Canadian crypto exchange Catalyx has temporarily halted all trading, deposits, and withdrawals due to a security breach resulting in the loss of customer funds. The company, CatalX CTX Ltd., is currently conducting an investigation, possibly implicating an employee. The exact amount of money lost has not been disclosed. Last week, the Alberta Securities Commission ordered Catalyx to cease all crypto contract trading and initiated its own inquiry. CEO Jae Ho Lee complied with the 15-day freeze order, set to expire on January 5th. #CryptoNews
The potential approval of spot bitcoin and ether exchange-traded funds (ETFs) is expected to attract more institutional investors to the crypto market, according to Mathew McDermott, head of digital assets at Goldman Sachs. By creating institutional products that can be traded without directly holding the underlying assets, the liquidity in the market would expand and deepen, attracting interest from pensions, insurers, and other institutional players. While McDermott doesn't anticipate an immediate transformation, he foresees a gradual shift in the landscape over the next year following potential ETF approval. #CryptoNews
The recent downturn in the crypto market can be attributed to the sharp fall in TOTALCAP, which has returned to the $1.60 trillion area after reaching a new yearly high of $1.68 trillion. The market had been witnessing steady growth since October, with an ascending support trend line. The bounce at the trend line on December 18 resulted in an upward movement, leading to the breakout from a critical resistance area at $1.60 trillion. The current situation presents a crucial moment as the market awaits whether TOTALCAP will bounce back or break down, which will ultimately determine the future trend.
China's Supreme People's Procuratorate and State Administration of Foreign Exchange have issued a joint statement, warning against the use of Tether stablecoin for cross-border foreign exchange transactions. They emphasize that using Tether as a medium of exchange between local and foreign currencies is illegal, urging local officials to crack down on such activities. The agencies call for stricter measures to punish fraudulent foreign exchange purchases and other related illegal activities. #CryptoNews