Ethereum
Bitcoin Spits After Crossing $50,000
Key takeaways
- Bitcoin stabilized at around $52,000 after having a strong start to the month; However, there are signs that the slow return of retail traders could eventually add momentum.
- A new research paper has found that theoretical attacks against the proof-of-work and proof-of-stake consensus mechanisms used in Bitcoin and Ethereum are “economically infeasible.”
- Decentralized crypto exchange Fixfloat has faced criticism related to the exchange being hacked for approximately $26 million worth of bitcoin and ether.
- The Ethereum Layer 2 Starknet network’s new token, STRK, has reached a multi-billion dollar market cap after being airdropped to millions of users.
What happened in the crypto markets last week?
After surpassing the $50,000 threshold earlier this month, bitcoin remained 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 in moves to overtake Microstrategy Inc. as the largest holder of bitcoin.
Meanwhile, a new research paper has found that cyberattacks against Bitcoin (BTC) and Ethereum (ETH) would be “economically infeasible”.
Bitcoin stalls after rising $50,000
Bitcoin surpassed the $52,000 mark last week, marking its highest level in over two years. Despite this surge, there are signs that a slowdown may be on the horizon.
Late last week, Swissblock analysts said the $52,000 level was a significant level. resistance which suggests that a temporary pullback may be necessary to maintain the current uptrend.
Attacks on Bitcoin and Ethereum are called “unfeasible”
A recently published research paper shed light on the robust security measures in place for Bitcoin and Ethereumrendering 51% attacks economically impractical.
Researchers have found that these attacks are not feasible due to the significant costs and logistical hurdles involved. These results highlight a crucial development in the security of Bitcoin and Ethereum, the researchers said.
Fixed float decentralized crypto exchange hacked
Elsewhere, it was reported on social media platform X on Sunday that decentralized crypto exchange FixFloat was pirate for $26 million worth of bitcoin and ether. The exchange’s operators were criticized for not immediately reporting the hack, which took place earlier this month.
What to expect from crypto markets this week
A popular topic of conversation among traders this week is the potential approval of an ETH ETF by the United States Securities and Exchange Commission.
Notably, financial management firm VanEck’s latest ETH ETF app does not include stakingwhich deviates from documents previously filed by fund managers ARK Invest Management LLC and Franklin Templeton.
According to a study released Monday by brokerage firm Bernstein, there is a 50% chance that an ETH ETF will be approved by May and it could be “well-positioned for the general public.” institutional adoption” in the crypto market.
Furthermore, many analysts follow STRK, which is the new native token of Ethereum Layer 2 Starknet protocol.
After briefly trading as high as $5, STRK stabilized around the $2 mark on CoinMarketCap on Tuesday. It temporarily reached a market capitalization of billions of dollars after being distributed to millions of users in what is being called the largest such distribution this year.