Daily News | Mt.Gox's Mass Selling Caused BTC to Fall to $55K; Solana Launched Firedancer Vulnerability Bounty Program; UniSat Announced Significant Development Progress in Fractal Swap

2024-07-08, 03:40

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## Crypto Daily Digest: Mt.Gox's Bitcoin has been heavily sold, with prices dropping to $55,000; Solana launched Firedancer vulnerability bounty program; UniSat announced significant development progress in Fractal Swap
First, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on July 6, Grayscale Bitcoin spot ETFs (GBTC) had a cash outflow of $28.6 million. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow of $117.4 million, Bitwise Bitcoin spot ETF (BITB) had an inflow of $30.2 million, and ARK 21Shares Bitcoin spot ETF (ARKB) had an inflow of $11.3 million.

**<a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> launched Firedancer vulnerability bounty program, with a prize of $1 million**

The highly anticipated Solana independent validator client "Firedancer" will launch its first vulnerability bounty program. Jump Crypto developed this client to enhance Solana's resilience and optimize high-frequency trading.

Developer Cantelope Peel announced that the bounty program will start on July 10 and last six weeks. The bounty program supported by Immunefi will offer up to $1 million in rewards to developers who discover significant errors in Firedancer v0.1 (nicknamed "Frankendacer"). Cantelope Peel stated on the X platform that "millions of execution slots have been tested and matched with the Solana protocol," indicating that the development of Firedancer is progressing smoothly.

**Mt.Gox's Bitcoin was heavily sold, causing its price to drop to $55,000**

Due to the massive Bitcoin sell-off by the Japan Cryptocurrency Exchange Mt.Gox, Bitcoin prices dropped to $55,200 at one point. Since May, Mt.Gox has transferred 47,229 bitcoins to a new wallet address for the first time. According to data from Arkham Intelligence, a blockchain analysis platform, the exchange transferred Bitcoin from the "cold vault" at 12:30 a.m. UTC on July 5.

This transfer coincides with the start of Mt.Gox's plan to repay creditors; a total of $8.5 billion worth of Bitcoin will be used for repayment. The market is concerned that a large amount of Bitcoin may flood the market, although some analysts have indicated that the total value of the Bitcoin sold this time may be close to $4.5 billion.

**UniSat announced significant development progress in Fractal Swap**

UniSat announced the latest developments in its Swap product. The team has been collaborating with L1F over the past six months to promote the standardization of the L1 (Bitcoin Mainnet) brc20 swap, which will be part of the brc-20 standard upgrade. Although coordinating multiple teams resulted in slower-than-expected progress, the team has verified that the product can run on the Bitcoin mainnet.

Most of the engineering work for the Swap module has been completed, and the remaining tasks include:

Assist indexes other than UniSat Indexer in effectively identifying and calculating in_script_ions related to the swap module;

Ensure that the calculations submitted by UniSat match those of other teams through hash verification to avoid accounting discrepancies.

In addition to advancing the standardization of swaps, the team also announced that they have made progress in expanding the Bitcoin network through a method called Fractal Bitcoin, and the team expects to deliver Fractal Bitcoin in September. Fractal Bitcoin will provide a swap product with the same functionality as the mainnet swap module - Fractal Swap, ensuring good liquidity from the beginning of the project. Fractal Swap will also implement a competitive roll up mechanism that allows users to package their roll up results into a sorter, earning transaction fees for all transactions.

**Market Summary**

Firedancer vulnerability bounty program: The Solana Independent Verifier client will begin the vulnerability bounty program on July 10th, lasting for 6 weeks, with rewards of up to $1 million.

Mt.Gox Bitcoin Sell: Due to Mt.Gox's Bitcoin selling off, causing the price of Bitcoin to drop to $55,200 at one point. The market is concerned about the potential impact of a massive influx of Bitcoin.

UniSat Fractal Swap: The development of UniSat's Swap product is progressing smoothly. It is expected to launch Fractal Bitcoin in September, providing the same swap function as the main network.

## Market Trends: Cryptocurrency briefly rebounded over the weekend and returned to a downward trend
BTC rebounded above $58,000 over the weekend and has fallen below $54,500.

ETH rebounded above $3,000 and also fell sharply, currently falling to around $2,830.

Altcoins generally fell sharply after rebounding over the weekend, and the market returned to a downward trend.

Indicator analysis:
The AHR99 index: Today, it’s at 0.66, suitable for regular investment.

Fear and Greed Index: Today, it’s at 28, indicating that investors are concerned about the future market situation.
### Macroeconomics:
Last Friday, the three major US stock indexes collectively closed higher, indicating market <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about the future economy.

The yield of US treasury bond bonds continued to rise, and the yield of 10-year treasury bonds hit a new month-high. The rise in treasury bond yields may exert some pressure on risky assets (such as cryptocurrency).
### Market Hotspots:
In_script_ion section: SATS oversold and rebounded. The In_script_ion Wallet Unisat announced using SATS as the Gas token for Swap and fulfilled last year's promise to the community. Despite positive news, the market is not paying for the overall narrative of BTC Layer2 is not being paid for by the market, and the in_script_ions and runes section is facing a downturn.

Meme sector: Ton ecosystem leader Meme token NOT rebounded by 60% over the weekend; The Trump-concept token MAGA once rebounded by more than 50%, but now it has all fallen back. Popular Meme tokens have shown stronger resilience in the rebound market, and investors must pay attention to their high volatility.
### To Sum Up
The current market is experiencing an overall correction, with BTC and ETH experiencing significant declines after a brief rebound. The Altcoin market also performed poorly, with an overall trend falling. Although some sectors in the Web3 market, such as Meme tokens, have shown resilience, the overall market sentiment tends to be cautious. In terms of the macro economy, US stocks performed strongly, but the rise in treasury bond bond yields may put pressure on the crypto market. Investors should remain vigilant in the current market environment, allocate assets reasonably, and make timely investments to cope with market fluctuations.

## Macro: Nasdaq and S&P 500 Index hit historic highs, with hopes of interest rate cuts triggered by employment data
On Friday, July 5, the Wall Street stock market index closed higher, with the tech-heavy Nasdaq index and benchmark S&P 500 index reaching historic highs. New data shows that the US labor market is weak, increasing market expectations for a rate cut in September.

Large-cap stocks like Microsoft have driven the stock market up, with Microsoft up nearly 1.5% and closing at a historic high. Meta Platforms also hit a historic closing high, rising about 5.9%, driving the information technology sector to a new high.

Specific index performance: The Dow Jones index rose 0.17%, the Standard & Poor's index rose 0.54%, and the Nasdaq index rose 0.9%.

According to data from the Department of Labor, employment growth in the United States has slightly slowed in June, with the unemployment rate reaching its highest level in two and a half years, and wage growth also slowing down. In April and May, the number of US jobs increased by 111,000, a decrease of 111,000 from previous estimates, indicating that the trend of employment growth is slowing down. Despite a steady increase in employment in June, government and healthcare recruitment accounted for about three-quarters of new jobs, and the unemployment rate reached a two-and-a-half-year high of 4.1%, indicating a weak labor market.

Investors expect these data to spark a more intense debate about interest rate cuts when the Federal Reserve meets later this month. The Chicago Mercantile Exchange's FedWatch tool shows the likelihood of the Federal Reserve cutting interest rates in September jumped from 66% before the data release to 79%.

On July 8, Asian stock markets rose slightly on Monday as investor confidence in the US interest rate cut in September increased, while the French election results pointed to a floating parliament, and the euro faced political uncertainty.

In France, the left-wing coalition unexpectedly defeated the far right and won first place. This major surprise would prevent Marina Le Pen's National League (RN) from taking over the government. Investors are also concerned that left-wing plans may undermine many of President Emmanuel Macron's pro-market reforms.

Investors have increased their hope for relaxing US policies, and supporting the stock market. The MSCI Asia Pacific stock index rose 0.1%, reaching a two-year high last week. The Nikkei index in Japan rose 0.2%, approaching a historical high. Chinese blue chip stocks fell 0.4%, while bond yields rose as the central bank launched new money market operations.

Later this week, Citigroup, JPMorgan Chase, and Wells Fargo Bank will release their financial reports on the economic calendar. Federal Reserve Chairman Jerome Powell will present his views in Congress on Tuesday and Wednesday. The US consumer price report on Thursday is expected to be released, with the overall inflation rate expected to slow down from 3.3% to 3.1% and the core inflation rate stable at 3.4%. Germany's inflation data was released on the same day, while China will release consumer prices and trade data this week.

Regarding commodities, oil prices have fallen due to the market waiting for Hurricane Beryl's impact on the Gulf of Mexico supply. Brent crude oil prices fell 14 cents to $86.40 per barrel, while US crude oil prices fell 29 cents to $82.87 per barrel.

The price of gold remains at a near one-month high of $2,385 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, 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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