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Last Updated : January 17, 2023 / 09:02 AM IST
Top cryptocurrency news on January 17: Shiba Inu launches Shibarium, Binance and Huobi collaborate to recover stolen Bitcoin, and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Market Buzz
Crypto prices continue to rise: Bitcoin breaks $21,000 and market caps increase
The prices of Bitcoin, Ether and other cryptocurrencies have continued to rise over the weekend following last week’s rally. Bitcoin broke past the $21,000 level this week, with its price on January 14 reaching around $20,800, which is an increase of 22 percent compared to last week’s price of $16,900. This is the highest level that Bitcoin has reached since the market crash in November of last year, according to the crypto data tracker TradingView.
Total market capitalisation of cryptocurrencies also increased this week, with Bitcoin’s market capitalization rising by 4.33 percent, Ether’s by 5.7 percent, and Solana’s by over 26 percent. Other coins that also saw significant increases in their market caps include Polkadot (11.8 percent), Polygon (6.3 percent), and Avalanche (5.4 percent). Read full here
Big Story
Shiba Inu announces launch of Shibarium — Memecoin’s Layer 2 Network
The Shibarium team on January 16 announced the launch of their Ethereum Layer 2 network in beta.
The network is a Layer 2 blockchain that aims to provide scalability, faster transaction times, lower fees, and an expanded development framework. The L2 blockchain runs on top of the Ethereum blockchain, which the SHIB ecosystem tokens like Shiba Inu, Doge Killer, and Bone ShibaSwap utilize.
According to an announcement, the launch of Shibarium seeks to address some of the biggest obstacles to mainstream adoption such as the cost and speed of transactions. It will use bone tokens, the governance token of the Shiba DAO, to pay for transactions on the chain. Read details here
Joint Operation
Binance and Huobi collaborate to freeze and recover $2.5 million in stolen Bitcoin from Harmony Bridge Exploit
Security teams at crypto exchanges Binance and Huobi worked together to freeze and recover 121 Bitcoin from hackers behind the Harmony bridge exploit.
In a tweet, Binance CEO Changpeng Zhao announced that the hackers had tried to launder their funds through the Huobi exchange. After this was detected by Binance, they contacted and assisted Huobi to freeze and recover the digital assets that had been deposited by the hackers. The exchanges recovered a total of 121 BTC, which is estimated to be worth around $2.5 million at the time of writing, Zhao said. Take a look
New Offerings
Binance introduces cold storage for institutional investors’ collateralised crypto in leveraged trading
Binance, one of the largest crypto exchanges, is now enabling institutional investors to hold their collateralized digital assets used for leveraged positions outside the platform. It will now allow investors to deposit their collateral with Binance Custody, which will safeguard the assets offline in cold storage wallets.
Once the trades are completed, the assets will then be made accessible to the user again. This feature is expected to be a significant benefit for investors who trade in the leveraged crypto markets, as it enables them to keep their collateral in secure offline storage, rather than having to keep it on the exchange. This way, users can continue to trade crypto during volatile market conditions without experiencing large outflows on the exchange. Read more here
New Venture
Three Arrows Capital’s founders aim to raise $25 million for new crypto exchange focusing on bankruptcy claims
The founders of the now-defunct Three Arrows Capital (3AC), a cryptocurrency hedge fund, are aiming to launch a new crypto exchange named GTX. Su Zhu and Kyle Davies are seeking to raise $25 million for the new venture and are working with Mark Lamb and Sudhu Arumugam from CoinFlex to start trading in claims related to crypto bankruptcies. The Block has obtained pitch decks from the founders detailing their plans for the new exchange.
3AC, which was known for its investments in Bitcoin and other digital assets, shut down in September 2021 citing the challenging market conditions and regulatory environment. The founders now intend to bring their experience and expertise to the new exchange. Read more here
Dipping Toes
Bradesco launches first tokenised bank credit note in Brazil’s regulated tokenisation market
Bradesco, which is Brazil’s second-largest private bank, launched its first tokenized bank credit note recently. The bank successfully completed the transaction for a total of 10 million Brazilian reals, which is equivalent to $1.95 million, under a regulatory sandbox run by the Central Bank of Brazil. This was the first financial market tokenization operation that was regulated by the monetary authority, according to the bank statement.
Other banks in Brazil have also recently started to enter the tokenisation market. For example, Santander, which is another bank in Brazil, issued 40 million Brazilian reals ($7.8 million) in tokenized bonds to Indigo, a parking management company in December, under the Brazilian Central Bank’s sandbox.
Additionally, Itaú Unibanco, which is Brazil’s largest private bank, announced in July 2022 that it was launching its own tokenization platform, Itaú Digital Assets. The platform will not only provide tokenization services but also crypto custody and token as a service (TaaS) products. Read more here
Market Minutes | What to expect this week?
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