The Digital Assets Report 102
Summary
- BTC price surged 26% to trade above $21,000 for the first time since FTX collapsed. The long-term sentiment has turned bullish with bitcoin showing its biggest weekly percentage gain since January 2022. Options Flip to Show Stronger Bitcoin Into July.
- Bitcoin network’s difficulty is now at an all-time high, mining difficulty metric has risen just over 10%.
- 16 million ETH have been deposited in the ETH2 contract (staking). Ethereum developers say Shanghai Upgrade remains on track for March.
- Algorithmic Stablecoins continue decline
- 20% of the Grayscale Bitcoin Trust (GBTC) shareholders have signed up to vote for redeeming the trust. Investors are trapped with no way out as redemptions are not allowed, except through a conversion to an Exchange Traded Fund (ETF) which the Securities and Exchanges Commission (SEC) is denying, or through dissolution.
- Binance will allow institutional investors to keep collateral off the crypto exchange.
- BIS economists reckon crypto isn’t quite big enough to threaten global financial stability, but one day it might.
To watch this week
- Wednesday, the 18th : MBA Mortgage Application, Producer Price Index (PPI), Momentum Indicator (MOM)
Business
Samsung investment arm considering spot-Bitcoin ETF in Hong Kong
Samsung Asset Management and CSOP Asset Management launched three Bitcoin futures-based Bitcoin ETFs in the city within the last month and is now looking at opportunities for a spot Bitcoin ETF.
Gemini and Genesis’ legal troubles stand to shake up industry further
On Jan. 12, the U.S. Securities and Exchange Commission charged Gemini and Genesis with allegedly selling unregistered securities as part of the Earn offering.
Crypto.com cuts 20% jobs amid ‘significant damage’ to industry from FTX
This is the second major layoff at the crypto exchange Crypto.com, which cut hundreds of jobs mid-last year.
Lazarus Group Moves 41,000 Ethereum Nabbed From Harmony Bridge Hack - Decrypt
Binance CEO Changpeng “CZ” Zhao claimed the Lazarus-laundered Ethereum transferred onto Huobi and Binance has now been frozen and seized.
3AC founders Zhu and Davies pitch to raise $25 million for new crypto exchange
The pair are partnering with CoinFlex’s Mark Lamb and Sudhu Arumugam to launch the new venture, known as GTX, which aims to start offering trading in crypto bankruptcy claims.
Tribeca Film Festival Will Sell VIP Passes as NFTs
In partnership with crypto exchange OKX, the passes will include special access to screenings, parties, and other perks.
Markets
- CPI released last week was followed by strong risk-asset performance, particularly apparent in crypto.
Crypto Charts 95
Bitcoin The break of $18′400 has put the bullish long term view back into play and we are now looking in the long term for cryptos in the longer term to start the wave 5 higher in the coming months to new highs. The break above the $18′400 December high
Regulations
House Republicans move to regulate crypto industry with a new subcommittee
Republican Rep. French Hill will chair a new digital assets subcommittee, as lawmakers continue a push to regulate the crypto space after the collapse of FTX.
Cross-border crypto scammers on the hit list for EU agencies
According to Europol, the scammers lured victims from several countries to invest in bogus crypto investment schemes and websites.
Crypto lender Nexo faces organised crime probe in Bulgaria
Nexo’s offices in Sofia were raided by authorities on Thursday as part of an investigation that alleges the crypto company is involved in money laundering, tax crimes and computer fraud.
Bank for Central Banks Floats Ways to Contain Crypto, Including Ban
BIS economists exploring a potential ban reckon crypto isn’t quite big enough to threaten global financial stability, but one day it might.
Opinions
Is Sam Bankman-Fried Losing His Mind?
The alleged fraudster’s latest blog post shows a man completely divorced from reality.
Podcasts / Reading
Why Ethereum Bulls Are Turning to LSD - Decrypt
Liquid-staking derivatives are the hottest thing as Ethereum devs gear up for the Shanghai network update.
Bitcoin mining was booming in Kazakhstan. Then it was gone.
Miners flocked to the country to take advantage of cheap energy and loose regulation. Now most of them have moved on, leaving little behind but moldering equipment and social tension.