Crypto Outlook

-BTC: $28,017.86

-ETH: $1,821.30

-XRP: $0.3946

-LTC: $85.55

The global crypto market cap is $1.19T, a 2.24% increase over the last day. The total crypto market volume over the previous 24 hours is $57.66B, which makes a 26.01% decrease.

BTC: BTC price increased by 2.27% and 35.90% over 24 hours and in the past seven days. The asset reached a low and high of $26,899.12 and $28,189.95, respectively.

On Mar. 18, General Bytes issued a security update stating that one or more hackers had exploited their master service interface. The company was temporarily shut down as it evaluated the extent of the damage.

General Bytes acknowledged that the hackers had gained access to their database through the master service interface, which allowed them to download usernames and password hashes and disable user two-factor authentication (2FA). They could also decrypt API keys and transfer funds to hot wallets and exchanges, enabling the hacker to transfer funds from hot wallets automatically.

As a result of this vulnerability, the hackers were able to steal 56.28 BTC from approximately 15 to 20 ATM operators. As of Mar. 19, the address still held the same amount of BTC, and no funds had been moved.

Additionally, the hackers were found to have over 21 ETH in one of their addresses. They also liquidated coins and tokens, including Cardano (ADA), Dogecoin (DOGE), and USDT.

ETH: ETH price increased by 1.46% and 23.13% over 24 hours and in the past seven days. The asset reached a low and high of $1,756.52 and $1,835.41, respectively.

On Mar. 16, Vitalik Buterin, co-founder of Ethereum, posted on the r/ethereum subreddit outlining his approach to wallet security. Buterin emphasized the importance of using multisig and social recovery wallets to safeguard crypto assets held in self-custody. He also stressed the need to have a diverse group of guardians to ensure maximum safety.

As the number of crypto scams and hacks has increased in recent years, and several major crypto firms have gone bankrupt in 2022, maintaining proper wallet safety procedures has become more critical than ever. Multisig and social recovery wallets rely on guardians to recover funds or approve transactions. Buterin highlighted that while the structures of these wallets differ, their guardians should be decentralized and controlled by other people to minimize the risk of hacking, coercion, incapacitation, or death.

Buterin suggested that enough guardians should be controlled by other individuals to ensure that if the wallet owner disappears, there are still enough guardians left to recover their funds. This approach helps to reduce the concentration of power and enhances wallet security for self-custody.

XRP: XRP price increased by 4.21% and 11.25% over 24 hours and in the past seven days. The asset reached a low and high of $0.3738 and $0.3967, respectively.

Despite the ongoing bank crisis, the global digital asset market has experienced positive growth. Bitcoin, the world’s largest cryptocurrency, has seen a significant surge of over 34% in the past seven days while the traditional market struggles to gain investor confidence.

While bank stocks are tumbling, John Deaton, the attorney representing XRP holders in the US SEC vs. Ripple lawsuit, remains confident about the Bitcoin price surge. Deaton, who serves as Amicus Curiae in the XRP lawsuit, pointed out the rapid spread of the bank crisis, citing the recent collapses of Silvergate Bank, Silicon Valley Bank, and Signature Bank. He also noted that 186 other banks are facing similar troubles to those experienced by Credit Suisse and First Republic Bank.

Deaton further explained that the Federal Reserve had erased $300 billion of quantitative tightening over the past year in just a few days. As bank stocks continue to struggle, Deaton believes that this will be a crucial moment for Bitcoin.

LTC: LTC price increased by 0.90% and 23.18% over 24 hours and in the past seven days. The asset reached a low and high of $82.68 and $86.42, respectively.

Shiba Inu’s astronomical growth has made waves in the cryptocurrency market, and investors are closely monitoring its progress. As of the time of writing, Shiba Inu (SHIB) boasts a market capitalization of over $6 billion, surpassing that of Litecoin (LTC), which has a market capitalization of approximately $5.90 billion. This is a noteworthy achievement for SHIB, which was launched only in August 2020. In comparison, Litecoin has been around since 2011 and has a more established reputation in the cryptocurrency space.

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