Ransomware Attacks Down 40.58%, Crypto Industry Thriving Despite Risk

• According to an annual report from Chainalysis, the revenue of ransomware attacks fell by 40.58% in 2022.
• This decrease is due to increased cybersecurity measures, not because of a decrease in ransomware attacks.
• Bitcoin’s price is currently hovering above $21,000 in the daily market.

The crypto industry has seen a huge surge in activity in recent years, but it has also become a target for hackers and cybercriminals. According to an annual report from Chainalysis, a on-chain analytics firm, ransomware attacks have seen a dramatic decrease in revenue in 2022. Specifically, the total funds received by hackers from victims has plummeted from $765.6 million in 2021 to $456 million in 2022, a decrease of 40.58%.

The report suggested that the decrease in revenue is due to organizations standing up to criminals rather than paying them. This is because stricter cybersecurity measures have been put in place to make it more difficult for hackers to target victims. However, Chainalysis does acknowledge that the amount may actually be higher, as not all addresses linked to attacks have been identified.

Despite the decrease in ransomware attacks, the crypto industry is still thriving. Bitcoin’s price is currently hovering above $21,000 in the daily market, representing a huge surge in value since the beginning of 2021. This surge has been largely driven by institutional investments, with a number of companies investing in Bitcoin and other cryptocurrencies as a hedge against inflation.

Despite the decrease in ransomware attacks, it is still important to remain vigilant when it comes to cybersecurity. Many of the world’s leading financial watchdogs are pushing for tighter regulation of the crypto industry in order to bring more transparency and reduce the risk of money laundering and other illegal activities. It is important that individuals and organizations take the necessary steps to protect their digital assets, as the crypto industry is still a target for hackers.

Bitcoin Price Hits 3-Month High: Is It a Bull Trap or a New Bull Market?

•The Bitcoin price hit a three-month high at $19,104.
•The market reacted cautiously to the announcement of December 2022’s Consumer Price Index (CPI) of 6.5%, but the bulls took over after that.
•Experts are currently recommending various data points, such as the Fed’s FOMC meeting and Fundstrat Global Advisors analysis, to assess if the price increase is a bull trap or a new bull market.

Yesterday, the Bitcoin price hit a three-month high of $19,104, following the announcement of the Consumer Price Index (CPI) for December 2022. The initial reaction of the market was one of caution, with the price dropping below $17,900. However, after some time, the bulls took over and posted the biggest daily candle in over 6 months.

At the moment, experts are paying close attention to the possible reasons behind the increase in price and are recommending that investors assess if this is a bull trap or really the beginning of a new bull run. To do this, they are encouraging investors to take into account various data points.

One such data point is the Fed’s upcoming FOMC meeting, which is scheduled for February 1. According to the FEDWatch tool, a whopping 94% of experts expect the Fed to continue to scale back its rate hike pace and only add 25 bps.

In addition, Fundstrat Global Advisors, an investment firm, is pointing to a further analysis which shows that 59% of CPI components are now in outright deflation. This analysis is being taken as an indication that inflation has significantly slowed in recent months. This, in turn, is leading the firm to conclude that the bond market has correctly predicted the current inflation rate and the Fed’s view of it.

Finally, the firm is also looking at the latest Atlanta Fed wage tracker. Year-over-year, the reading fell to 5.5% in December, which is the lowest level since January 2022. This, according to Fundstrat, is another data point confirming that wage inflation has slowed sharply in recent months.

All in all, the Bitcoin price has increased significantly in the past few days and experts are looking carefully at the various data points to assess if this is a bull trap or a true sign of a new bull market. Only time will tell.

Crypto Payments Boom Despite Bear Market: Cardano, Binance Coin Enter Top 10

• Crypto payments on e-commerce platforms are booming despite market conditions, with Cardano (ADA) and Binance Coin (BNB) entering the top 10 most spend crypto.
• According to a report from payment processor Coingate, people spent a lot of their crypto in 2022, with an average of 312,500 crypto payments per year.
• In 2022, the number of crypto transactions increased by 63%, 2.7 times the yearly average in a macroeconomic environment unfavorable for these assets.

Crypto payments have been on the rise in recent years, with more and more people turning to digital currencies as a preferred payment method. According to a report from payment processor Coingate, over 927,294 payments with Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA), and Binance Coin (BNB) were made in 2022, a 63% increase compared to the yearly average. This surge in crypto payments is all the more remarkable considering the current bear market, which suggests that even a negative macroeconomic environment does not necessarily discourage people from engaging in crypto-based transactions.

In fact, Cardano (ADA) and Binance Coin (BNB) managed to break into the top 10 most spent crypto, showing that digital currencies are becoming an increasingly popular payment option. The report gathered data from 2014 and determined that e-commerce shops have received 2.5 million crypto payments during this period, with an average of 312,500 crypto payments per year. This number was more than tripled in 2022, a testament to the growing adoption of crypto as a payment method.

The report also highlighted the increasing number of online merchants that are now accepting crypto payments. This is not surprising, given the various advantages of using digital currencies as a payment option, such as low transaction fees, faster settlements, and increased security. In addition, the increasing liquidity of crypto markets means that merchants can convert crypto payments into fiat quickly and easily.

It appears that crypto payments are here to stay, and with rising prices and benefits, they are likely to become an even more popular payment option in the coming years. With the increasing number of online merchants now accepting crypto payments, it is clear that digital currencies are becoming an increasingly attractive option for shoppers around the world.

Bitcoin Reaches $8 Trillion Transaction Milestone – Sign of Widespread Adoption?

• Crypto analytics firm CoinMetrics noted that $8 trillion worth of transactions have been made on the Bitcoin blockchain in 2022.
• The number was generated over the course of 2022, a period that was strongly bearish against the entire financial system as a whole.
• This milestone does not necessarily signify widespread adoption yet as the crypto is still a speculative asset, especially with fears of an incoming recession affecting the broader financial market.

Cryptocurrency has seen a surge in popularity in recent years, with Bitcoin leading the charge. Crypto analytics firm CoinMetrics recently made a significant announcement – that over $8 trillion worth of transactions have been made on the Bitcoin blockchain in 2022. This is a huge milestone for the cryptocurrency and is seen as a sign of its increasing acceptance.

The $8 trillion transaction metric is impressive, but it is not necessarily a sign of widespread adoption. The number was generated over the course of 2022, a period that was strongly bearish against the entire financial system as a whole. Many high-profile bankruptcies and implosions broke out in the latter half of 2022, leading to investors and traders losing trust in the crypto industry.

Despite some being bullish that Bitcoin will have a bigger role in the financial space, such as NBA team Dallas Mavericks owner Mark Cuban, the crypto is still a speculative asset. This is especially true with fears of an incoming recession affecting the broader financial market. Investors may be reluctant to place their capital on speculative assets and instead opt for safe-haven assets like gold.

However, the $8 trillion transaction milestone is still an impressive feat and is a sign that Bitcoin is slowly becoming more accepted. This could lead to more people using cryptocurrency for their transactions in the future. Governments and businesses around the world are beginning to recognize the potential of cryptocurrencies and are taking steps to regulate them, which could encourage further adoption.

Overall, Bitcoin’s impressive $8 trillion transaction milestone is a sign of its increasing acceptance, but it does not necessarily mean that widespread adoption is already underway. Nevertheless, it could be a step in the right direction and could eventually lead to a more widespread use of cryptocurrencies in the future.