Bitcoin

Compound Finance patch to restore COMP distribution to normal’

The lending protocol suffered an exploit affecting COMP token distribution after another patch in late September Compound Finance is a major player within the decentralised finance ecosystem (DeFi). It announced that it will fix a bug that caused users to incorrectly receive millions of dollars in COMP tokens on Saturday, September 9. This is after…

The lending protocol suffered an exploit affecting COMP token distribution after another patch in late September

Compound Finance is a major player within the decentralised finance ecosystem (DeFi). It announced that it will fix a bug that caused users to incorrectly receive millions of dollars in COMP tokens on Saturday, September 9.

This is after a proposal for a patch to the vulnerability was passed easily in a vote that took place on 7 October. According to the Compound Labs team, the community pledged a total of 1,037,107 COMP tokens in favour of Proposal 64, an upgrade that is set to introduce the bug fix.

Compound Labs has been unanimously voted to move to the next stage, with most users confident that they will receive ‘normal’ token distributions once the patch is released.

“For the majority of users, the COMP Distribution will return to normal after execution,” the lending protocol tweeted.

However, users affected by the bug that followed Proposal 62 “will be unable to claim COMP until after a future patch,” the platform added, referring to the faulty distribution that hit the protocol on 30 September.

While Proposal 63 sought to stem the erroneous allocation of tokens, the delay in executing the patch saw millions of dollars worth of the COMP token drained from the protocol’s Reservoir.

Many people who were given the tokens for free have returned them to Compound.

The market price for COMP has rebounded from the $293 lows last week and is now trading at $329. The value of the 73rd-ranked crypto project is up 5.1% over the past 24 hours as buyers target further gains.

Given Bitcoin’s uptick above $55,000 and the potential for the market to move further north, COMP could extend its upside to reach September highs of $370.

Bitcoin

Bitcoin Demand Shows Signs of Cooling as Whale and ETF Purchases Halve: Cryptoquant

Bitcoin demand growth is decelerating after a rally toward $112,000, with key indicators signaling a potential slowdown phase, according to a new Cryptoquant Institutional Insights report. Profit-Taking Dominates Futures Market Amid Bitcoin Slowdown Cryptoquant’s analysis reveals bitcoin spot demand continues expanding but at a sharply reduced pace…
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Bitcoin

Bitcoin Price Watch: Bulls Eye $108K as Momentum Builds Across Lower Timeframes

Bitcoin is trading at $105,971 to $106,032 over the last hour, with a market capitalization of $2.10 trillion and a 24-hour trading volume of $21.88 billion. During the past 24 hours, the price has fluctuated between $104,004 and $106,450, reflecting a narrow intraday range that coincides with ongoing technical indecision across broader timeframes…
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Bitcoin

XCN defies Bitcoin and Ethereum slump with 97% spike

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure. The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier. Tariffs and other market conditions weigh on investor sentiment. Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins…

Onyxcoin (XCN) has risen 97% in the past 24 hours as altcoins enjoy massive buying pressure.
The XCN price bucks the trend that saw Bitcoin and Ethereum down after notable gains a day earlier.
Tariffs and other market conditions weigh on investor sentiment.

Onyxcoin (XCN) has defied a dip for Bitcoin, Ethereum, and top altcoins with an impressive 97% over the past 24 hours.

In a price rally that put it on top of the daily gainers’ list, XCN shot up to an intraday high of $0.017.

The performance bucks the downward pressure that has seen Bitcoin (BTC) and Ethereum (ETH) pare gains from a day ago with dips below $80k and $1.5k, respectively.

XCN price performance

The XCN token’s standout performance sees it outpace Flare, Kaspas, and Walrus, among other notable gainers.

According to data from CoinMarketCap, XCN is currently trading at $0.017, with its volume up 1,230%.

The token’s market, though tiny at $531 million, is up 97% and puts Onyxcoin in the top 100 by market cap.

XCN has flipped Floki and CORE, which currently rank 100th and 99th by market cap, respectively.

Onyxcoin’s massive spike comes despite a broader risk market downturn in the past 24 hours.

BTC, ETH, and other coins’ dip has seen the global cryptocurrency market cap drop by 3.9% to $2.52 trillion.

Volume is down 20% to about $127 billion as crypto mirrors losses on Wall Street.

Overall market outlook

Crypto and the stock market rose sharply on Wednesday after US President Donald Trump changed his tariffs stance.

His announcement of a 90-day pause sent risk assets skyrocketing, with Bitcoin’s price breaking to above $82k.

S&P 500 and the Dow Jones Industrial jumped, rising by historic single-day gains.

However, the S&P 500 and Dow opened lower on Thursday and looked to close lower with 3.2% and 2.4 %, respectively.

Dow was down more than 900 points.

On Thursday, Trump announced an additional 25% tariff on China, bringing this to 145%.

After excluding it from the 90-day pause, analysts say the trade war will continue to hurt optimism.

This looks to be the case as stocks sold off despite the latest inflation report that showed CPI dropped to 2.4% against an expected 2.6%.

While this sees many turn to the Federal Reserve for expectations of interest rate cuts, analysts are pointing to “sticky” prices and tariff impact for likely pressure on equities and crypto. Analysts point to a potential bull trap.

Peter Schiff said via a post on X:

“I’ve never seen such a mass selloff of US assets. The US dollar, bonds, and stocks are all getting killed. I can’t remember when the dollar lost 3.5% against the Swiss franc in one day. America’s ride on the global gravy train is about to come to a screeching halt. Buckle up.”