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Analyst predicted bitcoin rally amid its following the 2018 market structure

Crypto analyst and trader Benjamin Cowen predicted a rise in the price of bitcoin to $40 000-$42 000 from June 2022. He attributed this assumption to bitcoin following a market structure from 2018. According to him, the asset had seen higher lows in the $9 000-$11 000 range in January 2018. Cowen notes that bitcoin eventually crashed and set a new low of around $5 800.

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⛏Large miners started selling bitcoins to cover mining expenses

The flow of large miners to crypto exchanges has peaked since January 2022. According to a report by the mining company Compass Mining, cryptocurrency mining has become less profitable and its participants have started selling their assets on the open market to cover power expenses.

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Trader Peter Brandt predicted the Ethereum rate to fall to $300

Trader and analyst Peter Brandt believes that Ethereum could face a 70% devaluation from current prices. According to him, the value of the asset could drop to the $300 mark.

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Bloomberg reports on the increased interest of institutions in cryptocurrencies

Institutional investors have started to show increased interest in cryptocurrencies, while retail investors are not as active in the digital asset market. Bloomberg journalists write about this, citing recent events in the industry. The outlet noted the recent partnership between BlackRock and Coinbase, which is designed to make it easier for institutional investors to enter the crypto market, and the news that the hedge fund Brevan Howard raised $1 billion for its crypto fund. These events are taking place against the backdrop of the crypto market’s recovery. Thus, over the last month, bitcoin rose by 20% and Ethereum rose by 60%.

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Tether will provide the NY court with data on the backing of USDT

Representatives of Tether have agreed to provide the New York court with financial records relating to the backing of the USDT stablecoin. Tether called the procedure “a routine,” and stressed that complying with the court’s requirements does not substantiate the plaintiffs’ unfounded claims against the company.

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FBI notes an increase in the number of uses of crypto ATMs by scammers

On October 3, the US Federal Bureau of Investigation (FBI) issued a public warning about fraudulent schemes involving cryptocurrencies. As noted in the document, along with regular methods such as wire transfers and prepaid cards, attackers are increasingly using crypto ATMs in their schemes.

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Compensations, giveaways, and deepfakes. How scammers take advantage of FTX’s crash

️What tricks and scenarios attackers use to steal cryptocurrencies of the exchange’s affected users

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️ “A bloodbath.” Nansen CEO shares his prediction for crypto startups for 2023

Alex Svanevik, CEO of research firm Nansen, said that 2023 will be “a bloodbath” for cryptocurrency startups. He attributed this to the fact that most projects will run out of money after seed funding rounds in 2021-2022, and some will be bought by next year. According to Svanevik, some of these companies are doing new rounds while getting 80% less money than before.

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Blogger Scott Melker predicts massive bitcoin sales if Grayscale collapses

️The Wolf of All Streets podcast host and crypto trader Scott Melker said in an interview with Kitco News that the collapse of digital asset management firm Grayscale Investments and the liquidation of its GBTC will trigger a domino effect across the market, causing massive bitcoin sales. He considers bankruptcy of the company unlikely, adding that if it occurs, firms such as Valkyrie Investments will be able to “take over” Grayscale and run it more efficiently. Meanwhile, Grayscale’s parent company, Digital Currency Group, suspended dividend payments to shareholders on January 18.

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Gemini exchange cuts 10% of employees after Genesis bankruptcy

Crypto exchange Gemini has conducted its third round of layoffs and laid off 10% of its employees, The Information reports. This followed the bankruptcy of crypto lender Genesis, part of Barry Silbert’s conglomerate Digital Currency Group (DCG). Together, the companies were running the Earn program for exchange customers, but Genesis currently owes them $900 million. Following the crypto lender’s bankruptcy, Gemini co-founder Cameron Winklevoss said he would sue Silbert and DCG if he did not get a fair offer to repay creditors.

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