Bitcoin Reaches 24-Hour High, Crypto-Economy Surges to $1.05T

• On Jan. 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit, pushing the entire crypto-economy to a total valuation of $1.05 trillion.
• Bitcoin’s dominance level has climbed to 42.4% of the crypto-economy, surpassing the 40% region among thousands of crypto assets.
• Major crypto assets such as ethereum, tether, and binance coin also have significant market dominance.

On Saturday, January 21st, 2023, the price of bitcoin set a 24-hour high of $23,333 per unit, pushing the entire crypto-economy to a total valuation of $1.05 trillion. This 7.2% increase against the U.S. dollar was driven by the impressive surge in the price of bitcoin, which has led to its dominance level surpassing the 40% region among the thousands of crypto assets available today.

Coinmarketcap.com (CMC) data shows that bitcoin’s dominance level on January 21st is around 42.4%. This is 37.2% higher than it was 30 days ago and indicates that the leading crypto asset has firmly established itself as the dominant player in the crypto-economy. Bitcoin’s dominance is calculated by dividing its market capitalization by the total market valuation of the crypto-economy. In the past, from 2009 to 2017, BTC’s dominance level held above the 80% range. However, it has since dropped below this level and has not returned.

The second-leading crypto asset, ethereum (ETH), has a dominance level of around 18.4% according to CMC data, and 19.3% according to coingecko.com (CG) metrics. Tether (USDT) commands 6.33% market dominance, while binance coin (BNB) has a dominance level of around 4.57%. The stablecoin USDC has a market dominance of 2.19%.

It is clear that bitcoin is currently the dominant player in the crypto-economy, with its market capitalization accounting for more than 40% of the total market valuation. This indicates that many investors are still confident in the long-term prospects of the crypto asset and are willing to invest in it despite its volatility. As the crypto-economy continues to grow, investors will continue to monitor the developments of the other major crypto assets and their respective dominance levels.

Tascombank Completes Pilot Testing of Digital Currency on Stellar Network

• Tascombank, one of the oldest banking institutions in Ukraine, has completed the pilot testing of a digital currency based on the Stellar network.
• The bank believes that its electronic money platform represents an economically viable implementation of blockchain technology.
• Operations with the new digital asset were carried out in accordance with the current know-your-customer and anti-money laundering procedures.

Ukraine’s Tascombank, one of the oldest banking institutions in the country, has recently completed a pilot testing of a digital currency based on the Stellar network. The project, which was launched to create a currency with the Stellar network, saw the coin used in settlements between buyers and sellers.

The bank believes that the electronic money platform that they have created represents an economically viable implementation of blockchain technology, as it has a number of advantages including transparency at all stages of circulation and between all participants in the transactions, increased security and confidentiality for user data, low costs, and high capacity.

The operations with the new digital asset that were conducted during the testing phase were done in accordance with the current know-your-customer and anti-money laundering procedures, which has been put in place to ensure that the transactions are secure. The bank was pleased with the results of the pilot project, saying that it was successful and promising in terms of further product development and implementation.

Tascombank also revealed that it plans to continue its studies on the issuance and circulation of blockchain-based electronic money. One of the areas its future research is going to cover will be the possible use of such currency in retail non-cash payments. The bank is also in communication with the National Bank of Ukraine (NBU) to discuss the potential of the project.

With the successful completion of the testing phase, Tascombank will be able to move forward with its plans to create a digital currency based on the Stellar network. This could potentially revolutionize the banking industry in Ukraine, as it would open up the possibility of faster, cheaper, and more secure transactions.

Ohio Man Pleads Guilty to Stealing Over $12M in Bitcoin, Ethereum, Dogecoin

• A 31-year-old Ohio man, Gary James Harmon, has pleaded guilty to stealing over 712 Bitcoin that was seized by the U.S. government in another criminal case
• As part of his plea, Gary Harmon agreed to forfeit 647.41 Bitcoin, 2.14 Ethereum, and 17,404,400.64 Dogecoin
• The stolen Bitcoin was stored in a Trezor hardware wallet in an IRS evidence locker

Gary James Harmon, a 31-year-old Ohio man, has pleaded guilty to stealing over 712 Bitcoin that had been seized by the U.S. government in a criminal case involving his brother, Larry Harmon. According to the U.S. Department of Justice (DOJ), Gary Harmon pleaded guilty to wire fraud and obstruction of justice for unlawfully taking more than 712 Bitcoin that had been seized by law enforcement and was subject to forfeiture in the pending criminal prosecution of Larry Harmon.

As part of his plea, Gary Harmon agreed to forfeit 647.41 Bitcoin, 2.14 Ethereum, and 17,404,400.64 Dogecoin. The DOJ added that “due to the increase in market prices, the total value of these forfeitable properties exceeds $12 million.”

The stolen Bitcoin was stored in a Trezor hardware wallet that was seized by the federal government in connection with Larry Harmon, who was arrested in February 2020. The federal authorities had not taken control of the coins due to the device’s complex security. Larry Harmon pleaded guilty in August 2021 to money laundering conspiracy in connection with “his operation of an unlicensed money transmitting business through his company, Helix.”

Gary Harmon’s guilty plea was part of a plea agreement that included a five year prison sentence and a criminal forfeiture of over $12 million in cryptocurrencies. The DOJ stated that “Harmon admitted that he took the bitcoin in violation of the law and understood that it was wrong to do so.”

The case serves as a reminder to all crypto investors to be careful with their funds and to ensure that all digital assets are securely stored. While the digital currency market is still relatively young, it is important to understand the legal implications of any investments and to ensure that all digital assets are protected.

Crypto Volatility Continues as FOMC Minutes Reveal Rising Inflation

• Bitcoin (BTC) consolidated marginally below $17,000, as market volatility remained high following the release of the latest Federal Open Market Committee (FOMC) minutes.
• Ethereum (ETH) also consolidated near recent highs on Thursday, with sentiment remaining somewhat bullish.
• The FOMC have seemingly agreed to maintain interest rate hikes, with the bank expecting a more aggressive rise in inflation, forecasting consumer prices to be at 3.5% in 2023.

The crypto markets have been in a state of flux recently, as the Federal Open Market Committee (FOMC) minutes released yesterday indicated that the U.S Federal Reserve could keep hiking rates in the near future. This comes as the bank expects a more aggressive rise in inflation, forecasting consumer prices to be at 3.5% in 2023, higher than the 3.1% previously expected.

In response to this, Bitcoin (BTC) consolidated marginally below $17,000, as market volatility remained high. Following a high of $16,964.59 on hump day, BTC/USD slipped to an intraday low of $16,789.75 earlier in the session. From a technical perspective, the decline in price came as the 14-day relative strength index (RSI) moved below a resistance zone of 51.00. As of writing, the index is now tracking at 49.14, and seems to be moving towards a support level of 46.00.

Ethereum (ETH) also consolidated near recent highs on Thursday, with price dropping to a bottom of $1,246.21 earlier in the day. Despite the drop, sentiment remained somewhat bullish, as ETH continues to trade above its long-term resistance level at $1,230. This is evidenced by the 10-day (red) and 25-day (blue) moving averages, which remained close in proximity, maintaining chances of an upwards crossover.

Overall, the crypto markets reacted to the FOMC minutes with caution, as traders remain uncertain of the future direction of the markets. It remains to be seen how the markets will respond in the coming days and weeks, as the U.S Federal Reserve continues to adjust its policy in response to rising inflation.

Biden Admin Meets With Crypto Billionaire Before Fraud Indictment

• Sam Bankman-Fried, the former crypto billionaire and FTX co-founder, met with senior Biden administration officials before he was indicted for financial fraud.
• The meetings involved discussions about “pandemic prevention” and the “crypto industry”.
• The White House press secretary Karine Jean-Pierre noted that there were limitations on what she could say to the press regarding SBF’s donations to the president Joe Biden.

Sam Bankman-Fried, the former crypto billionaire and co-founder of FTX, made headlines in late December 2022 when it was revealed that he had met with senior Biden administration officials prior to being indicted for financial fraud.

According to public filings, SBF met with the White House senior adviser Steve Richetti on three occasions, in addition to meeting with the White House deputy chief of staff Bruce Reed once. SBF had donated a significant amount of money to the current president Joe Biden, including a $5.2 million donation to the Democrat leader’s campaign.

At a Dec. 13 press briefing, a reporter asked White House press secretary Karine Jean-Pierre if the administration would return the funds. “I’m covered here by the Hatch Act,” Jean-Pierre remarked. She noted that there were limitations on what she could say to the press. “Anything that’s connected to political contributions, from here I would have to refer you to the DNC,” Jean-Pierre added.

When asked about the visits, Jean-Pierre told the press the meetings involved discussions about “pandemic prevention” and the “crypto industry”. On Tuesday, White House press secretary Karine Jean-Pierre addressed questions from the press regarding SBF, marking the second time the Biden administration has addressed the issue.

While the White House has yet to confirm or deny the details of the meetings, the fact that SBF met with senior Biden administration officials before he was indicted for financial fraud has raised questions about the nature of the meetings and the impact of SBF’s donations on the political landscape. It remains to be seen if the Biden administration will return the funds or if any further action will be taken.

Solana and Cardano Surge on Bullish Market Sentiment

• Solana (SOL) rose by as much as 15% in today’s session, hitting its highest point since mid-December.
• Cardano (ADA) was also in the green, rising to a one-week high earlier today.
• The rally came as market sentiment has shifted in a bullish direction.

The crypto market was in the green on Wednesday, as several tokens saw gains throughout the day. Solana (SOL) was one of the biggest gainers, as the token rose by as much as 15% in today’s session. This saw SOL/USD hit its highest point since mid-December, and comes as market sentiment has shifted in a bullish direction.

Solana is a decentralized platform that is designed to be scalable, secure, and fast. The platform is powered by the SOL token, which is used to pay transaction fees and other costs associated with the Solana network. The token has seen strong gains over the past week, and today’s rally saw prices move beyond a ceiling of 53.00 on the relative strength index (RSI). As of writing, the index is tracking at 59.79, which is its strongest point since November 6. Bullish traders will likely continue to attempt a breakout of a ceiling at $14.50 in the coming days.

Cardano (ADA) was also in the green on Wednesday, rising to a one-week high earlier in the day. Following a low of $0.2505 on Tuesday, ADA/USD raced to a peak of $0.2668 earlier in today’s session. The move saw the token collide with a long-term resistance level of $0.2660, hitting its highest level since December 27 in the process. This rally pushed the RSI to its own resistance of 47.00, which has resulted in earlier gains easing. Currently, the index is tracking at 46.75, with cardano trading at $0.2649 ahead of the U.S. Federal Reserve’s meeting minutes for December.

The gains in Solana and Cardano come as market sentiment has shifted in a bullish direction. Over the past week, several tokens have seen strong gains, with many expecting the market to continue in this direction. Looking ahead, traders will be closely watching this week’s Federal Reserve meeting minutes for any clues on the future of the U.S. economy. If the meeting minutes are seen as positive, then this could lead to further gains for crypto tokens, with Solana and Cardano expected to be among the biggest beneficiaries.

Crypto Prices Surge Ahead of FOMC Minutes, Ethereum Hits 3-Week High

• Ethereum rose to a three-week high on Jan. 4 as markets prepared for the release of the latest Federal Open Market Committee (FOMC) minutes.
• Bitcoin (BTC) rose to an eight-day high on Wednesday, as cryptocurrency markets climbed ahead of the latest FOMC minutes release.
• Ethereum (ETH) also surged in today’s session, with prices climbing to a multi-week high.

The cryptocurrency markets saw a surge on Wednesday, Jan. 4, as Ethereum rose to a three-week high and Bitcoin hit an eight-day high. The rally came ahead of the release of the latest Federal Open Market Committee (FOMC) minutes, which were due to be released later in the day.

Bitcoin (BTC) rose to an intraday high of $16,886.14, climbing above a key resistance level of $16,800, which is typically the last hurdle preventing price from reaching $17,000. The move saw BTC rise to its highest point since December 27, when it traded at $16,961. The rally came as the 14-day relative strength index (RSI) moved above its own ceiling at 49.00, and is currently tracking at 50.37.

Ethereum (ETH) also saw a surge in prices, climbing to a peak of $1,253.12 earlier in the day. This comes less than 24 hours after trading at a low of $1,207.49, as ETH broke out of a resistance level at $1,230, hitting its highest level since December 16 in the process. The shift in momentum came as the 10-day (red) moving average crossed above the 20-day (blue) moving average, a sign of a longer-term bullish trend.

Overall, the surge in prices can be attributed to the anticipation of the latest FOMC minutes, which are expected to provide further insight into the U.S. Federal Reserve’s view on the economy, and their reasoning behind a policy pivot. With both Bitcoin and Ethereum reaching their highest points in some time, traders will likely attempt to move above $17,000 ahead of or directly after the release of the minutes report.

Exec Found Dead: Cryptocurrency Exchange Bithumb Executive Allegedly Commits Suicide

• An executive of the largest shareholder of cryptocurrency exchange Bithumb was found dead outside his home.
• He allegedly committed suicide by jumping off a building while under investigation by Korean prosecutors for embezzlement and stock market manipulation.
• The Seoul Southern District Prosecutor’s Office launched a full-fledged investigation into the case in October last year and raided three firms allegedly connected to Bithumb.

A tragedy unfolded in the South Korean capital of Seoul recently, where an executive linked to the largest shareholder of cryptocurrency exchange Bithumb was found dead outside his home. The executive, surnamed Park, was the vice president of KOSDAQ-listed broadcast equipment supplier Vidente Co., and was the largest shareholder of Bithumb Holdings Co. that controls South Korea’s largest cryptocurrency exchange.

Park had been allegedly under investigation by Korean prosecutors for embezzlement and stock market manipulation and had been accused of involvement in a scheme with Kang Ji-yeon, head of the kiosk supplier Inbiogen, and her brother Kang Jong-hyun. It is believed that Park was put in charge of accounting by the siblings, who were accused of colluding to embezzle corporate funds and manipulate stock prices.

In October last year, the Seoul Southern District Prosecutor’s Office launched a full-fledged investigation into the case and raided three firms allegedly connected to Bithumb: Vidente, Inbiogen, and Bucket Studio. It was at this time that Park was found dead outside his home. It is believed that he committed suicide by jumping off a building and it is likely that the case against him will now be terminated due to his death.

Meanwhile, Vidente had also announced in July last year that it was holding talks about selling its stake in Bithumb to FTX, but no deal had been reached at the time of Park’s death. The exchange has since encountered several difficulties, including a massive security breach in 2019 and the suspension of trading in June 2020.

Park’s death is a tragedy that has sent shockwaves across the cryptocurrency community, and his case highlights the risk of being involved in the industry.

Ethereum Forks Take Hit: Value Down 94-98%; Hashrate 75% Lower

• The Ethereum community saw the launch of two new PoW Ethereum forks: ethereumpow and ethereumfair, four months ago.
• Since then, the value of both coins has dropped by 94.8% to 98.4% in U.S. dollars.
• The network’s hashrate has fallen from 68.17 terahash per second (TH/s) to 16.99 TH/s, a 75.07% decrease since The Merge.

The Ethereum community saw the launch of two new proof-of-work (PoW) Ethereum forks, ethereumpow and ethereumfair, four months ago, following the transition from proof-of-work (PoW) to proof-of-stake (PoS). Unfortunately, in the past four months, the value of both coins has dropped drastically, with ethereumpow (ETHW) down 94.8% and ethereumfair (ETHF) down 98.4% in U.S. dollars.

At the time of launch, ethereumpow was trading at $58.54 per unit and ethereumfair was trading at $25.20, but their value has since dropped to $3.08 for ETHW and $0.50 for ETHF. Both coins have seen a decrease in the past month, with ETHW down 19.8% and ETHF down 22.3%. However, over the past two weeks, ETHW has seen some improvement, climbing 4.3% in value.

The network’s hashrate has also been affected by the transition to proof-of-stake, falling from 68.17 terahash per second (TH/s) to 16.99 TH/s, a loss of 75.07% since The Merge took place. The top two mining pools for ETHW currently are F2pool and 2miners. With an overall market valuation of around $326.40 million, ETHW is ranked 94th among the top 100 tokens in terms of market capitalization.

Despite the significant value loss and decreased hashrate, the Ethereum forks remain popular within the cryptocurrency community, offering users an alternative to proof-of-stake and providing a variety of uses for their coins. As the Ethereum network continues to grow and develop, it remains to be seen if the two forks can rebound and experience a market recovery.

Crypto Market Bullish: Solana and Cosmos Lead the Way

• Solana (SOL) surged by 8% on Tuesday, marking its fifth consecutive day of gains.
• Cosmos (ATOM) rose to a multi-week high on Tuesday, nearing the key resistance level of $10.50.
• Both tokens have seen notable gains despite the Christmas and New Year period, when market volumes were somewhat muted.

It was a positive day for crypto markets on Tuesday as two of the sector’s major tokens, Solana (SOL) and Cosmos (ATOM), both experienced notable gains.

Solana (SOL) was up by almost 8% in the day, with the token rising for a fifth consecutive session. This surge came despite the Christmas and New Year period, when market volumes were somewhat muted. SOL/USD rose to an intraday peak of $12.02, its highest point since December 23. Looking at the chart, the move came as SOL moved beyond a ceiling of $11.80, with the relative strength index (RSI) also nearing a resistance point.

Cosmos (ATOM) was also in the green in today’s session, with price climbing for a third straight day. ATOM/USD raced to a high of $10.22, which comes less than a day after trading at a low of $9.77. This surge in price has pushed cosmos to its highest point since December 10, with it now nearing a key resistance level at the $10.50 mark. Recent moves in ATOM have come as the 10-day (red) moving average, crossed over its 25-day (blue) counterpart, which is typically a sign of current and upcoming bullish sentiment.

Both tokens have seen notable gains over the past few days, despite the muted trading period over the holiday season. This could be a sign of further bullish sentiment over the coming weeks, as market volumes pick up and investors look to capitalize on the current momentum.