🌕 NFTs on Bitcoin!

GM!2023 is already proving to be an exciting year in the crypto space as the markets have kicked off with a bang. There are some fresh allegations which have surfaced against Celsius, and a damning 600 page report was released which accuses the company of operating a ponzi scheme.

Additionally, the blockchain technology space is also having a significant moment. Ethereum will be testing staking withdrawals on its Shanghai testnet this week. In addition, the use of NFTs has made its way to Bitcoin.

Markets

Why Are Crypto Markets Having Such A Good January? (5 minute read)The cryptocurrency market is kicking off 2023 with a bang! Bitcoin and Ether, the top two digital currencies, are soaring to new heights. Bitcoin has climbed 45% to reach close to $24,000, while Ether has jumped 40% to hit over $1,660. These impressive gains have caught the attention of investors, who are pushing digital assets higher despite many challenges the industry may face. According to a Goldman Sachs analysis, Bitcoin has been the top-performing asset of the year so far.

Celsius Was Allegedly Propping Up Its Own Crypto Token With Customer Funds (4 minute read)When the now-defunct Celsius Network declared bankruptcy, many users found themselves unable to access their crypto. A new report has shed light on the situation, revealing that the company may have been using customer and investor funds to support its own operations, similar to a Ponzi scheme. The report, which is over 600 pages, details how the company used these funds to boost the price of its own token, CEL.

Tech

Ordinals Project Launches Enabling NFTS Directly On Bitcoin (2 minute read)One project hot in the Bitcoin ecosystem right now is Ordinals. This project, led by former Bitcoin Core contributor Casey Rodarmor, brings NFTs to the Bitcoin blockchain. Ordinals uses a convention for numbering and transferring individual satoshis on the Bitcoin network, enabling the inclusion of content like images, videos, and HTML in a Bitcoin transaction and assigning it to a specific satoshi. While some people see it as a big win for Bitcoin, bringing more financial use cases and demand for block space, others have raised concerns about the impact on Bitcoin's censorship resistance.

Ethereum Set to Trial Staking Withdrawals on Shanghai Testnet (3 minute read)The Ethereum team is launching a public testnet, named Zhejiang, which will give Ethereum users a sneak peek into the upcoming Shanghai upgrade. This is a big deal because users will be able to simulate the process of withdrawing staked ETH, which will become a full-fledged feature when the Shanghai upgrade goes live in March or April. The timing of this upgrade has been a hot topic in the Ethereum world, as a lot of capital is riding on its successful implementati

Misc

Celsius Was Using QuickBooks for Its Accounting—Just Like FTX (3 minute read)Crypto lender, Celsius, relied on QuickBooks to manage its finances, according to a report by a court-appointed examiner. This made it difficult to assess the company's financial status post-bankruptcy, as QuickBooks is designed primarily for small to medium-sized businesses. The current CEO of FTX, John Ray III, has criticized the disorganized methods used by the previous leadership. Ray mentioned before the US House Financial Services Committee in December, 'QuickBooks is a great tool, but it's not suitable for a multibillion dollar company.'"

UK Finance Ministry to Propose Broad Rules for Crypto (2 minute read)The UK's finance ministry is taking a step forward in regulating the cryptocurrency sector. They have released a consultation for industry experts and members to provide feedback on proposed rules aimed at protecting consumers and supporting the country's ambition to become a hub for crypto. The proposals aim to place more responsibility on trading venues like exchanges and to set up a regime around the lending of crypto assets. The Treasury is also inviting feedback on improving market integrity, consumer protection, and the operational resilience of firms through a planned market abuse regime.

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