Bitcoin (BTC) continues to trade sideways with price currently hovering around 26,800. It has been a solid run since its break above 25,000 and price may consolidate from here before making its next move toward the end of the year. Current immediate levels are around 25,700 as support while 28,000 remains as resistance. Failure to hold the 10-EMA trail could push price to test potential support levels around 22,500. Overall, the trend is still intact as both of the moving averages (10-EMA and 50-MA) are still respected.
Global market cap is at $719B, whille BTC's market cap is at $497B.
Binance has announced the launch of its "European-style" Bitcoin options. According to an announcement on Dec. 28, the product had its successful testnet trial in November. In addition, the options will be priced and settled in Tether (USDT). The exchange explained that the growing appetite for BTC options was the reason for launching the new BTC options. BTC options reached a record of $1 billion for the first time with total open interest of almost $6 billion this month.
Coinbase, the major cryptocurrency exchange, has announced that it will suspend XRP trading in response to the US Securities and Exchange Commission taking legal action against Ripple. According to a blog post published today by Coinbase, the exchange will fully suspend XRP trading starting on Jan. 19 at 10 AM PST. The exchange clarified that "trading may be halted earlier as needed," and that the suspension "will not affect customers' access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension." The exchange will continue to support XRP on Coinbase Custody and Coinbase Wallet, and the suspension will reportedly not affect Ripple-backed Flare Network's upcoming Spark (FLR) token airdrop.
Other crypto exchanges have also announced the suspension of XRP trading on their platforms - OKCoin is suspending XRP trading and deposits starting Jan. 4, and Bitstamp suspending XRP trading for US customers. Smaller exchanges OSL, Beaxy, and CrossTower have also announced similar actions against XRP trading.
A suspected hacker has exploited the Cover staking protocol in an infinite minting attack, printing over 40 quintillion "coins." In the initial exploit, the attacker liquidated over 11,700 tokens on the 1inch decentralized exchange aggregator. In total, the hacker drained more than $5 million from the project. The attacker also surprisingly sent back the 40 quintillion coins with a note saying: "Next time, take care of your own s***."
According to the Cover Protocol team, the issue only affected the token supply with funds held in "claim/noclaim" pools still safe. They are still investigating the incident. The attack has caused a massive decline in the COVER token price, falling by more than 97%.
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