Here’s what happened in crypto today
Today in crypto, Standard Chartered said crypto asset prices have seen the low in the current cycle and is looking for confirmation from Strategy’s purchase news, ETF flows and lower oil prices. Elsewhere, blockchain security company Quantstamp linked the $36 million Humanity Protocol exploit to North Korea-linked threat actors while the US and Iran are edging toward a peace deal that crypto analysts predict could reinvigorate Bitcoin.
StanChart looks for 3 signs of BTC bottom, including Strategy’s Monday news
Standard Chartered analyst Geoff Kendrick on Friday told clients that he believes crypto asset prices have seen the low in the current cycle and he is looking for confirmation in three indicators: Strategy’s reporting that it bought more Bitcoin last week; crypto exchange-traded funds (ETF) saw positive inflows on Friday; and, oil prices continue to break lower.
“We have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high),” Kendrick said in a brief note to clients on Friday. The biggest crypto was last trading on Sunday at about $63,704, according to CoinMarketCap data.
Depending on how investors read Strategy chief Michael Saylor’s near-weekly tweet issued earlier on Sunday, The first sign that Kendrick is watching for may have come.
“Still adding dots,” was Saylor’s message that accompanied the now-familiar dot, or bubble, chart that the Strategy executive frequently includes in his social media posts teasing forthcoming BTC purchases.
Michael Saylor's tweet on Sunday had more than a half a million views by mid-afternoon, ET. Source: Michael Saylor on X.com
Humanity Protocol’s $36M hack tied to suspected North Korean hackers: Quantstamp
A malicious attachment delivered through a phishing email points to the involvement of North Korea-linked threat actors in Humanity Protocol's recent hack, according to blockchain security company Quantstamp.
The decentralized identity company said a compromised employee's laptop enabled attackers to steal $36 million in Humanity (H) tokens on Monday.
The malicious attachment was disguised as a token lockup schedule update from South Korean cryptocurrency exchange Bithumb. It installed malware that gave attackers full remote access to the laptop, Quantstamp said in its incident response.
The phishing email that led to the Humanity Protocol compromise. Source: Quantstamp
Quantstamp added that the malware was signed with a South Korean Hancom digital certificate, a pattern it described as “characteristic of DPRK intrusions.” The malware enabled attackers to copy Humanity Protocol director Chong Yee Wai's MetaMask wallet credentials and private keys.
The suspected North Korean link would add to a series of major crypto thefts attributed to the country. North Korea-linked threat actors were tied to at least $578 million of the $634 million stolen in crypto-related incidents in April.
Trump says Iran peace deal to be signed Sunday, contradicting Tehran
US President Donald Trump said a deal to end the fighting between the US and Iran is scheduled to be signed on Sunday, despite officials in Tehran previously casting doubt on the timeline.
“The Deal is scheduled to get signed tomorrow, and immediately after it is signed, the Hormuz Strait is OPEN TO ALL,” said Trump on Truth Social on Saturday.
Source: Donald Trump
The deal, a memorandum of understanding, is expected to extend the ceasefire between the US and Iran for 60 days and reopen the Strait of Hormuz.
The naval blockade has choked 20% of the world’s supply of oil and liquified natural gas, which has led to higher global asset prices and a sentiment shock that has pressured crypto markets for months.
Iran has not confirmed the Sunday signing. Iranian Foreign Ministry spokesperson Esmaeil Baghaei told state media earlier that the memorandum wouldn’t be signed on Sunday, but could happen “in the coming days.”
Crypto analyst Michaël van de Poppe said a peace deal between Iran and the US will likely prompt a surge in Bitcoin, along with positive ETF flows.
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