The Digital Assets Report 104
Summary
- Goldman Sachs ranks Bitcoin as the best-performing asset of 2023.
- Several of America’s biggest banks, including the likes of Bank of America and JPMorgan Chase, are joining forces to launch their own digital payment wallet.
- New York Regulator Investigating Crypto Exchange Gemini reportedly claimed repeatedly that its the assets of customers using its Earn product were safe thanks to being backed by the Federal Deposit Insurance Corp.
- Bitcoin NFTs based on Taproot raised controversy.
- Secret Network validator shuts down nodes after leadership turmoil.
- Bitcoin premium hits 60% in Nigeria as country limits ATM cash withdrawals.
- Bitcoin mining revenue jumps up 50% to $23M in one month, Bitcoin mining difficulty hits a new all-time high.
- Binance moved $346 mln for seized crypto exchange Bitzlato.
- Sam Bankman-Fried, infamous ex CEO of FTX held $50 million in a tiny rural Washington state bank while claiming he has no more assets.
To watch this week
- Wednesday Feb 1st 7pm - FOMC meeting - Estimated of 25bps hike.
- Thursday Feb 2nd 12pm - BoE rate decision - Estimated of 50bps hike.
- Thursday Feb 2nd 3:15pm - ECB Rate decision - Estimated of 50bps hike.
Business
Goldman Sachs Finds Bitcoin Tops Gold, S&P 500, And Nasdaq As The Best-Performing Asset Of 2023
Wall Street giant Goldman Sachs has reported that bitcoin has been the best-performing asset in the world during the first month of 2023—outperforming gold, the S&P 500 and the Nasdaq 100...
The big banks that brought you Zelle are building a new digital wallet
What they want you to use instead of Apple Pay or PayPal.
Bitcoin mining revenue jumps up 50% to $23M in one month
On Dec. 28, 2022, Bitcoin mining revenue dipped to $13.6 million for the first time since October 2020, adding pressure to mining companies.
First Nuclear-Powered Bitcoin Mine in US Opening in 2023
Bitcoin miners are trying to make the notoriously polluting cryptocurrency a little more green.
Ordinals protocol sparks debate over the place for NFTs in the Bitcoin ecosystem
A nonfungible token (NFT)-like application, referred to as “Ordinals” launched on Bitcoin on Jan. 21. However, debate surrounds whether meme-inspired JPEGs should exist on Bitcoin, which is currently clogging up blockspace.
Secret Network validator shuts down nodes after leadership turmoil
Smart Stake will no longer provide validator services to the Secret Network in light of an internal leadership conflict and transparency concerns.
Exclusive: Binance moved $346 mln for seized crypto exchange Bitzlato
Bitzlato’s founder was arrested by U.S. authorities last week for allegedly running a “money laundering engine.”
SBF held $50 million in a tiny rural Washington state bank that had just 3 employees until he invested in it
Farmington State Bank had just three employees and specialized in agricultural loans until FTX revealed an $11.5 million stake last year.
Markets
Where do you keep your $ETH?
— Nansen 🧭 (@nansen_ai) January 29, 2023
55% of the 24.9M ETH exchange holdings are on Coinbase and Binance
Top 5 ETH Balances:
Coinbase: 8.72M
Binance: 4.94M
Kraken: 1.97M
Bitfinex: 1.82M
OKX: 1.25M pic.twitter.com/r4ORRmpeKG
Crypto Charts 97
Bitcoin Last time we said: ‘Looking for another push higher above $23′300 to complete 5 waves up’ We broke to a high of $23′800 before trading sideways, to complete what I believe is the wave (iv) triangle correction. We should now see a push towards the $25′900 next target level.
Growth of Tether Supply ‘Positive’ Indicator for Further Crypto Gains
Tether supply reached its highest point since the collapse of FTX led the market lower in November, coinciding with a broader crypto rally
Regulations
Arizona Senator Introduces Bill To Make Bitcoin Legal Tender In The State
A bill introduced by Sen. Wendy Rogers reflects growing interest in bitcoin from U.S. states.
South Korea to Start Tracking Crypto Transactions in Bid to Crack Down on Money Laundering
The country will start off using a third-party system while it develops its own software.
OneCoin Founder Ruja Ignatova Resurfaces After Five Years in Hiding - Decrypt
The so-called Cryptoqueen turned up in a British government filing this week, though some say the connection is tenuous.
New York Regulator Investigating Crypto Exchange Gemini Over FDIC Claims: Report
Gemini reportedly claimed repeatedly that its the assets of customers using its Earn product were safe thanks to being backed by the Federal Deposit Insurance Corp.
Opinions
This Week on Crypto Twitter: Binance Faces More Insider Trading Allegations - Decrypt
Also, El Salvador’s Bitcoin-loving head of state Nayib Bukele wants the world to know that his country is still solvent.
Better Policy Can Turn NFTs Into an Intellectual Property Powerhouse
Diana Stern, of Palm NFT Studio, writes about copyright, trademark and other IP issues surrounding non-fungible tokens.