🤔 July Market and Hacks of the week.

What does a strong July market means and the hacks keep coming.

August 07, 2022

Contents (3 min read):

  • 🤔 How was the crypto market in July?

  • 👨‍👩‍👧‍👧 Startupy - Community-curated search engine

  • 🐱‍💻 Hacks of the week

  • 🏖️ IRAs, tax-sheltered accounts

  • 📰 Top Reads

  • 🙏🏻 Grateful for…

🤔 How was the Crypto market in July?

Hard to believe that we are in the second week of August 2022 already. Summer soon will be over and most school districts will be back in session this coming week. As for the crypto markets, we have seen some positive signs.

July 2022 showed signs of recovery for crypto assets overall. BTC gained +19% its best monthly performance since October 2021. Volatility (61%) was slightly higher than its historical average but lower than June 2022 (91%) for BTC. Historically speaking, July has been a positive month for BTC with a median return of +12%.

Ethereum gained +59% in July 2022. NFT market activity started to recover in July as well. Average daily users and average daily transactions increased +5.3% and +12.9% MoM. NFT average daily volume saw a decrease of -26.2%, slightly up from June 2022’s -68.7%.

BTC remained positively correlated with both the Nasdaq (0.71) and the S&P 500 (0.81) during July. BTC’s correlation with US Treasuries (0.37) and gold (0.66) decreased month-over-month.

Conclusion: The crypto market seems to be turning a corner, and the transition to PoS by Ethereum, if successful, may push valuations even higher than expected. Additionally, despite the bearish previous months, we have seen an increase in corporate investment in crypto, NFT, and web3 products and services which will lead to higher blockchain technology adoption.

🐱‍💻 Hacks of the week

This week, thousands of Solana users logged into their crypto wallet apps to discover that all of their funds had disappeared. Wallets continued to be drained for days emptying the contents of upwards of 8,000 individual accounts.

While users across wallets reported the problem, the issue came down to a vulnerability in the Slope wallet which had– unbeknownst to users — been logging their private keys in the backend, leaving them vulnerable to bad actors if they had ever imported keys to the mobile app.

A day before, Nomad bridge had been hacked for $190 million.

The theft occurred when a vulnerability in Nomad’s code allowed hackers to make off with nearly $190 million worth of tokens. More than $20 million has been recovered since the “free-for-all” hack, the seventh major breach involving a crypto bridge this year.

Nomad functions as a blockchain bridge, which allows users to move assets from one blockchain to another — such as from bitcoin to ethereum. But that also makes them vulnerable on what security experts call “both sides,” weaknesses on either blockchain.

Crypto start-up Nomad is offering 10 percent bounties to retrieve as much as $190 million in digital currency that was seized in a massive hacking attack this week.

“Nomad is continuing to work with its community, law enforcement and blockchain analysis firms to ensure all funds are returned,” the company wrote.

Conclusion: We will continue to see hacks in the crypto space and with more frequency. It’s a very profitable space for hackers and still full of security gaps. Also the interoperability of blockchain technology, which makes it very attractive to developers who can create plug-and-play products, can turn into a vulnerability as there are more wallets, bridges, and other protocols to exploit.

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📰 Top Reads

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