TOP cryptocurrency news of the last week
Babel Finance lost more than $280 million in trading customer funds. The number of cases of hidden mining rose to a record level. The head of Binance sued Hong Kong partner Bloomberg and other latest cryptocurrency news.
Cryptocurrency news aggregator: Monday
TeddyDoge cryptocurrency’s Pump&Dump led to 99.4% collapse in token price
Important cryptocurrency news today – the project team withdrew about $4.5 million in liquidity.
Tesla suffered a $170 million loss from the fall in cryptocurrency value
Many cryptocurrency news and articles have been written about the consequences of this event. The amount of digital assets remaining on the company’s balance sheet is $222 million as of June 30.
Cryptocurrency lender Voyager rejected FTX’s offer to buy back its assets
Lawyers for the bankrupt company called the bid from a major exchange and its investment arm Alameda, unprofitable for its clients.
Cryptocurrency news: Tuesday
Finding a $181 million Bitcoin hard drive in a landfill valued at $11 million
James Howells, who accidentally discarded a hard drive containing cryptocurrency, unveiled a trash sorting project. He hopes to find the lost device using artificial intelligence.
Titanium Blockchain CEO pleads guilty to $21 million fraud
The CEO of the crypto platform spent investor funds from the BAR token ICO to pay for loans and rent a condominium in Hawaii.
Binance CEO sues Hong Kong partner Bloomberg
Binance CEO Changpeng Zhao accuses journalists of defamation. This was Binance’s most important cryptocurrency news this week.
Latest cryptocurrency news: Wednesday
Central African Republic will issue citizenship and land plots secured by Sango token
The Central African Republic sold more than 5% of the first issue of the new cryptocurrency in two days.
Harmony offered to issue billions of ONE tokens to cover losses
Blockchain developers have submitted a plan for the community to refund users of funds stolen in the Horizon blockchain bridge hack.
The number of hidden mining incidents has risen to record levels
Cybercriminals are switching to cryptojacking instead of using ransomware viruses.
Nirvana stackcoin and ANA token plummeted 90% after hacking report
An attack on Nirvana Finance’s DeFi platform resulted in $3.5 million in cryptocurrency being withdrawn by hackers.
Damien Hirst will burn thousands of originals of his work for NFT project
The collection created by the artist in 2016 consists of 10 thousand paintings. Almost half of them will be burned and remain only in digital form.
Development of virtual universes brought Meta a loss of $5.7 billion
The holding company’s Reality Labs division continues to record losses quarter after quarter.
Cryptocurrency news now: Friday
Babel Finance lost more than $280 million while trading customer funds
The cryptocurrency platform plans to convert millions in debt into bonds and raise additional loan funds to rebuild its business.
Binance to start selling NFT tickets for Lazio Football Club matches
In addition to access to sporting events, the tokens will be available for discounts.
Nirvana Finance offered a hacker $300k for the vulnerability he discovered
The team of the crypto-platform is ready to completely stop the investigation if the hacker returns the stolen funds.
Bitcoin onchain metric are stronger than ever
Galaxy Digital analysts published a report that examined key bitcoins onchain metrics (BTC), compared the world’s main cryptocurrency to other asset classes and explained what events could be the catalyst for the coming price rally. The company is confident that the bulls have plenty of reasons to remain optimistic – even despite difficult macroeconomic conditions.
BTC has become the best performing asset of 2023
Bitcoin is the best performing asset in 2023 compared to a lot of stocks, fixed income securities, indices, and commodities. It shows the best or some of the best performance over various time horizons (except for 1 year), and it looks even stronger over the long haul.
In addition, bitcoin’s correlation with the Nasdaq and S&P 500 stock indices has begun to decline, while its correlation with gold, which is considered a classic haven asset, has risen sharply. This happened against the backdrop of the crisis that engulfed U.S. banks and led to the closure of Silicon Valley Bank, Silvergate and Signature.
Given the nature of the current crisis, in which the system of partial bank reserves is tested for strength, the fundamental characteristics of the BTC favorably distinguish it from traditional assets.
Accumulation, not driving price rally speculation
A number of key market indicators indicate that bitcoin’s price rally is driven by the accumulation of coins on the spot, not speculation in the derivatives market. The futures funding indicator has remained virtually unchanged since the beginning of 2023 – meaning that the market is net-neutral regarding speculative positioning. The same can be said about volume and open interest in the CME.
The total number of addresses with non-zero balances also continues to grow rapidly, with more than 45 million wallets holding BTC today. At the same time, most of them have never spent coins, but only received new ones.
The approaching halving will affect the level of inflation in the BTC network
The next bitcoin halving will occur in April 2024 and will cause the network’s inflation rate to fall below 1%. The halving events of 2012, 2016 and 2020 catalyzed a price rally and reached a new all-time high as investor demand for BTC quickly exceeded the declining supply level.
This event will put bitcoin among the most stable assets and make it less susceptible to inflation than gold and silver.
Early we reported that Whales are interested in Litecoin, again.
Whales are interested in Litecoin, again: will it help LTC price return to the $100 mark
In February, Litecoin, albeit briefly, returned to the $100 level for the first time since the collapse of the Terra ecosystem in May 2022. In early March, the price of the asset dipped below the $70 mark again. But that didn’t seem to hinder the whales’ plans, as large holders actively bought LTC during the correction.
Whale activity continues to rise
According to analyst firm IntoTheBlock, the average LTC transaction size increased more than 600% in March 2023, from $13,355 to $81,022.
The increase in average transaction size as the price pulls back signals an influx of large investors looking to buy back the decline in the asset. Given the financial strength of the whales, this could push LTC to another rally in the coming weeks.
Litecoin price forecast – could reach the $110 mark
Santiment’s Market to Realized Value Ratio (MVRV) shows that investors who bought Litecoin in the last 30 days made a 10% profit. According to historical MVRV readings, LTC holders have often captured profits of around 20%. This means that the $100 level is likely to be the next resistance zone.
If the price of the asset can combine above $100, the coin may continue its upward movement towards $115. However, bears can reverse the situation if the LTC falls below $80. With further declines, LTC could fall back below $70.
Early we reported that China intends to work with crypto-businesses through Hong Kong.
China intends to work with crypto-businesses through Hong Kong
Hong Kong subsidiaries of major Chinese banks began to provide services for local cryptocurrency firms involved in projects related to Bitcoin, altcoins and various startups. It was reported by Bloomberg, citing sources in the region.
It is alleged that the local branches of Bank of Communications, Bank of China and Shanghai Pudong Development Bank have begun, or are working to provide banking services to crypto-businesses. According to the publication, a representative of an unnamed Chinese bank even visited the office of a crypto firm to promote the services of the financial institution. A top manager of an unnamed large Chinese bank said in a media commentary that banks promote their services in Hong Kong due to the tacit approval of Beijing. The interest in the business is also due to the uncertainty around lending to the local market, they said.
Loyal attitude to the market of cryptocurrencies in Hong Kong has already “bounced back” to local investors with considerable losses. According to calculations by local law enforcement agencies, the region lost over $200 million in 2022 alone. 2,336 cases of crypto-fraud were registered in Hong Kong in 2022.
However, Chinese authorities’ interest is not limited to the crypto market. In early March, the South China Morning Post reported that China intends to stimulate the digitalization of the economy in Hong Kong with its own currency. The authorities are offering citizens a 20% discount for making payments in digital yuan. At the same time, the promotion is valid only for Hong Kong citizens and only in the southern technology center of Shenzhen (connecting China and Hong Kong).
Recall that in the fall of 2022, Hong Kong authorities announced plans to develop a cryptocurrency market in the region. According to the Hong Kong government’s website, the authorities will work with local regulators to create “favorable conditions” for developing the local cryptocurrency industry.
Early we reported that Cryptotraders lost more than $250,000,000 in liquidations after Fed rate hike.
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