Digest

• BTC’s biggest liquidation sends it tumbling. But options expiration could ignite a new rally
• 2.0 Altair Upgrade Goes Live, ETH Rallies Above $4,100K
• Shiba Rally Causes Crash at Coinbase (NASDAQ)
• The $130 million Hack by DeFi Protocol Cream Finance

BTC’s biggest liquidation sends it tumbling. But options expiration could ignite a new rally

Trader liquidation of long crypto positions has reached a record high following the anticipated ETF launch. Bybt data showed that the number of liquidations in long crypto positions reached $700 million on October 27, which was the largest since September 20.

BTC dropped to $58,132 due to liquidation. Bitcoin fell below its 20-day moving mean, indicating that there may be more sales. BTC traded at $61,095 when this article was written. However, it has seen a 4.5% gain in the 24 hour period.

This is the 24-hour Bitcoin price chart (BTC) Tradingview

As Bitcoin recuperates, investors and traders could be in for more gain ahead of Friday’s $3.2 billion options expiry. It includes $1.94 Billion call (buy), and $1.24 Billion put (sell).

Bitcoin investors and traders who maintain its bullish momentum over $60k could earn a profit up to $385million if they can keep the options open until October 29.

Flipsider

• It is important that large institutional investors are not prevented from investing in this industry because of the regulatory uncertainties in the United States.

What You Need to Care About

Analysts remain bullish on Bitcoin despite the current performance. They predict that BTC will reach $100,000 by the end of this year.

Ethereum 2.0 Altair Upgrade Now Live. ETH Rallies Above 4,100K

Ethereum, the largest blockchain network, is taking another step toward the highly-anticipated Ethereum 2.0. The Ethereum network is now on its way to proof-of-stake. It has upgraded from Altair to Beacon Chain.

Raul Jordan (a core developer of the Ethereum network) announced on October 27 that Altair, the upgrade to the Beacon Chain, had been deployed successfully. The Ethereum Foundation refers to Altair as a “warm-up upgrade” for the chain and clients.

Altair provides light client support and minor incentives. It also introduces per-validator leak accounting. Altair will be the last major change to the Ethereum blockchain until “the merge” (docking of ETH 1.0 with ETH 2.0) happens in Q1 or Q2 of 2022.

Flipsider

• The reaction to the news about the upgrade was not as expected. ETH declined below $4k by October 27.

A five-day chart showing the price of Ethereum (ETH) over five days. Source: Tradingview

• ETH prices rose to $4142 by October 28th, a 4.8% increase.

Why you should care

Ethereum is slowly moving to 2.0. It is anticipated that this will improve the speed, efficiency and scalability the Ethereum network.

Shiba Rally Causes Crash, Coinbase is Most Reviewed iPhone App

It continues to show its value as the future industry of finance. The biggest crypto exchange in the U.S., Сoinbase, has overtaken TikTok as the most popular iPhone app.

Coinbase currently sits at top of Apple’s (NASDAQ::) App Store, U.S., above TikTok (NASDAQ:), Facebook, Snapchat, Instagram and YouTube. Doge-killer played a part in Coinbase’s climb to the top.

Coinbase is gaining popularity and the company was forced to shut down its network due to high demand. SHIB was able to overcome the rising demand and surged to an all-time record on October 27.

Coinbase was forced to close for 20 minutes due to the high demand for SHIB on October 27, because of this surge in interest. Coinbase’s trading volume for SHIB has exceeded $5 Billion, surpassing even the Bitcoin and Ethereum.

Flipsider

• Binance is still the best-known iPhone exchange app. It has completed more transactions than Coinbase, and Coinbase remains the most downloaded.

Why you should care

Coinbase’s push to the top of the Apple App Store highlights the growing global interest in cryptocurrencies.

A Hack for DeFi Protocol Cream Finance

DeFi protocols are the most popular crypto project in 2021. In fact, they have suffered hacks worth more than $600 million. This does not include the return funds of the Poly Network hack. A $130 Million hack on DeFi protocol Cream Finance was its third network attack in 2021.

Hackers used Cream Finance’s vulnerability to transfer $92 Million into one address, $23 Million into another and other funds. Now, the funds are being transferred to other wallets.

After the hack, Cream Finance’s token (CREAM) plunged 26% and fell to $110.7 on October 27, its lowest point since May. Now, CREAM trades for $110.7, a drop from its previous high of $157.7.

A 48-hour price chart for CREAM showing price drops. Source: Tradingview

Flipsider

• Cream Finance discovered and fixed the vulnerabilities in the network with help from Earn Finance.

Why you should care

Recent Cream Finance hack was the third largest DeFi hack ever. DeFi protocols must increase the network security in order for it to prosper.

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