Welcome to our newest edition of The Weekly Crypto Update — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.
Weekly Crypto Performance
Most of the top 10 altcoins by market cap have also shown a downtrend in their value over the last week.
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Top Crypto Market News
Ethereum’s 24-Hour Trading Volume Hits New Heights
In a remarkable development this week, the Ethereum network witnessed a substantial surge in its 24-hour trading volume, reaching levels not seen since November 2021. During this period, the daily transaction volume on Ethereum, the world’s second-largest cryptocurrency by market cap, increased from 1.1 million to a notable 1.3 million. This surge harkens back to the days when Ethereum traded near its all-time high of over $4,600.
Bitcoin’s Big Move: A Whale Wakes Up
In a move that has caught the attention of crypto enthusiasts and analysts alike, an unknown Bitcoin whale initiated the transfer of 49,866 BTC, valued at approximately $2.1 billion. This colossal sum of Bitcoin, which had been dormant for between five to seven years, was set in motion on January 16, as reported by CryptoQuant.
The intriguing aspect of this transaction lies in the historical purchase price of these coins, pegged at around $6,672. Should these assets be liquidated at the current market rates, the calculated profit would hover around an astonishing 640%, a testament to the long-term value growth of Bitcoin.
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TrueUSD (TUSD) Stablecoin Lost Its US Dollar Peg (H2)
On January 15, TrueUSD (TUSD), a stablecoin designed to maintain parity with the US dollar, experienced a notable deviation, dropping 1.3% to $0.984. This loss of its dollar peg occurred amidst a backdrop of heavy TUSD sell-offs on the Binance exchange.
Compounding this issue, reports from Protos indicate that TUSD’s security mechanisms faced several API errors, leading to challenges in accurately calculating the dollar value of its collateral assets. Interestingly, while TUSD showed almost an 8% deviation from its peg on Poloniex for several weeks, its value remained relatively stable on Binance.
This incident has sparked various theories within the crypto community. Notably, Ro Ryder, a pseudonymous user, suggests that the underlying cause might be the ongoing issues with TUSD withdrawals and deposits on Poloniex, leaving traders and investors in a state of uncertainty.
Stay tuned for more updates and insights into the world of cryptocurrency!