Aptos rallies while major cryptos trade lower in First Mover Americas.
Aptos rallies while major cryptos trade lower in First Mover Americas.
The Blockchain Industry: Counterfeit Tokens, Options Expiration, and Revenue Growth on Rollbit
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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A recent incident on the Korean exchange Upbit has highlighted the dangers of counterfeit tokens in the blockchain industry. Upbit experienced a temporary shutdown of services for Aptos’ APT token after users were able to deposit and cash out the counterfeit coin. The APT token, which originated from the airdrop scam site ClaimAPTGift.com, is held by approximately 400,000 wallets. This incident shed light on a bug on Upbit that allowed the exchange to accept the fake tokens due to inadequate verification of the underlying source code.
Despite this, Aptos’ APT token saw a remarkable 10% rally over the past 24 hours, while Bitcoin, the largest cryptocurrency by market value, traded down almost 2%. Chainlink’s LINK was the only other digital asset that gained, up 2%. According to eToro analyst Simon Peters, this week looks slow for cryptocurrencies, with few macroeconomic updates. The market is seeking direction and has been relatively flat for some time.
On Friday at 08:00 UTC, a significant number of bitcoin (BTC) and ether (ETH) options contracts will expire on Deribit, a leading crypto options exchange. These contracts, totaling 1.217 million BTC and ETH options with a notional value of $4.8 billion, will influence market dynamics depending on how the top two cryptocurrencies trade by the end of the week. Traders and investors closely monitor these options expiries as they often impact market sentiment.
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Chart of the Day
The chart above illustrates the revenue growth of Rollbit, a gaming and cryptocurrency trading platform, from its casino games, sportsbook, and futures trading. The past 30 days have seen a consistent increase of 10% or more in revenue. Interestingly, this upward trend contradicts the decline in Rollbit’s RLB token price, which has decreased by 44% in the past four weeks. Analysts predict that the token price will eventually catch up to the fundamental growth of the platform.
Source: Rollbit.com
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In conclusion, the blockchain industry continues to face challenges in ensuring the authenticity of tokens. The recent incident on Upbit serves as a reminder of the risks associated with counterfeit tokens and the importance of thorough verification processes. Meanwhile, the options expiration on Deribit and the revenue growth on Rollbit demonstrate the influence of derivatives and platform performance on market dynamics and investor sentiment. As the industry evolves, it is crucial for participants to stay informed about the latest developments and trends to navigate this ever-changing landscape successfully.
Edited by Parikshit Mishra.
