Crypto Week Ahead: Mixin Network Faces Major Cyber Attack, Hong Kong Remains Strict On Unregulated Traders

Over the past seven days, Bitcoin (BTC) price achieved a high of $27,437.32.

Cryptocurrencies, be it Bitcoin or Ethereum, mostly traded sideways over the past week, and given that the market’s fear and greed index stood at ‘fear’ (as per CoinMarketCap at the time of writing), it appears that investors are maintaining caution for now. While Hong Kong has decided to come down hard on unregulated crypto trading platforms, Mixin Network has seen a cyberattack, causing damages to the tune of nearly $200 million. It remains to be seen how this affects trading in the coming days. 

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (September 18), the overall crypto market cap stood at $1.06 trillion. BTC price stood at around $26,640, ETH price stood at around $1,630.

A week later, the overall market cap dipped to $1.04 trillion.

DeFi's total volume stands at $1.96 billion, at 9.29 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $19.05 billion, at 90.54 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Fear’, at 38 points (out of 100) — unchanged when compared to last Monday.

BTC dominance, at the time of writing, stood at 48.94 percent.

Over the past seven days, Bitcoin achieved a high of $27,437.32 (on September 19) and a low of $26,073.01 (September 25).

Ethereum, on the other hand, saw a high of $1,664.12 (September 18) and a low of $1,570.90 (September 25).

Crypto Events To Note

The Securities and Futures Commission (SFC), Hong Kong's financial regulatory authority, has pledged to intensify its measures to address unregulated cryptocurrency trading platforms within its jurisdiction.

As per an announcement on September 25, the SFC plans to release a comprehensive roster of virtual asset trading platforms (VATPs) that are licensed, deemed licensed, closing down, or in the process of applying for a license. This initiative aims to assist the public in identifying potential unregulated VATPs operating in Hong Kong.

Furthermore, the SFC intends to create a distinct catalogue of "suspicious VATPs," prominently displayed on their official website for easy access and awareness.

In a piece of worrisome news, Mixin Network has substantiated a claim by SlowMist, a blockchain security consulting firm, regarding a cyber intrusion that led to a loss of nearly $200 million. On September 23, during the early morning hours, hackers targeted the database of Mixin Network's cloud service provider, resulting in the compromised security of assets on the mainnet. 

Mixin Network acknowledged the event, stating that the funds impacted amounted to around $200 million.

Lastly, Upbit, a cryptocurrency exchange based in South Korea, has resolved an issue related to the Aptos (APT) token. The problem arose when a fraudulent APT token was mistakenly identified as genuine.

On September 24, Upbit temporarily suspended Aptos token services due to an unusual deposit activity, prompting a thorough examination of the wallet system.

The root of the problem stemmed from a recently fabricated APT token named "ClaimAPTGift.com." This fake token found its way into 400,000 Aptos wallets after being created on September 21.

Evidently, this counterfeit token was part of a standard token airdrop scam, a scheme that involves distributing tokens to users with embedded links redirecting them to phishing websites.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has been trading above the $26,000 mark over the weekend. On Friday, Bitcoin’s price rose above $26,500. However, the bullish momentum faltered in the face of bearish market sentiments, highlighting a tug-of-war between the bulls and bears. Bitcoin currently faces resistance at $27,500, while a drop in price from the current level would find support at $25,400. Bitcoin’s price has not yet gathered significant strength to make a sharp move. It is likely that Bitcoin might trade sideways for a few days. In the meantime, Ethereum remains steadfast in its trading position between the $1,550-$1,600 range.”

WazirX Vice President Rajagopal Menon offered his take, “Bitcoin recorded a modest 0.77 percent rise, reaching $26,647, but continued to trade below $30,000 since August 9. Ether, the second-largest cryptocurrency, dipped 1.48 percent to $1,598. Nomura, Japan's largest investment bank, introduced a Bitcoin adoption fund that initially sparked Bitcoin's climb to $27,475, which later dipped below $27,000. Bitcoin also surpassed Visa's annual transaction volume, indicating ongoing market evolution.”

Subscribe And Follow ABP Live On Telegram: t.me/officialabplive

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.