Bitcoin wallets inactive for a decade move $62.8 million
Two Bitcoin wallets (COIN:BTCUSD), inactive for over ten years,
activated on Sunday (12) to transfer a total of 1,000 BTC, which
corresponds to over $62.8 million at current prices. The addresses,
which received 500 BTC each on September 12, 2013, when the value
of Bitcoin was around $124, made the transfers almost
simultaneously. The origin and intention behind these movements
remain uncertain, as well as the identity of the wallet owners.
Degen Chain disruption halts layer 3 blockchain services
Degen Chain, a third-layer blockchain based on Ethereum and
focused on the meme token Degen (COIN:DEGENUSD), experienced a
significant disruption, failing to produce new blocks for over 11
hours. This technical issue affected various decentralized
applications and services associated with the network, such as
Relay Bridge and DegenSwap, preventing transactions from taking
place. The technical team, in collaboration with Conduit, is
working to resolve the situation. Degen Chain is part of the
Arbitrum Orbit infrastructure and uses Degen as its native gas
token.
Bitcoin tests limits in volatile market
Bitcoin (COIN:BTCUSD) experiences a 2.50% increase in early
Monday afternoon, trading at $62,990, after hitting a peak of
approximately $63,269 earlier. The cryptocurrency has attempted to
surpass the $64,000 mark several times this month, all
unsuccessfully. This oscillation suggests a consolidation phase in
the market, indicating that Bitcoin may remain stable for some
time. Other cryptocurrencies also show gains in the last 24 hours,
with Ethereum (COIN:ETHUSD) up 0.96%, Solana (COIN:SOLUSD) rising
2.15%, Ripple (COIN:XRPUSD) gaining 1.91%, and Dogecoin
(COIN:DOGEUSD) increasing by 7.6%.
Toncoin approaches historic high
Recently, Toncoin (COIN:TONCOINUSD) experienced significant
growth, nearing its all-time high of $7.77. In the last 24 hours,
the token’s price rose by 4.9% to 7.31, below the intraday peak
price of 7.54. The cryptocurrency, which has been heavily
accumulated by large investors, may be preparing for a correction
after breaking the $7.6 resistance. Despite the relative strength
index (RSI) indicating an overbought condition, the bullish trend
could continue for a few more days before potentially undergoing a
correction. If the market reverses, the price could fall to $7 or
below.
Resumption of net inflows into Bitcoin ETFs in the US after a
period of outflows
Last week, spot bitcoin ETFs in the US recorded net inflows of
$116.8 million, after four weeks of outflows totaling over $1
billion. The Grayscale ETF (AMEX:GBTC) was the only one with net
outflows, totaling $171.1 million. In contrast, the Fidelity ETF
(AMEX:FBTC) led the inflows with $111.3 million, followed by the
Ark Invest ETF (AMEX:ARKB) with $82.8 million.
Marathon Digital explores renewable energy and cryptocurrency
management in Kenya
Marathon Digital (NASDAQ:MARA), one of the leading bitcoin
miners, is collaborating with the Kenyan government to explore ways
to manage and monetize the country’s renewable energy through
bitcoin mining and to develop its cryptocurrency system. According
to Jayson Browder, VP of government affairs at the company,
Marathon is focused on optimizing renewable energy resources such
as geothermal, wind, and solar. The project also aims to support
Kenya in creating a regulatory regime for crypto assets.
Drop in Bitcoin mining difficulty benefits major miners
Bitcoin (COIN:BTCUSD) mining difficulty dropped by about 6% last
week, marking the largest decline since the crypto winter of
December 2022. This adjustment is seen as beneficial for certain
miners, according to a report from brokerage Bernstein. The drop in
hashrate, which is the total computational capacity used in mining,
occurred due to high costs and lower bitcoin prices, leading to the
deactivation of more expensive equipment. This resulted in an
increased market share for major miners, who are expected to
continue consolidating this advantage through expansions and
mergers.
Rise of DeFi projects over traditional blockchain networks
In the last 24 hours, decentralized finance (DeFi) projects Lido
(COIN:LDOUSD) and Aave (COIN:AAVEUSD) surpassed traditional
blockchain networks like Bitcoin (COIN:BTCUSD), Ethereum
(COIN:ETHUSD), and Solana (COIN:SOLUSD) in fee generation.
According to DeFillama, Lido raised $2.34 million and Aave $1.85
million, while Ethereum, Bitcoin, and Solana obtained $1.84
million, $1.34 million, and $1.17 million, respectively. This
increase in fees highlights the growing interest of cryptocurrency
users in DeFi platforms at the expense of traditional networks.
Leadership changes at dYdX: Antonio Juliano passes the baton
Antonio Juliano, founder of dYdX, a decentralized cryptocurrency
exchange, announced his resignation as CEO. In a blog post, Juliano
revealed that he will assume the roles of chairman of the board and
of dYdX Trading Inc., while Ivo Crnkovic-Rubsamen will be the new
leader. Juliano stated that he will continue to be a central figure
at dYdX, although he does not know what the future holds for him
personally.
The evolution of financial management: the rise of intelligent
agents
Luke Saunders, CTO of Delphi Labs, suggested that the interface
and functionality of current financial tools will soon seem
outdated, replaced by autonomous agents that operate efficiently on
blockchain platforms, offering transparent, open, and programmable
solutions perfectly suited for such technologies. According to him,
finances will be managed by intelligent agents, or bots. These
agents, programmed to operate autonomously, will be able to conduct
transactions and optimize financial resources on our behalf,
seamlessly integrating with blockchain technologies.
MoonPay invests $1 million in bipartisan crypto advocacy
MoonPay, a cryptocurrency payment infrastructure company,
donated $1 million to Stand With Crypto, a pro-crypto group led by
Coinbase Global (NASDAQ:COIN). MoonPay CEO Ivan Soto-Wright
highlighted the critical importance of the upcoming elections in
the US for the future of the sector, emphasizing the company’s
commitment to promoting clear and beneficial regulation for the
industry. The group aims to support politicians who favor a
friendly and bipartisan approach to crypto regulation.
Liminal expands global presence with regulatory approval in Abu
Dhabi
Liminal, a Singapore-based digital custody company, advanced its
international expansion by receiving regulatory approval in Abu
Dhabi. The company’s First Answer subsidiary in the Middle East was
authorized by the Abu Dhabi Global Market Financial Services
Regulatory Authority to offer custody services in the region. This
development follows a series of regulatory approvals obtained by
Liminal in the Asia-Pacific and Middle East and North Africa
regions, strengthening its position to serve institutional clients
in global strategic markets.
El Salvador enhances transparency with disclosure of Bitcoin
reserves
El Salvador made a significant step toward transparent adoption
of Bitcoin (COIN:BTCUSD) by publicly revealing the reserves held by
the country. El Salvador’s National Bitcoin Office announced that
the country holds 5,748.76 BTC, equivalent to about $360 million.
Through its own mempool space, these reserves can now be verified
online. This announcement comes alongside the country’s commitment
to acquire 1 BTC daily since November 2022, recently totaling an
additional 30 BTC in a month.
Philippines to test national stablecoin pegged to local peso
The Central Bank of the Philippines (Bangko Sentral ng Pilipinas
– BSP) approved a pilot test for PHPC, a stablecoin pegged to the
Filipino peso, in collaboration with cryptocurrency wallet provider
Coins.ph. This test will be conducted within the BSP’s Sandbox
regulatory framework, allowing Coins.ph to hold cash reserves
equivalent to the amount of PHPC in circulation. The project aims
to evaluate the performance of the stablecoin in the real
environment and explore its potential for payments and other
financial applications.
Lightning Labs tests issuance of stablecoins on the Bitcoin network
Lightning Labs successfully tested the issuance of stablecoins
on the Bitcoin blockchain. During the Financial Times Crypto and
Digital Assets Summit, Elizabeth Stark, CEO of the company,
highlighted the transaction on the Lightning Network using the
Taproot Assets protocol. Stark emphasized the potential of
“cryptodollars and stablecoins” to solve real problems and attract
more users to digital assets, focusing on practical applications
rather than passing trends.
Zest Protocol raises $3.5 million for Bitcoin lending innovation
Zest Protocol, focused on Bitcoin lending, raised $3.5 million
to enable Bitcoin owners to generate income by deploying their
assets on the network. The funding round was led by billionaire Tim
Draper and included participation from Binance Labs and other
investors. Using the Nakamoto upgrade and the sBTC bridge asset,
the protocol aims to offer a native lending experience on the
Bitcoin blockchain, expanding Bitcoin’s capabilities in the DeFi
sector.
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