Bitcoin Market Cap Surges
Bitcoin’s market cap experienced a significant increase of 172% in 2023, indicating a growing interest in the cryptocurrency. Despite some struggles in finding direction, Bitcoin continues to dominate the crypto market. However, stablecoin dominance reached its lowest point since December 2021, even with a record monthly supply.
ETF Talks and Predictions
Various industry leaders and experts have weighed in on the potential approval of Bitcoin ETFs. Michael Novogratz, CEO of Galaxy Digital, predicted that the first ETF approval could be a significant milestone in the crypto market. Grayscale CEO Michael Sonnenshein believes that an ETF could bring around $30 trillion into the market. Additionally, there are expectations that registered investment advisors will drive the adoption of Bitcoin ETFs, and the CEO of Blockstream, Adam Back, suggested that ETFs could push the BTC price to $100,000. However, Michael Saylor, CEO of MicroStrategy, highlighted that Bitcoin ETFs would not pose a threat to his company.
Legal Developments and Court News
Several noteworthy legal developments have taken place within the crypto industry. The Montenegro court revoked the extradition approval for Do Kwon, while a British Virgin Islands court froze $1.14 billion in assets belonging to the co-founders of 3AC. In the Silk Road case, a US appeals court finalized the seizure of 69,370 BTC. Furthermore, a US judge ordered Binance and CZ to pay $2.85 billion to the CFTC. South Korea’s Supreme Court also made a significant ruling, sentencing a crypto fraudster to ten years in prison for amassing $153 million.
Global Happenings and Innovations
The crypto industry has been active worldwide. The South Korean city of Busan named a preferred bidder for a blockchain-powered digital assets trading platform. China’s Ministry of Industry showed interest in fostering the growth of NFTs and dapps despite the crypto ban. Additionally, the Bank of China completed the world’s first cross-border CBDC-powered precious metals deal. In Dubai, VARA executives emphasized their hands-on approach, which has set a global precedent for regulator-industry cooperation. Vladimir Putin also signed a law incorporating the digital ruble into Russia’s tax code.
Latest Developments and Partnerships
Several crypto projects and companies have made headlines recently. Fideum emerged as the winner of the Mastercard Lighthouse Finitiv program, focusing on merging crypto and traditional finance. Tap Protocol, a Bitcoin Ordinals-based development platform, successfully raised over $4 million in an oversubscribed round. Worldcoin discontinued its Orb-verification service in India, Brazil, and France. Phantom announced support for Bitcoin, Ordinals, and BRC-20 tokens. Revolut launched cryptocurrency trading services in New Zealand, while Immutable introduced its passport with integration for Google and Apple.
Security Concerns and Vulnerabilities
Security remains a prominent topic in the crypto industry. Experts discuss the ongoing cat-and-mouse game between hackers and security measures. Over 385 million USDT on Ethereum was stolen through pig butchering within a span of two years. A hacker attempted to sell access to Binance’s law enforcement panel for $10,000 in BTC. Ledger, a popular hardware wallet provider, decided to reimburse victims who lost $600,000 in assets due to the ConnectKit exploit. Atomic Wallet launched a $1-million bug bounty program to identify security flaws, and CertiK advised OKX users on iOS devices to update their software to address a vulnerability. Additionally, a former Amazon engineer pleaded guilty to hacking two cryptocurrency exchanges.
Crypto Jokes
- “Goood morning, all!”
- “Look, a week in crypto is long.”
- “Yes, please.”
- “Wait. You bought chips?”
- “Two floors. Nice.”
- “Possibly. Likely.”
- “Now, that’s a smile!”
- “All good. Nothing to see here. Carry on.”
- “Yes, it’s very stressful.”
- “Start tomorrow.”
- “Still a party.”
- “Look at that view!”
- “An oldie but a goodie.”
- “Agree or disagree?”
- “Live footage.”
- “It’s the BTC effect.”
- “This is a verified strategy employed by the experts among us.”
- “A classic.”
- “You’re ready.”
- “And a true documentary for the end.”
