The past week will be remembered for the continued growth of Bitcoin, the bankruptcy of Genesis Global Capital and the arrest of the head of the Bitzlato platform. Cryptons, delighted with the activity on the market, joked and posted memes, and all the best, relevant and funny got into our weekly digest.
bitcoin
The first cryptocurrency this week was able to surprise its fans. By Sunday morning, the price confidently crossed the $23,000 mark, however, then it slightly corrected. But first things first.
The week began with an optimistic forecast by the most prominent bitcoin maximalist – Michael Saylor, co-founder and executive chairman of the American company MicroStrategy. He used to be the head of the company, but the love of bitcoin kicked the warm chair out from under his ass.
Sailor told how he sees the future of the first cryptocurrency in the next eight years. We are waiting for a frenzied institutional implementation, the development of technology and, finally, the universal recognition of bitcoin as the best investment asset. Unless, of course, before that moment everyone does not die of hunger.
Immediately after Sailor’s statement, the difficulty of mining bitcoin increased by 10% and updated the maximum. This meant that the bitcoin network was securely protected, and it became more difficult for miners to mine new cryptocurrency blocks.
By Tuesday, the price of the first cryptocurrency exceeded $21,000, but analysts continued to doubt: there were no serious reasons for such growth, and no one wanted to believe in the end of the crypto winter. The next important event is the Fed meeting, which is to be held on February 1. Waiting for this meeting can fuel the growth of bitcoin for the rest of the time until the second month of winter.
A spoon, but what’s there – a whole pan of tar in a barrel of honey was added by the former head of the BitMEX exchange Arthur Hayes. He promised the cryptans plague, famine and $15,000 bitcoin. And all this in the coming year. Hayes outlined two scenarios at once of how the head of the Fed Powell will have fun, both of which are bad, so we advise you to familiarize yourself with the summary of the forecast. It is better to be prepared for the saddest scenarios than to tear your hair out later.
After the publication of Hayes’s article, bitcoin continued its growth. Traders still treat green candles on charts with great distrust and say that this is just a dead cat jump, but now you can look at the balance of your crypto wallet in dollars and be a little happy.
Cryptowinter
Despite the success of the first cryptocurrency, sad news this week was also in abundance. Perhaps the most important event was the bankruptcy of the Genesis Global Capital platform. Persistent rumors about this were still circulating in the summer, so the market was not too surprised and even almost did not fall.
Apparently, everyone is already used to large bankruptcies. Genesis has recognized liabilities to 100,000 of its creditors in the amount of up to $11 billion. The company owes $3.6 billion to the 50 largest creditors. Genesis management looks to the future with hope and hopes to recover part of the funds during the restructuring.
War on cryptocurrencies
On Thursday, the US Justice Department charged the founder of the obscure Hong Kong platform Bitzlato with laundering Russian funds. The US authorities believe that users of the Hydra darknet market exchanged more than $700 million in cryptocurrency through Bitzlato before it closed in April 2022. The exchange earned another $15 million through the use of ransomware. The company’s office was located in the Federation East tower of the Moscow City complex. This alone, in general, is enough to accuse the company’s management of all mortal sins.
Simultaneously with the news about the arrest of the head of Bitzlato, a report from the consulting firm Cornerstone Research was made public. According to analysts, the US Securities and Exchange Commission (SEC) has been hard at work in the field of strangling crypto startups in 2022: 30 cases were filed against crypto companies in a year (this is a record). Most often, representatives of the cryptocurrency industry were accused of fraud (70% of cases) and an unregistered offer of securities (73%). In half of the cases, the regulator blamed crypto companies on both counts.
And to cultural news
National Geographic magazine, which has been around for 135 years, suddenly heard about the NFT and immediately decided to share this important information with readers. In addition to an interesting post about unique tokens, the publication also released its own collection of unique tokens.
Readers did not appreciate the impulse. They wrote that NFTs help launder money and, moreover, are a “bubble” that has “already burst.” They called unique tokens a scam, losing sight of the fact that it is the people who create and steal them that scam, and not a new and popular technology.
— Crypto wallet
– Some cryptocurrencies
– Backache
– 1 NFT
The analytical service DappRadar did not argue with National Geographic fans, but simply released a report for 2022. The study showed that, despite the decline in the cryptocurrency market, over the past year the number of sold NFTs exceeded 101 million, which is 67.57% more than in the previous year. On the one hand, it is gratifying that at least someone did not suffer from the crypto winter, on the other hand, the report once again proved that the money laundering business has not gone away, it just took a new form.
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