It’s All About Crypto Blog
A Loss Big Enough to Buy All of Toncoin
Today, many people are discussing Bitmine's and Strategy's financial results after their ETH and BTC purchases. Meanwhile, those results keep getting worse. At the moment: * Bitmine's unrealized loss on Ether has exceeded $9 billion; * Strategy's unrealized loss on Bitcoin has exceeded $8.5 billion; I tried to wrap my head around what these numbers actually mean, and stumbled upon...
Polymarket's Moment of Truth
The story of Strategy selling bitcoin has had a much bigger impact on the crypto industry than I thought yesterday. And I do not mean the fact that bitcoin dropped another 6%, dragging other cryptocurrencies down with it. I mean the impact this sale had on the most famous blockchain-based prediction market - Polymarket. Let me briefly recap what...
The Market Overreacted to Strategy's BTC Sale
Today's news that Strategy sold 32 BTC was met by the market with a surprisingly gloomy reaction. The thing is, this had already been clear for several days - and I wrote about it myself recently. One could have expected the sale to have been priced in by now. Instead, the market somehow acted as if Strategy had been Bitcoin's last remaining buyer. And now that...
A Lawsuit Against 39,069 Bitcoin Wallets
This week, I came across the following story in a Telegram chat: Noah Doe - obviously a pseudonym - is a resident of New York State who scanned the entire Bitcoin blockchain and identified 42,001 wallets that had been inactive for more than five years. Among them were many famous addresses: for example, some of the earliest addresses in Bitcoin history, associated with Satoshi Nakamoto...
Is Cube Really Bitcoin's Holy Grail?
Burak Keceli describes his new project, Cube, as the Holy Grail of Bitcoin. The reason for such a bold claim is easy to see. Bitcoin enthusiasts have been searching for what many have come to view as an impossible combination: real BTC + fully featured smart contracts + no trust in a bridge, federation, or operator + the ability...
Hard Lessons for Bitcoin Treasury Investors
Today, many crypto and financial headlines are focused on companies that used investor money to buy Bitcoin in the hope of growing their capital. Arkham pointed out that one of the worst-performing examples is Nakamoto. The company invested $679 million in Bitcoin at an average price of $118,000 and has held the position ever since. Its unrealized loss has reached...
Crypto Payments Are Going Parabolic
The growth chart for crypto card usage does not merely resemble a parabola. It clearly is one. This is especially obvious in the chart Cointelegraph shared today, based on calculations by The Kobeissi Letter. Crypto assets are becoming more and more like money. They are being used for money's primary purpose: payments. Of course, this is especially true for assets that...
A Meme Token Rug Pull Goes to Court
In South Korea, the rug-pull case involving the CatFi meme token has been sent to court. The token's creators are accused of attracting a large number of traders to CatFi on the decentralized exchange Raydium, encouraging them to buy the token, and then withdrawing liquidity from the trading pair. In simple terms, they allegedly stopped buying the tokens back from those who had bought...
The UK Just Sanctioned a Top-10 Crypto Exchange
The UK authorities have added the cryptocurrency exchange HTX to their sanctions list. That means anyone subject to UK law is now required to freeze any cryptocurrency received from addresses associated with the exchange. The sanctions have broader implications as well, but this is arguably the most troubling one. HTX currently ranks among the world's largest...
Real BTC in Aave? Not Quite
Babylon Labs has proposed integrating its technical solutions into Aave v4, which would make it possible to use real Bitcoin as collateral for loans. At first glance, this could look like a solution to the problem Aave recently faced, when the hacker who exploited KelpDAO deposited unbacked tokens into an Aave collateral pool and left that pool with a massive hole. In...
