Bitcoin Traders Eye $40K Support Amid ETF Approval
Bitcoin Traders Eye $40K Support Amid ETF Approval
The approval of spot bitcoin ETFs in the U.S. has resulted in a “sell-the-news” event, as previously warned by analysts. Bitcoin’s price briefly hit a two-year high above $49,000 but pulled back to around $41,500. Analysts believe this approval was well-anticipated and priced, likely marking a short to mid-term top for the price.
Despite potential profit-taking and short-term corrections, long-term expectations for Bitcoin remain bullish, with significant demand for ETFs among institutional players expected. However, some experts suggest that self-custody may become more common among institutions over time, potentially reducing the demand for ETFs in the future.
Reported $15B XRP Transfer Was a Failed Exploit Attempt
A reported transfer of nearly $15 billion worth of XRP to Bitfinex on January 14 turned out to be a failed exploit attempt. Bitfinex’s CTO, Paolo Ardoino, revealed that an attacker tried to exploit the exchange using XRP’s partial payments feature but was unsuccessful. Initially, the transaction was highlighted by Whale Alert, but they later deleted the post, citing issues with reading the Ripple node response.
The attacker attempted to exploit Bitfinex by assuming improper configuration, aiming to receive credit for the difference between the specified and actual transaction amounts. However, Bitfinex’s proper handling of data fields thwarted the attack. Binance faced a similar unsuccessful attempt.
GameStop Drops NFT Marketplace Over Regulatory Concerns
GameStop has decided to shut down its NFT marketplace, with the closure scheduled for February 2, 2024. This move comes as the company cites “continuing regulatory uncertainty in the crypto space” as the primary reason behind the decision. GameStop launched its NFT marketplace in October 2022, focusing on gaming assets through a partnership with ImmutableX, an Ethereum layer 2 blockchain.
This marks GameStop’s departure from the crypto sector, following the discontinuation of its crypto wallet in August 2023. While the marketplace struggled to gain traction in the NFT market, it represents a significant shift for a company that had ventured into Web3 in 2022.
Celsius and FTX Move Large Amounts of Crypto to Exchanges
Crypto lender Celsius has transferred $125 million worth of Ethereum to centralized exchanges as part of its plan to repay creditors. Between January 8 and 12, Celsius sent $95.5 million to Coinbase and $29.7 million to FalconX. However, they still hold over 550,000 ETH valued at $1.36 billion. Celsius intends to use these funds for restructuring and repaying creditors, although a specific distribution date has not been specified.
In a separate development, FTX and Alameda Research, both facing bankruptcy, transferred $28 million in crypto to exchanges, including Wrapped Bitcoin, Ethereum, and Pendle, as they work towards repaying creditors, with repayments expected in 2024.
Other breaking news
- Venezuela Ends Petro Cryptocurrency: Reports
- Fed Rate Cuts: A Boost for DeFi and Stablecoins, Says Fidelity
- BlackRock Drops “Boomer” Bitcoin ETF Ad in Marketing Push
- Web3 Encounters Regulatory Challenges in Africa, Slowing Adoption
- Record $17.5B Trading Volume in Crypto Investment Products Last Week: CoinShares
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