Crypto Espresso: Your quick shot of the latest crypto moves and news
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Your quick shot of the latest crypto moves and news, the Crypto Espresso is brought to you by Capital.com Australia (AFSL 513393), a multi-award winning global investment trading platform.
Oof. Not a great start to the week. (Or a fantastic start, depending if you’re holding or buying.) Bitcoin lost US$4000 in a single day, dropping to US$40,000, as much of the other stablecoins followed it into the red. At time of writing, Ethereum is down 3.98%, Doge 2.44%, and Litecoin 3.78%. Bitcoin Cash is also down 2.34% and Ethereum Classic by 4.14%.
Shots fired. Crypto blogger, Daniel Buzurin, has called out the Pi Network as “the biggest scam on the market”.
Circle has delayed its IPO as its market cap tops US$50 billion, facilitating a new terms of agreement by Concord Acquisition that sees its purchase double in value. Nifty. And Gala Games looks like it may be heading into a bull market as GALA coin increases by more than 112%.
Meanwhile, 2021 was a great year for crypto-thieves, achieving more than US$14 billion worth of crimes. And if recent events are anything to go by, 2022 is shaping up to be similarly lucrative.
Speaking of which, Solana seems to have clawed back its position after a hack attack earlier this month. Reportedly it has restored the US$320 million that was stolen, and at US$94 today, its price is at almost the same level as when the news of the hack broke. Still, the coin has lost 63% of its value since its record high of US$260 in November last year.
We know what you’re thinking… BTFD?
Let’s find out.
The debate over whether Pi Network is a genuine initiative, or a scam has been raised by a crypto blogger who thinks the only people to make money from the network are the developers.
The planned SPAC acquisition of the issuer of the USD Coin (USDC) by Concord Acquisition has been doubled in value to $9bn (£6.6bn) and delayed, as the market capitalisation of the target, Circle International Financial, tops US$50bn.
Blockchain gaming developer Gala Games saw its coin GALA rocket by more than 112% in value after its president of blockchain was reported as saying the company was allocating US$5bn to expand its NFT business this year.
Cryptocurrency crime reached an all-time high last year as thieves used ransomware to extort money from major corporations and malware to siphon digital currency from unsuspecting investors.
Alternative blockchain Solana is attempting to bounce back after being rocked by a hacking attack earlier this month by focussing on the launch of its SolanaPay app and its Hacker House events.
After losing US$4,000 in a day, Bitcoin fell to US$40,000, a key support level that bulls are looking to defend.
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