Crypto Black Saturday, Tether’s back, mediocre developers | Week news summary from Skyrex

05.12.2021 10:40 am

🔥 Tezer’s audit showed that the issue and liabilities are fully secured by liquid assets

Tezer was, is and will be (at least in the near future) the main stablecoin, and all this hype that was raised this fall is nothing more than FUD

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🗝 DeFi protocol Badger DAO was hacked, the total damage was $ 120.3 million (2100 BTC and 151 ETH).

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More and more often, DeFi protocols are showing their unreliability and insecurity. There is only one way out – to use the time-tested classic protocols in order to avoid the loss of your funds.

If you think that the skills of hackers have improved lately, you are wrong. Rather, the qualifications of developers are inexorably rolling downward, incurring multimillion-dollar losses to us – users of smart contracts. That is, the hacking methods are “laid down” by the developers themselves, who allow vulnerabilities in the networks.

As a rule, several types of hacking are used: instant loan protocols (allow you to use and return them to the lender in one transaction), protocols that allow users to replenish their balance in one coin and withdraw in another

Summing up, we can conclude: study the project carefully before investing your money in it. Take seriously the study of the composition of the development team, and if one of them has already participated in a project that has lost investors’ money, even think about investing in it.

❌ On Saturday, December 4, the decline in the price of BTC since Friday’s close has exceeded 20%, and since the highs of November 10, it has reached almost 40%. A similar situation is observed in other crypto assets.

The probable cause of the collapse in prices is not so obvious, and, most likely, it is due to an overall decline in demand for high-risk assets. Yesterday’s reaction of equity and bond markets to the controversial US labor market report for November suggests that, according to investors, the Fed will continue to tighten monetary policy and will announce an accelerated rollback of the bond buyback program at the meeting on December 14-15.

Moreover, some experts believe that such a market reaction may be due to the discovery of a new strain of Covid-19-Omicron, which adds some kind of uncertainty that the markets do not like so much.

Overall, the omicron appears to have caught the markets off guard in that investor positioning in most asset classes has been very bullish (evidence of this can be found, for example, in the monthly large investor polls conducted by Bank of America). As a result, holding long positions, say, in a declining stock market requires selling other, more risky, assets from the portfolio, such as bitcoin.

It is quite possible that soon we will hear about the problems of some “whales” of the cryptocurrency market, which are still in the shadows, but for some reason are forced to sell.

Most likely, there are many players on the market who financed aggressive purchases of digital assets with leveraged funds, such as, for example, the now famous software manufacturer MicroStrategy.

Most likely, precious metals also suffer from the same problem, where a couple of weeks ago there was a rather aggressive bullish positioning of speculators who expected gold and silver to take off amid increased inflation.

I’ll tell you shortly how our analysts dealt with such a crash. I cannot say that he was expected, but I can say for sure, our investors were satisfied! Coming soon, don’t switch!

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