📉Bitcoin Tests $83,000 as Crypto Market Drops for Third Day

gm Defiers!

Multiple audits revealed that North Korean hackers were able to breach ByBit by compromising Safe Wallet’s infrastructure, casting doubts on the security of the multi-signature wallet.

Meanwhile, the crypto selloff continued for a third day, with Bitcoin briefly trading under $83,000 while ETH struggled to hold $2,300.

✍️ In today’s newsletter:

Crypto markets drop for a third day, BTC tests $83K
Audits reveal Bybit hack resulted from Safe Wallet compromise
Ethereum’s Pectra upgrade crashes testnet
SEC ends Uniswap investigation
Aya Miyaguchi to take on presidency of Ethereum Foundation
Story Protocol token outperforms

🙏 Sponsored

What are Based Applications?

📈 Markets in the last 24 hrs:

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

High Gain by Kelp gets you ~20%+ APY on ETH by leveraging blue-chip strategies with rsETH on Aave, Pendle, Usual and Elixir. On depositing, mint hgETH and stay liquid in DeFi while earning rewards!

Flare Fair is your one-stop DeFi carnival: discover Flare’s ecosystem by completing tasks like bridging, lending, and staking and earn rewards from a 510M FLR pool, as well as FlareDrops.

📉Bitcoin Drops to $83,000 as Crypto Selloff Enters Third Day

Crypto markets dropped for a third day as the selloff across global markets accelerated.

Bitcoin traded as low as $83,330 on Wednesday as ETH dropped another 5% to $2,300, and SOL reversed its gains from the previous day to trade at $132. The overall crypto market capitalization is down 5% in the past 24 hours to $2.88 trillion.

🧑‍💻Safe Wallet Found Responsible for ByBit’s $1.5 Billion Hack

ByBit released third-party audits today, which identified multi-signature security protocol Safe’s Safe{Wallet} as the point-of-failure in last week’s record-breaking $1.5 billion hack.

💥Ethereum’s Pectra Upgrade Crashes Holesky Testnet

Ethereum developers initiated the Pectra upgrade on the Holesky test network as scheduled. However, the launch did not go as planned, as the network encountered issues with finalizing transactions shortly thereafter.

SPONSORED SHOUTOUT

🌿 Infra Gardens returns to ETHDenver! 🚀

Back for its 6th edition, Infra Gardens is where Web3’s top builders gather for deep discussions, networking, and insights on RWAs, blockchain security, and AI. Co-hosted by DIA, Ripple, Kwil, LI.FI, and Randamu—don’t miss out!

👉 Space is limited—Apply Now!

🌍 ELSEWHERE

Bitcoin’s Slide Has Traders Hedging Against a Drop to $70,000 (Bloomberg)
Strategy Is Down 50% From Its Highs. What Does It Mean for Its $43B Bitcoin Holdings? (CoinDesk)
Raise nets $63 million in round led by Haun Ventures to build a crypto platform for gift cards (Fortune)