It’s Friday and that means it’s time for a Cryptonews weekly recap! As always, we’re going to quickly and entertainingly tell you everything you need to know about what’s happened over the past few days. Although this year, it seems like the action around cryptocurrencies is happening more inside the courtrooms than on the blockchain itself. Want to know why?
After Sam Bankman-Fried, former CEO of bankrupt exchange FTX, was hauled before the court for various irregularities and scam allegations, it seems that the justice system is taking a closer look at the world of cryptocurrencies. In addition to the Ripple vs. SEC case that has been going on for several years now, Coinbase was recently charged with illegal sale of securities, although the lawsuit was dismissed by the judge.
And while we’re on the subject of our good friend SBF, we’ll soon learn the answer to one of the big questions that arose in the wake of its scandal.
On the other hand, crypto-related frauds are also in the eye of justice recently. The founder of the My Big Coin token is facing a 100-month prison sentence. And even if you are one of the most famous Youtubers in the world you can’t be exempt from this. Since Logan Paul himself was sued for a case of scam related to non fungible tokens (NFTs).
Let’s review how the cryptocurrency market performed this week. It seems that the bullish momentum managed to sustain itself throughout the month of January. This is great news for investors after a year 2022 where absolutely everything went wrong.
BNB, the native cryptocurrency of Binance, the world’s largest Exchange, is showing great performance. As it rose a total of 45% the last 6 weeks. Meanwhile, Bitcoin remains above $23,000, which has proven to be a good sign of strength despite some passing turbulence in the market. Ethereum is in a bull flag, as our trading expert explains, and there seems to be strong resistance at the $1,700 mark.
One of the tokens that has attracted the most attention this week was MINA, which has led the market up 32%. Also, for our Cardano-loving readers (which we know there are many), we have good news. As it officially launched its algorithmic stablecoin, DJED.
DJED has the particularity of being overcollateralized, i.e. it is backed by much more value than the circulating value of its stablecoin. In fact, DJED reached $10 million TVL just 24 hours after being launched, which speaks of investors’ confidence in the project. Let’s just pray that good old Charles Hoskinson doesn’t end up being the new Do Kwon….