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The SEC approved spot bitcoin ETFs, sparking a lukewarm market response despite ethereum’s rising prominence. Meanwhile, intrigue swirled around a mysterious $1.19 million bitcoin transfer to the genesis address linked to Bitcoin’s creator, Satoshi Nakamoto. The launch day of U.S. spot bitcoin ETFs saw a staggering $4.6 billion in trading volume, with Blackrock’s debut ETF alone accounting for $1 billion. Amidst these market shifts, renowned financial expert Robert Kiyosaki bolstered his bitcoin holdings. Mass Approvals: SEC Green-Lights 11 Spot Bitcoin ETFs The U.S. Securities and Exchange Commission (SEC) has approved 11 spot bitcoin exchange-traded funds (ETFs) for listing and trading on U.S. stock exchanges. In a historic move after years of anticipation and regulatory hurdles, the approved spot bitcoin ETFs are expected to start trading Thursday on NYSE Arca, Nasdaq, and Cboe BZX Exchange. Read More Ethereum Steals the Spotlight — SEC’s Approval of 11 Bitcoin ETFs Meets Tepid Market Reaction In the 24 hours following the historic announcement of spot bitcoin ETF approvals, the price of bitcoin witnessed stale action. In striking contrast, ethereum rallied, marking a 9.1% rise on Wednesday, overshadowing bitcoin’s underperformance. Read More Mystery Transfer — Unidentified Wallet Sends $1.19 Million in Bitcoin to Satoshi Nakamoto’s Genesis Address Two days after Bitcoin’s 15th anniversary, an unidentified wallet transferred roughly 26.917 bitcoin, valued at $1.19 million, into Satoshi Nakamoto’s Genesis wallet. Originating on Jan. 3, 2009, this wallet has primarily accumulated nominal dust transactions. Read More US Spot Bitcoin ETFs Rack up $4.6 Billion in Trading Volume on Day 1 — Blackrock Debuts With $1 Billion U.S. spot bitcoin exchange-traded funds (ETFs) racked up $4.6 billion in total trading volume on their first day of trading. Blackrock, the world’s largest asset manager, debuted with more than $1 billion in trading volume for its Ishares Bitcoin Trust. Grayscale’s spot bitcoin ETF, which converted from the Grayscale Bitcoin Trust, registered a total trading volume of $2.3 billion. This is “easily the biggest Day One splash in ETF history,” said an ETF analyst. Read More Robert Kiyosaki Increases BTC Holdings After SEC Approval of Spot Bitcoin ETFs Rich Dad Poor Dad author Robert Kiyosaki has revealed that he bought additional bitcoin following the approval of spot bitcoin ETFs by the SEC. Read More Do you think the spot bitcoin ETF approvals will lead to significant inflows? Share your thoughts and opinions about this subject in the comments section below. View the full article

While the Ethereum network’s migration to a proof of stake (PoS) consensus mechanism has seen the protocol become less energy-intensive, Alon Muroch, the founder of the SSV Network core team, said if the number of validators is not contained this can lead to a network overload. The Promise Offered by Distributed Validator Technology Muroch said many stakeholders including Ethereum co-founder Vitalik Buterin are already working on potential solutions which can stop the network from becoming overloaded. As the data from Staking Rewards has shown, the Ethereum network is on course to see a 100% staking of ether by December 2024. If this happens, the network runs the risk of not having any ETH left for transaction purposes, the founder of the SSV Network core team argued. While the idea of capping the number of validators is seen as a more practical solution, Muroch said he believes Distributed Validator Technology (DVT) to be the ideal solution to the problem. He argued that besides helping to remove single points of failure, DVT increases client diversity and overall reduces systemic risk. In his written answers sent to Bitcoin.com News, Muroch urged the staking community to make DVT the “gold standard” for staking infrastructure.” When this is widely adopted, DVT not only helps to reduce the systemic risk on Ethereum but also enables more robust staking services. Below are Muroch’s answers to all the questions sent. Bitcoin.com News (BCN): According to Staking Rewards, there are more than 894,000 validators on the Ethereum network, and the number is expected to go up soon. Though it helps with decentralization, do you believe that the sheer number of validator nodes puts great strain on the network? Alon Muroch (AM): The growing number of validators on the Ethereum network is a concern that’s being actively discussed amongst core devs/communities and projects like SSV Network. In a recent discussion thread, Vitalik [Buterin] addressed some ways to mitigate this issue, one of the solutions is to use DVT. DVT can enable “grouping” many validators under a single cluster, in a distributed way, reducing the load on the beacon chain. BCN: Validator weaknesses, especially the key management and downtime risks, are not fully understood by the ETH community. Can you share a few details of what you with our readers? AM: Running validators at scale is a complicated task, especially in a competitive market like ethereum. In recent weeks, several compromised operators and client developers affected Ethereum’s performance, which could have been avoided with a fault-tolerant protocol like DVT. BCN: What is Distributed Validator Technology and how does it work? AM: Distributed-Validator-Tech (DVT) is a protocol that enables the distributed operations of an ethereum validator between independent operators. SSV built a whole DVT network which enables anyone to run a distributed validator in seconds, and for developers to build entire applications. DVT was initially designed, by the Ethereum Foundation, as a way to distribute ethereum and make it more robust. It helps with removing single points of failure, increasing client diversity and overall reducing systemic risk. DVT uses a consensus protocol and threshold signatures as its core components (alongside P2P publish/subscribe networking). No single operator within a DVT cluster can compromise the validator. BCN: With the growing number of Ethereum validators, how does SSV Network’s ETH staking infrastructure ensure seamless utilization of DVT at scale? AM: DVT at scale is a hard challenge that we’ve been working on for 3 years. It requires a lot of design work, optimization and developer tooling. SSV is built as a network so every tool/ optimization/ research can easily propagate to the entire network. SSV Just launched to fully permissionless mainnet and already manages 70K ETH stake with better than benchmark performance. We expect the DVT market share to be 10-20X what it is today. BCN: Just like other protocols, your network claims to be an open-source, decentralized, and permissionless network. While a decentralized platform is always better for Web3, you are also aware that a lot of the decentralized projects have an element of centralization at their core. How do you assure developers and stakers that SSV Network is what you say it is? AM: From inception, SSV set as a goal the independence of its DAO. That means the DAO has an independent ability to control and progress the protocol. Regardless of any specific team/ person. To that end, grants are granted to different teams to develop different components of the protocol. The DAO controls the protocol contracts and any updates to them. All of that means that token holders vote to decide how SSV will look in the future. BCN: Given the benefits of DVT, in your view, what initiatives should the staking industry take or encourage to make DVT as accessible and easy to use as possible for developers? AM: I believe the staking community needs to adopt DVT as the gold standard for staking infrastructure and make sure we move from a single point of failure setup (the current tech stack most use) to a distributed validator future. It will reduce the systemic risk on Ethereum and make better and more robust staking services. DVT is to staking what L2s are for transaction processing, a decentralized alternative, which is superior. What are your thoughts about this interview? Let us know what you think in the comments section below. View the full article

Investing giant Vanguard has doubled down on its anti-bitcoin and anti-crypto stance after disallowing investors access to spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) this week. The firm has also announced that it will no longer accept the purchase of cryptocurrency products, including bitcoin futures ETFs. Ark Invest CEO Cathie Wood called this decision “a terrible mistake” and “a strategic blunder.” Vanguard’s Anti-Crypto/Bitcoin Policy Intensifies Investing giant Vanguard has doubled down on its anti-crypto and anti-bitcoin policy in addition to blocking customers from trading spot bitcoin exchange-traded funds (ETFs) recently approved by the U.S. Securities and Exchange Commission (SEC). A spokesperson for Vanguard told Axios Friday: In addition to spot bitcoin ETFs not being available for purchase on the Vanguard platform, effective immediately, Vanguard will no longer accept the purchase of cryptocurrency products, including bitcoin futures ETFs. “This change allows us to focus on offering a core set of products and services consistent with our commitment to serve the needs of long-term investors,” the spokesperson added. When customers saw they couldn’t trade new spot bitcoin ETFs on Thursday, Vanguard stated: “Spot bitcoin ETFs will not be available for purchase on the Vanguard platform. We also have no plans to offer Vanguard bitcoin ETFs or other crypto-related products. Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio.” Ark Invest CEO Cathie Wood called the decision by Vanguard to deny their customers access to spot bitcoin ETFs “terrible.” Ark 21shares Bitcoin ETF is among the 11 spot bitcoin ETFs the SEC approved on Wednesday. The fund started trading on Thursday. “I think it’s a terrible decision. I think it’s a strategic blunder. And what Vanguard is doing is basically saying: ‘You know, the world’s not going to change. These new financial rails are not going to be successful. We’re still going to have seven middlemen between merchants and consumers, each one taking a toll,'” the Ark executive described. “We just don’t think that’s going to prove correct. Truth always wins out. Innovation solves problems. There’s a lot of friction in the financial system, and we believe that bitcoin, blockchain technology generally, are going to take a lot of the friction out of the system.” Wood opined: The other reason I think this is a terrible mistake is they are going to deprive the investors who stay with them of, really, the first global, decentralized, private, no government oversight, rules-based — critical phrase there — monetary policy, monetary system in history. What do you think about Vanguard doubling down on its anti-bitcoin and anti-crypto stance? Let us know in the comments section below. View the full article

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.” Blackrock’s chief also sees value in having Ethereum exchange-traded funds (ETFs). Blackrock CEO Larry Fink Is a ‘Big Believer’ in Bitcoin Larry Fink, the CEO of Blackrock, the world’s largest asset manager, shared his outlook on bitcoin, crypto, and the spot bitcoin exchange-traded fund (ETF) market, in an interview with CNBC and Fox Business Friday. Blackrock’s spot bitcoin ETF, the Ishares Bitcoin Trust (IBIT), was among the 11 spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) on Wednesday. Describing bitcoin, Fink shared with Fox Business: “If you’re in a country where you’re fearful of your future, fearful of your government, or you’re frightened that your government is devaluing its currency by too much deficits, you can say this is a great potential long-term store of value. Like I said, it’s like digital gold.” The Blackrock chief added: It’s an international ledger that’s cross-border. It’s bigger than any government. In an interview with CNBC, Fink explained why he thinks the price of bitcoin will go up. “I believe it goes up as the world is more frightened. If people have fearful geopolitical risks, they’re fearful of their own risk … And 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.” Fink admitted that three years ago he was a “naysayer,” noting: “About two years ago, I switched, and I’m actually … in the last few years, I’m a big believer.” Emphasizing that he believes bitcoin is an asset class, Fink explained: I’m a believer in it because I do believe it is an alternative source for wealth holding. Commenting on Blackrock offering a spot bitcoin ETF, Fink detailed: “To me what we’re trying to do is offer an instrument that can store wealth.” Regarding whether the SEC will approve spot ethereum ETFs now that it has approved spot bitcoin ETFs, the Blackrock executive stated: I see value in having an Ethereum ETF. “If you had a tokenized security and you have a tokenized identity … the moment you buy or sell an instrument, it’s known, it’s on a general ledger that is all created together. You want to talk about issues around money laundering and all that, this eliminates all corruption by having a tokenized system,” Fink concluded. What do you think about the statements by Blackrock CEO Larry Fink? Let us know in the comments section below. View the full article

Terraform Labs co-founder Do Kwon has requested that the judge in his fraud case delay the trial date, currently set for Jan. 29, 2024, because Kwon is still tied up in extradition proceedings in Montenegro. Terra’s Do Kwon Requests Trial Postponement Due to Extradition Issues In a letter to U.S. District Judge Jed Rakoff dated Jan. 11, Kwon’s lawyers said they had hoped he would be extradited in time for the trial but that now appears unlikely until February or March. The letter was first shared by Inner City Press reporter Matthew Russell Lee. Kwon and his legal team said in the letter that he wishes to attend the trial in person but needs more time for the extradition process to play out. “Unfortunately, it now appears that Mr. Kwon is not likely to be extradited until February or March at the earliest. We understand the court cannot put the trial on hold indefinitely, but an adjournment until mid-March would provide a realistic possibility for Mr. Kwon to attend,” the letter states. The request comes after a Montenegro appeals court in December overturned an earlier ruling approving Kwon’s extradition to the U.S. to face charges related to the spectacular collapse in 2022 of the Terra ecosystem and its signature stablecoin terrausd (UST). Federal prosecutors charged Kwon with various counts of fraud for his role in developing the stablecoin and blockchain system. Kwon’s lawyer said in the letter that if the judge declines to postpone the trial date, Kwon intends to ask that the jury receive an instruction about his absence that is fair to him. The letter indicates Kwon strongly desires to be present for the fraud trial stemming from the implosion of his brainchild that cost investors billions of dollars in the aftermath. What do you think about Do Kwon’s latest request? Share your thoughts and opinions about this subject in the comments section below. View the full article

Statistical data reveals that Binance and Coinbase, two titans in the cryptocurrency exchange arena, cumulatively possess 11.85% of the $1.68 trillion digital currency economy. In addition, these prominent trading platforms control 7.83% of the total bitcoin supply, underscoring their significant market influence. Binance and Coinbase’s Market Grip Binance and Coinbase rank as the world’s leading crypto exchanges in terms of their daily trading volumes and the cryptocurrency reserves they manage. In the most recent 24-hour period on Saturday, Binance led with a substantial $15.87 billion in trading activity, while Coinbase, securing its position as the weekend’s second-largest exchange, saw $2.91 billion in trades. Onchain data sourced from Arkham Intelligence further reveals that these exchanges collectively maintain cryptocurrencies valued at $199.14 billion, representing 11.85% of the entire value of the crypto economy. Binance leads with $136.47 billion while Coinbase holds around $62.67 billion in crypto value. Statistics further show that Coinbase holds 978,577 BTC while Binance commands 666,922 BTC. Combined, the duo controls 1,645,499 BTC worth $70.49 billion at current exchange rates or 7.83% of BTC’s 21 million capped supply. Right now, Coinbase and Binance command approximately 8.39% of 19,597,705 BTC in circulation. Both exchanges have a significant number of ethereum, according to Arkham’s data with Binance holding 4.47 million. Coinbase has an even larger stash with 7.058 million ether. This means Coinbase and Binance hold approximately 9.58% of 120.18 million ether in circulation. Binance’s largest stash of crypto assets according to Arkham is the 164.54 million BNB the exchange holds which is worth $49.70 billion on Jan. 13, 2024. The company’s BTC stash is the second largest and tether (USDT) is the third largest asset by value on Binance as the exchange owns 25.39 billion USDT. Besides ether, the fifth largest asset by value is FDUSD, and Binance commands 1.9 billion. As far as Coinbase is concerned, besides BTC and ETH, the third largest asset by value on the San Francisco exchange is LINK as it owns 77.67 million worth $1.11 billion. The fourth largest asset on Coinbase is USDC with 575.63 million and in fourth is the company’s stash of 921,875 BNB worth $278 million. Other notable caches of coins on Coinbase include 930 million GRT, 11.91 million UNI, and 160 million ZRX. The dominance of Binance and Coinbase in the crypto sector is a testament to the evolving landscape of digital finance. Their substantial holdings in various cryptocurrencies not only highlight their market strength but also signal an industry where key players wield considerable influence. This concentration of crypto assets may shape the future trajectory of digital currency markets, potentially impacting future trends, bitcoin’s overall liquidity, and the broader financial ecosystem. What do you think about Coinbase and Binance’s crypto reserves? Share your thoughts and opinions about this subject in the comments section below. View the full article

In the last week, the non-fungible token (NFT) market experienced unremarkable sales, totaling $311.31 million. This figure represents a slight uptick of just 0.05% from the previous week. Despite this, Bitcoin NFT sales have consistently outperformed other blockchain networks since November 2023. However, it’s noteworthy that NFT sales on the Bitcoin blockchain have decreased by 19.12% compared to the previous week. Weekly NFT Sales Reach $311 Million With Bitcoin Leading, Ethereum and Polygon See Impressive Growth Data from cryptoslam.io over the past seven days shows that NFT sales reached $311.31 million. However, there was a significant decrease in market participation: the number of NFT buyers fell by 69.40%, and the number of sellers declined by 68.09% during the same period. Sales of NFTs from the Bitcoin blockchain totaled $107.16 million, accounting for 34.42% of the overall sales across 21 distinct blockchain networks. Nonetheless, sales of Bitcoin-based NFTs experienced a decline of over 19% compared to the previous week. NFT sales on the Ethereum blockchain experienced a growth of 18.29%, reaching approximately $84,622,852. Polygon NFTs witnessed a more substantial increase, surging 81.33% to $44.67 million, thus securing the third spot in sales among blockchain networks. On the other hand, Solana NFT sales saw a downturn, declining 19.47% from the previous week, with total sales amounting to $41.48 million. Avalanche NFTs saw a 46.83% increase and Flow-based NFTs jumped by 25.65%. The leading NFT collection in terms of total sales over the past seven days was Uncategorized Ordinals, which garnered $22.68 million, although this was a 53.70% decrease from the previous week. The second-highest in digital collectible sales was the Gas Hero Common Hero NFTs from Polygon, achieving $18.82 million in sales, marking a significant 261% increase. Sales of Gas Hero items and weapon NFTs also saw notable activity this week. Meanwhile, Bored Ape Yacht Club (BAYC) NFTs enjoyed a substantial 170% surge in sales compared to the previous week. This past week’s highest-priced NFT sale originated from the BNB chain, with the “Lock Deal” collectible commanding $452K just seven days ago. Following closely, the “Token Vesting Plans” NFT from Polygon was purchased for $299K. Ranking third in the list of expensive NFTs was “Cryptopunks #8,639” from the Ethereum blockchain, which changed hands for $240K a day earlier. Additionally, other significant NFT sales this week came from networks including Arbitrum, Bitcoin, and Cardano. What do you think about this week’s NFT statistics? Share your thoughts and opinions about this subject in the comments section below. View the full article

Although spot bitcoin exchange-traded funds saw substantial trading activity on Thursday and Friday, publicly-listed crypto companies faced a different fate, with several equities experiencing significant losses when the market closed on Friday. For instance, Marathon Digital Holdings’ shares plummeted by over 15%, while Coinbase Global’s stock registered a loss of more than 7% during trading sessions before the weekend. Extensive Range of Publicly-Listed Crypto Firms Grapple With Share Declines The 11 spot bitcoin exchange-traded funds (ETFs) have collectively achieved $7.65 billion in trading volume since their listing. However, despite the strong trading activity, bitcoin’s spot market value experienced a 7% decline against the U.S. dollar during Friday’s trading sessions. Additionally, publicly-listed cryptocurrency companies also faced losses, with numerous firms’ shares delivering lackluster performances on Jan. 12th. On Friday, Coinbase (Nasdaq: COIN)) experienced a 7.35% decline, while Canaan (Nasdaq: CAN) faced an 8.92% drop against the U.S. dollar. Jack Dorsey’s Block Inc. (Nasdaq: SQ) also saw a moderate 2% decrease, whereas Michael Saylor’s Microstrategy Inc. (Nasdaq: MSTR) took a substantial hit with a 9.45% loss. Despite the strong trading volumes, the new ETFs also struggled against the greenback during Friday’s trading sessions. Bitwise’s BITB witnessed a decline of 6.19%, while the Fidelity Wise Origin Bitcoin Fund (FBTC) experienced a similar 6.19% loss as well. Additionally, Blackrock’s IBIT registered a 6.23% decrease, and Valkyrie’s BRRR saw a 6.17% dip in value. Publicly listed bitcoin miners faced substantial losses, with Marathon (Nasdaq: MARA) witnessing a significant 15.27% decline and Bitfarms (Nasdaq: BITF) experiencing a 6.15% reduction in value. Bit Digital (Nasdaq: BTBT) also struggled, recording a 7.59% loss against the dollar, while Iris Energy (Nasdaq: IREN) bore the brunt of a 14.74% hit to its valuation. Cleanspark (Nasdaq: CLSK) didn’t fare well either losing 12.10% on Friday. In retrospect, it proved to be a challenging day for publicly-listed crypto firms and bitcoin, as noticeable losses were evident throughout. Although the 24-hour statistics may appear lackluster, a deeper analysis of the six-month and twelve-month market data unveils a contrasting narrative, with the majority of the mentioned companies achieving double to triple-digit gains in the past year. What do you think about the crypto company stocks that saw losses on Friday? Do you expect the market to rebound? Share your thoughts and opinions about this subject in the comments section below. View the full article

Last week, the U.S. Securities and Exchange Commission (SEC) greenlit the debut of 11 diverse spot bitcoin exchange-traded funds (ETFs), which, in their initial two days on the market, experienced a substantial $7.65 billion in trading volume. Concurrently, while a host of new entrants enjoyed strong inflows, Grayscale’s GBTC encountered notable outflows, coinciding with the fund’s discount to net asset value reaching its lowest point since February 2021. Reduced NAV Discount Prompts GBTC Outflows On Saturday, Eric Balchunas, the senior ETF analyst for Bloomberg, shared insights on the “nine newborn” spot bitcoin exchange-traded funds (ETFs), which have impressively gathered $1.4 billion in cash. Balchunas observed that this surge in capital markedly outstrips the $579 million outflow from the Grayscale Bitcoin Trust (GBTC), leading to a net investment growth of $819 million. He further noted that these trades boasted an average premium of 20 basis points. Following his analysis, when queried about the significant withdrawal from GBTC, Balchunas responded: Lots of [traders] came in to play the discount closing so they [are] leaving to take profits, there’s also captive [average investors] who may have decided to stomach the tax hit in order to flee the 1.5% fee … I’d expect more [over] time. Balchunas’ observations resonate with the recent outflows from Grayscale Bitcoin Trust (GBTC), as onchain analysts noted a significant movement of 4,000 BTC, valued at $175 million, exiting GBTC’s bitcoin wallet holdings on Friday. This coincides with GBTC’s discount to its net asset value (NAV) reaching its lowest point since February 2021, a stark contrast to its prior premium status before February 23, 2021. Alongside this shift to a more normalized NAV discount, Grayscale’s ETF management fees stand out as the highest among the 11 ETFs approved last week. Notably, seven of these funds boast management fees below 0.30%, with Bitwise’s BITB leading at a minimal 0.20% fee. Ark’s ARKB, Fidelity’s FBTC, and Blackrock’s IBIT each offer a competitive 0.25% fee, matched by Valkyrie’s BRRR and Vaneck’s HODL. Close behind is Franklin Templeton’s EZBC at 0.29% and Wisdomtree’s BTCW at 0.30%, while Invesco’s fee is slightly higher at 0.39%. Hashdex’s 0.94% fee for its DEFI fund is the only one approaching GBTC’s substantial 1.5% management fee, suggesting that the more favorable fees of these new funds could be a factor in investors’ shift away from GBTC. Furthermore, an appealing incentive for investors in the U.S. is the temporary waiver of management fees offered by seven of the 11 newly approved spot bitcoin ETFs, allowing early investors to participate without any fees for a limited time. This is a significant change from when GBTC, traded over-the-counter (OTC), charged a 2% management fee, which was reduced in anticipation of its ETF transition. As new entrants strive to emulate Grayscale’s decade-long leadership in this domain, it’s noteworthy that GBTC still holds a formidable 618,000 BTC, dwarfing the recent inflows to these new ETFs by a long shot. What do you think about GBTC’s outflows? Share your thoughts and opinions about this subject in the comments section below. View the full article

The NEAR Foundation recently said it has let go of 35 workers as part of a realignment exercise that sees it “focus on a narrower and higher-impact set of activities.” The foundation’s CEO insisted that the job cuts did not in any way indicate that his organization was facing financial challenges. The NEAR Foundation’s Record-Breaking Year The NEAR Foundation announced on Jan. 11 that it had cut its staff by approximately 40% as part of a realignment process that will see it “focus on a narrower and higher-impact set of activities.” Illia Polosukhin, the CEO of the Swiss-based nonprofit foundation, has however pledged to help the 35 employees find other opportunities in the Web3 industry. According to his letter addressed to the NEAR community, the job cuts are coming off the back of what the CEO characterized as a successful 2023. Some of the successes achieved in the past year include the NEAR protocol becoming home to three top ten apps in Web3. In the same period, the NEAR protocol reportedly saw a record number of daily users. However, despite these achievements, Polosukhin said a review of the NEAR Foundation’s activities showed that changes were needed to make the protocol even better. The CEO explained: “During this process, we heard feedback that the Foundation has not always been as effective as it could be, sometimes moving too slowly and trying to do too many things at once. Following this review, we have decided to significantly consolidate the core Foundation team to focus on a narrower and higher-impact set of activities.” Polosukhin, however, insisted that the job cuts did not in any way indicate that the foundation was facing financial challenges. To support this assertion, the CEO pointed to NEAR Foundation’s well-managed treasury which has over $285 million in fiat. In addition, it has 305 million NEAR coins worth over $1 billion and $70 million in investments and loans. Meanwhile, Polosukhin’s letter revealed that most of the affected workers were from the marketing, business development, and community teams. However, the NEAR Protocol engineering team at Pagoda is set to continue operating as it has in the past. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The leading crypto exchange Coinbase has said it will expand access to its products to 20 African countries. Coinbase also claimed that its partnership arrangement with the Africa-focused crypto exchange Yellow Card can help increase financial freedom in countries where it is lacking. Increasing Financial Freedom On Jan. 11, 2024, Coinbase, the U.S. cryptocurrency exchange, announced that it will expand access to its products to 20 African countries. According to a statement by Coinbase, users from the selected African countries will be able to “purchase USDC directly in our [Coinbase] Wallet app starting in February” through its partnership with the Africa-focused stablecoin platform Yellow Card. As part of the arrangement, Yellow Card users will be able to acquire the stablecoin USDC on the Ethereum layer two (L2) chain Base. Coinbase claims that this arrangement will benefit African users, some of whom reside in inflation-hit countries, by providing them with cheaper payments and faster transfers. Coinbase also claimed that its partnership arrangement with Yellow Card can help increase financial freedom in countries where it is lacking. “This partnership with its emphasis on USDC will increase economic freedom in places that have lacked it, and help stand up a modern financial system where one hasn’t existed,” the crypto exchange said. According to Coinbase, the partnership arrangement can help enhance African users’ economic freedom by making it possible for them to send remittances at fees not exceeding 2%. Currently, many Africans remitting funds to their loved ones pay fees ranging between 3% and 6%. In addition, by providing access to the USDC, the partnership will effectively connect African small and medium enterprises (SMEs) to the global financial system. Meanwhile, Coinbase described its partnership with Yellow Card as one of its “Go Broad, Go Deep” strategies of compliant international expansion. Besides easing Coinbase’s entry into the so-called low economic freedom markets, the strategy also complements its “close engagement with local payments regulators in more mature markets.” Register your email here to get a weekly update on African news sent to your inbox: What is your take on Coinbase’s foray into Africa? Let us know what you think in the comments section below. View the full article

Starkware faces a leadership transition as CEO Uri Kolodny resigns over pressing family health issues. While stepping down, Kolodny leaves the company in the hands of co-founder and friend Eli Ben-Sasson. Starkware Sees CEO Change as Uri Kolodny Resigns, Citing Family Health Uri Kolodny, CEO of Starkware, announced his resignation from the company’s top position due to pressing family health concerns. Kolodny, who co-founded the Ethereum scaling and privacy technology firm in 2008 with Eli Ben-Sasson, made the announcement via X. In the announcement post, Kolodny expressed both pride in Starkware’s achievements and sorrow at stepping back from day-to-day involvement. “I am so very proud of what we’ve built. First and foremost: the people who have joined us in building Starkware and Starknet,” he wrote, acknowledging the talented team behind the company’s success. Despite stepping down as CEO, Kolodny will remain active as a board member of both Starkware and the Starknet Foundation, ensuring his continued influence in the company’s strategic direction. Assuming the CEO role is co-founder Eli Ben-Sasson, the co-inventor of STARKs and current president of Starkware. Ben-Sasson’s appointment is a natural transition, given his deep involvement in the company’s technological advancements and long-standing partnership with Kolodny. “Eli is many wonderful things… and we have been the closest of friends for 35 years, and closer still these past six years,” Kolodny noted. In his statement, Kolodny expressed confidence in the company’s future under Ben-Sasson’s leadership. “I am sure he will lead Starkware forward with talent and devotion, to great heights,” he remarked. Ben-Sasson replied to Kolodny’s post on X, acknowledging and thanking Kolodny for his kind words as well as wishing him and his family well. About becoming CEO, Ben-Sasson said to Kolodny, These are mighty large shoes I need to fill. What fills me with hope is the amazing team you leave behind, and the fact that the ethos and values of StarkWare are things we all share. Your vision will continue and stay true. Best wishes go out to Uri Kolodny and his family. Share your thoughts and opinions in the comments section below. View the full article

According to local sources, one of the first state-backed cryptocurrency assets, the Venezuelan Petro, would be facing an imminent liquidation. Asonacrip, a national cryptocurrency association, reported having information about the upcoming liquidation process, including the automatic exchange of the Petro balance to bolivares, the Venezuelan fiat currency. Venezuelan Petro 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 petros in circulation, automatically exchanging them for bolivares, the Venezuelan fiat currency. The information coincides with the liquidation of other crypto assets held by users in government-managed accounts, which will also be converted to Venezuelan bolivares on January 15. There have not been official communications on the future of the cryptocurrency asset since Sunacrip, the cryptocurrency watchdog, was restructured due to the alleged involvement of its former head, Joselit Ramirez, in a multi-billion corruption scheme related to the sale of crude by the institution. In May, the Petro blockchain faced operational problems and stopped several times, blocking hundreds of wallets from making transactions. However, lately, the petro had been used more as a unit of account for certain state-related payments than as a payment cryptocurrency. The value of the Petro was established at $60, the price of a Venezuelan barrel or crude by January 2018. This is not the first time that sources appear to signal the end of the cryptocurrency. In June, three sources linked to Sunacrip reported that liquidating the petro was an already taken decision by the Venezuelan government and that the institution was negotiating payments with the largest Petro holders. The cryptocurrency was at the top of its popularity in 2019 when President Nicolas Maduro airdropped half a petro to the country’s citizens and paid pensioners Christmas bonuses with the cryptocurrency asset. 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 the possible liquidation of the Venezuelan petro? Tell us in the comments section below. View the full article

Argentina has registered one of its first lease agreements denominated in bitcoin after the application of the emergency executive order issued by President Javier Milei, which opened the door for this kind of settlement. The agreement stipulates that the tenant must pay the $100 USDT worth of bitcoin to the property’s landlord each month. Argentina Starts Implementing Bitcoin-Settled Lease Agreements 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. 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. While there were records of real estate sales settled in bitcoin before, this is the first lease agreement of this kind, local sources state. Diana Mondino, the Minister of Foreign Affairs of Argentina, had clarified that as a result of the application of the first mega executive order issued by President Javier Milei, which eliminated the lease and rents law, these contracts could be settled in bitcoin, in other cryptos, and also in other assets. The executive order that enables these agreements will be reviewed by the courts of the country, which have already suspended the effects of some segments awaiting the final decision on the legality of this document. Also, the emergency executive order can be suspended if both chambers of Congress reject it. Nonetheless, the executive order allows tenants and landlords to legally sign this kind of bitcoin-denominated lease contract that evades having to transact in Argentine pesos, the embattled and devalued national fiat currency. 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 the first Bitcoin-settled lease agreement in Argentina? Tell us in the comments section below. View the full article

The Nigerian stablecoin consortium has said it will not be launching a stablecoin in late February as previously advised. Instead, the consortium, which is comprised of banks and fintech startups, said it plans to launch the stablecoin only after it gets the green light from the central bank. Nigerian Stablecoin Project in False Start The Africa Stablecoin Consortium (ASC), a group of Nigerian fintech startups and banks, said on Jan. 9 that it will not proceed with the stablecoin launch as previously announced. Instead, the consortium will engage the central bank so it can “participate in its regulatory sandbox program.” This about-face by the Nigerian consortium comes just a few days after it released a statement in which it named Feb. 27 as the cNGN stablecoin launch date. As reported by several media outlets, including Bitcoin.com News, the ASC claimed that the Central Bank of Nigeria (CBN) had approved its plan to launch the stablecoin. Stablecoin Project Not Approved by Central Bank The consortium suggested that the naira-backed digital currency would also “pave the way for further advancements in CBDC.” However, in its latest statement, the ASC implied that the CBN is yet to greenlight the stablecoin project: “The Africa Stablecoin Consortium wishes to clarify that cNGN will not be publicly launched on the 27th of February, 2024. Instead, we are engaging with the appropriate regulatory bodies, including the Central Bank of Nigeria, to participate in its regulatory sandbox program,” the ASC statement said. The consortium added that it is committed to adhering to regulations and guidelines and will therefore only launch the stablecoin after receiving the necessary approval. The ASC also told stakeholders that it remains “dedicated to providing accurate and transparent information.” Register your email here to get a weekly update on African news sent to your inbox: What do you think about the ASC’s apparent stablecoin U-turn? Let us know what you think in the comments section below. View the full article

The Blockchain Association has rejected U.S. Massachusetts Senator Elizabeth Warren’s claims that former security officials collaborating with it seek to weaken the country’s “ability to catch and prosecute America’s enemies.” According to the nonprofit organization, ex-U.S. security officials chose to join the Blockchain Association because they “value freedom and creativity, sovereignty of the individual, and permissionless innovation.” Blockchain Association Does Not Employ Former U.S. Security Officials The Blockchain Association has responded to U.S. Senator Elizabeth Warren’s allegations that former U.S. security officials collaborating with the lobby group seek to weaken the country’s “ability to catch and prosecute America’s enemies.” In its response to Warren’s Dec. 18 letter, the nonprofit membership organization clarified that it does not “currently employ anyone with the credentials listed” by the Massachusetts Senator. 2/ First, here’s our full response to Sen. Warren. I encourage you to read it. I think it’s a good summary of what our members are working on, what they care about, and why they’re so engaged in D.C.https://t.co/yFasbRO0ic pic.twitter.com/L4AxhqtEnd — Kristin Smith (@KMSmithDC) January 9, 2024 Instead, the nonprofit organization counts many former U.S. military, national security, intelligence officers, and law enforcement professionals as its members. As reported by Bitcoin.com News in late December 2023, Warren’s letter expressed concern over the Blockchain Association’s employment of a “small army” of former security officials. She also lamented what she sees as gaps in the country’s ethics laws which make it possible for former officials to easily secure employment in the private sector immediately after leaving government. The U.S. politician has since asked the Blockchain Association to share details of the former officials’ work on its behalf. However, in a letter authored by the Blockchain Association’s CEO Kristin Smith, the nonprofit organization explains why former officials have chosen to work in the crypto space instead of more lucrative ventures. “After leaving government, these public servants could have chosen from myriad, well-deserved professional opportunities. But they were drawn to work in the emerging digital asset industry because they value freedom and creativity, sovereignty of the individual, and permissionless innovation,” the nonprofit organization said. Crypto Best Positioned to Challenge ‘Too Big to Fail’ Bank The Blockchain Association also defended its ongoing efforts to prevent Senator Elizabeth Warren’s attempts to pass anti-crypto laws, stating that “crypto values are American values” hence they must be protected. The organization also believes that crypto has a realistic chance of disrupting or competing with the “Too Big to Fail” banks. On the terrorism-fighting front, the nonprofit organization said that the transparency and traceability of blockchain technology can help enhance the capabilities of tools used by serving national security professionals. The Blockchain Association’s letter added: “For this reason, it is far better to build the next generation of financial technology on public blockchains than it is to continue patching opaque legacy systems that have already proven wholly insufficient at combating money laundering and terrorist financing.” What are your thoughts on the Blockchain Association’s letter? Let us know what you think in the comments section below. View the full article

Anthony Scaramucci, founder of Skybridge Capital, a private global investment firm, believes that the anti-crypto policies brought by the Biden administration might affect the outcome of the upcoming elections. He states that 52 million Americans, representing 20% of the voting population, currently own crypto and that most voted for Biden in the previous election. Anthony Scaramucci: ‘Elizabeth Warren Is Going to Cost Them the Election’ The cryptocurrency issue is slowly becoming part of the U.S. policy agenda. Anthony Scaramucci, former White House communications director and founder of Skybridge Capital, has commented on the possibility that the anti-crypto policies of the Biden Administration might affect the outcome of the upcoming elections. Scaramucci, a bitcoin believer, stated that more than 52 million Americans are now crypto owners. This constitutes 20% of the voting population in the country, stressing this number is higher than the number of Americans who own an electric vehicle, hold a union card, or go to an NFL game. According to Scaramucci, 61% of this group voted for Biden and the democratic party in the previous election, but that can change given the current administration’s position on crypto regulation. Scaramucci states that cryptocurrency owners are also overrepresented in states like Pennsylvania, Nevada, Georgia, and Arizona, which hold 52 of the 270 electoral votes needed to win the election. All of these states are considered swing states for the 2024 election, meaning that these will likely be decided by narrow margins, giving a higher significance to these issues. Finally, he stated: Elizabeth Warren is going to cost them the election. Scaramucci refers to the anti-crypto stance of Senator Warren, who has introduced the Digital Asset Anti-Money Laundering Act, which aims to “close loopholes in current law and bring cryptocurrency companies into greater compliance with the anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks that govern much of the financial system.” This bill has been criticized by other lawmakers and industry actors because, if applied, it would force unhosted wallet providers, node operators, and other cryptocurrency entities to face the same level of oversight that traditional financial institutions face. What do you think about Anthony Scaramucci’s thoughts on the influence of crypto policies over the outcome of the next presidential election? Tell us in the comments section below. View the full article

The social media platform X has discontinued its non-fungible token (NFT) profile picture service, a feature introduced just last year in January 2022. The crypto community’s response to this move has been notable, with Kraken’s founder, Jesse Powell, labeling it as “a step back for the industry.” Social Media Giant X Drops NFT Profile Service Elon Musk’s X social media platform appears to have eliminated its NFT profile feature. Previously, the service enabled X subscribers to use an Ethereum-based NFT as their profile image on X. Back when X was known as Twitter, it began embracing NFTs and bitcoin (BTC) tipping in September 2021. Introduced in January 2022, the NFT profile extension saw an expansion by October 2022, with the social media company unveiling “NFT Tweet Tiles.” This development sparked mixed reactions within the crypto community, with some individuals appreciating X’s decision to remove the NFT feature, while others expressed disappointment at the move. “The hexagonal NFT profile pics are gone from X. The prices are down 90%+,” the developer Jimmy Song wrote on X. “All those marketers and VCs that were saying how NFTs were this amazing thing with so many use cases 3 years ago, where are they now?” Song asked. Co-founder of Taproot Wizards, Udi Wertheimer, joined the conversation on the topic and jokingly remarked, “X (Twitter) removes support for legacy Ethereum off-chain pointers.” Kraken’s founder, Jesse Powell also brought up the subject as well. “Discontinued support for NFT profile pics on @X is a step back for the industry. Reduced utility is always a loss,” Powell wrote. He added: NFT PFPs weren’t widely used but it was an MVP and never got the treatment it deserved: communities, message signing, and features built around proof of ownership. The social media firm’s move may prompt a reevaluation of the integration of blockchain technology in social media in general. It also serves as a reminder of the industry’s fluid nature, where innovation is constant, but not all ventures succeed. As the market adjusts, the future of digital collectibles and their role in mainstream platforms remains an open, evolving narrative, potentially leading to more refined and impactful uses of the technology in the digital sphere. What do you think about X getting rid of NFT profile pictures? Share your thoughts and opinions about this subject in the comments section below. View the full article

Coinbase’s recent 2024 Market Outlook report was followed by a fresh analysis from its institutional arm, focusing on the pivotal market happenings linked to two leading cryptocurrencies: bitcoin and ethereum. This new report, titled “Q1 2024 Guide to Crypto Markets”, underscores key events that are set to influence the future direction of these digital currencies. Coinbase Institutional Study Delves Into Bitcoin’s Halving, Ethereum Cancun Upgrade Coinbase Institutional, in partnership with Glassnode, published a new report about the metrics and trends tied to today’s two leading cryptocurrencies. The study provides a comprehensive analysis of the critical aspects of the crypto industry, shining a light on the intricate workings of the crypto market. According to the report, the Bitcoin network is approaching a pivotal moment with its next halving expected in the second quarter of 2024. This event, which historically has had a profound impact on BTC’s market dynamics, is again set to be a focal point for investors. The report notes, “We think it’s possible that the next Bitcoin halving in 2Q24 could have a positive impact on the token’s performance.” However, the Coinbase report also cautions that the limited historical data makes the outcomes somewhat speculative. The Coinbase report states: With only three halving events historically, we have yet to see a clear pattern fully emerge, particularly as previous events were contaminated by factors like global liquidity measures. Ethereum, on the other hand, is gearing up for the Cancun upgrade, anticipated in the first quarter of 2024. The study says that this upgrade, following the successful Shapella upgrade, is expected to further enhance Ethereum’s scalability and security. The introduction of Proto-Danksharding, as outlined in the report, is particularly noteworthy. The technology, Coinbase researchers detail, aims to make layer two (L2) transactions more cost-effective and significantly increase transaction throughput on the Ethereum network. The Coinbase study also sheds light on the increasing institutional interest in crypto assets. It underscores a trend towards more mature market behavior, evidenced by decreasing volatility and a growing preference for sophisticated investment strategies. Coinbase’s report says this shift marks a new era in crypto investment, where institutional players are looking beyond mere speculation to more strategic, long-term positions. Coinbase’s Q1 2024 guide notes that the derivatives market for both BTC and ETH has seen substantial growth, with increasing volumes and open interest. This growth indicates a deepening market and a diversification of strategies among investors. The report details, “Market participants use bitcoin derivatives for a variety of reasons, including gaining capital-efficient access to BTC, hedging spot exposure, mitigating mining risks, and hedging other tokens that don’t have liquid and regulated derivatives.” Coinbase Global (Nasdaq: COIN) could witness a highly lucrative 2024, assuming the role of custodian for several prominent spot bitcoin exchange-traded funds (ETFs), subject to regulatory green light. Additionally, the firm’s stock has soared, registering a remarkable 78% increase in the past six months, with COIN shares climbing an impressive 331% over the previous year. The latest projections suggest that 2024 might significantly outshine the cryptocurrency downturn of 2022, barring any unforeseen extraordinary developments. What do you think about Coinbase’s latest report on 2024? Share your thoughts and opinions about this subject in the comments section below. View the full article

The long-awaited U.S. spot bitcoin exchange-traded funds (ETFs) will finally commence trading. The Securities and Exchange Commission (SEC) approved 11 spot bitcoin ETFs on Wednesday to be listed and traded on the NYSE Arca exchange, the Nasdaq stock exchange, and the Cboe BZX Exchange. The three exchanges have indicated that spot bitcoin ETFs will start trading on their platforms on Thursday. US Spot Bitcoin ETFs to Debut on Thursday The U.S. Securities and Exchange Commission (SEC) green-lighted 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday. Six of the 11 approved spot bitcoin ETFs will trade on the Cboe BZX Exchange. They are Ark 21shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Vaneck Bitcoin Trust, Wisdomtree Bitcoin Fund, Fidelity Wise Origin Bitcoin Fund, and Franklin Bitcoin ETF. Cboe published New Issue Notifications on its website on Wednesday for the spot bitcoin ETFs that will be listed on the Cboe BZX Exchange. The notices state that these exchange-traded funds will be listed on Cboe and will begin trading as new issues on Thursday, Jan. 11. Grayscale Bitcoin Trust, Bitwise Bitcoin ETF, and Hashdex Bitcoin ETF will trade on the NYSE Arca exchange. The NYSE issued notifications on Wednesday that Grayscale Bitcoin Trust and Bitwise Bitcoin ETF will start trading on Jan. 11. Hashdex is converting its existing ETF into a bitcoin ETF. “The Hashdex Bitcoin ETF will be efficiently created through the conversion of the already trading Hashdex Bitcoin Futures ETF, which was launched on the NYSE in 2022 as the world’s first Bitcoin Futures ETF registered under the Securities Act of 1933,” Hashdex explained. Blackrock’s Ishares Bitcoin Trust (IBIT) and Valkyrie’s bitcoin fund are also expected to start trading on the Nasdaq stock exchange on Thursday. “Through IBIT, investors can access bitcoin in a cost-effective and convenient way,” Dominik Rohe, Head of Americas Ishares ETF and Index Investing business at Blackrock, opined after the SEC approved his firm’s spot bitcoin ETF. What do you think about spot bitcoin ETFs finally being approved to trade on stock exchanges in the U.S.? Let us know in the comments section below. View the full article

Rich Dad Poor Dad author Robert Kiyosaki has predicted that the price of bitcoin will hit $150,000 “soon,” as the U.S. Securities and Exchange Commission (SEC) approved spot bitcoin exchange-traded funds (ETFs). He emphasized that he will be buying more bitcoin. Kiyosaki has issued diverse bitcoin price predictions, with his most eye-catching one reaching a staggering $1 million. Robert Kiyosaki Says He Will Buy More Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has insisted that the price of bitcoin will hit $150,000 soon. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Commenting on the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), Kiyosaki said he is glad he bought bitcoin years ago. He emphasized that the price of bitcoin will soon reach $150,000. The famous author said: Bitcoin ETF. Yay. Glad I bought years ago. Bitcoin to $150K soon … I will be buying more gold, silver, and bitcoin with fake dollars. He also noted: “Gold to the moon as central banks buy, store, and never sell. Silver to crash as silver stackers sell to pay bills, caused by rising inflation. Great news for silver stackers. Time to buy more as silver crashes. It’s all good news except for losers who save fake fiat U.S. dollars.” The renowned author often refers to fiat currencies as fake money. He previously explained that when President Richard Nixon removed the U.S. dollar from the gold standard in 1971, “the U.S. dollar became fake money.” He clarified that “This is because rather than being tied to real money,” such as gold, “it was tied to the ‘full faith and credit’ of the United States.” Kiyosaki has long been recommending gold, silver, and bitcoin. He recently said bitcoin is the best protection against hyperinflation. The Rich Dad Poor Dad author has made a number of bullish predictions about the price of BTC, ranging from $135,000 in the near term to $1 million in the event of a global economic crisis. In February, he projected that the price of bitcoin would reach $500,000 by 2025, while gold could rise to $5,000 and silver could reach $500 within the same timeframe. Meanwhile, other big names have also made some bullish BTC price predictions. Venture capitalist Tim Draper sees the crypto hitting $250,000 this year, while Standard Chartered and Alliance Bernstein both expect it to reach $200,000 by 2025, fueled by the recent spot bitcoin ETF approvals. Ark Invest CEO Cathie Wood also anticipates a significant price increase after the ETFs launch. What do you think about the statements by Rich Dad Poor Dad author Robert Kiyosaki? Let us know in the comments section below. View the full article

JPMorgan Chase CEO Jamie Dimon has insisted that bitcoin doesn’t have value, emphasizing that its use cases are sex trafficking, tax avoidance, money laundering, and terrorism financing. However, JPMorgan has teamed up with Blackrock to help the world’s largest asset manager grow its spot bitcoin exchange-traded fund (ETF) as a lead authorized participant. Jamie Dimon Insists Bitcoin Has No Value The CEO of JPMorgan Chase, Jamie Dimon, still believes that bitcoin has no value even as the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs) on Wednesday. In an interview with Fox Business on Wednesday, Dimon expressed: I’ve always said that bitcoin doesn’t have value … The actual use cases are sex trafficking, tax avoidance, money laundering, terrorism financing. The JPMorgan executive’s comment echoed his statement made during a Senate Banking Committee’s hearing in December last year. In response to a question by U.S. Senator Elizabeth Warren (D-MA), Dimon said: I’ve always been deeply opposed to crypto, bitcoin, etc. You pointed out the true use case for it is criminals, drug traffickers, anti-money laundering, tax avoidance.” He also said that he would close down crypto if he were the government. Meanwhile, JPMorgan has teamed up with Blackrock as a lead authorized participant for the world’s largest asset manager’s spot bitcoin ETF, the Ishares Bitcoin Trust. JPMorgan is also named as an authorized participant for the Invesco Galaxy Bitcoin ETF. Blackrock’s Ishares Bitcoin Trust was among the 11 spot bitcoin ETFs approved by the SEC on Wednesday. The fund will trade on the Nasdaq stock exchange under the ticker symbol IBIT. The NYSE Arca and the Cboe BZX Exchange will also list and trade some approved spot bitcoin ETFs. When do you think JPMorgan CEO Jamie Dimon will change his mind and see the value of bitcoin? Let us know in the comments section below. View the full article

Amid the excitement surrounding the approval of spot bitcoin exchange-traded funds (ETFs), U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler issued a statement emphasizing that the regulator did not approve or endorse bitcoin by approving spot bitcoin ETFs. Gensler insisted that most crypto assets are securities, warning: “Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.” SEC Chair Gary Gensler’s Statement About Bitcoin Following Spot Bitcoin ETF Approvals After greenlighting spot bitcoin exchange-traded funds (ETFs), U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler issued a statement clarifying the regulator’s stance on bitcoin and cryptocurrency. “Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares,” the SEC chairman began, noting that the agency disapproved more than 20 exchange rule filings for spot bitcoin ETPs since 2018. “Circumstances, however, have changed,” Gensler stressed, adding that the U.S. Court of Appeals for the District of Columbia held that “the Commission failed to adequately explain its reasoning in disapproving the listing and trading of Grayscale’s proposed ETP.” Consequently, Gensler said: Based on these circumstances … I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares. Grayscale Investments, which seeks to convert its bitcoin trust to a spot bitcoin ETF, was also among the 11 issuers authorized by the SEC on Wednesday to list and trade their spot bitcoin ETFs on NYSE Arca, Nasdaq, and Cboe BZX Exchange. Gensler further explained that the SEC’s approval of spot bitcoin ETFs “should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.” Moreover, the SEC chief emphasized that the approval does not “signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws.” Reiterating his long-standing view that most crypto tokens are securities, Gensler stated: “As I’ve said in the past, and without prejudging any one crypto asset, the vast majority of crypto assets are investment contracts and thus subject to the federal laws.” The SEC chairman concluded: While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto. This week, Gensler also issued several warnings on social media about crypto investing. On Monday, he warned of various risks in the crypto industry. On Tuesday, he offered investment advice for crypto investors. What do you think about the statement by SEC Chairman Gary Gensler about bitcoin and spot bitcoin ETF approvals? Let us know in the comments section below. View the full article

In a landmark decision, the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs), a move long anticipated by crypto enthusiasts. Despite this historic regulatory nod, the price of bitcoin witnessed stale action over the past 24 hours. In striking contrast, ethereum rallied, marking a 9.1% rise on Wednesday, overshadowing bitcoin’s underperformance. Ethereum Rises as Bitcoin Sees Muted Impact After ETF Approvals The SEC’s decision marks a significant turn in the regulatory landscape for cryptocurrencies. Six years after the Winklevoss Bitcoin Trust became the first Bitcoin ETF to be rejected in March 2017, the approval of these 11 ETFs represents a watershed moment. However, the market’s response was unexpectedly muted. While such approvals typically fuel bullish sentiments, bitcoin’s price movement remained tepid, suggesting a more complex market dynamic at play. Bitcoin chart by TradingView Experts have been pondering the reasons behind bitcoin’s underwhelming performance, attributing it to various elements. The role of two erroneous announcements is highlighted: Cointelegraph’s incorrect report regarding Blackrock’s ETF and the SEC’s mistaken social media post on platform X. Additionally, the prolonged wait for the SEC’s nod might have led to a “buy the rumor, sell the news” effect, with the market possibly having anticipated the approval. Ethereum chart by TradingView In stark contrast, ethereum has seen a remarkable surge, pointing to the dynamic and changing nature of the cryptocurrency market. This variance in the trajectories of bitcoin and ethereum following the ETF approval sparks crucial inquiries about the future trends in the crypto world. ETH rose to a high of $2,527 per unit almost immediately after the SEC approved the spot bitcoin ETFs. Moreover, there’s a growing expectation of an imminent spot-based Ethereum ETF. This shift illustrates changing investor attitudes and the maturing market. The crypto realm’s ongoing transformation highlights the fascinating relationship between regulatory decisions and market responses. In light of the numerous misleading events the crypto community has faced, it seems a significant amount of speculative excitement has dissipated. What do you think about bitcoin’s lackluster price performance? Share your thoughts and opinions about this subject in the comments section below. View the full article

The Lazarus Group, one of the most infamous cryptocurrency hacking collectives, has made one of its largest cryptocurrency withdrawals in over a month. According to Arkham, an on-chain intelligence exchange system, the group withdrew a million dollars worth of bitcoin from one of its addresses, likely using a mixing service. Lazarus Group Moves $1 Million in Bitcoin Lazarus Group, an infamous North Korean cryptocurrency hacking collective, has its funds on the move. According to data from Arkham, an online blockchain intelligence platform, the group recently made one of its largest withdrawals in over a month, withdrawing $1 million worth of BTC to an address controlled by the entity. Then, the group transferred $150,000 in BTC to another address previously used. Arkham also reported that these moves had likely involved using a mixer, a service that facilitates obfuscating the origins of the funds of transactions. Lazarus’ activities registered by Arhkam were limited to small movements for months before this transaction. Before, Arkham had reported on trading movements coming from an address controlled by North Korean actors, likely from Lazarus, looking to grow their capital by investing in other cryptocurrencies. The group has been suspected of participating in several high-profile hacks during 2023, including the attack on Poloniex’s hot wallets in November, in which the exchange lost $114 million and the hack suffered by Coinex in September, where $54 million in cryptocurrency was lost. Also, the Federal Bureau of Investigation (FBI) linked the group to a theft of $41 million from Stake.com, an online crypto casino and sports betting platform. If all of these incidents were performed by Lazarus, the group netted over $200 million just in 2023. The group still has over $80 million in cryptocurrency in several addresses, holding 1,629 BTC and 1,519 ETH. These two assets comprise more than 95% of the group’s portfolio. What do you think about the recent movements of the Lazarus Group? Tell us in the comments section below. View the full article