If no news is good news, then it has been a positive week for the crypto markets.
Global market capitalization traded within a tight range, with Friday’s opening value at US$1.08tn, down a slight 1.8% from Monday.
Bitcoin fell 1.4% for the week, while Ethereum followed suit losing 1.5%.
There are signs the market is stabilizing after a prolonged period of intense volatility, according to Bloomberg senior commodity strategist Mike McGlone, who suggested that Bitcoin could gradually move into a “directional tilt” similar to Treasuries. from USA
Today’s biggest gainer was the Flow blockchain, which soared nearly 40% in the last 24 hours to take its market capitalization to $2.7 billion.
Powered by Dapper Labs, the Flow rally coincided with a major partnership announcement with Instagram.
The Waves blockchain saw a 9.5% increase, while Trust Wallet’s TWT token added 8.2%.
Ethereum scaling solution Optimizing was among the biggest daily losers, having lost 4.6% of its market capitalization, while Filecoin, THORChain and lending platform Nexo also suffered moderate losses.
Total value locked (TVL) in the decentralized finance (DeFi) space has plummeted by more than 20%, according to DeFi market access tracker Llama, but it’s not as bad as it sounds.
In a strange turn of events uncovered by CoinDesk, it turns out that Ian Macalinao, chief architect of the DeFi Saber protocol, had been using a “double counting” exploit designed to artificially inflate the protocol’s TVL by up to five times.
The news has forced DeFi Llama to reassess how TVL is counted.
On a like-for-like basis, TVL across the DeFi space fell just a fraction this week, from $68.75 billion to $68.71 billion.
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In other news, former Coinbase manager Ishan Wahi has pleaded not guilty to insider trading charges brought by the US government.
Wahi was arrested by the FBI in July after trying to flee the US to India.
The MoonDAO crypto project has successfully sent a man into space by raising funds for a seat on Jeff Bezos’ Blue Origin NS-22 rocket.
Just a small part of the 5,000+ MoonDAO community that made all of this happen! ❤️❤️
— MoonDAO (????,????) (@OfficialMoonDAO) August 4, 2022
The lucky astronaut? YouTube personality and member of the “trick shot” basketball collective Dude Perfect.