The crypto exchange BingX reportedly lost over $26 million in various digital assets early Thursday morning. This incident adds to a troubling week for crypto platforms as multiple hacks continue to expose vulnerabilities within the sector.

PeckShield, a blockchain security company, initially detected suspicious transactions at approximately 00:37 UTC. Initial reports suggested an outflow of around $13.6 million.

BingX Has Paused Withdrawals

Following this, several crypto security platforms conducted a more thorough examination and confirmed that BingX had been compromised. On-chain analysis firm Lookonchain detailed the stolen assets, which included over 360 different altcoins. The stolen funds were swiftly transferred to the wallet address ‘0xF7e8’ before being exchanged primarily for Ethereum (ETH) and BNB.

Read more: Crypto Project Security: A Guide to Early Threat Detection

The detailed breakdown of the stolen assets includes:

• 4.44 million USDT ($4.44 million),
• 1 million WUSD ($1 million),
• 608,660 USDC ($608,660),
• 9.38 BTCB ($590,000),
• along with numerous other tokens making up the substantial remainder.

In response to the breach, BingX’s Chief Product Officer, Vivien Lin, confirmed the hack and announced the suspension of all withdrawals to mitigate further risks.

“Our technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss, but the amount is small and still being calculated,” Lin wrote on X (Twitter).

Despite the significant amount lost, Lin assured users that BingX would cover the full amount of the stolen assets with its own capital reserves. Furthermore, she committed that BingX will resume withdrawals within 24 hours. This swift response aims to restore trust and stabilize operations after the incident.

Moreover, this week’s hack at BingX is part of a larger trend of increased attacks on crypto platforms. Just earlier this week, DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum chain, reported a loss of $5.9 million due to suspicious transactions.

Additionally, last week, the Indonesian exchange Indodax also faced a severe security breach, resulting in a loss of over $20 million. In each instance, the intrusions were identified by blockchain security firms after funds had been illicitly transferred and converted across multiple networks.

Read more: A Guide to the Best AI Security Solutions in 2024

These recurring incidents have spurred calls for enhanced security measures across the cryptocurrency industry. Consequently, experts stress the importance of exchanges and protocols implementing strong security frameworks to protect against the sophisticated tactics employed by hackers today.

Bitcoin price gained pace above the $61,500 resistance. BTC even cleared the $63,300 level and is now consolidating gains above $62,500.

• Bitcoin is gaining pace above the $62,200 resistance zone.
• The price is trading above $62,500 and the 100 hourly Simple moving average.
• There is a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could extend gains if it stays above the $61,500 support zone.

Bitcoin Price Extend Gains Above $63,000

Bitcoin price extended its increase above the $60,500 level. BTC was able to clear the $61,200 and $61,500 resistance levels to move into a positive zone.

The bulls pumped the price above $62,500 and $63,000 levels. A high was formed at $63,840 and the price is now consolidating gains. There was a move below the $63,500 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $59,165 swing low to the $63,840 high.

Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $63,500 level. The first key resistance is near the $63,800 level. A clear move above the $68,400 resistance might send the price higher. The next key resistance could be $64,500. A close above the $64,500 resistance might spark more upsides. In the stated case, the price could rise and test the $65,000 resistance.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $63,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $62,700 level.

The first major support is $61,500 and the trend line. The next support is now near the $61,000 zone or the 61.8% Fib retracement level of the upward move from the $59,165 swing low to the $63,840 high. Any more losses might send the price toward the $60,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $62,700, followed by $61,500.

Major Resistance Levels – $63,500, and $63,800.

Cardano (ADA) has seen a 5% increase in price over the past 24 hours. This reflects the general cryptocurrency market’s positive trajectory since the US Federal Reserve cut interest rates on Wednesday.

This surge is also fueled partly by the actions of ADA short-term holders, who appear to be holding onto their coins. Over the past 30 days, their reluctance to sell has positioned the altcoin to potentially break through the resistance level at $0.47.

Cardano Short-Term Holders Remain Resolute

According to IntoTheBlock, the number of ADA short-term holders who have held the coins for less than 30 days has increased over the past month. Often referred to as “paper hands,” these holders tend to sell their coins at the slightest sign of trouble. 

However, they have adopted a more bullish approach over the past month. Their decision to refrain from selling reflects a gradual shift in market sentiment toward ADA.

Read more: How To Stake Cardano (ADA)

ADA’s attempt to rally above its Ichimoku Cloud on a one-day chart supports this outlook. As of this writing, the altcoin is poised to breach the Leading Span A of its Ichimoku Cloud indicator, which tracks its price trends, support and resistance levels, and potential market reversal points.

The Leading Span A has served as a resistance level where Cardano’s price has encountered significant selling pressure over the past few months. A successful breach of this level would confirm that bullish momentum is strengthening in the ADA market, signal increased buying interest, and hint at the potential for a further uptrend.

ADA Price Prediction: $0.47 Is Likely Only If This Happens

Cardano’s Relative Strength Index (RSI) is climbing, signaling increasing demand for the altcoin. Currently at 51.52, the RSI shows that buying pressure is building.

If ADA breaks through Leading Span A, it could rally toward Leading Span B, a stronger resistance level. Successfully surpassing this would position Cardano for a potential 31% gain, targeting a price of $0.47.

Read more: 6 Best Cardano (ADA) Wallets You Should Consider in September 2024

However, if demand slows and ADA fails to break Leading Span A, its price could drop to around $0.27.