Here’s the crypto weekly roundup for January 24, 2023:
New Signs of Crypto Bull Market:
- The beginning of a new bull market in the crypto sector is becoming apparent
- Optimism, an ETH based Layer 2 protocol, has outperformed Arbirum in transaction volume since mid December 2022
DeFi Updates:
- Exchange aggregator, 1inch, has launched a proprietary cold storage hardware wallet as self-custody of crypto assets gains popularity
- The SEC has charged Avraham Eisenberg, the Mango Markets exploiter, with fraud and market manipulation
Technology and Business Developments:
- 22,000 monthly active developers are building in the crypto sector, with a 5% YoY increase
- $323M from FTX and $90M from FTX US have been classified as “unauthorized third-party transactions” following the bankruptcy petition
- Coinbase has suspended its operations in Japan due to volatile market conditions
- Digital Currency Group has suspended its quarterly dividend payments to conserve cash and improve its balance sheet
Regulatory Updates:
- The CFTC has advised regulators to prevent cryptocurrency exchanges from “self-certifying” and listing tokens without proper oversight
- US authorities have accused Bitzlato exchange of laundering $700M and named Binance as a counterparty in the order.
In conclusion, the crypto sector is seeing new signs of a bull market, with Optimism outperforming Arbirum in transaction volume. The DeFi space is also evolving with new hardware wallets, while the SEC has charged Mango Markets exploiter with fraud and market manipulation. On the technology and business side, developer numbers are increasing and some exchanges are suspending operations due to market conditions. The CFTC has advised regulators to prevent exchanges from self-certifying, and US authorities have accused Bitzlato of laundering $700M and named Binance as a counterparty in the order.
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TIMESTAMPS:
0:00 Introduction
0:12 Bitcoin and Ethereum news
0:31 DeFi news
0:52 Technology news
1:04 Business news
1:38 Regulation news
2:18 Thank you for watching
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