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- The Litecoin Halving has been a significant point of interest for investors throughout July.
- The month also experienced several regrettable incidents of hacking and exploitation.
One subject has dominated the discourse in the cryptocurrency sector in recent weeks. Among crypto enthusiasts, the upcoming Litecoin Halving has emerged as the most anticipated event. Additionally, as excitement for the event escalated, its value rose to $110 on June 30. Furthermore, the price is undergoing considerable volatility as investors prepare for this pivotal occasion.
On August 2, 2023, the highly awaited Litecoin Halving event is set to occur. Investors have been closely monitoring the price of Litecoin (LTC) for the majority of this month.
Shiba Inu Ecosystem
With the imminent launch of Shibarium, a layer 2 blockchain built on the Shiba Inu protocol, the Shiba Inu ecosystem has captured the attention of investors. Its forthcoming release is expected to enhance scalability and efficiency within the ecosystem.
SHIB and BONE, two utility tokens within the Shiba Inu ecosystem, have attracted significant interest ahead of the launch. Additionally, the crypto community is abuzz with the recent testing release of the Shibarium Beta Bridge.
XRP Saga
Following Ripple’s partial success against the SEC this month, XRP, Ripple’s native cryptocurrency, has experienced a remarkable recovery. This favorable legal outcome has led to XRP being relisted on major cryptocurrency exchanges, resulting in increased demand and trading volume.
However, the US SEC has indicated intentions to appeal the Summary Judgment in the Ripple vs. SEC case, which could pose challenges for the XRP community.
Bitcoin
Bitcoin attempted to initiate a new rally towards $31,000 at the end of June, following numerous Bitcoin ETF applications. On July 14, Bitcoin reached a new yearly peak of $31,657. Currently, Bitcoin is undergoing a phase of consolidation.
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It achieved a record high of $31,474 for the year in early July, but has since struggled to maintain that level due to the extreme market volatility. Within just two weeks, the price fell to the $29,000 range. Despite fluctuations, Bitcoin’s price movements over the past two weeks have indicated a positive trend.
Whale alerts show that a significant number of whales are currently involved in Bitcoin transactions. Approximately 2,459 BTC, valued at around $72,661,201 USD, was transferred to an anonymous Binance wallet last week, with numerous similar transactions recorded this month.
Ethereum
On July 30, Ethereum (ETH) marked its eighth anniversary since launch. The trading price of Ethereum has seen considerable volatility in 2023. The first instance this year where the price of ether surpassed $2,000 occurred in April, reaching a high of $2,120 and remaining there for three days.
Three months later, on July 14, ETH crossed the $2,000 mark again, hitting $2,028. This surge was short-lived, and it has since traded below $2,000. Additionally, core developer Eric.eth revealed some of the largest MEV block rewards in Ethereum’s history today.
Significant Exploits
Poly Network temporarily suspended operations on Sunday, July 2, following a major attack that impacted over 57 assets across various blockchain platforms. Furthermore, the Multichain hack in July resulted in losses estimated at around $125 million. Additionally, two attackers exploited a vulnerability in the Azuki DAO governance token contract during the first week of July, stealing 35 ETH.
Over $765,000 worth of NFTs were taken in a SIM swap attack on the Gutter Cat Gang NFT project on July 7. On July 11, hackers took advantage of a security flaw to steal $455,000 from Arcadia Finance.
On the same day, hackers compromised the Aptos Foundation’s Twitter account, directing followers to a fraudulent website where they could register for a fake airdrop.
Moreover, nearly $47 million was stolen from several projects utilizing Vyper, an alternative programming language for Ethereum smart contracts. The attacks occurred on Curve Finance, an automated market maker platform, targeting stable pools on July 30.
In summary, the cryptocurrency sector has experienced notable developments and incidents in July. The Litecoin Halving has been a central focus for investors, driving price increases and significant volatility. However, July also saw several unfortunate hacking and exploitation events in the crypto space, leading to considerable losses for various projects.
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