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Bitcoin surpassed the $50,000 mark early this month and has reached a plateau of $52,000.
Recent market data revealed that although retail traders temporarily retreated, opting to observe from the sidelines, the spotlight remains on the active spot of the Bitcoin exchange-traded funds (ETFs) arena as BlackRock, the issuer of spot Bitcoin ETFs, is expected to surpass Microstrategy INC, the leading holder of Bitcoin in the sector.
Amid the good news, a new research paper found that cyberattacks against Ethereum (ETH) and Bitcoin (BTC) are "economically unfeasible."
Bitcoin Surpasses $50,000
Last week, Bitcoin surged, surpassing the $50,000 mark, Yahoo Finance reported. This was the highest point in over two years. However, some data indicated that a slowdown may be looming.
In a statement late last week, analysts of Swissblock revealed that the $52,000 level is an essential resistance point, claiming that it may be needed to retreat temporarily to maintain the current bullish trend.
According to a recent research paper, the attacks on Ethereum and Bitcoin are "economically impractical."
Researchers claimed that the said attacks would not suffice because of the logistical hurdles and significant costs involved, highlighting the robust security measures of Ethereum and Bitcoin.
Fixedfloat, a Decentralized Crypto Exchange Hacked
Meanwhile, on Sunday, the decentralized crypto exchange FixedFloat was reportedly hacked, putting $26 million worth of ether and Bitcoin at stake.
Consequently, the exchange operators faced a massive backlash for not reporting the cyberattack immediately.
What We Can Expect From Crypto Markets This Week
Many traders have been waiting for the U.S. Securities and Exchange Commission's decision on the ETH ETF. The genesis of this is the recent ETH ETF application submitted by VanEck, a money management firm, Investopedia revealed.
The firm omitted staking in the application, marking a deviation from prior submissions made by fund managers Franklin Templeton and ARK Invest Management LLC.
On Monday, brokerage firm Bernstein published research revealing a 50% chance that the SEC will approve ETH ETF by May, adding that it can be "well-positioned for mainstream institutional adoption" within the crypto market.
In separate data, analysts are tracing STRK, the new native token released by Ethereum Layer 2 protocol Starknet. STRK temporarily achieved a multibillion-dollar market capitalization.
Photo: Microsoft Bing
