Bitcoin stable above $16.8k and NFT website has been hacked and turned into a porn portal

Bitcoin is currently trading around $16.8k after another day of relative inactivity. The largest cryptocurrency by market capitalization has been trading sideways for over a month as the bearish sentiment continues into 2023. Altcoins generally had some gains, with a few exceptions. More on that later.

In other news, the NFT marketplace became Magic Eden hacked and jokingly temporarily turned into a pornographic website. The company claims that users’ NFTs were safe after the hack, but concerns remain about the platform’s professional handling. More on that later.

Crypto exchange Coinbase has agreed to a massive $100 million settlement with New York State regulators. The exchange was found guilty of violating important banking and financial regulations. $50 million of the settlement will be a fine, one of the largest ever imposed on a crypto exchange, and the remaining $50 million will be invested by Coinbase to correct regulatory deficiencies. New York remains one of the most regulated digital currency destinations in the United States and a major challenge for companies wishing to operate there.

Bitcoin price is stable above $16.8k

Bitcoin is changing hands at around $16.82k after another slow day at the top of the market. The cryptocurrency is doing its best to hold on to current levels, but is struggling to do so as bearish pressure mounts.

The last 36 hours started with the Bitcoin price around $16.6k. It slowly began to rise in value over the next few hours. At 02:00 AM, the cryptocurrency was back above the $16.7k level, showing the willingness to climb further. At 04:00 AM, the major crypto revalued and went above $16.8k, settling around $16.85k. It remained there and traded sideways for most of the rest of the day. At 6pm tonight the determined bulls rallied again and rose above $16.9k. However, further price gains proved difficult for the cryptocurrency to achieve and it fell slightly to around $16.85ki last night. Last night and this morning the BTC price remained extremely stable at around $16.8k.

Despite Bitcoin’s small price increase yesterday, the bears continue to dominate the market. Yesterday’s price increase of around 1.8% is slightly more than market conditions have allowed recently, but at the same time the bulls have achieved nothing with this small price gain. They need to keep moving the price up further and get it to at least $20,000. The bears, on the other hand, are waiting for their chance to strike. Conditions are much more favorable for them at the moment. Another interest rate hike by the US Federal Reserve may be the stimulus needed for another drop in prices.

Bitcoin’s total market capitalization was approximately $323 billion, and its share of the total crypto market was 41.61%.

Bitcoin price chart

Altcoins are making some gains

Other cryptocurrencies saw some gains last night, with a few exceptions. Big moves came from Ethereum (ETH, 3.8%), Binance Coin (BNB, 5%), Dogecoin (DOGE, 3.3%), Cardano (ADA, 6%), Polygon (MATIC, 3.7%) , Polkadot (DOT, 2.7). %), Solana (SOL, 2.5%), Uniswap (UNI, 4%), Avalanche (AVAX, 7.3%) and Chainlink (LINK, 3%).

AVAX price chart

NFT Marktplaats hacked and turned into a porn site

The NFT marketplace called Magic Eden was hacked in the early hours of yesterday. The servers were bypassed and the hackers turned it into a porn site. While the porn part could easily be dismissed as a joke, users immediately became concerned about the ownership of their precious NFTs.

However, Magic Eden released a statement saying that only a third-party service they used for cached images was hacked and that there was nothing wrong with the NFTs. The site has since been repaired and we are working hard to stop such foolish attacks in the future.

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