Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
Ethereum has been proving itself worthy where we have Bitcoin, the decentralized currency, but when it comes to price, it is still behind Bitcoin which is the largest crypto on the market.
Since January 2020, Ether, the currency undertone of Ethereum, has been distinguishing itself from Bitcoin. Its price started skyrocketing when the year started but after the halving event of Bitcoin, it seems to be pulling away from it.
After the halving event, the prices of cryptocurrencies started reacting immediately, as ETH relative to BTC is reducing. Based on the data provided by Skew markets, the price of ETH as a percentage of BTC decreased by 2.1%, and it is the lowest in over a month. As a percentage of Bitcoin, the price of ETH decreased below 2% only in March 2017, when there was cryptocurrency winter.
Two weeks before the halving event, the proportional price was 2.6%, during which the price of BTC increased from under $8,300 to about $10,000, while ETH was comparatively stagnant. Nevertheless, after the event, the price divergence between the two assets is not straightforward.
The first one to three months will be characterized by less volatility, as compared to their prices; that is, the suggested price volatility of BTC to ETH seems to be pointing to a decline as observed on the 1-month and 3-month implied volatility charts. Over six months, the 1-month and 3-months value declined to their lowest points (-6.9% and 3.1%).
After this time, there could be inconsistent changes, as the volatility term structure of the two cryptos according to the pricing of their Options contracts reveals peaking volatility for BTC at the end of June 2020 and for ETH in September 2020.
As at the time of writing, the price of BTC and ETH was $9,426.62 (1.68% down) and $200.75 (0.03% down), respectively.