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🪙 Tether CEO bashes JPMorgan’s ‘hypocrisy’ amid stablecoin dominance concerns
Tether CEO Paolo Ardoino slammed Wall Street giant JPMorgan’s “hypocrisy” to raise concerns about the stablecoin issuer’s dominant position in the cryptocurrency market while being the “biggest bank in the world.” In a Feb. 2 statement sent to CryptoSlate, Ardoino stated that Tether’s market dominance has proven crucial for the emerging industry despite the negative perceptions that its competitors and banks have about it.
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💰 Bitcoin mining difficulty to see largest increase in a year
Bitcoin’s difficulty adjustment is poised for another significant shift with an upcoming 7% adjustment, according to Newhedge. This marks the largest difficulty increase in almost a year since March 2023. The evolution of Bitcoin’s mining difficulty is a significant indicator of the network’s health and security. The previous difficulty adjustment registered a decrease of -3.9%, marking the most substantial downward adjustment since December 2022.
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💰 Bitcoin’s Hashrate Hits 7-Day Record High, Surging to 566 EH/s Amid Anticipation of Upcoming Difficulty Adjustment
Bitcoin’s computing power has soared to unprecedented levels, with the seven-day simple moving average (SMA) peaking at 566 exahash per second (EH/s) as of Jan. 30, 2024. Despite experiencing a slight decline in mid-January, the network’s hashrate is on an upward trajectory, in anticipation of the expected difficulty adjustment set for Feb. 2, 2024.
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🆘 Ripple co-founder Chris Larsen wallet was hacked for 213 million XRP (~$112.5 million).
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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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💰 Bitcoin Whales Boosted Coin Stash by $3B in January, Data Show
Crypto whales, or large investors, have accumulated $3 billion worth of bitcoin (BTC) this month, according to data tracked by onchain analytics firm IntoTheBlock. The amount of bitcoin held in wallets owning over 1,000 BTC has increased by roughly 76,000 BTC to nearly 7.8 million BTC. The leading cryptocurrency began the month positively, tapping highs above $48,900 on Jan. 11 with the debut of U.S.-based spot exchange-traded funds (ETFs).
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💰 Sleeping Bitcoin Wallets Awake: Over $14 Million in BTC Moved From Long-Inactive Addresses
Based on the latest onchain data, on Jan. 27, 2024, a wallet established on Aug. 28, 2013, transferred 115.50 bitcoin valued at $4.84 million, marking its first activity in more than a decade. Furthermore, two dormant accounts from 2017 also executed transactions on Saturday, moving a total of 218.49 bitcoin, equivalent to $9.16 million.
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💰 The Bitcoin halving is now less than 3 months away 💥
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💰 Bitcoin Reserves Held by Miners Witness Notable Decline Ahead of Halving: CryptoQuant
A significant shift is occurring in the Bitcoin mining landscape as the fourth halving event approaches, which is set to reduce the supply subsidy of BTC from 6.25 BTC for every block to 3.125 BTC per one. With approximately just 82 days left, Bitcoin miners appear to be selling their reserves, according to the latest analysis by CryptoQuant.
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🪙 Flipside sees rising EVM adoption in 2024 for cost-effective Ethereum alternatives
Flipsides say the ongoing demand for economical alternatives to Ethereum, will drive more layer-2 projects to prioritize reducing end-user costs this year. Ethereum is set to confront heightened competition in the blockchain space in 2024, driven by the persistent demand for cost-effective alternatives and the proliferation of Ethereum Virtual Machine (EVM)-compatible layer-2 networks, Flipside, a blockchain data platform, said in a recent research report.
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🪙 Galaxy predicts ‘unprecedented challenges’ for Ethereum in 2024
Mike Novogratz’s crypto bank Galaxy Digital says 2024 will be a crucial year for Ethereum, as other layer-1 blockchains will raise the stakes. Ethereum appears to be navigating uncharted waters, as the network is set to face “unprecedented challenges” in 2024 presented by alternative layer-1 networks such as Solana, Galaxy Digital writes in its “Watch This Space” report.
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💰 Bitfarms Expands Mining Operations With New 100 MW Facility in Paraguay, Aiming for 21 EH/s Capacity by Year End
On Wednesday, Bitfarms, a bitcoin mining enterprise listed on the U.S. stock market, revealed the successful acquisition of a new site in Yguazu, Paraguay, earmarked for a 100 megawatt (MW) mining facility. This development is part of Bitfarms’ ambitious plan to escalate its capacity to 21 exahash per second (EH/s) by year’s end.
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🏦 Coinbase urges US Treasury to reconsider bulk data reporting in proposed crypto mixing rules
Coinbase said the U.S. Treasury’s proposed rulemaking on cryptocurrency mixing fails to adequately address a regulatory gap while demanding unnecessary amounts of data and resources from crypto platforms. In a comment filed Monday to the Treasury Department's Financial Crimes Enforcement Network (FinCEN), Coinbase suggested that regulated crypto platforms are already obligated to recordkeeping and reporting rules on suspicious activities and illicit crypto mixing.
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🟠 Binance and SEC face off in court with detailed questioning from judge
Binance, the largest crypto exchange in the world, faced the Securities and Exchange Commission in court on Monday in an effort to have a lawsuit brought against it by the regulator dismissed. Both parties were met with questions from the judge about why certain cryptocurrencies should be considered securities and subject to the SEC's rules.
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💰 Bitcoin is attempting to close the CME gap between $40.3k -$39.6k.
Holding Long from $41k.. A rebound from approx $39,000 would be positive 📈, but closing below this level could signal a bearish trend. 📉
@CryptoMagazine
🏦 Coinbase analysts see downside pressures on bitcoin's price becoming 'exhausted'
Downside pressures on bitcoin and the broader cryptocurrency market are starting to become exhausted, which could lead to a more supportive trading environment, according to Coinbase analysts. Coinbase's Weekly Market report, released on Friday, described how certain technical factors that had been exerting downside pressure on bitcoin specifically and the broader crypto market are beginning to wane.
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💰 Whales and institutions lead the charge in Bitcoin’s exchange volume surge
Bitcoin's price movements often stir the market, but what happened when it briefly dipped below $40,000 and then climbed back to $42,000 was somewhat unprecedented. Most would anticipate a surge in retail trading; however, the reality of the situation, as revealed by Glassnode's data, was more nuanced.
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💰 Cboe Exchange Withdraws Its Global X Bitcoin ETF Application
Cboe BZX Exchange has decided to withdraw its application for a proposed rule change with the United States Securities and Exchange Commission (SEC), a move that could have paved the exchange’s way for listing shares of Global X’s spot Bitcoin Exchange-Traded Fund (ETF). The SEC, in a notice on January 30, officially announced the withdrawal of Cboe BZX’s application for trading shares of the Global X Bitcoin Trust.
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💰 Invesco and Galaxy Slash Fees in Competitive Spot Bitcoin ETF Market
Responding to the fierce competition in the spot bitcoin ETF market, Invesco and Galaxy Asset Management have lowered the long term fee of their joint BTCO fund, positioning it more competitively against sector heavyweights.
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💰 Peter Brandt Highlights Bitcoin Price Pattern Key to Keeping BTC's Bull Trend Healthy
Veteran trader Peter Brandt has highlighted a bitcoin price pattern that frequently appeared in past major bull runs. “It is the Hump …Slump …Pump… Dump [HSPD] that keeps a bull trend healthy,” he explained, emphasizing: “Study past major bull runs in bitcoin and you will discover they were replete with HSPDs.”
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🇭🇰 Hong Kong regulators sound alarm on unauthorized crypto staking programs
According to a recent announcement, the Hong Kong Securities and Futures Commission (SFC) has made it clear that both the “Floki Staking Program” and “TokenFi Staking Program” lack authorization for offering to the Hong Kong public. The regulator says both offerings involve cryptocurrency staking services that claim to deliver notably high annualized returns, ranging from 30% to over 100%.
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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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📊 Crypto saw 62 million acquired users across eight chains in 2023: Flipside report
Flipside notably observed growth in acquired users, defined as users that have carried out at least two transactions on a blockchain. One chart in the report indicates that eight major blockchains experienced 62 million acquired users. The company noted that Ethereum (ETH) and Polygon (MATIC) saw the most user acquisitions, each with about 15 million acquired users over the year.
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🥇BTC has moved to the 6.618 Fibonacci extension after a bull flag correction. We are currently in a small correction like in late 2017 and late 2020.
Will BTC move to its 6.618 Fib extension in this bull market? That would give us a target of 💵 ~$120K,” says Glassnode
@CryptoMagazine
💰 Bitcoin miner Core Scientific to resume trading on Nasdaq after reorganization
Texas-based bitcoin mining firm Core Scientific has announced its return to Nasdaq, resuming trading on Wednesday, as a result of reorganization efforts following its 2022 bankruptcy filing. The company said in a Tuesday statement that its restructuring plan allowed it to cut $400 million in debt by converting equipment lender and convertible note holder debt into equity.
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💰 Bitcoin Correction to $34K Predicted as Grayscale Dumping Continues
Bitcoin prices have dipped below the $40,000 level for the first time since early December as the crypto market correction deepens. BTC has dropped to its lowest price level for seven weeks, hitting $39,500 during Tuesday morning’s Asian trading session. The 3% daily decline has increased the size of the BTC pullback to 18.5% from its Jan. 10 high of $48,500. Moreover, analysts have predicted that the correction could continue and be as deep as 30%, which would drop Bitcoin prices back to $34,000.
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💰 Grayscale NAV flips BlackRock as IBIT records first discount to Bitcoin since launch
Conversely, after a prolonged period at a heavy discount, Grayscale’s (GBTC) NAV is now slightly tighter at just -0.27%, according to Y Charts data. GBTC saw a staggering 48% discount to NAV on Dec. 22. However, as anticipation of its conversion to a spot, Bitcoin ETF rose, the discount closed, reaching just -1.55% on the day it was converted. The discount has continued to close and has surpassed even some of the ‘Newborn Nine’ Bitcoin ETFs, such as IBIT.
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🚨 BREAKING: Reuter Reports Terraform Labs, Creator of TerraUSD Stablecoin, Files Chapter 11 Bankruptcy in the United States.
Terraform Labs, the company behind the stablecoin TerraUSD, which collapsed and roiled cryptocurrency markets, filed for Chapter 11 bankruptcy in the United States, according to court papers filed on Sunday.
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