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Happy Tuesday Folks! There were a couple of articles that got the most coverage yesterday which was the Defrost Hack and NFT projects leaving Solana for Polygon.
Yesterday we heard that Mark Cuban was all about Bitcoin and now CNBC’s Jim Cramer says "I Would Not Touch Crypto in a Million Years." Crypto has grown outside of regulatory oversight but has no intrinsic value, says Sir Jon Cunliffe Bank of England Deputy Governor; as well as equates it to gambling.(2) Crypto investors have 4 more days to put their losses to good use. Daily crypto trading falls below $10 billion for the first time since 2020 and Crypto investment product AUM down 55% in 2022.
Today, Crypto markets are little changed after Christmas; Bitcoin at $16,800. BTC price dips 1% on Wall Street open as Bitcoin miners worry analysts and Bitcoin worth hundreds of millions of dollars keeps outflowing from exchanges. Bitcoin hodlers sit on record 8M BTC in unrealized loss, data shows. If the BTC price does not close above $19,422, it will be the first time in history that all 4 quarterly candles in a year will be red. However, On-chain analyst Willy Woo updates Bitcoin bear market outlook, says BTC can collapse fiat system at $1MM.
Bitcoin ASIC miner prices hovering at lows not seen in years. Bitcoin miner selling power plunges, green signal for price? Meanwhile, Thomas Dunleavy, Senior Research Analyst at Messari, says "BTC Miners sell roughly 100% of the coins they mine"(2) and Argo Blockchain suspends trading in US shares for 24 hours.(3) El Salvador educates students on Bitcoin, paving the road for further adoption.
Arbitrum drops Ethereum to three-year lows and breaks all-time high. XRP prints 7-day high to lead altcoin growth. But, XRP chart exhibits ‘sell signal’ as Ripple v. SEC lawsuit heats up. Cardano remains king of dev activity, will price follow in 2023? Charles Hoskinson says he’ll run $1,000,000 ADA experiment with new Cardano wallet to test security. More than half of DOGE holders are in profit despite 2022 crypto carnage. Is $LUNC a Phoenix? It's worth noting that Terra Classic (the fork of the old Terra Luna chain) reclaimed $1 billion market cap as $LUNC rallies 25% in a week.(3)
Yesterday we learned that Nexo was terminating their deal with Vauld and now we learn that Nexo is canvassing Vauld creditors directly with final takeover offer.(3) But....Nexo says acquisition talks with rival Vauld are falling apart, but not yet dead. Russia's largest bank Sber issued gold-backed digital financial assets.
Yesterday we learned that Defrost Finance got hacked and then we learned that they recovered the money. Now, the Defrost team will conduct a scan of on-chain data to find out who owned what prior to the attack. In addition, we learned of the BitKeep hack and today, BitKeep CEO says some users’ private keys remain at risk after exploit.
Breaking: DOJ Launches Criminal Probe into $400M FTX Hack: Bloomberg(4)
FTX Founders Sam Bankman-Fried and Gary Wang bought $600 Million Robinhood stock using Alameda loans.(3) Judge Lewis Kaplan has replaced Judge Ronnie Abrams, who recused herself because of a potential conflict of interest.(2) Community slams NYT for its latest 'sympathy piece' on FTX's Bankman-Fried.(2) Professional scam organizations are targeting cryptocurrency users following the collapse of FTX, initiating millions of automated calls and text messages in an attempt to swindle information and funds.(2) Yesterday it was the UK, now Philippine SEC warns against unlicensed crypto exchanges amid FTX collapse.
Privacy and crypto will likely lead tech policy under split Congress as hope for passing ambitious antitrust reforms dwindles. Peter McCormack went after Craig Wright and got sued, Hodlnaut did the same, same result. Now it's David Schwartz Ripple's CTO's turn to fight Craig Wright over fraud allegations. One-third of crypto projects ‘died’ in 2022 despite receiving $3.5 billion in financing. Crypto startups beware: That VC email might be North Korean hackers.(4) Fran Finney wife of top Satoshi candidate announces half marathon event for Bitcoiners.(4)
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Podcast of the Day: Forget Web 3. A Vision Of A Web 5 Social Network | Justin Rezvani, Zion | The Wolf of All Streets
Other Podcast
- Collapses, Bankruptcies, and Fraud: How 2022 Became the Year of Crypto Carnage | Unchained
- Bitcoin Holiday Hangout with the Café Bitcoin Crew - December 26th, 2022 | Cafe Bitcoin
