Crypto News Headlines (28-Jan-2022)

Crypto investors seem to have stepped up bitcoin accumulation, shrugging of prospects of faster interest-rate hikes from the U.S. Federal Reserve (Fed).

Blockchain data provided by Glassnode shows that more than 18,000 bitcoin worth $670 million left centralized exchanges on Thursday, registering the biggest single-day net outflow in over a month. Crypto exchange BitMEX alone saw net outflow of over 9,500 bitcoins.Most investors prefer to have direct custody of coins when they intend to hold them for a longer term. Thus, net outflows are widely taken to represent bullish sentiment.

Curious behavior sees investors selling coins for less than they purchased them for, with Bitcoin still notionally in a bullish uptrend.

Bitcoin (BTC) sellers’ losses are mounting as the BTC price downturn shows that some investors are panicking at current prices.

Data from on-chain analytics firm Glassnode and trading suite Decentrader shows that in January, more and more BTC entities have been selling coins for less than they purchased them.

Last week was the crypto market’s worst stretch in months, and its slump is continuing this week.

Bitcoin fell below $34,000 Monday morning, compared with an all-time high of nearly $69,000 in November. Ethereum fell below $2,200 Monday morning. While both had shown signs of recovery this week, they were stalled late Wednesday after an announcement by Federal Reserve Chairman Jerome Powell that the Fed would likely begin raising rates in March to combat continued rising inflation.

The significant price drops come amid the stock market’s worst week in nearly two years, and after the release of the Federal Reserve’s long-awaited report on a possible government-issued digital currency. The crypto market cap fell below $2 trillion amid the sell-off, according to CoinMarketCap data.

New Delhi: The cryptocurrency market staged a quick recovery on Friday as traders saw some value at lower levels.

Hawkish comments from US Federal Reserve Chairman Jerome Powell spooked the traders a day before. The central bank will raise interest rates more than four times this year.

Barring the US dollar-pegged Tether, Dogecoin and Terra, all other seven out of top-10 digital tokens were trading higher during the trade. Bitcoin jumped 3 per cent and BNB 6 per cent.

The cryptocurrency market staged a quick recovery on Friday as traders saw some value at lower levels. Bitcoin price today surged above $36,000 level after remaining under pressure in the previous sessions.

The world’s largest cryptocurrency was trading over 3.32 per cent higher at $37,222.74. Bitcoin has slipped more than 20 per cent since the start of this year (year-to-date or YTD), whereas it has nearly halved from its all-time high of $69,000 hit in November past 50 per cent.

On the other hand, Ether, the coin linked to ethereum blockchain and the second-largest cryptocurrency, was marginally higher at $2,450.67, as per Binance Coin surged more than 5 per cent to $383.

Dogecoin price also gained marginally by 0.4 per cent to $0.13 whereas Shiba Inu gained over 3 per cent to $0.000020.

With the IRS filing period just around the corner, one crypto tax company is ready to put its name on a lot of returns.

CoinTracker, a startup that makes crypto investment tracking software, announced today that it has raised $100 million in a Series A round led by Palo Alto-based venture firm Accel. Other investors in the round include Coinbase Ventures, Kraken Ventures, Intuit Ventures (as in TurboTax) and Y Combinator Continuity, the famed Silicon Valley incubator’s venture arm.

MOSCOW (Reuters) – Russian authorities have drawn up a ‘road map’ that envisages restrictions on cryptocurrencies but not a complete ban as advocated by the central bank, a document seen by Reuters showed on Friday.

Politicians have pressed for a change of tack by the central bank, which has proposed restricting cryptocurrency trading and mining because of concerns it may cause financial instability.

President Vladimir Putin has asked for a consensus to be found.

Working group participants include the finance, economy, digital and interior ministries, the FSB security service, and the central bank. Deputy Prime Minister Dmitry Chernyshenko has signed the road map, according to the document, first reported by business daily RBC.

A representative for Chernyshenko confirmed the document’s authenticity.

“We note that the points of the road map were supported in full by all agencies, with the exception of the Bank of Russia,” the document said.

Binance Smart Chain-based Qubit Finance was exploited for over $80 million by attackers on Friday morning, developers confirmed in a post.

“The hacker minted unlimited xETH to borrow on BSC. The team is currently working with security and network partners on next steps,” developers said in a tweet.

Addresses connected to the attack show 206,809 binance coins (BNB) were drained from Qubit’s QBridge protocol. The assets are worth over $80 million at current prices, security firm PeckShield confirmed in a tweet.

55% of Bitcoin Investors Started in the Last Year. 5 Things You Should Know if You’re New to Crypto

Fifty-five percent of Bitcoin investors say they started investing in 2021, according to a study by crypto firm Grayscale Investments. Along with Ethereum, experts generally consider Bitcoin a better fit for holding and increasing in value than other altcoins, which remain much more speculative and unpredictable.

“Bitcoin is definitely the friendliest crypto to get into, but you can get really into the weeds very quickly. And there’s a lot of unregulated risk in crypto, so if you’re not a seasoned investor, you can get in trouble,” says Humphrey Yang, the personal finance expert behind Humphrey Talks.

As cryptocurrency investors reel from the sharp sell-off in bitcoin and other digital currencies, some fear the worst is yet to come.

Bitcoin, the world’s largest virtual currency, briefly plunged below $33,000 Monday to its lowest level since July. It’s since recovered back above the $36,000 mark, but is still down almost 50% from a record high of nearly $69,000 in November.

Meanwhile, the entire crypto market has shed more than $1 trillion in value since bitcoin’s all-time high, as top tokens such as ether and solana followed the No. 1 digital currency to trade sharply lower. Ether has more than halved in value since reaching its peak in November, while solana has suffered an even steeper decline, falling 65%.