Top Crypto News This Week: Trending News You May Have Overlooked (Jan 15th-20th)

This week in the world of cryptocurrency has been filled with excitement and significant developments that have impacted investors. From legal disputes to market fluctuations, let’s take a closer look at the news you may have missed.

Bitfinex, a well-known cryptocurrency exchange, successfully defended itself against a massive attack aimed at compromising $15 billion worth of XRP tokens. The exchange effectively neutralized the attack by skillfully managing critical transaction data and thwarting the attacker’s attempt to exploit a “Partial Payments Exploit.”

Despite the approval of a spot Bitcoin ETF by the SEC, Bitcoin’s price has taken a plunge, decreasing over 10% and currently trading at $41,470. The unexpected drop in price can be attributed to investors chasing temporary profits from the initial ETF hype. While some analysts predicted that the approval would cause the price to skyrocket, others believe that the temporary gains led to the subsequent drop in value.

Vivek Ramaswamy, who initially entered the US presidential race with much enthusiasm, recently dropped out after a disappointing performance in the Iowa caucus. He announced his support for Donald Trump and expressed his belief that no deserving candidate remained in the race.

Binance, in partnership with Thailand’s Gulf Innova, Gulf Binance, has officially launched its cryptocurrency exchange services in Thailand. This joint venture, supported by Binance Capital Management and Gulf Energy Development, marks a significant advancement in the digital finance sector, allowing Thai users to easily engage in cryptocurrency trading with a variety of local currency pairs.

Ripple CEO Brad Garlinghouse made headlines this week by sharing the stage with CFTC Commissioner Caroline D. Pham at the World Economic Forum in Davos. The event, which lasted five days and attracted participants from around the world, provided a platform for Garlinghouse to discuss important issues in the cryptocurrency industry.

The European Banking Authority (EBA) has strengthened its guidelines on money laundering and terrorist financing risk factors for crypto-asset service providers (CASPs). These new guidelines highlight the factors CASPs need to consider and the measures they should take to mitigate these risks, representing a significant step in the EU’s fight against financial crime.

Grayscale, BlackRock, and Fidelity, following the SEC’s approval, collectively accounted for 90% of the total trading volume in Bitcoin ETFs, contributing an impressive $1.6 billion to the overall trading volume of $1.8 billion. Despite a dip in the overall volume from its peak, these market giants maintained a strong presence.

Joseph Bankman and Barbara Fried, parents of FTX founder Sam Bankman-Fried, have denied allegations made by FTX employees that they received millions of dollars during the lowest point of FTX. They also denied having control over FTX and claimed that a $16.4 million property in the Bahamas was used by FTX employees.

Socket, a key player in decentralized finance, fell victim to a major hack this week, resulting in losses exceeding $3.3 million. The hackers exploited a vulnerability in user input validation and swiftly converted the stolen funds into various cryptocurrencies. This incident has prompted a reevaluation of security measures within the DeFi community.

Binance experienced a 5% drop in its market shares, while OKX and Bybit witnessed a boost in their market shares, according to TokenInsight data. Binance’s market share dropped from 54.2% to 48.7% in 2023.

Donald Trump, who recently achieved victory in the Iowa caucus, has vowed to block the development of a central bank digital currency (CBDC) if elected as president. He believes that a CBDC would give the government total control over investors’ money, which he considers to be undesirable. Vivek Ramaswamy is supporting Trump in his campaign, as he believes Trump is a deserving candidate.

The Thailand Securities and Exchange Commission (SEC) has removed restrictions on individual digital token investments, enhancing investor protection and promoting technological innovation. This move is expected to boost national growth through digital fundraising.

Cristiano Ronaldo, a well-known soccer player, is facing a $1 billion lawsuit over his promotion of Binance’s NFTs. Investors who suffered financial losses have alleged that Ronaldo’s endorsement of Binance attracted them to invest, resulting in their losses. Legal action has been taken against Ronaldo, as investors find it difficult to reach him directly.

The European Union has reached a provisional deal on regulations to combat money laundering and terror financing. These regulations will require all crypto firms to conduct due diligence on their customers and will also establish a supervisory authority to oversee the crypto sector. Financial institutions, banks, real estate agencies, asset management services, casinos, and merchants will all be affected by these regulations.

In the lawsuit between the SEC and Binance, the court has ordered a review to determine whether digital assets are securities. Lawyers representing Binance.US will defend against the SEC’s allegations, and the outcome of the lawsuit will provide clarity on the classification of digital assets and staking products.

Hong Kong’s Venture Smart Financial Holdings Limited plans to launch its spot Bitcoin ETF fund in the first quarter of this year, targeting assets worth $500 million. This will be the first spot Bitcoin ETF in Hong Kong, following the listing of futures-based crypto ETFs.

That wraps up this week’s news in the world of cryptocurrency. Stay tuned for more updates from Coinpedia.