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Cryptowire: Your Daily Source for Blockchain and Crypto News
Stay updated with the latest news and insights in the world of blockchain and cryptocurrencies. Our daily digest provides in-depth analysis of stories that often go unnoticed in today’s news.
Why is crypto down today?
The crypto market, based on the top ten coins by market capitalization, is largely red today. Over the past 24 hours, the prices of nearly all coins in this category have dropped between 1.1% (ETH) and 6.5% (CAD). STETH dropped by 1.3%, BTC 2.1%, and XRP 5.5%. SOL and AVAX saw their prices decrease by about 6%. Meanwhile, the only coin in the green today among the top ten is BNB, with its price up 2.1% to $365.52, per CoinGeko. Investor confidence in crypto exchange tokens seems to have been restored following the FTX scandal. The global cryptocurrency market cap is $2.04 trillion, a -2.2% change in the last 24 hours.
Investor Capital Moving Out On the Risk Curve
With strong market momentum following the Bitcoin spot exchange-traded funds (ETFs) and the anticipation of a bull market, several indicators hint at early signs of investor capital moving out on the risk curve, according to blockchain analytics firm Glassnode. The Indicator suggests a more mature and possibly sustained uptick in altcoin markets, with shifts in capital flows towards altcoins. New ecosystems are challenging Ethereum’s dominance, and there are early signs of capital rotation into Ethereum, Solana, Polkadot, and Cosmos. Solana witnessed the strongest returns over the last year, and the Ethereum staking sector shows the most consistent capital inflow for its top tokens.
Defendant Was ‘Used’ and Had ‘No Idea’ She Was Part of Crypto Fraud
In the latest crypto news today, Jian Wen, a British-Chinese woman accused of laundering BTC derived from a huge investment fraud in China, has pleaded not guilty and claimed she didn’t know the bitcoin was the proceeds of crime, the Financial Times reported. Wen has been charged with three counts of money laundering on behalf of her former employer, Yadi Zhang. Beijing authorities say Zhang stole a whopping £5 billion ($6.3 billion) in China between 2014 and 2017. She has not been located yet. While the British authorities claim that Wen was aware of the crime and helped Zhang convert some of the crypto into cash, jewelry, property, and credit on prepaid cards, Wen claims that she had only the “very basic” knowledge of bitcoin.
Hack VC Closes Oversubscribed $150 Million Venture Fund
In other crypto news today, Web3 venture capital firm Hack VC announced the final close of its oversubscribed $150 million Venture Fund I to invest in early-stage web3 opportunities. According to the press release, Venture Fund I builds on the firm’s inaugural $200 million fun. In total, Hack VC has $350 million in aggregate commitments across the firm’s first two funds. The company invests up to $10 million per project and has already invested approximately one-third of the fund in early-stage projects building the infrastructure necessary to make Web3 mainstream.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.