Weekly Crypto Digest for January 01 - 07, 2024
Sunday, January 07, 2024
In the latest issue of Weekly Crypto Digest read more about how BTC breaks above $45K, Huobi stops operating in South Korea, JPMorgan and Goldman Sachs want to become participants in BTC spot ETFs, and more news.
Bitcoin breaks above $45,000 for the first time in 600 days
BTC price has been rising since October 2023. The rally led to a high of $44,729 in early December and triggered a break above long-term horizontal resistance. After this, Bitcoin began to consolidate.
However, the asset price rose significantly in the first week of 2024, rising to $45,920, its highest price since April 2022.
However, on January 3, Bitcoin fell by more than $2,000 in a few hours and tested the area below $41,000. A large-scale sell-off led to the liquidation of long positions worth more than $500 million.
Radiant Capital protocol hacked for $4.5 million in ETH
The Radiant Capital lending protocol was hacked for 1,900 ETH worth about $4.5 million, according to PeckShield Inc., a company specializing in blockchain security and analytics.
Experts explained that the attackers used the time window that appears during the activation of the new lending market.
The protocol team acknowledged the issue, saying that Radiant DAO has temporarily suspended the lending and borrowing markets on Arbitrum, the layer-2 (L2) scaling solution that Radiant Capital operates on, while the incident is investigated.
Binance has assigned a “monitoring tag” to a number of anonymous tokens
The “monitoring tag” is now assigned to the following tokens:
Aragon (ANT);
Firo (FIRO);
Keep3rV1 (KP3R);
Mdex (MDX);
MobileCoin (MOB);
Reef (REEF);
Vai (VAI);
Monero (XMR);
Zcash (ZEC)
Horizen (ZEN).
Representatives noted that the listed assets may no longer meet Binance's listing criteria. This will ultimately lead to delisting.
Now, holders of the mentioned assets must complete short surveys every 90 days about the risks of interacting with the listed tokens on the Binance Spot and Binance Margin platforms. Only after passing will they be able to gain access to trading assets marked with the “monitoring tag”.
In addition, Binance stated that it will regularly review projects.
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Huobi stops operating in South Korea
The South Korean division of the HTX cryptocurrency exchange, Huobi Korea, will cease operations on January 29. Representatives cited difficult “business conditions” as the reason for the closure.
Users will be able to withdraw funds from the platform after the specified date. This is stated in the official message of the trading platform.
JPMorgan and Goldman Sachs want to become participants in BTC spot ETFs
Crypto asset manager Grayscale Investments is in talks with JPMorgan and Goldman Sachs to participate in BTC spot ETFs
Both banks are considered as authorized participants.
Authorized participants are firms that have the right to create and redeem fund shares. They play a critical role because they ensure that the ETF's share price is in line with the fund's underlying assets. In addition, authorized participants also represent a key source of liquidity.
Also read our latest article 10 Bold Predictions for the Crypto Market in 2024
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