According to a recent survey, half of Canadian institutional investors and financial services organizations have actively offered at least one type of cryptocurrency asset product or service to clients in the past year. The study revealed that half of the institutional investors surveyed were exposed to crypto through exchange-traded funds (ETFs), closed-end trusts, or other […]
Bitcoin News
Bank of Russia: Russians Transacted $51 Billion in Crypto During 2023
The Bank of Russia noted that Russian nationals transacted billion (4.78 trillion rubles) in crypto during 2023. According to an annual report issued by the bank, its investigations found that volume flows equivalent to the number, especially in bitcoin and ether, were attributed to Russian nationals in large exchanges. Bank of Russia Reports High […]
Bitcoin News
TRM Labs Report: Tether’s USDT Was the Go-to Stablecoin for Illicit Activities in 2023
A report issued by TRM Labs indicated that Tether’s USDT, the largest stablecoin in the cryptocurrency industry, was the preferred stablecoin used for illicit transactions during 2023. TRM Labs alleges that 1.6% of USDT’s volume was linked to illicit activity last year, with .3 billion worth of USDT used in illegal transactional flows. TRM Labs […]
Bitcoin News
Study: Institutions More Bullish on Ethereum in H2 of 2023 — BTC and ETH Holdings Surge to 80%
Between July 2023 and January 2024, the concentration of bitcoin and ethereum in institutional digital asset portfolios increased from 50% to 80%, the latest Bybit user asset allocation report has shown. During this period, institutions appeared to be more bullish on ethereum than bitcoin, a sentiment that contrasted with that of retail investors. Stablecoins and […]
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Chainalysis Report: Crypto Value Sent From Illicit Addresses Dropped by Nearly $10 Billion in 2023
According to Chainalysis’ report on money laundering trends, the value of crypto transferred by illicit addresses in 2023 fell by nearly billion from .5 billion to the latest billion. The report attributes the drop to the overall decline in both legitimate and illicit crypto transaction volumes in 2023. An analysis of services used […]
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Cardano Q4 2023 Report: TVL Growth And ADA Price Surge Outshine Competitors
Cardano (ADA) showcased remarkable progress during the fourth quarter (Q4) of 2023, surpassing its competitors and demonstrating impressive growth in key metrics, according to a Messari report.
Average Daily Transactions Soar In Q4
The report highlights that ADA’s revenue in USD increased by 66.7% quarter-over-quarter (QoQ), driven not only by ADA’s price action but also by a 10.6% QoQ increase in revenue denominated in ADA.
Furthermore, Cardano’s Treasury balance expanded by 2.6% QoQ, reaching 1.43 billion ADA, in line with growth trends observed in previous quarters. Currently, 20% of transaction fees contribute to the treasury, which can be adjusted through governance.
Another key metric, transactions, shows that Cardano experienced 10.9% QoQ growth in average daily transactions, outpacing the 1.6% QoQ growth in daily active addresses. The ratio of transactions to active addresses has steadily increased over the past year, indicating increased power users.
In Q4, the ratio of transactions to active addresses increased 9.2% sequentially and 45.0% year-over-year (YoY), reflecting higher average activity per user due to the introduction and development of various protocols throughout 2023.
In terms of stake, active stake declined by 0.5% QoQ for the second consecutive quarter, amounting to 22.8 billion ADA. Engaged stake also remained relatively flat in the second half of 2023. However, active and engaged stake witnessed a YoY decrease of 10.2% and 9.6%, respectively.
Cardano TVL Reaches New Milestone
With the thawing of the crypto winter, the Cardano ecosystem experienced a significant surge in Total Value Locked (TVL) in USD, skyrocketing 166% QoQ and 693% YoY.
Indigo emerged as the largest protocol by TVL, surpassing Minswap. TVL of stablecoins on Cardano increased by 37% QoQ and 673% YoY, with the addition of Mehen’s USDM fiat-backed stablecoin scheduled to launch in March.
Notably, TVL in USD reached an all-time high of 9 million on December 14th, representing the Q4 growth of 166%. This surge contributed to Cardano’s rise in TVL rankings from 15th to 11th during Q4, following its initial position of 34th at the beginning of the year. TVL denominated in ADA also achieved an all-time high, peaking at just over 700 million ADA.
According to the report, Cardano’s TVL growth was primarily driven by the introduction of new stablecoins, namely iUSD and DJED, early in 2023. Stablecoins remained a crucial indicator of decentralized finance (DeFi) health, as the total value locked in stable assets rose by 36.8% to .5 million. Cardano’s stablecoin market cap also improved from 54th to 32nd among other networks.
However, non-fungible token (NFT) activity declined during Q4. Transactions and trading volume in the NFT space decreased by 8.0% and 33.8% QoQ, respectively. Every year, NFT transactions and trading volume substantially declined by 58.3% and 68.3%, respectively.
The only metric to show growth in 2023 was the number of unique sellers, which increased by 213.2% YoY, averaging 270 unique sellers daily.
Lastly, ADA’s price surged 127.2% QoQ, outperforming the overall crypto market’s 53.8% increase. This Q4 surge contributed to ADA’s YoY change of 145.2%.
As of now, ADA continues to show significant gains with its current trading price of .5724. This reflects a significant increase of 5.5% over the past 24 hours and 8% over the past 30 days. These figures further solidify the bullish momentum of the token as the market enters the middle of the first quarter of 2024.
Featured image from Shutterstock, chart from TradingView.com
Billionaire Peter Thiel’s VC Firm Bought BTC and ETH Worth $200 Million in Latter Half of 2023
Founders Fund, a venture capital (VC) firm founded by the billionaire Peter Thiel, is believed to have acquired bitcoin and ethereum worth 0 million sometime in the second half of 2023. The VC firm reportedly began purchasing bitcoin when its price was still under ,000. Founders Fund’s Renewed Interest in Crypto In the latter half […]
Bitcoin News
Bank of Russia Detected Over 5,700 Pyramid Schemes in 2023
The Bank of Russia reported that the number of pyramid schemes and illegal lending providers in Russia rose to over 5,700 in 2023, an increase of 15.5% over the number detected in 2022. Specifically, the number of pyramid schemes detected increased by 46%, relying on the Internet and cryptocurrency as tools for promoting and carrying […]
Bitcoin News
A Comeback Story: Here’s How The XRP Trading Volume Fared In Q4 2023
A recent report released by Ripple in its Q4 2023 XRP Markets Report unveiled that XRP experienced a substantial increase in daily trading volume, hitting roughly 0 million this quarter. According to the report, this surge represented a 75-100% growth compared to the lower trading volumes observed in Q3.
Notably, the Ripple report suggests a rejuvenation in investor interest and market activity for the altcoin, marking a notable shift from the previous quarter’s performance.
Ripple’s XRP Holdings And Other Crypto Volume In Q4 2023
Ripple’s Q4 report also provided insights into the company’s XRP holdings. As of September 30, 2023, Ripple’s total XRP holdings were more than 5.25 billion, stored in its wallets, plus another 41.3 billion XRP secured in on-ledger escrow.
However, by the close of December 2023, Ripple’s wallet holdings had slightly reduced to about 5.08 billion of this token, and the XRP in on-ledger escrow had also decreased to approximately 40.7 billion.
According to the report, Ripple’s access to the escrowed XRP is restricted until scheduled monthly releases occur, a mechanism that ensures the controlled release of tokens into the market.
Meanwhile, in addition to the surge in XRP’s trading volume, the Ripple markets report also revealed that other major cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), saw considerable increases in their trading volumes.
BTC volumes rose by 88% quarter-on-quarter (QoQ), while ETH recorded a 140% increase over the same period. These trends indicate a broader recovery and bullish sentiment across the crypto market during the quarter.
XRP’s Market Performance And Future Outlook
Despite the recent surge in trading volume, XRP’s market price has shown varying trends. In the last quarter of 2023, the altcoin traded above .60, but as of the latest price action, it hovers just above .5, indicating a decline.
Although there has been a 3.7% increase in the past week and a 2.2% rise in the past day, the asset is currently trading around .52.
Nevertheless, the community and analysts remain optimistic about its future potential. Crypto analyst Jaydee recently pointed out a historical pattern suggesting an imminent parabolic move for XRP. According to Jaydee, the altcoin is currently testing a 10-year trendline, similar to previous instances that led to significant price increases.
#XRP – Last two times we tested the 10-year trendline, $XRP 39x – 650x in price w/in a year! We are now testing multi-year trendline!
Can we bounce off trendline to finally break structure?! Do NOT “KNOW WHAT YOU HOLD”, we taking “calculated profits!”
RT/Like for updates!… pic.twitter.com/flIQcDh4Ls
— JD (@jaydee_757) February 3, 2024
Additionally, Crypto Patel, another analyst, shared his forecast, emphasizing XRP’s potential to shine and go parabolic, drawing parallels to past market trends.
Patel also referred to the legal developments involving Ripple and the US Securities and Exchange Commission (SEC), suggesting that the recent legal victory for Ripple could open doors for XRP’s breakout in the next bull run.
The analyst drew attention to a specific chart pattern from 2017 that preceded a massive rally for altcoin. If this trend repeats, Patel posits, the asset could witness an ‘extraordinary’ surge, potentially reaching over .
Is This Finally XRP’s Time To SHINE, WIll hit ?
Last bull #XRP seriously underperformed while stuck fighting the #SEC
BTC hit new highs while XRP failed to pass 2017’s .30 ATHBut with the SEC case now won – the floodgates may finally BE OPEN!
Similar… pic.twitter.com/joWLvBnadp— Crypto Patel (@CryptoPatel) February 7, 2024
Featured image from Unsplash, Chart from TradingView
Peckshield Report Reveals Decline in Crypto Losses Despite Persistent Threats in 2023
Peckshield’s latest report reveals a mix of challenges and advancements in the crypto world. Despite a notable decrease in overall losses to hacks and scams, decentralized finance protocols remain heavily targeted, accounting for a significant portion of the cyber thefts.
Peckshield Report Unveils 27.78% Drop in 2023 Losses and Over 4 Million in Crypto Recovered
In an analysis of the 2023 cryptocurrency landscape, blockchain security firm Peckshield revealed a decrease in losses due to hacks and scams compared to the previous year, despite ongoing challenges in securing digital assets. The firm’s data, summarized in a report released on Jan. 29, sheds light on the evolving nature of threats in the crypto space and the strategies deployed to mitigate them.
#PeckShieldAlert 2023 saw 600+ major hacks in the crypto space, resulting in ~.61B in losses, with 4.9M recovered.
.51B lost to hacks (excluding #Multichain unauthorized withdrawals) & .1B to scams. This marks a 27.78% decrease from 2022. #DeFi protocols remained prime… pic.twitter.com/G7PIU3WyrX— PeckShieldAlert (@PeckShieldAlert) January 29, 2024
Peckshield’s findings show a 27.78% decline in total losses from cyber thefts in 2023, amounting to approximately .61 billion, compared to around .6 billion in 2022. This decrease is noteworthy in the context of the expanding digital asset ecosystem.
The firm tracked over 600 major hacks throughout the year, with around 4.9 million successfully recovered. This figure represents a significant improvement over the 3 million recovered in 2022, attributed to more active negotiations with hackers and increased implementation of bug bounty programs.
Despite the overall decrease in losses, decentralized finance (defi) protocols continued to be the primary target, accounting for 67% of the total value stolen. This trend highlights the persistent vulnerabilities in the defi sector, which have been a focal point for cybercriminals.
Peckshield’s report also points out that flash loan attacks constituted 40% of the hacks in 2023, underlining the continuing threat in innovative yet potentially exploitable financial mechanisms in the crypto domain.
The recovery of stolen funds was aided by collaboration with centralized exchanges, Tether, and law enforcement agencies. These entities played a crucial role in freezing assets upon detection, thereby facilitating their recovery.
An intriguing aspect of the report is the shift in the nature of illicit crypto transactions. From 2018 to 2021, Bitcoin was the predominant currency in illegal transactions. However, in 2022 and 2023, there was a noticeable shift towards stablecoins, reflecting the changing landscape of cryptocurrency usage in unauthorized activities. This shift towards a preference for stablecoins is corroborated by the recent Chainalysis report that came to the same conclusion.
Do you expect the decline in crypto losses to continue into 2024? Share your thoughts and opinions about this subject in the comments section below.