Optimism loses 20 million tokens

The launch of scaling solution provider Optimism’s native token is off to a rocky start. Because the market maker Wintermute provided the wrong blockchain address, a total of 20 million tokens were sent to the L1 address, and this batch of tokens was originally sent to Wintermute to prepare for a large-scale OP airdrop. Ultimately, the tokens were stolen by an anonymous hacker. The hacker has now sold 1 million OP tokens and transferred the rest to an unknown address via Tornado Cash. Before the hack, the stolen OP tokens were worth $35 million. After the hack broke out, the price of OP dropped by 20% within hours.

BTC dormant traffic hits record low

On Wednesday, the main cryptocurrency market returned to a sideways trend. Despite little price change over the past 24 hours, BTC managed to hold the key psychological support level of $30,000. The largest cryptocurrency by market capitalization appears to have been stagnant for a month, but it has also shown some positive signs. On the hourly chart of BTC, a key contracting triangle is forming with resistance near $31,200, suggesting that BTC may be gathering strength for a stronger breakout.

Despite the ups and downs in price action and intraday pivot points, BTC’s fundamentals remain intact. For example, on-chain dormant flow (30-day moving average) just hit a new all-time low, indicating that the market has reached historical buy territory. While the market continues to struggle to survive in a macro environment of brewing uncertainty, the plunge in dormant traffic can provide some guidance on the issue of whether the market has bottomed in the near term.

The successful completion of Ethereum’s Ropsten testnet merger marks an important milestone in its transition plan for its consensus mechanism to proof-of-stake. However, this transition has failed to give the second-largest cryptocurrency by market capitalization a sufficient boost. At the time of writing, ETH is still in step with BTC, with only modest gains over the same period, and still a little shy of $1,800. Most major altcoins are struggling to defend their previous gains. More notably, the troubling news of the delisting of LTC from South Korean exchanges has kept LTC prices lower.