Bitcoin on the brink of a breakout with $535 million at stake
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 expands Bitcoin portfolio with new purchase
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 expands DApp support with governance token airdrop
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.
Ethereum completes testing of Dencun upgrade on Holesky
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.
SEC delays decision on Invesco and Galaxy Digital’s Ether ETF
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 seeks more time to submit documents to the SEC
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.
Arca Investments sales linked to 40% drop in RON price
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.
40% surge in Chainlink driven by asset tokenization
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 launches tokenized warrant on Ethereum blockchain in Hong Kong
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 makes cuts and restructuring in its team
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 advances with Ethereum custody despite regulatory
challenges
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.
Leadership change and challenges at Hut 8 Mining
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 expands mining operations with new acquisitions
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.
South Korean alliance denounces OKX for unregistered operation
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.
Confidential agreement approved between BlockFi and Three Arrows
Capital
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 promotes VAT exemption for cryptocurrency trading
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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