Day: January 6, 2023

Macroeconomic data points toward intensifying pain for crypto investors in 2023

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Undoubtedly, 2022 was one of the worst years for Bitcoin (BTC) buyers, primarily because the asset’s price dropped by 65%. While there were some explicit reasons for the drop, such as the LUNA-UST crash in May and the FTX implosion in November, the most important reason was the U.S. Federal Reserve policy of tapering and raising interest rates. Bitcoin’s price had dropped 50% from its peak to lows of $33,100 before the LUNA-UST crash, thanks to the Fed rate hikes. The first significant drop in Bitcoin’s price was due to…

El Salvador’s Bitcoin strategy evolved with the bear market in 2022

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Cryptocurrency adoption has been on the rise in El Salvador in recent years, with the country becoming the first in the world to adopt Bitcoin (BTC) as a legal tender. This landmark decision has attracted the attention of the global cryptocurrency community and has sparked discussions on the potential benefits and challenges of widespread adoption. El Salvador’s controversial move with its cryptocurrency adoption would not have been possible if it was not due to President Nayib Bukele, who garnered international attention after announcing the Bitcoin adoption plan and passed it…

December DeFi exploits were the lowest in 2022: Finance Redefined

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Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. The end of 2022 saw the least value of stolen funds from DeFi, with $62 million worth of exploits in December. While the figure might seem a relief given the multiple bridge hacks and hundreds of millions of dollars stolen this year, cybersecurity experts have warned that the ecosystem would see no decrease in exploits, flash loans or exit scams in 2023. Lido protocol…

Price analysis 1/6: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI

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A rally in equities markets is providing support to BTC and altcoins, but bulls will likely struggle in keeping the momentum needed to turn overhead resistance levels to support. The United States December nonfarm payrolls report showed a growth of 223,000 jobs, above the market’s expectation of an increase of 200,000 jobs. While this shows that the economy remains strong, market observers shifted their focus to the slower wage growth of 0.3% for the month, below economists’ expectation of 0.4%.  In addition, the euro zone’s headline inflation dropped from 10.1%…

FTX’s US Leadership, Bahamas Liquidators Say They’ve ‘Resolved’ Most of Their Issues

FTX Trading, which is the entity behind the FTX.com exchange, filed for bankruptcy in the U.S. last November, while FTX Digital Markets, a Bahamas-based entity, entered liquidation proceedings the same month. The joint provisional liquidators in the Bahamas and FTX Trading’s U.S. leadership had butted heads over the past few weeks, alleging interference with their respective proceedings. Original Source BahamasFTXsIssuesLeadershipLiquidatorsResolvedTheyve CryptoX Portal

Huobi Layoffs Spark Controversy and Speculation, Justin Sun Claims Everything Is Fine – Bitcoin News

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The cryptocurrency exchange Huobi is laying off 20% of its employees, according to multiple reports over the past two days. However, Huobi’s advisor Justin Sun, the founder of Tron, told the South China Morning Post that the layoff reports were untrue. A Huobi spokesperson later confirmed that the staff cuts are true and Huobi plans to maintain “a very lean team” going forward. Huobi’s Justin Sun Denies Layoffs Amid Controversy and Alleged Employee Protests According to reports, digital currency exchange Huobi has laid off approximately 20% of its staff. Colin…

Polkadot (DOT) Inks 10% Rally

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Polkadot (DOT) is riding a solid bullish momentum that enabled it to stay in the green for the past 24 hours and maintain significant gains in the last seven days. According to tracking from Coingecko, at the time of writing, DOT is changing hands at $4.69, tallying a weekly hike of 10%. Moreover, the 13th largest cryptocurrency in terms of market cap has managed to trim its 30-day losses down to just 11.4% although it is still several miles away from its all-time high value of $54.98%. Holders, though, need…