Bitcoin (BTC) rose to highs of $43,402 on Jan. 20 as a flurry of mixed news failed to impact its price action. Bitcoin trades at $41,321 after retreating from recent highs.
First was the news on the clampdown on crypto from Russia’s central bank. Second, Crypto.com revealed in a statement that “4,836.26 ETH, 443.93 BTC and approximately $66,200 in other currencies” had been stolen from clients’ accounts. The overall loss is presently valued at around $33.8 million at the current exchange price.
Third, SEC officially disapproved the application for First Trust SkyBridge’s spot Bitcoin ETF, citing similar reasons for disapproving Bitcoin spot ETFs from VanEck in November and WisdomTree in December.
In another news, five industry experts appearing before the U.S House Energy and Commerce Oversight Subcommittee had varied views on how lawmakers should address the energy consumption of cryptocurrencies.
Cornell Tech professor Ari Juels, a critic of crypto mining in a way was supportive of the crypto space as a whole but argued in favor of “energy-efficient alternatives” rather than the proof-of-work (PoW) common for mining. He added that the Ethereum blockchain’s transition to proof-of-stake (PoS) would likely consume “far less electricity”.
Altcoins rebounded as Bitcoin moved up, with nearly all the tokens in the top 100 trading in green at press time. Cosmos (ATOM, +10.92%), Woo Network (WOO, +13.75%) were up at press time.
Bitcoin (BTC)
According to IntoTheblock, the number of addresses holding BTC has continued to rise modestly despite Bitcoin’s recent dip from all-time highs of $69,000. The steady increase in holders, in contrast to the drop seen in early 2018, suggests that there is still a solid degree of interest in Bitcoin, which remains a positive catalyst.
Ethereum (ETH)
IntotheBlock notes the number of Ethereum addresses recently reached fresh all-time highs. While the price of Ethereum remains below its recent record highs, the number of transactions is still approaching all-time highs. The increase in the number of holders might indicate that demand is growing.
Shiba Inu (SHIB)
Shiba Inu developer Shytoshi Kusama tweeted that he just passed a big idea to the Shiba Inu Core Team that might shake the crypto space if agreed upon. The SHIB developer also shared a tweet from Shiba Inu’s official website of something big brewing for the Shiba Inu ecosystem.
Steven Cooper, CEO of bigger entertainment said that Shiba Inu developers are busy creating new mechanisms to burn SHIB and will introduce them later on. This is expected to have a positive impact on SHIB price.
Cardano (ADA)
In a thread of tweets, IOHK, Cardano’s parent company, has announced a major scaling update of an increase in Plutus script memory units to 12.5 million. ”This incremental adjustment is the next in a continuing series of planned adjustments & network optimizations we’ll make as we start to scale Cardano for future growth.”
Kryptomoney earlier reported on the 11 ways that Cardano plans to scale in 2022. Cardano reports significant growth in recent months alongside a rapid rise in transaction volume. Significant further growth is expected with the arrival of many new DeFi projects over the coming weeks. SundaeSwap, the first DEX on Cardano launched on Jan. 20.
XRP (XRP)
According to Attorney John E. Deaton who represents nearly 64,000 XRP holders, the biggest victory for Ripple and XRP holders, from Judge Netburn’s recent decision, isn’t necessarily the email with the draft version of the Hinman speech. The most significant victory could prove to be the notes from meetings with 3rd parties not associated with Ripple.
Wrapped XRP, a token pegged to XRP that can be used on blockchains other than XRP Ledger recently launched on the binance exchange. In recent tweets, Ripple claims that XRPLedger is the first major global blockchain to be carbon-neutral since 2020.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
