ARKK ARK Innovation ETF

Bitcoin surpasses its maximum price limit and the crypto market fluctuates

Bitcoin (COIN:BTCUSD) recently exceeded its maximum price limit, while the total value of the cryptocurrency market remains supported. Simultaneously, the Internet Computer (COIN:ICPUSD) has resumed its parabolic upward trend, rising by 33.6% in the last 7 days. Another highlight on Friday was the record-breaking $21.16 billion in Total Value Locked (TVL) on Ethereum’s Layer 2 blockchains (COIN:ETHUSD). Interest in the NuggetRush cryptocurrency is also high, thanks to its proposal to reshape meme coins through a play-to-earn (P2E) game. NuggetRush’s pre-sale has already surpassed $1.5 million, indicating strong investor interest. Fernando Pereira, an analyst at Bitget, described an uncertain future in the crypto market, with the possibility of significant fluctuations depending on the performance of current support levels. “After failing again to stay above $44k, BTC is more likely to return to $40k in search of increased demand than to break the top and surge. The path to $50k will be longer than expected,” Pereira commented.

Large Bitcoin and Ethereum options expirations also impact the market

The cryptocurrency market is watching the expiration of nearly $1 billion in Bitcoin options today, a smaller event compared to last year’s close. Approximately 21,900 Bitcoin contracts are set to expire, with a notional value of approximately $955 million, according to Deribit, with a sell-to-buy ratio of 0.62, indicating fewer call options compared to put options. Many call options are concentrated at the $50,000 price, suggesting expectations of a Bitcoin price increase. Additionally, 255,245 Ethereum options contracts, totaling $574 million, are also set to expire. Despite this activity, it is unlikely that these expirations will significantly influence spot prices, as the market is more focused on decisions regarding Bitcoin ETFs.

Delays in withdrawing staked ETH on Ethereum with a long queue of validators

Ethereum (COIN:ETHUSD) validators are facing delays of several days to withdraw their staked Ether, and former cryptocurrency lender Celsius may be contributing to this delay. The exit queue for validators has grown significantly, indicating a wait of up to 5.6 days to release the staked ETH, which currently represents over $1 billion. Celsius, undergoing restructuring after its collapse in 2022, is identified as one of the main withdrawal requesters, with 32% of the total ETH in the queue. This situation is reminiscent of the long wait observed in April during the Shapella upgrade, which introduced the possibility of withdrawing staked ETH.

Celestia’s TIA token challenges the market and attracts interest with innovative technology

Celestia’s TIA token (COIN:TIAUSD) has recorded a significant increase of over 30% in recent days, standing out in a generally stagnant market. The token nearly reached $17, with a record trading volume of nearly $800 million. At the time of writing, the token’s price was at $15.52. Investor interest has been driven by the lucrative staking opportunity with TIA, offering annual yields between 15% to 17%, well above the US risk-free rate. TIA’s market capitalization has exceeded $2 billion, indicating significant growth potential. In addition, staking participants can expect future airdrops from projects on the Celestia blockchain, further increasing the token’s appeal.

John Lilic assumes as CEO of the Telos Foundation

The Telos Foundation (COIN:TLOSUSD), responsible for the Layer 1 DPOS Telos blockchain, announced John Lilic, a former member of Consensys and Polygon, as its new CEO. Lilic, who started at Bitcoin Center NYC in 2014 and worked at Consensys in 2015 and Polygon in 2020, is recognized among the top 50 angel investors in Web3. He will focus on transforming Telos into a Layer 0 network with ZK technology, attracting global developers and users. Additionally, Lilic will contribute to sponsorships for ETHCC 2024 and ETH Belgrade 2024 and plans to form an elite external advisory board in 2024. At the time of writing, Telos’s native token (COIN:TLOSUSD) was up more than 15%, at $0.229948.

Awaiting SEC decisions: Spot Bitcoin ETFs and the competition of management fees

The US SEC is close to deciding on the approval of several spot Bitcoin ETFs, a move eagerly awaited by large financial institutions. Essential changes to 19b-4 filings, which are crucial for approval, are expected, addressing aspects such as fund creation and redemption. The wait is intense for the potential launch dates of these ETFs, with major names like Grayscale, Fidelity, and Valkyrie showing signs of progress. This highly anticipated event has the potential to significantly influence the cryptocurrency market, with investors closely watching the SEC’s decisions and their impact on Bitcoin prices. In the race to launch ETFs, only six of the 13 candidates have revealed their management fees, making them a crucial focus for potential investors. Fees are emerging as a key differentiator, as all ETFs will hold the same asset: Bitcoin (COIN:BTCUSD). Analysts emphasize the importance of the expense ratio, used to cover operational costs, in the competitiveness of these products. Invesco and Galaxy innovate by waiving initial fees, while Fidelity proposes the lowest permanent fee. The fee from BlackRock (NYSE:BLK), a potential market leader, is still awaited.

VanEck invests in Bitcoin sustainability by supporting developers

VanEck, a prominent investment manager, has announced an ambitious plan to support the Bitcoin (COIN:BTCUSD) ecosystem. VanEck has pledged to allocate 5% of the profits from its future Bitcoin ETF, pending SEC approval, to Bitcoin Core developers. This decision, which has already begun with a $10,000 donation to the Brink organization, reflects VanEck’s long-term commitment to Bitcoin innovation and decentralization. The initiative is seen as a proactive step to strengthen the Bitcoin network and contribute to its evolution and resilience.

Cathie Wood’s ARK Invest reduces its stake in Coinbase in its innovation ETF

ARK Invest, led by Cathie Wood, sold off another portion of Coinbase (NASDAQ:COIN) shares from its ARK Innovation ETF (AMEX:ARKK) last Thursday. This sale follows a previous transaction of $25 million in Coinbase shares on Wednesday. The investment firm traded an additional 26,743 shares, valued at approximately $4.16 million at the closing price, on a day when COIN saw a 2.21% increase to $155.6. The substantial growth of over 130% in Coinbase shares in the last three months of 2023 resulted in an overweight position in the ETF, surpassing the desired maximum limit of 10%. Despite the sale, Coinbase still represents 10.34% of ARKK, with a stake valued at over $872.5 million.

Arthur Hayes warns of potential crypto collapse in March due to macroeconomic factors

Arthur Hayes, former CEO of BitMEX and current manager of the Maelstrom family office, highlighted three macroeconomic variables that could trigger a crisis in the crypto market in March. These variables include the Federal Reserve’s Reverse Repo program, the term funding program for banks, and the interest rate decision in March. Hayes predicts a decline in market liquidity due to these factors, potentially resulting in a significant drop in cryptocurrency prices. He advises caution in crypto trading until the March decisions are revealed, anticipating a possible market recovery at the end of the month with expectations of new liquidity injections.

Solana altcoin investor profits 171x with bold meme coin strategy

A Solana blockchain altcoin trader achieved an extraordinary return of 171 times on an initial investment of 1.23 SOL in the meme coin Anita Max Wynn (WYNN). Betting on 25 different crypto assets with equal amounts of SOL, the trader achieved a success rate of 56%. The most profitable investment was in WYNN, yielding a profit of 210 SOL, while the total gain from 14 cryptocurrencies reached about 277 SOL, equivalent to $28,172. This success coincides with the ongoing growth of the Solana ecosystem (COIN:SOLUSD), which recently surpassed $1.3 billion in locked value.

Record investment in digital asset ETPs with $2 billion in 2023

In 2023, investments in digital asset Exchange Traded Products (ETPs) reached over $2 billion, marking the year with the third-highest net inflows since 2017, according to CoinShares data. With a total of $2.2 billion, inflows more than doubled compared to 2022. Interest increased especially in the last quarter, anticipating SEC actions to launch bitcoin-based ETFs in the US, with net inflows of $243 million in the last week of the year.

Marathon Digital Holdings sets record in Bitcoin mining and plans expansion

Marathon Digital Holdings (NASDAQ:MARA) revealed in its latest update that it achieved a production milestone, mining 1,853 bitcoins (equivalent to $81.2 million) in the last month, setting a new record for the company. Compared to the 4,144 BTC mined in 2022, production in 2023 more than tripled, reaching 12,852 bitcoins ($563.4 million). The company also reported an 18% increase in its average operational hash rate, reaching 22.4 EH/s. Fred Thiel, Marathon’s CEO, stated that the company aims to expand further, aiming to reach 50 exahashes in the next 18 to 24 months, driven by the acquisition of new sites and the rise in Bitcoin network transaction fees. By the end of 2023, Marathon owned more than 15,000 bitcoins.

KuCoin Labs invests in DeMR’s innovative MR-DePIN infrastructure network

KuCoin Labs, the investment arm of the cryptocurrency exchange KuCoin, announced a strategic investment in DeMR, a “decentralized mixed reality infrastructure network” (MR-DePIN) based on the Solana blockchain. This innovative project addresses challenges in creating 3D maps, using a decentralized network and an AI-based automated map reconstruction process. This approach allows for efficient and cost-effective collection and reconstruction of high-definition global 3D map data, enabling interactive spatial services for a wide range of mixed reality applications. Additionally, ownership and revenue from the data are shared among global contributors, with ongoing earnings based on each contribution.

Mango Markets faces regulatory challenges after crypto fraud incident

Mango Markets, a decentralized cryptocurrency exchange, is facing regulatory scrutiny in the United States following a significant theft in October 2022. Avi Eisenberg, accused of stealing more than $100 million from the platform, awaits trial while Mango Markets deals with the aftermath. With an exit queue of validators exceeding 16,000, there are concerns about how to respond to regulatory inquiries. The MangoDAO, the DEX’s regulatory body, is voting to appoint a representative to handle US regulatory issues. This situation highlights the risks of operating autonomous trading infrastructures on blockchains and facing legal scrutiny, even for decentralized organizations like DAOs.

CertiK security breach triggers social media phishing campaign

CertiK, a renowned blockchain security company, faced an ironic security incident when its social media profile was hijacked to promote a phishing campaign. The malicious post, claiming a vulnerability in the Uniswap router, directed users to a fraudulent website, potentially compromising their crypto wallets. Despite CertiK’s swift response, this event underscores the importance of robust security practices, even for companies specializing in blockchain security audits.

North Korean hackers drive crypto thefts, obtaining $600 million in 2023

According to TRM Labs, one-third of cryptocurrency thefts in 2023, totaling around $600 million, were executed by hackers linked to North Korea. This brings the country’s total gains from these thefts to nearly $3 billion in six years. Despite a 30% reduction compared to 2022, the thefts highlight the growing North Korean cyber threat, often associated with funding weapons of mass destruction programs.

Central Bank of Nigeria authorizes testing of cNGN stablecoin by Africa Stablecoin consortium

The Central Bank of Nigeria has approved the Africa Stablecoin Consortium to test the cNGN stablecoin, pegged to the Nigerian naira, within a controlled regulatory environment. This initiative, bringing together financial institutions, fintech innovators, and blockchain experts, aims to enhance the security and compliance of financial interactions. The cNGN, set to launch on February 27, 2024, aims to make the naira a more dynamic tool for international financial transactions, streamlining remittances, trade, and global investments.