Welcome to another edition of Qume Market Mondays
Bitcoin
Bitcoin is up 8.5% from last Monday’s low, now trading at $10,500+ price levels. Bitcoin futures trading volumes this week were low, its price broke the resistance at $10,500 level and is indicating bullishness, it is expected to reach $12,000 mark soon with bitcoin options market picking up momentum.
Aggregated open interest of bitcoin options has increased late weekend.
DeFi
Uniswap after it meteoric rise in value locked in DeFi fell almost as much as it rose by late mid-week. Volume on the exchange is rising again and by yesterday it is the 4th most valuable DeFi platform by locking of assets worth almost a billion dollars locked-on its platform.
WBTC volume has been rallying for quite some time and the demand of bitcoin in DeFi doesn’t seem to be stopping anytime soon.
Sushi
Sushi is a fork of DeFi project Uniswap called SushiSwap founded by Chef Nomi, which gives rewards for providing liquidity to its exchange by giving liquidity provider token called SUSHI, that earns a portion of AMM’s revenue. On the 5th of this month Sushi’s founder sold his shares of LP, worth $13M making an exit scam. The price of Sushi tokens immediately fell to $1.20 from $4.4. Chef Nomi identity is yet to be discovered but DeFi community is outraged by his/her actions.
Sushi is now managed by Bankman-Fried who has released plans to move the contract to a mult-signature contract till the full decentralization of the project is done which will give the control back to the token holders of SushiSwap.
bZx attacked, bug found in its code:
An attacker who exploited the bug in the code of DeFi platform bZx stole 220K LINK tokens, 4.5k ETH, 1.76M USDT and 670K Dai. This resulted in a loss of over $8M to the platform. Co-Founder of bZx, Kyle Kistner said that the attacker exploited a bug that tricked bZx into minting unbacked iTokens subsequently exchanged for cryptocurrencies held in pools. bZx stopped its operation to fix the bug.
Oracle outbids Microsoft to acquire TikTok operations in the US:
Oracle won the bid for TikTok in the US, beating Microsoft. Oracle is now set to be announced as the “trusted tech partner” of TikTok in the United States. Though it still doesn’t ensure that TikTok will not be banned, as reasons leading up to the ban of the Chinese global sensation app were geo-political in the first place. Only after the deal ensures that the data of US citizens is safe will any decision be made. Oracles share price rose shortly afterwards the announcement.
