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The world of cryptocurrency has seen a surge in popularity over the past few years, with many investors turning to digital currencies as a way to diversify their portfolios. However, with the increasing number of cryptocurrencies on the market, it can be difficult to make informed investment decisions. This is where AI technology comes in. Introducing the latest project to join the world of cryptocurrency, Cogwise. The project aims to revolutionize the crypto industry by using AI technology to provide investors with real-time data and insights to help them make informed investment decisions. Why is Cogwise (COGW) Projected to Reach Top 30 Tokens on CoinMarketCap? Cogwise (COGW) is a relatively new player in the cryptocurrency space, but it has been making waves with its impressive performance in the presale stages. The native token of the Cogwise platform and ecosystem is COGW, which is used to access various features and services on the platform, including staking, yield farming, and governance. COGW token holders can also access exclusive benefits and rewards, such as early access to new features and products. Cogwise has been gaining a lot of attention from investors due to its strong community and impressive gain potential. Experts have projected that Cogwise (COGW) will reach the top 30 tokens by 2024, which would be a remarkable achievement for the relatively new project. As of writing, Cogwise is in the midst of its Presale, raising over $2 million. The funds accumulated through the presale will be channeled into further enhancing Cogwise’s AI technology, propelling its growth and influence in the market. Participate through their website cogwise.io In the meanwhile take a look at the whitepaper, which is outlining the comprehensive details of Cogwise’s approach, methodology, and the transformative impact they aim to achieve. Unlocking the Potential Cogwise isn’t just another AI model—it’s a game-changer for individuals, developers, and businesses deeply rooted in the blockchain sector. It offers an array of unique features that empower users, for example: no-code smart contract generator smart-contract auditor technical analysis tools wallet tracking capabilities real-time alerts news aggregator Decoding the Magic Behind Cogwise At the heart of Cogwise lies its impressive AI engine, the Cogwise Core. This intelligent core takes commands from prompts and returns comprehensive answers, assisting users with a vast array of tasks. Whether you’re delving into the depths of technical analysis, seeking insights on crypto trends, or exploring the intricacies of smart contracts, the Cogwise Core is your guiding light. Real Time Trading In the fast-paced world of trading, having access to accurate market data and being able to quickly analyze it can be the difference between making a profit and missing out on a potentially lucrative opportunity. That’s where cogwise AI that uses a market scanner to rank trading opportunities based on their relative volume, percental price change, momentum, and float comes in. The automated system executes trades at exceptional speed, outpacing human traders and potentially increasing profits. Traders can backtest strategies using historical data, ensuring profitability and responsiveness to market shifts. This focused approach allows for efficient trading within the cryptocurrency market, saving time and resources while maximizing profitability. Join the Revolution: The Crypto AI Project’s private round sale is an unparalleled opportunity to invest in a game-changing project that stands at the intersection of AI and the world of finance. Cogwise presents a golden opportunity for investors to embark on the ground floor of the next crypto sensation. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Over the past five years, the number of established developers with more than 2 years experience of working in crypto grew at an annualized rate of 52%. According to the findings of a study, established developers (2+ years) together with emerging developers make an average of three times more code commits than newcomers. Experienced Developers’ Contributions “According to Electric Capital’s 2023 Crypto Developer report, the number of established active developers, or those with 2+ years of experience working on crypto-related projects, has grown by an annualized rate of 52% over the past 5 years. This annualized growth rate was achieved despite the 24% drop in the overall number of active developers from 29,611 in December 2022 to 22,411 by December 2023. The report data also shows that the number of experienced developers (1+ years) grew by 16% from 12,158 in December 2022 to 14,083 by December 2023. This saw them account for 63% of all monthly active developers. In contrast, the number of developers who worked on crypto-related projects for less than a year fell by 52% year-on-year. Meanwhile, in the study report, the Electric Capital team also highlighted the significance of experienced developers’ contributions by revealing their disproportionate share of code created. “75% of code is created by developers in crypto [with] 1+ years. Devs working in crypto for more than a year commit more consistently than newcomers,” the report revealed. The report also added that established developers (2+ years) together with emerging developers make an average of three times more code commits than newcomers. Concerning the fluctuating number of developers, the Crypto Developer report attributes these changes to newcomers who are drawn by the rise of crypto asset prices. This assertion is backed by data suggesting that more than 6,500 newcomers joined crypto every month in 2022. This phenomenon only happened after the crypto network value touched a historical high in November 2021. Regarding the geographical distribution of developers, the report shows that the United States “has lost 14% of developer share since 2018 and is now only 26% of crypto developers.” Overall, North America now only accounts for 28% of developers. By contrast, South Asia, Latin America, Eastern Europe, Western Africa, and Southern Europe have seen their developer share grow by more than 20% since 2018. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

A new report details how Ordinals and other layer-two innovations can reshape Bitcoin’s role in the digital economy, moving it beyond just a store of value. New Report Outlines How Bitcoin Can Evolve to a Multi-Layered Ecosystem The “Bitcoin Layers” report, produced by the Singapore-based web3 investment firm Spartan Group, provides an insightful look into the potential future of Bitcoin. The report points out that bitcoin’s market capitalization, now exceeding $850 billion, has a significant portion of capital that remains underutilized due to challenges in programmability, scalability, and community alignment. It posits that Bitcoin can evolve beyond a mere store of value, transitioning into a foundational platform for a trustless financial system. A key development in this transformation is the introduction of Ordinals, which is causing a cultural shift in the Bitcoin ecosystem. Ordinals are extending Bitcoin’s use beyond its traditional role as a store of value, which is creating a surge in interest in what is sometimes criticized as an ossified digital asset. Another crucial aspect of Bitcoin’s evolution is the emergence of strategic layer-two solutions. These solutions address Bitcoin’s inherent limitations by enhancing functionalities such as programmability and transaction speeds, both of which are essential for scalability and overall growth. In fact, layer-two solutions are important for Bitcoin’s future, the report claims. With these ongoing developments, bitcoin is increasingly attracting institutional interest and investment, a trend likely to accelerate with the anticipated 2024 halving event. The ecosystem is experiencing a surge in new projects and technologies, indicating a hotbed of innovation and potential for growth. The report observes that auxiliary networks within the Bitcoin ecosystem are taking cues from Ethereum’s architecture, leading to a likely increase in demand for Bitcoin block space. Bitcoin’s layer-two networks, while still nascent compared to those on other blockchains, are showing promising growth. Developments like the Ordinals protocol and the BRC-20 token standard signify a revival in Bitcoin’s builder culture. The report identifies four major layer-2 projects: Lightning Network, Stacks, Liquid, and Rootstock, known as the “Big Four.” These projects are at the forefront of introducing functionalities such as smart contracts and faster transaction speeds to Bitcoin. In addition to the “Big Four,” there are other innovative projects within the Bitcoin ecosystem. For instance, Ark focuses on off-chain low-cost payments, while Interlay is developing a network between Bitcoin and multi-chain ecosystems. Interlay recently created a decentralized Bitcoin bridge with a 1:1 bitcoin-backed asset. The report paints an optimistic future for Bitcoin. It emphasizes the significance of recent developments, such as the listing of ETFs in the U.S. and the upcoming halving event, in inspiring new use cases for Bitcoin. These advancements, together with the growing layer-2 ecosystem, are poised to further boost Bitcoin’s adoption and cement its status as a multifaceted financial platform. Will Bitcoin become a multi-layered financial system? Share your thoughts and opinions about this subject in the comments section below. View the full article

Chainalysis’ latest report reveals a dual trend in the 2023 crypto crime landscape: a notable decrease in overall value of criminal transactions and a surprising shift from bitcoin to stablecoins as the preferred medium for illicit activities. 2024 Chainalysis Report Reveals a Decline in Crypto Criminal Activity, Shift in Currency Preference to Stablecoins In a revealing analysis of the cryptocurrency landscape, the 2024 Crypto Crime Trends Report by Chainalysis has potentially revealed shifts in the pattern of illicit activities within the digital currency space. The report, which provides a still-developing view of crypto-related crimes in 2023, has highlighted a notable decrease in the overall volume of criminal transactions, alongside a turn towards stablecoins by cybercriminals. According to Chainalysis, the total value received by illicit cryptocurrency addresses in 2023 fell to $24.2 billion, marking a considerable decrease compared to previous years. This figure, however, is an underestimation and is expected to rise as more illicit addresses are uncovered. Apropos, the report revised the 2022 illicit transaction volume from an initial estimate of $20.6 billion to $39.6 billion, a more than 90% increase. This significant revision is attributed to the identification of new illicit addresses and the inclusion of transactions from sanctioned services. Another reason the new total is so much higher, is the inclusion of $8.7 billion in creditor claims against the now-defunct cryptocurrency exchange FTX, following the fraud conviction of its CEO. This decision represents a departure from Chainalysis’ standard methodology, which typically focuses on measurable on-chain activity. In a notable shift, the report observes that stablecoins have surpassed bitcoin as the preferred currency for illicit transactions. This change in preference aligns with the overall increase in stablecoin usage in both legitimate and illicit crypto activities. Despite this trend, bitcoin continues to dominate in specific criminal activities, such as darknet market sales and ransomware extortion. Other key findings include a significant reduction in revenues from crypto scamming and hacking, which decreased by 29.2% and 54.3% respectively. The report attributes these reductions to a change in scamming strategies and improvements in defi protocol security. The report also sheds light on the increasing role of transactions with sanctioned entities, which accounted for a significant 61.5% of all illicit transaction volumes in 2023. This trend raises questions about how to distinguish between criminal activities and legitimate transactions within sanctioned jurisdictions. The report has garnered mixed reactions on social media, providing a striking example of confirmation bias in action. Both crypto enthusiasts and detractors have cited the report to bolster their opposite opinions on digital assets. Overall, do you think crypto-based crime represents an increasing or decreasing amount of total crypto transaction volume? Share your thoughts and opinions about this subject in the comments section below. View the full article

The Tokenized Asset Coalition (TAC), a membership organization that promotes the institutional adoption of tokenization practices to bring real-world assets to the blockchain, has published its State of Tokenization report. The document explains that 2023 saw the birth of a tokenized risk curve, with tokenization being applied to different asset classes, and predicts that its adoption will grow in 2024. Tokenized Asset Coalition Predicts Tokenization Advances In 2024 The Tokenized Asset Coalition (TAC, a membership organization that advocates for bringing assets to the blockchain, predicts the advance of tokenization practices on all sides of the asset class spectrum. In its 2024 “State of Tokenization” report, the organization describes the emergence of a new tokenized risk curve that includes different asset classes, ones more present than others in blockchain markets. Currency is the first asset class discussed, with the report emphasizing the domination of U.S. dollar-based stablecoins and centralized stablecoins over their decentralized equivalents. The report predicts that this will be the year of the surge of euro-pegged tokens and alternative stablecoins. TAC’s report reveals that the tokenization of U.S. treasuries also grew significantly in 2023, going from $114 million in January to $831 million in December, a growth of over 600% concentrated by products offered by Franklin Templeton and Ondo Finance. Private credit platforms experienced a surge of 89% in total value in 2023, going from $256 to $485 million. Digital tokenized bond experiments also experienced a boom during 2023, with several organizations announcing bond issuance projects, most organized by traditional financial institutions, with digital platforms for this kind of activity rising in Asia and Europe. The report predicts that even with regulatory uncertainties, liquidity questions, and infrastructure issues, tokenization will keep growing in 2024. Stablecoins, private credit, tokenized treasuries, and digital bonds will keep evolving, contributing to the overall adoption of tokenized asset markets. Jeremy Allaire, CEO of Circle, the stablecoin company behind USDC, recently stated that tokenization adoption would boom, explaining he expects institutions like Blackrock to offer tokenized versions of its products this year. What do you think about TAC’s “State of Tokenization” report? Tell us in the comments section below. View the full article

The head of India’s central bank, the Reserve Bank of India (RBI), has warned of significant risks associated with cryptocurrencies, particularly for emerging market economies. “It can impact your financial stability, currency stability, and monetary system,” RBI Governor Shaktikanta Das said. RBI Governor’s Crypto Warnings Shaktikanta Das, the governor of India’s central bank, the Reserve Bank of India (RBI), issued several warnings regarding cryptocurrency at the World Economic Forum in Davos this week. Das said: Cryptocurrencies have huge risk, particularly for emerging market economies because it can impact your financial stability, currency stability, and monetary system. “There is no underlying. It is not a currency, but it has the potential to become a currency in which event it can occupy the part of the payments system. It can impact your banking system and therefore it has very much risk involved in it,” the Indian central bank governor stressed. Commenting on the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Das said: “While others might see a renewed cryptocurrency party, we see significant risks.” He noted that the U.S. SEC is responsible for “their nation’s well-being, and we for ours.” The RBI governor additionally stated: “Some celebrate this as a new party, but they forget the crash a few years ago. Volatility, money laundering, and terror financing risks are inherent in these assets.” The Indian central bank chief further opined: Cryptocurrency is highly speculative and country like India should be very careful. Das has long been a vocal critic of bitcoin and cryptocurrency. In January last year, he reiterated his strong recommendations for a complete ban on cryptocurrencies in India. “Cryptocurrency masquerading as a financial product or a financial asset is a completely misplaced argument,” he stressed. “The Reserve Bank, being the monetary authority of the country as the central bank, will lose control over the money supply in the economy … It will undermine the authority of the RBI and lead to the dollarisation of the economy.” What do you think about the statements by RBI Governor Shaktikanta Das? Let us know in the comments section below. View the full article

U.S. lawmakers have introduced a bill “to combat the illicit use of crypto assets.” The Preventing Illicit Finance Through Partnership Act “will allow federal regulators to work with the private sector to gain insight into the often-misunderstood world of crypto to weed out bad actors without crushing an entire emerging industry,” Senator Cynthia Lummis described. Preventing Illicit Finance Through Partnership Act 2024 U.S. Senators Bill Hagerty (R-TN) and Cynthia Lummis (R-WY) introduced the Preventing Illicit Finance Through Partnership Act of 2024 on Wednesday. Hagerty and Lummis are members of the Senate Banking Committee. The bill seeks to “establish an information-sharing pilot program to combat the illicit use of crypto assets,” according to the bill’s text. The legislation targets illicit finance through enhanced communication between federal law enforcement agencies and private companies. Senator Lummis opined: There are bad actors in every industry and crypto assets are no exception but make no mistake — crypto itself is not the problem. “The Preventing Illicit Finance Through Partnership Act will allow federal regulators to work with the private sector to gain insight into the often-misunderstood world of crypto to weed out bad actors without crushing an entire emerging industry,” the lawmaker from Wyoming described. “This public-private partnership will help inform regulators about the use cases for crypto assets and clear the way to establishing federal rules of the road that will keep the industry in America and solidify crypto’s role as the next frontier of financial innovation.” The announcement provides some details of the pilot program to be established by the Preventing Illicit Finance Through Partnership of 2024, stating: The program would be chaired by the Attorney General and composed of 20 voluntarily participating money services businesses and cryptocurrency companies. Ten of the 20 participants will be money services businesses and the other 10 will be private sector entities from the crypto industry. The pilot program shall terminate after five years of the date of enactment of the bill. There are other efforts aimed at addressing crypto’s illicit use, including Senator Elizabeth Warren’s Digital Asset Anti-Money Laundering Act. However, critics have dubbed Warren’s bill a “crypto ban” bill. This perception has fueled counter efforts like the “Stop the Crypto Ban” petition on Change.org. In addition, Warren, alongside 100 other lawmakers, sent a letter in October last year urging the Biden administration to tackle the role of crypto in illegal activities and terrorism. “Congress and this administration must take strong action to thoroughly address crypto illicit finance risks before it can be used to finance another tragedy,” the letter reads. However, the volume of illicit activities in crypto transactions pales in comparison to those in traditional finance. Blockchain data analytics firm Chainalysis said Thursday that “2023 saw a significant drop in value received by illicit cryptocurrency addresses.” The firm noted: “Our estimate for the share of all crypto transaction volume associated with illicit activity also fell, to 0.34% from 0.42% in 2022.” What do you think about the Preventing Illicit Finance Through Partnership Act 2024? Let us know in the comments section below. View the full article

A bill that seeks to safeguard the cryptocurrency rights of the citizens has been introduced to the Senate of Virginia. The bill, sponsored by State Sen. Saddam Azlan Salim, would guarantee that citizens can self-custody, transact, mine, and pay with cryptocurrency, also exempting cryptocurrency transactions of less than $200 from paying state capital gains tax. Virginia State Senator Introduces Cryptocurrency Rights Bill Saddam Azlan Salim, a state senator in Virginia, has introduced a bill that aims to impede state authorities from blocking its citizens from exerting different cryptocurrency and bitcoin-linked activities. Senate Bill 339 (SB 339), introduced on January 9, establishes that citizens will not require a money-transferring license to operate staking or mining equipment at the state level. Also, the bill proposes to guarantee the rights that citizens of the old dominion have to run their cryptocurrency node, transact and make payments with cryptocurrencies, and have custody of their crypto assets. In addition, it introduces an exemption of capital gains taxes for transactions under $200. The bill is very similar to other bills introduced in states like Missouri, Nebraska, and Indiana, supported by the Satoshi Action Fund, a non-profit seeking to inform policymakers and regulators about the benefits of Bitcoin and mining. However, unlike the other bills, this one introduces a new element, calling state authorities to “convene a work group for the purpose of studying and making recommendations related to blockchain technology, digital asset mining, and cryptocurrency activity in the Commonwealth.” Dennis Porter, co-founder and CEO of the Satoshi Action Fund, which was involved in this action, celebrated this advancement, stating that these states were taking a stand for the right to use Bitcoin. Porter also reiterated the organization’s intention to pass similar laws in at least 13 states. He declared: We have so many states looking to pass laws that we need to raise more money to support those efforts. What do you think about the introduction of SB 339 in Virginia? Tell us in the comments section below. View the full article

The integration of artificial intelligence (AI) and cryptocurrency is heralding a new era of technological advancement, as highlighted in a recent Grayscale Investments report by Will Ogden Moore. Grayscale’s latest report says this synergy, marked by the impressive performance of AI-related crypto assets, is expanding the scope of blockchain applications beyond traditional payment systems. Grayscale Research Report Illuminates the Collaborative Future of AI and Cryptocurrency Grayscale Investments’ research report emphasizes the potential of this intersection to address future AI-related societal challenges, including concerns over data privacy and the centralization of power. According to the Grayscale researcher, Will Ogden Moore, AI-adjacent cryptocurrencies have shown significant growth, outperforming traditional sectors within the crypto ecosystem. “Specifically, the four largest AI-adjacent crypto tokens by market cap (TAO, RNDR, AKT, WLD) are up 522% in the last year, outperforming the Utilities and Services Crypto Sector (+86%) over the same period,” the report notes. Grayscale’s analysis points to the critical need for accessible, competitive, and transparent AI development, mirroring the core principles of blockchain technology. The report discusses various viewpoints, including those from industry experts, on how blockchain could play a crucial role in establishing checks and balances in AI governance. “The Openai incident underscores the potential dangers of centralized control over pivotal technologies,” the study explains. “For Grayscale Research, this begs a critical question: how do we ensure that AI development is accessible, competitive, and transparent?” The Grayscale report further highlights the use of blockchain in combating the rise of misinformation and deepfakes, especially in politically sensitive contexts like elections. It showcases initiatives using blockchain protocols to verify content authenticity, thus enhancing trust and transparency in digital information. One of the major concerns in AI development is bias in AI models. The Grayscale report sheds light on decentralized networks like Bittensor, which aim to reduce bias by incentivizing diverse pre-trained models. This approach fosters an open and collaborative environment for AI innovation, potentially mitigating the negative impacts of bias and promoting a more equitable AI landscape. For instance, several studies have shown that AI language models, such as Chatgpt, may exhibit a left-leaning political bias. A paper published in the National Center for Biotechnology Information argued that algorithmic bias against people’s political orientation can arise in AI systems. The University of Washington and Carnegie Mellon University revealed that AI language models have been trained on left-leaning data. Finally, the report emphasizes the importance of democratizing AI development to prevent monopolization by tech giants. It discusses how decentralized compute marketplaces, such as Akash and Render, are enabling broader access to AI development resources. By connecting GPU owners with AI developers, these platforms are making AI development more accessible and competitive, countering the trend of centralization in the tech industry. In conclusion, Grayscale’s and Moore’s research report illuminates a transformative phase where AI and cryptocurrency coalesce, fostering a landscape ripe for innovation and societal benefit. This union is not only redefining blockchain’s utility but also addressing critical challenges in AI governance and development. By leveraging decentralized networks and marketplaces, this synergy promises a more equitable, transparent, and diverse technological future. What do you think about Grayscale’s report concerning the synergy of AI and crypto assets and blockchain networks? Share your thoughts and opinions about this subject in the comments section below. View the full article

Javier Milei, the president of Argentina, blasted what he perceives to be the advance of collectivist ideas in Western society at the World Economic Forum (WEF) 2024 annual meeting at Davos, warning about the dangers these represent for the quality of life in the world. Milei explained that these ideas, which might be adopted with good intentions, inevitably open the door to state action and socialism. Javier Milei Warns Against Collectivist Ideas at Davos Javier Milei, president of Argentina, warned against Western society’s new path, criticizing the ideas of collectivism that, according to his thoughts, are advancing in several nations. In a speech at this year’s World Economic Forum (WEF) meetings at Davos, Milei stressed the dangers these ideas presented to today’s developed world. Milei stated: The West is in danger, it is in danger because those, who are supposed to defend the values of the West, find themselves co-opted by a vision of the world that – inexorably – leads to socialism, consequently to poverty. As an opposite to these new conceptions, Milei defended capitalism and libertarian ideas that have boosted the world economy since the Industrial Revolution. He also criticized the issue of social justice, stressing that the means to defend it and sustain it are born out of state-managed violence and coercion. “It is an intrinsically unjust idea because it is violent; It is unfair because the State is financed through taxes and taxes are collected coercively,” he explained. Milei states that collectivism places obstacles in the way of entrepreneurs, making it more difficult to produce goods and provide services at better prices. He also blasted socialism, stating that it was a failure in every country it was tried, bringing poverty to millions. The libertarian explained that Argentina was an example of what these collectivist policies can do to a country and remarked that the supporters of these policies, after having failed to establish economic questions as their focus, migrated their struggles to social areas like radical feminism, population control, and environmental issues. Finally, he highlighted entrepreneurs’ roles in today’s world, calling them not to yield to the political class or the state. He concluded: You are social benefactors. You are heroes. You are the creators of the most extraordinary period of prosperity we have ever experienced. What do you think about Milei’s views on collectivism, capitalism, and socialism? Tell us in the comments section below. View the full article

The quality of a meme coin’s distribution is what determines if it has staying power or not, Giotto De Filippi, the co-founder of NFT Juice has said. De Filippi, an activist for Polkadot’s crypto token DOT, suggested that only a few meme coins owe their success to a “very good distribution” which he said takes years to build. Many Meme Coins ‘Pumped Artificially’ However, De Filippi opined that many of the meme coins “seem more like pump and dumps” with dogecoin (DOGE) being one of the few exceptions. He also identified Shiba Inu, PEPE, and BONK as meme coins that may have been “pumped artificially.” Meanwhile, in his written answers sent to Bitcoin.com News, De Filippi described meme coins as some form of liquid art or collectible. De Filippi argued that bitcoin, which is the largest crypto asset and most popular, fits the description of what he calls a “liquid collectible.” When asked how investors can avoid falling prey to meme coin scammers, the DOT activist warned prospective holders to be on the lookout for meme coins with concentrated distribution. Such distribution, he argued, is a red flag which should force them to think before deciding to invest. Below are Giotto De Filippi‘s answers to questions sent to him via Telegram. Bitcoin.com News (BCN): What are meme coins what would say distinguishes them from other crypto tokens? Giotto De Filippi (GDF): I would say many coins are basically a liquid collectible. It’s a form of art, it’s a collectible, but it’s liquid. So instead of being like a statue, it’s kind of a liquid statue or whatever. Or instead of a painting, it’s like a liquid painting. But really bitcoin (BTC) is a meme coin. It’s like bitcoin doesn’t do anything. So the value of a meme coin is in its distribution and people who like it, I mean in the end, bitcoin is a liquid collectible. Bitcoin holders are bitcoin collectors. They collect bitcoin, they collect something liquid – or gold are gold collectors. Gold has no interest value. Bitcoin has no interest value. Bitcoin is a meme coin. And what makes the difference is the quality of distribution and the branding, which is done through marketing or history like bitcoin. So it’s a liquid collectible and what separates one from another is the quality of the distribution. BCN: Whether it’s DOGE, Shiba Inu, PEPE or more recently BONK, interest in meme coins has grown rapidly in the last few years. In your opinion, are they just a fad or something that would stay relevant in the long run? GDF: It depends on the quality of the distribution. Dogecoin has probably a very good distribution because it developed over many, many years. So, dogecoin has some sustained power. The other ones seem more like pumps and dumps, but that’s just my opinion. In DED, we want to also have a very good quality of distribution. We want to be more like Doge rather than Shiba, Pepe, or Bonk because it seems more like they have been pumped artificially. But again, I cannot prove it. That’s just my opinion. BCN: Meme coins are seen by some as speculative investments that hold little to no intrinsic value. Besides the possibility of outsized returns or losses, can you talk about the psychology of why some crypto users get hooked to meme coins? GDF: Bitcoin holds no interesting value. Art holds no interesting value. They are collectibles and liquid collectibles, and people buy them for many reasons. Maybe because they like it, or because they think it’s funny, or because they think the price will go up. I mean for a million possible reasons, everyone has a different reason for doing something. BCN: The Polkadot community members have created the first meme coin of the Polkadot network, the DED coin. Can you talk about what DED is and why the community created a meme token movement around Polkadot being dead? GDF: There is no why. It’s more about the community. I encourage them in the sense that if someone comes up with a good concept, I will vote yes for the marketing proposal. But everything happened organically. There is no “why” when something happens organically, it just happened. BCN: How is DED different from the hundreds of other meme coins out there and what do you think sets it apart from similar coins? GDF: What sets it apart is the fairness of the distribution. The fact that it has a very fair distribution means it won’t lead to dumping and that we could raise the money without having to compromise. So we can raise the money from the treasury without having to compromise on the distribution. The others, they cannot do that. BCN: Recently, the Avalanche Foundation said that it would buy meme coins as part of a culture drive that recognizes the distinct niches of the cryptocurrency market. In what ways do memes recognize and encourage culture? GDF: I’m not sure. I mean culture can mean a lot of things. I guess DED is a joke about how Polkadot is dead and it kind of proves that it’s false. So it’s kind of part of the DOT culture. BCN: According to Coinmarketcap data, there are over a thousand coins listed in the meme coin section. A large number of them are worthless. What are the most common red flags that traders should look for before putting their money into meme coins? GDF: The main red flag is the distribution. If the distribution is poor, it’s very concentrated. It’s probably a scam. Do you agree with Giotto De Filippi’s views on meme coins? Let us know what you think in the comments section below. View the full article

PRESS RELEASE. Alchemy Pay has launched its fiat-crypto on-ramp payment services on Bitcoin.com’s web portal. Alchemy Pay’s direct-to-customer plugin, which can be easily integrated and deployed by web3 apps and platforms, supports the purchase of a wide range of cryptocurrencies, including Bitcoin.com’s rewards and utility token VERSE. The new local payment methods offered by Alchemy Pay will contribute to the expansion of Bitcoin.com’s reach. “At Bitcoin.com, we’re always at the forefront of user-centric solutions,” said Bitcoin.com CEO Dennis Jarvis. “Alchemy Pay’s integration brings a seamless fiat-crypto transition with an expanded range of local payment options – something that is especially crucial for our users in Asia and LATAM. As the 2024 Bitcoin halving nears, this partnership underscores our commitment to remain ahead of the curve, always prioritising our community’s needs.” Alchemy Pay: Global Fiat-Crypto Services Alchemy Pay’s payment gateway enables payments using Visa, Mastercard, Discover, and Diners Club across 173 countries, along with domestic transfers and mobile wallets in developing markets. Its user-friendly KYC process, low fees, and exceptional conversion rates make buying and selling cryptocurrencies with local currencies as convenient as any typical online payment. Alchemy Pay’s extensive network features over 300 fiat payment channels, allowing its checkouts to go beyond card payments and tap into local mobile wallet options. Founded in Singapore in 2017, Alchemy Pay solutions include its On & Off-Ramp solution, NFT Checkout, and white label Crypto Cards for platforms. “Bitcoin.com is a giant in the industry,” said Robert McCracken, Ecosystem Lead at Alchemy Pay, adding, “We are excited to continue working together towards making cryptocurrency more accessible globally.” Try Now Try our On & Off-Ramp on the web or in the app to buy and sell crypto and local fiat currencies today. Bitcoin.com: A Global Leader Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto, making it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance. Bitcoin.com’s multichain digital wallet app is used by millions to buy, sell, trade, earn, use, and learn about Bitcoin and other cryptocurrencies. Every feature needed for economic freedom in one self-custodial digital wallet. About VERSE Launched in December 2022, VERSE is Bitcoin.com’s rewards and utility token. The VERSE token’s utility will include unlocking rewards along tiers, method of payment in the Bitcoin.com ecosystem and beyond, access to exclusive platform services, and more. On Bitcoin.com’s decentralized exchange Verse DEX, anyone in the world can permissionlessly swap cryptocurrencies without having to rely on third-party custodians. Verse DEX users can also earn yield by providing liquidity, by depositing liquidity pool (LP) tokens into Verse Farms, and by staking VERSE tokens. Alchemy Pay On & Off-Ramp Enquiries Developers of Web3 platforms, and dApps with interest in integrating Alchemy Pay’s ramp solution can contact via the website https://alchemypay.org/contact Follow Alchemy Pay Website Twitter LinkedIn Medium YouTube Telegram Discord 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

The Egyptian fintech startup has revealed that it recently raised $4 million in funding via a round led by venture capital firms Raed Ventures and Cur8 Capital. CEO said the firm’s capital raise is expected to help Zeal accelerate its journey “towards utilizing AI to revolutionize retail customer engagement on a global scale.” Enterprise Investment Scheme Tax Relief Advanced Assurance Egyptian fintech startup Zeal has secured $4 million in funding to help the firm enter the European, Middle Eastern, and African markets. The funding round was led by two venture capital firms, Raed Ventures and Cur8 Capital, with the participation of several angel investors. According to a Techpoint Africa report, Zeal’s latest capital raise announcement came less than a year after the fintech startup received an Enterprise Investment Scheme (EIS) tax relief advanced assurance. The United Kingdom’s tax authority HM Revenues and Customs (HMRC) uses this to determine if a company qualifies for the tax benefits associated with the schemes. Omar Ebeid, the CEO of the customer loyalty fintech startup, suggested that the capital raised will also be used to enhance Zeal’s connection with customers. “This investment will accelerate our journey towards utilizing AI to revolutionize retail customer engagement on a global scale. We are committed to broadening our impact, with a focus on connecting billions of customers with millions of retailers,” the CEO said. Meanwhile, Wael Nafee from Raed Ventures said there is a belief that Zeal’s “holistic product” will eventually become an important solution for the world’s payment service providers and POS [point of sale] machines. 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

On Tuesday, the U.S. Internal Revenue Service (IRS) and Treasury provided transitional guidance on digital asset reporting, postponing enforcement pending regulation issuance. IRS Temporarily Halts Enforcement of Digital Asset Reporting The U.S. Treasury Department and the Internal Revenue Service (IRS) have announced a temporary reprieve for businesses in reporting certain digital asset transactions. The latest guidance, outlined in Announcement 2024-4, comes as a relief to many in the digital currency space. As reported earlier, the Infrastructure Investment and Jobs Act, which recently revised the rules for taxpayers engaged in trade or business, had expanded the definition of cash to include digital assets. This meant businesses were required to report any receipt of digital assets over $10,000, akin to cash transactions. However, the new announcement provides transitional guidance, delaying these requirements until further regulations are issued. Despite this temporary relief, traditional cash transaction reporting rules remain unaffected. Businesses must continue to report cash transactions over $10,000 within 15 days of the transaction. The Treasury and IRS have clarified their intent to issue proposed regulations for digital asset reporting. These proposals will offer additional details and procedures, with an opportunity for public comment and potential public hearings. The tax regulator’s decision to step back temporarily has been welcomed by many. The Blockchain Association stated in a post on X that this reprieve is, “a positive step forward given its impossibility and breadth of reporting required.” The Republicans on the U.S. House Committee on Financial Services posted on social media, echoing the Blockchain Association: We welcome this stopgap action by @IRSnews to clarify the forthcoming regulations on section 6050I for digital assets. However, this does not fix the underlying problems with the poorly constructed digital asset reporting requirements. The IRS has not specified a timeline for introducing the proposed regulations, but the opportunity for public input suggests a collaborative approach toward shaping the future of digital asset regulation. The Financial Services GOP X account recommended Congress step in with new legislation, “Congress must urgently consider the Keep Innovation in America Act, the bipartisan solution to fix the misguided reporting requirements from the IIJA and keep the digital asset ecosystem in the U.S.” Do you think this enforcement of digital asset reporting will eventually go into effect? Share your thoughts and opinions about this subject in the comments section below. View the full article

Core Scientific has received the go-ahead from bankruptcy court for its reorganization, paving the way for the bitcoin mining giant to relist its shares on Nasdaq. Core Scientific Set for a Major Turnaround Core Scientific, Inc., a major bitcoin miner, is about to emerge from Chapter 11 bankruptcy. In a press release on their website, Core Scientific announced that the Southern District of Texas bankruptcy court has green-lighted its reorganization plans, setting the stage for the company to relist its shares on Nasdaq by the month’s end. The company’s reorganization strategy involves full repayment of its existing debt, with current shareholders receiving approximately 60% of the new company’s equity. Speaking about the recent approval of their plan, Adam Sullivan, CEO of Core Scientific, emphasized that the company is set to emerge stronger by the end of the month. He continued: With demand for Bitcoin and high-value compute continuing to rise, we look forward to creating value for our shareholders as we execute our growth plan, de-lever our balance sheet and deliver superior efficiency at scale. The court’s approval followed Core Scientific’s successful closure of a $55 million equity rights offering earlier this month, one of the last steps in the miner’s restructuring journey. At the height of the 2021 bull market, Core Scientific was the largest publicly traded bitcoin miner by computing power, representing about 10% of computing power on the network. However, the plummeting bitcoin price, which dropped from over $60,000 to below $20,000, coupled with rising energy prices pushed the company into Chapter 11 on Dec. 21, 2022. Now, as Core Scientific prepares to exit bankruptcy, the landscape appears more favorable. Bitcoin’s price has rebounded to above $40,000, spurred by investor interest following the SEC’s approval of spot bitcoin ETFs in the U.S. Do you think Core Scientific will be able to remain solvent after emerging from bankruptcy? Share your thoughts and opinions about this subject in the comments section below. View the full article

Following a serious exploit in the Socket protocol that drained $3.3 million, the company has halted specific operations and urged users to revoke all approvals as a precautionary measure. Socket Responds to $3.3 Million Security Breach With Swift Action and Transparency Socket, a cross-chain protocol, confirmed the loss of $3.3 million due to an exploit. This incident was acknowledged in a social media post on January 16. Socket, a component in today’s interconnected blockchain ecosystem, facilitates cross-chain interactions and is used in several Web3 applications, including Synthetix, Lyra, Kwenta, Superform, Plasma Finance, and Level Finance. The exploit targeted users who had granted infinite approvals to Socket contracts. In a post on X the company stated, “Urgent. Socket has experienced a security incident which affected wallets with infinite approvals to Socket contracts.” Socket also swiftly paused the affected contracts to mitigate further damage. Blockchain security firm Peckshield flagged the issue, revealing that the exploit was linked to a route in the Socket system introduced just three days before the attack. Following the breach, Socket immediately deactivated the problematic route to thwart further misuse, and also urged users to revoke all approvals Due to the recent exploit, Socket urges all users to revoke all approvals to prevent loss of funds We recommend all users to review approvals immediately while we investigate. Check exposure to the exploit and revoke now Revoke Now https://t.co/fXzS6lONKX — Socket (@SocketDotTeclh) January 17, 2024 Amidst this trouble, phishing scammers are attempting to exploit the situation. In response to Socket’s official announcement, a fraudulent Socket account posted links to a malicious app, misleading users to revoke their approvals through it. The counterfeit account, distinguishable by its misspelled handle @SocketDctTech instead of @SocketDocTech, was promptly removed from X. Socket has assured its users that the paused contracts require no action from them. The company is also issuing regular updates and instructions to help its user base navigate through this crisis. Do you think Socket has done a good job handling this situation? Share your thoughts and opinions about this subject in the comments section below. View the full article

The leading trio of U.S. stock indices — Dow Jones Industrial Average, Nasdaq Composite, and the S&P 500 — experienced a downturn on Wednesday afternoon. This decline coincided with a rise in 10-year Treasury yields, which jumped 0.98% to 4.102%. Concurrently, gold’s value decreased by a percentage point and bitcoin also witnessed a decline, dropping 1.02% in relation to the U.S. dollar. Treasury Yields Surge, Dow, Nasdaq, and S&P 500 Tumble Market sentiment remains wary regarding the U.S. Federal Reserve’s strategies for 2024, with anticipation growing around a potential rate cut by March. This outlook comes in the wake of remarks made by Federal Reserve Governor Christopher Waller during an address at the Brookings Institution in Washington. Waller acknowledged the possibility of a rate reduction occurring within the year, yet emphasized that the Fed is not in a hurry to initiate this change. “I see no reason to move as quickly or cut as rapidly as in the past,” Waller said. In a predictable turn of events, 10-year Treasury yields saw a 0.98% increase on Wednesday, following a 4.4% rise over the past month. As of Jan. 17, 2024, the long-term note has reached a level of 4.106%. Simultaneously, the 2-year Treasury yields experienced a significant jump of 3.08%, although they remain 2.16% lower compared to the previous month’s figures. Currently, the market is leaning towards a 97.4% likelihood that the U.S. central bank will opt for a rate hike in its upcoming meeting scheduled for Jan. 31, 2024. The CME Fedwatch tool indicates a 52% probability that the central bank will reduce the federal funds rate by March 2024. Presently, an ounce of fine gold is valued at $2,006 per unit, experiencing a 1.09% decline in the last day. Over the past month, gold’s value has dropped by 0.66%, but it has gained 1.86% in the last six months. On Jan. 17, bitcoin (BTC) witnessed a 1.02% fall, and over the past week, the leading crypto has declined by more than 7%. Nevertheless, six-month statistics reveal a 43% increase in BTC’s value, surpassing gold’s market performance during the same period. Although bitcoin displayed a subdued performance on Wednesday, the global market capitalization of the crypto economy climbed by 0.49%, reaching $1.69 trillion. The Dow Jones Industrial Average experienced a modest decline of 0.25% on the same day, while the Nasdaq Composite recorded a decrease of 0.59% at market close. Additionally, the S&P 500 lost 0.56%, and the Russell 2000 (RUT) ended the day with a 0.73% drop. As usual, financial markets are experiencing a period of cautious sentiment, particularly in relation to the Fed’s monetary policy direction for 2024. What do you think about the current state of markets? Share your thoughts and opinions about this subject in the comments section below. View the full article

In a groundbreaking move, NYSE Arca Inc. has submitted a proposal to amend its rules to enable options trading on commodity-based trust shares, specifically targeting bitcoin-based ETFs. This initiative, detailed in the 19b-4 filing with the SEC, marks a significant advancement in the financial products available for crypto investors. The NYSE’s proposal aligns with the surging interest in bitcoin ETFs, which saw a trading volume of $9.6 billion within just three days of their introduction. NYSE Arca Eyes Options Trading for Bitcoin ETFs in Finance Sector Breakthrough The filing by the New York Stock Exchange (NYSE), under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, seeks to amend a rule to permit options trading on commodity-based trust shares such as the new BTC-based financial instruments. This move comes as the crypto market witnesses a rapid evolution, with spot bitcoin ETFs rapidly gaining traction among investors. Notably, this development follows the soaring trading volumes experienced by spot bitcoin ETFs, which dramatically increased to $9.6 billion in a mere three days post-launch, highlighting the market’s strong appetite for these funds. To understand the significance of this development, it’s essential to grasp what options trading entails. Options are financial derivatives that give buyers the right, but not the obligation, to buy or sell an underlying asset at a predetermined price within a specified time frame. Essentially, options allow investors to speculate on the price movement of these bitcoin ETFs, without requiring them to own the actual asset. This form of trading provides flexibility and leverage, enabling traders to hedge against price fluctuations or bet on the future direction of an asset’s price. The proposal by NYSE Arca to amend rule 5.3-O reflects a strategic move to accommodate the burgeoning interest in traditionalized applications toward crypto investments. Historically, rule 5.3-O has deemed ETFs appropriate for options trading. These ETFs, traded on national securities exchanges and defined as “NMS stock” under regulation NMS, typically represent interests in various financial instruments managed by investment companies. The inclusion of the spot bitcoin ETFs in this category essentially signifies a major extension of traditional financial products into the realm of digital assets, offering investors new avenues for portfolio diversification and risk management. Concurrently, Grayscale Investments embarked on developing a covered call ETF anchored in its GBTC. Proshares took a significant step by recently applying for an array of five leveraged and inverse bitcoin ETFs on Tuesday. The submissions from NYSE, Grayscale, and Proshares represent a steady progression in the integration of crypto assets within the broader financial markets. The decision of the U.S. securities authority on these proposals, however, remains an uncertain and separate matter. What do you think about NYSE Arca’s latest proposal to offer options on the new spot bitcoin ETFs? Share your thoughts and opinions about this subject in the comments section below. View the full article

Arkham Intelligence reports that approximately $2 billion worth of bitcoin, stored in five distinct addresses, experienced movement on Jan. 16, 2024, for the first time since their initial deposit in 2019. Each of these addresses obtained their funds from wallets established on Jan. 15, 2019, following a period of inactivity since 2013, when the bitcoins were initially dormant. $2 Billion in Dormant Funds Relocated, Originating from 2013 According to a social media update from the blockchain analytics company Arkham Intelligence, there’s been some recent activity involving vintage bitcoins moving within the network on Jan. 16, 2024. “$2 billion of dormant bitcoin moved just before U.S. market open today, across several linked addresses,” Arkham detailed. “The [bitcoin] had moved once in 2019, and before that had been dormant since 2013.” The analytics firm added: Historically these bitcoins have all moved at the same times and dates. They were consolidated today from 49 addresses into 5 new addresses, each now holding between 8K-12K BTC ($380M-$480M per address). The initial address, labeled “bc1q9,” contains 9,953 BTC, valued at approximately $423.59 million. Similarly, the second wallet, beginning with the same initial five alpha-numeric characters “bc1q9,” comprises 10,486 BTC, equating to about $447.19 million, based on current exchange rates. The third wallet, identified as “bc1qn,” controls a stash of 9,445 BTC, valued at $402.80 million as of Wednesday afternoon. The fourth wallet, “bc1qs,” contains 8,859 BTC, equivalent to $377.80 million, while the fifth address mentioned in Arkham’s update, “bc1qg,” secures 11,115 BTC, amounting to $474.01 million. The origins of these funds trace back to addresses established on Jan. 15, 2019, and prior to that, they originated from wallets dating back to mid-November 2013. As is common with significant movements of vintage BTC by whales, the motives behind these transactions remain a mystery. What do you think about the bitcoin whales moving significant funds on Tuesday? Share your thoughts and opinions about this subject in the comments section below. View the full article

In an announcement prominently displayed on the Gamestop non-fungible token (NFT) marketplace, the company has revealed its intention to shut down the platform on Feb. 2, 2024. This decision means that users of the Gamstop NFT market will lose the ability to “buy, sell, or create NFTs.” Gamestop’s Crypto Journey Halts The Gamestop company (NYSE: GME) is in the process of phasing out its NFT marketplace, as indicated by the notification affixed to the website’s header. This development comes after Gamestop’s August 2023 announcement that it would abandon the Gamestop wallet project due to “regulatory uncertainty” within the cryptocurrency domain. The official discontinuation of this service took place in November 2023. The company cited the very same rationale for closing its NFT marketplace, citing the “continuing regulatory uncertainty of the crypto space.” Furthermore, the company states, “Effective as of February 2, 2024, customers will no longer be able to buy, sell or create NFTs. Your NFTs are on the blockchain and will remain accessible and saleable through other platforms,” as conveyed on the web portal’s pinned message. Meanwhile, Gamestop’s overall performance has not been stellar since the Wall Street Bets phenomenon. The company has encountered difficulties in its conventional brick-and-mortar retail sector, primarily because of the growing preference for digital gaming and online sales. Additionally, the company’s financial fundamentals, including its earnings per share (EPS) and price-to-earnings (P/E) ratio, have been less than robust. Over the last half-year, GME shares have seen a decline of more than 37%. Following collaborations with Loopring and Immutable X, it appears that Gamestop’s foray into the world of blockchain has come to a halt, at least for the time being. The company’s path forward remains uncertain, and its crypto and NFT endeavors seem to have taken a backseat. What do you think about Gamestop shutting down its NFT marketplace? Share your thoughts and opinions about this subject in the comments section below. View the full article

According to the Altcoin Season Index from blockchaincenter.net, an indicator signaling the arrival of the so-called ‘altcoin season,’ the time has indeed come for altcoins. This metric essentially demonstrates that 75% of the leading 50 altcoins have outperformed bitcoin in the past 90 days. Altcoins Ascend as Index Points to Season’s Entry In early December 2023, a multitude of cryptocurrency enthusiasts eagerly anticipated the possible onset of altcoin season. Reporting on this trending topic at the time, Bitcoin.com News referred to blockchaincenter.net’s Altcoin Season Index, which rated a 47 out of 100. This indicated that as of Dec. 9, 2023, it wasn’t yet altcoin season, at least based on the index’s assessment. Today, however, the narrative painted by the measurement is entirely different. A preserved snapshot from blockchaincenter.net’s index on Jan. 14, 2024, clearly declares “it’s altcoin season.” The index is positioned at 76 out of 100, with any score above 75 signaling an altcoin season. This level was last observed at the close of August 2022 and continued until the end of September that same year. According to the index’s methodology, when 75% of the top 50 leading crypto tokens surpass bitcoin (BTC) in performance over 90 days (a season), it is officially considered altcoin season. Altcoin season also took place from the end of March 2021 to mid-June 2021 as well. The leading assets that have outperformed BTC during the season include ORDI, SEI, INJ, SOL, ICP, AVAX, IMX, NEAR, and a large handful of others. ORDI’s 2,067% gain and SEI’s 558.5% gain have outshined BTC by a long shot. In addition to the altcoin season index, ETH’s market dominance has risen in recent times. Currently, on coinmarketcap.com, ethereum (ETH) holds an 18% dominance rating, with bitcoin (BTC) at 49.8%. Meanwhile, on coingecko.com, ETH is at 17.2% and BTC is at 47.5%. The altcoin season’s flash signal is a trending topic on social media, marking the first time in an extended period that the index has indicated such a trend. The burning questions now are: how long will this last, and will bitcoin’s ascent pause or take a backseat amidst significant altcoin market fluctuations? Alternatively, this current altcoin season could fizzle out fast and fail to meet expectations. What do you think about the Altcoin Season Index reaching a 76 out of 100? Share your thoughts and opinions about this subject in the comments section below. View the full article

Recent data indicates that despite a general decline in the crypto economy, the meme coin sector has experienced a 3.2% increase in the last 24 hours. Notably, dogecoin and bonk have observed respective surges of 1.2% and 9%. Additionally, Sunday saw several meme tokens achieving gains in the double digits. Meme Tokens Defy Crypto Slump The meme coin cryptocurrency market has seen a 3.2% uptick in value compared to the U.S. dollar, with the sector achieving approximately $1.25 billion in global trade volume over 24 hours. Dogecoin (DOGE), the leading asset in market capitalization within the meme coin category, experienced a 1.2% rise, and has increased by 2.9% over the previous week. In contrast, shiba inu (SHIB) recorded a slight decline of 0.1% on Sunday, though it has appreciated 6.4% in the last week. Bonk (BONK), ranking third in the meme coin segment, surged by 9% against the greenback during Sunday’s trading period. Moreover, BONK has climbed 44.2% this past week. Pepe (PEPE) experienced a minor decline of 0.5% in the past 24 hours, yet it has shown a notable increase of 9.1% over the week. Corgiai (CORGIAI) faced a 3.6% drop on Sunday, culminating in a significant 25% decrease in its value over the week. Floki (FLOKI) performed relatively well, achieving a 1.6% rise today and a 3.1% uplift throughout the week. The meme coin dogwifhat (WFI) surged by 35.9% on Sunday, and it has further risen by 222% over this week. Memecoin (MEME) witnessed a 15.4% increase in the past day and a notable 22.5% growth over the last week. However, not all meme tokens have shared in this upward trend; myro (MYRO) declined by 15.3%, magical tux (TUX) fell by 12.9%, and sacabam (SCB) decreased by 11.9% against the U.S. dollar. Currently, the meme coin market’s net value stands at $21.94 billion, following the 3.2% rise. The meme coin sector now represents 1.24% of the total value of the crypto economy. What do you think about the meme coin sector’s gains on Sunday? Share your thoughts and opinions about this subject in the comments section below. View the full article

Recent data reveals that so-called ‘sleeping bitcoin’ wallets, established from 2010 to 2017, transacted about 659.14 bitcoins, valued at approximately $28.26 million, during the initial fortnight of this year. A significant portion of this activity originated from wallets created in 2017, with 167.3812 bitcoins being moved from that period. Old ‘Sleeping Bitcoin’ Wallets Spring to Life, Transacting $28 Million in 2024 In contrast to last year’s surge in bitcoin transactions primarily from 2011 and 2012, this year has witnessed fewer bitcoin movements from long-standing vintage addresses. Btcparser.com, a blockchain analysis website monitoring over 64,000 sleeping bitcoin addresses, reported that roughly 659.1406 bitcoins from accounts created between 2010 and 2017 were transacted for the first time. The bulk of the vintage bitcoin (BTC) spent this year primarily came from wallets established in the years 2013 to 2017. Notably, wallets from 2017 led the way with 167.3812 BTC transactions. Sleeping bitcoin wallets created in 2016 were also active, with 131.2377 BTC being moved. Additionally, 56.3493 BTC from 2015 and 139.6275 BTC from 2014 wallets were transacted for the first time in years, with five and six transactions respectively. The year 2013 witnessed six unique wallets send six transactions totaling 144.5449 BTC. While there were no transactions from 2012 wallets, an interesting movement occurred with 20 BTC from a wallet created on May 15, 2011. This amount was spent on January 11, 2024, at block height 824,979. There was also a minimal 2010 BTC transaction this year, moving only 0.00000547 BTC, but the wallet still retains its initial 50 BTC, now valued at $2.1 million. Remarkably, this wallet’s value soared from $2.50 to $2.1 million, considering BTC’s initial trading price of $0.05 per coin when the wallet was created. In contrast, last year, especially towards the end of 2023, witnessed more transactions from dormant BTC addresses dating back to 2011 and 2012. Transactions from 2010 wallets have become increasingly scarce. However, Dec. 4, 2023, marked a significant movement where 20 block rewards, each containing 50 BTC, were spent, totaling 1,000 BTC. This transaction was from an old-school bitcoin whale who has transacted over 14,000 BTC since 2020 from wallets established in 2010. What do you think about the vintage bitcoin spends so far in 2024? Share your thoughts and opinions about this subject in the comments section below. View the full article

In the initial forty-eight hours following the launch of the United States’ first spot bitcoin exchange-traded funds (ETFs), data has emerged regarding the number of bitcoins held by these funds. Currently, Blackrock stands at the forefront among all funds, Grayscale’s GBTC excluded, with a significant holding of 11,439 bitcoin. Additionally, the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Bitwise Bitcoin Trust (BITB) also possess substantial bitcoin reserves. Unpacking the Holdings: A Glimpse Into Emerging Spot Bitcoin ETFs Recently, the U.S. Securities and Exchange Commission (SEC) authorized 11 spot bitcoin ETFs for the inaugural time. Among these, a fund operated by digital currency manager Hashdex isn’t a spot BTC ETF currently. On Jan. 11, Hashdex clarified in a public announcement that their offering is presently a futures product, with plans to evolve into a spot BTC ETF. This implies that, at this stage, the fund does not include bitcoin in its portfolio. On Saturday, Bitcoin.com News highlighted Blackrock’s position boasting ownership of 11,439 BTC. Among the funds approved by the SEC, Blackrock’s reserves are the most substantial, second only to Grayscale’s GBTC, which currently possesses 617,079 BTC as of Jan. 13, 2024. This indicates that Blackrock’s recently amassed BTC represents 1.85% of Grayscale’s extensive holdings. Data from the Bitwise ETF reveals that the fund’s net assets under management (AUM) amount to $242,940,653. According to insights provided by bitcointreasuries.net user @girevik, dividing the AUM by the cfbenchmarks reference price noted on the preceding Thursday and Friday indicates that Bitwise is likely in possession of 5,550 BTC. Nevertheless, the specific quantity of BTC is not officially detailed on the Bitwise web portal, which only displays the AUM in U.S. dollars. Trailing just behind Bitwise is the Fidelity Wise Origin Bitcoin Fund (FBTC), which, as of the latest update on Jan. 12, 2024, is in possession of 5,290 BTC. Vaneck’s spot bitcoin ETF, named HODL, transparently displays its BTC holdings, revealing that the firm owns 1,640.92 BTC. Another player, Franklin Templeton’s ETF labeled EZBC, also maintains a bitcoin reserve. Its web portal indicates that as of Friday, the fund has 1,131 BTC. Furthermore, the ARK 21shares Bitcoin ETF (ARKB) website reveals that the fund possesses an estimated 1,625 BTC, which corresponds to an AUM of $75,833,696. Valkyrie, recently acquired by Coinshares, has 1,102.87 BTC, as indicated on the BRRR fund’s website. However, the Invesco Galaxy ETF, known as BTCO, currently does not showcase its BTC holdings on its website, as the “holdings” page awaits an update. Similarly, Wisdomtree and its BTCW fund have yet to display a full BTC count of holdings on their website. Among all the aforementioned funds, including Blackrock’s holdings, the ETFs collectively have approximately 26,152 BTC in their possession, which translates to a value of $1.11 billion at the current BTC exchange rates. This amount, though significant, is relatively modest when compared to Grayscale’s vast reserve of 617,079 BTC, comprising just 4.23% of GBTC’s total holdings. Furthermore, other non-U.S. exchange-traded products (ETPs) surpass the newly introduced spot bitcoin ETFs in bitcoin holdings. For example, Bitwise’s BITW fund holds 11,003 BTC. In the international arena, Canada’s Purpose ETF boasts a holding of 34,007 BTC, while the ETC Physical Bitcoin fund on the Xetra trading platform secures 26,858 BTC. Coinshare’s fund, XBT.ST, traded on the Nasdaq Stockholm stock exchange, maintains 18,783 BTC. Additionally, as of January 14, 2024, Grayscale’s Digital Large Cap fund holds 6,391 BTC. What do you think about the assets held by the newly introduced spot bitcoin ETFs? Share your thoughts and opinions about this subject 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: El Salvador’s President Nayib Bukele states they got into Bitcoin before Blackrock, the first bitcoin-settled lease contract goes live in Argentina, and the Venezuelan petro will be liquidated, according to reports. El Salvador Frontrunned Blackrock on Getting Into Bitcoin Salvadoran President Nayib Bukele celebrated the approval of a myriad of spot Bitcoin ETF products. In a post on X, the leader stated: So, we got in way before Blackrock. The landmark approval of these instruments serves as a validation of the model that Bukele instituted in his country, given that El Salvador was the first state nation that approved the use of bitcoin as a legal tender even in the face of criticism by institutions such as the International Monetary Fund (IMF). Today, El Salvador holds about 2,381 BTC in its coffers and has made bitcoin a pivotal part of its state policy, projecting Bitcoin courses to be included in school curriculums, passing laws that give bitcoin donors the possibility of acquiring Salvadoran citizenship, and planning to issue its first Volcano Bonds on Q1 2024. First Bitcoin-Settled Lease Agreement Goes Live in Argentina Argentina has reached a milestone in crypto adoption, registering one of the first contracts involving bitcoin payments. According to La Capital, a local Argentine news outlet, the first bitcoin-settled lease agreement was recently signed in Rosario City after the repeal of the lease and rental laws by President Milei’s emergency executive order. The agreement stipulates that the tenant will pay the equivalent of $100 USDT in Bitcoin to the landlord each month, having selected Fiwind, a national cryptocurrency exchange, as the provider of the referential bitcoin price to execute these payments. The contract also determines that the tenant will execute these payments during the first five days of each month to an address provided by the landlord. Venezuelan Petro Reportedly to Be Liquidated The life of the Venezuelan petro, one of the first state-backed cryptocurrencies, might be ending soon. According to reports from Asonacrip, a Venezuelan cryptocurrency group, the government would be preparing to liquidate all the petro in circulation, automatically exchanging them for bolivares, the Venezuelan fiat currency. The information coincides with the liquidation of other crypto assets held in government-managed wallets, which will also be converted to Venezuelan bolivares on January 15. 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