Daily News | zkSync's Monthly Trading Volume Surpassed Ethereum; BTC Options Trading Volume Reached A New High; the Total Loss of Blockchain Security Incidents Exceeds $2B

2023-12-29, 03:58

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## Crypto Daily Digest: zkSync's monthly trading volume surpassed Ethereum, Bitcoin options trading volume reaches a historic high
On December 28th, according to Forbes, the Nara stablecoin cNGN, jointly developed by Nigerian banks, fintech companies, and blockchain companies, is planned to be launched in 2024. CNGN will be pegged 1:1 to the Naira, becoming the legal tender held by banks.

Unlike eNaira, cNGN is a cryptocurrency maintained by a banking consortium aimed at simplifying international transfers of Naira and regulated by the Central Bank of Nigeria and the Securities and Exchange Commission. It is expected that the launch of cNGN will affect monetary policy and market dynamics in 2024.

According to The Block, the <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Layer 2 scalability solution zkSync has exceeded the Ethereum main network's transaction volume in the past month. According to L2Beat data, zkSync has processed 34.7 million transactions in the past 30 days, surpassing Ethereum's mainnet's 34.2 million transactions during the same period. Following closely behind is Arbitrum, which has processed 31.4 million transactions in the past 30 days.

According to analysis, the surge in trading volume of zkSync is attributed to the popularity of the In_script_ion campaign. On December 16th, when sync In_script_ion was launched online, zkSync experienced its largest monthly trading surge, processing a total of 5.3 million transactions on that day, of which 4.6 million were related to the In_script_ion.

The Block data shows that <a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> options trading volume reached a historic high before the end of the month, quarter, and year expiration dates on Friday. The monthly option trading volume of Bitcoin has reached a historic high of over $38 billion on major crypto derivatives exchanges, including $26.7 billion in BTC option trading volume on Deribit and an increase in derivative trading volume on other exchanges.

On Friday, approximately $7.7 billion worth of Bitcoin-related options will expire on Deribit. According to Luuk Strijers, Chief Business Officer of Deribit, the total outstanding contracts for Bitcoin and Ethereum options exceeded $11 billion before their expiration on Friday.

According to the monitoring of the EagleEye platform under the blockchain security audit company Beosin, as of December 25, 2023, the total loss in the Web3 field caused by hacker attacks, phishing scams, and project party Rug Pull reached $2.02 billion. There were 191 attacks, with a total loss of approximately $1.397 billion; 267 Rug Pull incidents occurred by the project party, resulting in a total loss of approximately $388 million; The total loss from phishing fraud is approximately $238 million.

In 2023, there was a significant decrease in hacker attacks, phishing scams, and project party Rug Pull incidents compared to 2022, with a total amount decrease of 53.9%. The decrease in hacker attacks was the largest, from $3.6 billion in 2022 to $1.397 billion in 2023, a decrease of approximately 61.2%. Fishing fraud losses have decreased by 33.2% compared to 2022, and Rug Pull losses have decreased by 8.8% compared to 2022.

In 2023, there were a total of 4 attack incidents with losses exceeding $100 million, and 17 attack incidents with losses ranging from $10 million to $100 million. The total loss amount of the top 10 security incidents is approximately $1 billion, accounting for 71.5% of the total annual attack amount.

The types of projects that will be attacked in 2023 are more extensive compared to 2022, including DeFi, CEX, DEX, public chains, cross chain bridges, wallets, payment platforms, gambling platforms, crypto brokers, infrastructure, password managers, development tools, MEV robots, TG robots, and other types. DeFi is the project type with the highest frequency of attacks and loss amount, with a total of 130 DeFi attacks causing losses of approximately $408 million.

In 2023, the types of public chains where attacks occur are more frequent, with multiple security incidents being stolen on multiple chains. Ethereum remains the public chain with the highest loss amount, with 71 attacks on Ethereum causing a loss of $766 million, accounting for 54.9% of the total loss for the year.

From the perspective of attack methods, the 30 private key leakage incidents caused a total loss of approximately $627 million, accounting for 44.9% of the total loss, making it the attack method that caused the most losses. Contract vulnerability exploitation is the most frequent attack method, with 99 out of 191 attacks coming from contract vulnerability exploitation, accounting for 51.8%.

Approximately $295 million in stolen funds were recovered throughout the year, accounting for approximately 21.1%, a significant increase compared to 2022. Approximately $330 million of stolen funds were transferred to the coin mixer throughout the year, accounting for 23.6% of the total stolen funds.

Unlike on-chain hacker attacks, phishing scams, and a significant decrease in project party Rug Pull amounts, the amount of criminal data in the off-chain crypto field has significantly increased in 2023. In 2023, the global crypto industry's crime amount reached a staggering $65.688 billion, an increase of approximately 377% from $13.76 billion in 2022. The top three types of crimes involving amounts are online gambling, money laundering, and fraud.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1703829719BTC.png)
Reflecting on the period from the end of 2022 to the beginning of this year, Bitcoin entered the market in the range of $16,750 to $18,250, taking advantage of the mining cost and market decline. The anticipation was for a year-end surge to challenge the $43,000 mark (analyzed a year ago in December 2022).

A year later, Bitcoin has not dropped below the $16,750 support level, reaching a high of $44,350 this year. The market has experienced sustained fluctuations between $41,500 and $44,000, indicating the early stages of a bull market.

As we approach the end of the month and year, it is expected that Bitcoin will continue to stabilize in the $41,500 range. Short-term fluctuations may see a recovery from the recent dip. In the first quarter of the upcoming year, there might be a touch of the $48,000 mark before a potential decline. This high may be attributed to either "momentum-driven time" or "time-driven momentum."

If "momentum-driven time" coincides with a liquidation of leveraged positions, the first quarter could witness a retreat to the $26,000 to $28,500 range. If "time-driven momentum" leads to a gradual decline, support levels in the first half of the year may be around $36,000 to $33,085. Individual investors need to carefully consider their strategies.

### ETH
![](https://gimg2.gateimg.com/image/article/1703829740ETH.png)
A short-term four-hour inverse head and shoulders pattern suggests an upward movement, but caution is advised around the $2,260 pivot. The mid-term trend remains bullish, and after a market-wide correction next year, attention is on the rise of altcoins, targeting $8,000 and $12,350.

### GT
![](https://gimg2.gateimg.com/image/article/1703829756GT.png)
A yellow triangle convergence range is considered the second phase of a bull market. Using the zero axis as the starting point at $2.9321, a top target of $12.8770 is identified. The neckline levels are $2.8597, $3.6000, $5.1479, $8.8516, and the peak at $12.877. The market remains below the mid-axis, indicating strong support around $3.6000.

The third phase of the bull market is expected to peak in Q2 2024, aligning with historical patterns. Targets for GT include $28.2426, $39.1555, and $44.9951, with a potential push to $110.3832 and $176.8363 if institutional funds drive the market.

## Macro: Collective rebound in US dollar bond yields, Rogers predicts an economic disaster is imminent
On Thursday, the US dollar index accelerated its upward trend during the US market and returned above the 101 level, ultimately closing up 0.27% at 101.22; The US Treasury yield has rebounded, with the 10-year Treasury yield returning above the 3.8% mark and ultimately closing at 3.846%. The two-year Treasury yield, which is more sensitive to the Federal Reserve's policy rate, once approached the 4.3% mark and ultimately closed at 4.279%.

Spot gold rose first and then fell, breaking through the 2080 mark during the Asian session and briefly approaching the 2090 mark. However, it failed to stabilize here and accelerated its decline in the US market, falling below the 2070 mark. Finally, it closed down 0.65% at $2065.62 per ounce; Spot silver closed up or down 1.2% at $23.98 per ounce.

Due to global shipping companies returning to the Red Sea and sluggish trading volume, the two oil companies may continue to experience significant declines. WTI crude oil experienced a significant decline in the European market and accelerated its decline in the US market, with a drop of over 3% at one point, reaching an intraday low of $71.68, and ultimately closing down 2.43% at $71.99 per barrel; Brent crude oil fell to an intraday low of $77.06 in trading, ultimately closing 2.32% lower at $77.40 per barrel.

The three major US stock indexes fluctuated slightly, with the Dow Jones Industrial Average closing up 0.14%, the S&P 500 index slightly up, and the Nasdaq slightly down.

Recently, legendary investor Jim Rogers, known as the "commodity king" and renowned for co-founding quantum funds with George Soros, has become pessimistic about the market and expects asset prices to plummet, leading to an economic disaster.

Roger, who is now 81 years old, predicts that the US economy will soon fall into trouble due to the constantly expanding debt. He said, "I suspect that the situation next year won't look so optimistic."

Rogers pointed out that he is not sure if there will be a recession in the future. He is concerned that since the 2008 financial crisis, the world has not experienced a long-term economic recession, and the global debt burden has been inflating since then.

He said, "The next economic problem is probably the most serious one I've ever encountered in my life, because the scale of debt is simply unbelievable."

Rogers also suggests that people hold precious metals because, during times of panic, precious metals are often more valuable than other assets. "Everyone should hold some gold and silver, that's what I did."

This top investor also predicts that inflation, which has cooled significantly over the past year, will once again accelerate to painful levels. In addition, he also accused the Federal Reserve of not knowing what it was doing. In the last century, everyone except for a few Federal Reserve chairpersons was criticized as foolish "bureaucrats and scholars."

Rogers has extensive experience and a profound understanding of financial history, but it is worth noting that he has been predicting for many years that the United States will experience the most severe economic recession of his life, but this prediction has never been realized.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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