- Equities are down following a strong September jobs report. The U.S economy added 263,000 jobs bringing the unemployment rate down to 3.5% from 3.7%. The $SPX lost 2.54% and $QQQ is down 3.51% as investors evaluated how the Federal Reserve will react to a tightening labor market despite continued rate hikes. The US 10Y jumped to 3.86% while the $DXY is up 0.26%. The global crypto market cap is down 2.4% as $BTC (-3.2%) looks to hold the $19,400 level, and ETH moves in line with $BTC at $1,326 (-2.7%). Excluding stablecoins, $XRP (0.8%) was the only top 10 coin that rose over the last 24 hours amid continued optimism of a favorable decision in their case against the SEC.
- Binance Smart Chain was halted yesterday after a hacker seized nearly $560 million in $BNB. The official Twitter account of the $BNB chain announced a temporary pause of the chain due to “irregular activity”. All deposits and withdrawals were halted for several hours as the team investigated a vulnerability on its cross-chain bridge, the BSC token hub, which resulted in “extra BNB”. The attacker stole more than 2m $BNB, bridging $100m to other chains before the BNB team prevented the hacker from continuing to move assets off-chain. Currently, the attacker holds $53m in assets on Ethereum and $49m on Fantom. While the BNB smart chain is often criticized for its lack of decentralization compared to other projects, its ability to quickly communicate a pause to its 26 active validators allowed them to freeze the stolen assets on chain, limiting the impact of the stolen funds to the ecosystem. The project will conduct an on-chain governance vote to decide what will happen to the remaining funds frozen in the hacker’s $BNB wallet. They also announced a 10% bounty on recovered funds for catching hackers and rewards up to $1m for security bugs found on the $BNB network.
- $MKR has outperformed the broader crypto market, rising 15.6% over the last week. This follows a vote to diversify holdings collateralizing the ecosystem's stablecoin, $DAI. MakerDAO, the governing body of the world’s largest DeFi lending protocol, voted to invest $500 million in short-term US treasury bonds and investment-grade corporate bonds. They plan to allocate $400m of their asset reserves towards short-term US treasury bond ETFs and $100m into investment-grade corporate bonds provided by investment management firm Baillie Gifford. Most of DAI’s $9 billion in collateralization is currently made up of USDC, a stablecoin backed by cash and short-dated US treasuries. USDC by design offers no yield to its users, as issuer Circle earns yield on the collateral deposited to mint USDC. MakerDAO aims to diversify its holdings while allowing the DAO to earn an additional yield on unused funds.
Crypto Daily Report – October 7
Oct 7, 2022
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