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Crypto: Robinhood and MetaMask Join Forces, XMR and MULTI Plummet on Tuesday, and More

Fernanda T
Latest News
February 06 2024 9:28AM

Innovative partnership between Robinhood and MetaMask makes crypto buying easier

The partnership between Robinhood (NASDAQ:HOOD) and MetaMask brings an exciting development to the cryptocurrency market in the United States: the integration of Robinhood Connect with MetaMask’s Buy Crypto aggregator. This collaboration aims to simplify the cryptocurrency purchasing experience for Robinhood users, combining the cost efficiency of the platform with the security and autonomy of MetaMask’s web3 wallet. This initiative promises to make access to cryptocurrencies safer, more accessible, and convenient for all parties involved.

XMR and MULTI plummet after Binance announces delisting

Monero (COIN:XMRUSD) and Multichain (COIN:MULTIUSD) experienced drops of 32% and 27%, respectively, after Binance announced its removal from the platform on February 20 due to non-compliance with listing criteria. This move reflects Binance’s efforts to adhere to regulatory standards, especially with privacy coins like XMR, raising regulatory concerns. Multichain faced operational issues following the detention of its CEO, resulting in a halt of its operations.

Bitcoin fluctuates, and Ether gains focus after Wall Street opening

Following the opening of Wall Street on February 6, Bitcoin (COIN:BTCUSD) briefly reached $43,500 before retreating to $43,160, a 1.2% increase in the last 24 hours. Ether (COIN:ETHUSD) garnered more attention, maintaining its value at $2,350, a 2.25% increase at the time of writing. While Bitcoin experienced a narrow price range, alternating between gains and losses without a clear direction, traders focused on Ether and potential promising altcoins. With market consolidation, there are expectations of a possible altcoin bull cycle in the first quarter.

Sustained growth in Bitcoin ETFs with significant inflows

Bitcoin ETFs in the United States achieved a notable milestone by recording net inflows for the seventh consecutive day, indicating growing investor interest. Notably, BlackRock (NASDAQ:IBIT) reported an increase of $137 million in net inflows, bringing its total to an impressive $3.2 billion. Despite a slowdown in other funds, with seven out of ten ETFs not reporting new inflows, GBTC (AMEX:GBTC) saw its outflows reduce to $108 million, the lowest since the beginning of trading. This behavior reflects continued optimism in the sector, with total net inflows since regulatory approval totaling $1.5 billion, equivalent to approximately 33,611 BTC, marking a period of renewed confidence in the Bitcoin market (COIN:BTCUSD).

Cathie Wood predicts a trend of replacing gold with Bitcoin

Cathie Wood of ARK Invest noted in the “Big Ideas” podcast a growing trend of replacing gold with Bitcoin, driven by the introduction of spot Bitcoin ETFs. She predicts that this trend will expand, reinforced by the ease of access to Bitcoin through these new financial instruments, similar to what happened with gold after the launch of its first ETF.

Solana restarts after a five-hour outage

After a five-hour interruption, the Solana blockchain, a significant network, was restarted with the v1.17.20 update. The issue was quickly addressed by validator operators who collaborated to restore network operations. The engineering team is now focused on monitoring network performance, and a detailed report on the cause of the outage will be made available soon, highlighting Solana’s commitment to transparency and reliability. The Solana cryptocurrency (COIN:SOLUSD) was stable, up 0.14% at $95.67 at the time of writing.

Hedera and Saudi Arabia form a $250 million partnership for Web3 development

Hedera Hashgraph has joined forces with the Saudi Ministry of Investments in a five-year, $250 million partnership to drive Web3 innovation in the region. This agreement, announced at the Saudi-Swiss Roundtable, aims to integrate AI, blockchain, and other deep technologies across various sectors, aligning with Saudi Arabia’s goal of becoming a global innovation hub. The collaboration has already resulted in up to a 5% increase in the value of Hedera’s native token (COIN:HBARUSD).

Ripple ordered to deliver financial records to the SEC, New York judge rules

A New York magistrate has ruled that Ripple Labs (COIN:XRPUSD) must provide specific financial documents and data on institutional XRP transactions as requested by the U.S. Securities and Exchange Commission (SEC). The order follows a crucial point in the litigation that accuses Ripple of selling unauthorized securities. The decision, focusing on institutional sales of XRP, is considered a milestone in the quest for regulatory clarity for digital assets. Ripple has contested the SEC’s demand, claiming lack of foundation and relevance, but is required to comply with the delivery of financial information from 2022-2023 and institutional sales contracts since the start of the proceedings.

LightLink raises $4.5 million to support the Translucia multiverse project

Blockchain startup LightLink has raised $4.5 million in a funding round led by T&B Media Global and MQDC, with the goal of sustaining the Translucia multiverse project that integrates the virtual and physical worlds. Benefiting from a $300 million investment, the project aims to create an interactive digital world promoting happiness. LightLink, standing out among rollups for transaction volume, is advancing to make blockchain as accessible as conventional internet.

Glif secures $4.5 million for expansion in Filecoin

Glif, an innovative liquid leasing protocol for the Filecoin community (COIN:FILUSD), has raised $4.5 million in initial funding, led by Multicoin Capital. The funding will bolster Glif’s position as a cornerstone in the Filecoin DeFi ecosystem, supporting its rapid growth and expanding its functionalities and infrastructure.

Yellen advocates federal supervision for stablecoin issuers

Janet Yellen, U.S. Treasury Secretary, emphasized the need for minimum federal oversight for stablecoin issuers to establish uniform compliance standards that surpass state regulations. During a testimony, she argued for the importance of federal regulatory groundwork and the authority of a federal regulator over the issuance of these assets, highlighting the debate between federal and state control in stablecoin legislation.

Craig Wright’s legal dispute and counterfeiting allegations

On the second day of the trial, Craig Wright, self-proclaimed Satoshi Nakamoto, faced counterfeiting accusations by COPA under intense scrutiny. He denied manipulating digital evidence, including creating videos to simulate access to Bitcoin-related websites. Wright, challenged on the authenticity of documents and ambiguous claims about Bitcoin’s authorship, marked the day with inconsistencies in documents and ambiguous statements about Bitcoin’s authorship, with the trial scheduled to continue.

Hong Kong requires licenses for cryptocurrency exchanges

The Hong Kong Securities and Futures Commission mandates that all cryptocurrency exchanges apply for a VATP license by February 29, marking a step forward in the regulation of the virtual asset market. OSL and HashKey are already licensed, while other platforms are expected to follow suit to ensure a transparent and secure trading environment under Hong Kong’s regulatory oversight.

Haru Invest executives arrested for $826 million fraud

Prosecutors in Seoul have detained senior executives of Haru Invest, including the co-CEOs, on charges of misappropriating approximately $826 million in cryptocurrencies, affecting about 16,000 clients. The investment platform is alleged to have promised safe returns of up to 12% while risking clients’ deposits in questionable operations. The situation escalated after Haru and Delio froze withdrawals in June 2023, revealing systemic issues and triggering regulatory investigations to protect investors and recover lost funds.

Former developer accuses Terraform co-founders of ignoring regulatory rules

During a trial, a former Terraform Labs developer testified that the co-founders promoted TerraUSD for payments, knowing about regulatory prohibitions. This testimony is part of the lawsuit against former company members following the collapse of Terra-Luna. The defense argues lack of knowledge of the rules, while new investigations proceed with the extradition of Terra’s former CFO, highlighting the complexity of the fraud charges faced by Terraform Labs.