According to a report by blockchain analysis firm Chainalysis, North Korea hackers stole $1.7 billion worth of crypto to fund the country's nuclear programme.

The [cryptocurrency](/news/article/what-is-future-of-cryptocurrency) industry faced a challenging year in 2022 because of harsh market conditions and a surge in crypto hacks. The Chainalysis reports says that two significant spikes in hacking activities were recorded in March and October, with losses of $732.4 million and $775.7 million, respectively. The latter became the biggest single month in history for crypto hacking, with 32 separate attacks.

## Record-breaking year for North Korean hackers

[Chainalysis](https://blog.chainalysis.com/reports/2022-biggest-year-ever-for-crypto-hacking/) reported that [North Korea](/news/article/north-korea-crypto-hacks-worth-1.2bn)-linked hackers stole an estimated $1.7 billion worth of cryptocurrency in 2022. Of this total, $1.1 billion was taken from DeFi protocols, marking a significant increase from the previous record of $429 million in 2021. The report reveals that North Korea, facing heavy sanctions, relies on crypto theft to fund its nuclear plans. The illicit funds represent a "sizeable chunk" of North Korea's economy, which generated $142 million in total exports in 2020.

Use of decentralized finance protocols and coin mixers
The Chainalysis report also highlighted that North Korea hackers often send stolen funds to other DeFi protocols, usually decentralized exchanges (DEXs), to swap for more liquid assets. These hacks often result in the theft of illiquid tokens not listed on centralized exchanges.

The firm has also noted that these hackers use coin mixers to launder stolen funds at a higher rate than other individuals or groups. [Tornado Cash](/news/article/tornado-cash-developer-detention) was a frequently used mixer, but following OFAC sanctions, the hackers have diversified their mixer usage, particularly in Q4 2022.

According to other experts, North Korea also launders stolen crypto via brokers in China and NFTs.

A new Bitcoin mixer, Sindbad, has recently emerged as a tool to launder stolen funds. North Korea-linked hackers were detected on the platform in December 2022, and from that period to January 2023, they sent 1,429.6 Bitcoin worth almost $24.2 million to the mixer.


red image of north korea with hands on laptop

North Korea Hackers Stole $1.7B of Crypto

A disagreement has arisen between the Panama National Assembly and the government regarding a proposed crypto law.
In April, Panama legislators passed a legislative draft aimed at controlling cryptocurrencies, including [Bitcoin](/news/article/jim-cramer-says-ignore-bitcoin-hype), in the country. 

Nevertheless, President Cortizo warned a few weeks later that he would only sign it if it incorporated extra Anti-Money Laundering (AML) regulations.

On 26 January, Panamanian President Laurentino Cortizo referred the crypto law enacted last year to the Supreme Court for examination, asserting that the [crypto](/news/article/best-cryptos-to-buy-now) bill contradicts fundamental aspects of the constitution and cannot be implemented. 

## What is the controversy with the Panama crypto bill?

In September 2021, a Panama crypto bill was introduced to align the nation with the digital economy, blockchain technology, cryptocurrency, and the internet. According to the legislation, Panamanians are allowed to use [cryptocurrency](/news/article/cryptocurrency-books-guide), including but not limited to Bitcoin and Ethereum, as a substitute form of payment for any commercial or civil transaction. 

The government's innovation authority would also examine blockchain or distributed ledger technology for digitising identity.
The Financial Action Task Force, which aims to enhance financial transparency and prevent money laundering, proposed legislation permitting private and public usage of cryptocurrency assets.

The Panamanian National Assembly approved the bill on 28 April, 2022, with a vote of 38 in favour and none against. With this, Panama could soon become the third country in the world to treat cryptocurrencies on equal footing with fiat currency.

A definitive statement from the president's office stated that the provisions of articles 34 and 36 in the bill, which establish administrative structures within the government, infringe upon the state's separation of powers and therefore are invalid. After partially rejecting the legislation in June, President Cortizo also expressed that the approval process for the bill was inadequate.

At the time, the president [stated](https://www.presidencia.gob.pa/Noticias/Ejecutivo-remite-a-la-Corte-Suprema-proyecto-de-ley-que-regula-uso-de-criptomonedas) that further amendments were needed to the legislation to align it with the latest regulations. It is now up to the Supreme Court to determine whether to declare Bill No. 697 unenforceable or to give it the green light with modifications.


yellow image of panama with crypto bitcoins falling from sky

Panama crypto bill Awaits Supreme Court verdict

[Ramp Network](https://ramp.network/) is a fintech company that provides payment infrastructure to bridge the crypto-finance divide.

The company's goal is to create a meshed, easily accessible link between the open blockchain financial system and the old, closed banking system, removing the requirement for a trusted third party to act as a go-between.

It is a non-custodial, full-stack payment system that speeds up transaction implementation and fosters confidence among its partners with its superior technology. It is accessible in more than 160 countries, which has ensured that it has millions of customers and more than 400 registered partners.

Przemek Kowalczyk and Szymon Sypniewicz founded the network in Poland in 2018. Ramp Swaps is a crypto asset firm registered with the [UK Financial Conduct Authority](/news/article/ftx-uk-warning) for crypto activity. The network Link's open banking operation is regulated by the Polish Financial Supervision Authority.

The company has received [$133.9 million](https://www.crunchbase.com/organization/ramp-3b7b) in investment over four rounds. Their most recent funding came from a Series B round on 9 November, 2022. So far, 27 investors have contributed to the financing of the company. The most recent investors are Korelya Capital and Cogito Capital Partners.

## What are the benefits of Ramp Network?

It provides a simple way for users to buy and sell cryptocurrencies directly from Dapp. Ramp's partners could reach larger customers, receive payments, and provide regulated services to their end customers while remaining compliant.

Enterprises, [games](/news/article/best-farm-games-2022), NFT(non-fungible token) marketplaces, decentralized finance businesses, [wallets](/news/article/top-rated-bitcoin-wallets-uk), and any other company that wants to provide fiat-crypto flow to their users within their products can use the company's platform integration, allowing clients to quickly enter into contracts and lock a digital asset for their operations.

## Ramp Network is fully compliant

You can be confident that any transactions done with this tool are entirely secure and guaranteed due to official legislation, institutional control, and modern technology. 

As a regulated organization, it has ensured that KYC rules for [crypto](/news/article/are-crypto-gains-taxed-in-uk) purchases are followed. This implies that to transact via Ramp, you will need to work with this network to verify your identity. This company can verify your KYC identity using your bank account data and the open banking API. This procedure takes only a few seconds, and no physical documents are necessary.

Smart contracts protect Ethereum transactions made possible by the Instant bank transfer payment option. The network’s open source employs smart contracts, which makes them capable of being industry leaders in the coming years. In addition, their smart contracts are audited by Quantstamp, which again proves the quality.

## Bottom line

Ramp partners can reach new audiences, collect fees, and provide regulated services to their end customers while remaining compliant. It will be exciting to see how Ramp Network uses its technology, team, partners, and the trust of its customers to scale its platform to be a leader in the industry.


Green image of computer network with ramp logo

Ramp Network - Accelerating Crypto Adoption

## Jim Cramer suggests investors ignore Bitcoin hype

Jim Cramer, the host of CNBC's Mad Money, [recently advised](https://www.cnbc.com/2023/01/23/jim-cramer-why-investors-should-ignore-crypto-and-stick-with-gold.html) investors to exercise caution when investing in cryptocurrencies.

###Jim Cramer suggestion to investors

Despite the [recent gains in Bitcoin's value](/news/article/bitcoin-bull-or-bubble-debate), Cramer suggests that investors should consider investing in gold instead. 

Bitcoin continued to rise in value on Monday, reaching a high of $23,155.93 as investors bet the Federal Reserve will slow or halt interest rate cuts.

According to Coin Metrics, the digital currency's price rose to $23,333.83 on Saturday for the first time since August. The coin has risen nearly 39% since the beginning of the month.

![graph](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_01_24_at_11_41_30_289ce18657.webp)

Cramer said the charts indicate investors "need to ignore the crypto cheerleaders" following Bitcoin's resurgence. If you want "a real hedge against inflation or economic chaos", choose gold, he added.
 
The basis for his advice is the analysis by Carley Garner, a senior commodity market strategist and broker at DeCarley Trading. The study compares the daily chart of Bitcoin futures to that of the tech-heavy Nasdaq-100 since March 2021.

It is observed that [Bitcoin](/news/article/scaramucci-bitcoin-price-prediction) and other cryptos are almost trading in lockstep, suggesting they are risky assets rather than a currency or a stable store of value. Furthermore, the advice is that given the volatility of Facebook and Google shares, it would be unwise for business owners to try to conduct transactions with them, and the same goes for Bitcoin.

According to Cramer, "counterparty risk", which is the possibility that the other party in an investment or transaction might not uphold their end of the deal, is why they trade so closely.

He said that although counterparty risk can be avoided by storing Bitcoin in a decentralised wallet, as it is used for trading, the risk will return. Pointing to [FTX](/news/article/ftx-us-reports-415-million-hacked) collapse, he firmly suggests gold should be the potential investment.


Jim Cramer Says Ignore the Bitcoin Hype

On 17 January, cryptocurrency exchange [FTX](/news/article/curve-finance-leverage-ftx-crash) revealed in a report to creditors that a significant amount of funds, estimated at $415 million, were stolen in a series of hacks. 

The company stated that despite efforts to recover lost assets, significant shortfalls remain at the FTX US and international exchanges.

FTX told the bankruptcy judge in Delaware last week that it has managed to [recover more than $5B](/news/article/ftx-news-assets-recovered) in various assets, including crypto, cash, and liquid securities. However, the exchange attributes a portion of the remaining shortfall to the hacks, reporting that $323M in crypto was stolen from the international exchange and $90M from the US exchange since filing for bankruptcy on 11 November.

The company's founder Sam Bankman-Fried has since challenged aspects of the report in a [blog post](https://sambf.substack.com/p/ftx-us-balance-update-2023-01-17) that provides information on the assets that FTX US holds. He has been [accused](/news/article/ryan-salame-exposed-ftx-truth) of using customer funds to cover the debts incurred of his crypto-focused hedge fund, Alameda Research.

Bankman-Fried contested FTX's recent financial report. He claimed that an "extremely misleading" impression of the company's finances had been presented by FTX lawyers at Sullivan & Cromwell. An S&C spokesperson declined to comment on the statement. According to SBF's "best guess," the company still has enough funds to repay US customers, whom he estimates are owed between $181M and $497M.

Attorneys at the firm stated in a recent court filing that they had rejected efforts by SBF to remain involved in the company's bankruptcy proceedings. Also, he has been denied access to the company’s records since stepping down as CEO in November.

## FTX's recovery report

The company neither provided an estimate of the amount owed to FTX US or international customers nor responded to SBF's blog post.

In a recent FTX update on its recovery efforts following the $415M hack, the company reported that it had recovered $1.7B in cash, $3.5B in liquid cryptocurrency, and $300M in liquid securities.

The crypto assets recovered to date include $685 million in Solana, $529 million in FTX's proprietary FTT token, and $268 million in Bitcoin, based on the crypto prices on 11 November, 2022.


Red image of hacker hacking. Dollars falling from sky and Sam Bankman-Fried smiling in foreground

FTX US Reports $415 million Hacked

## Tap Global first to enter London stock listing in 2023

On 10 January, UK-based crypto app Tap Global [announced](https://www.standard.co.uk/business/crypto-trading-app-tap-global-among-london-s-first-public-listings-in-2023-b1051734.html) its listing on the [Aquis Stock Exchange (AQSE)](https://www.aquis.eu/aquis-stock-exchange) through a reverse takeover by Quetzal Capital, a Gibraltar-based investment company. This marks the first listing of a crypto company on AQSE in 2023 and highlights the increasing mainstream acceptance and recognition of the potential growth in the [cryptocurrency market.](/news/article/which-uk-banks-allow-cryptocurrency-purchases)

## First crypto app to enter London's public listing in 2023

Tap Global offers fiat banking services that enable users to trade crypto by connecting them with several exchanges via its app. It also provides access to staking and DeFi protocols for UK and EU residents. The app also offers its own Mastercard, which allows users to pay for online shopping using Bitcoin.

Founded by 29-year-old former software developer Arsen Torosian and prepaid card business veteran Dave Carr, Tap has seen significant growth since its launch in 2018, reaching more than 100,000 users.

This growth contrasts with some other crypto exchanges, which have struggled in recent months as users withdrew funds. The price of Bitcoin falling by 54% over the past year sparked renewed concerns about the volatility of digital currencies.


The reverse takeover by Quetzal Capital involved the exchange of £20.5 million ($24.9 million) of Quetzal stock for ownership of Tap Global. Additionally, Quetzal raised £3.1 million ($3.8 million) by issuing new shares.

According to the press release that was issued, these funds will be utilized to increase marketing efforts and drive international expansion. The company plans to expand its services to Australia and the USA.


According to Tap CEO David Carr, the decision to list on a public exchange "raised some eyebrows" due to the recent collapse of [FTX](/news/article/is-crypto-dead) and the ongoing [investigations ](/news/article/crypto.com-under-investigation)of other major crypto exchanges. 

Despite these challenges, Tap Global went through with the listing to offer a regulated option for [UK](/news/article/crypto-events-to-attend-uk) residents.


blue image of stock market with tap global crypto logo overlayed

Tap Global Enters London Stock Listing

The [Quant Network](https://quant.network/) serves as the foundation of the Quant project. Quant coin is its native token.

The network uses the Overledger operating system to automate the trust processes between various blockchains. The system is marketed as the first operating system (OS) designed specifically for blockchains. Its objective is to globally connect blockchains and networks (such as those for delivering financial services, healthcare, and other services) while preserving their interoperability.

The Overledger serves as the foundation on which a future digital economy ecosystem is planned. This will enable its businesses and developers to create decentralised multi-chain applications, or mApps, for the benefit of their clients. 

However, joining Overledger will require using Quant coin, which is used to pay for platform use fees or annual licences.

## How does Quant function?

The [network](/news/article/flare-network-explained) enables blockchain developers to launch multi-DLT Dapps (mDApps) on multiple blockchains simultaneously. 

This interoperability eliminates the risk for a developer who will invest time and money in developing a [blockchain](/news/article/what-is-blockchain) that will become obsolete in a few years.

The platform's multi-chain smart contracts adhere to the guidelines established by security token issuer QRC. These tokens are distributed across multiple blockchains and supported by escrow accounts. The REST API from Quant's multi-chain operating system, Overledger, can query mDApps regardless of the chain.

Quant is one of several blockchains attempting to achieve interoperability and end the era of "blockchain maximalism," in which a blockchain develops a cult-like following who assumes that only their preferred blockchain will succeed.

While Quant is not on the [Ethereum](/news/article/the-merge-ethereum-nft-impact) Virtual Machine (EVM), it does allow businesses to interact with it via the Overledger API. Several other blockchains, including [Avalanche](/news/article/avalanche-bridging), Binance Smart Chain, and Fantom, are EVM-compatible. That means developers can redeploy apps on different blockchains without spending extra resources.

Token bridges such as Multichain, Ren, and Wormhole enable synthetic token variants to move across blockchains. Cosmos' Inter-blockchain Communication Protocol makes it simple for IBC-compatible app chains to collaborate. Quant's focus, on the other hand, is on connecting private blockchains (such as ConsenSys' Quorum and R3's Corda) with public ones (like Ethereum).

## Quant coin

In 2018, Quant launched its QNT [token](/news/article/how-to-buy-spell-token). It's an ERC-20 utility token (stored on the Ethereum blockchain) used to pay for the licences and annual fees required for developers to access the network and pay for Overledger items.

The token began trading at around 27 cents and rose to about $12 by the beginning of 2021. It peaked at $428 in September 2021 before falling below $100 by the end of January 2022.

The maximum supply of QNT is 14.6 million. Because the initial coin offering did not sell out in time, the network burned 9.5 million of the existing supply (worth $6.2 million at the time), bringing its total supply to 14.6 million by April 2019. 

During a public ICO, Quant distributed nearly 10 million QNT, reserving 2.65 million for operations, 1.3 million for company founders, and 650,000 for advisers. Although the supply is fixed, the circulating supply may decrease over time.

The QNT price is currently trading at $119.25, a 0.53% increase from the past 24 hours as of the time of writing. The recent price movement in Quant has resulted in a market capitalisation of $2,937,831,886.72.


Quant Coin Explained

How does crypto trading work? Before we get on to the mechanics, let's ensure we understand what cryptocurrency is.

Cryptocurrency, or crypto, is any digital or virtual currency that uses cryptography to secure transactions. These are free of central issuing or regulating authority and rely on a decentralised system to record transactions.

Cryptocurrencies are slowly but steadily taking over the world, and the market has grown enormously in recent years. Since the launch and introduction of Bitcoin, its rapid growth, and its value surpassing that of gold, ensured a surge in consumer interest.

Cryptocurrency payments exist solely as digital records to an online database describing specific transactions rather than as physical money carried around and exchanged in the real world. 

Crypto makes use of encryption to verify transactions. Encryption aims to ensure security and safety. Transactions involving cryptocurrency funds are stored in a public ledger. Advanced coding is required to store and transmit cryptocurrency data between wallets and public ledgers.

## How does crypto trading work?

The act of speculating on digital coins' price and value fluctuations is known as crypto trading. One crypto trading method uses a digital wallet to buy and sell cryptocurrencies on an exchange, where current market rates determine their value. Similarly to the stock market, you can profit if you buy a cryptocurrency and sell it for a higher price than you paid.

Another popular method of crypto trading is CFDs (contracts for difference). It is a much more sophisticated trading strategy employed mainly by experienced investors. You do not own the underlying asset if you trade cryptos as CFDs. 

Instead, a contract is formed between the buyer and seller where they agree to exchange the difference in value between the contract's opening and closing dates.

## How to trade cryptocurrency?

As we continue to answer the question 'how does crypto trading work', let's take a look at the six steps to crypto trading.

### Step 1: Open an account with a crypto brokerage.

Leading crypto brokerages on the market include [eToro](/news/article/etoro-fees), Uphold, and [WeBull](https://www.webull.com/). All three options provide a simple user interface and a wide range of alternative coins.

To open an account, you must provide your crypto brokerage with personal identification information, just as you would with a stock brokerage. When creating an account, you must provide details such as your address, social security number, email address, and date of birth.

### Step 2: Add money to your account.

After registering with a cryptocurrency brokerage, you'll need to attach your bank account. Most crypto brokerages accept bank funding via debit cards and wire transfers. ACH deposit (linked bank account transfer) is usually the cheapest way to fund your account because it is free on most platforms.

### Step 3: Select a crypto coin in which to invest.

Most active cryptocurrency traders put a handsome amount of money into Bitcoin and Ethereum because these cryptos are more predictable than smaller altcoins.

Many crypto traders invest a portion of their funds in smaller altcoins. Although small and mid-cap cryptos are riskier than large-cap cryptos, they have more significant upside potential. Many small altcoins have increased by more than 1,000% in months, making them appealing investments for risk-averse investors.

### Step 4: Pick a plan of action.

Many different trading indicators are available, and most traders consider several other factors when buying and selling cryptocurrencies. If you're new to investing, consider investing in a cryptocurrency trading course.

If you're an experienced trader, you can use a stock trading strategy. The same stock trading techniques are frequently applied to cryptocurrencies. Elliott Wave Theory is a popular trading method that many traders employ. Elliott Wave Theory is especially effective for speculative assets like cryptocurrencies because it focuses on the psychology underlying market sentiment.

### Step 5: Consider automated crypto trading.

You may consider automated crypto trading when looking for a crypto trading strategy. Trading bots implement a strategy designed to produce the best results possible, given your investment objectives. You can make money quickly, hold coins, or diversify your portfolio because automated trading provides a conservative, neutral, or aggressive method.

Consider trading cryptocurrency actively on some platforms while using automated trading on others.

### Step 6: Store your cryptocurrency

You must store your money on the exchange to have access to it if you're actively trading cryptocurrencies. Get a [cryptocurrency wallet](/news/article/best-crypto-wallet) if you plan to hold your cryptocurrency for the medium to long term.

Digital wallets and hardware wallets are both options for cryptocurrency wallets. Both are safe, but because hardware wallets store your cryptocurrency on a physical, offline device, they provide the highest level of security.

Many investors rely on the Ledger Nano S hardware wallet to store their crypto assets. It has an OLED display for clear viewing and two buttons for confirming or rejecting transactions. This highly secure hardware can support more than 1,100 crypto coins and other digital assets.

[MetaMask](/news/article/what-is-metamask) Wallet is a widely regarded software wallet available to cryptocurrency traders. Because it is an open-source wallet, there is no signup fee for creating your wallet. MetaMask best suits the Ethereum [blockchain](/news/article/what-is-blockchain) and can handle ERC-20 and Ethereum tokens. It is also a beginner-friendly wallet because managing coins is simple with this wallet. Furthermore, if you use a Ledger hardware wallet, you can easily integrate MetaMask with them.

## How do you choose which cryptocurrency to trade?

Although there isn't a single best cryptocurrency, there might be one that is best for a particular use case. For instance, Bitcoin is seen as the best crypto to use as a store of value assets due to its high adoption and limited 21 million coin supply.

Most cryptocurrencies with small market caps either have dubious use cases or have fallen short of their promises. Cryptocurrencies with smaller market caps tend to be riskier than those with larger ones, like Bitcoin and Ethereum.

Investing in cryptocurrencies with a strong team behind them is critical. It is best to read the whitepaper of a cryptocurrency to learn more about it. This will explain how the cryptocurrency works and what it is intended for.

Metaverse cryptocurrencies have been a popular asset class since the beginning of 2022. Tokens such as MANA and SAND are in-game currencies for the blockchain-based metaverses [Decentraland](/news/article/mana-to-gbp) and [The Sandbox](/news/article/mana-to-gbp).

Furthermore, conducting your research before investing in any crypto is always advised. The cryptocurrency market is highly volatile and can offer you rapid growth or sudden fall, for example, the Terra Luna collapse.

## What are the risks involved with crypto trading?

Before investing in cryptocurrency, you should be aware of its volatile nature, potential market and technology risks, and cybersecurity threats. The following sections will cover the potential risks of crypto trading.

1.      High volatility
One of the factors moving the crypto market is volatility. If you're unfamiliar with the term volatility, it refers to rapid shifts in market states that can result in significant and volatile price movements.

Volatility isn't just a concern for the cryptocurrency market. There are several reasons for the asset class's high volatility, including its nascent schematics compared to other investment forms. They can be seen in other financial spaces, but the intensity and spread are more significant in cryptocurrency.

2.      Market risks
Crypto assets are vulnerable to market volatility. There are two kinds of risks in cryptocurrency trading: systematic and unsystematic. Because crypto is inherently risky, the systematic risk exists in all cryptocurrencies. Unsystematic risk is specific to a single crypto asset.

3.      Technology risks
The blockchain technology that underpins cryptocurrency is built with numerous security measures, such as decentralisation, cryptography, and consensus mechanisms, to ensure that transactions are legitimate. However, no blockchain is invulnerable to all threats.

Backing up and storing your crypto wallet regularly helps protect you against computer failure, device theft, and mistakes, such as unintentionally uninstalling your digital crypto wallet. However, it is more difficult to protect against threats such as software bugs, data errors, and attacks (in which a group of crypto miners seizes control of more than half of a network's computing power).

4.      Cybersecurity threats
While cryptocurrency may herald the dawn of a new era, it also has a less-publicised counterpart: cybercrime. Since cryptocurrencies are fully decentralised, the crypto holders' cyber hygiene and safeguards are the number #1 priority.

"Unusual disappearances" and ransomware attacks are both complex and fast-moving threats, and newcomers to the ecosystem are frequent targets. As a result, before entering the crypto world, it is critical to be aware of these risks.
How to manage the risks involved with crypto trading?

1.      Conduct Your Research
Remember the first investment rule: 'Conduct in-depth research and invest what you can afford to lose'. This rule applies to all investments, not just cryptocurrencies. Investing without conducting research or jumping into the investment pool without consulting with an investment professional is not advised.

2.      Understand the Reward/Risk Ratio
Invest what you are willing to lose. The reward-to-risk ratio shows how much you stand to make for each unit of currency risk. A 1:1.5 ratio is thought to be reasonable.

3.      Diversify your holdings.
Investing in a variety of cryptocurrencies may aid in risk reduction. The investment is spread across several coins in a well-diversified portfolio, reducing the impact of volatility.

## Bottom line

If you've ever wondered 'how does crypto trading work', hopefully this article has given you some answers.

Cryptocurrency trading is rapidly growing. It involves both rewards and risks. It is always advised to conduct in-depth research before entering the crypto space and only invest the funds you are ready to lose.


blue image of two men trading cryptocurrency

How Does Crypto Trading Work?

The cryptocurrency market experienced a difficult "crypto winter" in 2022, with many [altcoins](/news/article/altcoin-buzz), including ETH, seeing significant price corrections of up to 70%. But Ethereum whales are contributing to the fightback.

Recently the cryptocurrency market has shown some positive signs in 2023, with Ethereum experiencing a surge in value after experiencing strong selling pressure following the [collapse of the cryptocurrency exchange FTX](/news/article/is-crypto-dead) last month. 

As of 4 January, ETH's price had risen 5% to $1,253, and its market capitalization had reached $153 billion. This improvement has been linked to increased activity by Ethereum whales, who have conducted over 600 transactions totaling more than $100,000 on the blockchain in the past 24 hours.

Here's what on-chain data provider Santiment [tweeted](https://twitter.com/santimentfeed/status/1610750951379599362) on the recent uptick in activity by Ethereum whales.

"As #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on 16 December ($ETH's local price bottom), whales are showing increased interest again. "

![Screenshot 2023-01-05 at 10.39.18.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_01_05_at_10_39_18_48790ff4bb.png)
 
This increased activity from whales is a positive sign for Ethereum's short-term prospects.

## Ethereum co-founder expresses bullish outlook

Ethereum co-founder Vitalik Buterin has expressed a bullish outlook for the platform in 2023, following one of the worst crypto winters of market history in 2022. 

Buterin has announced plans to launch the ETH Improvement Protocol (EIP) 4884 in the near future. In response to a [tweet](https://twitter.com/VitalikButerin/status/1609209529706872833) by Balaji Srinivasan, Buterin stated that he is excited to achieve the "basic roll-up" milestone outlined in Ethereum's roadmap. The EIP 4884 is expected to bring significant improvements to the platform.

However, Buterin also stated several areas needing improvement within the cryptocurrency industry, including enhancing security for average users and improving scaling, privacy, and user experience. Despite these challenges, he remains confident in the potential of decentralized finance (DeFi) to play a significant role in the future financial system.


Ethereum Whales Fuel ETH Bounce Back

Sam Bankman-Fried, the detained founder of the bankrupt crypto exchange FTX, reportedly signed documents on 20 December that will see SBF handed over to Federal Bureau of Investigation (FBI) agents and taken to the United States, where he will face criminal charges.

Bankman-Fried was [reported](https://cointelegraph.com/news/sbf-signs-extradition-papers-set-to-return-to-face-charges-in-the-us) to have agreed to be [extradited](/news/article/former-ftx-ceo-sbf-arrested) to the US just hours after his lawyer told a judge in the Bahamas that he was not ready to consent.

## SBF is to be taken to the US to face criminal charges

According to Bahamas Acting Commissioner of Corrections Doan Cleare, Bankman-Fried signed his surrender documents on Tuesday. Today, SBF will sign separate papers finalising his waiver of rights to fight extradition at the Magistrate's Court in Nassau.
[Bankman-Fried](/news/article/sam-bankman-fried-lost-billions) is expected to be accompanied by FBI agents on a private flight back to the US, where he faces eight counts in an accusation by the US Attorney for the Southern District of New York. 

According to the [New York Times](https://www.nytimes.com/2022/12/20/technology/sam-bankman-fried-bail.html), Bankman-Fried's legal team is negotiating with federal prosecutors to allow him to be released on bail if he is extradited to the US.

According to sources, the agreement, which requires the approval of the federal judge overseeing the SBF case, could include highly restrictive conditions such as home custody and electronic monitoring.

## Allegations on SBF 

The Department of Justice has accused SBF of campaign finance violations, commodities and securities fraud, conspiracy to commit wire and money laundering, and wire fraud.

If found guilty of all charges, he could face up to 115 years in prison.

[The Commodity Futures Trading Commission and SEC (Securities and Exchange Commission) have filed additional charges](/news/article/ftx-boss-denied-bail-in-bahamas) against the founder of FTX for allegedly breaking commodity laws and defrauding investors.

After three years of rapid growth, FTX and numerous related companies filed for bankruptcy last month. The exchange was worth US$32 billion at its peak.

Authorities in the Bahamas and the US continue to investigate the involvement of SBF in FTX's collapse last month. The exchange was headquartered in the Bahamas.



SBF Agrees to Return to US to Face Fraud Charges

Yield farming drove the decentralised finance (DeFi) explosion in 2020. Risk-tolerant investors recognised the potential of yield farming crypto and took advantage of the chance to earn "free" interest on their cryptocurrencies. However, it is not entirely free, and the gains come with significant risks depending on the project.

The strategy employs the cutting-edge technology of [smart contracts](/news/article/smart-contracts-blockchain) and coded contracts that execute automatically on blockchains like Ethereum. Yield farming has grown in popularity as an investment strategy. It is risky, and there are still scams in the ecosystem, but the best platforms have already proven their worth.

## What is yield farming crypto?

Yield farming is a system in which users deposit cryptocurrency in a pool with other cryptocurrency users to pursue investment gains, most commonly through interest earned on the pooled cryptocurrency. It is a high-risk strategy with high potential rewards.

## How does yield farming work?

Yield farming crypto functions something like a savings account with a bank. It pools depositor money and gives loans while you earn interest on the money you deposited. But in a yield farm, the cryptocurrency is invested in smart contract applications rather than converted into a mortgage or a business loan.

With yield farming, users stake their money alongside other investors in the same farm, the cryptocurrency equivalent of making a deposit.

Yield farming begins with the formation of a cryptocurrency asset pool. The following steps are taken to facilitate yield farming:

1.	A liquidity pool is established: Creating a liquidity pool is the first step in yield farming. This is based on a smart contract that makes all investing and borrowing for that specific yield farm.

2.	Investors deposit assets: Investors can deposit currency in the liquidity pool by connecting their digital wallets. This is known as "staking". It is similar to customers depositing at a bank or investing in a mutual fund or ETF.

3.	Smart contract allows borrowing: A smart contract can help with various processes, such as adding liquidity to a cryptocurrency exchange market or lending to others.

4.	Reward payout: Interest, bonuses, and rewards may differ by yield farm. You could be paid regularly or on a specific future date.

## How to get started with yield farming crypto?

Here are the steps to get started:

1.	Research yield farm investments: Begin by investigating potential yield-farm investments. You can choose from various DeFi providers or centralised exchanges to gain access to yield-farming markets.

2.	Connect your wallet or deposit funds into your account: To participate, you must have a compatible account funded with the correct currency. You must use a compatible wallet for decentralised yield farms, such as MetaMask or Coinbase Wallet. You should use an exchange to buy or transfer the desired currency into your account for yield farming.

3.	Put your cryptocurrency at [stake](/news/article/how-to-stake-celo): Navigate to the specific yield farm to stake your funds once connected or funded. Once staked, your currency may be locked into the farm for some time.

4.	Collect your earnings: Based on your yield farm and deposit method, you may need to return to the yield-farm website to retrieve your earnings.

## Pros and cons of yield farming crypto

### Pros

1.	The possibility of earning high-interest rates online: Yield farming crypto has the potential to earn returns over 100% APY.

2.	Smart contracts-controlled: Smart contracts eliminate the need for middlemen and allow anyone with a compatible cryptocurrency wallet to participate.

### Cons

1.	Risks of impermanent losses: Impermanent losses occur when the value of a cryptocurrency falls while it is locked in a yield farm.

2.	Scams and fraud: Just like in other parts of the cryptocurrency ecosystem, bad actors are out to steal money through fraudulent yield farms and other schemes.

## Top yield farms 

1.	Uniswap
With more than $5.5 billion in the platform, [Uniswap](/news/article/uniswap-price-prediction-2025) is the second-largest decentralised exchange (DEX) by total value locked, behind Curve Finance. To provide the swaps, the platform offers swaps with Ethereum and thousands of ERC-20 tokens and staking in liquidity pools. Liquidity providers earn a percentage of trading fees for each swap. With a large enough deposit, they can earn a lot of money. All other DEXes, including Uniswap, have varying interest rates depending on the market and pool.

Investors should exercise caution when depositing funds into pools containing volatile cryptocurrencies because sharp price swings could result in temporary losses. Additionally, just like on all DeFi platforms, a smart contract failure could result in enormous losses. There are two primary versions of the platform, known as Uniswap V2 and V3.

2.	Aave
[Aave](https://aave.com/) is the current DeFi king, with a startling $10 billion-plus in total value locked. It is a decentralised cryptocurrency lending and borrowing platform that runs on Ethereum (and the Polygon sidechain). Aave's borrow APRs are some of the best available because investors have deposited so much cryptocurrency there to earn interest.

The main risk of depositing into Aave is the unlikely possibility of smart contract failure. Borrowers must consider the risk of liquidation when the ratio of the value of borrowed assets to the value of the loan's collateral exceeds a threshold (known as the maximum loan-to-value ratio), which varies by the token. Anyone can purchase your collateral, and you can only recover up to half of the loan's value.

3.	PancakeSwap
PancakeSwap is a [decentralised](/news/article/dns-servers) exchange similar to Uniswap (DEX). It works similarly to Uniswap, but runs on BSC (the Binance Smart Chain network) rather than Ethereum. It also has a few more gamification-focused features. It has by far the highest total value locked of any BSC DeFi project, at around $7 billion. PancakeSwap provides BSC token swaps, interest-earning staking pools, a gambling game in which users predict the future price of BNB and even NFT art.

PancakeSwap carries all of the risks associated with Uniswap, including temporary loss due to smart contract failure and significant price shifts. Many tokens in PancakeSwap pools have small market capitalisations and thus face an increased risk of impermanent loss. Users of Uniswap face the same risks, but the platform offers more and more significant Ethereum-based tokens for staking.

4.	Curve Finance
The platform's unique market-making algorithm allows it to use the locked funds more effectively than any other DeFi platform. Both swap users and liquidity providers profit from this.

With respectable APRs, Curve offers a long list of [stablecoin](/news/article/what-are-stablecoins) pools pegged to fiat money (mainly the USD). Curve maintains strong APRs for liquid tokens of between 1.9% and 32%. On the condition that the tokens don't lose their peg, stablecoin pools are exceptionally secure. Impermanent loss can be entirely avoided because their prices won't vary significantly from one another. Using Curve carries the same risks as other DEXes, including impermanent loss and smart contract failure. 

5.	Yearn Finance
Yearn Finance (YFI) provides a unique yield farming and aggregation tool. Its active development team is constantly coming up with new ideas to help users achieve ever-higher yields. Additionally, Yearn and Curve Finance have a close integration. Investors can deposit one of five cryptocurrencies (ETH, DAI, WBTC, USDC, or USDT) into a smart contract that deposits into the corresponding pool on Curve to earn interest by investing in one of the platform's more than 30 Yearn-integrated Curve pools. The smart contract compounds gains by reinvesting earnings back into the pool. Yearn is subject to the same risks as other yield-farming platforms, including impermanent loss and failed smart contracts.

## Is yield farming beneficial?

Yield [farming](/news/article/farming-games-in-metaverse) is an intriguing way for cryptocurrency enthusiasts to profit from their investments and the currency's value growth. However, due to the risks involved, yield farming may not be worthwhile for many investors, especially newer investors.

It can be alluring to consider earning 100%, 200%, or even higher in annual interest. However, you shouldn't engage in yield farming unless you fully comprehend how it operates and its dangers. 

Conduct due diligence on the exchanges, coins, and teams behind the yield farming engagement you intend to enter. All of these things are required to reduce the risks associated with this investment.


Yield Farming Crypto Explained

NFT farming is based on token staking and liquidity farming concepts, with users staking native tokens to earn an additional yield via an NFT-based reward. Unlike conventional staking, which pays out the reward in the natively staked token, users can obtain much rarer and more distinctive yield-generating assets through NFT farming. Earnable tokens can vary greatly depending on the token being staked, the project's use case, and what the native development teams deem to be the appropriate reward to be made earnable.

NFT farming offers a value-generation event that gives additional value to the end user for projects that do not provide staking or yield generation. The rewards for NFT farming vary, but are primarily divided into collectable and utility-based NFTs.

Collectable NFTs can range from digital art and gaming items to rare and numbered assets, with exclusivity driving aspects of their appeal and value.

The second type of farmable [NFT](/news/category/nft-news) reward is utility-based tokens, which provide exclusive benefits to the asset holder when held. The possibilities for utility-based tokens are nearly limitless. They will continue to grow in complexity and value as more projects learn about the value propositions that NFTs can present to token holders.

## How does it function?

Non-fungible tokens are available on several blockchains, including Ethereum, [Polygon](https://polygon.technology/), and [Binance Smart Chain](/news/article/bnb-price). These digital assets follow certain specific standards and can therefore be used in a variety of applications. An NFT is interoperable as a result. Interoperability is the ability of various systems to communicate with one another, or in this case, the ability of one digital asset to communicate with multiple software applications or [smart contracts](/news/article/smart-contracts-blockchain).

Users will need a cryptocurrency wallet to get started with NFT farming. Metamask is one of the popular wallets for connecting to the Ethereum blockchain, Polygon, or Binance Smart Chain. Depending on the platform, they will require a specific token in that wallet. They must then stake this token in a pool. Users are rewarded based on their share of the total pool.

Staking portals convert compatible tokens into vaults where users can earn rewards. A growing number of staking portals will assist users in staking tokens to farm limited edition NFTs, which can then be sold on marketplaces like [OpenSea](/news/article/haas-f1-opensea-collaboration) or [Rarible](/news/article/rarible-nft-marketplace).

## Gamified NFT farming: Upcoming trend

Gamified yield [farming](/news/article/farming-games-in-metaverse), also known as NFT farming, incorporates a video game layer into the yield farming process. Alien Worlds and Cometh are two products that add a gaming element and a sense of competition to the concept.

Axie Infinity is a more interactive game where players can earn SLP tokens that can then be exchanged for real money or used to make new NFTs.

## Risks involved

NFT farming is a great way to diversify the cryptocurrency portfolio, but it has risks like almost every other aspect of blockchain. 

Composability, one of its most significant advantages, is also a disadvantage. Smart contract bugs add another significant risk. The majority of this technology is still in its early stages of development and the consequences of a system bug would be disastrous for cryptocurrency traders.

## Bottom line

The NFT market is rapidly growing. This emerging trend in the market has given digital asset holders and traders more flexibility in addition to buying and selling their NFTs. They can monetize their digital tokens by earning rewards by converting them into liquid assets.

NFT Farming Explained

Want to know how to buy Bitcoin in the UK? Bitcoin is a digital currency operating independently of any central authority or government oversight. It is based on peer-to-peer software technology and cryptography.

It is open-source and is designed to be open to the public, no one owns or controls the coin, and anyone can participate. Many of Bitcoin's unique properties enable exciting uses that no previous payment system could cover.

Purchasing Bitcoin is the easiest way to invest in the rapidly growing cryptocurrency industry. The leading digital asset has established itself as a giant deflationary currency, prompting investors all over the UK to look for Bitcoin exchange platforms.

In this How to buy Bitcoin UK Guide, we explore the options.

## How to buy Bitcoin UK?

You can use the exchange platform eToro to buy [Bitcoin](/news/article/bitex-trade-bitcoin) in the UK by following these quick steps:

1.	Create an eToro account - To access the registration page, go to the eToro site and click on 'Join Now.'

2.	Deposit Funds: Deposit a minimum of $50 (£43) into your account via bank wire transfer, credit/debit card, or e-wallet solutions.

3.	Search the coin - Enter 'BTC' into the search bar and select the appropriate popup result.

4.	Buy - Click' Trade' to open the purchase page. Enter the amount of coin you want to purchase and click 'Open Trade' to finish the transaction.

## Where to buy Bitcoin in the UK? 

If you've ever Googled 'how to buy Bitcoin UK', this may answer some of your questions. Looking for the best exchange platform in the UK with the lowest fees to purchase Bitcoin? The top exchange for buying Bitcoin in the UK are listed in this section.

1.	[eToro](/news/article/etoro-fees) - The best exchange to buy crypto
eToro is a multi-asset exchange platform that enables users to invest in various stocks and cryptocurrencies. On eToro, investors can choose from over 115 cryptocurrencies, including well-known coins such as Bitcoin, Ethereum, and Litecoin. It is, without a doubt, among the best sites to purchase Bitcoin online.

Opening an account with eToro is free, and you receive a free trial account worth $100,000 to test the waters with cryptocurrency and other assets before committing to them.

In terms of trading tools, eToro offers copy trading, which allows new investors to replicate the successful trades of more professional investors. This minimizes possible losses while increasing expected returns. The low fees charged when trading Bitcoin are what truly distinguish eToro.

2.	[Coinbase](/news/article/coinbase-google-partnership) - Leading platform to buy Bitcoin UK
Coinbase is a cryptocurrency trading platform that allows you to buy, sell, and earn popular crypto assets all in one place. It offers over 100 cryptocurrencies and other digital assets, including significant coins such as Bitcoin, Ethereum, and Dogecoin. 

Coinbase's mainstay is its highly intuitive user interface, which makes it simple for new investors to trade cryptocurrencies. You can set up recurring trades and gradually invest in digital currencies by scheduling daily, weekly, or monthly purchases. You can also log your transactions and monitor market changes using the online app or the iOS and Android mobile applications.

The platform also provides crypto and NFT storage in a single location. Users can also earn interest when using the Coinbase Wallet. 
On debit card deposits, Coinbase charges a 3.99% deposit fee. Other fees are based on the size of the trade, with transactions under $10,000 attracting a 0.50% taker and a maker fee.

3.	[Binance](https://www.binance.com/en) - Best low fees exchange platform
Bitcoin is prominent in the Binance exchange's daily transaction volume. Since then, the top crypto dog has established Binance as one of the world's most elite exchange platforms.

Changpeng Zhao launched [Binance](/news/article/guide-to-binance-uk) in 2017, and the Bitcoin exchange has become a popular destination for investors due to the diverse range of digital assets available. The platform supports more than 500 crypto assets and charges a base fee of 0.10%. This is taken further with the Binance Coin, which reduces it to 0.025%.

Binance provides real-time price updates and several innovative services, such as margin and futures trading. The minimum deposit is $10. (about 8.7 GBP).

4.	[Swapzone](https://swapzone.io/) - Platform to buy Bitcoin with crypto
Swapzone is a [cryptocurrency exchange](/news/article/best-exchanges-for-crypto-uk) aggregator that works in real time. This platform streamlines the exchange process by collecting the information required to find the best exchange rate.

It is currently a one-stop solution for exchanging 500+ cryptocurrencies from 15+ exchanges.

Swapzone's operating principle is as follows: the platform receives user inquiries, obtains deals directly from its partners, sorts them by rate, speed, and rating, and allows users to make swaps through selected providers without leaving the aggregator's website. In this way, Swapzone assists users in making informed decisions when saving money and time.

Another advantage of Swapzone is that all swaps are custody-free. As a result, you will not need to register if you want to buy BTC with cryptocurrency on this platform.



green image of bitcoins with a person buying bitcoin on their phone

How to Buy Bitcoin UK Guide

According to recent reports, authorities were alerted of the FTX's fraud before it made headlines. [Co-CEO Ryan Salame alerted Bahamian authorities](https://cointelegraph.com/news/ftx-bahamas-co-ceo-ryan-salame-blew-the-whistle-on-ftx-and-sam-bankman-fried) a few days before FTX filed for [bankruptcy](/news/article/ftx-bankrupt-who-to-blame) in November.

He alleged that founder Sam Bankman-Fried might have defrauded investors by [transferring money](https://cointelegraph.com/news/alameda-had-unfair-trading-advantage-special-access-to-ftx-funds-cftc-filing) to his sister company, Alameda Research.

## Ryan Salame takes on FTX and Sam Bankman-Fried

Contrary to the vast majority of market rumours, one of the company's top executives, not Changpeng Zhao (CZ) of Binance, was the one who brought down SBF and FTX. The declaration made on Wednesday is the first time an insider's turn against Bankman-Fried has been acknowledged publicly.

According to Bahamian court documents filed on 14 December, Ryan Salame, the former co-CEO of FTX Digital Markets (FDM), informed the SCB (Securities Commission of the Bahamas) on 9 November that the company was sending client funds to its sister trading company Alameda Research.

Salame claimed that the transfer was neither authorised nor approved by clients and that the money was intended to compensate for Alameda's financial losses. Furthermore, he disclosed to the SCB that only three people had the authority to transfer client assets to Alameda: the engineer Nishad Singh, the former CEO Sam Bankman-Fried, and Zixiao “Gary” Wang, the other co-founder of the company.

Salame claimed that he informed Bankman-Fried and Alameda executives that it was against "normal corporate governance" for client funds to have been mixed with Alameda's.

Following that, Christina Rolle, executive director of the SCB, requested an [investigation](/news/article/ftx-exchange-under-investigation) from the commissioner of the Royal Bahamas Police Force because the information “may have held misappropriation, theft, fraud, or some other crime".

The following day, 10 November, the [SCB froze FDM's assets](https://cointelegraph.com/news/bahamas-securities-regulator-freezes-ftx-assets) and suspended its registration in the country. A provisional liquidator was appointed by the Bahamian Supreme Court to try to save the company's assets.
According to the filings, Salame is believed to be in Washington, DC, and has not spoken publicly since the exchange's downfall.

His most recent public tweet was on 7 November, when he responded "lol" to Binance co-founder Yi He after He explained why the exchange [sold its FTX Token FTT holdings](/news/article/ftx-vs-binance-liquidate-funds).

## The collapse of FTX has had an absurd impact on the industry

Mixing SBF's companies' funds was a significant issue in the FTX scandal. In recent weeks, another former executive from FTX's affiliated companies is thought to have been assisting authorities.

On 4 December, images purportedly showing Alameda CEO Caroline Ellison in a coffee shop near the US Attorney's Office fueled rumours. Following the company crash, the cryptocurrency community believes she may have made a deal with authorities. 

Bankman-Fried is, to date, the only person charged in connection with FTX and Alameda so far. He is [accused](/news/article/ftx-boss-denied-bail-in-bahamas) of money laundering, political campaign finance violations, and wire and securities fraud.

Bankman-Fried, Wang, Singh, and Ellison are said to have run a "wirefraud" group chat on Signal, the encrypted messaging app, to send sensitive information about FTX and Alameda's operations. Bankman-Fried denied any knowledge of or participation in the group.


red image of ftx logo on mobile phone. Ryan Salame sitting in foreground. 

Co-CEO Ryan Salame Exposes FTX Truth

A [judge in the Bahamas has refused bail for Sam Bankman-Fried](https://www.bbc.com/news/technology-63967010.amp), the founder and former boss of the bankrupt crypto exchange FTX. According to the most recent sources, he will be detained by Bahamian authorities following his [arrest](/news/article/former-ftx-ceo-sbf-arrested) on 12 December, 2022.

Joyann Ferguson-Pratt, the judge in the case, has scheduled an extradition hearing for 8 February, 2023. The hearing was arranged in response to the decision to deny the former FTX boss bail.

## Ex-FTX boss in court

During the hearing, the attorney for the former FTX boss asked the judge whether SBF might be released on a $250,000 bond. The lawyer argued that his release is required since he requires daily medication.

Prosecutors in the Bahamas resisted the proposal, claiming it violated a treaty with the United States. The attorneys also stated that defendants should be imprisoned while extradition procedures were underway under the treaty provisions.

Bankman-Fried notified the judge that he would not forgo his right to contest the extradition. He then hinted that he could desire to stay in the Bahamas on purpose.

Bankman-Friend, wearing a blue suit without a tie, dropped his head and hugged his parents when the judge ruled that his danger of flight was "very severe". The judge ordered him to be detained in the Bahamas until 8 February.

## Allegations on FTX boss

After the Royal Bahamas Police was informed of a secret indictment by US prosecutors, they arrested SBF on Monday. The arrest was sparked by an unsealed indictment which included eight charges against SBF. These included conspiracy and wire fraud, for allegedly abusing billions of dollars in client payments before his cryptocurrency empire's stunning collapse last month.

Furthermore, the [SEC](/news/article/sec-crypto-enforcement-warning), CFTC, and the US Department of Justice filed complaints against Bankman-Fried on Tuesday for suspected securities and commodities fraud. Bahamas government officials are conducting civil and criminal investigations against him and FTX.

The day's events concluded a remarkable fall from grace for SBF, who created a fortune worth more than $20 billion as he rode a cryptocurrency boom to grow FTX into one of the world's largest exchanges.


red image of bankman fried in front of image of man in handcuffs. 

Former FTX Boss Denied Bail in the Bahamas

[Invisible Friends](https://invisiblefriends.io/) NFT is a popular collection launched and minted in February 2021 by famous 3D digital artist Markus Magnusson. Each NFT is a unique 3D figure in a collection of 5,000 pieces. The series explores the concept of imaginary friends.

It is one of the first animated NFT series, and its release and immediate success sparked a 3D animated NFT series trend.

The collection was so trendy that KITH, one of the largest global lifestyle brands, collaborated with Markus to create a spinoff series called KITH Friends. This new series was launched in March 2021 and is an ongoing collaborative project between the two artists.

## Utility

NFT holders benefit from the collectible by receiving [airdrops](/news/article/terra-luna-second-airdrop), one-of-a-kind experiences, and membership in their private group. Most notably, the holders will be able to mint an upcoming 3D series called 3D INVISIBLE FRIENDS by prominent artist Nguyen Hunt.

All holders will have access to the whitelist and presale, which means they can purchase the digital [token](/news/article/crypto-coin-vs-token) at a low cost and sell it for a profit. Aside from that, other airdrops of Markus's original artwork are expected in 2023.

## Floor price

Since the start of the [crypto](/news/article/what-is-web-3.0-crypto)-wide bear market in 2022, the Invisible Friends NFTs have been one of the few collections that have maintained relatively strong valuations. The current floor price for the token is 2.4 ETH, or approximately $3,725. This represents a decrease from the project's average floor price of 7.1ETH since its inception.

## Is investing in Invisible Friends a good idea?

In the [crypto market](/news/article/crypto-fear-and-greed-index), Invisible Friends NFT has been one of the most popular and consistent [investments](/news/article/best-exchanges-for-crypto-uk). The series value has held relatively well during the 2022 bear market, indicating a large holder base and interest in the collection.

Long-term holders may be rewarded through airdrops and collaborations with other artists. The latest collaboration with Nguyen Hunt shows that the project is gaining traction among well-known artists.

It is a collection worth considering for your portfolio if you're looking for a comparatively safe and established digital asset investment.



pink iamge of blockchain with invisible friends man in foreground

Invisible Friends NFT: A Guide

In this article, we'll look at the latest Shiba Inu news. Before we do, let's understand what we're talking about. SHIB is a decentralised cryptocurrency founded in 2020 by an anonymous individual Ryoshi.

The SHIB is an Ethereum-based ERC-20 coin designed to compete directly with Dogecoin. The coin does not support smart contracts and has no assets backing it. It can, however, be passed from one user to another.

The latest [Shiba Inu](/news/article/shiba-inu-coin-burn) news reveals that the coin's price could [rise by nearly 150%](https://cointelegraph.com/news/shiba-inu-price-drops-to-record-low-vs-dogecoin-will-history-repeat-with-a-150-rally) compared to its top memecoin rival, Dogecoin, in the coming months, as per technical fractal.

## SHIB sets a new low against DOGE

The bullish setup appears as the SHIB/DOGE pair has recovered slightly after falling to 0.0000841 – its lowest level ever – on 1 November. Since November 2021, the price level has coincided with a descending trendline that has supported the pair.

For example, Shiba Inu's previous drop to the trendline occurred in May 2022, followed by a 100% recovery rally in the following three months. Similarly, the SHIB/DOGE pair recovered by more than 50% in less than a month in January 2022.

Interestingly for followers of Shiba Inu news, all of the SHIB/DOGE's rebound moves had their primary upside targets in the 0.0002186-0.0002536 range.

![Picture1 shib.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture1_shib_50fd8b246a.png)
 
If history repeats itself, SHIB could see a sharp bullish reversal versus DOGE, with the upside target in the 0.0002186-0.0002536 range. In other words, a 150% price increase by Q1 2023.

Furthermore, the pair's daily relative strength index (RSI) indicates extreme oversold conditions after falling to its lowest levels in history, implying that a rebound is imminent.

## SHIB price in the USD pair faces greater losses

More hints about an impending SHIB/DOGE pair rally can be found in how these [memecoins](/news/article/memecoins-whats-popular) have performed against the US dollar.

Notably, the [Dogecoin](/news/article/dogecoin-to-gbp) price increased by more than 100% in relation to the dollar in October as traders anticipated its potential integration into Twitter after [Elon Musk](/news/article/elon-musk-twitter-deal) completed his buyout of the social media giant.

Late in October, as a result, DOGE's daily RSI crossed over 95, making it the most overbought since April 2021. As of 3 November, the coin's technical condition was still overbought, suggesting that a price correction could occur soon.

To put it another way, by the end of 2022, [Dogecoin](/news/article/should-i-buy-dogecoin) could decline towards $0.055, or 60%, from current price levels.

On the other hand, Shiba Inu posted a 10.5% profit at the end of October, and, as of right now, its RSI is in the neutral 30-70 range, indicating less sell-side pressure than DOGE.

Based on recent fluctuations inside an ascending triangle range, a 10%–15% short-term price correction to $0.00001088 is still possible for the SHIB/USDT pair.

![Picture2 shib.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Picture2_shib_cca9687281.png)
 
However, a break below $0.00001088 raises the possibility of an ascending triangle breakdown.

When such breakdowns occur during a downtrend, the price is frequently driven to its maximum height.
In the event of a clear breakdown, Shiba Inu's price could plunge to $0.00000682, a 45% correction by Q1.



green image of altcoins and shiba inu dogs in foreground

Shiba Inu News: Will it Rise to 150%?

[Elrond](https://elrond.com/) is a blockchain platform built to handle high transaction volumes. It's native token, EGLD crypto or eGold, is a multi-use cryptocurrency. The platform, which supports decentralised applications via smart contracts, is built to compete with significant blockchains like Ethereum and Zilliqa to create a [decentralised](/news/article/dns-servers) application and cryptocurrency ecosystem.

The blockchain can process up to 15,000 transactions per second. This makes it one of the fastest blockchain networks on the market. On the network, EGLD crypto is used for [staking](/news/article/what-is-staking-crypto), voting, and transacting. It is the primary asset in the incentivisation system that rewards network participants. Elrond also has a six-second latency, can scale with sharding, and has low transaction fees of $0.001.

It was established in 2018. The blockchain employs a Secure Proof of Stake (SPoS) operating protocol, which processes transactions in parallel. It relies on the contributions of multiple participants, each playing multiple roles simultaneously.

## What makes EGLD crypto unique?

Elrond is unique in its use of Adaptive State Sharding, which divides the network into smaller fractions so that nodes can verify transactions and network operations by resolving one partition at a time. This ensures the network can handle thousands of transactions per second while charging only a small fee.

The project aims to build a new digital economy with decentralisation and scalability built into its blockchain infrastructure. Elrond enables users to create new assets and decentralised applications and conduct low-cost transactions. The project also supports enterprise-grade Dapps while allowing for scaling and providing three programming languages to work with.

## How does the platform function?

Elrond is validated rather than mined using SPoS. The network uses open-source software, meaning the source code is available to anyone. The blockchain works as follows:

1.	Validators process and record transactions: Validators stake EGLD tokens in order to earn the right to process EGLD crypto They collaborate to process transactions and to add new blocks to the Elrond blockchain at the same time.

2.	Fishermen are constantly on the lookout for malicious transactions and users: Fishermen in SPoS networks validate new blocks after validators add them to the blockchain. Fishermen are tasked with locating any invalid blocks or malicious actors that may be present on the network.

3.	Observers passively maintain the blockchain's history: The blockchain observers store the blockchain's entire history. Observers are ineligible for EGLD crypto rewards because they are passive network participants who do not create new blocks.
The network is run concurrently by validators, fishermen, and observers. It is highly scalable due to this concurrent participation.

## Use Cases for Elrond

Elrond is designed to support non-fungible tokens (NFTs) and includes a Smart Accounts NFT framework. Smart Accounts operate similarly to any blockchain network account but support key-value data storage at the account level. They enable users to store large amounts of information directly in their Elrond Network accounts, such as emails, private identity data, health data, proof of citizenship, Know Your Customer (KYC) information, and more. 

Furthermore, Smart Accounts are intended to store and prove digital assets ownership without using the Elrond VM, which results in less bloating on the smart contracts that govern user funds.

The network is developing Elrond Standard Digital Tokens (ESDTs), synthetic assets, tokenised stablecoins, and fiat currencies to run on the Elrond network without requiring smart contract functionality. Elrond's scalability and speed prepare the network for the Internet of Things functionality (IoT).

The blockchain provides solutions for data exchange, financial services, and more to a growing list of enterprise blockchain clients worldwide, demonstrating that user adoption of the Elrond network is increasing.

## How to buy EGLD crypto

EGLD is available on cryptocurrency exchanges, including Binance.us, [KuCoin](/news/article/kucoin-crypto-metaverse), Gate.io, Bitfinex, OKEx, and [Crypto.com](/news/article/crypto.com-news-uk-approval).

##  Bottom line

Elrond promotes scaling and high transaction speeds as the primary sources of the project's intrinsic value, claiming that the network can process up to 15,000 transactions per second. It is a highly functional ecosystem because of its high transaction speeds, scalability, decentralisation, and full custody over users' funds.

As the project progresses, the network strives to become a model of the new internet economy. The project provides competitive transaction speeds and tools for Dapp development and application deployment for public and enterprise-grade use cases.


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