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🟠 Binance touts 35% hike in compliance budget as firm girds for monitor, sentencing of ex-CEO Zhao
The world’s biggest cryptocurrency exchange says it’s increased year-over-year spending on compliance from $158 million to $213 million, purchasing a raft of new software systems to block and report suspicious transactions. The increased outlay also reflects personnel costs, including Binance’s decision to bring back executive Steve Christie as its deputy chief compliance officer.
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💰 Bitcoin's Mining Difficulty Skyrockets by 7.33%, Setting New Record for 2024
On Friday, Feb. 2, 2024, the Bitcoin network witnessed a significant milestone as its mining complexity metric surged by 7.33% at block height 828,576. This marked the most substantial increase in difficulty for the year thus far. The current level of difficulty stands at 75.50 trillion, reaffirming its status as the most challenging period for bitcoin mining to date.
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💰 Polygon Labs lays off 19% of team after 'rapid growth' during crypto's bull run
Polygon Labs is laying off 19% of staff, the organization's CEO Marc Boiron announced in a post to X on Thursday. Polygon Labs' decision to dismiss "60 teammates" follows several other companies announcing layoffs during last year's downturn. In 2023, high-profile crypto companies like Coinbase, Binance and OpenSea all announced layoffs. Roughly one year ago, Polygon Labs also cut 20% of staff.
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💰 Bitcoin heads for fifth consecutive monthly green candle amid rollercoaster market conditions
This month was a rollercoaster ride for the digital asset, with peaks touching $49,000 and troughs sinking to roughly $38,500. The volatility was stoked by the eagerly anticipated launch of the spot Bitcoin ETFs, which initially spurred a sell-off but eventually bolstered recovery. The period from September to December 2023 also recorded green monthly closes for Bitcoin, which saw Bitcoin shoot up from $25,000 to $45,000 in anticipation of the ETF.
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🪙 One Crucial Factor for Ethereum ETF Approval: Bitfinex’s Head of Derivatives
Bitfinex’s Jag Kooner highlights that while ETFs link traditional finance with crypto, this connection may not extend to other crypto assets lacking the established reputation of “digital gold” like Bitcoin. However, Jag Kooner, Bitfinex’s Head of Derivatives, suggests that the approval of a Bitcoin ETF could impact the SEC’s view on an Ethereum ETF, likely influenced by Ether’s classification as a security or commodity.
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🪙 Tether minted another $1b USDT on Tron
According to LookOnChain, Tether has minted $13 billion in new USDT tokens on Ethereum and Tron blockchains since October last year. The latest addition to Justin Sun’s Tron decentralized network is $1 billion in USDT. While the tokens have been minted, on-chain data showed that the USDT added to Tron on Jan. 29 has not been issued yet. This means that the massive mint was intended for future purposes, as confirmed by Tether CEO Paolo Ardoino.
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🪙 Roughly ‘60% chance’ of spot ETH ETF approval in May: Seyffart
Spot ether ETFs have roughly a 60% chance of being approved in May, according to Bloomberg Intelligence analyst James Seyffart. Earlier this week, the Securities and Exchange Commission delayed decisions on the potential BlackRock and Grayscale ether ETFs. Alongside BlackRock and Grayscale, Ark 21Shares and VanEck are also in the running for a spot ether ETF.
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💰 ⛏ 11 out of the 13 biggest publicly traded Bitcoin
mining companies will not be profitable after the upcoming halving❗️
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💰 BlackRock’s Bitcoin ETF crosses $2 billion in inflows, with Fidelity close behind
Grayscale GBTC, despite experiencing the lowest outflow since Day 1 at $394 million, continues to exhibit a consistent outflow trend, according to BitMEX research. This trend is in sharp contrast to BlackRock’s IBIT Bitcoin ETF, which saw inflows jump to $170 million, a marked increase from the Jan. 24 inflow of $66 million. This surge solidifies BlackRock’s position, pushing their total inflow over the $2 billion threshold, a first among ETF providers, according to BitMEX research.
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💰 Bitcoin hovers just under $40,000 as market tracks Grayscale outflows
Bitcoin price eclipsed $40,000 at different points on Wednesday but largely hovered just below that mark, as market watchers continued to observe the selling off of Grayscale's spot bitcoin ETF. The price of the world's largest cryptocurrency by market capitalization was $39,672 at 4:37 p.m. ET, according to The Block's Price Page. While it's up 1.3% over the past 24 hours, bitcoin's price has declined nearly 14% over the past two weeks.
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💰 Bitcoin ETFs see minor net outflows of $100 million as BlackRock acquires 4,080 more Bitcoin
Bitcoin ETFs in the U.S. saw inflows of around $409 million yesterday as BlackRock recorded a purchase of roughly $160 million Bitcoin by adding a further 4,080 coins to its balance. Data shared by Bloomberg analyst James Seyffart last night, Jan. 23, revealed $515 million in outflows for Grayscale with $249 million inflow from the other Newborn Nine ETFs. Given the now-released BlackRock data, this confirms that Jan. 23 was a net outflow day for Bitcoin ETFs of around $100 million.
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💰 Bitcoin price falls below $39,000 as indicators suggest risk of a deeper correction, according to Bitfinex 📉
The bitcoin price has fallen below the $39,000 mark, leading to an increased risk of a further price correction from the short-term holder cohort, Bitfinex analysts said. "The tendency of short-term holders to react more acutely to short-term market fluctuations means there is a possibility of a further substantial price correction, with critical support levels only at $38,000 and $36,000," they noted. This market shift could result in increased sell pressure from the short-term holder cohort, analysts added.
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🇬🇧 The FCA's stringent rules are hurting crypto firms in the UK, says Bittrex Global CEO
Last summer, UK Prime Minister Rishi Sunak said he was keen on providing regulatory clarity regarding how crypto firms should register and operate in the country — as part of his ambitions for the UK to become a global hub for web3. However, fast-forward several months and some firms have now suspended services or exited the UK market amid strict marketing rules from the country’s financial regulator, the Financial Conduct Authority.
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🪙 Metamask Launches Ethereum Validator Staking Services
Metamask, the Ethereum Virtual Machine (EVM) wallet, has announced the launch of its validator staking services for Ethereum. The feature will allow users who want to stake their ether to do it simply from the Metamask portfolio interface, without managing hardware equipment, while maintaining custody of the cryptocurrency staked.
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🟠 Binance Data Including Code, Internal Passwords Leaked on GitHub: Report
According to 404 Media, the material, posted by an account called "Termf," included code, infrastructure diagrams, internal passwords, and other technical information. Some code available on the site is reportedly related to Binance's implementation of security measures, including passwords and multi-factor authentication (MFA).
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🪙 JPMorgan says Tether's increasing dominance is negative for crypto
“Tether is mostly at risk given its lack of regulatory compliance and transparency,” JPMorgan analysts said. "Tether is mostly at risk given its lack of regulatory compliance and transparency," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report on Thursday. "We therefore view the increasing concentration in Tether over the past year as a negative for the stablecoin universe and the crypto ecosystem more broadly.
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🪙 Tether reports profit of $2.9 billion in Q4 attestation, with $5.4 billion in excess reserves
Stablecoin issuer Tether reached a record $2.9 billion net profit in Q4 2023 and set an all-time high increase in excess reserves backing its tokens in circulation, according to its latest attestation report conducted by global auditing firm BDO. Net operating profit was around $1 billion, primarily resulting from holdings of U.S. Treasuries, with the rest of the gains largely related to the appreciation in the value of Tether's bitcoin and gold reserves during the quarter.
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💰 Spot Bitcoin ETFs were among best ETF launches of all time: 21Shares president
Ophelia Snyder, co-founder and president of 21Shares, called spot Bitcoin ETFs a success during an interview with Bloomberg on Jan. 30. 21Shares is responsible for a joint spot Bitcoin ETF with Ark Invest, one of several approved by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. Snyder added that this trend is “really exciting” because it originates from a diversified base.
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🇪🇺 Binance Survey: 73% of European Users Optimistic About Crypto's Future
A new Binance survey has found that 73% of European respondents are optimistic about the future of crypto, with 55% exclusively using cryptocurrencies for everyday purchases. “We are delighted to see the high level of optimism amongst European crypto users, reflecting the growing interest in crypto and blockchain technologies,” said Binance’s CMO.
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🆘 South Korea’s crypto karaoke platform hacked for over $11.5 million
Somesing, a blockchain-based social karaoke platform in South Korea, suffered an exploit on Saturday and lost 730 million of its native token SSX, which amounts to $11.58 million, according to its announcement. The hacked amount included 504 million undistributed SSX tokens, which were planned for circulation by the end of 2025, and 226 million SSX that the Somesing foundation held and were already part of its current circulation, the notice said.
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💰 Ripple job listing sparks rumors of an XRP ETF
Ripple (XRP) appears to be laying the groundwork for a future XRP exchange-traded fund (ETF). This development surfaces as Ripple navigates through a high-profile legal tussle with the U.S. Securities and Exchange Commission (SEC), which many speculate could eventually lead to clearer regulations and the much-anticipated approval of other crypto ETFs besides the Bitcoin spot ETF.
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🚨 Trezor Issues Urgent Alert on New Phishing Scam
Trezor has confirmed a series of deceptive phishing emails targeting its users, coming just days after a security breach at their support portal. The company has issued an urgent security alert, advising users to be extra cautious.
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🇺🇸 U.S. files notice to sell $130 million worth of Bitcoin seized from Silk Road agent
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💰 Bitcoin recovers above $40k amidst GBTC outflows, other ETF inflows
Bitcoin prices recovered past the $40,100 mark on Jan. 24, 2024 amidst continued inflows and outflows involving various spot Bitcoin ETFs. Bitcoin (BTC) was up nearly 1% over the 24 hours ending at 11:55 p.m. UTC. on Wednesday, reporting a price of $40,143 and a market cap of $786 billion. During an earlier period that lasted about five hours, Bitcoin was worth less than $40,000, and it briefly fell as low as $39,563 at 9:00 pm.
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🍵tea announces Incentivized Testnet Date of February 21 🍵
tea is a decentralized technology protocol that rewards open-source developers for their software contributions and non developers to participate in the open-source economy.
The tea protocol was co-founded by Max Howell, the creator of Homebrew—the software package manager used by tens of millions of developers worldwide.
🚀 The long awaited Incentivized Testnet will kick off February 21st with weekly challenges for developers and non developers to participate in. The ITN is a critical step to ensure the stability of the tea protocol and the rewarding of OSS developers.
There is a limited time to sign up to participate in ITN so make sure you sign up today with the link below!
👉🏼 JOIN NOW: https://tea.xyz/?utm_source=direct&utm_medium=organic&utm_campaign=testnetdate_campaign&utm_kol_name=cryptobitcointradingnews
💰 ARK Invest continues Bitcoin futures ETF rotation with multimillion-dollar ARKB purchase
Cathie Wood’s ARK Invest has maintained its strategic investment approach by accumulating shares of its Ark 21Shares Spot Bitcoin ETF (ARKB) for inclusion in its Next Generation Internet ETF (ARKW), according to the company’s latest trade filing seen by CryptoSlate. In this recent transaction, ARK Invest acquired 523,541 ARKB shares at $21 million while divesting 648,091 units of ProShares Bitcoin Strategy ETF (BITO) for $12.85 million.
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💰 Bitcoin ETFs buy 95,000 BTC as assets under management hit $4 billion
The “Newborn Nine” Bitcoin ETFs have collectively amassed 95,000 BTC, with collective assets under management (AUM) nearing $4 billion, according to available data. According to Bloomberg ETF analyst Eric Balchunas, this remarkable inflow of capital highlights the growing investor appetite for digital assets and the increasing acceptance of cryptocurrencies in mainstream finance.
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@DeFi_ICO_Invest
💰 JPMorgan Warns of Incoming Bitcoin Selloff With Anticipated $3 Billion Grayscale Outflow
Global investment bank JPMorgan has warned of additional outflow from Grayscale’s bitcoin fund, cautioning that it will put “further pressure on bitcoin prices over the coming weeks.” The bank’s analyst also explained that the $3 billion inflow into new spot bitcoin exchange-traded funds (ETFs) “reflects a rotation from existing bitcoin vehicles” or “from retail investors shifting from digital wallets held with exchanges/retail brokers to cheaper spot bitcoin ETFs.”
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🥇 Ordinals Minting Surpasses 5,822.56 BTC Fee Revenue Milestone!
Translating to approximately US$242,391,805, this remarkable milestone underscores the burgeoning success and financial viability of the Ordinals minting process. The Ordinals inscription, a unique feature within the Bitcoin NFT protocol, has witnessed an unprecedented level of adoption, with a staggering total of 56,427,386 inscriptions cast to date. This surge in activity signals a growing interest in the protocol, highlighting its popularity among users seeking to engage with the NFT space.
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