
Since May, this is the first time ADA hits $2 which is interesting because it happened before the introduction of Cardano smart contract.


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This is the first time Cardano hits $2 on Friday since May and it seems that there might be even better gains for its holders.


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Source: TradingView  ADA/USD 1-day candle chart 



After heavy resistance, according to TradingView, ADA/USD rose quickly on Friday and stood at around $2.07 at the time of writing this article and is still going up.

This was the highest price ADA hit since May 18, when the market saw a major decline because of China’s drastic measures against mining in their country, which caused BTC to experience a fall almost by half.

This happened right when Cardano had its smart contracts on the way, which was described as a "very bullish catalyst" by popular trader Lark Davis. He believes that as soon as the smart contract feature is operational, a potential profit of 700% will be there for the investors. He also said that "A mere 6X would give it the same market cap as Ethereum,"

> **"Maybe one day Cardano will 50X, but it is not super likely across short time frames considering the market cap."**

Cardano has been fighting very hard to keep the resistance level this week and, in this regard, it was not the only coin. Bitcoin has also been trying hard to break the $47K sell wall and reach $50K while BTC has maintained $40K as a new support level.

Despite some dark months for crypto fans since May, market sentiment is positive and traders are hoping to see greater days in the crypto space.




ADA stands at $2 prior to Cardano smart contract announcement

In a white hat gesture, Poly Network hacker gave back all of the money and said that he is neither interested in the bounty nor in responding to the offer.

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Two days ago, in Unitedbit you read that a hacker had stolen $600M from Poly Network. We are excited to announce that the hacker who had targeted the Poly Network cross-chain DeFi protocol has paid roughly all the money claiming to be a white hat hacker.

The hacker who took advantage of "a vulnerability between contract calls" to hack Poly Network in an exploit has returned all of the $610M funds into a multi-sig wallet to which both the Poly project and the hacker have access. There was $33M in Tether (USDT) which was frozen right after the attack news was broadcasted.

Ethereum transactions served as the host to the hacker and Poly Network team for communications. The hackers have seemingly hacked but had no intention of moving the stolen funds to their accounts, as they apparently did it for the sake of having fun since the hacking cross-chain is in vogue.

Upon having received $258M of the funds from the hacker, the Poly Network team called it "white hat behavior" and offered a $500K bounty to what they called "Mr. White Hat":



> **"We assure you that you will not be accountable for this incident. We hope that you can return all the tokens as soon as possible [...] We will send you the 500k bounty when the remainings are returned, except for the frozen USDT."**



Despite the offer, it seems that the hacker was neither interested in responding to the offer nor willing to accept it, and he pledged to return all the money.

Now that all the funds have been returned, we can say that the biggest hack in DeFi history did not harm any investors financially and had a peaceful ending and some may say it was more of a hacker’s little game or a white hat gesture. The hacker’s identity remains anonymous despite the fact that SlowMist has confirmed having the hacker’s IP address, email address, and device fingerprint.

The hacker returned almost all of the $600M and rejected the $500K reward from Poly Network

In an exploit, hackers managed to steal $600 million from the Poly Network across three chains. 

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This attack was described as "a long-planned, organized and prepared attack" by the SlowMist, a Chinese cybersecurity company. It is called the largest DeFi attack in which $600M were stolen from Poly Network’s three chains through an exploit on its cross-chain protocol.

Poly Network said that several assets have fallen victims to this attack among which Ethereum with $273M, Binance Smart Chain (BSC) with $253M, and Polygon Network with $53M in USDC are the Major assets that have been attacked. Other assets were also involved in this exploit which took advantage of "a vulnerability between contract calls" like wrapped Ether (WETH), renBTC, and wrapped Bitcoin (WBTC).

Although claimed that they had found the hacker’s information such as IP address email address, and device fingerprint, SLowmist did not disclose that information. In cooperation with some firms and Hoo exchange they found out that the hacker had originally invested in Monero (XMR) and later it was changed to Ether (ETH), Binance Coin (BNB), and MATIC.

SlowMist said: 

> **"Combined with the flow of funds and multiple fingerprint information, it can be found that this is likely to be a long-planned, organized and prepared attack".**

The hacker seemed to have a message by posting 3 messages via transaction records on Ethereum, It seems that they are willing to return some of the funds since they cannot move them. The hackers seem to be requesting help from the community to launder the stolen digital assets via Tornado, the tumbling service, and they said that it is DAO (Decentralized Autonomous Organization) that must say where the tokens should go.

> **"It would have been a billion hack if I had moved remaining shitcoins! Did I just save the project? Not so interested in money, now considering returning some tokens or just leaving them there."**


$600 million was stolen in an exploit on Poly Network  

After weeks of wait, finally, the crypto market rises from its ashes and breaches the $43K level, and records the highest price in the last months.

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After this blast in Bitcoin, traders are hoping that this would be a sign of a bull market. On August 6, BTC saw its price jump up to a high of $43,231 which is the highest in the past couple of months since the major fall in May 2021. Data from Tradingview illustrates that on Friday morning the rally started in the early hours of the day which raised the price of Bitcoin up to $43,231. This is the highest price BTC has reached since the infamous bloodbath of BTC on May 19.

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Source: TradingView. BTC/USDT 4-hour chart. 

It must be mentioned that, since the start of this week, a couple of analysts mentioned that a bigger rally was expected according to the bullish signals from multiple indicators like cross-over between two moving averages. This had happened previously prior to the 2020 bull market. 

Since it was the first time that BTC broke its multi-month trading range, this new high at $43,231 was of great significance as analyst Rekt Capital puts it.

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Rekt Capital:

> **“BTC has successfully claimed the 200-day EMA as support, a long-term gauge of investor sentiment towards BTC. BTC has also successfully claimed the 21 week EMA as support, a bull market indicator. The market is getting bullish.”**

Data shows that the Bitcoin dominance rate stands at 46.2% and $1.719 trillion is the total cryptocurrency market cap. 


Bitcoin breaks $43K and crypto fans are optimistic once again after months of stress

Jim Crammer believes that gold’s plunge is due to people’s investing in Crypto.

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On Friday, gold saw a sharp decrease in its price while Bitcoin and altcoins were on a bullish trend. This rise may be reason enough to believe that people have migrated from gold to crypto trading said Jim Crammer, the host of CNBC’s Mad Money.

Jim Crammer believes that market either all the money is being invested in crypto or the market is not as chaotic as it seems:

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While gold hit as low as $1,852.50 per troy ounce, Bitcoin set a new ATH of $41K. Crammer himself bought BTC back in December at a rate lower than 18K and said that:



*"I will buy — like I usually do — as something comes down. [...] I’m going to diversify into some Bitcoin — not a big position for me — but it's certainly important to be diversified, and Bitcoin is an asset and I want to have a balance of assets."*



Considering the BTC price, if Cramer had his Bitcoin to this day, he has made a great profit.
Bitcoin is worth 20 ounces of gold while this number was 15 last week. Bitcoin’s digital gold narrative, according to JPMorgan Chase, is driving people away from precious metals as suggested in a recent analysis, therefore one might say this idea of Bitcoin taking gold’s market share is not really new.

Gold takes a plunge and Crypto may be to blame

Jim Crammer believes that gold’s plunge is due to people’s investing in Crypto.