Bitcoin a top 10 asset, Robinhood spike in crypto trading, El Salvador BTC back in profit

Bitcoin has pushed Barky hathway out of The top 10 assets by market cap and Robin Hood sees a jump in crypto Trading good morning you're listening to The Risen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to clearly know more than your Friends do about crypto at those Christmas meetups make sure you click That follow button okay grab yourself a Coffee and let's get into It there is a lot of ground to cover Today to get you caught up so here is The rundown Bitcoin pushes Bank sh Hathway out of the top 10 assets by Market cap Robin Hood sees a 75% spike In crypto trading two brothers walk free After hacking $8.5 million from Platypus El Salvador's Bitcoin portfolio moves Back into profit and a new look at the Age-old debate Bitcoin Maxis versus Multichain okay we're starting off like We did yesterday more positive bitcoin News just sets you up right for the rest Of the day doesn't it as we discussed Yesterday Bitcoin had one hell of a Weekend surpassing the $40,000 threshold And in doing so it has hit a number of Markers according to Helen part's Article yesterday data from company's Market cap shows Bitcoin has moved into The top 10 assets by market cap with

Over $800 billion and it's closing in on Meta with their market cap of $834 Billion so in a fun bit of poetry to Make it into the top 10 Bitcoin had to Push out barkshire Hathaway whose CEO Warren Buffett famously called Bitcoin Rat poison squared in 2018 the Cryptocurrency lawyer John Deton wrote On X yesterday that's a pretty damn big Bottle of rat poison 5 years on and Buffett is still holding strong with his Anti- crypto views and the only time he Has ever held crypto was when the owner Of huobi Justin Sun donated enough money To Buffett's charity to win a dinner With the legendary investor during this Dinner son was trying to convince Buffett of crypto's value and he Presented Buffett with a phone that had One Bitcoin and nearly 2 million Tron on It but apparently Buffett just gave it Away the every person's trading platform Robin Hood submitted a Form 8K filing to The SEC yesterday and it revealed Something rather interesting Robinhood Has been crypto-friendly and has laid Out some ambitious plans for its Services in the past year as well as Expansion into the EU however last month In Robin Hood's Q3 report they noted an Enormous 55% decrease in cryptocurrency Notional volume notional volume is Roughly the total value of all trades Made well the Form 8K filing yesterday

Showed an enormous U-turn in digital Trading asset volume in November the Report said November crypto notional Trading volumes were roughly 75% above October 2023 levels so this spike is Reflective of what we've seen in crypto As a whole in recent weeks but it could Be a real win for Robin Hood the slump In crypto interest in 2022 took its toll On the platform's profits but in the November earnings call CEO Vlad tenev Told investors that the platform is Eyeing nine figures in annual revenue he Also commented d directly on the change In crypto interest saying you're Starting to see retail investors wake up To certain segments of the rally and in Crypto activity you're seeing a ground Swell in August we reported that Robin Hood had accumulated $3 billion of Bitcoin in just three months which took Them to for a hatrick of 3es third in The table of largest Bitcoin holders so It seems the platform is pretty well Situated for a ball Run okay with SPF facing up to 115 years In prison and CZ also potentially facing A custodial sentence this next story is Extra fascinating a French court has Allowed two brothers Muhammad and Benamar to walk free without any Criminal charges after they hacked the Defi protocol platypus for $8.5 million On the 16th of February this year the

Brothers managed to drain $8.5 million In crypto in a Flash loan attack flash Loans are one of the most common ways Crypto is hacked and you might have Heard me mention it last week when we Discussed November being the most Damaging month of the year so I think It's worth me giving a quick overview of How they work defi platforms often offer Flash loans which allow users to borrow Cryptocurrencies without any collateral The catch is the loan must be borrowed And paid within the same transaction Block so they're very very brief but There are lots of reasons why someone Might want to take such a short-term Loan and most of them are kind of above My station to explain but one of the Most common uses is arbitrage Opportunities and this I can explain so An example here could be that there is a Price difference between exchanges for a Token and therefore profit could be made By buying and selling it what the flash Loan does is cough up the Capital One Issue here is that as users don't need Any collateral to take these flash loans The Flash loans can be a prime target For attacks and the two brothers in France managed to draw down all of the Assets on this uncollateralized loan Unfortunately for the brothers platypus Binance's security team and independent Crypto investigators including our

Beloved and frequently mentioned Zack Xbt managed to track down the funds and The brothers were arrested but there's a Twist they claimed to be ethical ERS who Intended to return the crypto in Exchange for a 10% fee this is similar To a bug finding Bounty that many Organizations exchanges ecosystems have In place in fact the French Court did Acknowledge this but here comes twist Number two the funds got stuck in a Wallet and Mohammad was only able to Recover $270,000 of it the blockchain security Firm BLC managed to do much better Though they saled $2.4 million in usdc After finding a loophole in the Attacker's contract after reading arit SAR article on this I wanted to go even Further down the rabbit hole and after Looking into the case it does seem that Muhammad in particular was a lucky boy To get away without punishment here it Essentially came down to the fact that The charges seem to be inappropriate for The crime the judge found that the Charge of unauthorized access to a Computer system didn't apply because the Smart contract was public similarly the Judges found that the fraud charge Didn't apply in this case either they Didn't seem overly happy to be letting The brothers go completely free and they Added that platypus could pursue the

Brothers in civil court Robin Hood wasn't the only entity to Take a large bet on crypto in fact Arguably the most famous example is the Country El Salvador which on the 7th of September 2021 made Bitcoin legal tender Those who are familiar with the crypto Timeline will know that September 2021 Is just a stone throw from the all-time Highs of November but then also the Collapse the other side of it Salvadoran President naive brelli was The Man Behind the push for Bitcoin as a key Holding for El Salvador and he had to Watch as the country's portf IO fell From $13.9 million at its peak to just $45 Million which resulted in a lot of Criticism from the media those opposed To crypto and I would guess skeptical Citizens well thanks to the latest price Run El Salvador's portfolio is back in The black and with 3.6 million of profit On top buell's tweet yesterday was not Shy about the Vindication and I just Want to read you the whole thing here he Wrote elor's Bitcoin Investments are in The black after literally thousands of Articles and hit pieces that ridiculed Our supposed losses all of which were Calculated based on bitcoin's market Price at the time with the current Bitcoin market price if we were to sell Our Bitcoin we would not only recover

100% of our investment but we would also Make a profit of $3.6 million as of this Moment of course we have no intention of Selling that has never been our Objective we are fully aware that the Price will continue to fluctuate in the Future this doesn't affect our long-term Strategy nonetheless it is important That the naysayers and the authors of Those hit pieces take back their Statements the responsible thing to do Would be for them to issue retractions Offer apologies or at the very least Acknowledge that El Salvador is now Yielding a profit just as they Repeatedly reported when we were Incurring losses if they consider Themselves true journalists they should Report this new reality with the same Intensity they reported the previous one We'll see stay tuned wow what a tweet That was and with the Tweet there is a Graph that shows El Salvador's BTC Portfolio and you can see that buell's Dollar cost average strategy continued Throughout 2022 where the country twice Bought Bitcoin below $2,000 In July and December last year I think It comes across quite clearly that he Felt pressure as the prices plummeted But with his 2024 re-election campaign Underway the crypto optic is certainly Well Timed okay so the last story is another

One of those occasions where I cover a Long read and as always I cannot do it Justice in a daily wrap-up everything I Mention in these episodes is always Linked In the description for you so Please give this one a read it's called Bitcoin Maxes versus multi chains two Opposing visions of crypto's future and It's written by Robert D Knight who I'm Just going to let introduce the debate Here it's the longest running feeding Crypto maximalism versus multiple Competing chains I think it's pretty Clear that maximalists don't hold the Rest of crypto in very high regard but Much of the things that multichain Advocates want to do with the blockchain Are things that Bitcoin maximalists Wouldn't want on the Bitcoin blockchain Anyway just look at ordinals as an Example so whether the future is Maximalism or multi-chain I think this Is one debate that will continue long Into the future this is a topic that Fascin Ates me because I've always been Kind of conflicted the Bitcoin Maxis Would say I'm absolutely not one of them And they're right but I still hold Bitcoin in higher regard than any other Crypto however and I guess this is the Crux of it really I do believe in a Multi-chain future by virtue of how many Other applications of blockchain there Are even if it flies against what

Satoshi Nakamoto envisioned with Bitcoin To understand Bitcoin maximalists here Are the four truths the Bitcoin educator And staunch Maxi gomo Zuko has laid out One everything that is not Bitcoin is a Scam two every attempt at changing Bitcoin is a scam three every attempt at Pushing people to spend Bitcoin is a Scam and four we shouldn't be nice to Scammers generally for me seeds of Doubt Are swn when someone speaks almost Exclusively in absolutes I also don't Really understand number three every Attempt at pushing people to spend Bitcoin is a scam Bitcoin is a Peer-to-peer electronic cash system Anyway when it comes to bitcoin Maximalism some of these absolutes are The most logically consistent stances Jan 3 CEO Samson Mo said that the crypto Industry which he puts in large inverted Commas by the way is largely centralized Groups and companies selling tokens Pretending to be decentralized it's Constant hacks and funds being stolen From insecure unviable technology it's The pretense that centralized Blockchains are immutable it's dog Tokens baby dog tokens jpegs and other Random things he went on to add that the Gap between Bitcoin and the rest of Crypto is so massive that it's like Comparing an aircraft to a paper airplan This is why bitcoiners reject the rest

Of the industry again in inverted Commerce now of course many notable People in crypto reject Bitcoin Maximalism including the person who Coined the phrase falic butterin the Creator of ethereum there's definitely Some delicious irony to the fact that The person who put a name on bitcoin Maximalism later went on to create the Biggest threat to it and even said that The ideology was already dead in the Water alongside vitalic is Brad Garlinghouse founder of Ripple who said I am very bullish about a whole bunch of Different things going on in crypto I Certainly am active in trying to Dissuade people from being maximalists About any particular crypto it will be a Multi-chain world nothing can quite Capture the decentralized purity of Bitcoin but blockchain technology feels Too significant and too powerful to me To limit its output as I say it's a Fascinating debate and it isn't going to End for decades if ever so where do you Stand on it tweet us your thoughts to @ Cointelegraph and @ Arc Bags okay that's it for today consider Yourself informed thank you for Listening to the Risen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing or Leaving a review have a great day let's

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