Hey folks, welcome back to another edition of The Blockchain Bulletin newsletter. Over the past 24 hours, the crypto landscape has witnessed a whirlwind of activity ranging from regulatory advancements to market milestones.
Nearly 192,448 traders were reported to have faced liquidations with the total valued at $606.02M. The largest single liquidation order took place on Binance-ETHUSDT, valued at $17.7M. Other notable liquidations include Bitcoin ($109.59M), Ethereum ($133.72M), Solana ($31.70m), and Dogecoin ($23.92M).
Meanwhile, Michael Saylor, the co-founder of MicroStrategy had openly stated of ‘burning his keys’ upon his death. Saylor, who has about 447,470 Bitcoins in his holdings, stated in an interview that he would burn the keys, making them permanently remove them from circulation, signaling an extreme commitment to long-term holding. This strategy ensures the coins remain untouched, reinforcing Saylor’s belief in Bitcoin as a store of value, similar to digital gold. On the other hand, the aftermath of Do Kwon’s Terra ecosystem collapse continues to unravel, with over one million victims reportedly affected by the fraud case. The collapse, which led to billions of dollars in losses, has triggered widespread calls for tighter regulations to prevent similar incidents in the future.
On the political front, Pierre Poilievre, a pro-crypto conservative, is making significant strides in Canada’s political landscape. As a leading contender in the country’s political race, Poilievre’s stance on fostering a favorable environment for cryptocurrency adoption is resonating with many in the blockchain community. In the U.S., Michael Barr, a key figure in the Federal Reserve, has announced his resignation. During his tenure, he discussed on stablecoin regulations and central bank digital currencies (CBDCs). However, with Barr out of the picture, the Fed now faces the challenge of integrating digital assets into the broader financial system.
Over the last 24 hours, Bitcoin breached the $101,000 mark, with analysts projecting a potential rise to $104,000. However, the king of crypto witnessed a steep fall and as of press time, is trading at $96,489. On the other hand, the Bitcoin ETFs in the U.S. recorded a staggering $987 million in inflows, highlighting sustained investor confidence. On the regulatory front, HashKey, received its Virtual Asset Service Provider (VASP) license in Ireland under the AMLD5 regulations.
Innovation continues to drive blockchain development, with Solana introducing a lattice-based hashing mechanism aimed at efficient scaling. This approach enhances Solana’s transaction speed and security, solidifying its reputation as a leader in blockchain scalability solutions. Meanwhile, Ethereum’s price remains resilient at $6,500, backed by strong on-chain data, supporting further upward momentum.
The Worldcoin token (WLD) has displayed a cup-and-handle pattern, hinting at a potential $7 breakout in the current bull run. Such technical patterns highlight the diverse opportunities within the cryptocurrency market for traders and investors alike. With these developments, the cryptocurrency market is riding a wave of optimism fueled by regulatory progress, innovative blockchain developments, and strong investor confidence. As Bitcoin and Ethereum lead the charge, emerging technologies signal a robust and dynamic market poised for further growth.
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