• Bitcoin prices dip below $23,000 ahead of the Federal Reserve’s meeting.
• S&P 500 and other equities close lower as traders await Fed decision.
• LayerZero co-founder denies accusations of a “backdoor” vulnerability in its code.

Bitcoin Price Drops Ahead Of Fed Meeting

The price of Bitcoin dropped below $23,000 on Monday, January 30th, 2021, ahead of the Federal Reserve’s meeting this week. The Sandbox’s SAND token also surged ahead of its token unlock as equities closed lower for the day.

Equities Close Lower

Traders were closely watching tech companies‘ fourth-quarter earnings reports from Apple and Meta as well as awaiting the Federal Reserve’s decision on interest rates Wednesday. As a result, the tech-heavy Nasdaq Composite closed down 1.9%, while the S&P 500 and Dow Jones Industrial Average (DJIA) fell 1.3% and 0.7%, respectively.

LayerZero Denies Allegations Of Backdoor Vulnerability

James Prestwich, founder of cross-chain bridging service Nomad accused LayerZero on Monday of having an undisclosed capability referred to as a „backdoor“ that can compromise the function of their system without anyone’s permission. In response to this accusation LayerZero co-founder denied these allegations stating that they do not bypass any security controls or pass any data between blockchains without permission from users.

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