Bitcoin News and Finance: What You Need to Know

U.S. Securities and Exchange Commission (SEC) crypto enforcement skyrocketed in 2023, with more than a 50% increase in crypto-related enforcement actions compared to 2022, according to a new report. The securities regulator “continues to view cryptocurrency-related enforcement as a top priority, bringing 46 enforcement actions against various digital-asset market participants,” the report details. SEC Prioritizes Crypto Enforcement Cornerstone Research released a report this week titled “SEC Cryptocurrency Enforcement,” revealing that the SEC’s enforcement focus on digital assets reached a new high last year. “The Securities and Exchange Commission (SEC) continues to view cryptocurrency-related enforcement as a top priority, bringing 46 enforcement actions against various digital-asset market participants in 2023,” Cornerstone Research described, elaborating: This number is the highest since 2013 and a 53% increase from 2022. “In the first quarter of 2023 alone, the SEC broug...

A Deutsche Bank survey has revealed that over one-third of 2,000 respondents anticipate bitcoin’s price to drop below $20,000. Moreover, around 15% of those surveyed predict the cryptocurrency’s price to range between $40,000 and $75,000 by the end of the year. Respondents Expect Bitcoin to Fall Below $20K According to a Deutsche Bank research report which includes a survey conducted from Jan. 15 to Jan. 19, the majority of respondents anticipate a further decline in bitcoin’s price, Bloomberg reported. The survey, which questioned 2,000 individuals in the U.S., U.K., and the Eurozone, focused on their perspectives on bitcoin’s price and volatility. The survey showed that over one-third of respondents believe bitcoin will drop below $20,000 by January next year. Meanwhile, approximately 15% of survey participants expect BTC ’s price to range between $40,000 and $75,000 by the end of the year. Deutsche Bank analysts Marion Laboure and Cassidy Ainsworth-Grace explained in the report...

Global investment bank JPMorgan says that profit-taking from Grayscale’s bitcoin trust (GBTC) has largely happened already. “This would imply that most of the downward pressure on bitcoin from that channel should be largely behind us,” the bank’s analyst explained. JPMorgan’s Bitcoin Price Outlook Global investment bank JPMorgan weighed in on the crypto market again this week following a bitcoin selloff that saw the price of BTC dropping from above $47K before the spot bitcoin exchange-traded fund (ETF) approvals to below $39K this week. The bitcoin selloff is accompanied by massive outflows from Grayscale’s bitcoin trust (GBTC), which converted into a spot bitcoin ETF following the approval by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. Since Jan. 12, GBTC’s bitcoin holdings have decreased by 114,367.39 BTC , equivalent to $4.77 billion, based on the BTC exchange rates as of Jan. 27. On Thursday, JPMorgan strategist Nikolaos Panigirtzoglou said: “Given $4.3b ...

The crypto community is abuzz with anticipation for the upcoming Bitcoin network halving event, projected to occur on or around April 20, 2024. This event is sparking widespread speculation about its distinct importance. As the fourth Bitcoin halving nears, a theory of a potential major blockchain reorganization, fueled by the extraordinary worth of the halving block, is seizing the attention of crypto enthusiasts. Ordiscan Founder Says Bitcoin’s Next Halving May Trigger Unprecedented Reorg The upcoming Bitcoin network’s reward halving is not just a routine milestone. With less than 13,000 blocks left until the halving, occurring at block height 840,000, this event might mark a historic turning point for the protocol. Tristan , the founder of Ordiscan.com , emphasizes the unusual nature of this halving in a blog post called “The Next Bitcoin Halving Will be Reorged.” In the blog post, the author claims that Bitcoin block 840,000 is predicted to have the most valuable block reward...

A survey of European Central Bank (ECB) staff has revealed widespread dissatisfaction with President Christine Lagarde’s leadership. More than half of the respondents rated Lagarde’s performance as “very poor” or “poor.” Some expressed concerns that the former International Monetary Fund (IMF) chief “does not necessarily act according to the values she proclaims.” Lagarde Spends ‘Too Much Time on Topics Unrelated to Monetary Policy’ The International and European Public Services Organisation (IPSO), a union founded by European Central Bank (ECB) staff, conducted a survey among ECB staff asking them to assess the performance of Christine Lagarde as a president of the ECB. The survey was conducted between Dec. 12 and Dec. 22, 2023. Lagarde was France’s finance minister between 2007 and 2011. She then served as the managing director of the International Monetary Fund (IMF) between 2011 and 2019. According to the survey results, released earlier this week, 50.6% of 1,159 respondents ra...

The U.S. Securities and Exchange Commission (SEC) has delayed its decisions on spot ethereum exchange-traded funds (ETFs) proposed by Blackrock, the world’s largest asset manager, and Grayscale Investments. Grayscale is seeking to convert its existing Ethereum Trust into a spot ETF. Spot Ethereum ETF Decisions Delayed by SEC This week, the U.S. Securities and Exchange Commission (SEC) delayed two applications for spot ethereum exchange-traded funds (ETFs). Following the recent approval of 11 spot bitcoin ETFs, investors are closely watching the SEC for potential decisions on spot Ethereum ETF proposals. On Wednesday, the SEC delayed an application by the Nasdaq Stock Market to list and trade shares of Blackrock’s Ishares Ethereum Trust . The application was filed on Nov. 21 last year and published for comment in the Federal Register on Dec. 11. “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change,” the SEC wrote...

Chinese investors are increasingly putting part of their portfolios in cryptocurrency due to the state of the national stock market. According to reports, investors are using exchanges like Binance or Okx, or Hong Kong local exchanges, to purchase crypto using payment methods like Alipay and Wechat, even when cryptocurrency is banned in the Chinese mainland. Chinese Investors Seeking Earnings in Crypto Cryptocurrency is making a comeback in China, as Chinese investors have turned to these looking for profitability as the national stock market is facing a slump. According to Reuters , even though purchasing and trading cryptocurrency has been banned since 2021, Chinese investors have found a way to allocate significant fractions of their portfolios to crypto. These investors can use exchanges like Binance and Okx trading groups and traditional payment methods like Alipay and Wechat to purchase stablecoins from local dealers, entering the cryptocurrency investment arena. Also, over-t...

Worldcoin will change the design of the Orb, the device used for scanning the irises of users as proof of personhood for the project, to be more friendly and less polarizing. Alex Blania, CEO and co-founder of Tools For Humanity, the company behind Worldcoin, stated that the next iteration would be akin to an “Apple product.” Worldcoin Redesigns the Orb to Be “Much More Friendly” Worldcoin, the biometric ID and wallet project, is making changes to the Orb, a device used to scan the irises of users wishing to prove their personhood, to make it less polarizing. Alex Blania, CEO of Tools for Humanity, explained that the current design of the Orb was agreed upon before he arrived at the company almost four years ago. Blania hopes to tone down the device with a programmed upgrade, making it more appealing and adding personalization options. In a chat, Blania told Techcrunch more about this redesign. He explained: The new Orb is coming and the next iterations will look quite different...

Former Bitmex CEO Arthur Hayes has predicted that bitcoin will find a support level between $30,000 and $35,000. He contends that the ongoing bitcoin selloff is not due to outflows from Grayscale’s bitcoin trust (GBTC). “That argument is bogus,” he claimed, adding that bitcoin’s price movement is “anticipating the Bank Term Funding Program (BTFP) will not be renewed.” Ex-Bitmex Chief’s Bitcoin Price Prediction Arthur Hayes, co-founder and former CEO of crypto exchange Bitmex, has shared his bitcoin price prediction, explaining that he believes the cryptocurrency will form support between $30,000 and $35,000. In a blog post published Tuesday, Hayes detailed: I think bitcoin will find a local bottom between $30,000 and $35,000. Referring to his statement earlier this month that he expects a 30% correction for bitcoin, Hayes elaborated in Wednesday’s blog post that “A 30% correction from the ETF approval high of $48,000 is $33,600.” He also previously noted, “The washout could be ...

Elon Musk’s electric car company, Tesla, has maintained its bitcoin holdings. The company’s balance sheet for Q4 2023 shows net digital assets of $184 million. Musk is convinced that in the long term, Tesla will be the most valuable company on earth. The billionaire recently disclosed that another of his companies, Spacex, also owns “a bunch of bitcoin.” Tesla’s Bitcoin Holdings Stand at $184 Million Tesla, Elon Musk’s electric car company, released its fourth quarter 2023 earnings on Wednesday, showing net digital assets of $184 million on its balance sheet. Tesla has held this amount of digital assets since the fourth quarter of 2022. Tesla previously explained that its digital assets were made up almost entirely of bitcoin ( BTC ), noting that while the company accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise , the amount of dogecoin it has accumulated is very small. Musk acknowledged during the earnings call that “there’s going to be bumps along the way” fo...

The Swiss financial markets regulator has granted the digital asset infrastructure firm Taurus the approval which allows its retail users to “create an account and trade digital assets and tokenized securities.” Besides receiving the FINMA approval, Taurus said it will be admitting new tokenized assets from Swiss companies that have selected TDX as their preferred venue. Secure and Compliant Trading The Swiss Financial Market Supervisory Authority (FINMA) has given Taurus, a digital asset infrastructure provider, the green light to open its financial services and TDX marketplace to retail users. The approval allows Taurus’ clients “to create an account and trade digital assets and tokenized securities.” According to a statement released on Jan. 23, the approval means that Taurus’ retail clients can now trade all digital securities accepted on TDX “in a secure and compliant manner.” Traders can conduct trades using several currencies, including the Swiss franc, euro, and the U.S. d...

The Avalanche Foundation, a non-profit organization seeking to support the avalanche ecosystem, has announced the rules covering its already active meme coin purchasing program. The institution has defined the holder count, concentration, liquidity, liquidity providers, lifespan, and market cap requirements that these projects need to fulfill to get selected and informed more projects are being considered on an ongoing basis. Avalanche Announces Meme Coin Purchasing Framework The Avalanche Foundation, a non-profit entity that supports initiatives on the Avalanche ecosystem, has announced the requirements to invest in meme coins using the $100 million Culture Catalyst fund launched in 2022. The foundation had previously reported on the purchase of these tokens but had not specified the conditions these meme coins should fulfill to be eligible for this purchasing plan. For any meme coin project to be eligible for these purchases, it must have at least 2,000 unique holders, and the ...

On Wednesday, Solana Labs unveiled the launch of token extensions, marking a noteworthy advancement in the SPL Token standard. The blockchain network’s token extensions aim to provide a suite of solutions for businesses transitioning to distributed ledger technology, emphasizing security, compliance, and ease of use. Solana’s New Token Extensions Set to Boost Blockchain Adoption According to the announcement, Solana -based token extensions are designed to cater to a wide range of industries, including stablecoins, real-world assets (RWAs), and payments. These extensions offer features like transfer hooks, transfer fees, confidential transfers, permanent delegate authority, and non-transferability. Each of these features serves a specific purpose, from providing control over token interactions to ensuring compliance with regulatory frameworks. Anatoly Yakovenko, co-founder and CEO of Solana Labs , highlighted the significance of this development. “Token extensions build on the chara...

The Internal Revenue Service (IRS) has revised the question about digital assets included on income tax forms. Moreover, the tax authority has added the question to four additional tax forms. “The question must be answered by all taxpayers, not just by those who engaged in a transaction involving digital assets in 2023,” the IRS emphasized. IRS Adds Digital Asset Question to 4 More Tax Forms The Internal Revenue Service (IRS) announced Monday that the digital asset question on income tax forms “was revised this year to update wording.” Moreover, the question has been added to four additional tax forms. The IRS also reminded U.S. taxpayers that they must “answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns.” The tax authority detailed that the digital asset question varies depending on the form, “with appropriate variations tailored for corporate, partnership o...

On Wednesday, Jan. 24, 2024, Bitwise, a leading digital asset manager, made a groundbreaking announcement as the first U.S. spot bitcoin exchange-traded fund (ETF) to reveal its bitcoin wallet address. Emphasizing its commitment to transparency, Bitwise stated, “proud to walk the walk with BITB,” and affirmed that “onchain transparency is core to Bitcoin’s ethos.” Bitwise Sets New Standard: Onchain Spot Bitcoin ETF Authentication Bitwise , the cryptocurrency asset management firm known for its recent introduction of the BITB U.S. spot bitcoin ETF, has become the first ETF to authenticate its BTC reserves. This development comes closely on the heels of Arkham Intelligence, an onchain analytics company, disclosing the onchain BTC holdings of several major players including Blackrock, Bitwise, Fidelity, and Franklin Templeton. “Today the Bitwise Bitcoin ETF (BITB) becomes the first U.S. bitcoin ETF to publish the bitcoin addresses of its holdings,” Bitwise wrote on the social media...

Following a sudden plunge in the value of its native token OKB, which fell over 50% in a matter of minutes, Okx exchange has committed to developing a compensation plan for users caught in the resultant wave of automatic liquidations. Okx Exchange to Roll Out Compensation After Unexpected OKB Token Flash Crash Okx exchange experienced a flash crash of its native token, OKB , which plunged over 50% in value on Jan. 23. The sudden drop in price, from $50.69 to a low of $25.10, caused a flurry of automatic liquidations of margined positions, leading to a brief period of intense volatility. Okx has since stabilized the situation and is actively developing a compensation plan for the affected users. This abrupt price movement occurred at 9:07 a.m. UTC, with the token recovering to trade at $47.27. Okx, in a statement , attributed the volatility to the automatic liquidation of several margined positions after the token’s value fell from $50.69 to $48.36. Okx has acknowledged the unusual...

The U.S. Securities and Exchange Commission (SEC) has admitted that a SIM swap attack compromised its X account, where a fake announcement about the approval of spot bitcoin exchange-traded funds (ETFs) was posted. “The unauthorized party obtained control of the SEC cell phone number associated with the account in an apparent ‘SIM swap’ attack,” the regulator said. SEC Says It’s a Victim of a SIM Swap Attack The U.S. Securities and Exchange Commission (SEC) provided an update on Monday regarding the unauthorized access of its @SECGov account on social media platform X. The attack occurred on Jan. 9 and the SEC’s X account was used to post an unauthorized message claiming the agency had approved spot bitcoin exchange-traded funds (ETFs). Notably, the agency had not approved spot bitcoin ETFs at that time. The securities regulator detailed: Two days after the incident, in consultation with the SEC’s telecom carrier, the SEC determined that the unauthorized party obtained control o...

Gold bug and economist Peter Schiff has warned of deeper losses for spot bitcoin exchange-traded funds (ETFs), emphasizing that they are “now in bear markets.” Referencing the Proshares Bitcoin Strategy ETF which is down more than 50% in over two years, Schiff predicted that those who bought the newly approved spot bitcoin ETFs “will experience even worse results.” Peter Schiff’s Spot Bitcoin ETF Outlook Gold bug and crypto skeptic Peter Schiff expects deeper losses for the newly launched spot bitcoin exchange-traded funds (ETFs). He shared his outlook in several posts on social media platform X this week. The price of bitcoin rose above $47K in anticipation of the spot bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). However, BTC embarked on a downward trajectory following the approval , dropping below $40K on Monday and $39K on Tuesday. Schiff described on Monday: All the spot bitcoin ETFs are now in bear markets, defined as a drop of 20% or more f...

Jim Cramer, the host of CNBC’s Mad Money show, has doubled down on his bearish bitcoin price outlook, predicting that the cryptocurrency will continue to struggle against the backdrop of a plummeting crypto market. “Unlikely that bitcoin finds its footing,” Cramer emphasized, after previously declaring the recent price drop a “nasty beginning” to a significant downward spiral. Jim Cramer Expects Further Bitcoin Price Drop Mad Money host Jim Cramer weighed in on the price of bitcoin on social media platform X again this week. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. Cramer wrote on X Tuesday after the price of bitcoin fell below $39K : “Now that bitcoin’s down about 20% from its high I expect a strong stand to be made but it won’t hold because not enough money is coming in. New theme: Number Go Down.” On Monday, after the price of bitcoin dropped below $40K for the first time in 48 days, the Mad Money host wrote: U...

In the dynamic world of crypto markets, recent trends have illuminated intriguing divergences in the altcoin market, particularly between ethereum and solana, relative to bitcoin. A comprehensive report published by Glassnode, an onchain analytics firm, delves into this phenomenon. Altcoin Dynamics Altered: Ethereum and Solana Lead Post-ETF Era In the latest edition of Glassnode ’s “The Week Onchain,” Alice Kohn’s research, published on Jan. 23, 2024, highlights ethereum’s ( ETH ) standout performance, marked by a notable surge in derivatives market activity, and the impressive journey of solana (SOL), especially post-bitcoin exchange-traded fund (ETF) approval. Ether has recently outshone bitcoin, recording its strongest performance since late 2022. Kohn’s report notes a surge of over 20% in ethereum’s value relative to bitcoin, coinciding with a revitalized interest in ethereum’s derivatives market. This resurgence, signaling a potential shift in capital flows, has led to incr...

Crossborder Capital’s Michael Howell, a veteran in global finance, offered a liquidity-based view on the current state of the economy. He challenged the prevailing narrative of monetary tightening with evidence of a rise in liquidity, which in turn should uplift stocks, gold, and cryptocurrencies. Michael Howell of Crossborder Capital Focused on Rising Global Liquidity and Its Market Impact Michael Howell is the founder and CEO of Crossborder Capital , a London-based FCA registered, independent research and investment company with over $1 billion assets under management. Previously he was Head of Research for Baring Securities and Research Director of Solomon Brothers. With a deep understanding of international finance and economics, Howell has become a prominent figure in analyzing global liquidity trends and their impact on markets. Recently, he appeared on Forward Guidance to shed light on the current macroeconomic landscape, emphasizing the continued rise in global liquidity an...

The government of China has announced the creation of a metaverse standardization working group to establish different rules to govern the Chinese Yuanverse platform. The standardization group will be integrated by Chinese universities, government institutions, and companies like Tencent, Huawei, Baidu, Netease, and Sense Time. China Announces Metaverse Standardization Group The Chinese government aims to create standards for metaverse platforms. In a circular released on January 19, the Ministry of Industry and Information Technology of China (MIIT) communicated the formation of the Metaverse Standardization Working Group, which will aim to establish rules for the organization of metaverse platforms and the development of the Yuanverse, a national metaverse platform. The standardization group will be integrated by several entities including Chinese universities, and companies like Huawei, Tencent, Baidu, Netease, and Sense Time. The proposal, which is based “on the needs of indus...

Ripple Labs has opposed the requests by the U.S. Securities and Exchange Commission (SEC) for post-compliant discovery concerning XRP . Ripple argued that the regulator’s requests are “untimely” and “the SEC has failed to justify each of its requests on the merits.” Moreover, the crypto firm stated that “the information the SEC seeks has no bearing on the court’s remedies determination.” SEC Seeks More Information From Ripple Regarding XRP In response to the U.S. Securities and Exchange Commission’s motion to compel certain post-compliant discovery regarding XRP , Ripple Labs sent a letter to Judge Sarah Netburn on Friday, firmly opposing the SEC’s requests. The SEC wants Ripple to produce audited financial statements for 2022 and 2023 as well as all post-complaint contracts for the sale or transfer of XRP to non-employee counterparties. The agency also demands Ripple answer an interrogatory about the amount of “ XRP institutional sales proceeds” received after the complaint fili...