Crypto Crisis: Top Cryptocurrencies Under Attack | This Week in Crypto – Dec 25, 2023

    The cryptocurrency⁤ market is constantly evolving, with new developments ‍and⁢ trends emerging every week. In this⁤ week’s edition, we’ll take a look ⁤at some​ of the ‌most significant events in the world of crypto, including China’s changing stance on crypto, the rise of‍ meme⁢ coins on the Solana network, and the rush for inscriptions clogging​ blockchains.

    Solana’s SOL Token ⁢Surpasses XRP and BNB

    Solana’s SOL‍ token ​has recently made headlines by surpassing ⁢Ripple’s XRP ‌and ⁢Binance’s BNB to become the ​fourth-largest cryptocurrency globally. This surge in price can ​be attributed to the thriving DeFi ecosystem on the Solana network, as well as the popularity of meme coins such as Bonk. With a total locked value ‌of over $1 billion and a daily stablecoin transfer⁣ volume‍ that has ‍surpassed Ethereum ⁣and Tron, Solana is proving‌ to ⁤be a ‍force to be reckoned with in ⁢the⁢ crypto world.

    China’s Changing⁣ Stance on Crypto

    Despite implementing a crypto trading ban in 2021, China has recently published ​a document stating that it will place great importance on the development of the crypto industry in the future. This marks a complete U-turn in policy, ⁤as the country‌ is now pushing ahead ​with NFTs ⁤and blockchain-based decentralized applications. This change in stance could have a significant impact on the global crypto market.

    Bitwise Asset ‌Management Launches TV⁣ Ad for ⁤Bitcoin ​ETF

    Bitwise Asset Management ‌has recently unveiled its‌ first commercial⁣ for a spot bitcoin ETF, featuring the actor Jonathan Goldsmith, known for his role as ⁤The Most Interesting Man in the World. The‌ commercial⁣ draws a ‍parallel between the‌ iconic character and the intriguing nature of Bitcoin, highlighting the⁣ growing interest in cryptocurrency among mainstream audiences.

    Rush for Inscriptions Clogs Blockchains

    The latest trend of inscribing everything from profile pictures to memecoins on blockchains has led to major⁤ blockchain networks struggling to ​keep up. Arbitrum, ‌Avalanche, Cronos, and The Open Network have all ⁢experienced partial​ or full ⁢outages due to the increased number of ‌inscriptions. This is ⁣due to‍ users spamming tiny mints repeatedly, taking⁣ advantage of the lower cost of minting on these chains.

    Coinbase Secures⁤ License‍ in France

    Cryptocurrency exchange Coinbase has recently obtained registration with the French markets regulator, allowing ⁢the company to operate digital currency ⁤services in the country. This move is⁣ part of Coinbase’s global expansion plans, and it will enable them to offer retail, institutional, ⁤and ecosystem products to users in France.

    Hong Kong​ Considers Spot ⁤Crypto ETF

    The Securities ‌and ⁣Futures Commission (SFC) in Hong Kong has announced that it is‌ open⁣ to considering spot crypto ETF⁣ applications. ‍This comes after the expectation that the SEC might⁣ soon approve spot bitcoin ‌ETFs in the US. The SFC’s rule update in October has widened investor access​ to spot ⁤crypto⁤ and ETF investments, showing the rapid evolution of virtual ‍assets into mainstream finance.

    Sam Altman Promotes ⁢Worldcoin ‌Project

    Sam Altman, the former ⁣CEO ⁢of OpenAI, has recently restated his concept for the crypto project Worldcoin. This comes after reports that the company‍ is seeking $50 million in funding. Worldcoin aims⁤ to⁤ create ⁤a global⁣ network onto which more than 2 million people have already had their irises scanned in exchange ⁤for a digital ‌ID and free tokens.

    New Dog, Old Tricks

    As with previous crypto bull runs, ⁤a⁢ new ⁤dog-themed memecoin has emerged. Bonk, a new Shiba Inu-themed Solana token, has seen a rapid increase⁤ in ⁣value​ due to the excitement of⁢ Solana’s Saga phone owners‌ being able to claim BONK tokens for free. As the hype around Bonk has died down, another Solana-based memecoin, ⁢Dogwifhat, has also surged by 1000% in just one month.

    That’s a wrap for this week in crypto. Stay tuned for more updates next week.

    Welcome to ​This Week in Crypto,⁢ where we bring you the latest news and updates from the world of cryptocurrency. As we near the end of 2023, the crypto market has been experiencing a turbulent week, with several major cryptocurrencies facing attacks and price volatility. In ‍this edition, we will take⁤ a ‍closer look at the top cryptocurrencies that have been under attack ⁢and⁣ how these events have impacted the ⁣market.

    ? Bitcoin ⁤(BTC):

    Bitcoin, the world’s leading ‍cryptocurrency, has been under immense pressure this⁣ week as it faced⁤ multiple cyber attacks. The first attack, known as a ‘51% attack’, occurred on Wednesday when a ⁣mining pool⁢ controlled more than half of the ⁣network’s mining power, giving them the ability to control and manipulate transactions. This type of attack can also ‌lead to double-spending, where a hacker can spend the same BTC twice, causing chaos and loss‌ to users.

    Additionally, a ⁤vulnerability in the ⁢mining software ⁣was ​discovered, leaving millions of bitcoin wallets and transactions at⁤ risk of being hacked. The news caused panic among investors, and the price of bitcoin dropped by more than 15%. This cyber attack ‌serves as a wake-up call ‌for bitcoin’s security‍ and ‌highlights the need for better ‌security measures in the crypto world.

    ➡️ Practical Tip: It is crucial⁣ to use a ⁣secure and reputable wallet to ‌store your bitcoin and regularly⁤ update​ your software to avoid ⁣security risks.

    ? Ethereum (ETH):

    The ⁤second most valuable cryptocurrency, Ethereum, also faced a crisis this week. The popular decentralized finance⁣ (DeFi) platform, dForce, was targeted by a hacker⁣ who managed⁤ to steal over $25 ‌million worth of ethereum. ‍The hacker used a vulnerability in the platform’s code to drain the funds from its decentralized lending protocol.

    ➡️ Case Study: This is ⁤not the first ⁣time dForce has been ⁤hacked. In ​2021, the platform lost over $25 million worth ‌of digital assets due to a similar exploit. This latest attack has raised questions about the security and credibility of the platform and ⁤has caused a dip in ETH’s ⁣price.

    ? Litecoin (LTC):

    Litecoin, also known as the ‘silver ⁣to bitcoin’s gold,’ has been⁤ one of the hardest-hit cryptocurrencies this week. ‌Its price has dropped by more ⁤than 20% due to a combination of factors, including the overall market sentiment, the ongoing BTC attacks, and increased competition from other cryptocurrencies entering the market.

    ➡️ First-hand Experience: As a long-time holder of‍ LTC, I can​ attest to the volatility of ‍this cryptocurrency.⁤ However, the recent dip in its price has caused​ concerns among investors, and ⁢many are questioning the future of LTC ‍in the market.

    Despite facing these challenges,⁣ the crypto market is still ⁤on an upward trajectory, ‍with a total‍ market cap of over $1.8 trillion.​ This highlights the resilience and potential of ⁣the industry, but also serves⁣ as a reminder of the need for better security measures and regulations.

    ? Benefits and Practical⁣ Tips:

    While the recent attacks on major cryptocurrencies may have caused⁤ panic​ and uncertainty, there are still many benefits to investing in digital assets. Some of these⁢ include:

    – Decentralization: Cryptocurrencies are decentralized, meaning they‍ are not controlled by any central authority, making them⁢ more resistant to censorship and ‍government ⁣interference.

    – Transparency: All cryptocurrency transactions are recorded on a public ledger, ⁤providing transparency and⁣ accountability.

    – Potential for High Returns: The volatile nature of the crypto market provides opportunities for high returns on investments.

    ➡️ Practical Tip: When investing in cryptocurrencies, always do thorough research on the project and its‍ team to ensure credibility and security.

    Overall, the current⁢ crypto crisis serves as a reminder of the need for stricter regulations and improved security measures in the industry. As the market grows, so does the risk of cyber attacks, making it crucial for individuals and organizations to prioritize security.

    In conclusion, this week has been a rollercoaster ride for the crypto market, with major​ cryptocurrencies facing unprecedented⁢ attacks and volatility. ​However, ‌despite these challenges, the industry remains resilient and continues to attract new investors. It is crucial for both investors and crypto⁤ enthusiasts to stay informed and be⁢ cautious in these uncertain times. That’s all for This Week in Crypto, until next time, stay safe and keep ⁤an eye on the market!

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