Day: February 4, 2022

Solana Price Soars 10% As $325 Million Reinstated on Wormhole

by NEWSBTC

The Solana price has been on an upswing ever since the bloodbath that followed DeFi’s largest hack of 2022. The Wormhole network stated that stolen money had been restored, giving Solana price some much-needed relief.

Related Reading | Solana price recovers from downtrend after $325 million restored on Wormhole network

After hours of being lost to what some call the largest DeFi hack, the crypto was restored. Jump Crypto’s currency-focused arm worked in tandem with other Quant trading firms, and together, they were able to restore all funds that hackers had stolen from investors last week.

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Jump Crypto stated;

“we believes in a multichain future and that Wormhole is essential infrastructure. That’s why we replaced 120k ETH to make community members whole and support Wormhole now as it continues to develop.”

The firm’s decision to replace 120,000 Ether in support of community members on the Wormhole network revealed that hackers failed to refabricate stolen cryptocurrencies.

Yesterday’s exploit compromised $325 million worth of Ether, and the Wormhole network offered a 10-million dollar bounty for information on who did it. Unfortunately, the hacker still has access to these funds, meaning they have rejected the offer.

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Related Reading | Wormhole Token Bridge Lost $321M In Crypto Heist

Solana Price Recovery From Bloodbath

The price of Solana dropped nearly 10% after news broke about the Wormhole exploit. The largest DeFi hack on Solana acted as a negative factor for this altcoin, heavily influenced by lousy publicity. 

A cryptocurrency analyst and trader widely followed for his accurate price predictions by investors of all sizes across the board, Johny noticed that Solana might be ready to make its next move up. Further, he noted an upward pattern developing within range lows before Ethereum killer could start its leg straight back down again.

“$SOL beautiful retest of range lows. Flip range highs and next leg upstarts. Haven’t seen this much strength from Solana in what feels like forever.”

Bitcoin’s fall to the $36,250 level triggered a dip for major altcoins. While most coins were red on Thursday, Solana also dipped nearly 10%. The larger market experienced a dip as well due to bitcoin’s movements.

What a difference a day makes! Solana dipped more than most of its counterparts in the top ten cryptocurrencies by market cap, but it charted an equally good recovery at press time.

After an attack on Wormhole, SOL dipped to as low as $94 on February 3. However, the price saw some recovery and even managed a decent pump before long.

The price of Solana is rising once again. As I’m writing these words, the currency had traded at $108 and presented 11.7% daily and 18.75% weekly gains.

Solana Price
Solana is currently trading at $108 with an 11.7% rise. Source: Tradingview.com

With trade volumes still maintaining low, some say that the spot markets are still too uncertain about investing in, but a decent price push could change investors’ mood for good.

                   Featured image from Pixabay, chart from TradingView.com

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America COMPETES Act passes House without ‘disastrous’ provision on crypto

by Cointelegraph

A piece of legislation aimed at addressing supply chain issues to keep the U.S. economy and businesses competitive has passed the House of Representatives — without a provision many in the crypto space had criticized for giving the Treasury Secretary authority to shut down exchanges.

In a 222-210 vote on Friday, the House of Representatives passed the America COMPETES Act mostly along party lines. The provision originally proposed by Connecticut Representative Jim Himes would seemingly have allowed the Treasury Secretary to have fewer limits on surveilling financial institutions with suspected transactions connected to money laundering and not open the matter to include public feedback. However, lawmakers modified the wording earlier this week to safeguard restrictions currently under by the Bank Secrecy Act. 

Prior to Himes essentially reversing part of his provision, non-profit crypto policy advocate group Coin Center criticized the legislation for potentially giving “unchecked and unilateral power to ban exchanges and other financial institutions from engaging in cryptocurrency transactions.” North Carolina Representative Ted Budd also proposed modifying the provision, calling it a “massive mistake”:

“The Treasury Department should not have unilateral authority to make sweeping economic decisions without providing full due process of rulemaking,” said Budd in a Jan. 27 statement. “This draconian provision would not help America compete with China, it would employ China’s heavy-handed playbook to snuff out financial innovation in our own country.”

Related: White House reportedly preparing executive order on crypto

The bill will likely move to the Senate next, where it may be subject to different amendments from other U.S. lawmakers. Once both chambers approve an identical bill, President Joe Biden will be able to sign it into law.