Top Crypto News This Week, Bitcoin and Ethereum in the Spotlight

Bitcoin Returns to Green Zone, Glassnode Analysis

An on-chain analytic firm “Glassnode” examined Bitcoin cohorts during 2022 in terms of distribution as well as accumulation. The analysis categorized the cohorts into 3 classes including shrimps, crabs, and whales. Shrimps are the investors holding less than even 1 Bitcoin while crabs hold 1-10 Bitcoin.

The whales are the biggest investors who hold more than 1,000 BTC. In terms of Bitcoin absorption, shrimps absorbed nearly 107% BTC while crabs remained successful in absorbing nearly 120%. Whales, on the other hand, absorbed 60% of Bitcoin in the previous year. In addition to this, Bitcoin has elevated to $23,064.21 in terms of value, signifying a comeback after a long bear market.

Aave V3 Gets Ready to Go Live on the Ethereum following an Effective DAO Vote

DeFi protocol “Aave” is to introduce its 3rd-version on the network of Ethereum following the DAO vote. This will provide additional opportunities across the DeFi market. Aave is considered to be a rising decentralized lending forum among several projects driving the DeFi world. Recently, the protocol declared having collected effective votes for the deployment of its 3rd version on the blockchain of Ethereum. The v2 of Aave on Ethereum has obtained a lot of fame in DeFi lending as it has the biggest total value locked (TVL).

Celsius to Introduce a Unique Token for Creditor Repayment

The bankrupt crypto lending platform Celsius is contemplating introducing a unique token for its creditors’ compensation. This project is a part of the company’s restructuring plan, as per M. Kwasteniet (Celsius’ attorney). This proposal has been permitted by the creditors and the court. As per the reports, the compensation plan’s details will be filed by Celsius with the court in the next few days.

BlockFi to Trade Equipment amid the Bankruptcy Turmoil

BlockFi, a bankrupt crypto lender, considers liquidating debts of up to $160 million worth secured by nearly 68,000 BTC mining equipment. The deadline for the respective bid is the 24th of January. After the FTX implosion in November as well as the collapse of Three Arrows Capital in 2022’s 2nd quarter, BlockFi went through an extreme setback.

The platform could not bear the FTX downfall and soon gave up. It is continuously attempting to return the funds to the consumers during the bankruptcy proceedings thereof. BlockFi is categorized among many crypto lending platforms such as Terra Luna (a stablecoin project), Three Arrows Capital (a crypto hedge fund), and FTX (a crypto exchange) which submitted bankruptcy filings in the previous months.

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