The bulletin prepared by the Bybit Global team includes the prominent topics of the sector. All major indices lost more than 1% overnight as projected S&P500 earnings fell three-quarters, creating fear in investors. In the last 24 hours in the cryptocurrency market, Bitcoin and Etheeumr followed stocks with a decrease of 0.37% and 0.35%, respectively. Despite the low fluctuations in Bitcoin and Ethereum, altcoins have experienced larger price fluctuations recently. Today’s top mover, LOOKS, which posted a 24-hour return of 1.3% and a one-week return of -0.5%, held up interestingly compared to other altcoins.
LOOKS is the native token for LookRare, an NFT marketplace on Ethereum. LookRare recently announced the third LOOKS emissions reduction, where traders will receive halved trading rewards on the platform. While the move will reduce the tokens released from the treasury to investors and is generally positive for token price action, it does not change the planned emissions schedule. Therefore, its effect on the token is uncertain. Speaking of key factors, LookRare’s market share has been falling since the beginning of this month, while LookRare has the highest rate of wash trades among its competitors. In the face of competition from Blur and Uniswap’s new NFT aggregator, LookRare seems to be lagging behind in terms of usage by loyal traders.
In early October, Mango Markets faced a $110 million exploit. The brain behind the exploit was revealed to be Avraham Eisenberg, a crypto investor who later identified himself as a game theorist. He then negotiated with Mango Markets to return $67 million to the DAO; provided that the returned funds are used to repay the “unrecovered debt” and that the protocol does not initiate a criminal investigation or freeze their funds. The abuser also took to Twitter to explain that their actions were “legal market actions” and were simply “using the protocol as designed”. Eisenberg was arrested on December 26, 2022 and will appear in court on charges of commodity fraud and commodity manipulation.
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