From Bitcoin falling below $40k to Mac crypto users facing a major threat, here is a 2-minute breakdown of everything important that happened in crypto today.
The crypto fear and greed index has finally shifted out of ‘greed’ and into ‘neutral’ territory after three straight months of exuberance. This shift comes on the heels of a surprise Bitcoin sell-off, sparking a broader crypto market decline. The tumble came right after the launch of the hotly anticipated spot BTC ETFs in the US - a development many expected would boost prices.
Investors cashed out heavily from Grayscale's GBTC after it converted to an ETF structure. Some indicate that FTX sold close to $1 billion worth of GBTC, contributing greatly to the outflows. This flood of selling pressure from formerly locked-up GBTC holdings is largely tanking Bitcoin's price.
The crypto markets are always unpredictable. So to stay up to date on the latest news and trends, let's dive into today's top stories:
- Bitcoin tumbles below $40k right after a major milestone. What happened? 📉
- New Mac malware stealing crypto wallet keys and phrases. 🔒
- Meta faces heat from lawmakers over crypto and blockchain trademarks. 🤔
- ‘Genesis Cat" Bitcoin art sells for over $250k at Sotheby's. NFT comeback? 🎨
- Altcoins bleed as investors pile into Bitcoin ETFs instead. 💸
Now let's analyze each of those stories in more detail…
Bitcoin Drops Below $40K
Bitcoin took a tumble, falling below the $40,000 level. This surprise dump came right after major milestones that many expected would boost prices - the launch of the first US spot BTC ETFs.
But instead of pumping Bitcoin to new highs, these ETFs appear to have triggered a crypto sell-off. Investors cashed out heavily from products like Grayscale's GBTC. This flood of selling pressure is tanking Bitcoin's price.
Major altcoins like Ethereum and Solana also took hits.
Are spot Bitcoin ETFs turning out to be busts for crypto prices? Or could this be a case of Buy the Rumor, Sell the News?
Why are investors selling GBTCs all of a sudden? Read the full story!
Your Crypto May Be at Risk!
Heads up Mac users - cybersecurity researchers have found some new malware going after your precious digital assets.
The trojan malware is distributed via cracked software downloaded from sus sites, allowing it to sneak onto users' machines.
Once installed, this malware lifts login passwords and steals wallet private keys - granting access to victims' crypto stashes. It specifically targets newer MacOS versions, compromising wallet apps.
The malware utilizes backdoors to run intrusive scripts capable of replacing legit wallet software with infected duplicates. When users access their wallet, it transmits their recovery phrase directly to the hackers.
Think you're safe cause you only use trusted sites? Hackers are also disguising the malware in official wallet apps and stores. So much so that the FBI recently warned Mac crypto holders about the risk.
Wasn’t MacOS supposed to be secure? How can you protect your crypto? Read the full story!
Meta Is Under Fire Again
Meta is getting grilled by US lawmakers over its crypto and blockchain ambitions. House rep Maxine Waters sent a letter to Meta CEO Mark Zuckerberg, questioning several new trademark filings for crypto trading, payments and wallet services.
This is despite Meta previously abandoning its stablecoin and crypto wallet projects after facing regulatory heat. So why the renewed interest?
The trademark applications indicate Meta may be quietly resurrecting its crypto plans on the down low. Waters expressed concern these filings point to ongoing Web3 and digital asset efforts that contradict Meta's past statements.
The filings cover services for trading, exchanging, transferring, and storing crypto and blockchain assets. Meta has already gotten initial approval to register the trademarks, meaning it must clarify its intentions soon.
Is there a way for Meta to implement crypto legally on its platform? Read the full story!
Are NFTs Making a Comeback?
A one-of-a-kind Bitcoin artwork just made history, selling for over $250,000 at auction giant Sotheby's. The "Genesis Cat" ordinal inscription comes from the Quantum Cat collection inscribed on the BTC blockchain itself.
The Quantum Cats collection of 3,333 images pays tribute to an old Bitcoin code that allows the combining of small pieces of data.
While Sotheby's has auctioned major NFT collections before, this sale marked its first dive into Bitcoin-inscribed digital art. Read the full story!
Altcoins Bleed
The crypto fund landscape is shifting in the wake of new Bitcoin ETF approvals - and it is altcoins feeling the pain.
A new report reveals investors yanked over $20 million from crypto funds last week. The outflows came almost entirely from major altcoins like Ethereum and Solana.
Meanwhile, the hot new Bitcoin funds sucked in over $4 billion in fresh inflows.
Analysts suggest investors are ditching higher-cost funds and alts to pile into the long-awaited spot BTC ETFs instead.
Will we see a reversal in the altcoin season? Read the full story!
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