Hacked Ledger…⚡
Welcome to the Daily Tribune of Friday, December 15, 2023 ☕️
Hello Cointribe! 🚀
Today is Friday, December 15, 2023, and like every day from Tuesday to Saturday, we summarize the news of the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24-hour crypto summary ! ⏱️
🔥 Bitcoin fires up in response to Fed rate cut
The US Federal Reserve has announced a significant interest rate cut, scheduled for late 2024, from 5.1% to 4.6%. This 75 basis point reduction is seen as a major change in the monetary landscape and suggests more affordable access to credit. As a result, the price of Bitcoin has increased slightly, indicating that investors see it as a safe haven in an unstable financial context.
This interest rate cut influences various aspects of investments. It makes borrowing more affordable, potentially stimulating spending and investments, but also makes savings and certain financial assets less attractive. Bitcoin, often seen as a risky asset, emerges as a viable option for diversifying portfolios and protecting against economic uncertainty.
The Fed's rate cut marks a turning point for Bitcoin, positioning it as a safe haven asset in response to this monetary policy. We are witnessing an increasing integration of Bitcoin into global financial dynamics.
🔒 Major hack on Ledger
Ledger, which you probably know, has recently faced a significant hack. An essential library for the security of many DApps has been compromised, putting interactions with Ledger hardware wallets at risk. While Ledger hardware remains secure, the access key to these devices has been weakened.
Indeed, malicious updates can create security loopholes, similar to digital Trojan horses. Ledger has already deployed an update (version 1.1.8 of the Ledger Connect Kit) to counter this security vulnerability.
The Ledger hack highlights a critical flaw in the security of cryptocurrencies: dependence on third-party interfaces and software. This type of vulnerability underscores the urgent need for a holistic approach to security in the crypto ecosystem, going beyond secure storage of private keys. Development of more robust and integrated security solutions is highly anticipated, potentially using emerging technologies like artificial intelligence to anticipate and counter security threats in real-time!
🚀 Shibarium: New records with 105 Million transactions
Shibarium, Ethereum's Layer 2 blockchain dedicated to Shiba Inu, has experienced explosive growth, recording over 105 million transactions since its launch in mid-August. In December, Shibarium reached a historical record of 5.11 million transactions in a single day. This massive increase in activity has also led to a significant increase in the value of the Shiba Inu BONE token, with a 4.5% increase in 24 hours and a 30.8% increase over 14 days.
The increase in activity on Shibarium is attributed to several factors, including increased mint activity of SRC-20 and whale movements reported by Santiment. While SHIB doesn't show as spectacular increases as some altcoins, with a 3.2% increase in 24 hours and a 20.8% increase over two weeks, the growing interest in Shibarium and associated activities indicate a positive momentum for Shiba Inu.
The rise of Shibarium demonstrates the rapidly evolving expectations and requirements for blockchain performance. The rise of Layer 2 solutions like Shibarium indicates a transition to more scalable and cost-effective networks, which are essential for the mass adoption of cryptocurrencies.
👑 Ethereum vs Bitcoin: Ethereum ready to dethrone Bitcoin in 2024 according to JPMorgan
According to JPMorgan analysts, Ethereum could surpass Bitcoin in terms of market capitalization by 2024. This prediction is based on the planned upgrade of Ethereum, the EIP-4844 or Protodanksharding, expected in the first half of 2024. This upgrade is considered a major step towards improving Ethereum's network activity, which could help Ethereum outperform Bitcoin and other cryptocurrencies.
EIP-4844 will introduce new features such as data blobs and temporary data packets attached to blocks, optimizing data storage. This upgrade will also benefit layer 2 solutions like Optimism and Arbitrum by providing additional temporary data space, allowing for increased network throughput and reduced transaction fees.
JPMorgan's analysis suggests a transition in the valuation of cryptocurrencies, shifting from an appreciation based on scarcity and notoriety (as is the case for Bitcoin) to a valuation based on utility and technical performance (as expected for Ethereum).
Crypto of the day: Internet Computer (ICP)
Internet Computer (ICP) is an innovative blockchain launched in 2021, aiming to expand the capabilities of the Internet by enabling the hosting of software and services directly on the blockchain. This technology offers a decentralized alternative to traditional cloud infrastructures, thereby reducing dependence on large technology companies. Its value proposition lies in its ability to run decentralized applications (dApps) at scale with speed, security, and cost reduction.
The native crypto of Internet Computer, ICP, plays a crucial role in network governance and participation in decision-making. ICP holders can vote on governance proposals, contributing to the platform's evolution. ICP was distributed through a public sale and allocations to early contributors and investors.
Recent performance
Current Price: €6.47
Percentage Increase/Decrease: 1.52% increase in 1 day
Market Cap: €2.92 billion
Rank on CoinMarketCap: 27th
Please note that this information is provided for informational purposes only and does not constitute investment advice. Always do your own research before making a financial decision.
5 essential tips for securing your cryptocurrencies
Yesterday, the crypto ecosystem was shaken by the Ledger hack. This type of incident highlights the need for cryptocurrency holders to take proactive measures to protect their assets. Here are five essential tips to strengthen the security of your assets.
1. Use hardware wallets:
Hardware wallets, like Ledger or Trezor, offer enhanced security by storing private keys offline. Although the Ledger hack has highlighted vulnerabilities, using these devices remains one of the safest methods to store cryptocurrencies, especially if you follow security updates and best practices.
2. Enable two-factor authentication (2FA):
Enabling 2FA on all your cryptocurrency-related accounts adds another layer of security. Use 2FA apps like Google Authenticator or Authy instead of receiving codes via SMS, which can be intercepted.
3. Be vigilant with phishing and scams:
Phishing attacks are common in the crypto space. Be extremely cautious with emails and messages you receive. Always verify the URL of websites and be wary of offers that seem too good to be true.
4. Keep your software up to date:
Make sure that the firmware of your hardware wallet and the software on your devices are regularly updated. Updates often contain patches for recently discovered security vulnerabilities.
5. Education and awareness:
Stay informed about the best security practices in the cryptocurrency space. Follow news and security advice from trusted experts and communities. The more informed you are, the better you can protect your assets.
By following these tips, you can significantly enhance the security of your cryptocurrency investments and protect against potential threats.
