Reserve

Cryptocurrency

Celsius

Grayscale Bitcoin Trust

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/recent-developments-in-cryptocurrency-markets-2/" data-wpel-link="internal">Recent Developments in Cryptocurrency Markets</a><br></p>
<p style="text-align: justify">Following the recent Federal Reserve announcements, the leading cryptocurrency briefly dropped below $42,000. The anticipated FTT Token decline has started, albeit belatedly, but not all investors have come to terms with the reality that the exchange will not reopen yet. So, what are the latest developments affecting the markets?</p> 
<h2 style="text-align: justify" id="current-state-of-cryptocurrencies">Current State of Cryptocurrencies</h2> 
<p style="text-align: justify">Excluding Grayscale <a href="https://en.coin-turk.com/uncovering-the-impact-of-bitcoin-miner-sales-on-market-dynamics/" data-wpel-link="internal">Bitcoin</a> Trust (GBTC), the cumulative BTC reserve of all other <strong>spot Bitcoin ETFs</strong> reached 142,294. Redemptions of Celsius assets are beginning, and we will see an additional selling pressure of approximately 3 billion dollars on the market. Moreover, Ripple chairman Chris Larsen lost 213 million <strong>XRP</strong>, and as we announced last minute yesterday, the price of XRP Coin fell for this reason.</p> 
<h3 style="text-align: justify" id="spot-bitcoin-etfs">Spot Bitcoin ETFs</h3> 
<p style="text-align: justify">GBTC investors made sales worth a total of 132,195 BTC in January. With the disappearance of the negative premium, this wave of sales was expected and has weakened compared to the first days, which is positive. Grayscale reserves, which dropped from 619,220 BTC on January 11 to 487,025 BTC on January 31, are still at significant levels.</p> 
<p style="text-align: justify">Despite the outflows last month, the other nine ETFs saw a net positive inflow, reaching a reserve size of 142,294 Bitcoins.</p> 
<h3 style="text-align: justify" id="celsius-sales">Celsius Sales</h3> 
<p style="text-align: justify">FTX sales had created significant pressure in the markets, and the debris from 2022 is now being cleared. Crypto lender Celsius will distribute approximately 3 billion dollars worth of crypto and fiat reserves to creditors. They are also establishing a Bitcoin mining company. Celsius recently announced that it has increased the amount of crypto that can be distributed to creditors by approximately 250 million dollars by “converting altcoins to BTC or ETH and through previous agreements.”</p> 
<h3 style="text-align: justify" id="ripple-attack">Ripple Attack</h3> 
<p style="text-align: justify">Massive transfers noticed by ZachXBT indicated that Ripple had been hacked. Yesterday, Ripple chairman <strong>Chris Larsen</strong> announced that their wallets were compromised and 213 million XRP were stolen, and law enforcement has been informed about the incident.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-310019 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/02/XRP-Hack.png" alt="" width="663" height="667"></p> 
<p style="text-align: justify">According to PeckShield, there have been over 600 major attacks in the crypto space in 2023, resulting in a total loss of 2.61 billion dollars. As you will remember from the breaking <a href="https://newslinker.co/" data-wpel-link="exclude">news</a> we shared throughout the year, a significant portion of these were attacks on DeFi protocols.</p> 
<p style="text-align: justify">At the time of writing, the Bitcoin price is around the $42,200 region and has been moving almost horizontally for the last 12 hours.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/recent-developments-in-cryptocurrency-markets-2/" data-wpel-link="internal">Recent Developments in Cryptocurrency Markets</a></h5>

Recent Developments in Cryptocurrency Markets

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