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Volatile week for the price of Bitcoin
Bitcoin experienced a significant decline, falling below $40,000 for the first time since early December, marking a 20% drop from its recent high following news of the approval of US Bitcoin ETFs. Some speculate that the The bankruptcy estate of FTX the $1 billion sale of Grayscale's Bitcoin ETF shares, may have contributed to the price decline. However, by the end of the week, the price of Bitcoin had rebounded to the levels of the previous weekend.
Trezor victim of phishing attack
Trezor users have encountered phishing attempts with malicious emails inviting users to upgrade their network using a fake link. The hardware wallet provider identified unauthorized access to its email database as the cause. This follows a recent breach of Trezor's support portal. Although Trezor has disabled the harmful link, users are warned not to enter their recovery seed.
Chinese crypto investors defy ban >
Crypto Data Platform On-Chain Analysis Revealed crypto-related activities in China have rebounded and its global ranking in terms of peer-to-peer trading volume has risen to 13th place in 2023, from 144th in 2022. Crypto trading and mining have been banned in China since 2021, so Much of the crypto activity in China takes place through over-the-counter and informal gray market peer-to-peer activity.
OKX users compensated
Cryptocurrency OKX exchange will compensate users affected by a sudden 50% flash crash in its native token, OKB. On January 23, OKB crashed from $46 to $25 in 15 minutes, triggered by the liquidation of large leveraged positions, which snowballed into new price triggers before a rapid recovery. Occurring on the same day as the FTX bitcoin sale and Grayscale having to put some of its bitcoins on the market to satisfy redemption demand, the flash crash coincided with general market volatility of the day.
Bitwise Bitcoin ETF Address
Bitwise Asset Management Company published wallet address of its Bitcoin holdings for its spot ETF, becoming the first Bitcoin ETF provider to do so in the United States in an effort to increase public transparency. The address currently has 12,840 BTC worth over $500 million.
Ethereum ETF decision delayed
THE The US SEC delayed its decisions on applications from Grayscale and BlackRock to convert their Ethereum trusts into spot exchange-traded funds. Following the recent approval of Bitcoin spot ETFs, this indicates continued regulatory review. In the meantime, JPMorgan noted a slowdown in interest in spot Bitcoin ETFs, calling their performance “disappointing,” despite their historic successful launch in terms of trading metrics.
Investors expect BTC to fall
A recent Deutsche Bank investigation shows 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 spot Bitcoin ETFs and the negative sentiment is linked to past events including the collapse of FTX, the debacle of terraUSD and US regulatory measures.
Legendary video game on Dogecoin
The iconic video game of the 90s, Doom has been immortalized on the Dogecoin blockchain, demonstrating the versatility of blockchain beyond finance. This listing turns Dogecoin into a gaming platform, allowing users to access the shareware version of the game from the blockchain without legal restrictions. This innovative initiative highlights the potential of blockchains to securely manage and preserve digital content.
This is what happened this week in crypto, see you next week.
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