Bitcoin recovers $40,000 mark on Wednesday
Bitcoin (COIN:BTCUSD) reclaimed the $40,000 level after a brief
dip below that value, registering a modest 0.5% increase in 24
hours, trading at $40,040. “After more than a 20% drop, BTC
found the 100-period moving average. A very strong support with
many robots programmed to buy in this region. This could cause a
short-term rise in the asset before it falls again,” said
Fernando Pereira, an analyst at Bitget. Meanwhile, Arthur Hayes,
founder of BitMEX, argues that the recent Bitcoin volatility is not
due to factors related to the Grayscale Bitcoin Trust (AMEX:GBTC),
but rather to macroeconomic and monetary policy changes. Hayes
suggests that fluctuations in US Treasury bond yields are more
closely related to Bitcoin movements, anticipating changes in
dollar liquidity ahead of conventional markets, and predicts a
cryptocurrency recovery based on potential interest rate cuts and a
resumption of quantitative easing.
Solana enhances programmability with innovative token extensions
The Solana Foundation is launching token extensions for its
blockchain, increasing the programmability of SPL tokens. These
extensions, developed for over a year, allow creators to implement
specific rules such as whitelists, automatic transfer fees, and
transaction privacy. The innovation particularly benefits
stablecoin issuers like Paxos and GMO Trust, enabling adaptation to
varying regulations. The extensions include transfer hooks,
automatic fees, confidential transfers, delegated authority, and
token transfer restrictions, enhancing control and security in the
Solana ecosystem.
Nexo demands $3 billion from Bulgaria in international arbitration
Cryptocurrency lending company Nexo has filed an arbitration
claim against Bulgaria, seeking $3 billion in damages. Alleging
that the country engaged in “illegal and politically motivated
actions,” including oppressive and unfounded criminal
investigations, Nexo (COIN:NEXOUSD) is seeking compensation for the
harm it has suffered. The investigations, which Nexo claims damaged
its reputation and cost it business opportunities, including a
potential IPO in the United States, were closed by the Bulgarian
Prosecutor’s Office due to lack of evidence. The complaint was
filed with the International Centre for Settlement of Investment
Disputes (ICSID) in Washington, DC.
SEC defends requirement for Ripple’s financial documents in lawsuit
In a recent legal battle, the US Securities and Exchange
Commission (SEC) defended its request for Ripple’s (COIN:XRPUSD)
audited financial statements for the past two years, stating that
they were procedurally valid and relevant. Ripple had opposed these
demands, arguing that they were inappropriate and unnecessary,
considering that both parties had previously agreed that additional
discovery was not needed. However, the SEC argued that recent
developments in the case justified new discovery, emphasizing the
importance of this information in determining potential penalties.
The legal dispute between Ripple and the SEC has been ongoing for
four years, with significant decisions regarding the classification
of XRP sales at stake.
Maxine Waters investigating Meta’s involvement in digital assets
US Representative Maxine Waters, a senior member of the House
Financial Services Committee, has initiated an investigation into
Meta Platforms (NASDAQ:META) involvement in digital assets, citing
concerns about financial stability. In a letter to Meta executives,
including Mark Zuckerberg and Javier Olivan, she questioned the
company’s potential expansion into digital currency and blockchain,
based on recent trademark filings. Waters seeks clarification on
Meta’s plans in web3, digital wallets, and other related projects,
examining the company’s potential research and development in
stablecoins and relevant partnerships. This investigation reflects
Waters’ long-standing criticism of the crypto industry and her
belief in the need for strict regulation, especially for stablecoin
issuers.
Brink’s Company and BitGo form strategic partnership in the digital
world
Brink’s Company, known for its armored trucks, invests in and
forms a partnership with BitGo, a cryptocurrency custody company.
Brink’s will be responsible for secure logistics and vault services
for BitGo, expanding its presence in the blockchain sector. This
partnership does not alter the governance boards of the companies
but strengthens Brink’s presence in a rapidly evolving digital
landscape, combining its expertise in physical security with
BitGo’s leadership in digital security and asset custody.
Bitget diversifies crypto with Amulet (AMU) listing
Bitget, one of the leading cryptocurrency exchanges and Web3
companies, announces the inclusion of Amulet (AMU) in its
Innovation, Solana Ecosystem, and DeFi zones, highlighting its
continued support for diversifying blockchain ecosystems. The
Amulet Protocol represents an innovation in decentralized risk
protection, offering compatibility with multiple blockchains,
including Solana and Ethereum. Bitget reinforces its commitment to
providing access to innovative projects, having added over 350 new
listings in 2023, expanding the range of digital assets available
to its users.
Doom from 1993 resurrects on the Dogecoin blockchain, thanks to
developer Mini Doge
Mini Doge, an innovative developer, has announced the porting of
the iconic 1993 game Doom to the Dogecoin blockchain. Using
“inscriptions” technology based on the DRC-20 standard, the game is
now accessible with full-screen support and mouse control. Game
data is extracted directly from the Dogecoin blockchain, although
the initial launch may take about a minute. This release has
generated increased online activity, similar to what has been
observed with inscriptions on the Bitcoin blockchain. However,
inscriptions have faced criticism, including cybersecurity warnings
from the US National Vulnerability Database (NVD) regarding the
Ordinals protocol in Bitcoin.
Tornado Cash developer legal defense fund receives widespread
support
The legal fund established for Tornado Cash developers Roman
Storm and Alexey Pertsev has already raised over $350,000, with
support from Edward Snowden, a former NSA analyst. Roman Storm, a
dual US and Russian citizen, is under house arrest in Washington
and will face trial in 2024 on money laundering and sanctions
violation charges. Meanwhile, Roman Semenov, also accused, has not
been detained. The US Department of Justice accuses the
cryptocurrency mixing service of moving over $1 billion, and
Pertsev has been in custody in the Netherlands since 2023. Storm
expressed concern about his future but remains hopeful, encouraging
donations for his legal defense, while Snowden highlights the
importance of privacy, stating that “Privacy is not a crime.”
Mailer Lite phishing attack results in $600,000 loss
Mailer Lite, a well-known digital marketing platform, fell
victim to a sophisticated phishing attack that led to a loss of
over $600,000, revealed Blockaid, a web3 security and privacy
company. Attackers exploited a vulnerability in Mailer Lite to
impersonate web3 organizations, sending emails that appeared
authentic but contained dangerous links to cryptocurrency
wallet-draining websites. They took advantage of pending DNS
records previously associated with Mailer Lite by these companies
to create deceptive emails. Among the victims of the attack are
CoinTelegraph, WalletConnect, Token Terminal, and De.Fi, as
identified by crypto expert ZachXBT.
Hut 8 responds to JCapital’s report with misinformation criticism
Hut 8 Mining Corp. (NASDAQ:HUT) has countered allegations in a
report from JCapital Research, labeling it “a deliberate attempt to
spread misinformation.” The company criticized the report for being
riddled with inaccuracies, distorted data, and baseless
accusations. CEO Jaime Leverton emphasized that they will not let
misinformation and defamatory attacks divert their focus. The
company’s shares continue to struggle to recover, with a more than
3% recovery during Wednesday’s trading, following a -30.1% drop in
the past 7 days.
Core Scientific returns to Nasdaq after post-bankruptcy
restructuring
Core Scientific (NASDAQ:CORZ), a Texas-based bitcoin mining
company, announced its return to trading on Nasdaq on Wednesday
following a successful reorganization in response to its 2022
bankruptcy filing. The company managed to eliminate $400 million in
debt by converting debts owed to creditors and convertible
noteholders into equity. CEO Adam Sullivan expressed optimism about
the company’s future, highlighting plans to expand mining capacity
and venture into other high-value computing areas. Core Scientific,
which faced challenges due to cryptocurrency price declines and
market issues, plans to increase its mining capacity by over 50% in
the next four years. On the other hand, mining companies Marathon
Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) have
experienced significant declines following Bitcoin’s (COIN:BTCUSD)
volatility and the approval of Bitcoin ETFs in the US.
BIS defines CBDCs and tokenization as strategic focus for 2024
The Bank for International Settlements (BIS) has set its
strategic goals for 2024, emphasizing Central Bank Digital
Currencies (CBDCs) and tokenization. The plan includes continued
engagement with fintechs, with a favorable stance toward CBDCs, and
the digitization of financial instruments, as evidenced by the
Promissa Project. This project aims to modernize promissory notes
using blockchain for increased efficiency and transparency.
Meanwhile, the Aurum Project, in collaboration with the Hong Kong
Monetary Authority, focuses on privacy in retail CBDC transactions,
with a proof-of-concept phase to be completed by early 2025. BIS is
also exploring other areas, including cybersecurity and sustainable
finance, through multiple projects, reflecting its broad interest
in digital financial technologies.
FINRA identifies potential violations in crypto communications
The Financial Industry Regulatory Authority (FINRA), a financial
sector regulator, has found that 70% of brokerage communications
about cryptocurrencies may have violated its fairness and balance
guidelines. Under the supervision of the SEC, FINRA is focused on
ensuring that information provided to the public is accurate and
not overstated. The review, which began in November, indicated
deceptive comparisons of cryptocurrencies to traditional assets and
false statements about the applicability of securities laws.
NFT Paris 2024: Europe’s largest Web3 gathering
Returning to the Grand Palais Éphémère on February 23 and 24,
2024, NFT Paris celebrates its exponential success since its debut
in 2022. From 800 initial participants to 18,000 in 2023, the event
has become a landmark in the Web3 industry. In 2024, it will expand
its scope to include more aspects of the Web3 ecosystem, featuring
industry leaders, cutting-edge companies, and renowned artists.
Indonesia’s crypto tax revenue declines in 2023 despite Bitcoin’s
rise
Indonesia’s Ministry of Finance reported cryptocurrency tax
revenue of $31.7 million in 2023, a 62% decrease compared to the
previous year. Indonesia imposes double taxation on crypto
transactions, including income tax and value-added tax (VAT).
Despite a 159% increase in Bitcoin (COIN:BTCUSD), the country saw a
51% decrease in crypto transaction volume and a reduction in tax
revenue. Local exchanges criticized the high tax rates, proposing
changes to crypto taxation. Meanwhile, the presence of illegal
exchanges in the country challenges the formal tax system.
Taiwan authorities seek ACE Exchange president’s detention for
fraud
Prosecutors in Taiwan have requested the detention of Chenhuan
Wang, president of ACE Exchange, on suspicion of money laundering
and fraud. The request follows the arrest of David Pan, the
company’s founder, who is accused of orchestrating a fraud scheme.
Prosecutors have summoned Wang and four more suspects following
police operations. Pan and an accomplice are accused of luring
investors into worthless cryptocurrencies, and now Wang is
suspected of involvement. Despite the events, ACE Exchange claims
that its operations continue as usual and reiterates its commitment
to legality. Chenhuan Wang, also a partner at the Chien Yeh law
firm, is on leave from his duties while the case is treated as his
personal investment.
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