Cryptos Consolidate Gains as U.S. Economic Data Looms

Bullet Points:
• Cryptocurrencies such as Bitcoin and Ethereum are continuing to consolidate recent gains as markets prepare for upcoming US economic data.
• Bitcoin is trading above $23,000, while Ethereum is nearing a move below $1,600.
• Technical indicators such as the RSI suggest that shifts in momentum may be on the horizon.

Cryptocurrencies have continued to consolidate their recent gains on Jan. 24, as markets prepare for a big week of U.S. economic data. On Thursday, the U.S. will release its gross domestic product (GDP) figures for Q4 2022, followed by consumer sentiment data the day after.

Bitcoin (BTC) is trading at $22,913.54, consolidating for a third straight day but still remaining above $23,000 for most of today’s session. BTC hit a high of $23,134.01 earlier, a level not seen since October 2020. Despite this, the 14-day relative strength index (RSI) has neared a ceiling of 86.00, with a floor at 80.00 another possible destination for traders. The 10-day (red) moving average has also begun to show signs of peaking, which could lead to a sudden shift in momentum.

Ethereum (ETH) has seen somewhat slower momentum in today’s session, with price approaching its floor at $1,600. Following a high of $1,658.02 to start the week, ETH/USD dropped to a bottom of $1,609.16 earlier in the day. Several dojis (candlesticks signaling reversal) have appeared on the chart, suggesting sentiment in the world’s second largest cryptocurrency has already shifted. The RSI is currently hovering slightly above a floor at 74.00, which is a current indicator of the market’s direction.

Overall, it looks like the markets are preparing for a big week of economic data from the U.S., and traders will be watching closely to see how this impacts the price of cryptocurrencies. With technical indicators suggesting shifts in momentum may be on the horizon, it will be interesting to see how the markets react in the coming days.

Ledgible Unveils New Platform for Digital Asset Tax & Accounting Solutions

• Ledgible, a leading digital asset tax and accounting solution for institutions, professionals, and investors, has unveiled a newly revamped website and interface.
• Ledgible offers more than just digital asset tax solutions, they are also a top provider of digital asset accounting and digital asset data aggregation tools for companies.
• Ledgible’s platform is scalable, allowing quick access to crypto data aggregation and normalization for institutions and enterprises through their secure banking system integrations and augmentation of traditional financial reporting software.

Ledgible, the leading crypto tax and accounting provider, has just unveiled its newly redesigned website and interface. Ledgible is a digital asset tax and accounting solution for institutions, professionals, and investors, allowing users to quickly explore the company’s various digital asset solutions, connect with support, register, and so much more, all in one streamlined ecosystem.

The announcement comes just in time for the 2022 US tax season, as tax filers and tax professionals are gearing up for the highest volume digital asset tax filing season ever in the US. Ledgible offers more than just digital asset tax solutions, they are also a top provider of digital asset accounting and digital asset data aggregation tools for companies like FIS, Thomson Reuters, Wolters Kluwer, Interactive Brokers, and more.

Ledgible Crypto Enterprise & Institutional Accounting is designed to take the headache out of managing digital asset data. Whether you’re running month-end reporting, analyzing balances, managing crypto funds, or integrating with your existing accounting software like Advent Geneva, Netsuite, Quickbooks Online, Xero, Wall Street Concepts, SEI, Eagle, and so many more systems, Ledgible has you covered.

The Ledgible platform is built to be more than just a SaaS platform. It is scalable, allowing quick access to crypto data aggregation and normalization for institutions and enterprises through their secure banking system integrations and augmentation of traditional financial reporting software. Through seamless API connections, the Ledgible platform serves as the foundation for an enterprise’s digital asset operations.

Ledgible’s tax and accounting solutions have been designed to meet the needs of institutions, professionals, and investors. It provides a seamless and secure platform for managing digital assets and provides the necessary tools for organizations to confidently file taxes and report financial information. Ledgible is committed to helping its users get the most out of their digital asset investments, and its new website and interface are the latest step in that mission.

124 BTC Frozen After Onchain Researchers Uncover $63.2M Harmony Bridge Attack Funds

• On Jan. 15, 2023, onchain researchers discovered that funds stolen during the Harmony bridge attack had been moved.
• The stolen funds, worth $63.2 million at current exchange rates, were deposited into OKEx, Huobi, and Binance.
• Binance CEO Changpeng Zhao confirmed that the funds had been frozen and 124 BTC had been recovered.

On June 23 of last year, the Harmony development team disclosed that $100 million in cryptocurrency funds had been stolen from the Horizon bridge. After 206 days, onchain researcher Zachxbt discovered that 41,000 ETH (worth $63.2 million at current exchange rates) had been transferred. The suspected thieves, who are allegedly associated with the North Korean hacking syndicate Lazarus Group, had deposited the funds into OKEx, Huobi, and Binance.

Binance CEO Changpeng Zhao, commonly known as „CZ,“ confirmed that the funds had been frozen and that 124 BTC had been recovered. CZ tweeted, „We detected Harmony One hacker fund movement. They previously tried to launder through Binance and we froze their accounts. This time they used Huobi. We assisted the Huobi team in freezing their accounts. Together, 124 BTC have been recovered.“

The blockchain intelligence firm Elliptic also discovered the movement of the stolen funds and identified an address associated with the hack. Elliptic CEO James Smith stated that the company had identified the address as a high-risk address and had notified multiple exchanges so they could take appropriate action.

In response to the Harmony bridge attack, the Ethereum community has taken steps to ensure similar hacks don’t occur in the future. Ethereum developers have implemented a new security protocol called EIP-1778, which requires funds to be held in special smart contracts and prevents them from being moved without authorization. This protocol is designed to prevent hackers from exploiting multi-signature wallets, as was done in the Harmony bridge attack.

The incident serves as a reminder to the cryptocurrency community of the importance of security protocols and the need for exchanges to take extra precautions when it comes to frozen funds. It is encouraging to see onchain researchers and exchanges working together to freeze funds and protect users from malicious actors.