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How Scammers Adjust Amid The Bear Season, Chainalysis Reveals

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While many believe the crypto bear market season is the time to build, scammers have always viewed it as otherwise. And according to blockchain analysis firm Chainalysis’s latest reveal, they seem to adapt too often to the state of the market, whether bear or bull season. 

In a webinar focused on crypto crimes affecting consumers and investors, Eric Jardine, the cybercrimes research lead at Chainalysis, revealed some insights addressing the adaptation of scammers as market conditions change. 

Chainalysis Reveals Scammers Blend With Every Market Situation

According to Jardine in the webinar, some scammers gave up amid the bear market; others adapted as some schemes used in this illegal activity differed from the usual style. Jardine said:  Read more...

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U.S. Crypto Firms Explore European Banking Partners Amid Financial Crisis

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The recent banking crisis in the U.S., which resulted in losing three crypto-friendly banks, Silvergate Capital, Silicon Valley Bank, and Signature Bank, has raised concerns among U.S.-based firms.  Amidst the alarms of the wavering crisis, crypto firms seem to be exploring diversifying across international jurisdictions. 

In the short term, European banks seem the right choice for these U.S. firms. While the crisis is ongoing, the most viable option is Switzerland, famous for its banking structure and financial system.  Read more...

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Dogecoin, Shiba Inu Record Double-Digit Losses Amid Market Uncertainty

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Dogecoin and Shiba Inu have had a tough go of it lately. Given that these are digital assets that are largely driven by hype, the decline in interest in the crypto market has greatly affected their performance. Amid all of these, both of these meme coins are now some of the highest losses among the largest cryptocurrencies in the space.

Dogecoin And Shiba Inu See Large Losses

Over the last week, most cryptocurrencies in the market are down significantly from their January peaks. Among these are Dogecoin and Shiba Inu, both of which have seen their losses climb into the double-digit territory in a seven-day period.  Read more...

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Here Are The Meme Coins That Have Seen Green Amid Market Fall-Off

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Over the last week, cryptocurrencies in the market have seen a decline as momentum slowed down, but there are some meme coins that have been able to hold onto a good portion of their gains during this time. These meme coins have continued to perform well, outlasting various forecasts that have predicted their ‘deaths.’

Floki Inu (FLOKI)

Floki Inu (FLOKI), a cryptocurrency named after Elon Musk’s pet Shiba Inu dog Floki, is one of the best-performing meme coins in the market currently. It is ranked as the third-largest meme coin by CoinGecko with a market cap of approximately $ 471 million.  Read more...

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52 Million Americans Own Crypto Amid ‘Frustration’ In Biased Financial System: Survey

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A year of disaster for the cryptocurrency market saw the demise of Terra/Luna, Three Arrows Capital, and Celsius Network, as well as the failure of the FTX exchange.

Investors were left in a state of disarray, misery, and uncertainty as a result of the events, and many began to wonder if the business had a future at all.

The recollection of the events serves as a persistent reminder of the industry’s unpredictability, despite the fact that the industry’s wounds are beginning to mend.  Read more...

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CME Big Boss Terry Duffy Sees More Growth Amid Crypto Sell-Off

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The crypto market suffered in 2022 as many assets fell from their 2021 all-time highs. The bearish trend reduced people’s confidence in digital assets resulting in a panic sell-off of tokens. However, some investors saw the bearish trend as an opportunity to accumulate digital assets and earn later. 

In a recent development, the CEO of CME, Terry Duffy, spoke on the positive business flow for his company amid the devastating condition of the crypto market. Also, he highlighted the effects of continuous hikes in the interest rates by the US Federal Reserve.   Read more...

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FTX Arena: Miami-Dade County Ends Partnership With Crypto Company Amid Financial Woes

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Miami-Dade, one of the U.S. most populous counties and home to the NBA team Miami Heat, has successfully annulled its partnership with FTX following the company’s collapse in November. 

According to a report by the Miami Herald, a federal judge ruled that the naming rights agreement between both parties on the FTX Arena be terminated immediately. In June 2021, the two sides signed a 19-year deal worth $ 135 million for FTX to become the naming-rights partner of the playing ground of the three-time NBA champions, Miami Heat.   Read more...

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Bitcoin Volatility Hits Historic Lows Amid Market Apathy

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The brunt of the price-based capitulation has already been felt, while the real pain ahead is a waiting game for the market to finally turn around.

The below is an excerpt from a recent edition of Bitcoin Magazine PRO, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

 Read more...

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Crypto Asset Inflows Fall To Three-Year Lows Amid 63% Bitcoin Drawdown

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Crypto asset inflows recorded one of their worst years in 2022. The year had been one fraught with market dips and crashes that saw over $ 2 trillion wiped off its market cap. Investors responded to this by pulling their money out of the market, and institutional investors invested the lowest cumulative figure they had done since 2018.

Institutional Crypto Investors Get Wary

A report from CoinShares outlines the year 2022 in review and how the crypto assets being invested in had done. It showed that for the whole of the year, the total inflows came out to $ 433 million. Now, the last time that inflows from these investor classes had been this low was back in 2018 when the figure had come out to $ 233 million.  Read more...

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USDC Issuer Circle Plans To Pour Investment In Circle Reserve Fund Amid Bearish Market

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The USDC issuer has started investing funds into its CRF (Circle Reserve Fund) to ensure that holders can redeem their coins when they want.

Many crypto firms faced issues this 2022 due to the market crash. Some downsized, while others filed for bankruptcy. Generally, the entire market felt the impact of the crypto winter, and investors lost billions of capital too.

As a result, those that survived the crash are taking measures to avoid such situations in the future. Also, most firms are aiming better to protect their customers’ funds in times of crisis. On this note, Circle has taken a bold step to prepare itself for such situations.  Read more...

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Wasabi Bitcoin Wallet Releases Update To Restore Services Amid Tor Attack

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The bitcoin wallet is using exit nodes that anonymously route traffic, rather than relying on the backend of Tor while raising funds to support the network.

Tor, a privacy network protocol utilized for anonymity services, has been under a distributed denial-of-service (DDoS) attack for months, and Wasabi Wallet has created a solution for its users, per a release sent to Bitcoin Magazine.

A number of projects in the Bitcoin ecosystem use Tor in their infrastructure to provide anonymity to their clients. Thus, as this ongoing attack has made leveraging the platform difficult, many of these projects have struggled to reliably deliver their products, Wasabi being among those who have struggled.  Read more...

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Shiba Inu Active User Count Nosedives Amid Bear Market Blues

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Shiba Inu continues to be a prominent presence in the crypto market but that has not helped it escape the onslaught of the crypto bear market. The meme coin has not only taken a beating price-wise, but its active user count has also been on the decline. Data shows that investors are no longer as interested in Shiba Inu as they used to be.

Shiba Inu Active User Count Falls Drastically  Read more...

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McDonald’s In Lugano City Starts Accepting Bitcoin Amid Bear Market

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Per the all-time mainstream adoptions of crypto, McDonald’s Fast-food chain has started accepting Bitcoin payments in Lugano. A news outlet shared a video of customers paying for their orders with Bitcoin via McDonald’s electronic kiosk.

Top players in the crypto industry are advocating the mainstream adoption of crypto for local payments, cross-bother payments, and remittance. In response, many crypto use cases have entered the market. From the US down to Australia and more, Crypto firms are developing applications to aid the use of cryptocurrencies for various payment options.

While playing the video, a Tether (USDT) logo appeared on the POS machine, showing that McDonald’s also accepts stablecoins.  Read more...

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European Market Sees Massive Decline Amid Crypto Bear

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The crypto bear market has had a significant impact on investing patterns across the space. Where the interest peaked in the bull market of 2021, the reverse was the case during the bear trend of 2022. In light of this, there has been an impact on the download numbers of crypto exchange apps across the space. In particular, the download numbers of crypto apps across the European market. 

Crypto App Numbers Fall By Half  Read more...

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Singapore’s Largest Bank To Expand Bitcoin, Crypto Services Amid Bear Market

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DBS Group Holdings is looking to expand its digital asset exchange to 300,000 of its wealthiest clients across Asia and build out new products.

  • DBS bank in Singapore wants to expand its digital asset offerings to more of its 300,000 users.
  • The bank is also looking to upgrade its mobile application to make the process more user-friendly.
  • DBS holds $ 488 billion in total assets as of December 31, 2021.

DBS Group Holdings, Singapore’s largest bank, is looking to expand its bitcoin and cryptocurrency services to 300,000 of its wealthiest users, per a report from the Financial Times.  Read more...

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Australian Crypto Exchange Swyftx Cuts Its Workforce By 21% Amid Bear Market

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The low prices of cryptocurrencies have lowered crypto services platforms’ income. As a result, it forced many crypto exchanges to lay off their staff to fight the challenging global economic conditions of 2022.

Following the footstep of other companies, Swyftx, an Australian-based crypto exchange, has announced cutting its workforce by 21% to minimize the cost and survive in the bear time. The company’s representative addressed recession, inflation, and the bear market reasons behind their move.

Related Reading: Blood On The Streets As Crypto Market Liquidations Cross $ 600 Million  Read more...

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Brevan Howard Subsidiary Raises $1B For Crypto Investments Amid Bear Market

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A recent report noted that BH Digital, a Brevan Howard Asset Management subsidiary, is taking a progressive growth measure in the crypto sector. It has successfully generated over $ 1 billion through institutional investments. The project intends to channel the fund to its crypto strategies and development plans. It is currently accepting more investments in continuation of its achieved stance.

BREAKING: Brevan Howard scores the largest #Crypto hedge fund launch ever.

The firm has raised more than $ 1 billion!#cryptocurrency #cryptofund #CryptoNews

— Satoshi Club (@esatoshiclub) August 4, 2022  Read more...

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Binance Bitcoin Holdings Flips Coinbase Amid Insolvency Rumors

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The battle for supremacy among crypto exchanges has often come down to the amount of bitcoin that they hold. This is due to the prestige that comes with the pioneer cryptocurrency and, of course, the value that it commands. For the longest time, Coinbase has maintained its lead in the market when it comes to bitcoin holdings. However, it looks like there is a new king in town as Coinbase’s bitcoin holdings have fallen.  Read more...

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