CoinEx Daily: Bitcoin Consolidates Around $90,000; DEXX Hack Sparks Market Panic

Overview

Bitcoin remained stable around $90,000 over the weekend with no significant fluctuations. However, the on-chain trading platform DEXX suffered a hack on November 16, resulting in an estimated $20 million in losses, sparking panic in the market.

Daily Macro

Bitcoin Market Performance:

Bitcoin remained stable around $90,000 over the weekend.

Bitcoin ETF Activity:

Bitcoin ETFs saw a net outflow of $236 million last Friday.

Ethereum ETF Activity:

Ethereum ETFs saw a net outflow of $59 million last Friday.

Macroeconomic Data:

MicroStrategy’s Bitcoin reserves are valued at $26 billion, surpassing the cash reserves of IBM, Nike, and Johnson & Johnson, ranking second only to Apple and Alphabet.

Daily Focus

DeSci 

Reason for Focus:

Binance Labs’ investment in BIO Protocol has reignited interest in the DeSci sector. Tokens like RIF and URO have seen significant gains, maintaining strong performance despite broader market corrections. BIO Genesis activities have filled quotas rapidly, with substantial capital flowing into the DeSci space.

Related Token Performance:

RIF: +43.8% (24h)

URO: +34.1% (24h)

Outlook:

DeSci is attracting significant attention and funding due to its innovative applications. It is poised to become a key growth area within the crypto market.

Next Focus

DEXX 

Reason for Focus:

On November 16, the DEXX on-chain trading platform was hacked, resulting in an estimated $20 million in losses. Over 500 users were confirmed as victims, and several meme coins experienced significant sell-offs. DEXX founder Roy has pledged to compensate affected users and initiated legal actions while attempting to negotiate with the hacker.

Outlook:

The stolen meme tokens could create significant sell pressure, negatively impacting the meme token sector. The event highlights security vulnerabilities in DeFi platforms, likely drawing increased regulatory attention.