Bitcoin Crash below $35000, Twitter Profile Pic NFT and much more..
Good Morning FinTech, 23 January
Happy Sunday everyone, what a crazy last week it has been since both equity and crypto markets came down crashing. We have covered some technical analysis on this at the end of this newsletter, definitely check that out.
This is the overall market condition:-
TipRanks Post about Earning Report
What could be one of the driving factors that could give some edge and support to these falling markets. I use TipRanks for learning about stock market, the upcoming earnings report, insider trading and much more. This post from TipRanks shows an important update for the upcoming earning’s report for some of the top S&P500 index companies that include Microsoft, Tesla, Apple, Master and Visa. Valuations are still very elevated despite some substantial declines in mega-cap tech names. The Fed's switch on monetary policy will likely continue to pressure tech stocks moving forward. THE WORST MAY STILL BE AHEAD (which is why this week’s earning report is very important to keep an eye on).
Here is an important update, we have recently launched our private telegram group that can only be joined from the link below, we welcome the 418 members that have joined us in just 2 days, here is the link:-
Bitcoin Sinks Below $35,000 Overnight
The crypto crash worsened on Friday night. Now Bitcoin is on the way back up—was $34,420 the bottom?
Bitcoin continued to plunge overnight—briefly dropping below $35,000 to a low of $34,420 on CoinMarketCap—before beginning a slow rebound on Saturday morning.
It's still down almost 10% over the past 24 hours, according to CMC, and is currently priced at just under $35,000.
Bitcoin's 24-hour low of $34,020.27 saw the cryptocurrency tumble to levels it hadn't previously touched for six months, back in July 2021.
After hitting an all-time high on November 10 last year of $69k, Bitcoin’s price has slowly slipped, picking up its sell-off in recent weeks.
And it's not just Bitcoin, either. Ethereum, the second-largest cryptocurrency by market cap, is also suffering: its price has taken a 15% hit in the past 24 hours, trading at just under $2,400 at the time of writing.
Twitter Launches NFT Profile Pic Verification for Some iPhone Users
Twitter took a further leap into the world of crypto by adding NFT profile picture verification for certain users via OpenSea's API.
Twitter will now let users of its Blue service verify ownership of the NFTs used as their profile pictures.
The service is for now only available to iOS users though Android users will be able to view the NFTs.
Twitter also released a video with raucous music that shows people starting their day by switching their avatars to their NFT:
According to a Twitter spokesperson, the company is limiting the release to Blue subscribers for now in part to obtain feedback about the NFT feature and add updates as needed.
Solana NFT Project Rug Pulls Investors for $1.3M—Despite Civic 'Verification'
Big Daddy Ape Club scammed would-be investors out of 9,136 SOL, even though its devs were purportedly fully doxed through the “Verified by Civic Pass” program.
On January 11, scammers pulled off one of the largest NFT rug pulls in the history of the Solana blockchain. The scammers made off with 9,136 SOL, or around $1.3 million at the time, in funds sent by would-be collectors to mint “Big Daddy Ape Club” NFTs—except there were no NFTs.
And the people behind the Big Daddy Ape Club were able to abscond with the funds despite the NFT drop having been “verified” by decentralized identity verification company Civic.
But it was that trust that the Big Daddy Ape Club exploited. And Civic now says it’s working with law enforcement to track down those responsible for the scam.
CEO Chris Hart tweeted on the day of the mint.
Crypto.com Confirms Exchange Lost Nearly $34M to Hackers
Cryptocurrency exchange Crypto.com has lost roughly $34 million in a recent security incident, according to a post-mortem released on Thursday.
Crypto.com, the industry's fourth-largest cryptocurrency exchange, finally admitted it lost user funds due to a recent security breach.
According to a blog post published on Thursday, the incident affected a total of 483 users, resulting in unauthorized withdrawals totaling 4,836.26 Ethereum, 443.93 Bitcoin, and approximately$66,200 in other cryptocurrencies, or roughly $33.84 million in current prices.
Singapore-based Crypto.com announced it was pausing withdrawals after "a small number of users experienced unauthorized activity in their accounts" on Monday, urging customers to reset their two-factor authentication (2FA).
Despite the litany of evidence, Crypto.com initially refused to acknowledge the hack, with the company's CEO Kris Marszalek claiming that "no customer funds were lost."
Bank of Russia Wants a Bitcoin Ban. Here's How That's Gone in Other Countries
Nine countries, including China, already have absolute bans on cryptocurrency.
The Bank of Russia has proposed a full ban on cryptocurrencies.
A handful of other countries have taken such a step.
Dozens more have implicit bans in place.
The Bank of Russia on Thursday issued a report calling for a total ban on cryptocurrencies.
While Russia banned cryptocurrency payments in 2020 and the central bank last month floated a ban on cryptocurrency investments within the country, today's proposal would go further.
Citing environmental concerns, it would immediately halt Bitcoin mining in the country, which provides over 10% of the computing power to the Bitcoin network. It would also prohibit financial institutions from handling any transfers of the digital assets. Not only would Russians not be able to buy goods and services in Bitcoin, they wouldn't be able to buy Bitcoin.
YouTube Post of the Week
Those who wanted to learn about “Technical Analysis” like a Pro can watch the third episode that went live today on our YouTube:-
That’s it for today, if you would like to support, think of becoming a premium member to get access to my detailed research on solid crypto projects that i invest in every week.
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.