SANDUSD Sandbox

Bitcoin at a technical crossroads

Bitcoin (COIN:BTCUSD) is displaying its familiar volatility, hovering around $42,660 after briefly touching $43,000 over the weekend. After recovering from the January low of $38,505, Bitcoin is now testing a key resistance level, swinging below a critical threshold defined by Fibonacci levels and horizontal resistance. With a downward trend since the January high of $49,050, the current challenge is whether Bitcoin can break through the barrier between $43,600 and $44,800 to reverse the trend or prepare for a possible retracement. In the previous month, Bitcoin witnessed a notable spike in transaction volume, reaching $1.21 trillion, the highest since September 2022. This increase coincided with the approval of spot Bitcoin ETFs, marking the fourth consecutive month of growth since the modest volume of $550 billion in September 2023. Long-term holders remain reluctant to sell, contributing to a low active supply despite the decline in monthly transactions.

Bitcoin ETFs from BlackRock and Fidelity shine in January

The ETFs of Bitcoin from BlackRock (NASDAQ:IBIT) and Fidelity (AMEX:FBTC) entered the top 10 in terms of net asset flows in January, despite being available for only 14 days. The iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund raised $2.7 billion and $2.3 billion, respectively. This success occurred in the context of Bitcoin price volatility, highlighting strong investor interest in the new funds.

Bukele’s overwhelming victory in El Salvador

Nayib Bukele, the President of El Salvador, announced a historic re-election with over 85% of the votes, according to a post on the X social network. His triumph reflects popular approval of his policies, including the adoption of Bitcoin (COIN:BTCUSD) as the official currency. Despite criticisms from global entities, El Salvador is moving forward with crypto initiatives such as the Freedom Visa program and the launch of Bitcoin bonds, reinforcing its commitment to the sector.

Study by Bitget reveals global optimism in crypto

Bitget conducted a global analysis with 9,748 investors, focusing on the impact of the Bitcoin halving and the outlook for the cryptocurrency market. The research showed widespread optimism, with 84% of participants predicting that Bitcoin will surpass its previous record. Most anticipate prices ranging from $30,000 to $60,000 at the next halving, with 70% of respondents planning to increase their crypto investments in 2024. Regional differences highlight caution in Europe and optimism in Latin America and the Middle East.

JPMorgan warns about risks of Tether dominance

JPMorgan (NYSE:JPM) highlighted concerns about the growing dominance of Tether (COIN:USDTUSD) in the stablecoin market, considering it detrimental to the crypto ecosystem due to the lack of regulatory compliance and transparency. In a research report on Thursday, the bank suggested that more regulated stablecoins, such as the USD Coin (COIN:USDCUSD), could benefit and gain market share amid potential regulatory crackdowns. The report emphasizes the rapid growth of Tether, despite the risks and opportunities for competitors aligned with regulations.

February marks significant unlocks in the crypto market

February will witness significant unlocks of crypto tokens, with a focus on the 25 million Aptos (COIN:APTUSD) tokens and the 205 million Sandbox (COIN:SANDUSD) tokens, impacting their respective circulating supplies. Avalanche (COIN:AVAXUSD) and Optimism (COIN:OPUSD) are also gearing up to release considerable amounts, adding dynamics to the market. These events are crucial for investors attentive to potential price fluctuations and token availability in Layer-1 networks and the metaverse.

RONIN plunges after listing on Binance

RONIN (COIN:RONNNUST), the native token of the EVM blockchain for gaming, saw a sharp drop in value after being listed on Binance, the largest cryptocurrency exchange by volume. However, RON’s trading volume surged 386%, reaching $120 million, while the gaming token market maintained a mild valuation at $18.3 billion. The volatility indicates an adjustment period for RON after its recent 267% surge in 90 days.

Chainlink (LINK) reaches a new two-year peak

Chainlink (COIN:LINKUSD) saw its price climb to $19.75, the highest since January 2022, after breaking a 90-day stagnation. The rapid ascent in just two weeks has left analysts optimistic, predicting that the next target could be $20. Technical analysis suggests that the upward trend may continue, with potential price targets at $24.85 and $28.70, depending on the continuation of positive momentum.

Explosive growth of the Cardano network

The Cardano network (COIN:ADASUD) has experienced a notable increase in activity, with over four million transactions in two months, reflecting growing interest in its dynamic development. This boom is not limited to transaction volume but is driven by the launch of new projects and constant technological innovation. With 157 active projects and over 1,320 in development, Cardano stands out for its robust infrastructure and community involvement, promising a bright future in the blockchain space.

Oobit token gains value after $25 million funding

After securing $25 million in a Series A funding round led by Tether, the Oobit token (OBT) of a Singaporean payment platform experienced a 31% appreciation, reaching a value of $0.1034. Furthermore, the token’s trading volume surged by 35,000%, reaching $2.51 million. This financial injection will be directed towards enhancing integration with external wallets and advancing the development of a Web3 gateway, aiming to facilitate the use of cryptocurrencies in global transactions.

Nibiru Chain raises $12 million in funding

Nibiru Chain, a Layer-1 blockchain, raised $12 million in funding, with support from major investors like Kraken Ventures and ArkStream. This financial boost positions Nibiru for ambitious expansion, highlighting its commitment to innovation and cryptocurrency adoption. With a quickly sold-out community sale on CoinList, Nibiru demonstrates strong market interest, promising a bright future for its ecosystem and the NIBI token.

ENS and GoDaddy make connecting domains to the blockchain easier

The partnership between Ethereum Name Service and GoDaddy (NYSE:GDDY) promises to revolutionize how we interact with the internet, allowing GoDaddy users to link their traditional domains directly to ENS. This integration aims to bridge the gap between conventional DNS-based internet infrastructure and the new possibilities offered by blockchain technology, without imposing additional costs or requiring advanced technical knowledge from users. With this collaboration, more than 20 million GoDaddy customers will be able to leverage the benefits of blockchain, such as enhanced security and transparency, by associating their familiar domain names with complex Ethereum addresses in a simple and intuitive manner. This move not only simplifies digital interaction but also paves the way for broader integration of blockchain technology into everyday web usage.

Solana Mobile Chapter 2 generates 60,000 pre-orders

The next generation of Solana’s cryptographic phone, announced for 2025, has already attracted 60,000 pre-orders in just three weeks. This device, named “Solana Mobile Chapter 2,” is the successor to the popular Solana Mobile Saga and will be sold at $450, offering a more affordable option with an integrated cryptocurrency wallet. The first version, launched in 2022, sold out in the U.S. in December 2023. Solana has also introduced a leaderboard to engage the community, promising exclusive rewards.

FTX seeks to sell its stake in AI firm Anthropic

Bankrupt FTX intends to sell its 7.84% stake in the AI startup Anthropic, as revealed in legal documents. Following a joint $500 million investment with Alameda in 2021, previous attempts to sell were blocked in 2023. The sale now aims to maximize returns for creditors and stakeholders, with a potential hearing scheduled for this month.

Montenegro extradites former CFO of Terraform Labs to South Korea

Han Chang-joon, former CFO of Terraform Labs, has been extradited from Montenegro to South Korea, following a decision by the Montenegrin Ministry of Justice. After the arrest of Han and co-founder Do Kwon in 2023 for the use of forged documents, Han served four months in prison before extradition. Do Kwon still awaits a decision on his extradition, with legal issues pending in both South Korea and the U.S.

Genesis seeks to sell $1.6 billion in crypto assets

Genesis, a bankrupt cryptocurrency lender, has requested judicial permission in the U.S. to sell over $1.6 billion in Bitcoin (COIN:BTCUSD), Ether (COIN:ETHUSD), and Ethereum Classic (COIN:ETCUSD) from Grayscale. Approval could lead to a new wave of sales in the market, similar to the impact of FTX asset sales in January. Most of the assets are held in the Grayscale Bitcoin Trust (COIN:GBTCUSD), now an ETF, with significant implications for creditors, including Gemini.