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In the last 24 hours, Bitcoin (COIN:BTCUSD) experienced a modest increase, surpassing $43,000, while exchange-traded funds (ETFs) showed a contrasting trend. Notably, ETFs from BlackRock (NASDAQ:IBIT) and Van Eck (AMEX:HODL) suffered losses, each dropping by 1.1% during this period. This decline is part of a broader downward trend since their launch, with both ETFs recording a decline of over 10%. Other cryptocurrencies and related assets, such as MicroStrategy (NASDAQ:MSTR), are also experiencing pullbacks, highlighting the market’s volatility.
Despite the increase on Tuesday, since the introduction of spot ETFs in the US, Bitcoin faces significant downward pressure. After reaching a peak of $49,102 on Thursday, the value of Bitcoin has dropped by more than 8%. This decline is primarily attributed to traders taking profits on long positions established before the ETF launch. The Cumulative Volume Delta (CVD) indicator reveals that Binance traders led this selling wave. CVD measures the net difference between buying and selling volumes. According to Fernando Pereira, an analyst at Bitget, Bitcoin may retreat further in the coming weeks: “after falling from the peak on the 11th, Bitcoin still has more room for a pullback. I imagine a retreat to approximately $36,000 in the next few weeks.”
The trial of the Crypto Open Patent Alliance (COPA) against Craig Wright, set to begin on February 5th, represents a pivotal moment for Bitcoin (COIN:BTCUSD). It challenges Wright’s claims of being Satoshi Nakamoto. The case symbolizes the struggle between the open-source ethos of the Bitcoin community and Wright’s potentially restrictive claims. With major industry players’ support, COPA confronts Wright, accused of presenting dubious evidence. The trial aims not only to clarify Nakamoto’s true identity but also to define the future of Bitcoin’s development and governance.
The TrueUSD stablecoin has seen significant instability, falling below $1 and not regaining parity to date. Currently, TrueUSD (COIN:TUSDUSD) has dropped to $0.986300. A massive sell-off of TUSD was evident, with data from Binance showing an imbalance between sales and purchases, leading to a substantial deficit. Factors like TUSD’s absence from Binance’s launch pools and an imbalance in TUSD’s Curve pool, which favored other stablecoins, contributed to this volatility. Additionally, Whale Alert reported the burning of millions of TUSD tokens. There were concerns about warranty reporting, though attestation later normalized. The total supply of TUSD saw a sharp decline, reaching its lowest point since June 2023.
The SEC has delayed the trial against Terraform Labs and its co-founder, Do Kwon, to April 15th. This postponement comes at Kwon’s request, who agreed to extradition from Montenegro and is expected to arrive in the US in March. The trial was originally scheduled for January 29th. The delay aims to ensure Kwon’s participation, who is currently serving a sentence for passport fraud. The SEC opposes separate trials for Terraform Labs and Kwon, arguing that the cases are nearly identical.
Tether (COIN:USDTUSD) has refuted allegations in a UN report regarding the illicit use of its USDT tokens. Tether emphasized its intense regulatory monitoring, claiming it surpasses traditional banking systems, with oversight from agencies like the DOJ, FBI, and USSS. Tether representatives stated that the public blockchains used make Tether tokens an unfavorable option for illegal activities, contrasting with the UN report’s claims of USDT usage in fraud. Tether advises the UN to deepen its understanding of blockchain technology and expresses its willingness to collaborate in combating financial crime.
According to CNBC, Jeremy Allaire, CEO of Circle (COIN:USDCUSD), expressed optimism at the World Economic Forum in Davos about the likely passage of stablecoin laws in the US by 2024. He believes that global regulatory progress increases the chances of the US regulating stablecoins, supported by various government sectors. Allaire also mentioned the positive impact of recent spot bitcoin ETFs on USDC usage. Meanwhile, Circle is preparing for an initial public offering (IPO), despite a drop in USDC’s market share last year, marked by a temporary decoupling from the dollar following an issue with Silicon Valley Bank.
Manta Pacific, layer 2 of the Manta Network, has overtaken Coinbase to become the fourth-largest scaling solution, with a TVL of $845 million. The TVL (Total Value Locked) metric is crucial for evaluating DeFi protocols, indicating user popularity and trust. Manta Pacific’s growth has been driven by its paradigm bridging program and the adoption of zero-knowledge cryptocurrencies, making it stand out in the DeFi competition.
Coinbase Prime, aimed at institutional and high-net-worth investors, saw a surge in trading activity following the launch of US Bitcoin ETFs. An analysis showed that the platform’s hot wallet recorded significant movements, with inflows and outflows of $5.7 billion in the last week, surpassing Binance. Despite Binance’s dominant track record, Coinbase Prime demonstrated a notable increase in large transactions, indicating a profound impact of ETFs on the Bitcoin market.
OKX secured a virtual asset service provider license in Dubai through its subsidiary, OKX Middle East Fintech FZE. This step is part of the company’s global expansion, awaiting license activation after meeting certain conditions and requirements. The license will allow OKX Middle East to offer a broader range of regulated virtual asset services, strengthening its presence in the growing Web3 and crypto region of MENA.
The joint venture between Binance and Gulf Innova, Binance Thailand, announced the start of its crypto exchange operations. After a year of detailed planning and collaboration with Thai regulators, the platform offers digital asset exchange services, including pairs with Thai baht and integration with local banks. Overseen by Thailand’s SEC, Binance Thailand represents a strategic step in financial inclusion and advancing the global digital financial landscape.
Fantom (COIN:FTMUSD) announced a 90% reduction in the requirements to run an auto-staking node, lowering it to 50,000 FTM. This change aims to increase network security by facilitating the participation of more validators. Unlike Ethereum, each validator on Fantom processes transactions independently, improving network distribution and security. Despite the change, FTM prices remained stable in the market at 0.415820.
Chainlink (COIN:LINKUSD) integrated Circle’s CCTP protocol (COIN:USDCUSD) into its CCIP system, aiming to facilitate the secure movement of USDC stablecoin across various blockchains. This collaboration promises to expand the use of stablecoins in payments and DeFi. While Chainlink’s CCIP allows the transfer of data and assets between blockchains, Circle’s CCTP enables native USDC transfers, burning, and minting the currency on supported networks. The integration of these technologies marks a significant advancement in the interoperability and application of stablecoins.
Solana Mobile is planning to launch a second smartphone, following the unexpected success of its first crypto-focused device, Saga. The new model will retain similar features, such as an integrated crypto wallet and a decentralized application store, but will be offered at a more affordable price and with different hardware. The launch seeks to meet growing demand in the secondary market, where the Saga has achieved high prices due to its limited supply.
HashKey Group, operator of a cryptocurrency exchange in Hong Kong, announced that it is close to reaching its fundraising goal of $100 million. The funding round, initiated after obtaining a license for retail crypto trading, boosted the company’s valuation to $1.2 billion, achieving unicorn status. HashKey did not disclose the round’s investors, highlighting a challenging period for the cryptocurrency sector.
Digital Infrastructure Inc, focused on decentralized physical infrastructure networks, raised $11.5 million in a Series A round led by CoinFund. The round saw participation from investors including Slow Ventures, ConsenSys Mesh, and others, bringing the total funding to $22 million. The startup develops the DIMO network, a decentralized automotive data protocol, and the DIMO Mobile app, allowing drivers to collect data from their cars and earn rewards in DIMO tokens (COIN:DIMOUSD). With more than 36,000 connected cars, representing over $1 billion in assets, the company anticipates an increase in utility and tools for developers.
Animoca Brands, a Hong Kong-based Web3 investor, has launched the first phase of Anichess, a decentralized chess game developed in collaboration with Chess.com and supported by champion Magnus Charlsen. This initial phase features solo gameplay, with plans to add player-versus-player modes later this quarter. Anichess offers daily chess puzzles where players can earn in-game resources and unlock new challenges. Animoca Brands highlights that Anichess innovates by combining traditional chess strategy with fantastic elements and Web3 functionalities. The project, which raised $1.5 million in June 2023, merges classic strategy and modern technology.
Vivek Ramaswamy, known for his pro-crypto stance, announced the suspension of his presidential campaign to support Donald Trump. In a statement via social media, Ramaswamy expressed his commitment to ensuring Trump’s election. Despite Trump’s previously anti-crypto rhetoric, he has recently become involved in NFT projects. Ramaswamy stood out during his campaign for criticizing the SEC’s regulatory approach and proposing crypto-friendly policies aimed at greater economic freedom and protecting developers’ rights.
The European Banking Authority (EBA) has issued new guidelines for crypto companies to comply with anti-money laundering and counter-terrorism financing regulations. The guidelines, which expand existing measures to include the crypto-asset sector, aim to harmonize the practices of crypto-asset service providers (CASP) across the EU. The EBA warns of increased risks due to the speed of transactions and features that can conceal user identities, requiring CASPs to implement effective mitigation measures. Furthermore, the new guidelines also apply to financial institutions that interact with crypto assets, reinforcing the EU’s integrated approach to combating financial crime. The guidelines will take effect on December 30th, in line with the Markets in Cryptoassets (MiCA) legislation.
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