Daily crypto: Decentralized exchange hacked and Nobel prize-winning economics professor attacks bitcoin

Daily crypto: Decentralized exchange hacked and Nobel prize-winning economics professor attacks bitcoin.

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The torrent index site The Pirate Bay has once again started to use the website’s visitors computers to mine monero, and the decentralized crypto exchange Bancor has been hacked. Here are the latest news from the crypto world.

ANNONS

The decentralized crypto exchange Bancor has been hacked. A statement on Twitter reveals that nearly 25,000 ether, equivalent to $12 million, have been stolen. However, Bancor assures that none of the users’ wallets were compromised. The crypto exchange is now investigating what has happened.

Last week, ethereum creator Vitalik Buterin spoke negatively about centralized crypto exchanges and said that he hopes that they “burn in hell”. He mainly aimed his critic at large exchanges that charge very high fees for listing cryptocurrencies.

The alternative to centralized crypto exchanges is decentralized ones. The hacker attack and theft against Bancor, however, show that decentralized exchanges are far from immune to hacker attacks.

“No government can allow that”

The torrent index site The Pirate Bay has once again started to use the website’s visitors computers to mine monero (XMR), CCN reports.

Recently, the site added a text at the bottom of the page:

“By entering TPB you agree to XMR being mined using your CPU. If you don’t agree please leave now or install an adblocker.”

Another well-known name from the world of economy has spoken out about bitcoin. This time, it is the Nobel Prize-winning economist and professor at Columbia University Joseph Stiglitz who is negative about the future of the cryptocurrency.

Stiglitz thinks that although the bitcoin blockchain is open and transparent, its anonymity opens the door to criminals.

“You cannot have a means of payment that is based on secrecy when you’re trying to create a transparent banking system. If you open up a hole like bitcoin, then all the nefarious activity will go through that hole, and no government can allow that”, 75-year-old Stiglitz told the Financial News Monday, according to CNBC.

Red numbers

Looking at the crypto markets, most currencies show red numbers today.

The total market value has fallen by around $11 billion from yesterday’s high levels, according to Coinmarketcap.

Among the largest cryptocurrencies, eos (-11,19%) has fallen the most. But also ethereum (-4,65%), xrp (-3,17%) and bitcoin cash (-3,42%) have decreased in value.

The ones who performed best on top 100 were tezos (+5,49%) and decentraland (+3,00%), and the ones who performed the worst were cortex (-16,30%) and bancor (-16,18%), the latter probably as a reaction to the hacker attack.

Asset: Price: % (24h)
Bitcoin $6 678,81 -1,41%
Ethereum $462,66 -4,65%
Xrp $0,463206 -3,17%
Bitcoin cash $724,25 -3,42%
Eos $7,63 -11,19%

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MicroStrategy Posts Q1 Profit, Reaffirms Commitment to Bitcoin Investment Strategy

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MicroStrategy, a business intelligence platform, has reported a profit of $94 million in the first quarter of 2023, marking its first quarterly profit since 2020. The company's financial turnaround was largely due to a one-time income tax benefit of $453.2 million. Additionally, MicroStrategy's revenue increased by 2.2% to $121.9 million compared to the same period last year.

Bitcoin Conviction Remains Strong Amid Market Fluctuations

Phong Lee, MicroStrategy’s CEO, emphasized that the company’s “conviction” in its Bitcoin investment strategy remains “strong” as the digital asset environment continues to evolve. Lee also noted that short-term price fluctuations in BTC do not impact the firm’s core business. MicroStrategy’s chairman, Michael Saylor, echoed these sentiments, attributing the successful quarter to the company’s core business model and Bitcoin investment thesis, which he described as the “right strategy.”

Investors Expected to Shift from Crypto Assets to Bitcoin

Saylor predicted that investors will soon exit their positions in crypto assets that are under regulatory scrutiny, which will lead to an increase in funds flowing into Bitcoin. MicroStrategy’s CFO, Andrew Kang, announced that the company had reduced its leverage by repaying a $161 million Bitcoin-backed loan from the now-defunct Silverage Bank, releasing all pledged Bitcoin as collateral.

MicroStrategy’s Bitcoin Holdings and Stock Performance

In Q1, MicroStrategy purchased 7,500 BTC for a total of $179 million. The company now holds 140,000 BTC, collectively acquired at an average cost of about $29,803. With the current price of BTC at $28,100, MicroStrategy’s Bitcoin investment is down by 5.7%. However, the company experienced a brief period in the green when BTC reached its recent high of $30,980 on April 15. MicroStrategy’s stock price has more than doubled in 2023, in line with Bitcoin’s performance.

Embracing Bitcoin Technology and Innovations

The company began investing its cash reserves in BTC on March 5, 2021, when it acquired 91,064 BTC, accounting for 65% of its total holdings today. Saylor recently revealed that MicroStrategy integrated Bitcoin Lightning into his corporate email address. Furthermore, the company is developing a Bitcoin layer-2 Lightning Network-based Software as a Service tool for corporations, showcasing its commitment to both Bitcoin investment and technological innovation.

Bitcoin and Gold: An Unlikely Duo in Turbulent Times

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In times of economic uncertainty and market volatility, Bitcoin has gained recognition as a safe haven asset. Its ability to provide investors with a reliable and secure store of value makes it an attractive option for those looking to diversify their portfolios and safeguard their wealth from external threats.

Bitcoin Gains Traction in the Face of Banking Crisis

As the banking crisis continues to shake the financial world, investors are increasingly turning to Bitcoin as a safe haven. Many are even opting for the cryptocurrency over the traditional safe haven asset, gold, due to its higher returns and enhanced stability. Currently trading near the $30,000 psychological level at $28,936, Bitcoin has recorded an impressive 3% rally in the last 24 hours. This surge in demand is primarily attributed to its rising correlation with gold, which has surpassed the 50% level and now stands at 57%, according to data from market analytics firm Kaiko.

The Steady Rise of Crypto as a Safe Haven Asset

Long considered a risky investment due to its volatile price fluctuations and lack of regulatory oversight, Bitcoin has gradually emerged as a safe haven asset for investors seeking protection against traditional market risks. Operating independently from central banks, Bitcoin is less vulnerable to inflation and government interference compared to fiat currencies and other traditional assets.

Decentralization: A Key Advantage for Investors

Bitcoin’s decentralized nature offers investors greater control over their assets and reduces their exposure to systemic risks. The ability to store and transfer wealth across borders without intermediaries gives Bitcoin a level of financial freedom and security unmatched by traditional assets. Its finite supply and digital scarcity also make it a hedge against inflation, as its value is not subject to government policies or macroeconomic factors.

 

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