29/01/2024. Weekly CryptoNews Digest (January, 22 – January, 28)

Greetings, MNO Blog Family!  Straight from the sun-kissed shores of Phuket, I’m sending a massive hello to all you amazing crypto enthusiasts! This island paradise has been treating me right, with crystal-clear waters, swaying palm trees, and enough vitamin D to power a blockchain revolution.

But even with the sand between my toes and the sound of waves in my ears, I haven’t forgotten about one thing: keeping you plugged into the ever-evolving world of crypto. That’s why, as always, MNO is here to be your digital compass, navigating the choppy waters of the market and delivering the latest news straight to your screens. ?

Every Monday, our Weekly CryptoNews Digest opens like a treasure chest overflowing with insights, analyses, and hot takes on everything from Bitcoin’s latest price swings to the hottest new DeFi projects. So, whether you’re a seasoned HODLer or just dipping your toe into the crypto pool, MNO has got you covered.

So, soak up the sun, sip your piña colada, and know this: MNO is always on watch, keeping you informed and empowered in the ever-exciting world of crypto.

Before getting into the specifics of what the crypto industry brought us to discussion last week I should remind you that I’m still available to answer all your questions with the best way of contacting me for a live chat still being via Telegram @mnoblog. You may also submit your query using this contact form or just email me directly at abramsonp@gmail.com I’m looking forward to hearing from you and still encourage you to share your vote on the MNO TalkBack page in the last poll, so we could draw the final results in a few weeks time.

Remember that later this year I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income from with no risk whatsoever. So, if you don’t want to miss some great paying websites that will actually make you some profits then the only way you ensure you will hear of them first is to follow MNO on Telegram, Facebook, or X/Twitter.

By doing so you will be updated once anything worthwhile appears on my monitor that will help you to add more options to earn a discretionary income for yourselves. And if you wish to receive the blog articles directly to your email address you can submit and confirm it on this page and join the thousands of subscribers I have already.

It’s time now to get on with the major news from the crypto industry that captured our attention from January, 22 to January, 28, 2024. So let’s start today’s Weekly CryptoNews Digest on MNO, shall we?

BTC PRICE TRENDS LAST WEEK

Last week was a rollercoaster ride for Bitcoin, with the price experiencing both significant gains and losses.

Here’s a breakdown of the trends:
Overall:
– Positive: Bitcoin closed the week up 5.51% compared to the previous Monday, marking a welcome return to green after a bearish December.
– Volatile: The price fluctuated considerably throughout the week, with swings of over 10% in both directions.

Highlights:
– Early Week Surge: The week started strong, with Bitcoin climbing from around $39,000 to $43,000 on Monday and Tuesday. This was likely driven by a combination of factors, including positive news from the traditional financial markets and a slight easing of regulatory concerns.
– Midweek Dip: The price dipped back down mid-week, falling below $40,000 on Wednesday and Thursday. This could be attributed to profit-taking from early investors and some negative news from the crypto space, such as a security breach at a major exchange.
– Weekend Rally: Bitcoin bounced back on Friday and Saturday, closing the week above $41,900. This could be due to renewed optimism about the long-term prospects of Bitcoin and the broader crypto market.

Key Takeaways:
– The recent price increase suggests that there is still significant demand for Bitcoin, despite the challenges it faced in 2023.
– However, the volatility of the market highlights the importance of caution and risk management for any investor.
– It’s important to stay informed about the latest news and developments in the crypto space to make informed decisions about your investments.

SURVEY REVEALS INVESTOR GLOOM ABOUT BITCOIN FUTURE

Not everyone shares the rosy outlook for Bitcoin’s future, however. A recent survey by Deutsche Bank, conducted among 2,000 consumers in the U.S., U.K., and Europe, revealed that over one-third (34%) of retail investors anticipate Bitcoin’s price to plunge below $20,000 by the end of 2024. This bearish sentiment among retail investors reflects growing concerns about the cryptocurrency market’s stability and future prospects.

Here are some key takeaways from the survey:
– Bearish outlook: 34% of respondents expect Bitcoin to fall below $20,000 by year-end, highlighting a lack of confidence in the cryptocurrency’s short-term performance.
– Volatility concerns: Over half (52%) of respondents expressed worries about a major cryptocurrency experiencing a collapse within the next two years, indicating concerns about the market’s inherent volatility.
– Limited understanding: Two-thirds (66%) of respondents admitted to having little or no understanding of digital assets, suggesting a need for broader financial education in the crypto space.

The survey’s findings align with the recent downward trend in Bitcoin’s price. After briefly surpassing $49,000 in January following the launch of spot Bitcoin ETFs in the U.S., the cryptocurrency has since dipped below $40,000, raising concerns about a potential extended bear market.

Several factors likely contribute to the bearish sentiment among retail investors:
– Macroeconomic uncertainty: Rising inflation and interest rates have dampened investor appetite for riskier assets like cryptocurrencies.
– Regulatory crackdown: Increased scrutiny from regulatory bodies worldwide has cast a shadow of uncertainty over the crypto market’s future.
– Recent market events: The collapse of major crypto players like FTX in 2022 has shaken investor confidence, leading to a more cautious approach.

It’s important to remember that the Deutsche Bank survey represents a snapshot of sentiment at a specific point in time, and the future of Bitcoin remains highly unpredictable. While the bearish outlook suggests potential downside risks, the cryptocurrency market has displayed remarkable resilience in the past, and a turnaround is always possible.

Despite the near-term concerns, Bitcoin and the broader cryptocurrency market hold significant long-term potential for innovation and disruption. Continued technological advancements, wider adoption, and increased institutional involvement could drive future growth and price appreciation.

Ultimately, making informed investment decisions in the crypto space requires careful analysis, a diversified portfolio, and a strong understanding of both the risks and potential rewards involved.

BITWISE’S BTC ETF ADDRESS DISCLOSED

On January 24, 2024, Bitwise became the first US Bitcoin ETF provider to publicly disclose the wallet address of its Bitcoin holdings for its Bitwise Bitcoin ETF (BITB). This move was a significant step towards increased transparency in the cryptocurrency space and was met with praise from industry experts.

Here’s more about it:
– Reasons for Disclosure: Bitwise stated that their decision to disclose the wallet address stemmed from a commitment to on-chain transparency, which is a core principle of Bitcoin. Publicly displaying the holding addresses allows anyone to verify BITB’s holdings and transaction flows directly on the blockchain.
– Impact: This transparency helps build trust and confidence among investors, especially those who were previously hesitant to invest in Bitcoin ETFs due to concerns about custody and asset verification.
– Future Plans: Bitwise has acknowledged that publishing addresses is only the first step. They plan to explore further transparency measures in the future, such as working with firms like Hoseki to provide real-time cryptographic attestations.

Here are some additional details:
– The disclosed address can be found on Bitwise’s website and social media channels.
– It currently holds over 20,000 Bitcoin (BTC) as of January 29, 2024.
– Some experts believe that other Bitcoin ETF providers may follow suit and also disclose their holding addresses in the future.

Overall, Bitwise’s decision to disclose their Bitcoin holdings address is a positive development for the cryptocurrency market. It promotes transparency, builds trust, and could pave the way for further industry-wide adoption of similar practices.

TREZOR LATEST PHISHING ATTACK

The recent phishing attack on Trezor – a hardware wallet provider – serves as a stark reminder of the cybersecurity threats lurking in the crypto world. While specific details are still emerging, here’s what we know so far:

The Attack:
– Phishing emails disguised as official Trezor communications were sent to users.
– These emails likely contained malicious links or attachments that, once clicked, could steal private keys or login credentials.
– The exact nature of the attack and the scope of affected users is still under investigation.

Staying Safe:
– Be wary of unsolicited emails or messages, even if they appear to be from Trezor. Always verify the sender’s address and double-check the legitimacy of any links or attachments.
– Never enter your private keys or login credentials on any website or platform besides the official Trezor Suite.
– Enable two-factor authentication (2FA) on your Trezor accounts for an extra layer of security.
– Practice basic cybersecurity hygiene: use strong passwords, avoid public Wi-Fi for crypto transactions, and keep your software updated.

Trezor’s Response:
Trezor has released a statement acknowledging the phishing attack and urging users to be vigilant.
They have provided tips on how to identify and avoid phishing attempts, as well as steps to take if you suspect you may have been compromised.
– You can find the latest updates and information on the Trezor website: https://trezor.io/

Remember:
– Always prioritize your crypto security. Don’t let the excitement of the market cloud your judgment when it comes to protecting your assets.
– Stay informed about common phishing tactics and scams. Awareness is your best defense.
– If you suspect you’ve been compromised, act immediately. Contact Trezor support and take steps to secure your accounts.

By staying informed and vigilant, we can navigate the crypto landscape safely and securely. Remember, your crypto is your responsibility, so take the necessary precautions to keep it safe from harm.

SEC DELAYS DECISION ON ETHEREUM ETF

On January 24th and 25th, 2024, the U.S. Securities and Exchange Commission (SEC) delayed their decisions on applications from both Grayscale Investments and BlackRock to convert their respective Ethereum trusts into spot exchange-traded funds (ETFs). This news sent ripples through the crypto community, leaving many wondering what the next steps might be.

Here’s a breakdown of the situation:
– Grayscale’s ETHE Trust: Grayscale, the world’s largest digital asset manager, filed to convert its Grayscale Ethereum Trust (ETHE) into a spot ETF in October 2021. The SEC had until January 26th, 2024, to approve or deny the application. However, they chose to extend their review period, citing the need for additional time to consider the complex issues surrounding the proposal.
– BlackRock’s BLK ETF: BlackRock, a major financial services firm, filed for a spot Ethereum ETF in December 2023. Their application was also scheduled for a decision by the SEC on January 25th, 2024, but it was similarly delayed.

Reasons for the delay:
The SEC hasn’t officially stated the specific reasons for the delays, but there are a few possible explanations:
– Concerns about market manipulation: The SEC may be concerned about the potential for manipulation in the Ethereum market if a spot ETF were to be approved.
– Issues with custody: The SEC may have questions about how Grayscale and BlackRock would custody the Ethereum held by their ETFs.
– Wanting more public input: The SEC may be seeking additional public comment on the applications before making a decision.

Impact of the delay:
The delay in the SEC’s decisions has had a mixed impact on the crypto market:
– Negative impact on Ethereum price: The price of Ethereum dropped slightly following the news of the delays, as some investors interpreted it as a setback for the broader crypto market.
– Increased uncertainty: The delay has also created uncertainty among investors, who are now unsure when or even if the SEC will approve the Ethereum ETF applications.
– Potential for future approval: Despite the delays, there is still a chance that the SEC could approve the Ethereum ETF applications in the future. Some experts believe that approval could come as early as summer 2024.

Overall, the SEC’s delay of the Grayscale and BlackRock Ethereum ETF applications is a significant development in the ongoing saga of crypto regulation in the United States. It remains to be seen what the long-term implications of this decision will be, but it is clear that the SEC is taking a cautious approach to regulating the crypto market.

DOOM GAME IMMORTALIZED BY DOGECOIN BLOCKCHAIN

Lastly, the entertainment sector is abuzz with news of the iconic 1993 first-person shooter game Doom having been immortalized on the Dogecoin blockchain, thanks to a new technology called Ordinals. This is a significant feat, as it marks the first time a full-fledged video game has been inscribed onto a blockchain.

Here’s how it works:
– Ordinals allows users to inscribe data, including images, music, and even entire games, directly onto the Dogecoin blockchain. This data is then permanently stored and accessible to anyone with an internet connection.
– In the case of Doom, a developer known as “mini doge art” used Ordinals to inscribe the original shareware version of the game (nine levels total) onto the Dogecoin blockchain.
– This means that anyone can now play Doom directly from the Dogecoin blockchain, without needing to download any additional files or install any software.

Why is this significant?
There are several reasons why this is such a groundbreaking development:
– Preservation: By inscribing Doom onto the blockchain, the game is now effectively preserved forever. This is important for historical and cultural reasons, as Doom is considered one of the most influential video games of all time.
– Decentralization: By storing the game on the blockchain, it is no longer reliant on any one server or company. This makes it more resistant to censorship and ensures that it will always be available to play.
– Innovation: This demonstrates the potential of blockchain technology for storing and distributing creative content. It could pave the way for new ways to share and experience games, music, and other forms of art in the future.

The future of blockchain gaming:
It’s still early days for blockchain gaming, but the inscription of Doom onto the Dogecoin blockchain is a major step forward. This technology has the potential to revolutionize the way we play and interact with video games.

Here are some potential applications of blockchain gaming:
– Decentralized marketplaces: Games could be bought and sold directly on the blockchain, without the need for traditional game stores or platforms.
– Play-to-earn games: Players could earn cryptocurrency or other rewards for playing games on the blockchain.
– Community-owned games: Games could be owned and governed by their players, rather than by traditional game developers.

It will be interesting to see how blockchain gaming develops in the coming years. The inscription of Doom onto the Dogecoin blockchain is just the beginning!

That’s all for this issue of the MNO Weekly CryptoNews Digest. Before I sign off, I just want to say a big thank you to all of you who tuned in, chimed in, and shared your thoughts. Your engagement fuels the fire of this blog, and I wouldn’t be here without it.

Just sending a quick note from sunny Thailand to let you know that even though I’m soaking up the sun and devouring mango sticky rice, the Weekly CryptoNews Digest won’t miss a beat! ?

I’ve got my laptop in tow (because, you know, priorities!), and I’ll be back bright and early next Monday to bring you all the hottest crypto happenings, market insights, and analysis you need to stay ahead of the curve.

So, whether you’re chilling on a beach, conquering that inbox, or just keeping it real at the office, be sure to tune in next Monday for another dose of your favorite crypto fix. MNO – For Money Lovers!