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Happy Monday Folks! I am making a slight switch on my format and I hope you like it; if not let me know below.
2022 was an epic year for crypto and blockchain pros. It was also a wild year just look at 5 of the wildest!
- The implosion of Terra’s UST and Luna — and the ensuing crypto turmoil
- Su Zhu and Kyle Davies borrowed funds from 3AC to buy a $50 million yacht
- A global arrest warrant was issued for Do Kwon — but he’s still not caught
- FTX’s “Lehman moment”
- FTX execs and Sam Bankman-Fried’s parents purchased luxury properties in the Bahamas
Focus on decentralization and empower users in 2023, says Industry. According to Cumberland, real-world utility apps to gain traction, Web3 games to attract “serious” gamers, and BTC and ETH as reserve asset. However, Crypto community expresses Christmas market sentiments: 'No Santa rally.' At the same time, Institutions are not interested in Crypto, says Jared Gross JPMorgan Senior Strategist.(2)
Bitcoin price volatility due within days, new take says as BTC flatlines at $16.8K. Bitcoin has bounced back ten times, will it recover again? If, Bitcoin price closes above $17.5K it could spark a larger degree recovery. Bitcoin exchange withdrawals sink to 7-month low as users forget FTX. (3) Mark Cuban chooses Bitcoin, says "If you have Gold, you’re dumb as F*C* (4); more are learning this because Bitcoin accumulation addresses near record 800K despite whale selling. Bitcoin miners powered off as winter storm battered North America, dropping the 7-day hashrate.(5)
Ethereum fundamentals look good, but analysts predict price pain ahead as ETH staking on top exchanges contributes to Ethereum censorship.
Project Hamilton has concluded, weeks after legislators’ inquiry, according to Boston Fed. Japan to lift the ban on foreign stablecoins like USDT in 2023.(4)
XRP is trading inside a symmetrical triangle and there is resistance at $0.385. XRP also follows a short-term resistance line. The Ripple case is still in limbo but there are key dates in 2023 to keep your eyes on. 04 Jan 2023 summary judgements must be filed. 09 Jan 2023 opposition omnibus motions. 13 Jan 2023 Daubert motions. 18 Jan 2023 opposition motions. 31 Mar 2023 might be the day the judge rules a judgement; SEC seeks to keep Hinman documents hidden in Ripple case.(2) Meanwhile, Republic of Palau is working with Ripple to create a ‘national stablecoin.’(3)
DOGE becomes top traded Crypto by whales after Elon Musk's new Twitter post, but Elon Musk Dogecoin scam was promoted by a hacked account of UK MP.
Cardano Creator Charles Hoskinson unveils roadmap for NFTs (3), says he’s surprised at massive growth of space. So, is Cardano (ADA) a good investment in 2023? COTI CEO Shahaf Bar-Geffen is excited about the launch plan for Stablecoin "Djed." Polygon (MATIC) squashes wew milestone in user activity as 2022 closes with more coming as NFT Projects DeGods, y00ts to leave Solana for Ethereum and Polygon.(8)
Litecoin (LTC) tops list of Christmas gainers, is $100 still possible? Litecoin is facing resistance at $72.50 and is following an ascending support line. LTC is following a short-term descending resistance line.
Nexo terminates potential deal with troubled crypto lender Vauld.(2) Caroline Ellison, Bankman-Fried’s girlfriend, admits they conspired to defraud FTX customers. In addition, FTX collapse calls for 'prudent regulation' in the UK. Investors continue to be growing concerned about Grayscale Bitcoin Trust. SEC Chair Gary Gensler warns of imminent Crypto crackdown, explains why proof of reserves has no value.
PeckShield, the blockchain analytics and security company, reported earlier today that some BitKeep wallet users had $8M of their funds drained from the platform; attacker used phishing site to lure in users.(6) Defrost Finance was drained for $12M; but it appears the funds have been returned. Questions is, was this a flash loan attack or rug pull?(6) In addition, Bitcoin mining pool BTC.com reports $3M cyberattack.(2) Crypto thieves made off with $4.3B in 2022.
Here are 7 of the biggest collapses of 2022:
- Axie Infinity’s Ronin Bridge hacked
- TerraUSD/LUNA collapse
- Three Arrows Capital collapse
- Voyager Digital’s fall
- Celsius crash and liquidity crisis
- FTX collapse
- BlockFi bankruptcy
Also, Crypto’s wealthiest Titans collectively lost $116,000,000,000 in less than a year. CertiK audits under scrutiny as client recovers $12 Million in stolen funds.
Well that is a wrap folks, if you'd like to be in the know throughout the day, join me on Wubits where I am constantly sharing my thoughts about the Crypto market and personal development type topics. It's a community where you can meet REAL people, make REAL connections, and have REAL conversations.
WATCH
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Podcast of the Day: Michael Goldstein: Node World Order | Bitcoin Matrix
Other Podcast
- Why Bitcoin Is Thriving, With Alyse Killeen | The Breakdown
- 150 - Bull Case for Ethereum IV with Justin Drake, DCinvestor, & Anthony Sassano | Bankless
- Larry Cermak unpacks The Block Research's 2023 Digital Asset Outlook Report | The Scoop
