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Bitcoin (COIN:BTCUSD) shows signs of stabilization in a narrow range, suggesting an imminent breakout. There is notable accumulation at strong support levels, reflecting a robust base for potential upside. However, for a significant uptrend, it is crucial to overcome resistance at $43,800. Analysis points to the possibility of the price reaching above $45,000, but with chances of subsequent retracement. However, there are $535 million in positions that could be liquidated if the price hits $43,600, according to Fernando Pereira, an analyst at Bitget. This indicates that major investors may push the price to that level to increase liquidity and “pull to sell” before a possible correction. “There are $535 million to be liquidated (loss for traders) if the price of BTC rises again to $43,600. Probably the big players will try to take the price there to increase market liquidity. The famous ‘pull to sell,'” Pereira commented.
MicroStrategy (NASDAQ:MSTR) has acquired an additional 850 bitcoins, investing $37.2 million in January, bringing its total to 190,000 units. The announcement was made by Michael Saylor, the company’s founder. This investment comes at a time of volatility in the bitcoin market (COIN:BTCUSD), reflecting MicroStrategy’s continued commitment to cryptocurrency as a strategic asset.
Pyth Network announced the second stage of its retrospective airdrop, benefiting 167 decentralized applications (DApps) that integrate its oracle solution. These DApps, which use Pyth’s price data for critical functions such as transactions and valuations, will receive a portion of the 100 million PYTH governance tokens, valued at around $47 million. The distribution aims to reinforce collaboration and innovation in the decentralized finance ecosystem and web3 capital markets. The initiative underscores Pyth’s commitment to promoting participatory governance and a decentralized network, with token distribution pending legal and compliance processes.
The latest Ethereum (COIN:ETHUSD) test upgrade, Dencun, has been successfully implemented on the Holesky network, marking a crucial step before the mainnet launch. The upgrade, which combines improvements in execution and consensus layers, aims to optimize data storage and reduce transaction costs, laying the groundwork for more efficient and economical deployment on Ethereum.
The SEC has postponed the review of a spot Ether ETF, an initiative by Invesco in partnership with Galaxy Digital. This delay, anticipated by analysts, keeps investors waiting until at least May 23, the deadline for a final decision on the proposal. Approval of this ETF could mean a significant increase in accessibility and interest in Ether (COIN:ETHUSD) among regulated investors in the US.
Ripple (COIN:XRPUSD) has requested an extension until February 20 to submit crucial financial documents to the US SEC, as per a court order. The company argues that it needs more time to compile a large volume of documents covering various post-process transactions. This request comes amidst prolonged litigation with the SEC, especially following a recent ruling favoring the commission, requiring Ripple to submit documents for assessment of appropriate penalties.
Nansen’s analysis indicates that Arca Investments, sponsor of the Ronin bridge, may have influenced the 40% drop in the value of Ronin (COIN:RONNNUST) by realizing profits from previous investments. The company would have sold significant RON before listing on Binance, contributing to the token’s devaluation. Arca’s selling strategy coincides with the peak price of RON, suggesting a possible relationship between the company’s actions and market fluctuation.
The growing popularity of real-world asset tokenization has contributed to a nearly 35% increase in Chainlink’s value (COIN:LINKUSD) in the last month, attracting significant investments. A notable investor, dubbed a “whale,” relocated 2.7 million LINK from Binance, pushing Chainlink’s market value to over $10 billion. This phenomenon reflects optimism surrounding tokenization, a sector that could reach $16 trillion by 2030.
UBS Group AG (NYSE:UBS) innovated by issuing a tokenized investment warrant in Hong Kong, utilizing Ethereum and its own UBS Tokenize platform, according to Ledger Insights. This warrant, based on Xiaomi shares, was acquired by OSL Digital Securities, marking a significant advancement in derivative products in Hong Kong’s financial market, promising greater transparency, reduced costs, and increased efficiency in settlement and trading.
Fireblocks, an innovative company in the digital asset sector, announced the dismissal of 20 employees, equivalent to 3% of its workforce, in a restructuring move. This adjustment, the second in a year, comes after the company laid off about 30 employees previously. Despite the layoffs, Fireblocks, which recently surpassed $100 million in annual revenue, continues to hire for around 100 open positions, including 50 in Israel.
Prometheum Inc., the only approved cryptographic securities platform in the US, is preparing to manage Ethereum (COIN:ETHUSD) for its clients, marking a significant step after overcoming regulatory hurdles. While it has yet to generate revenue, the company aims to meet the demand for high-value and liquid assets in the market. This initiative will test Prometheum’s ability to operate within SEC guidelines while navigating regulatory uncertainty surrounding ETH classification.
Following CEO Jamie Leverton’s departure, Hut 8 Mining (NASDAQ:HUT), specializing in Bitcoin (COIN:BTCUSD), has appointed Asher Genoot, the current chairman, as its new leader. The transition comes at a critical time, marked by a sharp decline in the company’s shares and criticism from a short seller report. Genoot, co-founder of US Bitcoin Corp, takes on the role with the mission to steer the company to market leadership, following a significant merger with USBTC. Hut 8 faces the challenge of rebuilding amidst a volatile market environment and pressure to address allegations against its business practices.
CleanSpark (NASDAQ:CLSK) announced the purchase of four Bitcoin mining facilities, expanding its geographic presence with three new locations in Mississippi and an ongoing project in Georgia. The acquisition, totaling $23.2 million, aims to significantly increase the company’s mining capacity, projecting substantial growth in hashrate. This strategic move highlights CleanSpark’s commitment to strengthening its position in the cryptocurrency mining sector.
The Digital Asset Exchange Alliance (DAXA), representing South Korea’s leading cryptocurrency exchanges, has reported OKX to local authorities for allegedly operating in the country without proper registration. The accusation is based on OKX’s promotion of its Jumpstart program via influencers on Telegram, without directly offering services to South Koreans. The decision on the allegation falls on the Financial Intelligence Unit, while a more in-depth investigation is awaited.
A US bankruptcy judge has approved a confidential agreement between BlockFi and the hedge fund Three Arrows Capital, without revealing specific terms. Judge Kaplan justified the decision to keep details confidential to avoid potential harm to BlockFi’s future litigation, which emerged from bankruptcy in October after fulfilling its creditor repayment plan.
Thailand has adopted a measure to incentivize cryptocurrency trading by exempting the activity from value-added tax (VAT), as reported by the Bangkok Post. This decision, effective since January 1, 2024, with no defined conclusion date, aims to position the country as a leader in digital assets, benefiting both traders and regulated brokers. The move has attracted international attention, with major exchanges like Binance expanding their operations in the region.
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