Bitcoin, Wider Crypto Market Hold Firm Despite Solana Wallet Hack News

The global crypto market cap saw a rise of 0.12 percent in the last 24 hours

By Shomik Sen Bhattacharjee | Updated: 4 August 2022 13:56 IST

Bitcoin, Wider Crypto Market Hold Firm Despite Solana Wallet Hack News

Photo Credit: Pexels/ Alesia Kozik

Bitcoin is facing a key resistance near the $23,500 (roughly Rs. 18.7 lakh) zone

Highlights

Bitcoin managed to hold on to hover around the $23,000 mark
Ethereum's upward movement has slowed down in recent days
A number of altcoins saw minor dips in value

Bitcoin and the wider crypto market was able to hold its gains on Thursday with BTC holding firm, unfazed by Solana attacks, which drained wealth out of 8,000 wallets. The value of Bitcoin witnessed a 1.63 percent rise in the last 24 hours with its price now closer to the $23,000 (roughly Rs. 18.4 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values BTC at $24,051 (roughly Rs. 19.24 lakh), up by 0.38 percent in the past 24 hours. On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $22,971 (roughly Rs. 18.38 lakh) while CoinGecko data shows that BTC's value is currently up by 0.1 percent week-to-day.

Ether, meanwhile, hasn't been moving up as quickly as it has been in recent weeks but hasn't fallen by much either. At the time of publishing, Ether is valued at $1,698 (roughly Rs. 1.36 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto's value at $1,612 (roughly Rs. 1.29 lakh), where the cryptocurrency has fallen by 0.12 percent over the past 24 hours.

Ether's slowing down over the past few days sees the cryptocurrency's value show up in the red by close to 0.7 percent when compared to its value last Thursday, as per CoinGecko data.

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Gadgets 360's cryptocurrency price tracker reveals that most major altcoins price held firm over the Solana news, but a few did drop in value over the last 24 hours — as the global crypto market capitalisation witnessed a 0.12 percent rise through Wednesday and early Thursday.

Uniswap, Solana, Polkadot, Cosmos, Avalanche, and BNB saw minor upsides while TRON, Cardano, and Polygon all saw minor dips in price in the last 24 hours.

Memecoins Shiba Inu and Dogecoin also followed the altcoin mix with some dips to show for. Dogecoin is currently valued at $0.06 (roughly Rs. 5.59) after losing some 0.8 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.000983), down by 1.31 percent over the past day.

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Solana users far and wide were startled to find that their wallets were being drained of SOL, the USDC stablecoin, and other Solana-based tokens in a widespread and ongoing hack.

According to blockchain explorer Solscan, the four identified attackers' wallets have collectively attacked about 15,200 wallets, although there may be overlap between their targets. The official Solana Status account on Twitter pegged the tally at approximately 8,000 unique wallets.

"The ‘hacked' transactions were being signed by wallets themselves, which suggests compromised private keys, but we should wait for Slope Wallet's post-mortem report before drawing any conclusions. Users must always take extra care of their private key, and seed phrases. This information should never exist on any given computer, ideally, which is possible thanks to newer technologies like multi-party computation (MPC)," said Guillaume Le Saint who's the founder of Atato, a Singapore based MPC crypto custody solution in a statement shared with Gadgets 360.

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Cryptocurrency Prices across Indian exchanges

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