Landslide

Chart of the Day

The price of Bitcoin has breached the $60k key support level in what appears to be the largest single-day loss in four weeks. This was likely caused by bullish sentiments getting ahead of themselves, resulting in a brutal washout of leveraged positions. U.S. President Biden's signing of the Infrastructure Bill into law has also piled onto all the uncertainty currently surrounding the larger crypto market, negating any positive effects to BTC's price that were supposed to emerge from the recent Bitcoin Taproot upgrade. Through this crypto market-wide bloodbath, the Avalanche network has emerged as a winner, with AVAX seeing an 8% rise in price on the back of a steadily increasing total value locked (TVL) in Avalanche's decentralized finance (DeFi) protocols. Armed with a unique consensus mechanism and technology stack, the Avalanche network is gaining traction among some of the most influential players within the industry.

Talk of the Town

The drama surrounding the now-defunct Bitcoin exchange Mt Gox seems to finally be coming to an end after eight long years, as creditors have agreed to a $9 billion redistribution package to appease disgruntled investors. The redistribution process will facilitate the returning of a total of 141,000 bitcoins to numerous investors whose assets were unceremoniously wiped out during the infamous Mt Gox hack of 2014. Though arguably large in value, the agreed package ultimately only constitutes a small fraction of everything that was lost by the investors in 2014.