According to Louise Abbott, FTX users could claim in court that assets “remained their property at all times” and could be treated separately from bankruptcy proceedings.
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Bitcoin dips below $16.7K as US GDP meets fresh BTC price 'death cross'
Bitcoin has never seen this particular "death cross" before in its life, one analyst notes as BTC price weakness continues.
Bitcoin dips below $16.7K as US GDP meets fresh BTC price 'death cross'
Bitcoin (BTC) fell at the Dec. 22 Wall Street open as United States equities reversed previous gains.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin risks new and unseen "death cross
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to intraday lows of $16,650 on Bitstamp.
The pair remained a conspicuous stocks copycat as the S&P 500 opened down 1.6% and the Nasdaq Composite Index traded down 1.8% at the time of writing.
The weakness appeared to be a reaction to stronger-than-expected U.S. gross domestic product (GDP) growth in Q3, data for which was released prior to the open.
Despite notionally a sign of recovery, concerns focused on the Federal Reserve continuing its restrictive economic policy on the assumption that the economy would be able to withstand the measures.
5 cryptocurrencies to keep an eye on in 2023
It has been a tumultuous year for the crypto investors who have witnessed the total crypto market capitalization tumble from about $2.2 trillion at the beginning of 2022 to about $850 billion in December. The sharp erosion in valuation was caused due to several high-profile bankruptcies in 2022.
The entire Terra ecosystem imploded with the collapse of its LUNA token and TerraUSD (UST) stablecoin. The failure of Three Arrows Capital followed this black swan event, and the final blow came as FTX underwent a bank run and imploded. These back-to-back events triggered a liquidity and credit crunch and appear to have caused the most damage to the crypto industry.
A prolonged bear market tends to test investors’ patience, but it offers one of the best opportunities to buy fundamentally sound cryptocurrencies at lower levels. Smart investors who can go against the herd and invest during periods of panic tend to benefit the most when the trend eventually turns.
Crypto market data daily view. Source: Coin360While a bear market is a great time to build a portfolio, traders tend to make the mistake of buying the coins that have fallen the most in the hope that they will recover to their previous glory. Most times that does not happen because every bull market has a new set of leaders. Generally, the ones that are resilient during the fall or recover quickly from the bottom tend to lead on the way up.
Let’s look at five cryptocurrencies that are showing promise for 2023.
5 cryptocurrencies to keep an eye on in 2023
Analysts expect the bear market to loosen its grip in 2023. Here are five cryptocurrencies to keep an eye on.
5 cryptocurrencies to keep an eye on in 2023
It has been a tumultuous year for the crypto investors who have witnessed the total crypto market capitalization tumble from about $2.2 trillion at the beginning of 2022 to about $850 billion in December. The sharp erosion in valuation was caused due to several high-profile bankruptcies in 2022.
The entire Terra ecosystem imploded with the collapse of its LUNA token and TerraUSD (UST) stablecoin. The failure of Three Arrows Capital followed this black swan event, and the final blow came as FTX underwent a bank run and imploded. These back-to-back events triggered a liquidity and credit crunch and appear to have caused the most damage to the crypto industry.
A prolonged bear market tends to test investors’ patience, but it offers one of the best opportunities to buy fundamentally sound cryptocurrencies at lower levels. Smart investors who can go against the herd and invest during periods of panic tend to benefit the most when the trend eventually turns.
Crypto market data daily view. Source: Coin360While a bear market is a great time to build a portfolio, traders tend to make the mistake of buying the coins that have fallen the most in the hope that they will recover to their previous glory. Most times that does not happen because every bull market has a new set of leaders. Generally, the ones that are resilient during the fall or recover quickly from the bottom tend to lead on the way up.
Let’s look at five cryptocurrencies that are showing promise for 2023.
Yat Siu’s Big Ideas: We’re already living in the Metaverse
Magazine: Animoca was a successful mobile gaming company, with 10 million downloads and various apps in the top 10 on Apple’s App Store. Then you were suddenly thrown off the store in 2012. How did that change your views on Big Tech?
Yat Siu, Animoca co-founder:The fact that platforms could become as powerful as they became — the App Store, Google Play, Facebook, you name it — caught many of us by surprise. Open source had become the predominant form in which code was written, and it was kind of a wake-up call when Apple basically just decided to push the button and get rid of us.
We didn’t fully know the exact reasons, but there was no discussion, negotiation or process. Hundreds of people were potentially out of work, and millions of customers lost access to the apps they loved because of the decision of some person or some small group of people who can never be held accountable. And that, to us, was basically a shock. It’s not that we saw blockchain and decentralization as the solution back then — it’s just that we knew there was a problem.
Deplatforming users with no explanation seems very authoritarian, like having rulers but not courts and no solid laws.
Pretty Pet Store was one of the games deplatformed. Source: AnimocaExactly. Blockchain is not only a technological solution but also, in many ways, a political-socioeconomic movement. That’s when people get into it. They don’t get into it because “Oh, look, it’s a decentralized ledger. I can have copies of everything!” No, they get into it because it means freedom. It means a kind of digital sovereignty they yearn for because they lost it during the transition to the digital world.
Yat Siu’s Big Ideas: We’re already living in the Metaverse
Magazine: Animoca was a successful mobile gaming company, with 10 million downloads and various apps in the top 10 on Apple’s App Store. Then you were suddenly thrown off the store in 2012. How did that change your views on Big Tech?
Yat Siu, Animoca co-founder:The fact that platforms could become as powerful as they became — the App Store, Google Play, Facebook, you name it — caught many of us by surprise. Open source had become the predominant form in which code was written, and it was kind of a wake-up call when Apple basically just decided to push the button and get rid of us.
We didn’t fully know the exact reasons, but there was no discussion, negotiation or process. Hundreds of people were potentially out of work, and millions of customers lost access to the apps they loved because of the decision of some person or some small group of people who can never be held accountable. And that, to us, was basically a shock. It’s not that we saw blockchain and decentralization as the solution back then — it’s just that we knew there was a problem.
Deplatforming users with no explanation seems very authoritarian, like having rulers but not courts and no solid laws.
Pretty Pet Store was one of the games deplatformed. Source: AnimocaExactly. Blockchain is not only a technological solution but also, in many ways, a political-socioeconomic movement. That’s when people get into it. They don’t get into it because “Oh, look, it’s a decentralized ledger. I can have copies of everything!” No, they get into it because it means freedom. It means a kind of digital sovereignty they yearn for because they lost it during the transition to the digital world.
Yat Siu’s Big Ideas: We’re already living in the Metaverse
Magazine: Animoca was a successful mobile gaming company, with 10 million downloads and various apps in the top 10 on Apple’s App Store. Then you were suddenly thrown off the store in 2012. How did that change your views on Big Tech?
Yat Siu, Animoca co-founder:The fact that platforms could become as powerful as they became — the App Store, Google Play, Facebook, you name it — caught many of us by surprise. Open source had become the predominant form in which code was written, and it was kind of a wake-up call when Apple basically just decided to push the button and get rid of us.
We didn’t fully know the exact reasons, but there was no discussion, negotiation or process. Hundreds of people were potentially out of work, and millions of customers lost access to the apps they loved because of the decision of some person or some small group of people who can never be held accountable. And that, to us, was basically a shock. It’s not that we saw blockchain and decentralization as the solution back then — it’s just that we knew there was a problem.
Deplatforming users with no explanation seems very authoritarian, like having rulers but not courts and no solid laws.
Pretty Pet Store was one of the games deplatformed. Source: AnimocaExactly. Blockchain is not only a technological solution but also, in many ways, a political-socioeconomic movement. That’s when people get into it. They don’t get into it because “Oh, look, it’s a decentralized ledger. I can have copies of everything!” No, they get into it because it means freedom. It means a kind of digital sovereignty they yearn for because they lost it during the transition to the digital world.
Immunefi says it has facilitated $66M in bug bounty payouts to whitehats since inception
The average bug bounty payout over 1,248 confirmed reports was $52,800.
Still bullish: 40% of survey respondents plan to buy crypto in 2023
Despite a challenging year for the crypto industry, nearly 40% of respondents indicated a plan to purchase cryptocurrencies like Bitcoin in 2023.
Crypto trader regrets not catching the top of the last bull run
In the second episode of Hashing It Out, Cointelegraph’s Elisha Owusu Akyaw (GhCryptoGuy) breaks down the state of the crypto market with Crypto Birb.
Bitcoin low volume sparks BTC price warning as metric hits 'value zone'
Bitcoin NVT signal data presents conflicting views of what might happen to the current BTC price range.
Bitcoin low volume sparks BTC price warning as metric hits 'value zone'
Bitcoin (BTC) price action may be “unsustainably high,” as one metric hits its highest levels in seven months.
Data from on-chain analytics firm Glassnode confirms that on Dec. 21, Bitcoin’s network value to transaction (NVT) signal reached levels not seen since April.
Bitcoin activity may not support $17,000 BTC price
Created by statistician Willy Woo, NVT essentially measures the ratio between on-chain activity and the price of Bitcoin.
NVT signal modifies its readings by using a 90-day moving average of daily transaction volume instead of raw data, something Glassnode says “improves” NVT and allows it “to better function as a leading indicator.”
On Dec. 21, the NVT signal hit 18.58, a level that last appeared as Bitcoin declined in the final days of April. At the time, BTC/USD traded at just over $40,000.
Ripple CEO compares Wells Fargo billions mismanagement with FTX collapse
One of the biggest banks in America has once again paid a billion-dollar fine for the illegal treatment of its customers.
Stablecoin settlements can surpass all major card networks in 2023: Data
While on-chain stablecoins settlements are growing rapidly, many people pointed out that comparing stablecoin settlements to Visa transactions is not fair as they represent two different things.