5th June 2023 > > Atomic Wallet warning.

tl;dr

A warning about Atomic Wallet, and cheering news about crypto adoption.

Market Snap

Market Wrap

TBTC continues to trade around the $27k level.

This weeks’ report from Glassnode Analytics looks at the behaviour of holders when faced with bear market conditions (https://insights.glassnode.com/buying-high-and-selling-low-the-long-term-holder-learning-curve/) and their conclusion is intriguing:

“Bitcoin investors are rarely born resilient HODLers. Many enter the market during peak bull market euphoria, only to see their average cost basis get set at painfully expensive prices. We can observe this particular subset weather much of the bear market storm, holding coins which lose more than half their value, only to capitulate in unison at the exact wrong time.”

If Glassnode is right, that suggests today’s sellers are ones that are back-in-the-money, or close to it. That selling pressure is unlikely to abate until the next wave of euphoria, as Glassnode describes it, is upon us.

Curious Cryptos’ Commentary – Warning about Atomic Wallet

Atomic Wallet is a self-custody decentralised cryptocurrency wallet.

I used it very briefly in 2019 to buy and sell AWC (Atomic Wallet Coin) for reasons that are now lost in the mists of time. I have residual funds in my Atomic Wallet that total $0.90 as of this morning.

I have never felt comfortable with on-line wallets. They open a whole host of potential attack vectors by the feral scumbags funding North Korea’s and Iran’s nuclear weapon ambitions

The company behind Atomic Wallet claims to have 5mm users. This is despite its lack of functionality compared to say MetaMask, and without the possibility of securing your private keys by using a Ledger Nano X. Leaving material funds in a wallet like this is sheer and utter madness, and unfortunately some poor souls have just found that out the hard way.

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Since June 2nd - just three days ago - over $35mm of crypto assets have been stolen from Atomic Wallets. The largest loss has been $7.95mm in USDT and the five biggest losses account for $17mm according to on-chain sleuth ZachXBT:

One chap, Emre, has reportedly lost $1mm. CoinTelegraph have quoted him as saying:

“I felt terrible because I am a cybersecurity expert by profession.”

I mean seriously, Emre.

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Atomic Wallet has stated that it is working on identifying the cause of this breach but if you are using Atomic Wallet, remove your funds right now. Do not wait.

Meanwhile order yourself a Ledger Nano X, or wait for my report about Tangem, possibly a revolutionary means of storing your cryptos. My Tangem wallet is in the post, and I am mightily excited about its prospects. See https://www.curiouscryptos.com/post/29th-may-2023-tangem-and-two-legends for more details.

Curious Cryptos’ Commentary – Crypto adoption

Another heart-warming story of crypto adoption.

Coinbase, a listed centralised cryptocurrency exchange, has announced it will launch BTC and ETH futures contracts this week aimed at institutional investors.

The contracts will have a size of 1 BTC or 10 ETH. These new products follow on from a year of a retail targeted BTC “nano” futures contract sized at 1/100th of a BTC.

Both the platform, Coinbase Derivatives, and the contracts themselves are regulated by the CFTC (Commodities and Futures Trading Commission). Assuming decent liquidity – and Coinbase would not be spending senior management time and money on this idea unless they know they demand for it - these products will allow institutional investors to access BTC and ETH risk with low fees, and a secure custodial solution.

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Crypto adoption is happening right here, right now.