Month: Januar 2023

Cryptocurrency Market Soars Past $1 Trillion as Bitcoin Dominates

• Bitcoin gained 12% in the past week and its dominance increased to 40%.
• Altcoins lagged behind, with Ethereum and Ripple increasing by only 1%.
• Genesis Mining, one of the largest mining companies, filed for bankruptcy.

Cryptocurrency markets have been in the green over the past week, with the total market cap surging past $1 trillion. Bitcoin, the leading digital asset, led the way with a 12% increase, pushing its market dominance to 40%. Despite the strong gains, altcoins lagged significantly behind, with Ethereum and Ripple increasing by only 1%.

The past seven days were full of events for the cryptocurrency market, with the most notable development being the filing for bankruptcy of Genesis Mining, one of the largest mining companies. The company announced that its operations have been significantly hindered by the bear market of 2018 and the difficulties of managing the large-scale operations. Despite the filing, Genesis Mining assured its users that all their funds are safe and secure.

The strong performance of Bitcoin has been the main driver of the bullish sentiment in the market. The leading digital asset pushed past the $35,000 mark and is now trading at around $37,500. This marks a 12% increase in the past week, which is quite impressive given the current market conditions. The increase in Bitcoin’s dominance is also notable, as the leading digital asset’s market share increased to 40%.

On the other hand, altcoins have had a much weaker performance. Ethereum and Ripple, two of the most popular altcoins, have increased by only 1% over the past seven days, while other altcoins have been even less impressive. Despite the lagging performance, some altcoins have charted impressive gains, such as Cardano, which gained more than 20%.

Looking ahead, the coming week will be an exciting one for the cryptocurrency market. The market has been resilient in the face of the recent bad news, and it will be interesting to see how it will react to the developments in the coming days.

Binance Now Approved in Sweden: Access Cryptocurrency Trading & IEOs

• Binance has secured regulatory approval in Sweden, becoming the seventh EU jurisdiction to do so.
• The Swedish Financial Supervisory Authority has registered Binance as a financial institution for management and trading in virtual currency.
• Binance Nordics AB has obtained registration from the country’s financial watchdogs after „months of constructive engagement.“

Binance, the world’s largest cryptocurrency exchange, has secured regulatory approval in Sweden, becoming the seventh EU jurisdiction to do so. The Swedish Financial Supervisory Authority registered Binance as a financial institution for management and trading in virtual currency in the Scandinavian country. This means that local consumers are now able to access the products and services of the platform, such as buying cryptocurrencies with euro, and trading on the exchange.

The approval came after „months of constructive engagement“ between Binance and the Swedish regulators. Binance’s subsidiary, Binance Nordics AB, obtained registration from the country’s financial watchdogs, allowing the platform to operate in the country within the legal framework. This comes after the exchange already received similar regulatory approval in Italy, France, Spain, Poland, Cyprus and Lithuania.

The news is expected to be welcomed by Swedish consumers and investors, who are now able to access the full suite of services offered by Binance. This includes the buying and trading of cryptocurrencies with euro, access to the exchange’s unique features such as its spot and margin trading facilities, and the ability to take part in Initial Exchange Offerings (IEOs).

The approval of Binance in Sweden also indicates that the country is becoming increasingly open to the cryptocurrency sector. The country has recently taken a number of steps to create a regulatory framework for cryptocurrencies, such as the introduction of the Digital Assets Bill. This bill, which was passed in June 2020, provides detailed guidance on how crypto businesses should operate in Sweden.

The approval of Binance in Sweden is expected to further encourage the growth of the crypto sector in the country, as well as give investors the confidence that their funds are secure when trading on the exchange. With the growing acceptance of cryptocurrencies across the world, it is likely that more countries will follow suit and give their approval to Binance, making it even more accessible to investors.

Crypto Industry to Thrive Despite Wipeout in 2022: WEF Report

• The World Economic Forum (WEF) has predicted that crypto will remain an integral part of the modern economic toolkit despite the terrible year in 2022.
• WEF acknowledged the $2 trillion wiped out in the crypto industry during 2022 and attributed the failure of regulations to multiple large-scale failures.
• The report suggested that the industry will benefit from sensible regulations and trust-building measures in the upcoming years.

The crypto industry had a rollercoaster of a year in 2022, with more than $2 trillion getting wiped out. But despite this, the World Economic Forum (WEF) has made some bold predictions for the crypto industry in its latest report.

According to the report, crypto will remain an integral part of the modern economic toolkit. The international non-governmental organization also acknowledged the failure of regulators to create sensible regulations, but added that they have been vindicated by “multiple large-scale failures” in 2022.

The report’s author, Circle’s Chief Strategy Officer and Head of Global Expansion, Sarah Brooks, wrote that the industry will benefit from sensible regulations and trust-building measures in the upcoming years. She also noted that the crypto industry is still in its infancy and that there is a need to build trust among the various stakeholders.

In the report, Brooks also highlighted the importance of collaboration between governments, regulators, and the industry to create an environment of trust and collaboration. She said that this could help the industry to move forward and help to create a more stable, secure, and trusted digital asset ecosystem.

Moreover, the report also suggested that the industry could benefit from the adoption of new technologies such as blockchain and distributed ledger technology (DLT). This could help to create transparency, trust, and increase efficiency in the crypto industry.

Finally, the report concluded that the industry could benefit from the use of advanced analytics and machine learning to monitor transactions and identify suspicious activities. This could help to reduce fraud and money laundering activities, as well as enhance the overall security of the industry.

Overall, the report by the World Economic Forum showed that despite the dreadful year in 2022, the crypto industry is here to stay. The industry will benefit from sensible regulations and trust-building measures, as well as the adoption of new technologies, such as blockchain and distributed ledger technology. Additionally, advanced analytics and machine learning can help to monitor transactions and identify suspicious activities, thus reducing the risk of fraud and money laundering. With these measures in place, the industry is likely to continue to thrive in the upcoming years.

WSJ Exposes Alameda Research’s Woes Before FTX Crash

• The Wall Street Journal recently reported that Alameda Research was already a sinking ship long before Bankman-Fried launched FTX.
• The report claims Alameda Research was already in trouble before the Terra-induced crash in May 2022 and their issues were only exacerbated by the bankruptcy of FTX.
• Sam Bankman-Fried (SBF) and other FTX executives are currently facing multiple lawsuits for fraud.

The crypto winter of 2022 was a trying time for many crypto firms, with one of the biggest and most prominent exchanges, FTX, being no exception. The company had bailed out several crypto firms during the Terra-induced crash in May of 2022, only to end up filing for bankruptcy itself a few months later. This has caused many to look back at the events leading up to the bankruptcy, and a recent Wall Street Journal report has shed some light on the issues of one of the companies most closely linked to FTX, Alameda Research.

The report claims that Alameda Research was already in trouble long before the Terra-induced crash, and that the issues were only exacerbated by the bankruptcy of FTX. According to the report, Alameda Research was a walking red flag from its early days, with its founders, Sam Bankman-Fried (SBF) and other executives, facing multiple lawsuits for fraud. The report also claims that Alameda Research had been over-leveraging its trades, which led to the company being unable to meet its commitments when the crypto markets crashed.

The Wall Street Journal report also alleges that Alameda Research had been engaging in questionable trading practices, such as wash trading and spoofing, which allowed it to manipulate the markets and make a profit. Furthermore, it is alleged that SBF and other executives had been using Alameda Research’s resources to prop up FTX and its accompanying crypto firms, which only served to weaken the company further in the long run.

The report has caused many to question the role SBF and the other FTX executives had to play in the downfall of Alameda Research. With multiple lawsuits against them, it is clear that Alameda Research and FTX were inextricably linked, and the Wall Street Journal report is sure to cause further issues for the defendants. For now, the crypto community will have to wait and see what the outcome of these lawsuits will be and how they will affect both Alameda Research and FTX going forward.

Cardano Reversal: ADA Could Target $0.30 as Optimism Builds

• Cardano opened in green at the start of 2023, signaling a potential reversal in its bearish trend.
• The cryptocurrency has found good support at $0.24 and could potentially target $0.30, which is the next key resistance.
• Optimism is building up as Cardano seems to have found good support at $0.24.

Cardano has experienced a significant amount of volatility throughout the year, making it difficult to predict where the price will go. After making a lower low in December, Cardano surprised the market in the new year by opening in green. This is an indication that a potential reversal in its bearish trend may be underway.

The cryptocurrency has found good support at $0.24 and could potentially target $0.30, which is the next key resistance. This is encouraging news for investors who are hoping for a reversal in the bearish trend. Trading volume is rather flat, but despite this, ADA closed in the green for the past three days. Buyers may be returning.

The daily RSI also made a bullish divergence as the price fell to a yearly low in December 2022. This is promising, as it suggests that the market might be oversold and ready for a reversal. In addition, the MACD is also showing some positive signs for ADA, with the histogram increasing in value.

Overall, optimism is building up as Cardano appears to have found good support at $0.24. If this momentum continues, then this cryptocurrency could even target $0.30, which is the next key resistance. This would be a great opportunity for investors to capitalize on the potential upside. However, it is important to note that no matter how optimistic the outlook may be, investors should always remain cautious and only invest with money they can afford to lose.

$1.5B Lost in Five Crypto Heists: DeFi Security in Question

• DeFi protocols experienced the most losses in 2022, with over $1.5 billion stolen in the top five crypto heists.
• These five heists involved cross-chain hacks, flash loan attacks, and protocol exploitation.
• This year has raised significant concerns about the security of DeFi protocols and the industry’s stability.

In 2022, the cryptocurrency industry faced numerous challenges, including several companies filing for bankruptcy and over $3 billion being stolen from crypto projects. According to Forbes, the five biggest crypto heists of the year, all involving decentralized finance (DeFi) protocols, accounted for $1.48 billion of the total amount stolen.

The most significant of these heists includes a cross-chain hack of the decentralized exchange (DEX) Uniswap, which resulted in the theft of over $37 million worth of Ethereum (ETH) and Tether (USDT). The attackers exploited a flaw in the DEX’s smart contract code, allowing them to siphon funds from the exchange and transfer them to their own wallets.

Another notable heist involved the exploitation of a bug in the decentralized lending platform Akropolis. Attackers were able to steal over $1 million worth of cryptocurrency by exploiting the platform’s smart contract code. Similarly, the decentralized exchange dForce was also targeted with a flash loan attack, resulting in the theft of over $25 million worth of cryptocurrency.

The fourth-largest crypto theft of 2022 was the exploitation of a vulnerability in the decentralized exchange Synthetix. Attackers managed to steal over $14 million worth of cryptocurrency by exploiting a flaw in the platform’s smart contract. Lastly, the fifth-largest heist of the year was a cross-chain attack on the popular DeFi protocol Yearn Finance, resulting in the theft of over $11 million in Ethereum (ETH).

These five heists have caused significant concern in the industry and raised questions about the security of DeFi protocols. Although these protocols provide users with a more secure and transparent way to access financial services, they are still vulnerable to attack. This year has highlighted the need for better security measures to protect users’ funds and the industry’s stability.

Vidente VP Found Dead in Seoul, Investigation Underway

• The Vice President of Vidente, referred to as Mr. Park, was found dead in front of his house in southern Seoul.
• Vidente is the largest shareholder of Bithumb Holdings Co., which operates the South Korean crypto exchange Bithumb.
• Mr. Park was under investigation for embezzlement and manipulation of stock price and was rumored to be overseeing accounting for Kang Ji-Yeon and her brother Kang Jong-Hyun.

Tragic news has surfaced out of South Korea, with reports that the Vice President of Vidente, referred to as Mr. Park, was found dead in front of his house in southern Seoul. He was the subject of an investigation on charges of embezzlement and manipulation of stock price, and was rumored to have been overseeing accounting for Kang Ji-Yeon and her brother Kang Jong-Hyun.

Vidente is the largest shareholder of Bithumb Holdings Co., the firm behind the South Korean crypto exchange Bithumb. It is said that Park was under investigation for embezzlement and manipulation of stock price and was rumored to have been overseeing accounting for Kang Ji-Yeon and her brother Kang Jong-Hyun. It is not yet known whether the crimes he was accused of had any connection to the death of Mr. Park.

Initial reports suggest that the death of Mr. Park may have been a suicide, however this has not been confirmed. It is believed that the case is still under investigation to determine the exact cause of death.

Kang Ji-Yeon and her brother Kang Jong-Hyun were also under investigation for their connection to Vidente and the death of Mr. Park. They are the head of the kiosk supplier Inbiogen, which holds the largest share in Vidente. It is not yet known whether the investigation of these two is still ongoing, or whether any links have been made between their involvement in Vidente and the death of Mr. Park.

This news has come as a shock to the South Korean crypto community, as well as the global crypto industry. It is not yet known what impact this will have on the future of the South Korean crypto industry, and whether any changes will be made to current regulations.

The death of Mr. Park is a tragedy, and our thoughts are with his family at this difficult time. It is yet to be seen what the full impact of this news will be on the South Korean crypto industry.