From exchanges losing millions in hacks to Argentina electing a Bitcoin-friendly president, here is a 2-minute breakdown of everything important that happened in crypto today.
Another Monday, another saga. Over the weekend, two exchanges became a victim of massive hacks and attacks.
Let's get straight into the key stories making waves in the industry today. There's a lot happening in crypto!
On the menu today:
Let's dig into the details!
Well, looks like a quant trading firm got a rude awakening
this weekend when a hacker pulled off a major crypto heist under their watch.
After discovering the sizeable theft, the company immediately halted trading to investigate the attack.
While the firm said the stolen funds weren't a huge dent in their overall value, something tells me they'd still like that money back in their wallets where it belongs. But for now, operations remain paused as they search for answers.
But how did it happen? What vulnerability did the hacker exploit? Read more
Worldcoin’s token took a swan dive
after Sam Altman resigned as OpenAI’s CEO. Apparently, some people took issue with his leadership style lacking “transparency.” Trust issues they say.
But the broader AI coin market didn't flinch. Still, its star leader losing a major position raises big uncertainty. Will this affect the Worldcoin project in any way? Read more
In absolutely shocking news that no one could have possibly seen coming, the SEC has once again chosen to defer decisions on Bitcoin ETF applications.
The regulator just can't commit, always needing more time for "thorough review."
Analysts keep saying approval could unlock huge new inflows. But the SEC won't budge from the sidelines. Maybe 2023 is the year? Or maybe more procrastination. But let's keep hope alive - this administrative rollercoaster has to end someday, right? More information
on the next deadlines!
Argentina has elected
a pro-free market, Bitcoin-friendly president who actively criticizes government overreach. With inflation run amok, citizens are desperate for a change from failed policies. The new president slams the central bank as a scam and suggests replacing the peso with the dollar.
While Milei hasn't gone full orange pill and made Bitcoin legal tender, his views seem crypto-friendly for a big-shot politician. Of course, talk is cheap in this game, so we'll have to wait and see if he walks the walk. But could Argentina become a beacon of economic freedom? Read the full story
Data firms are reporting that recent altcoin rallies
have been fueled by spikes in trading volumes on South Korean exchanges. Apparently, hordes of SK day traders have been flocking to altcoins, igniting speculative frenzies that would impress even the GME crowd.
With certain altcharts looking more vertical than Yosemite cliffs, these traders seem determined to recreate 2017-style mania. But their enthusiasm for investing in exotic altcoins has not diminished Bitcoin’s dominance just yet. Let’s hope these traders are maintaining caution while investing in alts.
But which alts made the biggest gains? Read more
Time for our Word of the Day!
And It’s Bitcoin Dominance, also called BTCD.
So what is Bitcoin's dominance?
Bitcoin dominance refers to the percentage of the total crypto market cap that is made up by Bitcoin. Basically, it shows how much the crypto market is dependent on/obsessed with Bitcoin compared to altcoins.
If Bitcoin dominance is high, like 60%, it means Bitcoin makes up 60% of the total value of all cryptocurrencies. Investors are pouring more money into Papa Bitcoin instead of altcoins.
When Bitcoin dominance is lower, like 40%, it means altcoins are getting more love and increasing their slice of the crypto pie. People are diversifying into smaller alt projects, trying to find the next hot coin.
So Bitcoin maximalists cheer when dominance goes up - it validates their belief that Bitcoin is the one true king. And altcoin fanatics celebrate when dominance drops since that means alt season is in full swing!
But how does it impact the prices in the overall market? Does the dominance go up in bull runs? Read more
Now back to our stories!
A fintech startup will launch a tokenized security
paying out stablecoin dividends on Avalanche. It offers investors exposure to the startup's venture portfolio profits.
As crypto embraces tokenizing real-world assets, this new token classified as security will distribute income from equity sales. The blockchain chosen aims to enhance regulatory compliance. But does more regulation help or hinder crypto's ethos? And why all major traditional institutions are choosing Avalanche
? Read the full story
The founder of a top decentralized exchange revealed a recent attack
targeted a specific token, causing its price to crash 40%. The exchange tapped its insurance fund to cover $9 million in losses, but some user funds were likely liquidated. While details are still hazy, manipulation is suspected. The exchange promises full transparency once its investigation wraps. But this bold strike leaves the community uneasy.
Make sure your funds are safe if you are using this exchange or holding the targetted token! Read more
That wraps up today's hot crypto stories! Check back tomorrow as CoinMarketCap keeps you plugged into the events moving markets.
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