Solid On-Chain BTC Price Wall Forms; The DeFi Robin Hood Hacker

Chart of the Day





On Thursday, the broader crypto market continued its upside momentum despite the U.S. equity markets experiencing downside corrections. As of the time of writing, BTC has established a strong foothold above the $42k support zone. The number one cryptocurrency by market cap is currently consolidating in the upper region of the $42k range after posting a 2.2% gain from 24 hours ago, and looks poised to test the overhead resistance at the $43.3k - $43.5k range. A clear breakout above said resistance zone would likely usher in another round of rallying momentum for BTC. On the flip side, BTC could also move down to test support near the $42.3k level if it fails to clear the resistance zone.

In a similar vein, ETH has found a strong support near the $3,000 level after experiencing a 3.2% gain within the last 24 hours. Most major altcoins have also been continuing their winning streak, with top performers like ADA and DOGE posting up double-digit gains within a similar timeframe. On the on-chain front, the BTC Entity-Adjusted Unspent Realized Price Distribution (URPD) chart, an on-chain metric that tracks the price distribution amongst BTC holders, suggests that a large-scale coin redistribution has taken place at the $38 - 45k range. At this range, coins have changed hands from long-term BTC holders to short-term BTC holders. This metric also reveals that a solid price wall has formed at the $38k level, one that will provide concrete support for BTC in the event of a massive capitulation.



Talk of the Town





On the evening of March 23, 2022 (Asian trading hours), Cashio, a stablecoin protocol on the Solana network was exploited for a staggering $52.8 million. According to Cashio's developers, the decentralized finance (DeFi) protocol that allows users to mint and burn the Solana-native stablecoin CASH fell victim to an "infinite glitch" attack, where exploiters could mint an infinite supply of CASH without contributing to the liquidity pool. This is not an isolated incident as a few other stablecoin-based DeFi protocols on other networks have suffered similar attacks before. After the exploit, the value of CASH took a sharp nosedive. 

In an interesting turn of events, the Bybit Crypto Insights team discovered that the hacker may actually be a modern-day "DeFi Robin Hood". To find out why this is so, and for a detailed postmortem of the exploit, do check out this comprehensive report written by our Crypto Insights team for more.