This week started with quite a bang; the bitcoin price experienced a huge drop in just a few minutes. The damage was significant for many traders. In this weekly overview you can read the most important crypto news of this week.
Crypto exchange suffers $258 million outflow after declining confidence
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Altcoin news
Rapid bitcoin crash causes millions in damage
On December 11, a significant crash in the bitcoin price occurred. This resulted in hundreds of millions in liquidations among futures traders. Between 2 a.m. and 4 a.m., bitcoin’s value fell by almost 8%, with most of the decline happening in just 20 minutes.
This decline led to liquidations of $318 million in long positions. Many traders expected a further increase. But because the price started to fall, many long traders were forced to close their positions. This resulted in automatic sales, which pushed the price down even faster.
Interestingly, despite the overall red market at the start of the week, some cryptocurrencies such as solana (SOL) and cardano (ADA) actually showed significant growth.
BitTorrent crypto rises by 100%
This week it was further reported that the value of BitTorrent’s BTT token has doubled in value in a relatively short time. This increase coincided with a major milestone for the TRON platform, which BitTorrent acquired in 2018 after a legal battle. TRON, which issues the BTT token on its blockchain, reached the impressive milestone of 200 million users.
The rise in value of the BTT token, which is on its way to a market cap of $1 billion, was further fueled by a message from Justin Sun, the founder of TRON. In his post on X (formerly Twitter), he celebrated reaching the milestone and highlighted the growth of the ecosystem.
BTT is now consolidating. This week, the crypto fell by 12% in value after its massive rise.
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Bitcoin takes another blow: Popular crypto wallets in danger
On December 14, the bitcoin price was once again negatively affected, this time by a major exploit related to hardware wallet giant Ledger. This exploit affected the Ledger Connect Kit, a software library used by many decentralized applications (dApps) to create secure connections to Ledger’s hardware wallets.
Several popular dApps, including Zapper, SushiSwap, Balancer and Revoke.Cash, were affected by this exploit. Ledger identified and removed a malicious version of the Ledger Connect Kit around 2:30 PM and quickly released a ‘clean’ version.
This security breach, described as a ‘supply chain attack’, led to the loss of approximately $150,000 worth of crypto in just a few hours. In response to this situation, Ledger advised users not to interact with dApps.
All problems at Ledger have now been resolved, as can be read from a recent message on X.
UPDATE: The genuine Ledger Connect Kit 1.1.8 is now fully propagated. Ledger and WalletConnect can confirm that the malicious code was deactivated. You are now safe to use your Ledger Connect Kit. Reminder that that we always encourage clear signing.
— Ledger (@Ledger) December 14, 2023
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2023-12-17 19:38:00
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