What Happened In Crypto Markets Last Week?
After breaking the $50,000 threshold earlier this month, bitcoin has stalled at $52,000.
Data shows that retail traders are staying on the sidelines for now, but activity related to spot bitcoin exchange-traded funds (ETFs) has remained at high levels, with spot bitcoin EFT issuer BlackRock on pace to overtake Microstrategy Inc. as the largest holder of bitcoin.
Meanwhile, a new research paper found that cyber attacks on Bitcoin (BTC) and Ethereum (ETH) would be “economically unfeasible.
“Bitcoin reached $52,000 after surpassing $50,000, with retail traders cautious. Spot Bitcoin ETF activity remains high; BlackRock may surpass Microstrategy in holdings. Cyber attacks on Bitcoin and Ethereum deemed economically unfeasible in recent research.”
Bitcoin Stalls After Scaling $50,000
Bitcoin surged above $52,000, its highest in over two years. Swissblock analysts note $52,000 as a key resistance level, hinting at a potential retreat to maintain bullish momentum.
Attacks on Bitcoin and Ethereum Labeled ‘Unfeasible’
A recently published research paper has shed light on the robust security measures in place for Bitcoin and Ethereum, rendering 51% attacks economically impractical.
SSRN. “Breaking BFT: Quantifying the Cost To Attack Bitcoin and Ethereum.”
Researchers found that these attacks aren’t feasible due to the significant costs and logistical hurdles involved. These findings underscore a pivotal evolution in the security of Bitcoin and Ethereum, the researchers said.
Decentralized Crypto Exchange Fixedfloat Hacked
Reports surfaced on social media platform X that FixedFloat, a decentralized crypto exchange, suffered a $26 million hack in bitcoin and ether. Criticism ensued over delayed disclosure by the exchange operators, following the incident earlier this month.
What to expect from Crypto market from this week ?
A popular topic of conversation among traders this week is the potential approval of an ETH ETF by the U.S. Securities and Exchange Commission.
Notably, the latest ETH ETF application from money management firm VanEck doesn’t include staking, which is a departure from previous filings from fund managers ARK Invest Management LLC and Franklin Templeton.
According to research released Monday by brokerage firm Bernstein, there is a 50% chance that an ETH ETF gets approved by May and it could be “well-positioned for mainstream institutional adoption” in the crypto market.
Separately, many analysts are tracking STRK, which is the new native token of Ethereum Layer 2 protocol Starknet.
After briefly trading as high as $5, STRK has settled around the $2 mark on CoinMarketCap Tuesday.
It temporarily reached a multibillion-dollar market capitalization after being airdropped to millions of users in what’s been called the largest such distribution this year.
“Investors should be aware of the security risks associated with cryptocurrency investments, including the risk of hacking, theft, and loss of funds.
It is recommended to consult with a qualified financial advisor or investment professional before making any investment decisions related to cryptocurrencies.”