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!
