Bitcoin rally to $118K wipes out over $1 Billion in short bets, Canadian woman sues after $1.3M in bitcoin vanishes in SIM-swap scam, Indian crypto users slammed with 18% GST as Bybit complies with tax regulation, and more in this Week in Review.
Week in Review
Bitcoin surged to $118,000, triggering over $1 billion in short liquidations. Meanwhile, a Canadian woman filed a lawsuit after losing $1.3 million in a SIM-swap scam In India, crypto users faced an 18% GST amid Bybit’s partial service withdrawal. On the corporate front, Bitmine’s stock skyrocketed 700% in 24 hours following Tom Lee’s appointment and an ethereum treasury strategy reminiscent of Strategy’s Bitcoin play. Finally, ETFs saw strong inflows, $218 million for bitcoin ETFs and record volumes for Ether ETFs.
Bitcoin Rally to $118K Wipes out Over $1 Billion in Short Bets
Bitcoin’s recent surge resulted in significant liquidations, with more than $1.09 billion in short contracts… read more.
Editor’s comment: Even while I write this comment, the price continues to tick up! This is how it feels.
Canadian Woman Sues After $1.3M in Bitcoin Vanishes in SIM-Swap Scam
A Canadian pharmacy manager is suing a telecom company and a trading platform after losing 12.58 bitcoins… read more.
Editor’s comment: SIM-swap attacks have been a thorn in the side of crypto users for a long time. It feels like telecoms haven’t taken this attack vector seriously, but perhaps lawsuits like this will force them to improve finding solutions to mitigate this kind of attack.
Indian Crypto Users Slammed With 18% GST as Bybit Complies With Tax Regulation
Bybit is hitting Indian crypto traders with an 18% GST and widespread service shutdowns as strict new… read more.
Editor’s comment: Riding the line between regulatory clarity and overregulation is difficult for any nation, but Bybit’s actions indicate India is leaning towards overregulation.
BitMine Stock Soars 700% Within 24 Hours – Will Ethereum Treasury Strategy Make Another MicroStrategy?
BitMine $BMNR has been on fire since Monday – after naming Fundstrat’s Tom Lee as Chairman, the stock… read more.
Editor’s comment: This high risk, high reward strategy reeks of late stage bull cycle, hype-based
Bitcoin ETFs Score 5th Day of Inflows as Ether ETFs Hit Record-Breaking Volume
Bitcoin exchange-traded funds (ETFs) secured their fifth straight day of inflows with $218 million, led by… read more.
Editor’s comment: Bitcoin and ethereum are pumping while U.S. spot ETF inflows for both are positive!
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