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💰 Grayscale's Strategic Move: Spot Bitcoin ETF Amendment Unveils a Crypto Plot Twist! 🌐🚀
In a bold stroke that's captivating the crypto landscape, Grayscale, the trailblazing force in cryptocurrency asset management, has just dropped a bombshell with its latest amendment to the Bitcoin exchange-traded fund (ETF) application. 🚀💎
📈 Spot Bitcoin ETF Innovation!
Grayscale's amended filing, deftly brought to light by Bloomberg's senior ETF analyst Eric Balchunas on X (formerly Twitter), adds a layer of excitement to the ETF narrative. This revision takes a distinctive path by leaving authorized participant details in the shadows, sparking curiosity and setting the stage for speculation. 🔄🌟
🔍 Authorized Participants: The Puzzle Unveiled?
Defying expectations, Grayscale's amended filing maintains secrecy around authorized participant information. Why the enigma? The company clarifies that these participants will exclusively deal in cash transactions for shares, injecting an air of mystery into their strategic moves. This departure from the ordinary is generating anticipation and enthusiasm in the crypto community. 💸🤔
📅 Dec. 29 Filings: The Race to the First U.S. Bitcoin ETF
In a synchronized maneuver, seven companies, Grayscale included, filed updated Form S-1 applications on December 29. While counterparts like Fidelity, WisdomTree, and Invesco Galaxy laid bare their authorized participants, Grayscale opted for a more mysterious approach, leaving enthusiasts eagerly speculating. 🏁🌌
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💰 Bitcoin ETFs: A Quiet Prelude with the Promise of Trillion-Dollar Transformations Ahead! 💹
As spot Bitcoin exchange-traded funds (ETFs) prepare to make their debut, the initial impact on Bitcoin (BTC) may not make waves, but VanEck adviser Gabor Gurbacs envisions a future where these ETFs could become the catalysts for trillions of dollars flooding into the cryptocurrency sector. 🌐
📉 Setting Realistic Expectations: Gurbacs Forecasts a Modest Kickstart for Bitcoin ETFs!
In a recent post on X (formerly Twitter) dated January 1, Gabor Gurbacs introduces a measured perspective on the "initial impact" of Bitcoin ETFs. His estimate suggests a conservative net inflow of approximately $100 million, mainly sourced from "mostly recycled" funds from significant institutional investors during the launch. 🤔💼
📅 Taking Cues from History: Unpacking the Gold ETF Launch!
Reflecting on historical patterns, Gurbacs refers to the launch of the first gold ETF by State Street on November 18, 2004. Over the subsequent eight years, the price of gold surged from $400 to $1,800, experiencing a remarkable quadrupling. This surge propelled the total market capitalization of gold from $2 trillion to an impressive $10 trillion within the same period. 📈💰
💡 Marathon Mindset: Bitcoin ETFs Geared for Prolonged Growth!
Despite the subdued initial impact, Gurbacs sketches a narrative of sustained growth for Bitcoin ETFs. Comparing this trajectory to the gold market, he hints at the potential for these ETFs to attract trillions of dollars over time, positioning the cryptocurrency sector for substantial and enduring growth in the years ahead. 🌟📈
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💰 Bitcoin Miners Reach New Heights: December 2023 Rockets to $1.51 Billion in Record Revenue! 💰
In a grand finale to 2023, Bitcoin miners have set the stage ablaze, achieving a historic milestone with a whopping $1.51 billion in revenue for December. This achievement not only outshines the previous peak in May but also highlights the escalating significance of onchain fees in the ever-evolving world of cryptocurrency.
📈 December's Triumph: Surpassing May's $919.22 Million Milestone!
December's stellar performance eclipses the former record set in May, where miners amassed $919.22 million. The grand total, inclusive of an impressive $324.83 million in onchain fees, represents a remarkable 64.27% growth, equivalent to an additional $590.78 million.
🚀 December's Surge: 1.64 Times Greater Than May's Record!
Demonstrating the robustness of Bitcoin mining, December's achievement stands 1.64 times greater than May's record. Fueled by the rising importance of onchain fees, Bitcoin reinforces its position as a trailblazer in the dynamic landscape of digital finance.
🔗 Skyrocketing Transaction Rates: December's Crypto Skyline!
As per bitinfocharts.com, December's onchain transaction rates have reached unprecedented heights. The average fee rises to 231 satoshis per virtual byte (sats/vB), equivalent to $20.86 per transaction. On December 31, 2023, the median-sized fee is noted at $9.60 per transaction or 106.3 sats/vB.
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💰 Indonesian Authorities Clamp Down on Illegal Bitcoin Mining - 10 Operations Halted! ⚙️🔨
In a resolute move against unauthorized cryptocurrency activities, the North Sumatra Police Force in Indonesia has taken sweeping action, shuttering a network of Bitcoin mining operations spread across 10 locations. The crackdown led to the confiscation of 1,134 Bitcoin mining machines, along with crucial electrical cables and computer equipment. ⚒️💻
Irjen Agung Setya Imam Effendi, Chief of North Sumatra Police, alleged that the operators had manipulated electrical circuits to power their extensive Bitcoin mining endeavors. This crackdown underscores the growing global concern over the environmental impact and regulatory compliance of cryptocurrency mining. 🌐⚡
This enforcement initiative follows a parallel incident in China, where a government official received a life sentence for facilitating electricity access to a colossal $329 million Bitcoin mining enterprise. Yi Xiao's case highlights the escalating regulatory scrutiny faced by the cryptocurrency industry worldwide. 🌍🔍
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💰 In 2020, just 70 days before the crypto halving, we saw a black swan event with a -60% market crash 📉 (-40% in 2015).
Historically, the market often retests its bottom before the halving. After halving no major crash 📉 Only Up🚀
Next halving is in 115 days so be prepared for the crash, be it an ETF delay or another black swan.
@Bitcoin_Ethereum_Trading
#BNB - surged by 13% in the last 24 hours, setting a local high above $300. Since CZ's departure in November, #BNB has grown by 32%.
🌪️ Despite the panic surrounding Binance, little has changed for the exchange, with recent legal resolutions working in its favor by minimizing regulatory risks.
Binance's volumes and active user count still surpass other top exchanges by several times; the ecosystem is thriving, and the expected outflow of funds has not occurred.
💁♂️ Also, consider that the number of projects on BSC is growing daily. While Solana is currently the most popular blockchain for smart contracts, this trend could change in an instant. The next hyped DApp on BSC could spike another pump.
In such conditions, I believe #BNB could show quite promising long-term results during the next bull run.
/channel/Bitcoin_Crypto_Signals
Let's talk about the long-term prospects of #BTC in the context of market cycles 🧭
The year 2023, as the first year of a four-year cycle, closely resembles 2016. There were two significant dips, during which Bitcoin provided an opportunity to earn at least 50% in mid-term.
If 2024, as the second year of the cycle, replicates the patterns of 2017, we can expect at least 2 more significant dips in #BTC that should be used for buying.
I've marked these situations on the RSI chart, which is quite convenient for monitoring overbought/oversold state. Historically, RSI has provided reliable signals for buying on a higher timeframes (daily, weekly).
👉 To reiterate: FOMOing at highs is always a bad idea, as you become the exit liquidity for those who bought earlier. Play it smart and practice patience - it will undoubtedly bear fruit.
/channel/Bitcoin_Crypto_Signals
🥇 El Salvador's Crypto Pioneering: Bitcoin Donors Earn Fast-Track to Citizenship! 💰🇸🇻
In a trailblazing move, El Salvador's legislature has given the green light to a revolutionary immigration law, offering an express lane to citizenship for international contributors donating in Bitcoin (BTC) to the nation's social and economic development programs. 🌟🏛️ This groundbreaking legislation, officially endorsed on Dec. 20, is proudly championed by President Nayib Bukele's New Ideas party, signaling a paradigm shift in citizenship acquisition.
📈💡 Bitcoin's Economic Symphony: Riding the waves of Bitcoin's recent surge, surpassing the impressive $44,000 mark, Bukele and his party proudly showcase El Salvador's strategic embrace of the transformative power of Bitcoin. 💸🚀 Recent reports underscore the country's Bitcoin holdings surpassing the initial investment by a significant $3 million, showcasing the foresight in adopting digital currency.
🚀📅 Q1 2024 Milestone: Fueled by the success of Bitcoin initiatives, El Salvador is gearing up for a significant milestone, planning a strategic launch in the first quarter of 2024. 🌍🌟 This visionary move positions El Salvador at the forefront of nations leveraging cryptocurrency for economic growth and cutting-edge innovation.
🤝🌐 Crypto-Citizenship Revolution: With the introduction of fast-track citizenship linked to Bitcoin contributions, El Salvador pioneers a modern and progressive strategy, attracting global contributors and fostering socio-economic development in the ever-evolving digital landscape.
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💰 Bitcoin ETF Approval Set to Propel BTC Price Beyond $50K: Matrixport
TV commercials are already being rolled out by various ETF applicants, a move that will continue to bolster Bitcoin prices. The report highlights historical parallels, such as the launch of Bitcoin Futures by CME Group in 2017, which saw a significant price escalation preceding the event. During the six-to-seven-week window between the confirmation of the Bitcoin futures launch and the commencement of trading, prices soared by almost 200%.
Matrixport’s research highlights the growing anticipation surrounding the SEC’s decision on spot Bitcoin ETFs, suggesting that the asset could soar above $50,000 if approved. Historical data indicates that Bitcoin typically experiences gradual price increases of around +3% from Christmas to New Year. However, 2011, 2013, and 2020 outliers saw Bitcoin prices rise as much as +22%. As the SEC reviews spot Bitcoin ETF applications, Matrixport notes that TV commercials from multiple ETF applicants are already being rolled out, which is expected to support BTC further. The intensity of these commercials is expected to heighten during the Christmas season as applicants race to become the dominant player in the ETF market.
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🚨 CertiK’s Urgent Alert: High-Risk Warning Sparks Immediate OKX iOS App Upgrade!
CertiK issued a high-risk security warning via its official Twitter account, raising alarm bells for all OKX iOS app users. The urgent advisory strongly recommends an immediate upgrade to the latest version of the OKX mobile application. CertiK’s SkyFall team, earlier this month, identified and promptly reported a critical high-risk remote code execution vulnerability in the OKX iOS app mobile application to the OKX team.
The security warning emphasizes the gravity of the situation, urging users to cease using the older version of the OKX iOS app promptly. The potential risks associated with continued use of the outdated application include susceptibility to hacker control and the looming threat of asset theft. This proactive response from CertiK and the swift resolution by the OKX team underscore the collaborative efforts within the blockchain and crypto industry to prioritize user security. The cautionary advice serves as a critical reminder to the community about the ever-present cybersecurity challenges in the digital asset landscape. Vigilance and prompt action, as demonstrated in this case, are crucial elements in safeguarding users and their assets in the dynamic.
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💰 Bitcoin Celebrates One Year of Ordinal Inscriptions With 48 Million Mark Hit, Signaling Longevity Despite Ongoing Debate
2023 has seen Ordinal inscriptions gain immense traction, significantly impacting Bitcoin’s ecosystem and vying with other blockchains in the non-fungible token (NFT) space. This journey began almost a year prior, on Dec. 16, 2022, marking the creation of the first-ever Ordinal inscription on Bitcoin’s distributed ledger. These Ordinal inscriptions are a sophisticated process that transforms a satoshi, Bitcoin’s smallest unit, into a distinct digital asset.
Particularly, Taproot’s introduction enabled more intricate transactions and the integration of additional data within a transaction. The essence of the Ordinal inscription process lies in embedding the digital asset’s data into the transaction’s witness section, thereby converting satoshis into unique, non-fungible entities. This innovative process has also facilitated the creation of fungible tokens, known as BRC20s. As of now, on the eve of the first inscription’s anniversary, a total of 48,054,267 inscriptions have been recorded on the chain. In terms of monetary value, miners have amassed approximately 3,697.38 BTC, equating to $158.36 million, for verifying these inscriptions.
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📊 Total Value of Cardano DeFi Ecosystem Nears $450M Amid Layer 1 Push; ADA Rockets 17%
Value locked on Cardano’s ecosystem grew rapidly in the past few weeks as a recent boost in Ethereum alternatives, such as Solana and Avalanche, is likely pushing crypto investors and users toward other blockchains in search of returns and capital allocation. Djed DJED stablecoin, a token pegged to the U.S. dollar, saw a supply increase of over 45% in the past week – indicative of capital inflows toward the token as investors looked to capitalize on yields.
The total value locked (TVL) of all Cardano-based projects jumped to over $440 million late earlier this week, crossing a previous peak of $330 million set in April. Most growth seemingly occurred over the past week, with lending protocol Indigo and on-chain exchange Minswap seeing their TVL surge by over 50% to nearly $100 million each. Such on-chain growth has boosted the price of Cardano’s ADA token, which is used to pay for network activity. The tokens surged some 17% in the past 24 hours, helping extend monthly gains to nearly 80%, data shows, and a 100% growth in leveraged futures bets on further ADA price volatility in the same period. As such, Cardano’s DeFi ecosystem has surged alongside those of other blockchains.
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🟠 Binance P2P Trading Platform Halts Ruble Support Following Russia Exit
Binance is ending support for the ruble on its peer-to-peer (P2P) trading platform as the firm exits Russia, according to a Monday announcement. Ruble's support on Binance P2P ends on Jan. 31 of next year, but customers can either withdraw their funds before the date or transfer funds to CommEX, Binance Russia's new owner, to continue trading. Customers are free to withdraw or transfer funds and continue trading via Binance Russia's new owner CommEX, the company said Monday.
In September, the world’s largest crypto exchange said it was fully exiting the market and selling its local business to CommEX, which was seemingly launched a day before the sale agreement was announced. The scrutiny over the sale prompted Binance founder Changpeng "CZ" Zhao to clarify he was not the owner of CommEX in the days following the news. The company said in September that it was leaving Russia because being active in the country didn't align with Binance's compliance strategy. Binance recently agreed to pay $4.3 billion to U.S. authorities to settle several charges, including one related to sanctions law. Zhao stepped down as the company's CEO as part of the deal.
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🟠 Crypto lawyer wants to depose Changpeng Zhao for civil case
Adam Moskowitz, who has been the lead attorney in a number of civil cases involving crypto firms, filed a motion to take a deposition from former Binance CEO Changpeng “CZ” Zhao. In a Dec. 8 filing in the United States District Court for the Southern District of Flordia Miami Division, Moskowitz said Zhao’s testimony would be “crucial to the claims and defenses of all parties” involved. The law firm filed the motion as part of a $1 billion lawsuit against Zhao.
Moskowitz and his firm have represented several clients in cases against high-profile crypto firms and related entities. He was counsel for many victims of the collapse of FTX in a lawsuit targeting celebrities who promoted the crypto exchange, as well as a suit claiming investors suffered losses from soccer star Cristiano Ronaldo touting Binance’s nonfungible tokens. The crypto lawyer said the filing came in response to a Washington judge ordering Zhao to remain in the U.S. until his sentencing in February 2024. In November, U.S. authorities announced a $4.3 billion settlement with Binance in which CZ stepped down as CEO and pleaded guilty to one felony charge.
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💰 Bitcoin Developer Luke Dashjr States Inscriptions Are Exploits, Hints at Future Fix
Luke Dashjr, a Bitcoin Core software developer and CTO of Mummolin, the company that operates the Ocean bitcoin mining pool, has criticized Ordinal inscriptions, a series of elements — images and others — that can be directly embedded onto the BTC blockchain. Dashjr, who has been very vocal about his negative opinion of these inscriptions, referred to them as “spam” and as “exploits,” revealing that he had already fixed this “bug” in Bitcoin Knots.
Ocean, the recently launched bitcoin mining pool that acknowledged having filtered inscriptions since day one, also implemented this Knots fix, making inscriptions unable to be included in blocks mined by the pool. Furthermore, Dashjr hinted at the possibility of introducing a similar fix in an upcoming version of Bitcoin Core, the default full-node software of the Bitcoin network. “Bitcoin Core is still vulnerable in the upcoming v26 release. I can only hope it will finally get fixed before v27 next year,” he declared. Bitcoin community rejected this possible change. Jameson Lopp, co-founder and CTO of Casa, stressed that mining had a significant economic element now and that his proposal was unlikely to stand.
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💰 Bitcoin Rockets Past $45K Milestone, Setting New Highs Ahead of Potential ETF Triumph! 💹
In a stunning start to 2024, the price of Bitcoin has shattered barriers, surging above $45,000 for the first time in almost two years. This historic ascent unfolds just days before the anticipated approval of a spot Bitcoin exchange-traded fund (ETF), amplifying the excitement in the crypto community. 🌐💰
📈 Bitcoin's Meteoric Rise: Soaring 6% in 24 Hours and 170% Over the Last Year!
Starting the new year at $42,000, Bitcoin has undergone a rapid ascent, catapulting over 6% in the past 24 hours alone. Its remarkable performance extends further, boasting an impressive 170% surge over the last year, as reported by CoinMarketCap. This surge places Bitcoin at its highest point in 2023, marking a significant new yearly high just two days into 2024. 📆🚀
💼 Market Anticipation: Bitcoin's Rally Precedes Potential SEC Approval of Spot ETFs!
As the market eagerly awaits the SEC's decision on the pending applications for a spot Bitcoin ETF, Bitcoin's remarkable rally serves as a prelude to potential triumph. The SEC currently holds 14 outstanding applications, with the decision poised to reshape the landscape of crypto investments. 🏛🌟
🔄 A Leap Back in Time: Bitcoin Surpasses $45,000 for the First Time Since April 2022!
Reveling in nostalgia, Bitcoin's price resurgence echoes back to nearly 20 months ago, specifically April 5, 2022, when it last traded above $45,000. This time, however, the ascent feels distinctly different, signaling a potential departure from the bear market that ensued back then. 📈🔄
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💰 SEC Alert: Bitcoin ETF Countdown Begins - Notifications Imminent! 📅
In a thrilling update for the crypto world, the U.S. Securities and Exchange Commission (SEC) is gearing up to notify approved ETF issuers, setting the stage for potential launches ahead of the January 10 deadline. 🌟
📆 D-Day Approaches: January 10 Decision Nears for Ark Investments and 21Shares!
With the January 10 deadline looming for the SEC's decision on the spot Bitcoin ETF proposed by industry giants Ark Investments and 21Shares, the regulatory body is on track to inform asset managers about the fate of their own ETF applications. According to insider reports from Reuters, the much-anticipated notifications could roll out as early as Tuesday or Wednesday next week. 🕒
🏁 Race to Launch: Asset Managers Eyeing January 10 Decision Deadline!
For asset managers who met the year-end deadline, the race is on to launch their ETFs in sync with the critical January 10 decision deadline. Notable contenders include Valkyrie, Bitwise, WisdomTree, Franklin Templeton, BlackRock, VanEck, and Invesco. Early notifications could pave the way for an exhilarating launch for those securing the regulatory green light. 🚦
👥 Elite 14 in the Spotlight: Asset Managers in the ETF Approval Arena!
Among the 14 asset managers vying for approval of similar ETFs, some have already submitted intricate forms to the SEC, detailing sponsor fees and technical specifics. Fidelity takes the lead with the lowest proposed sponsor rate at an impressive 0.39%. While other contenders keep their rates under wraps, the competition is reaching a boiling point. 🔥
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💰 Bitwise's $200 Million Breakthrough: Spot Bitcoin ETF Ready to Ignite the Crypto Sky! 🚀
In a dazzling display of crypto prowess, Bitwise is set to rewrite the narrative with an amended S-1 filing to the U.S. Securities and Exchange Commission (SEC), paving the way for the launch of their spot bitcoin exchange-traded fund (ETF). Brace yourself for a crypto spectacle as Bitwise's latest masterpiece, proudly known as BITB, prepares to light up the digital sky.
💸 The $200 Million Extravaganza: A Symphony of Investment Potential!
Bitwise has set the stage ablaze by revealing an undisclosed entity eager to join the crypto orchestra, signaling an interest in acquiring an astounding $200 million worth of shares. These digital treasures will be available through authorized participants or orchestrated transactions via savvy broker-dealers.
📊 Market Marvel: BITB's Impact Echoes Across Social Media Platforms!
The news reverberates across the crypto landscape, catching the attention of Bloomberg ETF analyst Eric Balchunas, who shares his expert commentary on the dynamic social media platform X. The prospect of a $200 million investment injects a surge of excitement into the ongoing crypto conversation.
🚨 Bitwise's Guiding Light: Navigating the Crypto Cosmos with Wisdom!
Amidst the fervor, Bitwise acts as a guiding light, reminding enthusiasts that expressions of interest are not binding commitments. The potential investor retains the flexibility to fine-tune their investment strategy, choosing to acquire more, fewer, or no shares at all in this cosmic crypto journey.
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/channel/Bitcoin_Crypto_Signals
💰 Title: Bitcoin Miners Liquidate $129M in a Day, Reserves Plummet to Lowest Levels Since May 📉💰
In a decisive move, Bitcoin miners have triggered a significant sell-off, offloading a staggering $129 million worth of BTC within a 24-hour window. 📉💸 This strategic move has driven their reserves to the lowest point since May, revealing intensified selling pressure in the crypto market. ⛏️📊
According to CryptoQuant data, miner reserves, reflecting the BTC held in affiliated wallets, have dwindled to 1.832 million BTC. This decline, starting in late October, has culminated in a rapid acceleration this month. 🗓️📉 The latest figures mark a stark contrast from October's high of 1.845 million BTC held by miners.
Highlighting this trend, AliCharts took to X to underscore the magnitude of the miner sell-off, emphasizing a noteworthy sale of 3,000 BTC in the past 24 hours alone. 💼💹 With Bitcoin currently trading at $42,891, the market is experiencing heightened volatility following yesterday's peak at $43,710. 📈📉
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🌟🚀 K-Pop for Crypto: South Korea's Bitcoin Craze Hits a High Note! 🇰🇷💹
📈 Hold on tight as the Korea Premium Index (KPI) orchestrates a symphony of market dynamics, revealing the passionate moves of South Korea's crypto enthusiasts! 🎶💰
💥 Brace yourself for the 'Kimchi Premium' extravaganza – a soaring KPI paints the town bullish, reflecting a surge in buying pressure and catapulting crypto prices on local exchanges. 🚀🌐 The Korean crypto scene is turning heads, and we're here to break down the rhythm of this retail frenzy! 🎤💃
📉 On the flip side, a dip in the KPI hints at a bearish market sentiment, with potential ups and downs in the selling landscape. Are we in for a crypto rollercoaster? 🎢📉
📅 Let's rewind the clock: The 14-day moving average echoes Bitcoin's 2021 peak, adding a sprinkle of nostalgia to the present crypto saga. 🔄🚀
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💰 Bitcoin Miners Break Records: 400% YoY Surge in Transaction Revenue in 2023! 💎📈
In an extraordinary turn of events for the world of cryptocurrency, Bitcoin miners have set a blazing trail in 2023, clocking an astounding 400% year-over-year surge in transaction revenue! 🌐💸
📅 Record-Breaking Revenue: According to Jameson Lopp, Co-founder and CTO of Casa, Bitcoin miners generated revenue surpassing $10 billion in 2023, contributing to a staggering $57 billion amassed over the past 15 years.
💡 HODLing for the Future: Lopp hints at the possibility that miners might not be in a rush to convert Bitcoin to fiat currency. Many miners, he notes, embrace the strategy of "HODLing," holding onto their Bitcoin assets with an eye on potential long-term gains.
📊 Year-End Soars: The numbers speak volumes – in December alone, miners hit a record daily revenue of $64 million, marking an almost 400% increase from the year-to-date value. This surge underscores the flourishing profitability of Bitcoin mining.
💼 Quarterly Triumph: The final quarter of 2023 paints a lucrative picture for miners, with daily mining activity revenue consistently exceeding $33.85 million since December's commencement. Q4 2023 is proving to be a quarter of substantial profit for the Bitcoin mining community.
/channel/Bitcoin_Crypto_Signals
#ETH - while reaching a new yearly high and showing a sustained growth on daily, the coin is displaying modest performance compared to other altcoins. Сombination of factors:
- The SEC has postponed the consideration of applications for an Ethereum ETF from VanEck, ARK Invest, and Grayscale 🤷♂️;
- The hype surrounding smart contracts on Solana has decreased interest in ERC-20 and ecosystem projects on Ethereum;
- Institutional money is currently focused on #BTC.
📊 Despite these challenges, the technical outlook remains strong, with #ETH trading near a trend line of the past year and a half. Buyers continue to dominate the market, with breaking this trend being their top priority.
A sustained move above would confirm the positive scenario, opening up opportunity for long position with a TP around $2760.
/channel/Bitcoin_Crypto_Signals
🚀 Coinbase Hits Back: Denies Senator Warren's Allegations on Regulatory Manipulation! 🛡️👊
In a firm response, cryptocurrency giant Coinbase dismisses claims from Senator Elizabeth Warren suggesting regulatory interference. 💼🔍 Warren implied that Coinbase enlisted former government officials to obstruct digital asset regulations.
📄 Defensive Stand: Faryar Shirzad, Coinbase's Chief Policy Officer, swiftly countered in a letter dated December 22, vehemently rejecting Sen. Warren's accusations. Coinbase remains resolute in its commitment to responsibly and actively advocating for regulatory measures within the dynamic crypto industry.
💡 Holistic Approach: Shirzad clarified that Coinbase's recruitment of government personnel is part of a broader initiative. The overarching goal? Safeguarding the welfare of crypto users across the United States. 🇺🇸💰
🌐 National Security Emphasis: The letter proudly spotlighted Coinbase's team of national security experts, highlighting their daily dedication to securing Americans. 👥🛡️ "We take immense pride in our team of national security experts, who dedicate themselves daily to protecting Americans," the statement emphasized.
Coinbase's robust response underscores its commitment to transparency and responsible practices in navigating the intricate landscape of cryptocurrency regulations. 🚀🔐 Stay tuned for ongoing updates in this unfolding narrative! #CoinbaseVsWarren #RegulatoryIntegrity 📰💼
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🏦 ARK Invest Coinbase Share Sale Takes December Total Close to $200M
Cathie Wood’s investment firm, ARK Invest, extended its sales of Coinbase (COIN) stock on Wednesday, taking the December total to $196.8 million as the shares rallied almost 30% since end-November. The ARK Innovation exchange-traded fund (ARKK) sold 132,782 shares, and the ARK Next Generation Internet ETF (ARKW) jettisoned 16,998, a total worth $24 million at Wednesday’s closing price. COIN remains above that level in both ARKK and ARKW.
The firm often reduces its Coinbase holdings as the shares rise because it has a policy of keeping exposure to individual companies to a maximum of around 10% of its holdings. COIN remains above that level in both ARKK and ARKW. ARKW also dumped more stock of the Grayscale Bitcoin Trust (GBTC), reducing its holding by 398,383 while loading up another 158,334 shares of Block (SQ), which offers payments in crypto through its Cash App and earlier this month unveiled a new self-custody bitcoin wallet. GBTC’s discount to net asset value widened slightly, just 0.33 percentage points, Wednesday to 7.9%, it's still well below the 12.5% it touched earlier this month and holding near the narrowest since August 2021, according to Ycharts data.
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🪙 Avalanche users pay $13.8 million in fees for inscriptions over 5 days
Avalanche users paid $13.8 million in transaction fees over the last five days to mint and move tokens and NFTs created with inscriptions. Inscription-based tokens are created by writing text in normal blockchain transactions and using an off-chain numbering system to keep track of them. They were created as a workaround on the Bitcoin network owing to its lack of native support for tokens.
Avalanche, transaction fees spent on inscriptions have risen as high as $5.6 million per day in the last few days, according to a Dune Analytics dashboard created by Hildobby, a pseudonymous researcher at VC firm Dragonfly. The total amount of $13.8 million is roughly 70% of all fees spent on inscriptions across all blockchains tracked by the dashboard. Avalanche has experienced two significant periods of interest in inscriptions. The first, lasting about five days in late November, generated transaction fees totaling approximately $1.5 million. However, fees have been substantially higher in the more recent period. This seems to be largely due to a significant rise in non-inscription transactions during the latter period.
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🪙 Chainlink Data Feeds Available on Polygon zkEVM
Developers building on Polygon’s zkEVM will be able to incorporate these data feeds into their on-chain applications. Chainlink, a blockchain data-oracle project, has made their data feeds available to developers using Polygon’s layer 2 zero-knowledge rollup. Data feeds help connect smart contracts to “real-world data such as asset prices, reserve balances, NFT floor prices and L2 sequencer health.”
Developers building on Polygon’s zkEVM will be able to incorporate these data feeds into their on-chain applications, such as liquidity protocols and decentralized exchanges. Data feeds help connect smart contracts to “real-world data such as asset prices, reserve balances, NFT floor prices and L2 sequencer health.”Chainlink, a blockchain data-oracle project, has made their data feeds available to developers using Polygon’s layer 2 zero-knowledge rollup. “This functionality is set to unlock the deployment of several significant DeFi protocols on Polygon zkEVM early next year,” said Marc Borion, CEO of Polygon Labs, in a press release seen by CoinDesk.
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🇸🇬 3AC's Su Zhu to be released, faces Singapore court proceedings: Bloomberg
Su Zhu, co-founder of the now-defunct crypto hedge fund Three Arrows Capital (3AC), is set to be released this month following his arrest in September for not cooperating with liquidation efforts, Bloomberg reported, citing sources familiar with the matter. The hearing requires him to respond to lawyers for liquidator Teneo for the first time as it seeks to gather information on behalf of creditors owed $3.5 billion following 3AC’s collapse last year.
The proceedings are a civil matter, and Zhu hasn’t faced any criminal charges in Singapore. Zhu’s legal representatives, the court, and Teneo did not respond to requests for comment from The Block. Su Zhu’s account began posting on X again on Dec. 1 for the first time since Sept. 29, simply writing “gm.” Zhu was apprehended at Changi Airport in Singapore in September while trying to travel out of the country. He was also sentenced to four months in prison but is set to be released this month based on standard provisions for good behavior, the Bloomberg sources said. However, he has not yet been apprehended, and his whereabouts remain unknown.
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🇳🇬 47% of Nigerians Engaged in Crypto-Related Activities
According to an analysis carried out by Coin Journal, about 47% of Nigerians are actively engaged in crypto, which is now widely seen as an alternative to traditional financial systems. The analysis also showed that crypto ownership in the country grew by 15% between 2020 and 2023. As previously reported by Bitcoin.com News, the central bank moved to vigorously enforce its Feb. 6, 2021 decision, which sought to exclude crypto entities from the banking system.
Max Coupland, commenting on the findings of his firm’s study, said, “The data reflects a significant departure from considering digital assets solely as speculative investments, illustrating a broader transformation in how individuals approach and incorporate cryptocurrencies into their financial lives.” He added that the growth in the use of cryptocurrencies in not just Nigeria but across the world underlines their pivotal role in shaping the future of global finance. Nigerian currency, which accelerated in the second half of 2023, and rising inflation, have pushed residents into digital assets like bitcoin (BTC) and USDT.
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📣 LayerZero Confirms Airdrop Plans, Boosting Some Ecosystem Projects
LayerZero developers said Friday morning that they planned to issue a token sometime in the first half of 2024, confirming widespread rumors and causing an immediate uptick in the metrics of some projects built on that network. The network is an interoperability protocol that uses a novel technique to make it easier for different blockchain networks to connect. Its developer, LayerZero Labs, raised $120 million at a $3 billion valuation in April.
“LayerZero has always been built with the ability to have a native token within the protocol, as seen in the immutable code launched on day 1,” developers said in an X post. “We’ve heard the community discussion over the last few months and the lack of clear communication around this.’ “We’ll state now in no uncertain terms that there will be a LayerZero token. We’re committed to getting its distribution right and expect it to happen within the first half of 2024,” they added. On Thursday, Solana ecosystem project Jito dropped its JTO token starting at 4,941 tokens and increasing depending on how much they used its so-called liquid staking token (LST), jitoSOL.
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📣 IBM Introduces New Cold Storage Tech for Crypto Assets
IBM has released a cryptographic signing technology for handling digital assets in cold storage, reducing the risk associated with manual procedures while keeping assets at arm's-length from an internet connection. The tech giant - often called the Big Blue - said in a statement on Tuesday that its IBM Hyper Protect Offline Signing Orchestrator (OSO) helps protect high-value transactions by offering additional security layers, including disconnected network operations.
IBM has quietly been applying its gravitas in key management, specifically its confidential computing suite of technologies, to digital assets and cryptocurrencies. The limitations of cold storage come down to human interactions, which can take the form of inside jobs, forced attacks – when violence is threatened to have a transaction signed – or other operational errors involving administrators at data centers and simple “pen and paper” approaches, IBM said. IBM’s confidential computing division has been a reliable partner throughout the years, and we are pleased to complement Metaco’s catalog of institutional cold storage solutions with the unique air-gapped cold storage that OSO enables, especially as cold storage requirements.
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