🚨🚨Crypto Market News You Can’t Miss! (03/01/24) 🚨🚨

5uhB...Zmmt

4 Jan 2024

The blockchain industry is constantly evolving and innovating, with new developments and events happening every day. In this article, I will cover some of the most important and interesting news that have moved the market in the past few days.

Etherscan Acquires Solscan to Expand Blockchain Data Services

Etherscan, the leading Ethereum block explorer and analytics platform, has announced that it has acquired Solscan, the popular Solana block explorer and data provider. The acquisition is part of Etherscan’s vision to “improve the accessibility of blockchain data across multiple networks” and to offer more comprehensive and user-friendly services to the blockchain community.

According to the official announcement, Etherscan and Solscan will work together to integrate additional features and functionalities across both platforms, such as cross-chain data analysis, network health monitoring, and smart contract verification. The acquisition will also enable Etherscan to support more blockchain networks in the future, as Solscan has experience in building scalable and high-performance block explorers.

Matthew Tan, the CEO and founder of Etherscan, expressed his excitement about the acquisition and praised the Solscan team for their expertise and professionalism.
He said:

The Solscan team has proven their expertise over the years by offering detailed insights and analytics. Their expertise in making blockchain data accessible and user-friendly also aligns perfectly with our mission at Etherscan.

Solscan is one of the most popular and trusted block explorers for the Solana network, which is a fast-growing and high-performance blockchain that supports smart contracts, decentralized applications, and interoperability. Solscan provides users with various features and tools, such as transaction history, token balances, contract details, validators overview, and network statistics.

The acquisition of Solscan by Etherscan is a significant milestone for the blockchain industry, as it shows the increasing demand and interest for cross-chain data services and solutions. It also demonstrates the collaboration and synergy between different blockchain projects and platforms, which can benefit the overall growth and innovation of the ecosystem.

Radiant Capital Halts Arbitrum Markets After Reported $4.5M Flash Loan Attack

Radiant Capital, a cross-chain lending protocol that operates on Ethereum and Arbitrum, has suffered a flash loan attack that resulted in the loss of over 1,900 ETH (worth about $4.5 million) on its USDC market on Arbitrum. The attack was detected and reported by PeckShield, a blockchain security firm that monitors and analyzes smart contract vulnerabilities and exploits.

According to PeckShield, the attacker exploited a flaw in the Radiant Capital smart contract that allowed them to manipulate the price oracle and borrow more funds than their collateral value. The attacker then used the borrowed funds to repay the flash loan and profit from the difference. The attack was executed in a single transaction that involved multiple steps and interactions with other protocols, such as Uniswap, SushiSwap, and Curve.

Radiant Capital has confirmed the attack and announced that it has paused its lending and borrowing markets on Arbitrum as a precautionary measure. The protocol also assured its users that no current funds were at risk and that it was working with PeckShield and other security experts to investigate the incident and prevent future attacks. The protocol also stated that it was exploring ways to compensate the affected users and restore normal operations as soon as possible.

Radiant Capital is one of the first lending protocols to launch on Arbitrum, which is a layer-2 scaling solution that aims to improve the scalability, speed, and cost-efficiency of Ethereum transactions. Arbitrum has attracted a lot of attention and adoption from various DeFi projects and users, as it offers a more user-friendly and secure way to access the Ethereum network. However, the recent attack on Radiant Capital also highlights the potential risks and challenges that come with the new and emerging technology, and the need for more rigorous testing and auditing of smart contracts and protocols.

MicroStrategy Co-Founder Saylor to Sell $216 Million Worth of Company Shares

Michael Saylor, the co-founder and executive chairman of MicroStrategy, a business intelligence and software company that is known for its massive bitcoin holdings, has revealed that he plans to sell $216 million worth of his company shares over the next four months. The sale is part of his stock option exercise that will allow him to acquire more bitcoin for his personal account.
Saylor disclosed his plans during MicroStrategy’s third-quarter earnings call, where he also announced that the company had purchased an additional 9,000 bitcoins in the past quarter, bringing its total bitcoin holdings to over 114,000 bitcoins (worth about $5.3 billion). Saylor said that he was exercising his option to sell his shares because he had personal obligations that he needed to address, and that he wanted to increase his exposure to bitcoin, which he believes is the best store of value and hedge against inflation. He also said that he remained optimistic about MicroStrategy’s prospects and that his equity stake in the company would still be very significant after the sale.
He said:

Exercising this option will allow me to address personal obligations as well as acquire additional bitcoin (BTC) to my personal account [...] I continue to be optimistic about MicroStrategy's prospects and should note that my equity stake in the company after these sales will remain very significant.

EU Regulators to Investigate the Links Between Banks and Crypto Entities

One of the regions that is taking a proactive approach to crypto regulation is the European Union. According to a report by the Financial Times, the European Banking Authority (EBA) is planning to conduct a comprehensive analysis of how non-bank financial institutions (NBFIs), including crypto-related entities, could affect the lenders in the region.

NBFIs are entities that provide financial services without being regulated as banks, such as hedge funds, insurance companies, money market funds, peer-to-peer lending platforms, and crypto exchanges. NBFIs currently hold around $219 trillion in assets, which is almost half of the world’s financial assets. The EBA is worried that these entities could pose systemic risks to the banking sector, especially in the event of a market shock or a liquidity crisis.

The EBA has already taken some steps to address the role of crypto in the financial system. In November 2023, it published draft rules on liquidity and capital requirements for stablecoin issuers, in line with the EU’s new Markets in Crypto Assets (MiCA) regulation. The MiCA regulation aims to create a harmonized framework for crypto assets in the EU, covering aspects such as consumer protection, market integrity, anti-money laundering, and prudential supervision.

The EBA’s latest move would involve collaborating with the European Systemic Risk Board and the Financial Stability Board to understand the impacts of a “shadow banking shock” on the wider system. The EBA plans to use stress tests, data collection, and scenario analysis to assess the potential spillover effects of NBFIs on banks. The EBA also intends to monitor the exposure of banks to crypto assets and the risks associated with them, such as volatility, cyberattacks, fraud, and operational failures.

Jim Cramer Reverses His Bearish Stance on Bitcoin

While the EU regulators are trying to keep up with the fast-paced crypto market, some influential figures in the financial media are changing their views on the digital asset class. One of them is Jim Cramer, the host of CNBC’s Mad Money and a former hedge fund manager.

Cramer has been a long-time critic of Bitcoin, the largest and most popular cryptocurrency by market capitalization. He has repeatedly expressed his skepticism and distrust of Bitcoin, calling it a “speculative bubble”, a “gamble”, a “fraud”, and a “dangerous” investment. He has also advised his viewers to avoid buying Bitcoin and to sell it if they own any.

However, on Tuesday morning, Cramer surprised his audience by making a U-turn on his opinion on Bitcoin. He praised the cryptocurrency as a “technological marvel” that is “here to stay” and that has a lot of potential to disrupt the financial system. He also admitted that he was wrong about Bitcoin and that he had underestimated its value and utility. He said that he had learned a lot from his son, who is a Bitcoin enthusiast and investor. He also commented on how the late Charlie Munger, the legendary investor and partner of Warren Buffett, “who was so brilliant on so many things, was blind to this”.

Cramer’s change of heart on Bitcoin reflects the growing acceptance and adoption of crypto among mainstream investors, institutions, and corporations. More and more people are recognizing the benefits and opportunities that crypto offers, such as diversification, hedging, innovation, and financial inclusion. However, there are still many challenges and uncertainties that crypto faces, such as regulation, security, scalability, and environmental impact. Therefore, crypto investors should always do their own research, be aware of the risks, and be prepared for volatility.

Disclaimer: The information and content provided in this article are for informational and educational purposes only and do not constitute any financial, investment, or legal advice. Trading, buying, or investing in cryptocurrencies involves significant risks and may result in the loss of your capital. You should do your own research and consult a professional before making any decisions. This article is not a suggestion or an endorsement of any cryptocurrency or platform.

I hope you enjoyed this edition of the crypto news roundup, and that you learned something new and useful. If you did, please share this article with your friends and family, and subscribe to me for more updates and insights. Thank you for reading, and happy crypto!