Crypto SWOT: Bitcoin is up nearly 40% since the start of 2023.
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- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Threshold, rising 115.40%.
- Philip Hammond, the United Kingdom’s former chancellor, was appointed chairman of crypto custodian Copper Technologies. Hammond, who had been a senior adviser to the London-based firm since 2021, starts the role with immediate effect, writes Bloomberg.
- Moody’s Corp. is working on a scoring system for stablecoins, the crypto sector’s most traded tokens, as the asset class grows and faces increased scrutiny from regulators and investors. The system will include an analysis of up to 20 stablecoins based on the quality of attestations on the reserves backing them, writes Bloomberg.
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Casper, down 4.41%.
- Genesis’s chapter 11 filing last week showed that it owes its top 50 creditors more than $3 billion. The VanEck New Finance Income fund is among the top 10 known largest with a claim of $53 million, writes Bloomberg.
- BlackRock and Apollo Global Management are among a group of creditors that lent around $500 million to bankrupt Bitcoin miner Core Scientific by purchasing convertible notes. The disclosures reveal how traditional finance firms helped to bankroll the crypto-mining industry firms, reports Bloomberg, but a plunge in price of Bitcoin has slashed the profit margins of miners threatening the companies with insolvency.
- Donald Trump NFT sales are up 158% following the news that Meta restored his Facebook and Instagram accounts. According to OpenSea, the sales of Trump digital trading cards reached 312 and volume reached 109 Ethereum, writes Bloomberg.
- Bitcoin has had an incredible start to the year; the cryptocurrency has been up, at one point 40%, for the month of January.
- The Floki Inu price soared 14% following a DAP proposal to burn $55 million in tokens. The governance proposal would see 4.97 trillion floki token burnt, worth around $55 million, writes Bloomberg.
- Binance Holdings acknowledged that it mistakenly keeps collateral for some of the tokens it issues in the same wallet as exchange-customer funds. Reserves for almost half of the 94 coins that Binance issues are currently stored in a single wallet called “Binance 8” which also holds customer assets, Bloomberg explains. That wallet contains significantly more tokens in reserve than would be required for the number of B-tokens that Binance has issued, indicating that collateral is being mixed with customers’ coins rather than being stored separately.
- Not long before FTX collapsed in November, its founder Sam Bankman-Fried sent $400 million to an obscure cryptocurrency trading firm called Modulo Capital. The fledgling firm which was founded in March and operated out of the same Bahamian compound where SBF lived, had no track record of public profile according to an article published by Bloomberg.
- The Dutch Central Bank fined crypto exchange Coinbase for providing digital-asset services in the country prior to its local registration in September. The central bank said it’s imposing an admirative fine of $3.63 million for operating in the country without registration writes Bloomberg.
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