Bitcoin dips below $87K as Santa loads up on gold and silver
The shift towards precious metals suggests a potential reevaluation of risk and stability in investment strategies amid market volatility.
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Markets returned from the Christmas break, acting as if they’d preferred a longer nap. Bitcoin rallied early, only to fade once Wall Street opened, leaving a pile of liquidations behind.
Equities mostly drifted, bond yields eased, and precious metals pushed to new highs. Santa may still deliver, but he’s clearly favoring gold over green candles.
And if that wasn’t enough of a risk check, Trust Wallet confirmed a compromised extension that allowed attackers to extract user funds. The good thing is that users aren’t being left hanging; the team pledged compensation for verified losses.
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Bitcoin pops, then gets stuffed
Bitcoin climbed to $88,900 before US markets opened Friday, but reversed quickly once trading began, sliding to $87,000 in just two hours. The decline drove 24-hour leveraged liquidations across the crypto market to $243 million, with BTC long positions bearing the largest losses.
Meanwhile, TradFi mostly yawned: stocks drifted, yields eased, and precious metals quietly stole the show with record highs as investors rotated into commodities.
Trust Wallet Chrome extension goes rogue
Trust Wallet told users to urgently update its Chrome extension after a malicious code incident drained about $7 million. Version 2.68 shipped with a backdoor that decrypted seed phrases and sent them to an attacker’s server, likely via hijacked analytics logic.
Victims will be refunded, but analysts warn that the operation looks sophisticated, possibly with insider help, and possibly nation-state vibes. Funds have already started moving through CEXs and bridges.
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Thanks for joining us this year—Merry Christmas and happy holidays from all of us at Crypto Briefing! Catch you in the next one.
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