Crypto Guides, Knowledge & Insights

Grayscale CEO: Optimistic About Communication with SEC Regarding Bitcoin Spot ETF

Grayscale Investments CEO Michael Sonnenshein has expressed optimism about the companys ongoing conversations with the U.S. SEC regarding the potential launch of a spot Bitcoin ETF. In an interview, he stated, “We are optimistic. We have been in active conversations with the SEC, and the feedback we have received from them indicates that the SEC wants to be involved in solving this issue and is eager to make progress on this matter.” Sonnenshein added that the timeline for approval has not been disclosed yet.　　

2023-12-07Deep Dive

Hong Kong Police: JPEX Fraud Update - Another Arrest

Hong Kong police provide an update on the progress of the JPEX suspected fraud case: 1 more person arrested this week. As of 4 pm on December 6, a total of 2,628 victims have reported cases, involving an amount of approximately 1.61 billion yuan. 67 people have been arrested, and all those arrested have been granted bail pending further investigation. However, it is not ruled out that more individuals may be arrested.　　

2023-12-07Deep Dive

ECB: Cryptocurrencies as a Store of Value for Citizens in Countries with Unstable Currencies

In a new report on Bitcoin, global cryptocurrency, and local driving factors, the European Central Bank (ECB) outlined three factors driving the adoption of crypto assets in emerging and developing economies (EMDE). One of these factors is that crypto assets can provide a store of value for people in countries with unstable local currencies, and the reasons are as follows:　　Firstly, cryptocurrencies may be used as speculative assets, which can be particularly attractive for investors in countries restricted by regulatory or institutional factors.　　Secondly, despite significant price volatility, these cryptocurrencies may represent a better store of value compared to the local currencies of countries with high inflation and depreciating exchange rates.　　Thirdly, residents of emerging markets and developing economies can use cryptocurrencies as a means of cross-border transactions to bypass capital controls or reduce the costs of receiving foreign remittances.　　

2023-12-07Deep Dive

Glassnode: Most BTC Investors in Profit, Multiple Indicators in 'Uptrend' Zone

Glassnodes latest on-chain report highlights that BTC has broken the psychological barrier of $40,000, with a year-to-date return of +140%, significantly outperforming gold. Compared to previous cycles, BTCs return curve is very similar to the 2015-18 (+119%) and 2018-22 (+128%) cycles in terms of recovery duration and the subsequent pullback since the all-time high.　　Currently, the majority of BTC investors are in a profit state, and several indicators are entering the “uptrend” area. From the perspective of on-chain transaction volume, the funds flowing in and out of exchanges have significantly increased from $930 million at the beginning of the year to over $3 billion (+220%). This highlights a growing interest among investors in trading, accumulating, speculating, and utilizing exchange services in various ways. Exchange deposits are currently dominated by large investors, and this could be a sign of institutional involvement as the decision date for the spot Bitcoin ETF approaches in January 2024.　　Additionally, the rebound since the beginning of the year has increased the proportion of profits for long-term holders from 56% to 84%, surpassing the historical average of 81.6%. Short-term holders have a profit share of over 95%.　　

2023-12-07Deep Dive

K33 Research: BTC's Path to All-Time Highs May Accelerate with Potential Bitcoin Spot ETF Launch

K33 Researchs Senior Analyst Vetle Lunde and Vice President Anders Helseth state that the current Bitcoin downtrend has persisted for 755 days and is approximately 36% below the historical high set in November 2021 (around $69,000). In comparison, it took 1,178 days to recover to the high point after the 2013 cycle and 1,092 days after the 2017 cycle. This time around, the speed at which Bitcoin may recover to its peak could be faster.　　One key factor is the anticipated approval of a U.S. Bitcoin spot ETF, which is expected to continue serving as a driving force. Previous cycles did not witness the institutional demand entering the market as it is today. The U.S. ETF is set to receive its final ruling within 36 days, and the market indicates significant demand building up ahead of its expected launch. Therefore, the current uptrend is considered genuine and convincing.　　

2023-12-07Deep Dive

Cryptocurrency Exchange ZB Resumes Trading for BTC, ETH, and Other Assets

Cryptocurrency exchange ZB.com has announced that after an extended period of maintenance, ZB trading has resumed as of December 6, 16:00 (UTC). Newly listed trading pairs include: BTC/USDT, ETH/USDT, XMR/USDT, LTC/USDT, AAVE/USDT, DASH/USDT, COMP/USDT, XCH/USDT, ETC/USDT, ZB/USDT, and USDT/QC. In August 2022, ZB announced a suspension of deposit and withdrawal functions due to a fault in some core applications, leading to the delisting of numerous trading pairs.　　Users have reported ongoing issues with withdrawal functionality, and there are concerns about the liquidity of trading pairs on ZB. Notably, BTC and ETH prices on ZB have shown significant deviations from the broader market, with notable disparities in pricing during periods of volatility.　　

2023-12-07Deep Dive

Cryptocurrency Industry Loses $343 Million in November Due to 296 Hacking and Fraud Incidents

According to the latest report from the Web3 bug bounty platform Immunefi, the cryptocurrency industry suffered losses exceeding $343 million in November 2023 due to hacking and fraud cases, setting a record for the highest monthly losses this year. Compared to the approximately $22 million in losses in October, the November losses increased by over 15 times. According to Immunefis statistics, cryptocurrency hacks and rug pulls have accumulated losses exceeding $1.75 billion so far this year, involving 296 incidents.　　Moreover, the focus of cryptocurrency attacks this month has shifted from DeFi platforms to CeFi platforms. CeFi platforms have become the primary victims, accounting for 53.8% of the total losses, approximately $184 million, while DeFi accounts for 46.2%, approximately $158.6 million.　　

2023-12-04Deep Dive

Analyst: Bitcoin Inflows Could Rise If Federal Reserve Pauses December Rate Hikes

Bitfinex analysts suggest that if the Federal Reserve pauses interest rate hikes at its meeting on December 13, there could be more capital inflows into cryptocurrencies and Bitcoin. Signals indicate that the market expects the Federal Reserve to begin cutting interest rates in the spring of 2024. Additionally, the analyst emphasizes that its worth noting that Federal Reserve Governor Waller warned earlier this week in a speech that inflation remains high. The uncertainty of whether the slowdown trend will persist exists. The analyst states, “While a pause in rates may boost Bitcoin and other cryptocurrencies in the short term, the longer-term impact will depend on a range of economic factors and the overall direction of monetary policy.”　　

2023-12-04Deep Dive

Uranium Finance Attacker Transfers 1800 ETH to Tornado Cash

According to PecShield monitoring, the attackers address from the Uranium Finance attack has now transferred 1800.1 ETH (approximately $3.7 million) to Tornado Cash. Earlier reports indicated that the attackers related address had moved 800 ETH (approximately $1.6 million) to Tornado Cash.　　

2023-12-04Deep Dive

DefiLlama: November Attacks Result in a Total Loss of $329.8 Million

DefiLlama posted on X platform stating that recent vulnerabilities in the past 10 days have resulted in nearly $200 million in losses, bringing the total losses for November to $329.8 million, making it the most severely affected month in 2023.　　

2023-11-30Deep Dive

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