The Crypto Compass Issue #4

Weekly newsletter on the latest cryptocurrency updates, industry news and market analysis. Brought to you by BitcoinWalletSG.

January 10, 2023

The crypto market had a small relief rally this past week, aligned with the general sentiments of the market. It's important to note that while this is a positive sign, it's always wise to keep a long-term perspective and not get too caught up in short-term fluctuations.

Looking forward, the release of Inflation rate and Consumer Price Index data this week (12th Jan) will be closely watched by market participants, as it provides a measure of inflation and can give insight into the overall health of the economy.

Best, QH

Tweets

5 tips to reduce the risks of getting hacked in #web3:
1. Ensure seedphrase is stored securely offline
2. Use a hardware wallet
3. Utilize separate wallets for different purposes
4. Bookmark your commonly used dApps
5. Think twice before minting nfts that has a short time window
— bitcoinwalletsg 🇸🇬 | serangoon.eth (@bitcoinwalletsg)
1:09 AM • Dec 29, 2022

McKinsey released their state of AI report.
Here are the 10 key takeaways every business owner must know:
— Alex Banks (@thealexbanks)
2:07 PM • Jan 7, 2023

Notable News

Galaxy Digital's Head of Research Sees More Venture Funding for Web3 Firms This Year

The sector led VC funding in 2022, a report from the firm said.

https://www.coindesk.com/business/2023/01/09/galaxy-digitals-head-of-research-sees-more-venture-funding-for-web3-firms-this-year/

Liquid staking tokens surge 40% in seven days, Lido rises highest

Liquid staking derivatives tokens have increased by an average of over 40% in the last seven days, with Lido rising the highest by over 64%.

https://cryptoslate.com/liquid-staking-tokens-surge-40-in-seven-days-lido-rises-highest/

MEXC Global Officially Launches MEXC Mastercard to Support Global Payment

On December 27, MEXC Global, one of the world's leading crypto-asset trading platform, officially launched the MEXC Mastercard, allowing cryptocurrency holders to use digital assets in daily payments.

https://www.theblock.co/post/199890/mexc-global-officially-launches-mexc-mastercard-to-support-global-payment

Regulation News

Singapore Arbitrator Rules Against Mining Software Firm Poolin’s IOU Model, But the Firm Hasn't Paid Yet

Poolin had issued I-owe-you tokens in exchange for its users’ crypto deposits. A Singapore arbitrator said that’s not OK.

https://www.coindesk.com/policy/2023/01/06/singapore-arbitrator-rules-against-mining-software-firm-poolins-iou-model-but-the-firm-hasnt-paid-yet/

Celsius Co-Founder Sued by New York Attorney General

Lawsuit alleges the former chief executive made false statements to investors about the soundness of Celsius’s financial condition.

https://www.wsj.com/articles/celsius-co-founder-sued-by-new-york-attorney-general-11672931944

Tech News

Shanghai upgrade to include Ethereum unstaking

Ethereum developers said the upcoming Shanghai upgrade, slated for March, would add functionality to withdraw staked ETH, according to Bloomberg News.

https://cryptoslate.com/shanghai-upgrade-to-include-ethereum-unstaking/

Chinese researchers claim to have broken RSA with a quantum computer. Experts aren’t so sure.

Researchers in China are claiming a breakthrough in quantum computing, figuring out how to break the RSA public-key encryption system.

https://therecord.media/chinese-researchers-claim-to-have-broken-rsa-with-a-quantum-computer-experts-arent-so-sure/amp/

Podcast

Lucas Nuzzi, head of R&D at CoinMetrics, and Larry Cermak, VP of research at The Block, discuss the current state of the crypto market, including the potential for contagion effects and the challenges faced by VC companies. They also delve into the mining industry and the issues surrounding MEV and Ethereum. The conversation also touches on stablecoins, DeFi activity and NFT trading, and the potential dangers of Binance's dominance in the industry.