🔴Is Bitcoin ETF overvalued? | Cryptocurrency News of the Week – December 18, 2023
The Ledger library is corrupted. Solana’s phones can pay for themselves, and influential technology leaders are backing the new venture. This week we bring you these stories and more in cryptocurrency.
Ledger wallet is corrupted
Leading hardware wallet provider Ledger’s connector library has been compromised by malware. The library is used by various decentralized apps such as SushiSwap and Revoke.cash. A wallet drainer was added, but stealing assets required user action and Ledger fixed the problem immediately. If the screen display differs from the Ledger device, users are cautioned to stop trading immediately.
Solana mobile phone sales surge
The airdrop of Solana-based meme coin BONK led to a surge in Solana’s smartphone sales. BONK’s 1000% price increase increases the value of the airdrop for Solana phone users to $877, making it a phone that pays for itself. Co-founder Raj Gokal posted on X that phone sales have surged tenfold and that he expects the phones to sell out before the new year.
BlackRock’s New Bitcoin ETF Model
BlackRock has revamped its Bitcoin ETF filing, changing the way Wall Street banks interact with Bitcoin. A new model filed with the SEC promotes bank participation through cash-based redemptions without holding Bitcoin directly. Institutions have been hesitant to approve in-kind Bitcoin ETFs due to the risk of market manipulation, and although many issuers prefer in-kind redemptions, they may have to settle for a cash redemption model to gain approval.
JPMorgan: ETF Optimism Is Overblown
While many investors were delighted by Bitcoin’s recent rally, JPMorgan said ETF optimism was overblown. Banking analysts say they believe Bitcoin is already overbought and the significance of the US Bitcoin ETF approval, which has been one of the biggest drivers of Bitcoin’s recent performance, is misplaced. The report stated that Ethereum could surpass Bitcoin by 2024 due to future upgrades.
Tether and Dai Marked as “High Risk”
Ratings firm S&P Global assessed the risk of eight major stablecoins and gave Tether and Dai low scores on a new 1 to 5 scale. Unlike regular ratings, this scale focuses on similar qualities and shortcomings. Tether and Dai received a “limited” score of 4, while TrueUSD received a “weak” score of 5. Confidence in stablecoins soared but then stalled after the collapse of TerraUSD last year.
Bitcoin NFTs blacklisted
Bitcoin mining pool Ocean’s decision to blacklist BRC20 token trading and NFT-related Ordinal inscriptions has sparked significant ethical debate. Luke Dashjr, an operator at Ocean, defended the move, citing anti-spam measures introduced in Bitcoin Core 0.90, released in 2014. Congestion of the Bitcoin network due to Ordinals and BRC20 tokens has caused strong reactions in 2023, both from censorship and economic perspectives. .
Sotheby’s sells first Bitcoin NFT
Sotheby’s first sale of a Bitcoin blockchain ordinal inscription reached $450,000, surpassing estimates by more than five times, highlighting the huge interest in Bitcoin NFTs. The auction included three images, with an avocado selling for more than $100,000 and a Super Mario-inspired design selling for more than $240,000. Sotheby’s plans to continue these sales.
‘Network State’ funded by tech billionaires
The Balaji Fund, led by tech figure Balaji Srinivasan, aims to build a ‘network state’ through socially focused startups to create alternative online communities. The venture is backed by influential technology leaders such as Coinbase’s Brian Armstrong, AngelList’s Naval Ravikant and former Coinbase board member Fred Wilson, highlighting the group’s strong ties to the cryptocurrency sector.
This is what happened in the cryptocurrency market this week. I will see you next week.
