Daily Top Mover — BitDAO (BIT)
Major U.S. equity indices rebounded remarkably in the wake of rising jobless filings. However, following a losing streak lasting for a few weeks, the rebound was likely due to a short unwinding before the new year. Interestingly, the broader cryptocurrency market behaved unimpressively, with Bitcoin and Ether only up 0.28% and 0.48%, respectively, in the past 24 hours. The top mover for today, BIT, which registered a 24-hour return of 18.76% as of the time of writing, has outperformed the market due to anticipation of BIT repurchase.
BIT is the native token of BitDAO, the second-largest DAO in terms of the treasury. BitDAO’s vision is open finance and a decentralized tokenized economy, supporting a full spectrum of projects built with blockchain technology. BIT’s price surge came as a proposal to repurchase BIT, which has been on track towards getting approved with a 100% approval rate. The poll is scheduled to close on Dec 31, 2022. In consideration of incubating its Layer solution, Mantle, and containing capital deployment elsewhere, BitDAO plans to repurchase BIT at $2 million USDT per day for 50 days. Like traditional equities, a repurchase is considered a positive factor to the token price, which not only reduces the circulating supply of BIT but also demonstrates the confidence of the DAO community, where BIT is perceived to yield a higher return than external projects. On this note, with a circulating market capitalization of $361 million, BitDAO owns a $1.6 billion treasury as of the time of writing, pointing to a low Market Cap/Treasury ratio.
Check Out the Latest Prices, Charts, and Data for BIT/USDT!
Talk of the Town
On Thursday, Dec 29, 2022, Yuriy Sorokin, CEO of 3Commas, confirmed that data files containing API keys that were leaked by an anonymous Twitter user are authentic. The user obtained approximately 100,000 API keys belonging to users of the 3Commas. Sorokin insists that this was unlikely to be an inside job following a thorough investigation. Moving forward, 3Commas has requested supporting exchanges, such as Binance and Kucoin, to revoke all API keys connected to the crypto trading service.
Check out what else is buzzing in the crypto scene today:
Alameda Research swapped Ethereum tokens for Bitcoin. (Link)
MicroStrategy released Lightning Network-powered software and solutions. (Link)
China will launch a state-backed NFT trading platform on Jan 1, 2023. (Link)
Source: Bybit Blog | BIT Repurchase Slated to Get Approved; 3Commas Confirms Authenticity of Leaked Files
