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The International Criminal Police Organization, known as Interpol, has issued a report that examines the metaverse from a law enforcement perspective. The report considers illegality in the metaverse, including metacrime, metaverse forensics, governance, and the opportunities it presents for using it in favor of law enforcement agencies. Interpol Examines Law Enforcement in the Metaverse Interpol, the international police organization, is beginning to consider the possibilities of crimes in the metaverse and how to fight them. Last week, the police institution issued a report called “Metaverse: A Law Enforcement Perspective,” which specifies the different crimes that can be committed in the metaverse and the opportunities it presents for improving the response of law enforcement agencies. Jurgen Stock, Secretary General of Interpol, recognizes that the rise of virtual worlds represents an opening for organizations to expand their crimes to the metaverse. He stated: The rise of powerful technologies such as the Metaverse is making the criminal landscape increasingly complex and transnational, posing new challenges for law enforcement. One of these challenges is the lack of unique governance in the metaverse, given that these digital worlds are hosted across many countries. In this sense, the report states that “ensuring the application of the Universal Declaration of Human Rights and other existing international laws in the Metaverse would be fundamental.” So, Interpol advocates for a holistic approach that involves various stakeholders of the metaverse and cross-border cooperation, deeming it ‘essential’ for orchestrating an effective response to crimes committed within the metaverse. The report also recognizes that the metaverse can be used to improve the capabilities of police agencies. For example, digital worlds could be used for training purposes for catastrophe response or to practice vigilance tasks on specific landmarks or areas reproduced on the metaverse. Also, meetings can be held on the metaverse to improve interoperability between police agencies. In addition, reproducing crime scenes in virtual environments could make examining cases across agencies possible. In October 2022, Interpol launched the first police-focused metaverse to act as a central hub and help police members from several organizations familiarize themselves with these new worlds and the crimes that can be committed in them. What do you think about Interpol’s metaverse report? Tell us in the comments section below. View the full article

The U.S. Federal Reserve is lagging behind its peers like the Bank of China in terms of the resources and manpower dedicated to developing a central bank digital currency. According to a blog post, the belief that the dollar does not need to innovate is a miscalculation. An expert argued that it does not make sense to compare the U.S. Federal Reserve to central banks in centralized countries. The Opposition to a CBDC According to a new blog post by the Atlantic Council, a non-partisan American think tank, the U.S. Federal Reserve lags behind many of its peers when it comes to developing a central bank digital currency (CBDC). To support this assertion, the post highlights the amount of resources, including personnel, that the Federal Reserve has dedicated towards CBDC development and innovation. For context, the authors of the blog post, Josh Lipsky and Ananya Kumar, point to the Bank of China’s more than 300 people working specifically on the country’s CBDC. In contrast, the Federal Reserve has a team of twenty individuals who are thought to be working on a digital alternative to the dollar. Furthermore, the Federal Reserve’s Fednow, its long-awaited interbank settlement system, has taken longer to get off the ground than comparable systems in Europe. In addition, the take-up of Fednow has been limited in the early days, the authors added. While many factors are thought to be behind the Federal Reserve’s lagging, a general belief that the dollar does not need to innovate explains why officials and politicians are against the CBDC. “Typically their [Fed officicals] answers include not seeing a strong use case at present and wariness about unknown consequences of changing the current system,” the authors wrote. “It makes sense to not want to disrupt the currency that underpins the global economy. But the apparent belief of some inside the Fed and on Capitol Hill is that the dollar does not need to innovate. That is a miscalculation.” The CBDC and U.S. Elections Besides Fed officials and Capitol Hill politicians, former U.S. President and aspiring presidential election candidate Donald Trump has also expressed his opposition to a CBDC. As recently reported by Bitcoin.com News, Trump has vowed to block its creation if he is reelected. However, despite the strong opposition to the CBDC, the Atlantic Council blog post asserts that payment innovation does not have to wait until after the November election because “a year is an eternity in technology.” Meanwhile, Franklin Knoll, the expert/Lead at the Federal Reserve Bank of Kansas City, has questioned the Atlantic Council blog post’s idea of comparing the U.S. Federal Reserve with central banks in centralized countries like Japan or the U.K. “Central banks in these countries have more independence and agility, allowing them to move faster than public sentiment or even their government’s views on monetary matters. Remember, the Fed is a largely decentralized collection of public/private banks spread across a continent,” Noll asserted. Regarding U.S. politicians’ perceived opposition to the CBDC, Noll suggested that the blog post ignores the impact of U.S. community banks’ resistance to the digital currency. Do you believe that the U.S. does not need a CBDC? Let us know what you think in the comments section below. View the full article

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentine President Javier Milei reiterates dollarization is near, Bitfarms announces a new site in Paraguay, and El Salvador approves a soy-backed token issuance. Argentina’s Milei Talks Dollarization Again Javier Milei, president of Argentina, has referred to the possible dollarization of the Argentine economy again. In an interview with CNN anchor Patricia Janiot, Milei stated that the dollarization process was still part of the goals of his administration, but that he had to start healing the economy due to the state in which he received the country. Milei explained: We bought 5 billion dollars and in Argentina, the monetary base is 7.5 billion dollars. We are very close to being able to dollarize. Milei advertised the shutdown of the central bank and the elimination of the national fiat currency as a key part of his government during his presidential campaign. Recently, he has been pushing for reforms to diminish the size and influence of the state in several affairs, having issued an emergency executive order (currently under the scrutiny of national courts) and sending an omnibus law to Congress to this end. Bitfarms Announces Expansion in Paraguay Bitfarms, a Nasdaq-listed cryptocurrency mining company, announced the expansion of its operations in Paraguay. The company reported having secured land near the Itaipú Dam, one of the largest hydroelectric energy reservoirs in South America and the world. The land will be hosting a 100MW new mining site to be completed later this year. Geoff Morphy, president and CEO of Bitfarms, stated: Positioned to benefit from the region’s abundant renewable energy resources, this new facility should be sustainable both economically and environmentally. Furthermore, Morphy added that with this new facility, 85% of the portfolio of the company’s operations will be powered by “low-cost green energy that promotes environmentally sustainable bitcoin mining.” El Salvador Authorizes Soy-Backed Token Issuance The National Digital Assets Commission of El Salvador authorized the issuance of ESOY, a token backed by soybeans, being the country’s first private tokenized asset issuance. 7.6 million tokens that will be available for 60 months were issued, with each ESOY token being backed by a bushel of soy grains, according to the site of E-grains, the company behind this issuance. The commission stated that this “opens the doors to private issuances after the historic milestone of the Volcano Bond, the first issuance approved on December 11, 2023.” $100 million of these instruments were issued on January 18. To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below. What do you think about this week’s Latam Insights report? Tell us in the comment section below. View the full article

Congressman Rand Paul reintroduced the Federal Reserve Transparency Act, also known as the “Audit the Fed” Bill, as a standalone piece of regulation into the U.S. Senate. The bill seeks to take the lid off what Paul considers to be the “entirely unknown inner workings” of the U.S. Federal Reserve and its operations. Senator Rand Paul Announces Reintroduction of Federal Reserve Transparency Act U.S. Senator Rand Paul from Kentucky announced he was reintroducing the Federal Reserve Transparency Act, also known as the “Audit the Fed” bill, into the U.S. Senate. The regulation aims to bring transparency and oversight to the inner workings of the U.S. Federal Reserve, which Paul criticizes as obscure and almost entirely unknown. In its current form, the bill would repeal the current statutory protections preventing the organization of a full audit of the Board of the Fed and its banks, ordering the U.S. Government Accountability Office (GAO) to scrutinize the Fed’s actions, transactions, and decisions and report to Congress about the findings. Paul states that the actions of the Federal Reserve have affected countless lives, as the institution rallied to print billions of dollars during the COVID pandemic, providing money to industry favorites under the guise of “stimulus” packages. Paul explains that the current inflationary problems, which he attributes to the Fed’s actions, have affected the capabilities of Americans to buy food, turning “basic needs into unattainable luxuries.” He stressed: The Fed’s persistent cycle of money printing and lending without any form of meaningful oversight may be the cause of many of our economic hardships, such as the struggle of many Americans to afford food. The act, reintroduced on January 11, has the support of Senators Todd Young, Mike Lee, Ted Cruz, Mike Braun, Chuck Grassley, Roger Marshall, John Barrasso, and Marsha Blackburn and is co-sponsored by Senator Jim Risch. Paul’s bill is the last attempt in a long line of efforts to try to bring transparency and accountability to the Federal Reserve, with his father, Ron Paul, also being one of the biggest supporters of this kind of action. What do you think about the Federal Reserve Accountability Act? Tell us in the comments section below. View the full article

A U.S. blockchain and lending startup is seeking the U.S. Securities and Exchange Commission’s permission to issue an interest-bearing stablecoin. The startup said the digital token will be used as an alternative to existing stablecoins such as tether and USDC. Figure Technologies’ Draft Registration Statement A new blockchain and lending startup, Figure Technologies Inc., has reportedly approached the U.S. Securities and Exchange Commission (SEC) to launch an interest-bearing stablecoin. If approved, the stablecoins, which will be registered as “face-amount certificates,” will be available to both retail and institutional investors in the U.S. According to a Bloomberg report, Figure Technologies aims to offer the first stablecoin that will be regulated as a security in the United States. The company’s draft registration statement, filed under the name of subsidiary Figure Certificate Co., said the stablecoin will be issued using blockchain technology. In the meantime, Figure Markets, the digital asset arm of Figure Technologies, is reportedly planning to raise $50 million at a valuation of $250 million. The funds are expected to be raised in collaboration with Jump Crypto and will be used to support Figure Markets’ operations. Touting the proposed stablecoin, Figure Technologies, which is led by Mike Cagney, the CEO, said its digital token will be used as an alternative to existing stablecoins such as USDT and USDC. The startup added: Interested in an instrument that provides yield backed by highly liquid, investment-grade assets that can be held in a digital format, liquidated on short notice and used in peer-to-peer transactions. In addition to issuing stablecoins, Figure Technologies has also filed to register an offering that targets investors who are interested in earning yields with assets held in digital format, the Bloomberg report said. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Recently approved spot bitcoin exchange-traded funds (ETFs) are likely to divert investor interest and trading volume away from centralized exchanges (CEXs), according to Anthony Bevan, CEO of the wealth management firm Blockguard. Bevan, a full-time trader and investor, added that spot bitcoin ETFs are likely to attract investors who are keen on “more regulated and mainstream investment avenues.” Decentralized ETFs CEXs may have to enhance or upscale their service to match users’ high standards if they are to compete with spot bitcoin ETFs. Commenting on the wealth management system known as decentralized ETFs, the Blockguard CEO claimed that it excels at providing users or investors with “curated portfolios of thoroughly researched and back-tested coins.” Besides helping investors diversify their investments, decentralized ETFs can make the investment process “more efficient and accessible,” Bevan claimed. In his written answers sent to Bitcoin.com News, the CEO asserts that this wealth management system works because it leverages the blockchain’s key attributes such as decentralization and transparency. Meanwhile, when asked about the growing incidents in which decentralized finance (defi) platforms are hacked or users lose funds to scammers, Bevan acknowledged that the problem may be getting out of hand. However, the CEO insisted that the mainstream media is only giving excessive coverage to such incidents because it aligns with their goal of steering users away from decentralized finance. Bevan also lists several measures or steps that users can take to minimize the chances of becoming hacking or scam victims. Below are Bevan’s answers to the answers sent. Bitcoin.com News (BCN): What are blockchain-powered risk management tools and how do they work to help users minimize the risk of major losses? Anthony Bevan (AB): Blockchain’s potential for portfolio and risk management is limitless, and this is a cornerstone at Blockguard. Traditional finance users are accustomed to one-stop portfolio management, a gap which needs to be filled within the blockchain sector, offering unparalleled transparency and flexibility. Elevating this, Portfolio Pro categorizes on-chain assets, mitigating risk, providing AI-driven suggestions, and aiding in long-term financial planning. BCN: Recently, as many as 11 spot bitcoin exchange-traded funds (ETF) were approved by the US Securities and Exchange Commission (SEC). In your view, how are these ETFs going to affect centralized exchanges? AB: The approval of spot bitcoin ETFs (Exchange-Traded Funds) can impact centralized exchanges by potentially diverting some investor interest and trading volume to the ETF market. It might provide a more regulated and mainstream investment avenue for those who prefer traditional financial instruments. Centralized exchanges may need to adapt to changing market dynamics and increased competition from ETFs by enhancing their services, exploring new investment products and generally being more customer-focused BCN: What are decentralized ETFs and how do they work? Do you believe that they could play a vital role in wealth management? AB: This portfolio management system streamlines investment by providing curated portfolios of thoroughly researched and back-tested coins. With a simple click, users can diversify their investments based on comprehensive data, making the investment process more efficient and accessible. The platform also incorporates a convenient rebalancing mechanism, allowing users to maintain their portfolio allocations effortlessly. This portfolio management system excels on a blockchain by leveraging the decentralized and transparent nature of the technology. Utilizing blockchain ensures that investment data is secure, tamper-resistant, and easily accessible. Smart contracts can automate portfolio rebalancing, providing users with a trustless and efficient way to manage their assets. Additionally, the transparent nature of blockchain enhances the credibility of the thoroughly researched and back-tested coin data, fostering a greater level of trust among users in the decentralized financial ecosystem. BCN: Your organization reportedly has a virtual financial advisor that claims to offer users sophisticated financial planning. Can you tell our readers how it works and whether it can help them achieve specific financial goals? AB: Blockguards Portfolio Pro aims to disrupt the financial planning industry. Utilizing blockchain technology, Portfolio Pro will read each asset a user owns and automatically categorize it. With a CFP on staff, we have created our 4 Financial Blocks that an asset can fall into Liquidity, Cash Flow, Growth, and Risk Mitigation. The user can also manually add off-chain assets if desired while we utilize AI to spot weaknesses or areas of opportunity within the portfolio. The goal planning feature will put the control in the individual’s hands-on achieving their goals. BCN: What are gold-backed tokens and what’s their appeal to investors? Also, since gold ETFs are already popular in tradfi, why would anyone want to own gold-backed tokens when they can easily access and own gold ETFs? AB: Our gold back token is a token that’s pegged to the value of 1 gram of gold, there are other larger gold pegged products out there like Paxos and Tether gold, however, we want to allow smaller investors the chance to not just buy the tokenized gold but build up to an amount where they can then have ownership of a solid gold bar (100g) When an investor buys tokens, they can build them tokens up to 100, once they hit that target, they have the option to convert their tokens into non-fungible tokens (NFT), this NFT will be direct ownership and have a serial number of 1 gold bar in secure storage. We believe that this concept alone helps a wider market store their funds in 1 of, if not the most well-performing asset over the last centuries. Gold is a great store of value and the ‘normal’ person doesn’t usually have a chance to grow their gold investment due to lack of accessibility, we believe we have solved this problem. BCN: Today, the governance of Web3 projects is largely done through the project’s native tokens. Do you believe as some say that non-fungible tokens (NFTs) could also be used, or replace tokens, for governance? If yes, what are the pros and cons? AB: Yes, we ourselves started with a fixed-term staking platform, where users are paid out in stablecoins. The way it works is similar to a traditional hedge fund, the team invests lots of research and due diligence and feeds the returns back to the users. This platform is a DAO model and each member of the DAO must hold at least 1 NFT, 1 NFT = 1 vote. This could be taken 1 step further with governance for a blockchain, an NFT is after all just a different type of token. Using NFTs for governance can offer increased transparency, immutability, and security in decision-making processes. NFTs also enable clear ownership and traceability of voting rights, reducing the risk of fraud. I also believe that NFTs have the ability to draw more users to want to engage in governance. Cons in my opinion are at a low, however, for there to be a high level of decentralization then the NFT collection would need to be very large as a small collection could make the blockchain extremely centralized with wealthy investors taking up all of the control BCN: According to a report, users lost roughly $2 billion to hacks, scams, and exploits in 2023. The menace of scams, rug pulls, pump-and-dump coins, etc is unlikely to disappear soon. Can you talk about how users can mitigate such risks? AB: The money lost to malicious people within the space is no doubt a problem, however, I always like to point out to people that the reason the money lost in defi is public knowledge is because of the fear the media wants to put into people, steering them away from decentralized finance. To put that number into perspective, fraud alone costs people just in the UK around $8 billion and businesses up over $150b. Now these numbers are based on real-world issues, however, these issues are not pushed to the media as much as the issues within defi. Saying that, we do obviously need to be aware and mitigate loss as much as possible, I will list below what I believe can help in this matter. Use reputable platforms: Stick to well-known and regulated cryptocurrency exchanges, try not to leave assets idle on any centralized exchange, I only ever leave trading funds in an exchange, all other assets are in an offline wallet/Multisig safe Secure your accounts: Enable two-factor authentication (2FA) and use strong, unique passwords. Cold storage: Consider storing a significant portion of your crypto offline in hardware wallets for added security. Multisig safe: a wallet that needs multiple signatures to execute a transaction, this adds an extra layer of security for your funds. Research projects: Thoroughly investigate before investing in a cryptocurrency project to avoid potential scams. Stay informed: Stay updated on security best practices and common scams within the crypto space. Beware of phishing: Be cautious of phishing attempts through fake websites, emails, or messages attempting to steal your credentials. Diversify wisely: Diversify your crypto investments to mitigate risks associated with specific projects or assets. Regularly update software: Keep your wallet software, devices, and antivirus programs up-to-date to address potential vulnerabilities. Educate yourself: Understand the basics of blockchain technology, smart contracts, and common crypto scams to make informed decisions. Trust your instincts: If something seems too good to be true or feels suspicious, exercise caution and verify information before proceeding. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

“Genesis Cat,” a 1-of-1 digital artwork in the Quantum Cats collection on the Bitcoin blockchain, has achieved a remarkable sale price of $254,000 along with several other notable sales at a recent Sotheby’s auction. ‘Genesis Cat’ Fetches Over Quarter Million Dollars in Sotheby’s Sale “Genesis Cat,” a unique piece of digital art created on the Bitcoin blockchain through the Ordinals protocol, sold for $254,000 at a recent Sotheby’s auction. Created by the artist and engineer Francisco “FAR” Alarcon, Genesis Cat is a special 1-of-1 piece in the Quantum Cats collection, produced by the Taproot Wizards group. Initially estimated to sell for between $15,000 and $20,000, the artwork significantly exceeded expectations. Sotheby’s Metaverse account on X said of the sale, “With over 50 Bids, ‘Genesis Cat’ by @0xfar for Taproot Wizards’ has achieved an impressive $254,000 (6.31 BTC), 12X over the high estimate.” The Quantum Cats collection, comprising 3,333 distinct digital cats, is the first public collection from Taproot Wizards. The quarter million sale of Genesis Cat, as the centerpiece of the Quantum Cats collection, represents a welcome result and confidence booster for Taproot Wizards, especially for their first major project following their successful fundraising of $7.5 million last year. The recent Sotheby’s auction, titled “Natively Digital: An Ordinals Curated Sale,” featured 18 other digital art pieces in addition to “Genesis Cat.” Highlights of the auction included Lot 17 “Black Rare Sat (20,159,999,999,999)” which fetched $165,100, Des Lucréce’s Lot 11 “Benediction from Between Worlds” sold for $95,250, and Asprey Studio’s “Asprey Bugatti Crown Egg Number 10” achieved $82,550. Sotheby’s Head of Digital Art and NFTs Michael Bouhanna revealed in a post on X that all lots were sold, with 641 bids made, culminating in a total sale of $1,097,000. #AuctionUpdate: A contemplative piece that showcases @DesLucrece’s identity and signature style, ‘Benediction from Between Worlds’ achieved $95,250 (2.36 BTC), smashing the high estimate by 6X. pic.twitter.com/6nL0lL4fjg — Sotheby’s Metaverse (@Sothebysverse) January 22, 2024 The sale of “Genesis Cat” and other pieces in this auction highlights the increasing popularity of NFT-like creations on the Bitcoin blockchain. This movement has brought both excitement and scrutiny from within the crypto community, as it represents a shift in the use of the Bitcoin blockchain’s bandwidth, traditionally reserved for monetary transactions. Are you a fan of the art style of the Quantum Cats, and Genesis Cat in particular? Share your thoughts and opinions about this subject in the comments section below. View the full article

Daniel Batten, co-founder of CH4 Capital, reported that bitcoin mining has reached all-time high levels of sustainable energy usage and emissions mitigation. According to Batten, 54.5% of the energy used for this activity is sustainable, and the industry is mitigating 7.3% of all its emissions directly, which constitutes a new record for any industry without offsets. CH4 Capital Co-Founder Daniel Batten: Bitcoin Mining Is Getting Greener Bitcoin mining is getting greener, according to a recent article issued by Daniel Batten, co-founder of CH4 Capital, a methane mitigation solutions provider. He estimates that, according to his calculations, the Bitcoin mining grid is now using 54.5% sustainable energy, being the only global industry that is majorly powered by this kind of energy. In his Bitcoin ESG Forecast #003, Batten disputes the idea that Bitcoin mining is a fossil fuel-powered industry. He acknowledges that until Q3 2022, it was. However, after the Chinese mining ban was enacted, miners moved their operations to greener on-grid sites or sustainable off-grid locations. Criticizing Cambridge’s model on bitcoin emissions as outdated, Batten stated: There are no longer any independent models or studies using contemporary data that support the thesis Bitcoin is mainly powered by fossil fuels. In addition, Batten’s research revealed that more Bitcoin miners were using methane emissions than previously accounting for, with undisclosed companies using vented gas to power their mining operations. The process, that uses methane to provide electricity for these operations, still leaves a carbon dioxide byproduct; nonetheless, Batten explained that methane is 84x more warming than CO2 over 20 years, and using it is better than letting it vent straight into the atmosphere. 22 mining companies are mitigating methane emissions, providing a direct offset of 7.3% of network emissions without relying on carbon instruments. While Bitcoin still produces more emissions than what the network mitigates, Batten stressed that it “can become the fastest industry to go greenhouse negative without offsets.” What do you think about Daniel Batten’s revelations about Bitcoin’s environmental impact? Tell us in the comments section below. View the full article

UBS, a financial services company, predicts that 2024 will be fruitful for gold, forecasting a price increase of 10% over current market prices. According to UBS analysts, this price increase will be powered by a pivot in the current policy of the U.S. Federal Reserve, which is projected to start cutting interest rates as soon as May. UBS Predicts Gold Price Rise, Rate Cuts UBS, a Swiss financial services company present in over 50 countries, has predicted a bullish year for gold. In a note released on Friday, USB analysts predicted that gold prices could rise to 10% over current market prices despite the price reduction that the precious metal faced in December. The institution expects that gold might be able to reach $2250 per ounce this year, given that there are still different factors that could push the demand for gold. One is the possibility of a U.S. Federal Reserve interest rate cut, that would awaken new interest in gold markets. In this sense, UBS states that the “power of the Federal Reserve’s policy pivot should not be underestimated.” While there is still not a clear answer on the issue of when will the Federal Reserve start cutting interest rates, UBS expects a 100 basis points rate cut as soon as May. This would start “putting pressure on the U.S. dollar and real interest rates, which should spark fresh demand, particularly from exchange-traded gold funds.” In December, the World Gold Council (WGC) anticipated a flat performance for gold in case of a “soft landing” scenario, which U.S. Treasury Secretary Janet Yellen has already declared as reached. UBS concluded that “ongoing macro and elevated geopolitical risks continue to justify holding exposure to gold for hedging and diversification purposes,” given that the asset is traditionally considered a crisis hedge due to its lack of credit risk and negative correlation to risk assets, according to WGC’s analyst Johan Palmberg. What do you think about UBS’s prediction about gold prices in 2024? Tell us in the comments section below. View the full article

The number of global crypto owners surged 34% in 2023, reaching 580 million by December, a new report shows. In particular, bitcoin ownership surged 33% while Ethereum saw an even steeper rise of 39%. The report pinpoints the approval of spot bitcoin exchange-traded funds (ETFs) and the Bitcoin Ordinals protocol as key drivers of bitcoin adoption growth, alongside strong institutional interest. Number of Global Cryptocurrency Owners Jumped 34% in 2023 Crypto trading platform Crypto.com published its annual Crypto Market Sizing Report on Monday. The firm explained that the number of crypto owners globally has notably risen despite several macro headwinds, including monetary tightening by Western central banks to curb inflation, ongoing conflicts in Europe and the Middle East, and the pandemic’s lingering impacts. Crypto.com detailed: Global cryptocurrency owners increased by 34% in 2023, rising from 432 million in January to 580 million in December. Specifically, “Bitcoin (BTC) owners grew by 33%, from 222 million in January to 296 million in December, accounting for 51% of global owners” and “Ethereum (ETH) owners grew by 39%, from 89 million in January to 124 million in December, accounting for 21% of global owners,” the report states. “The main catalyst behind BTC’s adoption growth was the development in bitcoin exchange-traded funds (ETFs) and the introduction of the Bitcoin Ordinals protocol, which enabled non-fungible tokens (NFTs) and fungible tokens to be minted on the Bitcoin network,” the report explains. Crypto.com further pointed out: Strong interest from institutional investors also contributed to the increase in BTC’s adoption. Regarding Ethereum, the report notes that “ETH’s adoption growth was mainly driven by liquid staking after Ethereum’s Shanghai Upgrade, which allowed the withdrawals of staked ETH after the transition to the Proof of Stake (PoS) blockchain.” The U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs on Jan. 10, including one from Grayscale, which converted its bitcoin trust (GBTC) into an ETF. Since launch, Grayscale has seen major outflows while several other spot bitcoin ETFs, particularly Blackrock’s Ishares Bitcoin Trust, have seen significant inflows. What do you think about the number of crypto owners globally? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has admitted that a SIM swap attack compromised its X account, where a fake announcement about the approval of spot bitcoin exchange-traded funds (ETFs) was posted. “The unauthorized party obtained control of the SEC cell phone number associated with the account in an apparent ‘SIM swap’ attack,” the regulator said. SEC Says It’s a Victim of a SIM Swap Attack The U.S. Securities and Exchange Commission (SEC) provided an update on Monday regarding the unauthorized access of its @SECGov account on social media platform X. The attack occurred on Jan. 9 and the SEC’s X account was used to post an unauthorized message claiming the agency had approved spot bitcoin exchange-traded funds (ETFs). Notably, the agency had not approved spot bitcoin ETFs at that time. The securities regulator detailed: Two days after the incident, in consultation with the SEC’s telecom carrier, the SEC determined that the unauthorized party obtained control of the SEC cell phone number associated with the account in an apparent ‘SIM swap’ attack. “Once in control of the phone number, the unauthorized party reset the password for the @SECGov account,” the SEC described. The regulator stressed: “Access to the phone number occurred via the telecom carrier, not via SEC systems. SEC staff have not identified any evidence that the unauthorized party gained access to SEC systems, data, devices, or other social media accounts.” The SEC further shared: “While multi-factor authentication (MFA) had previously been enabled on the @SECGov X account, it was disabled by X Support, at the [SEC] staff’s request, in July 2023 due to issues accessing the account.” The regulator added: Once access was reestablished, MFA remained disabled until staff reenabled it after the account was compromised on January 9. MFA currently is enabled for all SEC social media accounts that offer it. The securities watchdog emphasized that the SEC staff continue to coordinate with several law enforcement and federal oversight entities, including the Federal Bureau of Investigation (FBI), the Department of Homeland Security (DHS), the Commodity Futures Trading Commission (CFTC), the Department of Justice (DOJ), and the SEC’s own Division of Enforcement. “Among other things, law enforcement is currently investigating how the unauthorized party got the carrier to change the SIM for the account and how the party knew which phone number was associated with the account,” the SEC detailed. A significant number of SIM swap attacks are targeting crypto investors. Besides the SEC, other notable victims of SIM swap attacks include Ethereum co-founder Vitalik Buterin. Our guide explains how to avert a SIM swap attack. What do you think about how the SEC got SIM swapped? Let us know in the comments section below. View the full article

Gold bug and economist Peter Schiff has warned of deeper losses for spot bitcoin exchange-traded funds (ETFs), emphasizing that they are “now in bear markets.” Referencing the Proshares Bitcoin Strategy ETF which is down more than 50% in over two years, Schiff predicted that those who bought the newly approved spot bitcoin ETFs “will experience even worse results.” Peter Schiff’s Spot Bitcoin ETF Outlook Gold bug and crypto skeptic Peter Schiff expects deeper losses for the newly launched spot bitcoin exchange-traded funds (ETFs). He shared his outlook in several posts on social media platform X this week. The price of bitcoin rose above $47K in anticipation of the spot bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). However, BTC embarked on a downward trajectory following the approval, dropping below $40K on Monday and $39K on Tuesday. Schiff described on Monday: All the spot bitcoin ETFs are now in bear markets, defined as a drop of 20% or more from the peak. He added, “The biggest loser is FBTC [Fidelity Wise Origin Bitcoin Fund], down 32%.” In a follow-up post, he wrote: “The Proshares Bitcoin Strategy ETF, which tracks bitcoin futures, launched in Oct. 2021. BITO began trading at $40.88. So far today’s low was $19, down more than 50% in over two years. I think those who bought any of the 11 spot bitcoin ETFs will experience even worse results.” At the time of writing, BITO is trading at $19.04, down nearly 52% since inception. After the price of bitcoin dropped below $39K on Tuesday, Schiff detailed on X: “The new bitcoin ETFs aren’t creating additional demand, but merely shifting demand. Investors who might have bought actual bitcoin, bitcoin-related equities like MSTR [Microstrategy stock], or GBTC [Grayscale’s bitcoin trust] are simply buying the new ETFs instead. Rearranging the deck chairs won’t stop the ship from sinking.” Schiff added: “One of the biggest losers from the new bitcoin ETFs is COIN [Coinbase stock]. Even though Coinbase custodies bitcoin held in these ETFs, speculators who once traded bitcoin through Coinbase are now trading the ETFs instead. Also, many who bought COIN as a bitcoin proxy are now buying the ETFs.” On Monday, JPMorgan also downgraded Coinbase stock from Neutral to Underweight, with a price target of $80. At the time of writing, COIN is trading at $124.19. Earlier this month, the economist warned that spot bitcoin ETFs will bring speculator selloff and minimal institutional demand. He also expects the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to introduce onerous crypto regulations that would sink the price of bitcoin. What do you think about Peter Schiff’s spot bitcoin ETF warning? Let us know in the comments section below. View the full article

Jim Cramer, the host of CNBC’s Mad Money show, has doubled down on his bearish bitcoin price outlook, predicting that the cryptocurrency will continue to struggle against the backdrop of a plummeting crypto market. “Unlikely that bitcoin finds its footing,” Cramer emphasized, after previously declaring the recent price drop a “nasty beginning” to a significant downward spiral. Jim Cramer Expects Further Bitcoin Price Drop Mad Money host Jim Cramer weighed in on the price of bitcoin on social media platform X again this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. Cramer wrote on X Tuesday after the price of bitcoin fell below $39K: “Now that bitcoin’s down about 20% from its high I expect a strong stand to be made but it won’t hold because not enough money is coming in. New theme: Number Go Down.” On Monday, after the price of bitcoin dropped below $40K for the first time in 48 days, the Mad Money host wrote: Unlikely that bitcoin finds its footing. Many users on X slammed Cramer for his historically inaccurate bitcoin price predictions. Several pointed to the reverse Cramer effect, suggesting that a bullish market for bitcoin is on the horizon since Cramer consistently maintains a bearish stance. Many people see Cramer’s bearish bitcoin price prediction as a sign that the bottom is in. Cramer has shared his outlook on the price of bitcoin several times following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. The price of bitcoin pushed above $47K in anticipation of the SEC approving spot bitcoin ETFs but plunged after the approval. Last week, Cramer said the price drop was a “Nasty beginning to the bitcoin selloff.” He also recently said BTC is topping out and that bitcoin cannot be killed, emphasizing that it’s a ” technological marvel” that is “here to stay.” While Cramer has cautioned about the falling price of bitcoin, he said last week that he is not “stridently against” spot bitcoin ETFs, noting: “Bitcoin’s been around for 15 years, it’s fairly well-established, and I don’t want to try to stop anyone from speculating in this stuff, as long as they do their research.” What do you think about Mad Money host Jim Cramer’s bitcoin price outlook? Let us know in the comments section below. View the full article

In the dynamic world of crypto markets, recent trends have illuminated intriguing divergences in the altcoin market, particularly between ethereum and solana, relative to bitcoin. A comprehensive report published by Glassnode, an onchain analytics firm, delves into this phenomenon. Altcoin Dynamics Altered: Ethereum and Solana Lead Post-ETF Era In the latest edition of Glassnode’s “The Week Onchain,” Alice Kohn’s research, published on Jan. 23, 2024, highlights ethereum’s (ETH) standout performance, marked by a notable surge in derivatives market activity, and the impressive journey of solana (SOL), especially post-bitcoin exchange-traded fund (ETF) approval. Ether has recently outshone bitcoin, recording its strongest performance since late 2022. Kohn’s report notes a surge of over 20% in ethereum’s value relative to bitcoin, coinciding with a revitalized interest in ethereum’s derivatives market. This resurgence, signaling a potential shift in capital flows, has led to increased speculation about a forthcoming spot-based ethereum ETF. However, despite these gains, ethereum still trails behind the broader altcoin market in terms of momentum, underperforming by 17%. Solana, on the other hand, has charted a different course, Glassnode’s report details. SOL witnessed exceptional price performance last year, despite setbacks linked to its association with FTX. SOL has significantly outperformed ETH in this period, with the SOL/BTC ratio increasing by 290% since October 2023. Interestingly, unlike ETH, solana’s price did not experience a significant revaluation following the BTC ETF approvals, as Glassnode’s Kohn suggests a divergent market response to broader sector movements. The broader altcoin market, as a whole, has seen nearly a 69% increase in market cap since the filing of the Blackrock Bitcoin ETF. On Jan. 14, 2024, Bitcoin.com News highlighted that blockchaincenter.net’s Altcoin Season Index indicated the commencement of altseason. The index continues to declare it is “altcoin season,” with the leading 50 coins outperforming BTC in the previous season (90 days). Glassnode’s Kohn emphasized that the trend is primarily driven by tokens related to ethereum scaling solutions such as Optimism, Arbitrum, and Polygon. Staking and Gamefi tokens also outperformed BTC in the early stages of 2023, indicating a varied appetite for risk across different altcoin sectors. Kohn’s research stresses the importance of these developments: “The approval of the new bitcoin ETFs has become a classic sell-the-news event, leading to a tumultuous few weeks in the market.” Glassnode says that ethereum has emerged as the short-term winner, with investors recording a multi-year high in net realized profits. This suggests a growing willingness to engage in speculative activities, particularly concerning an ETH ETF and capital rotation. What do you think about Glassnode’s report concerning altered altcoin dynamics in the crypto market? Let us know what you think about this subject in the comments section below. View the full article

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.” JPMorgan Warns of Looming Bitcoin Selloff JPMorgan analyst Nikolaos Panigirtzoglou shared his bitcoin’s price outlook on Linkedin Friday, specifically the impact of spot bitcoin exchange-traded fund (ETF) launches and outflows from Grayscale’s bitcoin fund. Grayscale converted its bitcoin trust (GBTC) into a spot bitcoin ETF after the U.S. Securities and Exchange Commission (SEC) approved it along with 10 other funds on Jan. 10. “The bitcoin price declined by more than 10% since the launch of spot bitcoin ETFs last week,” the JPMorgan analyst described. “It appears that profit taking, i.e. buy the rumor/sell the fact dynamics, took place in recent days as we had previously feared. The price of BTC rose past $47K in anticipation of the spot bitcoin ETF approval but dropped after the approval. At the time of writing, the cryptocurrency is trading at $41,697. “The $1.5bn outflow from the Grayscale’s GBTC fund in particular has acted as a drag. It looks like GBTC investors who over the past year had been buying the GBTC fund at a significant discount to NAV to position for its eventual ETF conversion, have been taking full profit post ETF conversion by exiting the bitcoin space entirely rather than shifting to cheaper spot bitcoin ETFs,” Panigirtzoglou detailed. Noting that he has previously estimated that up to $3 billion had been invested into GBTC in the secondary market during 2023 to take advantage of the discount to NAV, the JPMorgan analyst explained: If the previous $3bn estimate proves correct and given $1.5bn has exited already then there could be an additional $1.5bn still to exit the bitcoin space via profit taking on GBTC thus putting further pressure on bitcoin prices over the coming weeks. Cumulatively, Grayscale’s bitcoin ETF has seen an outflow of 50,106.59 BTC since Jan. 12, valued at over $2 billion. Panigirtzoglou also shared his analysis of the other spot bitcoin ETFs that launched on Jan. 11, including Blackrock’s Ishares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC). “Outside GBTC, the other spot bitcoin ETFs got a decent $3bn of inflow in only four days: Thursday 11th, Friday 12th, Tuesday 16th, and Wednesday 17th. This is comparable to the inflows seen during previous bitcoin product launches such as the launch of CME bitcoin futures or the launch of futures-based bitcoin ETFs,” the JPMorgan analyst noted, adding: As expected most of this $3bn of inflow reflects a rotation from existing bitcoin vehicles such as futures-based bitcoin ETFs which show outflows of close to $300mn since last Thursday or from retail investors shifting from digital wallets held with exchanges/retail brokers to cheaper spot bitcoin ETFs. What do you think about JPMorgan’s bitcoin price prediction and the estimated outflow from Grayscale? Let us know in the comments section below. View the full article

Based on the recent report from Arkham Intelligence, the launch of the satoshivm (SAVM) token two days ago saw three adept crypto traders, often referred to as ‘snipers,’ each earning a profit of $1 million. Arkham’s findings revealed that the most proficient of these sniping addresses achieved a staggering gain of over a million dollars, accomplishing this feat in under 40 minutes. Lone Sniper Hits $7 Million Jackpot, Trio of Traders Net $1 Million Apiece During SAVM Crypto Launch Crypto snipers managed to make some decent profits from the recent satoshivm (SAVM) launch, Arkham Intelligence detailed. Sniping, essentially refers to the practice of executing crypto trades with exceptional speed and precision to gain a strategic advantage. The strategy involves pre-setting parameters for immediate purchasing upon a new token’s launch and leveraging automated trading bots. According to market data from coingecko.com, SAVM came out the gate with an initial price of $6.83 per unit and it’s currently trading for prices between $9.48 to $14.13 over the past day. “When SAVM launched 2 days ago, over $3 [million] of ETH attempted to snipe the token as soon as liquidity was deployed.,” Arkham wrote on X this weekend. “It was a knife fight – with the top 3 most successful snipers all making over $1 [million] each, in under 12 hours. The largest sniping address, 0x278, bought 2 million SAVM for [$333,000], selling it over the next half an hour for a total of $1.7 [million].” Arkham added: They needed to pay [$350,000] just in order to get their transaction into the block – but ended up making over a million dollars in barely 40 minutes. Arkham detailed that the second-largest participant invested $220,000, placing them second in line and allowing them to acquire 450,000 SAVM tokens. This entity, however, incurred a significant expense of nearly $300,000 to pay the block builder for transaction inclusion. The blockchain intelligence firm noted that the trader made slightly over $1 million in total profits and the account still possesses SAVM valued at $120,000. The last of the savvy sniping traders distributed their purchases among five different accounts, Arkham explained, each buying approximately 15 ETH. In total, this strategy involved an investment of 90 ETH to secure 191,000 SAVM tokens. Over the subsequent nine hours, these tokens were progressively sold, yielding 618.4 ETH, equivalent to $1.5 million. Researchers from Lookonchain further disclosed that another sniper made nearly $7 million in profit from sniping profits. Lookonchain’s X account told the public that in a mere span of three hours, a single trader realized a staggering $6.77 million profit from trading SAVM. This individual leveraged the Bananagun trading bot and employed a substantial bribe fee of 141.66 ETH to secure the advantageous position of being the first purchaser of SAVM upon its opening day. The trader acquired 2.61 million SAVM, incurring a total expense of 277.66 ETH, which equates to approximately $681,000. There’s a great deal of discussions associated with this type of trading. The debate around crypto sniping mainly stems from the employment of sniper bots in crypto trading. The utilization of these bots is contentious, sparking worries about the integrity of the market and potential manipulative practices. Sniper bots may confer unfair market benefits, potentially leading to price distortions and placing individual traders at a disadvantage, unable to match the bots’ rapidity and effectiveness. While its a nuanced topic, supporters of sniping argue that it’s a groundbreaking approach, encompassing risks unfamiliar to many traditional traders. Bot trades might not succeed, transactions can fail, and market responses can be entirely unpredictable. It takes boldness, tactical skill, and sometimes hundreds of thousands for those who employ sophisticated tools, such as sniper bots, to secure an advantage in the intensely competitive crypto trading arena. What do you think about the practice of crypto sniping? Let us know what you think about this subject in the comments section below. View the full article

In September 2022, Bitcoin’s SHA256 algorithm ranked as the seventh most lucrative proof-of-work (PoW) network for mining. Fast forward a year and four months, and this algorithm has ascended to become the third most profitable crypto network for mining operations. 2022 to 2024 Sees Significant Shifts in Crypto Mining Profitability As of January 2024, the ranking of the most profitable crypto networks for mining has evolved from what it was in 2022. Back in September 2022, Kadena stood at the forefront as the leading mineable proof-of-work (PoW) algorithm, enabling miners to extract kadena (KDA). However, today, the top spot for the most lucrative PoW network for mining is held by kaspa (KAS), which utilizes the Kheavyhash algorithm. On Sunday, Jan. 21, mining with 9.2 terahash per second (TH/s) of Kheavyhash hashpower is reported to yield roughly $69 per day, based on current data from asicminervalue.com. This includes the daily electricity expense rate of $0.12 per kilowatt hour (kWh). Currently, Bitcoin’s SHA256 occupies the second spot in terms of profitability, yet the recent surge in grin (GRIN) values has elevated the Cuckatoo32 algorithm in terms of earnings. Operating under the same electrical cost of $0.12 per kWh, a miner with a capacity of 36 graphs per second (GPS) can achieve a daily profit of $12.29 mining GRIN. Following closely is the SHA256 algorithm of Bitcoin, where machines with hashpower ranging from 335 to 390 terahash per second (TH/s) could yield daily earnings of $10.60 to $11.52, assuming an electricity rate of $0.12 per kWh. The leading producers of these high hashrate-producing devices are Bitmain and Microbt. In 2024, the next two most profitable mining algorithms are Ethash and Blake2B-Sia. Ethash is linked with cryptocurrencies such as ethereum classic (ETC), while miners capable of handling Blake2B-Sia can extract siacoin (SC) and scprime (SCP). An Ethash hashrate of nearly 6 gigahash per second (GH/s) is estimated to yield around $10.40 daily, whereas 17 terahash per second (TH/s) of Blake2B-Sia mining power can generate about $9.27 each day, factoring in electricity costs of $0.12 per kilowatt hour (kWh). Following Blake2B-Sia in the profitability ranking are the algorithms X11 and Kadena. X11 mineable currencies, including dash (DASH) and cannabiscoin (CANN), can yield a decent return with the right hashrate. Specifically, nearly 2 terahash per second (TH/s) of X11 hashrate is estimated to generate about $7.57 daily. As previously mentioned, the Kadena algorithm has dropped in the ranking, but a substantial 177 TH/s of Kadena hashrate can still produce an estimated $7.47 per day. Interestingly, the profitability of Scrypt mining has diminished compared to its peak in September 2022. Scrypt, which mines litecoin (LTC) and dogecoin (DOGE), was the second most profitable consensus algorithm at that time. Today, Scrypt mining ranks as the 12th most profitable algorithm, trailing behind others such as Handshake, 2, Randomx, and Cryptonightr. Ethash previously held a dominant position in mining algorithms before the Ethereum upgrade, known as The Merge, which occurred on Sept. 15, 2022. Since that pivotal event, its profitability has been relatively lackluster. What do you think about the top mineable consensus algorithms? Let us know what you think about this subject in the comments section below. View the full article

Data from defillama.com reveals that over the past 93 days, the total value locked (TVL) in decentralized finance (defi) protocols escalated from $37.46 billion on Oct. 20, 2023, to the present $57.74 billion. Notably, 57.3% of the total value in defi is anchored in the Ethereum blockchain, while Lido’s liquid staking protocol accounts for 40.21% of this aggregate. TVL in Defi Jumps 54% The value locked in decentralized finance (defi) protocols has significantly increased in 2024 compared to the previous year. Since Oct. 20, 2023, there has been a 54.13% surge, bringing the total value locked (TVL) to an impressive $57.74 billion. Lido stands out as the largest protocol in terms of TVL, which has climbed by 10.66% since last month, now standing at $23.22 billion. Following Lido, Maker, the second-largest defi protocol, has experienced a slight dip of about 1.52% over 30 days, with its TVL at approximately $8.41 billion at the time of reporting. The top five defi protocols by TVL size also include Aave ($7.22B), Justlend ($6.09B), and Uniswap ($4.34B). Aave has seen a 10.34% increase in TVL over the past 30 days, while Justlend has seen a decrease of 9.43%. Uniswap, however, has reported the most significant growth among the top five, with its TVL rising by 78.56% since last month. Among these defi applications, four are built on the Ethereum blockchain, with Justlend being the exception as a Tron-based protocol. Ethereum continues to lead in the defi space, commanding 57.3% of the aggregate TVL, which amounts to $33.10 billion. Tron’s $7.86 billion in value makes it the second largest chain by TVL size. Ethereum and Tron are followed by Binance Smart Chain (BSC) with $3.50 billion, Arbitrum with $2.64 billion, and Solana with $1.38 billion. Solana saw the biggest monthly increase over the 30-day mark with a 38.52% rise. Ethereum followed with a 10.57% increase since last month. Tron was the only blockchain that saw a 30-day reduction after 5.44% was erased over the past month. Notable chains that saw significant TVL growth besides the top five were SUI, MANTA, and APT. As the defi landscape evolves, uncertainty still looms over its future trajectory. Despite a strong growth pattern in TVL, evident since October 2023, there’s been a noticeable deceleration since Jan. 10, 2024. Slowdowns like these can cast doubt on the sustainability of the current growth trend in defi. Whether this burgeoning sector can maintain its momentum remains an open question, but so far the growth has added $20.28 billion in value over the last 93 days. What do you think about the state of defi in 2024? Share your thoughts and opinions about this subject in the comments section below. View the full article

According to statistics, the stablecoin crypto asset FDUSD has seen its market capitalization grow by $1 billion since the start of the year. Presently, the supply stands at 2.614 billion FDUSD after witnessing a 45.7% supply increase in 30 days. FDUSD’s Market Cap Swells from $1.6 Billion to $2.6 Billion in Just 30 Days The newly launched FDUSD has been one of the fastest-growing stablecoins and the crypto asset’s market valuation has grown by $1 billion since Jan. 1, 2024. As of Jan. 21, 2024, first digital usd (FDUSD) has ascended to become the fourth-largest stablecoin in terms of market capitalization, valued at $2.61 billion. This marks a significant rise from its $1.6 billion market cap on Jan. 1, as reported by coingecko.com. Ranking below USDT, USDC, and DAI, FDUSD surpasses TUSD, USDD, and FRAX in the stablecoin hierarchy. Data indicates a notable 45.7% growth in supply since Dec. 22, 2023. Currently, 452 individual holders possess the ERC20 variant of FDUSD, the dollar-pegged token on Ethereum, which boasts 2.564 billion FDUSD as of Jan. 21. Additionally, the BNB chain has issued 49,380,678 FDUSD, according to records collected on the same day. The BNB version of FDUSD is held by 3,545 distinct wallets. Dominating this sector, Binance holds the top three wallets for BNB-based FDUSD, commanding a significant 82.1% of the 49.38 million FDUSD minted on BNB. The top 100 holders collectively possess 99.01% of these specific BNB-minted coins. In the case of the Ethereum version, Binance maintains its dominance with control over the top three wallets, accounting for 97.48% of the total ERC20 FDUSD supply. Both FDUSD tokens on each chain have seen very little onchain action, but FDUSD holds the sixth largest trading volume on Sunday, which means most of FDUSD’s action takes place off-chain and via order books. The ERC20 version of FDUSD has witnessed a total of 2,896 transactions while the BNB version of the stablecoin has transacted 60,747 times to date. This means a lion’s share of FDUSD’s current presence is via centralized exchanges rather than decentralized finance (defi) protocols. What do you think about FDUSD’s market capitalization swelling to $2.6 Billion? Let us know what you think about this subject in the comments section below. View the full article

Since Jan. 12, 2024, Grayscale’s newly transitioned spot bitcoin exchange-traded fund (ETF), GBTC, experienced a withdrawal of 50,106.59 bitcoin. Meanwhile, the nine newly launched spot bitcoin ETFs have collectively accumulated 81,366 bitcoin, valued at approximately $3.39 billion. Grayscale, Blackrock, and Fidelity Dominate ETF Holdings— More Than 95% Is Stored on Coinbase Recent data reveals that the nine spot bitcoin ETFs launched recently have amassed a substantial quantity of bitcoin since their market debut. GBTC remains the top bitcoin custodian with 566,973.40 BTC, valued at an estimated $23.5 billion. This figure comes after a withdrawal of 50,106.59 BTC from GBTC’s holdings since Jan. 12. The second-highest bitcoin balance in a U.S.-based spot bitcoin ETF belongs to Blackrock’s IBIT, which possesses 28,622 BTC, equivalent to roughly $1.19 billion, based on Sunday’s trading values. Fidelity’s Wise Origin ETF (FBTC) holds the position of the second-largest bitcoin holder, with approximately 24,857 BTC valued just above $1 billion. Combined, Blackrock and Fidelity’s bitcoin reserves total 53,479 BTC, accounting for 65.72% of the total held by all nine newly introduced spot bitcoin ETFs. The Bitwise ETF, known as BITB, now controls 10,136 BTC, valued at just over $422 million, while the holdings of Ark Invest’s and 21shares’ ETF amount to 7,565 BTC, worth $315.62 million at current exchange rates. The Invesco Galaxy ETF ranks as the next most significant holder, possessing 6,143 BTC with a value of $256 million. Vaneck’s ETF has a holding of 2,150 BTC, followed by Valkyrie’s ETF with 1,712 BTC, and Franklin Templeton’s ETF, which includes 1,160 BTC. The smallest collection belongs to the Wisdomtree spot bitcoin ETF, maintaining 111 BTC valued at $4.62 million. When GBTC is combined with the nine other ETFs, the total held by U.S. spot bitcoin exchange-traded funds amounts to just over 648,339 BTC, estimated at $27 billion, based on the exchange rates as of Jan. 21, 2024, at 8:00 a.m. Eastern Time. This indicates that GBTC holds a commanding 87.45% of the combined total, while the other nine ETFs collectively account for 12.55% of the 648,339 BTC. Furthermore, eight of the ten U.S. spot bitcoin ETFs have entrusted their assets to Coinbase for safekeeping. Fidelity, on the other hand, secures its holdings through its own custody service, and Vaneck has chosen Gemini for storing its ETF-related BTC. As a result, a substantial 621,332 BTC, or 95.83% of the total held by all ten funds, is under the safeguard of Coinbase Custody. Meanwhile, Fidelity is responsible for 24,857 BTC, and Gemini oversees 2,150 BTC. What do you think about the nine newly launched spot bitcoin ETFs gathering 81,366 bitcoin since Jan. 12? Let us know what you think about this subject in the comments section below. View the full article

Grayscale stirred speculation by transferring 4,000 bitcoins, while Blackrock CEO Larry Fink endorsed bitcoin as “digital gold,” surpassing government influence. In regulatory news, Ripple’s XRP was removed from Hong Kong Virtual Asset Consortium’s top crypto index. Meanwhile, Elon Musk reaffirmed his commitment to Dogecoin, along with revealing that his company Spacex holds a substantial amount of bitcoin. Grayscale’s 4,000 Bitcoin Transfer Worth $175M Stirs Speculation Recent blockchain analytics reveal that 4,000 bitcoins, valued at approximately $175 million, have been transferred from addresses believed to be controlled by Grayscale’s Bitcoin Trust, commonly referred to as GBTC. Read More Blackrock CEO Larry Fink on Bitcoin: I’m a Big Believer Larry Fink, the CEO of Blackrock, the world’s largest asset manager, says he has become “a big believer” in bitcoin, emphasizing that it is “bigger than any government.” Calling the cryptocurrency “digital gold,” the executive stressed: “Unlike gold, where we manufacture new gold, we’re almost at the ceiling of the most of the amount of bitcoin that could be created.” Read More Ripple’s XRP Ousted From Hong Kong Top Crypto Index As Hong Kong strengthens its crypto regulatory framework and embraces ETFs, the Hong Kong Virtual Asset Consortium (HKVAC) has updated its top crypto indexes, showing a preference for tokens with market performance and growing industry partnerships. Read More Elon Musk Still Owns Dogecoin — Spacex Owns Bitcoin Tesla CEO and Spacex chief Elon Musk has revealed that he still owns “a bunch of dogecoin,” affirming his commitment to keep buying and supporting the meme cryptocurrency. Musk additionally revealed that his company Spacex still owns “a bunch of bitcoin.” Read More Do you think the bulk of GBTC bitcoin reallocation is done, or is there more selling into other spot bitcoin ETFs to come? Share your thoughts and opinions about this subject in the comments section below. View the full article

PRESS RELEASE. LBank Labs has established a dedicated Incubation Fund for Inscription Projects, and AMBBi, an innovative dual-asset project on the Bitcoin blockchain, is the first to be inducted into this groundbreaking initiative. This investment not only highlights LBank Labs’ vision but also marks a new chapter in the evolution of the Bitcoin ecosystem. AMBBi: A Trailblazer in the Bitcoin Ecosystem AMBBi, standing for “Art Meets Blockchain & Beyond innovation,” is a first-of-its-kind project in the Bitcoin ecosystem, featuring the BRC20 inscriptions AMB and BRC69 trendy play NFT AMBBi. With an active community of over 3600 address holders, AMBBi is a testament to the growing interest and belief in the potential of Bitcoin-based assets. Technological Innovation and Cultural Integration The project is renowned for its unique recursive inscription technology, capable of generating over four trillion unique combinations, with a select 10,000 pieces ensuring the artistry, uniqueness, and rarity of each asset. AMBBi’s NFT designs, deeply ingrained in Asian culture, have gained international acclaim, signifying a harmonious blend of art, culture, and blockchain technology. LBank Labs’ Inscription Track Incubation Fund The establishment of an Inscription Track Incubation Fund by LBank Labs demonstrates their commitment to nurturing projects that are at the forefront of blockchain innovation. AMBBi, being the first project to be incubated under this fund, will benefit from LBank Labs’ extensive resources and expertise in the blockchain sector. Focused Support and Resource Advantages As part of its incubation, AMBBi will receive focused support from LBank Labs in various domains, including market expansion and strategic development. A significant aspect of this support is the opening up of new markets, with a special emphasis on penetrating the South Korean and other overseas markets. This strategic move is aimed at amplifying AMBBi’s presence on a global scale and establishing it as a leader in the Bitcoin-based NFT space. Market Growth and Trading Activity Since its inception, AMBBi has demonstrated impressive market growth. The project saw its entire minting of 21 billion AMB inscriptions completed within a week of launch. Additionally, AMB’s trading volume on major platforms like OKX Web3 Wallet Ordinals Marketplace has been remarkably high, reflecting the project’s liquidity and active market presence. AMBBi’s Future with LBank Labs’ Support With the backing of LBank Labs’ Incubation Fund, AMBBi is poised for significant growth and innovation. This collaboration aligns with LBank Labs’ commitment to supporting pioneering projects that reshape the blockchain industry. About LBank Labs LBank Labs, a prominent player in the web3 space, manages a versatile $100 Million fund that extends beyond specific protocols and exchanges. With a team of experienced web3 veterans from prestigious entities, they have built an extensive network of expertise and connections. Their investment strategy includes fund-of-fund investments, direct investments in early-stage projects, and liquid projects, enabling them to explore diverse opportunities. LBank Labs actively promotes their investment thesis, “The Other Angle,” through engaging discussions and focuses on the PSE principles to foster sustainable growth and innovation in the web3 landscape. With a Fund of Fund network comprising 12 funds and over $1 billion in AUM, and offices in seven global regions, LBank Labs is well-positioned to expand their network and drive innovation in the web3 ecosystem, together with their partners and collaborators. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

South African fintech startup Ukheshe recently announced that it has acquired a 100% stake in EFT Corporation, an Africa-focused payment services provider. According to the startup, the acquisition takes Ukheshe closer to its stated goal of attaining a larger footprint in Africa and beyond. Access to New Technologies and Markets The South African fintech startup, Ukheshe, recently disclosed that it had acquired a 100% stake in EFT Corporation, an Africa-focused payment services provider. The acquisition provides the combined entity with access to new technologies and opportunities and enhances Ukheshe’s exposure to different markets, customers, and business opportunities. According to a statement from Ukheshe, the acquisition of EFT Corporation from its parent firm Loita Transaction Services (LXS) came nearly two years after it acquired the digital payment platform Masterpass. The takeover also occurred just a few months after the fintech startup closed its funding partnership with Development Partners International (DPI) in 2023. Remarking on his company’s latest high-profile acquisition, Clayton Haywards, the co-founder and CEO of Ukheshe said: “The market is ripe for consolidation and disruption, bringing together these like-minded executive teams & our great products positions us to dominate the African continent as the preferred banking solutions partner.” As explained in the statement, the acquisition moves Ukheshe closer to its goal of expanding its footprint across Africa and beyond. This in turn helps the fintech startup deliver increased value to its stakeholders. Stephen Enderby, CEO at EFT Corporation, said Ukheshe’s acquisition ended his firm’s search for a partner to support its digital strategy. James Griffiths, Partner at DPI, said the acquisition underscores his firm’s confidence in Ukheshe’s leadership and its growth potential. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The U.S. commodities regulator revealed on Jan. 19 that it had filed a civil enforcement action against a bogus digital asset exchange platform. According to the Commission, Debiex customers were not aware that the entire set-up was a clever scam designed to dupe prospective investors. Romance Scam Tactics The Commodities Futures Trading Commission (CFTC) announced on Jan. 19 that it had filed a civil suit against Debiex, a bogus crypto exchange platform it accuses of fraudulently misappropriating $2.3 million in customer funds. The CFTC alleges that the exchange’s representatives used romance scam tactics to fleece millions from the five unnamed prospective investors. The Commission also identified Zhāng Chéng Yáng as a relief defendant because he is suspected of enabling Debiex’s fraudulent acts at least once. Commenting on the Commission’s move to file a civil enforcement action against the defendants, the CFTC’s Director of Enforcement Ian McGinley, said: “This case is an example of the Division of Enforcement’s core mission—bringing justice for victims, rooting out misconduct, and holding accountable those who violate the anti-fraud provisions of the CEA.” Fake Websites and Money Mules In its statement, the Commodities Futures Trading Commission (CFTC) explained how Debiex perpetrated the scam from March 2022 to the present. The elaborate scam included websites that mimic legitimate trading platforms, fake customer service, and money mules. Using these tools masterminds of the scheme were able to convince victims that Debiex was a bona fide crypto exchange, the CFTC added. However, according to the Commission, Debiex customers were not aware that the entire set-up was a clever scam designed to dupe prospective investors. The Commission in the meantime urged prospective investors to avoid falling victim to similar scams by always verifying a company’s registration with the CFTC before committing funds. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The Tron Decentralized Autonomous Organization (DAO) has rejected a United Nations assessment which suggested that bad actors are behind most tether transactions facilitated via its protocol. It also sees its over 50% share of the USDT stablecoins in circulation as a “testament to the superior trust bestowed upon the Tron blockchain by the global community.” UN Says Bad Actors Targeting TRC-20 USDT Tron decentralized autonomous organization (DAO) has refuted parts of a United Nations (UN) study which asserts that USDT transactions facilitated via its TRC-20 protocol are mainly performed by bad actors. In a statement, Tron DAO said it actively engages on-chain forensic partners to exchange information regarding transactions on the blockchain. Tron implied that this step helps it block or stop malicious actors from using the protocol. #Tron wholeheartedly supports the proposal of the United Nations, but we have different views on the professional facts and handling methods of blockchain technology. We welcome you to refer to this report. https://t.co/LF4ovqwKnK — H.E. Justin Sun 孙宇晨 (@justinsuntron) January 19, 2024 As reported by Bitcoin.com News recently, the UN’s study suggested that money launderers and fraudsters in Southeast Asia are increasingly using the stablecoin USDT when making payments or transferring funds. A regional representative of the world body claimed that a lack of relevant regulations could be the reason why tether has become the preferred choice for bad actors. However, in its statement, Tron said while it agrees with the UN’s position on the use or misuse of stablecoins, it nonetheless disputes the suggestion that bad actors are the sole reason why TRC-20 stablecoins have become more popular. “TRC-20 is indeed the world’s most popular on-chain settlement protocol by USDT circulation with over 50% of the global market share, followed by Ethereum. This market share is a testament to the superior trust bestowed upon the Tron blockchain by the global community,” Tron DAO said. Nevertheless, Tron said it cannot comment on behalf of third parties like USDT issuer Tether. Just like Tron, the stablecoin issuer has also issued a statement rejecting some of the UN’s findings. It has similarly touted its working relationship with global law enforcement agencies as proof that it is not enabling bad actors as alleged in the report. What is your reaction to Tron’s rebuttal of the UN study findings? Let us know what you think in the comments section below. View the full article