Cryptocurrencies including Bitcoin and Ethereum can witness massive selloffs next week as the US debt default deadline nears, Blockchain.com CEO said on Thursday. Stocks and crypto prices will also fall after a debt ceiling deal as the US Treasury Department expects to issue $700 billion in Treasury bills to make up lost funds this quarter.

US Debt Situation To Bring Crypto Market Correction

During the Qatar Economic Forum organized by Bloomberg, Blockchain.com CEO Peter Smith said US default or recession will also impact crypto initially. However, crypto prices will recover after a short period.

“On a long horizon, these are probably good for crypto…If the U.S. government defaults, we’ll probably see a quick pull-back and then a very strong push upward in the crypto market.”

Smith also agreed that the crypto market recovering slowly this year and 2024 will be a massive year for crypto Bitcoin halving will happen in April.

“I think the crypto market is going to be much bigger in the future than it is today,” @blockchain‘s @OneMorePeter #QatarEconomicForum #منتدى_قطر_الاقتصادي @jennzaba pic.twitter.com/WneSNQr6iV

— Bloomberg Live (@BloombergLive) May 25, 2023

Blockchain.com is also considering an expansion of its small Middle Eastern office in Dubai, the United Arab Emirates. Dubai regulators and virtual asset regulations are progressive in crypto adoption. Blockchain.com gained approval from Virtual Assets Regulatory Authority (VARA) in September.

If the debt ceiling deal between President Joe Biden and Republicans failed, it will be “catastrophic” for the global market. However, if the deal is reached, it will pull liquidity out of financial markets.

Moreover, the US Federal Reserve to pivot this year. Fed officials are calling for two more hikes as inflation remains higher and the jobs market is still tight.

Also Read: Bitcoin, Crypto Slides As Fitch Puts US Rating Watch Negative On Debt Ceiling Standoff

Bitcoin Price Loses Momentum

BTC price briefly fell below the $26k level today as Bitcoin investors panic due to political partisanship in debt ceiling talks. Bitcoin fell 2% in the past 24 hours, with the price currently trading at $26,400. Meanwhile, the second largest crypto ETH price trades above $1800, after falling to an intraday low of $1763.

Popular analyst Rekt Capital predicts that if Bitcoin loses the $26,200 support then the price would drop into the lower $20,000. The $26200 happens to be confluent support with the 200-week MA.

Also Read: Binance Suspends Crypto Deposits As Multichain CEO Remains Missing

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

It’s the gift that keeps on giving, or rather, people kept on giving to Three Arrows Capital. 

The saga goes on as revelations about creditors of the crypto hedge fund continue to pour in. 

The latest twist — Three Arrows Capital (3AC) owes $270M to Blockchain.com, as reported by CoinDesk. Blockchain.com is a crypto platform that features an exchange, a wallet, and an institutional arm.

The news comes eight days after the Monetary Authority of Singapore released a statement outlining 3AC’s failures to comply with regulations. And just one day earlier, The Defiant reported on the official liquidation of the hedge fund. 

Fall From Grace

It’s been an unbelievable fall from grace for 3AC, whose founders were generally regarded as wizards of the past crypto bull run. Comments on co-founder Su Zhu’s podcast appearances lauded the hedge fund manager’s trading abilities and his tweets have become the stuff of legend after 3AC’s collapse.

Zhu also coined the phrase “supercycle” —  the idea that institutional adoption of digital assets would prevent the crypto markets from repeating the collapses of 2018 and 2014.

The fallout continued after Voyager Digital announced 3AC’s default on a $700M loan on June 27 and Kyber Network called out 3AC for not returning $7.9M in treasury funds on June 23. And all while the fund’s co-founder, Su Zhu, was tweeting positively as 3AC dumped stETH.  

With the latest news that Blockchain.com may also be on the losing end after loaning 3AC money, the crypto world is still grappling with the apparent total disregard for risk management at one of its formerly most influential players.

According to the data analyzed by the Atlas VPN team, based on the information provided by the CheckPhish URL scanner tool by Bolster, Blockchain is the most commonly phished crypto project, with 662 phishing websites in the last 90 days.

Blockchain is followed by cryptocurrency wallet Luno and proof-of-stake blockchain platform Cardano with 277 and 191 phishing pages, respectively.

The data features detected cryptocurrency phishing website numbers in the last 90 days till June 22nd, 2022.

The next top-most phished crypto brand is Poloniex. The crypto exchange has had 72 phishing websites using its brand in the past three months.

Meanwhile, NFT marketplace Magic Eden and yet another crypto exchange, Bittrex, share the fifth and the sixth spots on the list with 67 and 65 phishing websites each.

The rest of the top ten includes the largest cryptocurrency exchange Binance with 59 phishing websites, crypto investing service Apex Crypto with 23 phishing websites, open-source cryptocurrency wallet software MyEtherWallet with 21, as well as Bitcoin wallet service Electrum and Australian cryptocurrency assets exchange BTC Markets each with 16 phishing websites.

Ruta Cizinauskaite, the cybersecurity researcher and writer at Atlas VPN, shares her thoughts on crypto phishing scams: “Brand impersonation is a common tacting among cybercriminals as people are more likely to trust the brands they know with their money or information. To lure in their victims, scammers develop counterfeit websites using legitimate brand names, similar-looking URLs or appearances. Crypto scams, in particular, are very lucrative to cybercriminals as cryptocurrency payments are irreversible, uncontrolled by central authorities, and many newcomers are not very knowledgeable in how crypto works. ”

To read the full article, head over to:

https://atlasvpn.com/blog/blockchain-com-luno-and-cardano-are-the-top-most-phished-crypto-projects

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Cryptocurrency blockchain explorer service Blockchain.com is set to potentially explore public markets as early as 2023 if remarks from the company’s CFO are anything to go by

A move to go public is reportedly in the pipeline for cryptocurrency wallet provider Blockchain.com. The chief financial officer of the Luxembourg-based unicorn firm hinted at such, although there are no plans for action at the time. Speaking in a Fortune interview, Macrina Kgil, the CFO, suggested there was a possibility of going public via an initial public offering (IPO) in 18 months.

“An IPO is possibly 18-months or more away.”

Kgil, who has served as the CFO of the firm for three years now, made a post to share news of the company’s latest achievement. She confirmed that Blockchain.com had recently eclipsed $1 trillion in crypto transactions via a blog post published yesterday.

“We recently hit a major milestone at Blockchain.com, surpassing more than $1 trillion in crypto transacted on our platform. To put that number into context, we’ve handled nearly a third of all bitcoin network transactions since 2012, with the majority of all transactions processed through Blockchain.com Wallets taking place over the past 2 years,” she noted in the institutional blog.

Kgil added that the company had a diverse crypto portfolio containing altcoins, although Bitcoin and Ether formed the bulk of the held assets.

Many firms in the cryptocurrency space have been weighing their options in regards to going public following Coinbase’s trailblazing and historic decision to become directly listed on NASDAQ in April. No big player has followed that path at the moment, but there are heavy pointers that some are about to.

Blockchain.com isn’t the first name to weigh its options on such a move, and it is unlikely that it will be the last to consider the IPO route as things stand. Bitcoin futures exchange Bakkt, cryptocurrency exchange Kraken, and peer-to-peer payments tech company Circle have shown similar interests. Binance, which has struggled to comply with crypto regulations, is another one of the names looking to take the IPO approach.

Blockchain.com completed a $300 million Series C raise back in March, driving its valuation north of $5.2 billion. This was after it had wrapped up a $120 million funding round the previous month which saw its value climb to $3 billion. Regarding the IPO approach, Kgil explained that a couple of provisions had to be met for it to be successful, particularly noting the need to have a clear-cut structure.

Luxembourg based digital currency exchange Blockchain.com is mulling the plans to conduct an Initial Public Offering (IPO) in a move to become a publicly traded company. As reported by Fortune, drawing on Macrina Kgil’s interview with Forbes, the company is looking at the possibility of conducting the IPO in 2023.

Macrina who is the Chief Financial Officer for the company has been quite vocal about the firm’s growth in recent times. In a blog post shared today, she noted that the company has exceeded $1 trillion in total cash transactions processed by the firm, a performance that re-emphasizes the firm’s pioneering dominance in the crypto world.

According to Macrina, the company has “handled nearly a third of all bitcoin network transactions since 2012, with the majority of all transactions processed through Blockchain.com Wallets taking place over the past 2 years.” 

She added; 

“These numbers don’t reflect what’s bought and sold on our exchange, but rather real usage of crypto: instantly sending value across the world as easily as sending an email.”

The exchange has maintained its course for the past three years, and the move into the public market niche will further expand its presence as a unicorn with a $5.2 billion valuation.  This mammoth growth is further complemented with a large retail user base with over 76 million active wallets. 

More Crypto Unicorns Eyeing Public Debuts

The digital currency ecosystem went agog when Coinbase Global Inc went public earlier in the second quarter of this year via direct listing on the Nasdaq. The emergence of the exchange which earned it an $85.8 billion market cap sent the feeling of possibility across the nascent industry.

Following Coinbase, a number of crypto trading platforms including eToro, and Kraken have also expressed interests in pursuing public market listings. While not a primarily crypto focused outfit, Robinhood has also benefited from the impacts of digital currencies, even as it got listed on Nasdaq back in July

The hint given by the Blockchain.com executive will serve as a testament to the sustainable growth on record by trading platforms around the world.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin