Day: January 7, 2022

ImmuneFi report $10B in DeFi hacks and losses across 2021

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Decentralized finance, or DeFi, security platform and bug bounty service ImmuneFi published an official report on Thursday which calculated the total volume of losses in the cryptocurrency markets in 2021. According to its report, the company found that losses resulting from hacks, scams and other malicious activities exceeded $10.2 billion dollars over the past year. Responsible for protecting over $100 billion worth of assets for a number of well-established DeFi protocols, including Synthetix, Chainlink, SushiSwap and PancakeSwap, among others, ImmuneFi has regularly facilitating seven-figure pay-outs to whitehat hackers and other…

A16z Publishes Web 3 Policy Proposal for World Leaders

If you’re a world leader hoping to transform your country into a global Web 3 hub, Andreessen Horowitz wants to show you the way. On Friday, the venture capital firm – often called a16z for short – released a policy agenda aimed at global governments with 10 guiding principles on how to “build a better internet.” In the agenda, a16z encourages world leaders to think proactively about Web 3 policy, starting by establishing a clear vision, providing clear and fair tax rules as they apply to digital assets, embracing multi-stakeholder…

Kazakh Mining Slide Offers Lesson for US Lawmakers

That a dictator from the latter could single-handedly cause such a contraction in the network doesn’t necessarily undermine the thesis that this more decentralized, diversified geographic spread is more secure. After all, the Kazakh hashrate closure – most likely temporary – was nowhere near as disruptive as China’s more permanent move to shut down 50% of the network. Nonetheless, it brings home certain grounded realities often overlooked by crypto utopianists, who portray Bitcoin as an unstoppable, independent system for human beings to autonomously store and exchange value. Source

WisdomTree Adds Bitcoin Futures Exposure to Fund, Refiles for Spot ETF

“We’ve said that for a 100% bitcoin fund, we prefer the spot. We have not filed for a 100% futures [fund]. For a 3% to 5% position, we think that futures are a reasonable access tool. But for a 100% position, we think that you want the spot,” said Schwartz. “We’re making our filings as strong and compelling as possible, and you’ve got to get over the different issues from the SEC.” Source

Hong Kong-based Coinsuper allegedly blocks customers’ withdrawals

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A cryptocurrency exchange in Hong Kong has reportedly stopped all withdrawal requests, according to reports. Coinsuper is the sole crypto firm in China that is licensed by the government, and was founded by a former senior UBS Group AG executive in November 2017. The report by Bloomberg suggests that customers of the bourse have been unable to withdraw funds since late November, based on a review of messages on the exchange’s primary Telegram chat group. Five clients reportedly filed police complaints after token withdrawals were apparently halted, leaving them unable…

Analysts Believe Bitcoin Price Cycle Is Incomplete, Trader Says BTC’s ‘Next Move Should Be Cycle’s Top’ – Market Updates Bitcoin News

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The price of bitcoin is down 16% over the last 30 days and since the crypto asset’s all-time high (ATH) on November 10, 2021, bitcoin has lost more than 38% since it surpassed $69K per unit that day. Meanwhile, crypto advocates are furiously debating whether this is a bitcoin bear market or if the bull market is still intact. To many observers bitcoin’s current market cycle is not complete, as no solid peak had formed, and speculators still expect another bubble to come to fruition. The Four Phases of the…

Bitcoin and Ether heading $100K and $5K in 2022: Bloomberg Intelligence

Despite cryptocurrency markets dropping to multi-month lows, major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are likely to hit new all-time highs in 2022, according to a Bloomberg analyst. BTC and ETH will be heading toward $100,000 and $5,000 this year, respectively, Bloomberg Intelligence analyst Mike McGlone forecasted in his latest market analysis published on Thursday. “A key issue we see is the Federal Reserve, as it faces the greatest inflation in four decades, more inclined to raise interest rates if risk assets continue climbing,” McGlone noted. McGlone also predicted…

ESG Organizations Send Letter To Congress About PoW Mining, Bitcoin Responds

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Will the ESG FUD ever stop? As a Congressional subcommittee prepares to take a good look at Proof-Of-Work mining, “more than 70” national, international, state and local organizations wrote a letter to the “Congressional leadership.” In it, they use old and unreliable data to get their point across. They completely ignore all of 2021’s research and progress on the matter, because it would invalidate their argument. The question is, will Congress buy their poorly researched, alarmist letter? The ESG FUD hit PoW mining like a ton of bricks in 2021.…

Bitcoin leverage ratio reaches new highs

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The estimated leverage ratio for Bitcoin (BTC) hit a new all-time high last night according to CryptoQuant. Further metrics point to growing leveraged interest, but liquidations have remained relatively low.  According to on-chain analytics resource CryptoQuant, while the Bitcoin price fell off a cliff over the past 24 hours, the estimated leverage ratio reached 0.224, an all-time high. The metric works by dividing exchanges’ open interest by their coin reserve. The result shows how much leverage traders are using on average. A higher ratio, such as 0.22, indicates that more…