The cryptocurrency market is in a state of flux, with Bitcoin’s price down and the total value locked in DeFi declining. In this podcast episode, the host discusses these latest developments, as well as other cryptocurrency news, including SIM swap scams targeting crypto users, FTX seeking Galaxy Digital as an advisor, Bitcoin-backed property investments in the Cayman Islands, Ripple’s recognition as a caring employer, and a development in the SEC’s lawsuit against Ripple.
Bitcoin Price Down
Bitcoin’s price is currently around $26,000, down 6.62% over the last seven days. The total global crypto market cap is at $1.05 trillion, down 1.54%. The decline in Bitcoin’s price is likely due to a number of factors, including the ongoing sell-off in risk assets, rising interest rates, and the collapse of the FTX exchange.
DeFi TVL Declines
The total value locked (TVL) in DeFi platforms has declined from a high of $250 billion in October 2022 to around $110 billion today. This decline is likely due to a number of factors, including the collapse of the FTX exchange, the shift from traditional DeFi to liquid staking protocols, and the rising interest rates.
SIM Swap Scams on the Rise
SIM swap scams are a type of fraud where criminals take control of a victim’s phone number by convincing the victim’s mobile carrier to switch their SIM card. This gives the criminals access to the victim’s phone number and can be used to steal their cryptocurrency. In the past year, SIM swap scams have resulted in $13.3 million being stolen from crypto space victims.
FTX Seeks Galaxy Digital as an Advisor
FTX, a cryptocurrency exchange, is seeking Galaxy Digital as an advisor to handle its remaining crypto holdings. Galaxy Digital is a financial services firm that specializes in digital assets. The move comes after FTX was forced to sell off some of its assets following the collapse of the Terra ecosystem.
Bitcoin-Backed Property Investments in the Cayman Islands
Bitcoin-backed property investments are now possible for Cayman Islands residents. The Cayman Islands Monetary Authority has approved the first Bitcoin-backed real estate investment trust. This means that investors can now buy shares in a trust that owns Bitcoin, which can then be used to purchase real estate.
Ripple Recognized as a Caring Employer
Ripple, a blockchain company, has been recognized as one of the top 100 employee-friendly companies by Comparably. The company received high marks for its compensation and benefits, work-life balance, and diversity and inclusion initiatives.
SEC’s Ripple Lawsuit: Attorneys Withdraw from the Case
The SEC’s lawsuit against Ripple has taken a new turn, as two of the agency’s attorneys have withdrawn from the case. The attorneys’ withdrawal suggests that there may be potential issues with the case.
The cryptocurrency market is a volatile one, and it is important to stay up-to-date on the latest news and developments. By following the news, you can make informed decisions about your investments and protect yourself from fraud.