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Ripple Co-Founder Chris Larsen’s XRP Accounts Breached: Unraveling the Impact and Response

by Ouess
written by Ouess

Chris Larsen, one of the co-founders of Ripple, the San Francisco-based blockchain company, has confirmed an unauthorized breach into several of his personal XRP accounts.

Upon swift detection of the issue, immediate actions were taken, including alerting exchanges to freeze the affected addresses. Law enforcement agencies are actively involved in investigating this security breach.

XRP USD Daily chart Source : TradingView

An independent cryptocurrency investigator, ZachXBT, reported that the hack resulted in the theft of approximately 213 million XRP, equivalent to around $112.5 million. The stolen funds were reportedly laundered through several exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

The revelation of this security breach had an immediate impact on the market value of XRP, causing the cryptocurrency’s price to drop by over 5%. Despite the initial setback, XRP demonstrated resilience, managing to recover some of its losses shortly after. As of the latest update, XRP is trading at $0.5047, reflecting a 3.8% decrease.

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Losers

Cryptocurrency Market Faces Red Monday Amid Bitcoin Sell-Off Concerns

by Ouess
written by Ouess

Major cryptocurrencies faced a bearish start to the week as concerns about significant bitcoin ($BTC) sell-offs lingered, prompting investors to reduce exposure in anticipation of potential price declines.

The CoinDesk 20, a comprehensive index of the most actively traded tokens, recorded a 2.86% decline in the past 24 hours.

SOL USD Daily chart Source : TradingView

Leading the losses among major cryptocurrencies, Solana’s $SOL and Cardano’s $ADA both experienced a 5% drop in the last 24 hours. On the other hand, BNB Chain’s $BNB remained relatively stable, with little change, driven by demand for launchpads requiring the token on the Binance crypto exchange. Dogecoin ($DOGE) initially defied the broader market weakness amid speculation about adoption in an upcoming feature on the social application X but retraced in the last 6 hours.

ADA USD Daily chart Source : TradingView

Bitcoin, the largest cryptocurrency by market value, broke below the $41,000 support level early Monday. Traders anticipate prices to potentially dip as low as $38,000 in the coming weeks, which could result in additional losses across other cryptocurrencies.

Recent downward pressure on bitcoin is attributed to sales linked to Grayscale’s GBTC bitcoin exchange-traded fund (ETF), according to analysts, including Bloomberg’s Eric Balchunas. Verified wallets associated with Grayscale, identified by analysis firm Arkham, revealed that the fund transferred over $400 million worth of bitcoin to custodian Coinbase Prime on Thursday—a move seen as a potential step toward an eventual sale.

Despite this, newly approved bitcoin ETFs are experiencing net inflows. BlackRock’s IBIT and Fidelity’s FBTC ETFs surpassed $1 billion last week, according to data from CoinGlass, indicating buying pressure in the market.

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Losers

Assessing the Pause in the Crypto Frenzy: Exploring Factors Behind the Recent Market Dip for $ARB $ADA and $ETC

by Ouess
written by Ouess

Is the grand Crypto Rally of 2023 to 2024 coming to a close? That’s a plausible thought this week, given the noticeable descent in the prices of both leading cryptocurrencies and altcoins.

Even some of the once-prominent and upward-trending altcoins faced a setback. Cardano $ADA experienced a 9% drop, as reported by figures from the crypto-exchange operator Coinbase. According to S&P Global Market Intelligence data, counterparts Arbitrum $ARB and Ethereum Classic $ETC suffered more substantial declines, plummeting by 18% and 15%, respectively.

The buzz surrounding spot crypto ETFs has waned

While the adage “buy the rumor, sell the news” doesn’t always hold true in the world of investments, it undeniably influenced the decline of Cardano and its counterparts this week. Towards the end of last year, excitement grew around spot cryptocurrency exchange-traded funds (ETFs), reaching its peak when the Securities and Exchange Commission (SEC) approved a total of 13 of them for trading last week.

Why was the market so captivated by these seemingly mundane assets? Despite their unassuming name, spot crypto ETFs represent a significant development in crypto investing. Prior to their introduction, the most effective way to hold digital coins and tokens was through direct ownership.

Traditional investments like stocks were much simpler to buy, sell, and hold—all an investor needed was a brokerage account. With this, transactions could occur almost instantly, with the broker acting as a custodian for their assets.

However, cryptocurrencies presented a different challenge. Direct ownership meant setting up digital wallets, requiring careful maintenance. Instances of investors with substantial holdings forgetting wallet passwords, unable to recover them, became a nightmare scenario—being locked out of assets worth thousands, millions, or even billions.

Spot crypto ETFs, currently holding only Bitcoin, are streamlined instruments where the ETF manager is responsible for direct ownership of the coins or tokens. The onus of managing digital wallets falls on the company, not the investor. The latter simply purchases the ETF as a security traded on an exchange, similar to an index fund or stock.

A momentary pause in the market

This pattern is familiar—we witness excitement building around a new product or service in the investing scene, and once it arrives, the market shifts its focus. The escalating enthusiasm over spot crypto ETFs wasn’t the sole factor propelling the rise of Bitcoin and altcoins; an improving economic climate and the promise of Federal Reserve key interest-rate cuts also played significant roles.

Now that spot crypto ETFs are a reality and there’s no major, sharply favorable economic news, it appears investors are cashing in on some coin and token holdings. The market is taking a breather, and for many participants, this seems to be an opportune time to do so.

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BitcoinLosers

Bitcoin’s Price Crash: It was never about the SEC rumours

by Ouess
written by Ouess

The recent crash in Bitcoin’s price below $42,000 didn’t occur because of worries about the SEC rejecting the spot Bitcoin ETF, as suggested by a report.

According to several voices in the crypto space, the sudden $4,000 drop in Bitcoin’s value within hours wasn’t driven by panic over the possible rejection of the US spot exchange-traded fund (ETF).

This market turbulence, leading to over half a billion dollars in long liquidations, came amidst Bitcoin’s 15th birthday celebrations on January 3. Data from TradingView reveals a nearly 9% decline in Bitcoin’s value.

BTC USD 30 min chart Source : TradingView

CoinGlass data highlights that long liquidations for the day reached a total of $514 million, triggered partly by a report from Matrixport. The report claimed that the SEC is poised to reject the spot ETF, citing political reasons and the need for stricter industry compliance, although it lacked concrete evidence for the expected rejection.

Source : CoinGlass

Despite the report’s impact, the crypto community expressed skepticism about its reasoning. The official window for the SEC’s decision on the ETF runs from January 4 to January 10.

In response to the market reaction, Scott Melker, a trader and analyst, questioned the rationale behind the report, while others suggested that such liquidations were typical in Bitcoin’s bullish market cycles.

Echoing similar sentiments, crypto-focused litigator Joe Carlasare dismissed the report’s influence, attributing the sell-off to standard market behavior and the need for temporary liquidity. He emphasized that market movements aren’t always tied to specific news events.

Matrixport, however, forecasted a modest further decline in case of an SEC rejection, projecting a potential rapid 20% drop in Bitcoin’s price to the $36,000/$38,000 range.

Amidst these discussions, previous analyses had already indicated mid- to low-$30,000 levels as potential downside targets for Bitcoin.

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Losers

Tellor’s Roller-Coaster Ride: Unveiling Crypto’s Volatility in Recent Market Chaos

by Ouess
written by Ouess

In a whirlwind of events, Tellor’s price took an astonishing ride, skyrocketing to a record-breaking $600 before crashing down to $137 within just 24 hours. This wild volatility led to a whopping $68 million in liquidations, marking TRB as the most liquidated token in recent trading history.

Lookonchain, a crypto analytics platform, raised the alarm on the TRB crash, highlighting the massive $68 million asset liquidation, marking it as the most liquidated token. They also noted Tellor’s team depositing 4,211 TRB, totaling $2.4 million, following the sudden price surge.

Within a single day, TRB shot up to $600 and then nosedived to $137, resulting in $68 million in liquidated assets, setting a record for the most liquidated token. This astonishing surge in Tellor, a decentralized oracle network, caught the community and investors off guard, forcing leveraged positions to liquidate and causing substantial losses.

Currently, Tellor’s price has somewhat recovered to $185, but it marks a significant 34.05% drop within 24 hours, leaving the market uncertain.

Questioning Market Actions

The Tellor team’s response to the situation, particularly their deposit of 4,211 TRB after the price surge, has raised eyebrows in the crypto community. This move has stirred discussions, with some doubting the intentions behind such a deposit during intense price fluctuations.

Crypto tracking service Spot On Chain added to the conversation, suggesting in a tweet that both long and short positions were wiped out by whales, indicating the potential involvement of large market players in driving extreme price shifts and resulting liquidations.

These incidents serve as a stark reminder of the inherent volatility in the crypto market, highlighting the risks associated with trading and investing in digital assets. The Tellor community and market participants are closely monitoring the situation, seeking clarity on the factors contributing to these extreme price swings and their long-term impact on the project’s viability.

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Losers

Crypto Market Turmoil: Unraveling the Recent Plunge and Market Dynamics

by Ouess
written by Ouess


The crypto market took a sudden hit during Asia hours on Tuesday, with the global market cap dropping by another 1% to $1.65 trillion.

Within a few hours, Bitcoin slipped 2% from $43,400 to $42,500, marking almost a 3% plunge over 24 hours. Top altcoins like ETH, SOL, BNB, XRP, and others also saw a 2-4% decline within this short span.

Why the Sudden Crypto Market Downturn? Hopes were high for a Santa Claus rally, but soaring funding rates are rattling traders, stirring panic in the market. There’s a need for the market to chill out a bit to sustain its upward movement. Coinglass, a derivatives exchange data platform, highlighted, “Funding Rates going crazy. Expect huge volatility.”

This frenzy led traders to exit their long positions, triggering a broader selloff across the crypto market. A staggering $40 million in longs got liquidated within an hour. In the past 24 hours, 70,611 traders faced liquidation, totaling $170 million. Longs accounted for over $90 million, while shorts contributed $79 million to the liquidations.

BTC, ETH, SOL, ORDI, XRP, SATS, AXS, and 1000SATS were the most liquidated assets in the last 24 hours, with ETH taking the lead in the most recent hour.

In other news, reports emerged that Mt. Gox creditors have begun receiving their Bitcoin payments. This development might prompt some to cash in their Bitcoin profits, with miners keeping a close eye on the situation.

BTC, ETH, and Other Crypto Prices Take a Hit Upcoming Friday’s annual options delivery is set to be a significant event, impacting nearly half of Bitcoin and Ethereum options positions. With elevated funding rates, traders might be considering shifting their positions, factoring in elements like an expected approval for a spot Bitcoin ETF, Bitcoin halving, and technical chart patterns.

BTC’s price dipped from a 24-hour high of $43,765 to its current trading value of $42,759. Trading volume has surged by 26% in the past day, indicating heightened trader interest. This comes as BTC’s OI-weighted funding rate skyrockets.

ETH is trading at $2231, down over 2% in the last 24 hours. There’s been a slight uptick in trading volume during this period as well.

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Losers

Bitcoin Sees Significant Drop: Profits Locked Amid Market Leverage Surge

by Ouess
written by Ouess

Bitcoin experienced a significant drop, marking its most notable decline in nearly four months, prompting profit-taking among traders following a staggering 150% surge this year. This led to substantial liquidation of optimistic positions.

The largest cryptocurrency plummeted by 7.5% on Monday, its most significant intraday dip since August 18. While it recovered slightly, it remained 3.3% lower at $42,383 in London. The broader cryptocurrency market followed suit, with the top 100 digital assets index witnessing its most substantial slide since November 22.

Richard Galvin, co-founder of Digital Asset Capital Management, highlighted the rise in market leverage, suggesting that the recent decline is a result of market deleveraging rather than any fundamental news catalyst.

Data from Coinglass revealed that approximately $312 million worth of cryptocurrency trading positions, betting on higher prices, were liquidated on December 11, the highest since at least mid-September.

Bitcoin’s surge this year was driven by expectations of regulatory approval for the first US exchange-traded funds directly investing in the token, expanding the potential investor base. Anticipation of a Federal Reserve interest rate cut in 2024 further fueled the rally.

Investors brace for US inflation data and the Fed’s final policy meeting of 2023 this week, events that could challenge aggressive bets on rate cuts. Global stocks and US equity futures showed mixed performance, reflecting cautious sentiment as the dollar gauge edged up.

Tony Sycamore, a market analyst at IG Australia Pty, anticipates that Bitcoin’s falls towards the $37,500 to $40,000 range will likely find support from buyers capitalizing on dips.

Despite the substantial year-to-date surge, Bitcoin remains significantly below its pandemic-era peak of nearly $69,000 set over two years ago. Caroline Mauron, co-founder of Orbit Markets, believes that a “less hawkish” message from the Fed might prompt a retesting of Bitcoin’s recent high near $45,000.

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AltcoinLosers

Pyth Network’s PYTH Token Takes a Hit: Is the Airdrop King Losing Its Crown?

by Ouess
written by Ouess

As airdrop tokens control market activity, Pyth Network’s decentralized oracle token $PYTH rate went down -10% overnight, leading some concerned airdrop individuals asking ‘is Pyth Network mosting likely to zero?’.

This comes in the middle of broader market rate of interest in airdrops adhering to the break-out performance of modular layer-1 blockchain Celestia (TIA)– which has taken off +173% since introducing previously in Q3.
Succeeding Solana-based airdrop PYTH (orange) has fought to match TIA’s star-studded development in recent weeks, yet, so far Pyth Network appears to be having a hard time to reproduce TIA’s (blue) escalate success.
PYTH Price Analysis: Is Pyth Network Going to No as Pyth Rate Falls -10% Overnight?
Amidst the disadvantage cost activity, Pyth Network is currently trading at a market value of $0.4226 (representing a 24-hour modification of -1.68%).
This comes as PYTH price shifts down into the reduced variety of the trading network, in a -24.5% retracement relocation adhering to a tough layer of resistance at the ATH of $0.55.

However, this likewise comes with a time where PYTH price is showing strength, as the retracement activity discovers well-defended feet over $0.40 and the 20DMA (rested at $0.41), both of which are currently strengthening Pyth Network’s continuous debt consolidation.
PYTH rate is therefore poised for a second rally leg, with the healthy and balanced downshift sealing +46% week-on-week gains.

Pyth USDT hourly chart Source : trading view

Meanwhile, the RSI indicator has actually also refrained from overheating on the current move, with an existing neutral signal at 53 leaving the door open to upside activities from here.

There is a favorable overview accompanied by the MACD indicator, which is showing a little difference at 0.0024 while upward energy restarts.

On the whole, PYTH rate looks strong below, with a well-defended consolidation foreshadowing the next advantage leg, it promises that Pyth Network will certainly push back as much as the upper-side of the trading channel.

The price of PYTH has the prospective to rise towards a greater support level of $0.47, which would represent a gain of 10.28%.

There is an opportunity that the PYTH price may lower to $0.38, resulting in a possible decline of -10.84%.

Continuous PYTH cost action carries a consequent risk: reward proportion of 0.95, a negative access qualified by restricted upside prospective on the short-time structure, yet, certainly not going to no anytime quickly.

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