Day: February 17, 2023

Bitcoin price rally to $25K followed by total crypto market cap retest of the $1.13T resistance

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The total crypto market capitalization rejected at $1.13 trillion on Feb. 16, but there was no change in the month-long ascending channel structure. More importantly, this level represents a 43% gain in 2023, which is far from the $3 trillion level achieved in Nov. 2021. Still, the current recovery is notable.  Total crypto market cap in USD, 1-day. Source: TradingView As shown above, the ascending channel initiated in mid-January has left some room for a 10% correction down to $1 trillion without breaking the bullish formation. Investors reacted positively to…

Dexible aggregator hacked for $2M via ‘selfSwap’ function

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The multichain exchange aggregator Dexible has been hit by an exploit, and $2 million worth of cryptocurrency has been lost as a result, according to a Feb. 17 post-mortem report released by the team on the project’s official Discord server. As of 6:35 pm UTC on Feb. 17, the Dexible front end shows a popup warning about the hack whenever users navigate to it. At 6:17 am UTC, the team reported that it had discovered “a potential hack on Dexible v2 contracts” and was investigating the issue. Approximately nine hours…

Moody’s Says Forex Shortages May Force Nigerian Central Bank to Delay Repaying Local Banks – Africa Bitcoin News

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The persistent scarcity of foreign exchange may force the Nigerian central bank to delay repaying the $10.4 billion owed to local banks, analysts at Moody’s Investors Service have concluded. The central bank’s failure to pay its debts on time will likely force the affected financial institutions to similarly delay paying back their own forex-denominated debts. Nigeria’s Declining Oil Revenues Nigeria’s perennial shortage of foreign exchange may likely result in the country’s central bank failing to repay domestic lenders on time, the rating agency Moody’s Investors Service has said. As reported…

The European Commission Announces the Launch of the European Blockchain Regulatory Sandbox

On February 15, the European Commission made the announcement that it will be launching the European Blockchain Regulatory Sandbox. The regulatory sandbox will serve as a forum for discussion around 20 new projects each year until the year 2026. The sandbox was first announced in the year 2020, and it is now being managed by a number of private companies who were successful in winning bids in the year 2022. The Digital Europe Program will be responsible for providing the funding. Use cases from the public and commercial sectors that…

Celsius, FTX feel investors’ wrath as lawsuits multiply

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The stunning collapses of Celsius and FTX destroyed many lives — early adopters who had the foresight to understand the unique value propositions of Bitcoin (BTC) and crypto were left with practically nothing when both platforms halted withdrawals, shuttered their doors and eventually filed for bankruptcy. While there’s still hope that creditors will be made partially whole again, the road to recouping financial losses is expected to be long. While they’re waiting, creditors are banding together to sue these firms for various alleged infractions.  This week’s Crypto Biz delves into…

SEC’s staking crackdown has uncertain consequences for DeFi: Finance Redefined

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 United States Securities and Exchange Commission’s (SEC) crackdown on crypto-staking services could lead to uncertain consequences for the DeFi ecosystem. Cybercriminals used various methods to siphon funds through hacks and exploits in 2022, amounting to over $2.8 billion in losses. The second week of February saw the Platypus protocol exploited, leading to losses of $8.5 million. In another exploit-related update, the hacker behind…