Author: Xiao Yan
Editor: Harry
Let's continue to take stock of the major events of 2023 and see what noteworthy events took place in the cryptocurrency circle in the second half of the year.
July (Bitcoin Price: $29232.25)
Hackers Unrelenting, Total Amount Involved in Various Security Incidents Exceeds $400 Million
July was truly eventful, with the number and amount of various security incidents significantly increasing compared to June. Looking at the entire year, the number of hacking cases in the cryptocurrency circle in July was quite substantial. Among them, there were over 30 typical security incidents, involving a total amount of $415 million.
For example, the cross-chain bridge MultiChain experienced an abnormal outflow of $210 million; the old version of Vyper was attacked due to vulnerabilities, resulting in losses of $61.7 million across multiple Curve pools; Alphapo's hot wallet was stolen $60 million; cryptocurrency payment service provider CoinsPaid was stolen $37.3 million; and the cross-chain protocol Poly Network was attacked, resulting in a loss of $10.1 million, among others.
August (Bitcoin Price: $25940.78)
Base Makes a Strong Entry, Redefining the Landscape of the Layer2 Track
In August, the cryptocurrency exchange Coinbase announced the launch of "Base," an Ethereum Layer 2 network on the OptimismOP stack. Although Base will be incubated within Coinbase, it plans to become fully decentralized in the future.
The news quickly dominated the headlines of various social media platforms, and the partner $OP's price also surged by as much as 40% on the 3rd day. Base is the second Layer 2 deployed on the Optimism Mainnet after the OP Stack and intends to become part of the superchain. However, Base officially stated that it would not issue its own native governance token and would use ETH as gas fees.
Approval of Bitcoin ETF Faces Delay
Also in August, the SEC once again delayed its decision on whether to approve a Bitcoin ETF. The reason for "once again" is that this is not the first time the SEC has rejected the launch of a Bitcoin ETF.
The so-called Bitcoin ETF is an exchange-traded fund based on Bitcoin. If you buy a Bitcoin ETF, it is equivalent to indirectly buying Bitcoin, and the returns of the two are completely the same. The Bitcoin ETF will constantly track the price of Bitcoin: if Bitcoin rises, the Bitcoin ETF rises; otherwise, it falls. If the Bitcoin ETF is approved, it will have a profound and positive impact on the cryptocurrency industry. Firstly, it will lower the investment threshold, attracting a large number of retail and institutional investors to enter the market, bringing in more capital, and thus generating more demand for derivatives. Secondly, through the Bitcoin ETF as a medium, traditional fund companies can indirectly hold Bitcoin, which is equivalent to increasing the funds invested in Bitcoin.
BNB Price Plummets to Its Lowest Level Since July 2022
Starting from August 17th, the price of BNB experienced a sharp decline. Within 24 hours, BNB plummeted, with a drop of 5.34%, falling from $230.85 to $218.51.
This sharp decline in BNB's price attracted widespread attention and caused great anxiety among investors. After all, this rapid downward trend quickly brought BNB's price to its lowest level since July 2022. Although BNB's market value still stands at $36.44 billion, ranking in the top 10 of cryptocurrency market value, it must be said that its downward trend has become very apparent.
September (Bitcoin Price: $26962.56)
Token2049 Grandly Opens in Singapore
From September 13th to 14th, Token2049 grandly opened at the Marina Bay Sands Convention Center in Singapore.
Token 2049 has always been considered a top event in the industry, with significant influence in Asia and even worldwide. Token 2049 focuses on popular topics and hot events, including changes in the global regulatory landscape, the integration of cryptocurrencies and artificial intelligence, blockchain scalability, multi-chain networks, and protocol interoperability.
DWF Labs Emerges as a Dark Horse in the Cryptocurrency Circle
DWF Labs is a Web 3.0 investment company founded in June 2022, claiming to be one of the world's leading cryptocurrency market makers. The company claims to have provided market-making services for over 50 trading platforms and projects and traded approximately $1.5 trillion in digital assets in 2021, involving multiple projects including Mask Network, YGG, Synthetix, TON, and Radix.
In fact, before 2023, DWF Labs had never had the opportunity to stand out. However, starting this year, DWF Labs has frequently participated in market-making for multiple projects, attracting significant attention. This scrutiny and attention reached a climax in September. At the "Web3 Connect" forum held during Token 2049, DWF Labs was invited to discuss with three other market makers (GSR, Wintermute, and OKX). After the meeting, GSR tweeted that "DWF Labs is not qualified to discuss with them because they lack real market-making capabilities and experience, as well as real investment capabilities and intentions." In response to GSR's statement, Wintermute's CEO Evgeny Gaevoy liked GSR's tweet and stated that they would not cooperate with DWF Labs; OKX did not make a clear statement.
October (Bitcoin Price: $34639.77)
SBF Appears in Court for the First Time, Many Details of the FTX Case Exposed
On Wednesday, October 4th, the first day of the trial of the SBF case officially began in the federal court in Manhattan, New York.
November (Bitcoin Price: $37723.96)
SBF Hammered, All 7 Charges Established
After 15 days of testimony and 4.5 hours of deliberation, the jury determined that FTX was involved in wire fraud, conspiracy to commit fraud, conspiracy to launder money, and all 7 charges were established. This means that the "second shoe" has also dropped, and all of SBF's charges have been established, leading to a conviction. Some legal professionals speculate that even if the court makes a more favorable ruling for the defendant, SBF will still face at least 30 years in prison.
Fed Pauses Rate Hikes Again, but Does Not Rule Out Future Hikes
As early as October 2023, several officials of the Federal Reserve made dovish remarks, supporting a halt to rate hikes. On November 1st, the Federal Reserve's monetary policy meeting decided to maintain the federal funds rate target range at 5.25%-5.50%, pausing the rate hike once again. Federal Reserve Chairman Powell stated at the press conference after the meeting that inflation is still well above the target level, and the Federal Reserve is not currently considering, nor has it discussed, the issue of future rate cuts.
However, on November 9th, the Federal Reserve changed its tone and made hawkish remarks again, stating that if necessary, the Federal Reserve will further raise interest rates to achieve the long-term goal of reducing inflation to 2%.
End of the Line, Zhao Changpeng Admits Guilt
In the early hours of November 22nd, the U.S. Department of Justice announced a settlement with Binance. As part of the settlement, Binance and its CEO Zhao Changpeng (CZ) admitted guilt to federal charges, Zhao Changpeng resigned as CEO of Binance and will face imprisonment, and Binance will pay a hefty fine of $4.368 billion. This also became the largest fine in the history of the U.S. Treasury Department.
According to information revealed by relevant media, Zhao Changpeng reached an agreement with the U.S. Department of Justice, agreeing to plead guilty to criminal and civil charges. In exchange, this deal may allow the company to continue operating. In addition, Zhao Changpeng will retain the majority of the shares in Binance. Later that day, Zhao Changpeng paid $175 million for bail and a sentencing hearing is scheduled for February 24, 2024, at 1 a.m. Beijing time.
December (Bitcoin Price: $??????)
This concludes the summary of major events in the cryptocurrency circle for the first 11 months of 2023. There have been many stories, both positive and negative, with bullish and bearish implications. With just over 20 days left until the end of 2023, what other news and hot topics will emerge in the cryptocurrency circle? We will have to wait and see.
P.S. This article does not constitute any investment advice
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