Here are some of the major developments in the world of crypto over the past few days.
Defi is working on a new project called Retik Finance is working on something exciting in the world of digital finance. They want to make it easier for everyone, not just experts, to use a kind of finance called decentralized finance (DeFi). DeFi is like a digital way to handle money, but it can be a bit tricky for regular people to understand and use because it's different from traditional banking.
So, what's Retik Finance doing? They're creating a special card, like a debit card, that connects DeFi to everyday spending. This means you can use digital money for your regular shopping or other payments. One cool thing about their card is that it keeps your transactions private, meaning you can use it without giving a lot of personal information. It also lets you have control over your digital money, unlike traditional banks where they control it.
Retik Finance is making this card available globally, so it doesn't matter where you are; you can use it for your payments. They're even adding a rewards program, so every time you use the card, you get some rewards, turning your regular spending into potential savings. They are also offering a fancy perk – free access to airport lounges worldwide, which is something usually found with premium credit cards. This card is not just about making transactions easier; it's like a big step toward making finance something everyone can use easily every day, bringing DeFi into our daily lives.
Orbit Chain, a platform that helps transfer digital assets between different networks, confirmed that on December 31, someone got unauthorized access to its system, leading to a loss of millions of dollars in cryptocurrency. They are currently figuring out how this happened with the help of a cybersecurity company called Theori and working closely with law enforcement agencies. Reports suggest around $81.68 million in different cryptocurrencies, like Tether and Ether, were affected.
Orbit Chain warned its users about scam offers circulating on social media, pretending to reimburse the losses. Some users are reaching out on social media, asking to cancel transactions or get their money back, but Orbit Chain hasn't responded publicly yet. The platform, which started in South Korea in 2018, is known for helping transfer assets between different decentralized networks. Unfortunately, this incident adds to the growing trend of hacking and scams in the cryptocurrency world, with $1.8 billion lost to hackers and scammers in 2023.
Bitcoin's value has surged beyond $45,000, reaching its highest point in almost two years, driven by anticipation of potential approval for a spot Bitcoin Exchange-Traded Fund (ETF) in the United States. This marks a significant milestone as Bitcoin climbed rapidly from $42,000 at the start of the year, experiencing a 6% surge in the last 24 hours and an impressive 170% increase over the past year. The market is buzzing with excitement as it awaits the decision by the U.S. Securities and Exchange Commission (SEC) on 14 pending applications for a spot Bitcoin ETF, a move that could influence the cryptocurrency's trajectory.
Market analysts hold varying opinions on the short-term consequences of a potential ETF approval. Some, like those from the crypto options trading platform Greeks.live, believe that Bitcoin might not experience a substantial surge on the approval day due to diminishing implied volatility. On the contrary, traders like Scott Melkor have a more optimistic view, suggesting that Bitcoin, currently forming a "bull pennant," could potentially shoot up to $54,000 in the days following approval from the SEC. Amidst this diversity of opinions, VanEck advisor Gabor Gurbacs anticipates that the initial days of a spot Bitcoin ETF may not meet broader market expectations but envisions attracting trillions of dollars in inflows over the coming years.