🔴Blockchain meets destruction | Cryptocurrency News of the Week – January 29, 2024
Trezor issues security warning, Chinese cryptocurrency investors return despite ban, classic video game immortalized on Dogecoin blockchain This week we bring you these stories and more in cryptocurrency.
Bitcoin price volatility week
Bitcoin has experienced significant declines, falling below $40,000 for the first time since early December, down 20% from recent highs that came with news of the approval of a US Bitcoin ETF. Some speculate that FTX’s bankruptcy estate’s sale of $1 billion in shares of Grayscale’s Bitcoin ETF may have contributed to the price drop. However, by the end of the week, Bitcoin prices had rebounded to last weekend’s levels.
Trezor under phishing attack
Trezor users have been receiving phishing attempts via malicious emails urging them to upgrade their networks using fake links. The hardware wallet provider identified unauthorized access to its email database as the cause. This comes after the recent breach of Trezor’s support portal. Although Trezor has disabled harmful links, users are warned not to enter recovery seeds.
Chinese cryptocurrency investors oppose ban
Cryptocurrency data platform Chainalytic said that cryptocurrency-related activity in China is showing signs of recovery, with its global ranking in terms of P2P trading volume jumping from 144th in 2022 to 13th in 2023. Cryptocurrency trading and mining are prohibited. Therefore, from 2021 in China, the majority of cryptocurrency activity in China will take place through over-the-counter and informal gray market P2P businesses.
OKX User Rewards
Cryptocurrency exchange OKX is offering compensation to users affected by a sudden 50% flash crash in its token, OKB. On January 23, OKB plummeted from $46 to $25 in 15 minutes due to the liquidation of a large leveraged position, which snowballed into further price triggers before a quick recovery. The flash crash, which occurred on the same day as the FTX Bitcoin sale and Grayscale had to release some Bitcoin into the market to meet redemption demand, coincided with the general market volatility of the day.
Bitcoin ​​ETF Address from Bitwise
Asset management company Bitwise has disclosed Bitcoin holding wallet addresses for its spot ETFs, becoming the first Bitcoin ETF provider in the United States to do so in a move aimed at increasing public transparency. That address currently holds 12840 BTC, worth over $500 million.
Decision on Ethereum ETF delayed
The US SEC has postponed a decision on Grayscale and BlackRock’s application to convert an Ethereum trust into a spot exchange-traded fund. Following the recent approval of a spot Bitcoin ETF, this signals continued regulatory scrutiny. Meanwhile, JPMorgan cited slowing interest in its spot Bitcoin ETF, describing its performance as “disappointing” despite a historically successful launch in terms of trading metrics.
Investors expect BTC to fall
A recent Deutsche Bank survey found that more than a third of retail investors expect Bitcoin to fall below $20,000 by the end of the year. The bank surveyed 2,000 consumers in the US, UK and Europe following the approval of its spot Bitcoin ETF and found that negative sentiment was linked to past events including the FTX collapse, TerraUSD debacle and US regulatory actions.
Legendary video games from Dogecoin
Doom, an iconic video game from the 90s, has been immortalized on the Dogecoin blockchain, demonstrating the versatility of blockchain beyond finance. This inscription transforms Dogecoin into a gaming platform, allowing users to access shareware versions of games on the blockchain without legal restrictions. This innovative move highlights the potential of blockchain to securely manage and preserve digital content.
This is what happened in the cryptocurrency market this week. I will see you next week.
