BitDigest July 29 · Issue #710
- Bitcoin returns above $11,000 driving its market cap back to $200 billion
- The Philippines is looking to issue its own central bank digital currency
- Bitcoin option volumes hitting all-time-highs
Could Paying a Crypto Ransom Be Illegal?
The Twitterverse is abuzz following news that US smartwatch maker Garmin International was hacked and subsequently received the decryption key to recover its computer files from the ransomware attack. The issue in question is that to re-access its file, a ransom was likely paid – $10 million in cryptocurrencies – and as it is reported that the hackers were based in Russia, the payment could be construed as breaking US sanctions.
Don’t Forget to Update Your Wallet
Since we started investing in digital currencies, we have primarily been using Ledger wallets to custody our coins. We prefer having self-custody of our own assets and we like the desktop interface that Ledger has developed. That said, if you are following a similar path, it is important that you periodically upgrade the firmware on your wallets and software for the different currencies. This is even more important if you are “hodling” crypto and keep your cold wallet in a safety deposit box or locked in some far-off, secret location. Many people, myself included, still own their first bitcoin, but it likely is in a wallet that needs to be upgraded. This process is relatively straight forward and should be manageable through your wallet’s software, but it could require you to upgrade to different versions of firmware (multiple steps) to complete the process. This is especially frustrating if you wish to transact with your wallet and are unable to until the wallet is running the most recent platform release. The best solution is to make a habit of bring your cold wallet online every several months to verify its contents and perform an upgrade if required. In full disclosure, we are investors in Ledger.
The Headlines
Market Data
Exchange, Custody and Product News
Thoughts on the Ecosystem
Reports you may have missed
Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...
MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC 1.47% falling to $60k and ETH 1.77% approaching the low $2,300s. Aptos (APT -1.11% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE 4.90% is also showing slight gains following...
CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC 1.47% climbing back above $61,000 and SOL 6.43% moving above $145, while ETH 1.77% is lagging, trading around $2,400. Among today's outperformers is SUI 6.61% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...
MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY 2.07% and QQQ 2.31% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC 1.47% briefly dropping below $62k and ETH 1.77% below $2.5k. Among altcoins, SUI 6.61% is showing...
Articles Read 1/2
Enjoyed the read? Subscribe now for unlimited access!
Get invaluable analysis of the market and stocks. Cancel at any time.
Already have an account? Sign In d81f11-e567bb-6eae41-7d0747-221477
Already have an account? Sign In d81f11-e567bb-6eae41-7d0747-221477