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🇺🇸 SEC argues $2 billion penalty against Ripple is needed, slams $10 million counterproposal
The Securities and Exchange Commission is pushing back against Ripple's claim that it should pay fewer fines, according to a recent court filing. The SEC has said Ripple should pay close to $2 billion in fines for selling to institutional investors. In its opposition motion filed last month, Ripple argued that the figure should be closer to $10 million. The SEC noted its proposed penalty was large but said Ripple's proposed penalty would be a "slap on the wrist" in a filing posted on Tuesday.
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🪙 Chainlink Chosen as Technology Partner for HKDR Hong Kong Dollar Stablecoin
On May 7, the crypto oracle solutions provider announced that RD Technologies was integrating Chainlink CCIP and Proof of Reserve to power its Hong Kong dollar stablecoin. Chainlink’s Cross-Chain Interoperability Protocol will be integrated to enable secure and reliable cross-chain transfers of HKDR and easier access to the new stablecoin. Additionally, the firm is also adopting Chainlink’s Proof of Reserve (PoR) to help provide reliable on-chain verification of HKDR’s reserve backing, according to the announcement.
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📊 Less Than 10% of Stablecoin Transaction Volume Coming from Real Users: Report
Less than 10% of stablecoin transaction volumes are organic or come from real people, according to new findings by Visa and data platform Allium Labs, Bloomberg reported. Out of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity,” the report said. The analysis removed transactions done by bots and large-scale traders to “isolate those made by real people.”.
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🇳🇬 Nigeria Weighs Tighter Rules on Crypto Market, Calls Meeting
The Nigeria crypto market is drawing scrutiny from the government amid worries over unlawful activities and currency manipulation. The country saw a massive $56.7 billion in crypto transactions between July 2022 and June 2023, according to blockchain analysis firm Chainalysis. According to sources, the government may temporarily prohibit peer-to-peer (P2P) cryptocurrency trading to allow for the development of a comprehensive regulatory framework.
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🇺🇸 US Government Could Target Bitcoin, Warns 'Wolf of All Streets' Amid Crypto Attacks
Scott Melker, also known as the “Wolf of All Streets,” shared his concerns regarding the U.S. government coming after bitcoin in a post on social media platform X Thursday. His warning followed a series of attacks by the U.S. government on other cryptocurrencies. Melker is a well-known trader, investor, writer, and host of the Wolf of All Streets podcast. In 2020, he won the Binance Influencer of the Year Award for North America.
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🪙 Ether perpetual futures open interest surges, hits all-time high on Deribit
Open interest in ether perpetual futures has surged across major centralized cryptocurrency derivatives exchanges since the beginning of February. Open interest for futures across different exchanges is currently over $10.1 billion, according to Coinglass. A perpetual contract is a type of futures contract with no expiration date and allows traders to hold positions indefinitely.
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🪙 Ether Traders Target $3.5K as ETH Jumps on ETF Expectations
The ether (ETH) price rose through the $2,700 mark early Thursday for the first time since May 2022 as traders bet on the possibility of a spot ETH exchange-traded fund (ETF) approval in the U.S., a move that could boost its institutional appeal. Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex, had all submitted applications for an ether ETF. They already offer spot bitcoin (BTC) ETFs, which were introduced mid-January.
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🇺🇸 Treasury official confirms crypto makes up ‘small fraction’ of Hamas’ fundraising
Brian Nelson, Undersecretary for Terrorism and Financial Intelligence at the US Department of the Treasury, provided critical testimony to Congress on Feb. 14, challenging widely held beliefs about the role of crypto in funding terrorist activities. Amidst a backdrop of concerns over digital assets, Nelson’s insights during the House Financial Services Committee hearing painted a picture starkly different from previous reports, particularly concerning the involvement of Hamas.
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📊 Crypto Fear and Greed Index Soars to Highest Level Since Bitcoin’s ATH in 2021
After more than two years, the Crypto Fear and Greed Index has reached an “extreme greed” level of 79 out of 100. The Crypto Fear and Greed Index, a tracking tool for market sentiment in crypto, has surged as high as 79 out of 100, hitting a level not seen since Bitcoin peaked at $69,000 in November 2021. The increase, observed on February 13, comes as Bitcoin surpassed the $50,000 mark a day earlier.
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💰 Solana hits 100k preorders for second mobile device, five times original production
Solana Mobile said in a Feb. 12 announcement that it has attained 100,000 preorders for its upcoming “Chapter 2” mobile device. The firm said that those 100,000 preorders occurred over less than 30 days, noting that this number means that the early preorder price ($450) will end in 48 hours. Solana Mobile’s website adds that the product should ship in the first half of 2025 now that this milestone has passed.
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💰 On-chain indicators suggest Bitcoin market is now ‘high risk’ — Glassnode
On-chain indicators assessing Bitcoin’s BTC) value have entered a “high-risk” zone and could mean the cryptocurrency is in the initial stages of a bull market, says the crypto analysis platform Glassnode. In a Feb. 10 X post, Glassnode shared that an indicator to identify Bitcoin’s long-term valuation compared relative to its market value had pushed above the “mid-risk” zone and is firmly in the “high-risk” band.
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New Trade for #RLC/USDT (Chart: 4 Hour TF)
RLC/USDT Looks good on 4 Hour time frame in strong demand zone price reversal many times from this region. Also on breakout
◼️Entry: $2.236 - $2.082
🟢 Target 1 : 2.306
🟢 Target 2 : 2.377
🟢 Target 3 : 2.441
🟢 Target 4 : 2.643
🟢 Target 5 : 2.917
🛑SL : 1.997
@ChartsSignalsTrading
📊 JPMorgan: 78% of Institutional Traders Surveyed Have No Plans to Trade Crypto
Global investment bank JPMorgan has published the results of its annual e-trading survey for this year. The survey was conducted between Jan. 8 and Jan. 22, with the participation of 4,010 institutional traders from over 65 countries. One of the questions asked in the survey was “Which option best describes your institutional work with crypto/digital coins?” 78% of traders said they “have no plans to trade crypto/digital coins” while 9% said they are currently trading them.
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🪙 Ether call options concentrate at $4,000 for June expiry on Deribit
The largest cluster of ether call options for June's expiry date is concentrated at a strike price of $4,000, according to Deribit data. Deribit Chief Commercial Officer Luuk Strijers shared charts with The Block that showed a notable grouping of ether call options at this strike price. “As you can be see from Deribit data, the $4,000 strike is the largest of both June and September expiries. We don’t have the May expiry tradable yet so can only look at June versus April for ether," Strijers said.
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💰 BlackRock, Fidelity Bitcoin ETFs Have a Liquidity Edge Over Grayscale: JPMorgan
BlackRock (BLK) and Fidelity spot bitcoin (BTC) exchange-traded funds (ETFs) already have an advantage over Grayscale when it comes to certain liquidity metrics linked to market breadth, JPMorgan (JPM) said in a research report Wednesday. Grayscale charges the most among spot bitcoin ETF issuers. It dropped its 2% management fee to 1.5% as part of its conversion to a spot bitcoin ETF, but is still much more expensive than rival offerings.
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🇺🇸 SEC calls Ripple’s proposed stablecoin an ‘unregistered crypto asset’
The US Securities and Exchange Commission (SEC) appears to be targeting Ripple’s proposed stablecoin in its latest court filing against the crypto company. In its May 7 redacted remedies reply brief, the regulator described the proposed stablecoin as an “unregistered crypto asset” and further evidence that the company will continue to engage in unregulated activities if there is no permanent injunction against it. Ripple revealed plans to issue a stablecoin in April but has not provided additional details about the token since then.
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🟠 Binance CEO calls for release of colleague detained in 🇳🇬 Nigeria
Binance CEO Richard Teng has spoken out on the ongoing detention of colleague Tigran Gambaryan in Nigeria, publicly claiming for the first time the crypto exchange’s compliance officer is “innocent and must be released.” “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide,” Teng wrote in a blog post early Tuesday.
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💰 Crypto has been 'validated significantly’ with spot bitcoin ETF approval, says Pantera Capital exec
This year's approval of spot bitcoin exchange-traded funds in the U.S. has provided substantial validation for the crypto industry, according to Pantera Capital general partner Franklin Bi, as the crypto venture capital firm is raising a new mega $1.25 billion fund. While Bi declined to comment specifically on Pantera's new fund, he told The Block in an interview that this is an opportune time for venture firms, in general, to raise new capital and position themselves to support emerging startups.
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🇺🇸 SEC postpones decision on 7RCC Spot Bitcoin and Carbon Credit Futures ETF
The Securities and Exchange Commission said it will take more time to decide next steps on a proposed exchange-traded fund focused on carbon credit futures contracts and bitcoin. In a filing made on Thursday, the agency said it would decide to "approve or disapprove, or institute proceedings" for the 7RCC Spot Bitcoin and Carbon Credit Futures ETF by June 24, 2024.
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💰 Coinbase Vaults Beyond 1 Million Bitcoin Mark, Stash Valued Over $52 Billion
On Friday, Feb. 16, 2024, bitcoin’s value hovered between $51,850 to $52,350, with onchain insights from Arkham Intelligence revealing that the Nasdaq-listed crypto exchange giant, Coinbase, now possesses over 1 million bitcoin. Based on the current market prices, the stash secured by the San Francisco-headquartered firm is valued at just above $52 billion.
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💰 Blackrock’s Bitcoin ETF Holdings Near 110K BTC
Blackrock has amassed nearly 110,000 bitcoins for its spot bitcoin exchange-traded fund (ETF), Ishares Bitcoin Trust (IBIT), since its launch about a month ago. The world’s largest asset manager’s bitcoin ETF has a total net inflow of nearly $5 billion, leading the pack among all spot bitcoin ETFs. Blackrock CEO Larry Fink has stated that he is now a big bitcoin believer.
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◾️Charts 📈
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💰 Bitcoin Favored in Human Trafficking, Child Exploitation: FinCEN Report
Based on financial firms' government filings in 2020 and 2021, that period saw an upswing in the use of crypto – most commonly bitcoin – in crimes that included human trafficking and the sexual exploitation of children, according to the trend report released by the Treasury's Financial Crimes Enforcement Network (FinCEN). In those two years, the analysis found 2,311 reported uses of crypto in such crimes, amounting to more than $412 million.
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💰 Ripple to Buy New York Crypto Trust Company to Expand U.S. Options
Ripple struck a deal to acquire Standard Custody & Trust Co., the company said Tuesday, in order to secure a New York trust charter in an ongoing expansion of its U.S. regulatory licensing. The company is trying to push beyond the payments network it's known for and into other financial products in which their institutional customers can benefit from blockchain technology.
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💰 Ethiopia Emerges as Prime Destination for Chinese Bitcoin Miners
According to a report by the South China Morning Post, this shift towards Ethiopia gained momentum last spring. The local media started observing cargo containers near electricity substations linked to Africa’s largest hydroelectric project, the Grand Ethiopian Renaissance Dam (GERD). Bloomberg cites Luxor Technology, estimating that Ethiopia has risen to the top tier of destinations for Bitcoin mining equipment shipments, with a significant portion being contributed by Chinese miners.
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💰 FTX plans sale of Digital Custody for $500K in bankruptcy move
The FTX debtors estate, led by CEO John Ray III, has filed to sell Digital Custody to CoinList for a significant markdown of $500,000, with financing provided by DC’s original CEO and seller, Terence Culver. FTX initially purchased Digital Custody for $10 million. However, DC was not fully integrated into the FTX ecosystem before former CEO Sam Bankman-Fried filed for bankruptcy in November 2022, three months after acquiring DC.
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💰 Bitcoin Prices Surge Past $48,000 As ETF Demand Drives Gains
Bitcoin prices rallied today, climbing north of $48,000 as strong demand for bitcoin exchange-traded funds fueled compelling gains in the world’s most prominent digital currency. The cryptocurrency reached roughly $48,060.00 this afternoon, CoinMarketCap figures show. At this point, it had climbed more than 6% over the last 24 hours and was trading at its highest price in almost a month, additional Coinbase data reveals.
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💰 Over 92% of Bitcoin supply now profitable as price soars past $47,000
Bitcoin’s recent surge past $47,000 is accompanied by a notable development — over 92.5% of its circulating supply is now in profit. The figure represents the percentage of existing coins whose price at their last movement was lower than the current price. Bitcoin’s previous peak at $49,000, just above 93% of the supply was in profit, reflecting a correlation between the digital currency’s price increase and the percentage of its supply in profit.
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🪙 Bitcoin's Hashrate Hits Record 609 EH/s, Powering Through to New Peaks Amid Price Surge
Bitcoin’s computational power soared to unprecedented heights this week, climbing to 609 exahash per second (EH/s) on Thursday, as per the seven-day simple moving average (SMA). Over the last year, figures reveal a staggering increase in Bitcoin’s hashrate, surging by 332 quintillion hashes per second.
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