The world of cryptocurrency has been buzzing this week with a mix of highs and lows. Bitcoin saw a significant dip, falling below $40,000 for the first time in months, only to rebound by the end of the week. Meanwhile, Trezor, a popular hardware wallet provider, issued a security alert after phishing attempts targeted its users.
In a surprising turn of events, Chinese crypto investors have defied the ban on crypto trading and mining, with China now ranking 13th globally in terms of peer-to-peer trade volume. This resurgence in activity comes despite the country’s strict regulations on cryptocurrencies.
On the exchange front, OKX announced compensation for users affected by a flash crash in its native token, OKB. The sudden crash, triggered by the liquidation of large leverage positions, coincided with a day of general market volatility.
Bitwise, an asset management firm, made waves by releasing the wallet address of its Bitcoin holdings for its spot ETF, a move towards increased transparency in the industry. However, the U.S. SEC has delayed decisions on Grayscale and BlackRock’s applications to convert their Ethereum trusts into spot exchange-traded funds, signaling ongoing regulatory scrutiny.
In a surprising survey result, over one-third of retail investors expect Bitcoin to fall below $20,000 by year-end, citing past events such as the FTX collapse and US regulatory actions as reasons for their negative sentiment.
Lastly, the classic ’90s video game, Doom, has been immortalized on the Dogecoin blockchain, showcasing the blockchain’s versatility beyond finance. This innovative move highlights the potential for blockchains to securely manage and preserve digital content.
That’s a wrap on this week in crypto. Stay tuned for more updates next week.
