The biggest news in the Cryptoverse on January 13th was that the former CEO of Celsius faced a NYAG lawsuit as the company announced plans to sell its mining rig. Meanwhile, Polygon proposed a hard fork, Crypto.com announced layoffs, and Congressman Tom Emmer criticized the US Securities and Exchange Commission. Plus various reports and research on Bitcoin, the crypto market, and stablecoins.
CryptoSlate Top Stories
Former CEO of Celsius sued for alleged customer fraud
New York Attorney General Laetitia James has filed a lawsuit against Celsius Network LLC co-founder and former CEO Alex Mashinsky.
James said Mashinsky violated the Martin Act and New York’s administrative and general business laws by tricking investors into depositing billions of dollars into digital assets within a crypto lending firm.
Celsius Mining Sells 2687 BTC Mining Equipment For $1.34 Million
Celsius Mining signed a deal on January 7 to sell 2,687 bitcoin mining rigs to Toji Capital for $1.34 million, according to a court on January 11. filing.
The mining rig is a MicroBT ASIC M30S located in Houston, Texas, with hashrates ranging from 84TH/s to 92TH/s.
Celsius Mining said it had discussed with multiple brokers and market participants and determined that Touzi Capital’s offer was the best.
The mining company said the proceeds from the sale of rigs will be used for general and corporate expenses.
Crypto.com cuts its workforce by 20%
Crypto exchange platform Crypto.com has made a move to lay off about 20% of its workforce worldwide.
Crypto.com CEO Chris Marzalek said: January 13th The exchange has made the difficult decision to cut staff to weather the challenges of the current bear market.
Crypto.com reportedly killed its employees about 4,000 However, the recent FTX impact and market impact forced the company to make a second round of layoffs.
Polygon plans to cut gas prices with hard fork on January 17
Ethereum (ETH) Layer 2 Network Polygon (MATIC) Proposed Hard Fork on Jan 17th, Declaring Gas Spikes and Addressing Chain Reorganization by Changing BaseFeeChangeDenominator on Jan 12th I was. statement.
Polygon boasts better scalability and lower fees than Ethereum, but is immune to gas spikes during network congestion.
The hard fork proposal is designed to reduce these gas spikes by changing the BaseFeeChangeDenominator from 8 to 16 and lowering the base gas fee from 12.5% to 6.25%.
US Rep. Tom Emer says SEC is not ‘protecting’ anyone
US Congressman Tom Emmer Said SEC Chairman Gary Gensler is not “protecting” anyone with his “regulation by enforcement” strategy.
Instead, Emmer believes the policy is hurting “everyday Americans.”
Lawmakers were responding to the SEC’s Earn product charges against cryptocurrency companies Genesis and Gemini. According to regulators, the product was an unregistered offering and sale of securities.
BTC Hashrate Hits ATH For Second Time In 7 Days, Difficulty Expected To Rise 9%
Bitcoin (BTC) hashrate hit a new all-time high on January 12, rising 20%. It is his second time that the hashrate has risen to a new ATH in the last 7 days.
It has since returned to 251.79 EH/s as of this writing.
Crypto investor Asher Hopp pointed out that the Bitcoin hash rate has risen to an all-time high.broken minor core scientific Turn off 9,000 ASICs in December. According to Hopp, “Hash is moving from weak hands to strong hands.”
BTC hashrate increase is expected to increase mining difficulty by 9%. Bitlow.
Cryptocurrency Market Cap Exceeds $900 Billion, Hits 9-Week High
Cryptocurrency market capitalization surpassed $900 billion on January 12, hitting a nine-week high.
Some see this as a sign of the emergence of a new Bull Run, in connection with several tokens recording “monster profits” recently.
Nine weeks ago, the aftermath of the FTX collapse rocked the market, leading to massive capital outflows. The bottom has been reached on November 21, 2022 when the combined market cap hits his $783 billion.
Centralized Exchange Stablecoin Reserves Continue to Decline After FTX Collapse
Gradually, the strength and popularity of stablecoins are growing alongside the cryptocurrency industry. Its growth is attributed to the stability it offers against cryptocurrency volatility.
USDT is still the largest stablecoin by market capitalization as USDC, Binance USD and DAI make up the top four at the moment.
The entire stablecoin sector has a market capitalization of $138 billion. coin market capitalizationThe Big 4 stablecoins contribute over $130 billion to this figure and dominate the stablecoin market.
Survey: BTC Hash Ribbon Indicator Shows Miner Surrender May Be Nearly Over
Bitcoin (BTC) holders had a tough year in 2022, but it was an even tougher year for BTC mining — mining stocks fell more than 80% and bankruptcies of mining companies cemented a bear market — but , the worst minor surrender may be over. Cryptoslate analysis.
As the price of BTC plunged 75% from its all-time high (ATH), the hash rate also hit an all-time high as miners stepped up their efforts to remain profitable in the energy crisis.
The hash ribbon indicator chart above shows that the worst of minor capitulation is over when the 30-day moving average (MA) crosses the 60-day moving average — switching from light red to dark red area. .
Over the past 24 hours, Bitcoin (BTC) rose 4.6% to trade at $19,716.86 while Ethereum (ETH) rose 1.26% to $1,445.30.
Biggest Gainers (24 hours)
- TNC Coin (TNC): 16148.13%
- Micromine (MICRO): 84.14%
- SingularityNET (AOIX): 62.12%
Biggest Loser (24h)
- Neutrino USD (USDN): -5.62%
- MX Token (MX): -4.73%
- Monero (XMR): -2.47%