabbed as well.

It’s been described as “one of the biggest crypto hacks in history” – mostly because US$228 million is a staggering amount of money to have disappear – and some of the biggest Big Brains in the industry are looking into how it’s all occurred.

 

 

The link there is worth a read, but the gist of it is that the hack is quite possibly part of a rug pull, with Chainalysis pointing to the fact that the exploit used to get in and siphon off the money was was due to the project administrator’s keys being “compromised” – and there’s some compelling arguments that the “compromise” might just be the admins themselves accessing the funds.

Allegedly. Sorry – forgot to put that in. It’s very important, because otherwise suggesting stuff like that will end up with me dealing with 1,000 angry lawyers climbing up my arse for the next few years, which is a deeply unpleasant experience, for everyone.

So – I repeat – allegedly.

Anyway… Chainalysis says: “While it’s possible those keys were taken by an external hacker, many security experts and other analysts think this exploit could be an inside job or rug pull, due in part to recent issues suffered by Multichain.”

So sue them, not me. plz. Kthxbai.

 

And speaking of stupid rich celebrities (I wasn’t, but just play along if you could, please), it’s been a while since I’ve had a chance to report on my favourite NFT of all time, Bored Ape #3001, part of Yuga Labs’ Bored Ape Yacht Club collection.

Back in 2021, international bozo Justin Bieber bought one for a cool 500 ETH, worth around US$1.3 million.

It’s this guy right here…

 

crypto gains BTC
He looks sad because he feels worthless. Stoopid monkey. Pic via Opensea.

 

If you’re wondering why he’s looking a bit glum, it’s because that ridiculous wad of dough that Bieber dropped is looking like an all-star, platinum-plated bad bet, as the ape in question has spent the 18 months since Bieber’s purchase quietly shedding 95% of its value.

Best offer on the table for it is just over US$60k, which is as funny as it is desperately sad.

 

And finally, the ongoing battle between the US SEC and the crypto community looks like it’s going to grind on for a while yet, however former SEC chair Jay Clayton has weighed in on the move by institutional investment groups to launch a spot Bitcoin ETF.

Speaking in a CNBC interview Monday, Clayton said that the SEC would have to see that a spot product application would provide “similar efficacy to the futures market” in order to approve it.

Meanwhile, current SEC chair Gary Gensler – the guy who looks like someone hit up AI image generator Midjourney with the prompt “Put an angry face on a testicle” – is continuing to do everything he can to assert the SEC’s authority over the crypto as a whole.

Last week, BlackRock applied to the SEC with a fresh proposal, after finalising a surveillance agreement with Coinbase, America’s largest cryptocurrency exchange – but that’s facing renewed resistance and the whole thing’s likely to end up in court, unless Gensler backs down and allows the big institutions into the game.

 

Uppers and downers

Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

Despite spending a few hours looking over this kinda stuff last night, it’s still about as approachable as a Russian physics textbook – but here are the numbers for who’s moving where this morning.

 

PUMPERS

crypto gains BTC
Chart via CoinGecko.com

 

SLUMPERS

crypto gains BTC
Chart via CoinGecko.com