Day: January 7, 2024

Orbit Bridge loses $82M in hack, BTC slumps

This week, Orbit Bridge suffered an $82 million exploit, while Bitcoin (BTC) slumped upon escalating FUD following a retest of $45,000. Meanwhile, the approval window of a spot BTC ETF draws closer. Orbit loses $82M in hack On Dec. 31, 2023, a crypto community figure called the public’s attention to a possible exploit of the bridge protocol native to the Orbit blockchain network, with multiple assets drained from the bridge’s contract. Shortly after this initial alarm, the Orbit chain team confirmed reports that the bridge had suffered an exploit. Data…

Former SEC official blasts spot Bitcoin ETFs

John Reed Stark, a former investigator with the U.S. Securities and Exchange Commission (SEC), has blasted the pending approval of spot Bitcoin exchange-traded funds (ETFs), arguing vehemently against the inherent value of cryptocurrencies. In a lengthy Jan. 7 post on social media, Stark painted a grim picture of Bitcoin (BTC) and cryptocurrencies in general, suggesting their only proven utility lies in criminal activities. “To me, the stark reality is that the approval of a Bitcoin Spot ETF is sadly, tragically and catastrophically… another fee-suck… Ponzi scheme… masquerade,” Stark says. See…

Blackrock plans layoffs ahead of spot Bitcoin ETF approval

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BlackRock, the world’s largest money management firm, is reportedly planning to announce layoffs of about 3% of its global workforce, totaling around 600 employees. This decision comes as BlackRock anticipates approval from the U.S. Securities and Exchange Commission (SEC) for its spot Bitcoin exchange-traded fund (ETF). While the layoffs are described internally as routine, they come after a period of rapid growth in assets under management (AUM). The layoffs are expected to be announced in the coming days. BlackRock streamlines The impending reduction of approximately 600 positions mirrors BlackRock’s approach…

PEPE and BONK holders exploring Pushd presale

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Pepe (PEPE) and Bonk (BONK) holders are at a crossroads as market dynamics prompt a strategic shift. While the meme coin market, including stalwarts like Dogecoin and Shiba Inu, faces headwinds, Pushd – a web3 marketplace, is rising. PEPE under pressure PEPE remains bearish.  Despite some recovery attempts, PEPE remains under pressure, creating a falling channel on the daily chart. This downtrend threatens to break through the critical support level, potentially leading…

How To Bridge And Trade On The Injective (INJ) Network

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Injective is a blockchain designed specifically for finance. It is an interoperable and environmentally-friendly layer 1 blockchain that supports advanced DeFi applications, including crypto trading dApps, like spot and derivative exchanges, and lending protocols. That being said, in the fast-paced world of cryptocurrency, the Injective Network has emerged as a trailblazing force, revolutionizing the landscape with its innovative approach to scalability and seamless trading experiences. In my opinion, I will say that Injective is trying to follow the Solana path in terms of progressive growth in the ecosystem and price…

Mangofarm Scandal: Solana’s Blockchain Ensnared in Alleged Ponzi Scheme Ties

The Solana blockchain project, Mangofarm, gets embroiled in a controversy reminiscent of the notorious Banana Miner Ponzi scheme. This development throws a spotlight on the perennial challenges of trust and security in the digital currency domain. Mangofarm, a project within the Solana blockchain, is now under scrutiny due to its suspected links to the infamous Banana Miner Ponzi scheme. Investigations reveal that coded messages embedded in Mangofarm’s programming bear a sinister resemblance to those associated with the Banana Miner fiasco. Initially misinterpreted as distress signals, these messages are now seen…

XRP stagnant, Solana and Rebel Satoshi poised for gains

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. XRP has been a prominent figure in crypto, but recent trends have cast doubt on its future trajectory. As XRP struggles with market headwinds, other cryptocurrencies like Solana (SOL) and Rebel Satoshi (RBLZ) are positioning themselves for growth. XRP market position XRP’s dominance has been waning.  Recent stats show a consistent decline in its market share, with a 3.63% drop in the past week and an 18.83% decrease over the…

Top cryptocurrencies to watch this week: BTC, NEAR, BONK

The global cryptocurrency market recorded mixed sentiments last week, witnessing major upswings and declines. The total market cap remained flat at $1.66 trillion. Amid the rollercoaster ride, crypto assets Bitcoin (BTC), Near Protocol (NEAR) and Bonk (BONK) made noteworthy moves. Bitcoin retests $45,000 The week began on favorable grounds for Bitcoin and the rest of the crypto market amid sustained discussions about the upcoming spot BTC ETFs. Bitcoin began the week at $42,146, slipping into the new year with an uptrend that saw it finally clinch the $45,000 mark. BTC…

Crypto Analyst Forecasts MATIC Price Recovery With This 16% Swing

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MATIC was one of the altcoins affected by the recent market downturn triggered by the controversial Matrixport report on the Bitcoin spot ETF this week. This negative sentiment pushed the cryptocurrency’s price from trading at nearly $1 to below $0.85 in a single move. However, the tide seems to be turning in favor of the bulls, as the MATIC coin has jumped more than 1.2% in the past day. In fact, a popular crypto analyst on the X (formerly Twitter) platform has sounded a buy alarm for Polygon’s native token.…

Issuers reach significant milestone for spot Bitcoin ETFs

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Issuers of spot Bitcoin (BTC) exchange-traded funds (ETF) have made significant progress toward regulatory approval. According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) has provided positive feedback on key filings and requested no additional feedback on the paperwork for several applications. The agency’s commissioners plan to vote on the exchange-rule filings this week. At least one applicant, asset manager BlackRock, reportedly expects the SEC to approve its application for a spot Bitcoin ETF on Wednesday, Jan. 10. Last week, the SEC instructed multiple exchanges and issuers interested in…