Harmony Blockchain network suffers $100 million loss

The Harmony Blockchain network announced the theft of Horizon, its cross-chain bridge to ethereum, with a total loss of about $100 million in ETH and other tokens. With the help of forensic experts, the team has identified the address of the culprit, notified major exchanges, and stopped user operations on the Horizon cross-chain bridge to prevent further losses. At the time of writing, the team reiterated that the trustless BTC bridge was unaffected by the theft, and the underlying assets stored in the decentralized vault remain safe.

BTC rebounds as options expiration nears

The main cryptocurrency market rebounded in tandem with U.S. stocks on Thursday. At the time of writing, BTC has gained 3.6% in the past 24 hours and is now gaining a foothold above $20,500. The largest cryptocurrency by market cap is currently eyeing immediate resistance near $21,600. If the current momentum continues, there is a good chance that BTC will break the $23,000 mark quickly.

Likewise, ETH recovered above the $1,100 mark and the 100 hourly moving average after gaining 5% over the same period. Furthermore, ETH has successfully broken above a major bearish trend line near $1,085 on the hourly chart, indicating that further gains are likely. Meanwhile, $3.3 billion worth of open interest in options is set to expire on Friday, mainly including a total of 103,000 BTC open interest and 1.1 million ETH open interest. Currently, the biggest pain point price is around $29,000 for BTC and $1,750 for ETH.

Fortunately, from a fundamental perspective, on-chain indicators are sending more positive signals. The divergence between address activity on the Bitcoin network and the price of BTC has reached its most optimistic level since December 2020. Strong on-chain activity amid weak spot prices suggests that BTC’s price and value have decoupled.

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