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Highlights
- Despite Bitcoin’s short-term concerns, many analysts believe Bitcoin’s fundamentals will ultimately drive up the price of the token in the long term.
- Bitcoin sunk to as low as US$36,500 yesterday before rebounding slightly to its current price of US$38,300.
- A former crypto CEO has denied his involvement in a 2016 Ethereum heist worth US$11 billion.
The ongoing conflict between Russia and Ukraine has continued to put downward pressure on the crypto market with Bitcoin sinking to as low as US$36,500 yesterday before rebounding slightly to its current price of US$38,300.
Bitcoin investors are keeping a close eye on the unfolding events between Russia and the Ukraine, as many analysts believe a full-scale Russian invasion of the Ukraine will cause a considerable shake up of the crypto market.
Despite Bitcoin’s short-term concerns, many analysts believe Bitcoin’s fundamentals will ultimately drive up the price of the token in the long term.
Additionally, many of the top ranking cryptos have also continued to lose ground, including Ethereum, which dropped to US$2,600 and Solana, Cardano and Polkadot, which all tumbled overnight.
Former CEO accused of Ethereum heist
A former crypto CEO has denied his involvement in a 2016 Ethereum heist worth US$11 billion.
The accusation was made in a Forbes article yesterday by journalist, Laura Shin, who accused former CEO of crypto debit card company TenX, Toby Hoenisch, of being involved in the 2016 hack of decentralised platform, DAO.
At the time, the hack resulted in a loss of a third of the platform’s funds.
However, Hoenisch denied the allegations, calling the accusations “factually inaccurate."
Shin alleges that the former CEO was involved in the hack because Hoenisch knew the DAO's code. Furthermore, he had written blog posts warning about potential hacks.
Shin is yet to respond to Hoenisch’s denial.
Altcoin news
As the wider market continues to feel the pressure of the Russia-Ukraine conflict, one crypto whale has been buying up assets at a considerable rate.
According to whale-watching bot, Whale Stats, one wallet by the name of “Light” has bought up US$12 million in digital assets.
The buying spree includes US$6.7 million in Chainlink’s native token, CHAIN, and YS$1.7 million in UniSwap’s native token UNI.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
