Bitcoin hits several record highs amidst record low volatility
Plus everything else you need to know this week about crypto.
GM! This week: Bitcoin’s price continues to climb amidst record HODLing, more crypto victories in international jurisdictions, and the crypto firm whose projected earnings surpass BlackRock.
Listen to Coinage’s host Zack Guzman discuss these stories with Web3 attorney Ariel Givner, here.
In Bitcoin…
Bitcoin hit its highest price in a year on Friday before modestly retreating. Despite that achievement, the volume of bitcoin that hasn’t moved in a year keeps increasing. Also setting records: the Lightning network hit an all-time high in bitcoin and USD capacity, while bitcoin futures markets are seeing the largest money flows since the Terra collapse.
Unfortunately for Ethereum, Bitcoin is leaving it in the dust, most likely because Ethereum’s regulatory status remains unclear.
In International Markets…
HSBC Hong Kong, the biggest bank in the special administrative region, now lets customers trade bitcoin and ether ETFs from its investment platform. Spain, meanwhile, is embracing Crypto.com as a virtual asset service provider.
In search of friendly jurisdictions, Binance is eyeing the UAE while Gemini eyes Singapore. The IMF, in a blog post, discouraged Latin American governments from banning crypto, imploring them to “...instead focus on addressing the drivers of crypto demand, including citizens’ unmet digital payment needs.”
In Tether…
The world’s biggest stablecoin may make more money in 2023 than the world’s largest asset manager, BlackRock, according to analysts. Tether is gaining market share over its biggest rival, Circle’s USDC, which faced a number of setbacks this year. In case you missed it, several crypto outlets recently dug into documents which describe Tether’s banking relationships following a public records request.
Our Latest Episode…
In 2020, a new tool came to DeFi, one that allows anyone to take out loans of as much money as they want—up to hundreds of millions of dollars—with instant approval and zero collateral required.
They’re called flash loans, and they represent the incredible power of crypto, along with the incredible danger of giving anyone, including bad actors, access to unlimited capital.
In our latest episode, we explain flash loans, what they were designed for, and how hackers use flash loans to exploit decentralized finance protocols to the tune of millions, sometimes hundreds of millions of dollars. Because when you let anyone borrow a pirate ship, you end up with a lot of pirates:
In Other Headlines…
Bitcoin Cash Price Jumps to One-Year High Fueled by Spiking Social Interest, Exchange Support
Terra Classic Revival Plans Continue as 6 Engineers Aim to Revive LUNC Ecosystem
Swiss Authorities Freeze $26M Worth of Do Kwon, Terraform Labs Crypto Assets: Report
Coinbase Wins Supreme Court Ruling in Arbitration Lawsuit
Crypto Miner Hut 8 Gets $50 Million Loan from Coinbase
Animoca Brands' Anichess Secures $1.5M for Decentralized Chess Game
Mamma mia! Crypto malware hidden in Super Mario game
That’s everything we’re taking a look at this week! If you missed us discussing these stories live on Twitter, you can head to Coinage.Media for the latest and forward this newsletter to a friend to keep them informed!
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