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The bitcoin market shows remarkable optimism, as evidenced by the recent wave of purchases of call options with exercise prices exceeding the $60,000 mark, extending from April to December of this year. A report from QCP Capital highlights an impressive allocation of nearly $10 million in premiums for $60,000 and $80,000 options. Deribit, a cryptocurrency derivatives platform, has seen a clustering of such options, with a highlight on December options with an ambitious exercise price of $100,000, suggesting a strong belief in bitcoin’s (COIN:BTCUSD) upward potential. At the time of writing, BTC was trading at $52,340, up 0.97% in the last 24 hours.
The notional open interest of SOL (COIN:SOLUSD) has exceeded $1.7 billion since the beginning of February, marking a record that exceeds December’s $1.4 billion. With over 63% of positions being long, the market demonstrates significant optimism. Nevertheless, leverage can amplify volatility, and the market remains cautious about the possibility of cascading liquidations, especially with SOL representing less than 5% of its total market capitalization.
BitTorrent’s native token (COIN:BTTUSD) saw a significant increase in response to the recent token burn by the Tron network (COIN:TRXUSD), a deflationary strategy that removed over 170 million TRX from circulation. The burn aims to reduce supply and potentially increase the value of the remaining tokens. Interestingly, TRX experienced a modest increase, while BTT reacted positively to the news, reflecting a historical trend of favorable response from BTT to positive developments in Tron.
Justin Sun, creator of Tron (COIN:TRXUSD), has revealed plans for a Layer-2 solution for Bitcoin (COIN:BTCUSD), aiming to integrate various tokens, including Tron’s $55 billion worth of stablecoins, into the Bitcoin ecosystem. This initiative aims for decentralization and improved interoperability between networks, promising implementation phases that will strengthen cross-chain functionalities and layer 2 solutions, expanding Bitcoin’s DeFi capabilities.
At the heart of Cosmos (COIN:ATOMUSD), an ecosystem known for its interoperability, DeFi projects like dYdX Chain, THORChain, and Osmosis are redefining decentralized finance. dYdX, with its decentralized exchange, has achieved impressive trading volume, highlighting the demand for high-performance decentralized trading solutions. THORChain, in turn, brings a unique proposition with its cross-liquidity protocol, facilitating direct swaps between different cryptocurrencies. Osmosis stands out as a fundamental liquidity layer, vital for efficient transactions within Cosmos. These projects not only demonstrate Cosmos’ dynamism but also underscore the ongoing challenges in security, sustainability, and user adoption.
Revolut, the European fintech, plans to list Solana’s meme token, Bonk (COIN:BONKUST), and launch a $1.2 million educational campaign. The initiative awaits approval from the BONK board, with expectations to pass after significant progress in voting. The campaign aims to expand BONK’s user base and will include token distribution as an incentive. This move comes after a significant increase in BONK’s value, reinforcing its position as Solana’s leading meme coin.
JPMorgan (NYSE:JPM) raised its rating for Coinbase (NASDAQ:COIN) to neutral, anticipating that the recent approval of Bitcoin ETFs in the US and the subsequent rise in cryptocurrency prices will boost Coinbase’s activity and profits in the first quarter. With a fixed price target of $80, this upgrade spurred an increase in Coinbase’s shares. Meanwhile, Cathie Wood’s Ark Invest liquidated over 200,000 shares of Coinbase, totaling $34 million, at a time when the company’s valuation was on the rise, driven by market optimism and JPMorgan’s adjusted rating. Coinbase’s earnings disclosure is scheduled after market close today.
Bakkt (NYSE:BKKT), an institutional crypto giant under the Intercontinental Exchange’s umbrella, aims to raise $150 million to finance its long-term ambitions, despite facing challenges since its launch in 2018. With SEC approval, the company plans to issue securities in public markets, a strategy that highlights the difficulties in adapting to crypto market volatility and generating sustainable operating profits. Bakkt’s shares are down -6.71% at the time of writing.
Genesis Global receives bankruptcy court approval to sell 35 million shares of the Grayscale Bitcoin Trust (AMEX:GBTC), worth over $1.3 billion, and an additional 11 million shares in Grayscale Ethereum Trusts (USOTC:ETCG). The measure aims to inject liquidity and stabilize the company amid financial challenges and a rigorous crypto winter. The decision is a crucial milestone in Genesis’ recovery and reflects ongoing restructuring strategies.
The US NIST identified a vulnerability in the iOS version of “Binance Trust Wallet,” adding it to the CVE database on February 8. The flaw, which allowed attackers to decipher mnemonics and access funds, is under investigation. Mnemonics are security phrases composed of a sequence of randomly generated words. Incidents in 2023 resulted in losses of over $4 million. Trust Wallet, acquired by Binance in 2018, now operates independently.
Illicit cryptocurrency activity decreased significantly in 2023, dropping to $22.2 billion from $31.5 billion the previous year, according to Chainalysis. This decline, exceeding the reduction in trading volumes, suggests an advancement in evasion of detection by sophisticated groups like the Lazarus Group. The report highlights a shift to the use of blockchain bridges and gambling services for crypto money laundering.
Gold faces significant outflows in its ETFs, with about $3 billion withdrawn this year and $9 billion in the last, while Bitcoin (COIN:BTCUSD), with a 16% gain year-to-date, sees inflows of $4.1 billion into its ETFs. The shift may indicate a growing preference for Bitcoin as “digital gold,” with the recent addition of a record 51,000 Bitcoins to global ETPs highlighting its increasing value and acceptance.
Chainlink (COIN:LINKUSD) has partnered with telecommunications giant Telefonica (NYSE:TEF) to connect Web3 smart contracts to GSMA APIs, opening new paths in integrating blockchain technology with telecommunications. The collaboration, aiming to enhance security and authentication in dApps and DeFi services, stood out with the use of the SIM SWAP API to prevent frauds. “Bringing Telefónica’s OpenGateway APIs on-chain with Chainlink Functions unlocks new use cases and greater security for our industry, ultimately better protecting users and their assets,” said Johann Eid, business director at Chainlink Labs.
QuickNode, an essential Web3 development platform, now supports zkSync hyperchains, enhancing its offering of customizable chains with agile and scalable ZK technology. These hyperchains, based on the ZK Stack, promise robust data privacy, ideal for enterprise applications and compliance. Operating alongside the zkSync mainnet, they allow seamless asset transitions and liquidity flow, enabling companies to build blockchain applications with ease, focusing on innovation.
Moonwell has launched USDC Anywhere, facilitating cross-chain lending of Circle’s USDC on various Ethereum networks, including Arbitrum, Avalanche, and more. The innovation eliminates the need for manual connections, enabling direct transfers of USDC to the Moonwell platform, backed by Coinbase Base infrastructure. The solution enhances USDC liquidity and usability, promoting accessibility and efficiency in the DeFi ecosystem.
Klaytn (COIN:KLAYUSD) and Finschia (COIN:FNSAUSD), two prominent layer 1 blockchains, have announced approval for their merger, aiming to form Asia’s largest Web3 ecosystem. The new entity promises to integrate over 420 dApps, services, and a user base of 250 million, with the support of giants Kakao and LINE. The merger will result in a unified mainnet, compatible with EVM and CosmWasm, and will introduce a new native token in the second quarter, with a significant token burn of existing tokens.
Lava Network, an innovator in modular blockchain infrastructure, secured $15 million in pre-launch funding. Co-led by Jump Capital, Hashkey Capital, and Tribe Capital, the round saw participation from various entities, including executives from renowned blockchain platforms. Lava, focusing on facilitating access and indexing of data for Web3 developers, is preparing for the launch of its mainnet in the first half of this year.
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