Here’s What Happened in Crypto Today

Today’s crypto news highlights Bitcoin’s oversold status after a sell-off, a global Microsoft Windows failure disrupting services, and a significant hack on the WazirX exchange. This article provides a comprehensive overview of these events and their implications.

Points

• Bitcoin is oversold after a sell-off by the German government.
• A global Microsoft Windows failure disrupts critical services worldwide.
• The WazirX exchange hacker converts $150 million of altcoins to Ether.

According to a new report by ARK Invest, Bitcoin was significantly oversold after the German government offloaded billions’ worth of confiscated BTC. A global Microsoft Windows failure, possibly linked to a CrowdStrike software update, has disrupted critical services worldwide. Meanwhile, the WazirX exchange hacker has converted nearly $150 million of altcoins to Ether, likely to avoid having funds frozen or blacklisted.

Bitcoin Could Recover from Oversold Levels: ARK Invest

Asset manager ARK Invest says Bitcoin （BTC） became significantly oversold in June after the German government initiated a multi-week sell-off of 50,000 BTC seized in a 2020 police sting. This suggests a price reversal is likely. The asset manager also noted that Bitcoin miners are in capitulation mode, which is a sign that the downtrend is about to reverse. “Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” ARK said in its report.

Adding to the bullish momentum is the fact that spot Bitcoin exchange-traded funds accumulated capital during the sell-off, indicating that institutional investors weren’t behind the negative price action. The price of Bitcoin has rallied sharply this week. On July 19, the largest cryptocurrency traded above $67,200, according to data from Cointelegraph Markets Pro and TradingView.

Microsoft Windows Data Blackout Downs Major Financial Firms, Causes Travel Chaos

The Big Tech giant Microsoft is facing a widespread outage of its Windows systems, which has subsequently disrupted various critical services across the globe, including emergency services, banks, airports, and broadcasters. The failure, which began in the late hours of July 18 and continued into the following day, appears to be linked to the cybersecurity software of CrowdStrike. It has left many institutions grappling with severe operational challenges.

In a post on X on July 18 at 11:41 pm UTC, Microsoft 365 Status posted that it was investigating an issue “impacting users’ ability to access various Microsoft 365 apps and services.” The banking sector has been one of the hardest hit by this Windows failure. Online banking services have been particularly affected, with customers worldwide reporting issues with logging in and performing transactions.

Nonetheless, the crypto community has wasted no time in jumping on the opportunity to make something of the situation. Since the start of the incident, a flurry of new memecoins related to CrowdStrike, the alleged cause of the Microsoft outage, and the Microsoft “Blue Screen of Death” （BSoD） error screen have been issued on Ethereum and Solana networks.

WazirX Hacker Funnels $149 Million of SHIB, MATIC, and Other Altcoins into ETH

The hacker behind the $235 million exploit of cryptocurrency exchange WazirX has converted nearly $150 million of altcoins to Ether, likely to avoid having funds frozen or blacklisted. The mass conversion of funds to Ether across July 18-19 included $90.2 million worth of Shiba Inu （SHIB）, $10.2 million in Polygon （MATIC）, and nearly $7.5 million in Pepe （PEPE）, according to blockchain analytics firm Spot On Chain. The transfers have now brought the total amount of stolen funds sitting in Ether （ETH） to $201 million, up from $52 million initially.

“Swapping to Ether quickly can help the hacker secure their funds before any preventative measures are taken by authorities or the issuers of centralized tokens,” blockchain security firm PeckShield told Cointelegraph.

Conclusion

Today’s crypto news underscores the volatility and complexity of the cryptocurrency market. Bitcoin’s oversold status and potential recovery, the widespread Microsoft Windows outage, and the WazirX exchange hack all highlight the need for vigilance and adaptability in this fast-paced industry.

解説

• The oversold status of Bitcoin suggests a potential price recovery, driven by institutional interest and miner capitulation.
• The Microsoft Windows outage highlights the vulnerabilities of centralized systems and the importance of robust cybersecurity measures.
• The WazirX hack emphasizes the ongoing risks in the crypto space and the need for strong security practices to protect assets.