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Join Our Telegram channel to stay up to date on breaking news coverage The cryptocurrency market on Saturday, December 31, 2022, was flashing green, as the wider market stepped on the shoulders of leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) which also recorded 0.33% and 0.7% gains respectively. Accordingly, the broader crypto market was up by 0.59% to record a market cap of $796.5 billion, while its 24-hour trading volume dropped by 9.2% to $24.19 billion, according to to live data from CoinMarketCap at 4:21 PM IST. Trust Wallet Token (TWT) was leading top crypto gainers today, after increasing 8.4% o the day, while Solana (SOL) token followed with a 3.2% climb. Analyzing Top Crypto Gainers Today The following cryptocurrencies were the top crypto gainers today, December 31. Trust Wallet Token (TWT) The Trust Wallet Token protocol is based on governance processes where holders vote on significant decisions influencing the Trust Wallet app, such as updates

Reasons for bearishness include U.S. Federal Reserve tightening, the absence of leverage buyers' demand, and fearful BTC option traders. December will likely be remembered by Bitcoin's (BTC) fake breakout above $18,000, but apart from that brief overshoot, its trajectory was entirely bearish. In fact, the downward trend that currently offers an $18,850 resistance could bring the BTC price below $16,000 by mid-January. Bitcoin/USD price index, 12-hour. Source: TradingView A handful of reasons can explain the negative movement, including the reported withdrawal of Mazars Group auditing firm from the cryptocurrency sector on Dec. 16. The company previously handled proof-of-reserve audit services for Binance, KuCoin and Crypto.com. Additionally, one can point to the bankruptcy of one of the largest cryptocurrency miners in the United States, Core Scientific. The publicly listed company filed for Chapter 11 bankruptcy on Dec. 21 due to rising energy costs, increasing competition, a

Back when Bitcoin made its debut and other cryptocurrency assets followed suit, the globe was surprised to see the advent of financial technology. However, this excitement dropped after the power consumption of cryptocurrency mining surfaced. With time, miners found new ways to make the process more sustainable. This, however, did not settle well with many. Nevertheless, the crypto-verse is home to a plethora of assets that do not consume too much energy. Here’s a list of crypto networks that do not cause increased carbon emissions and are eco-friendly. Ethereum [ETH] Ethereum took a significant step towards going green last September when it switched from a proof-of-work [PoW] to a proof-of-stake [PoS] mechanism. Unlike PoW, PoS algorithms rely on users staking their tokens as collateral to validate transactions rather than using such energy-intensive methods. This can drastically lower energy consumption rates and lessen the carbon footprint of the network. Following the M

Self-doxxed trader behind the $110M Mango Market exploit Avraham Eisenberg is now in the custody of law enforcement agents. Eisenberg’s arrest came on allegations of commodities fraud alongside manipulation to cart off over $100M worth of crypto from the aforementioned platform.  Eisenberg Charged with Market Manipulation Per a  filing from the United States Attorney Southern District of New York (SDNY), the arrest took place in Puerto Rico. This was on Monday, December 26th. An unsealed criminal complaint on Tuesday alleged that Eisenberg raised the Mango Market exchange rate by 1,300%. He then reportedly borrowed and withdrew assets in under 20 minutes using the inflated swap rate.  Additionally,  the complaint asserted that the crypto trader “willfully and knowingly” influenced the sale of a commodity. The commodities in question are future contracts on decentralized finance protocol Mango Markets. As stated earlier, Eisenberg is facing market manipulation charges, possibl

Before Christmas, FTX founder Sam Bankman-Fried was released from jail on a $250 million bail. He was extradited to the US after an eight-day stay in The Bahamas Fox Hill correctional facility. The former executive of the exchange faces charges for wire fraud, securities fraud, commodities fraud, and money laundering among others. Also Read: FTX Customers File Class Action Lawsuit Claiming Assets SBF In Talks With Michael Lewis According to recent reports, SBF is staying in San Francisco with his parents who are well-known law professors at Stanford. A recent report from New York Post revealed that the FTX founder is likely turning his crypto tale into a “blockbuster” with the help of bestselling author Michael Lewis. Lewis has penned several hits including The Big Short and Moneyball. JUST IN: Sam Bankman-Fried is in talks with 'Big Short' writer Michael Lewis while under house arrest, NYPost reports. — Watcher.Guru (@WatcherGuru) December 27, 2022 Unnamed sour

The popular dog-themed crypto project, Shiba Inu (SHIB), has one of the most active userbases in the industry. They collectively called the SHIB Army and push for further adoption of the crypto token. The group often finds creative new ways to advertise their favorite tokens, many times to score big listings. What’s worth pointing out is that the SHIB Army is successful in many aspects. The latest initiative by the Shiba Inu (SHIB) group is the launch of a VIP social network platform. The new venture is live and, in the last 24 hours, has gathered 350 members. Goodnight $SHIB Family. ❤️ The ShibArmy VIP Social Network is now live for 24 hours and we already have over 350 members! 👊 Have you joined yet? 🧐 pic.twitter.com/WhVnJW2Tbe — Shib Dream * Shiba Inu News * Shib Army Social 💎 (@theshibdream) December 27, 2022 Users of the SHIB social network can submit their articles and blog entries, play games, visit websites relevant to the SHIB, read the news feed, view movies

Following FTX co-founder Sam Bankman-Fried’s arrest and the statements from his co-workers Gary Wang and Caroline Ellison, the spotlight has turned on the remaining executives who were part of the team’s inner circle. Another person people are curious about these days is Alameda Research’s ex-co-CEO Sam Trabucco. The 30-year-old executive left Alameda in Aug. 2022, but since Ellison detailed misconduct happened in 2019, it’s assumed that Trabucco knows a thing or two about what happened. Spotlights Remain on a Few More FTX and Alameda Execs Like Sam Trabucco Since Sam Bankman-Fried (SBF) was arrested and then later released on bail, attention has been drawn toward executives who have not come forward, or at least not publicly announced they have been cooperating with law enforcement. So far we know that at least three co-workers have turned on SBF including Caroline Ellison, Gary Wang, and Ryan Salame. Two other execs people are curious about include FTX’s former director of enginee

The Bitcoin network hashrate has returned to 241.29 EH/s after a temporary 38% fall to 170.60 EH/s from a weekly peak of 276.40 EH/s. Bitcoin’s network hashrate has returned to regular levels again, days after freezing temperatures across the United States put a strain on the nation's electricity grid — leading to a temporary drop in hashrate. In the days leading up to Christmas, bone-chilling temperatures swept across the United States, leading to millions without power and claiming at least 28 lives. According to reports, Bitcoin miners in Texas, which accounts for a significant portion of the country's hashrate, voluntarily curtailed operations to give power back to the grid — so that residents can keep their homes heated.  The disruptions appear to have put a dent in Bitcoin’s hashrate, which typically hovers around 225-300 Exahashes per second (EH/s). This fell to 170.60 EH/s on Dec. 25. As of Dec. 26 however, the hashrate has returned to 241.29 EH/s, according to data f

Court filings show that debtors from FTX Trading Ltd. and Alameda Research want 56 million shares of Robinhood stock frozen after multiple creditors are seeking access to the funds, and also Sam Bankman-Fried (SBF). Court Filing Wants to ‘Enforce an Automatic Stay’ Against Claims Over FTX’s 56 Million Robinhood Shares On Dec. 22, 2022, court documents show that debtors from FTX want to freeze 56 million Robinhood shares owned by a subsidiary crafted by SBF called Emergent Fidelity Technologies. The debtors from FTX and Alameda have said that multiple entities are seeking to claim these assets, including the now-defunct crypto lending firm Blockfi. FTX wants the court to enforce an automatic stay against claims for the 56 million Robinhood shares worth roughly $450 million. The Class A common stock Robinhood shares are currently custodied at ED&F Man Capital Markets Inc. (EDFM) in New York City. EDFM does not dispute the ownership of the $450 million shares of Robinhood stock. Th

On Friday, Bitcoin's price remained relatively stable, near $16,750 on December 22. Bitcoin (BTC), the world's most popular cryptocurrency, extended its modest gains and closed the day above $16,800. It has remained upbeat despite the release of the United States third-quarter GDP figures, which revealed an increase to 3.2% from the previously reported 2.9%. Cryptocurrencies have had a difficult year after reaching record highs in late 2018, owing to a variety of factors such as the Fed's tightening of policies, as well as the collapses of the Terra/Luna ecosystem, hedge funds Three Arrows Capital, and exchange FTX. As a result, returning to high levels in the crypto market will be difficult.  Despite this, Bitcoin, the world's most popular cryptocurrency, appears to be recovering and is being supported by a mildly positive crypto market. Meanwhile, BTC's minor rise could be attributed to the fact that investors have begun to conduct large transa

SEC’s acting chief accountant Paul Munter said that investors shouldn't place too much confidence in a company holding up a proof-of-reserves audit. A senior official from the United States Securities and Exchange Commission has warned investors to be “very wary” about relying on a crypto company’s “ proof -of- reserve s.” “We’re warning investors to be very wary of some of the claims that are being made by crypto companies,” said SEC’s acting chief accountant Paul Munter in a Dec. 22 interview with The Wall Street Journal. A number of crypto firms have commissioned “proof-of-reserves” audits since the collapse of crypto exchange FTX, aiming to quell concerns over their own exchange’s financial soundness. However, Munter said the results of these audits isn’t necessarily an indicator that the company is in a good financial position. “Investors should not place too much confidence in the mere fact a company says it’s got a proof-of-reserves from an audit firm.” He further added

Guggenheim Partners CIO Scott Minerd believes there is going to be a crypto washout similar to the internet bubble. “There’s another shoe to drop,” he warned. Nonetheless, the executive is confident that the crypto industry will move forward despite the collapse of crypto exchange FTX. Guggenheim’s Scott Minerd Shares Crypto Outlook Guggenheim Partners Global Chief Investment Officer (CIO) Scott Minerd shared in an interview with Bloomberg last week his thoughts on the future of cryptocurrency following the implosion of crypto exchange in FTX. He was asked if he has confidence that bitcoin and crypto can move forward given the FTX fallout, subsequent contagion, and recent crypto market sell-offs. Minerd replied: “I do.” The CIO then proceeded to detail: “A year ago we were talking about crypto, and there were approximately 19,000 coins, to which my comment was, ‘this is mostly crap.'” He warned: There is going to be a washout. “Just like the internet bubble, we will have surv

Despite the market conditions that prevailed in much of 2022, decentralized finance (defi) still demonstrated its greater scaling potential than that of the traditional financial industry, a new report has said. Even though the total value locked dropped from the peak of $180 billion in Dec. 2021, to just over $50 billion by end of Oct. 2022, certain sectors of the defi market still “show a very optimistic trend.” Decline in Total Value Locked According to Hashkey Capital’s end-of-year report, decentralized finance (defi) has the “potential to be many times more scalable than the traditional financial industry.” In addition to the scaling potential, defi protocols are resilient and are likely to emerge from black swan events such as the Terra luna/UST collapse unscathed, the report suggested. However, in the report titled Defi Ecosystem Landscape Report, Hashkey Capital — an end-to-end digital asset financial services group — acknowledged that unfavorable market conditions that lar

Bitcoin and select altcoins are showing signs of a possible recovery in the near term but higher levels may continue to attract sellers. As the year comes to an end, investors will be keenly watching for a Santa Claus rally on Wall Street as many believe that if the rally does not happen, the next year may either remain flat or turn negative.  Jurrien Timmer, director of global macro at asset management giant Fidelity Investments, tweeted on Dec. 19 that the United States equities Markets may remain “sideways” and choppy in 2023. He expects “one or more retests of the 2022 low, but not necessarily much worse than that.” Daily cryptocurrency market performance. Source: Coin360 The cryptocurrency market has been largely correlated with the S&P 500 in 2022. Unless both markets decouple, the sideways or negative action in the equities markets may not bode well for the cryptocurrency market. Analysts remain divided on the future price action for Bitcoin (BTC). While some expect a recov