Latest Crypto News

  • Sam Bankman-Fried lawyers reach agreement on use of messaging apps News - 7 hours ago
    The agreement comes as a result of federal prosecutors looking to ban SBF from contacting current or former FTX and Alameda employees while on house arrest. Sam Bankman-Fried’s (SBF’s) lawyers have reached an agreement with federal prosecutors concerning his use of messaging apps. According to a Feb. 6 court document, both parties have agreed SBF “shall not use any encrypted or ephemeral call of messaging application, including but not limited to Signal.”However, under the agreement, the former FTX CEO will be able to access FaceTime, Zoom, iMessage, SMS text, email and Facebook Messenger.He will also be allowed to use the encrypted messaging service WhatsApp but only if “monitoring technology is installed on his cellphone that automatically logs and preserves all WhatsApp communications.”The latest agreement comes as a result of a push in late January by federal prosecutors to ban SBF from contacting current or former employees of FTX or its sister trading firm Alameda Research. In particular, prosecutors alleged on Jan. 15 that SBF had attempted to “influence” the testimony of FTX US general counsel Ryne Miller via the encrypted messaging app Signal. why does SBF sound like he’s reaching out to an ex gf in his email to Ryne Miller— Tiffany Fong (@TiffanyFong_) February 6, 2023 On Jan. 30 it was also asserted that SBF had contacted FTX CEO John Ray to discuss ways to access company funds tied to Alameda wallets.As it stands, a Feb. 1 ruling dictates that SBF is prevented from communicating with current or former employees of FTX or Alameda Research “except in the presence of counsel” in order to remain on bail until his trial.SBF has been under house arrest in Palo Alto, California since late December and his criminal trial is scheduled to begin in October in a Manhattan United States District Court.Related: Silvergate faces DOJ investigation over FTX and Alameda dealings: ReportMeanwhile, bankruptcy proceedings for FTX are moving forward in the District of Delaware. In a court testimony on Feb. 6, the FTX CEO Ray recounted how difficult it was taking over the reins of the company in November. Ray claimed that “not a single list of anything” relating to bank accounts, income, insurance or personnel were to be found at FTX, causing a chaotic scramble to hunt down information. On the day he began guiding the firm through its Chapter 11 bankruptcy proceedings, FTX was hacked.“Those hacks went on virtually all night long […] It was really 48 hours of what I can only describe as pure hell,” he said.
  • Genesis creditors to expect 80% recovery under proposed restructuring plan News - 8 hours ago
    Digital Currency Group (DCG) plans to hand its equity stake in Genesis’ trading arm to Genesis Global, which will then be sold, pending court approval. A Genesis creditor has revealed the new proposed restructuring plan between Genesis, Digital Currency Group (DCG), and creditors will see creditors getting back at least 80% of their funds. On Feb. 6, Genesis Global announced it reached an “agreement in principle” with Digital Currency Group (DCG) and its creditors, which will eventually see its crypto trading and market-making arm sold as part of restructuring efforts.DCG would contribute its share of equity in Genesis Global Trading — Genesis’ brokerage subsidiary business — to Genesis Global Holdco, the holding entity for Genesis.The transaction would bring all Genesis-related entities under the same holding company.The terms of the agreement will see DCG exchanging an existing $1.1 billion promissory note due in 2032 for convertible preferred stock. It will also refinance its existing 2023 term loans with an aggregate value of $526 million and make them payable to creditors.The agreement will also see crypto exchange Gemini contribute $100 million for its Gemini Earn users who have funds frozen with the bankrupt firm.Pending the close of these transactions, which need the necessary court approval — Genesis will seek to put its then-owned Genesis Global Trading entity up for sale.UPDATE: DCG/Genesis creditors have been told to expect capital returns of 80%. **beyond that number depends on a convertible preferred equity note and “realized liquidation prices” based on DCG/Genesis assets.— Andrew (@AP_Abacus) February 6, 2023 A Feb. 6 user update from the Genesis creditor and crypto yield platform Donut said the plan “has a recovery rate of approximately $0.80 per dollar deposited, with a path to $1.00” for Genesis creditors.It added the recoverable amount depends on the “equity note, realized liquidation prices and considers the unknown costs associated with the remainder of this bankruptcy.”Related: Genesis Capital’s fall might transform crypto lending — not bury it Genesis is currently restructuring as part of its Chapter 11 bankruptcy proceedings stemming from a liquidity crisis in November 2022 brought on by the bankruptcy of crypto exchange FTX.Genesis Global Trading was not included in the company’s Chapter 11 filing at the time with Genesis Global Holdco saying the business would “continue client trading operations.”At an initial bankruptcy hearing in January Genesis lawyers expressed the firm was looking for a quick resolution to its creditor disputes and were optimistic the company would come out of Chapter 11 proceedings by late May.
  • Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report News - 10 hours ago
    A few deals for crypto commercials in this year’s Super Bowl reportedly fell apart following the collapse of FTX, but at least one project is giving away NFTs. Fans watching the Kansas City Chiefs face off against the Philadelphia Eagles in Super Bowl LVII on Feb. 12 will reportedly not see a plethora of ad spots for cryptocurrency companies, as they did in 2022.According to a Feb. 6 Associated Press report, there had been four potential deals with crypto firms for commercials costing roughly $6 to $7 million in the 2023 Super Bowl, all of which fell apart following the FTX bankruptcy filing in November. Fox Sports executive vice president of ad sales Mark Evans reportedly said there would be “zero representation” from major crypto companies on Feb. 12, when roughly 100 million people could be tuned in to the football game.During Super Bowl LVI in 2022, companies including FTX, eToro, and Coinbase debuted ads. The FTX commercial, which aired roughly nine months prior to the firm filing for Chapter 11 bankruptcy and former CEO Sam Bankman-Fried being charged with fraud, featured comedian Larry David telling customers: “don’t miss out” on crypto. David was later included in a class-action lawsuit alleging he promoted the crypto exchange to investors without performing any due diligence. Other celebrities who backed crypto companies including Matt Damon — for — and tennis star Naomi Osaka — for FTX — have likewise faced criticism. Despite the AP report, gaming startup Limit Break announced on Feb. 6 that it will air an interactive advertisement during Super Bowl LVII in which it plans to give away dragon-themed nonfungible tokens, or NFTs. The ad will seemingly not feature a celebrity, but rather include a QR code for viewers to scan. Related: Tom Brady and other celebrities named in class-action lawsuit against FTXMany global authorities have targeted crypto ads in the wake of the 2022 market crash and firms such as FTX, Voyager Digital, BlockFi and Celsius Network declaring bankruptcy. The United States Federal Trade Commission has reportedly opened an investigation into several crypto firms for “possible misconduct concerning digital assets.” In January, the governor of the Central Bank of Ireland said he would support legislation banning the advertisement of crypto projects to young people.
  • Riot reports 17K miners offline due to Texas weather News - 11 hours ago
    The mining firm reported two of the buildings at its Whinstone facility in Rockdale were damaged in December as Texas experienced days of sub-zero temperatures. Crypto mining firm Riot Platforms — formerly Riot Blockchain — reported that 17,040 rigs deployed at its operations in Texas were offline due to “severe winter weather” in the state.According to a Feb. 6 announcement, Riot reported two of the buildings at its Whinstone facility in Rockdale, Texas were damaged in December 2022 as the state experienced days of sub-zero temperatures. From Dec. 22 to Dec. 25, temperatures across many parts of Texas — and the United States — dropped to below freezing. “Some sections of piping in Buildings F and G were damaged during the severe winter storms in Texas in late December,” said Riot CEO Jason Les. “As a result of this damage, our previously announced target of reaching 12.5 [exahashes per second] in total hash rate capacity in Q1 2023 is expected to be delayed.”Les said that the damages initially lowered the facility’s hash rate capacity by 2.5 EH/s, with the company later able to restore 0.6 EH/s following repairs. According to Riot, there were 82,656 rigs running with a hash rate capacity of 9.3 EH/s as of Jan. 31, when the company reported producing 740 Bitcoin (BTC) — worth roughly $17 million at the time of publication. Though many parts of the United States experienced severe temperature drops in December amid holiday travel, major cities in Texas including Dallas and Austin also went through a major ice storm in early February. Thousands of residents were without power and many tree branches and limbs broke from the weight of accumulated ice, damaging power lines and cars, and blocking roads. How bad is it? Massive trees are snapping due to the icy conditions. As of Thursday morning, 150k+ Austin Energy customers remain without power. Austin Energy will hold a press conference at 9 am. We’ll be streaming it live on @cbsaustin— John-Carlos Estrada (@Mr_JCE) February 2, 2023 It’s unclear whether Riot miners were similarly affected by the storm. However, the company did not report curtailing operations due to demand on Texas’ energy grid during the recent freeze.Riot also reported selling 700 BTC for roughly $13.7 million in January, with the company holding 6,978 BTC as of Jan. 31. The mining firm reported selling coins following extreme heat in the Lone Star State in July 2022.Related: Crypto miners in Texas shut down operations as state experiences extreme heat waveIn July 2022, Riot said it planned to move many of its mining rigs from a New York facility to Texas in an effort to reduce the firm’s operating expenses. Shares of Riot stock closed down 2.3% at $6.68 on the Nasdaq.Cointelegraph reached out to Riot Platforms, but did not receive a response at the time of publication.
  • Binance to temporarily suspend bank transfers in US dollars beginning Feb. 8 News - 11 hours ago
    The announcement came with just two days’ notice, but it does not apply to Binance.US users, so only 0.01% of active users will be affected. Binance has announced that it is temporarily suspending bank transfers in United States dollars (USD) beginning Feb. 8. No other trading methods will be affected, the exchange said in a tweet on Feb. 6.The news came with no explanation, although the company — the world’s largest cryptocurrency exchange — added in the same tweet that:“We are working hard to restart the service as soon as possible. […] All other methods of buying and selling crypto remain unaffected.”Binance CEO Changpeng Zhao (CZ) said in a separate tweet: “It is worth noting that USD bank transfers are leveraged by only 0.01% of our monthly active users. However, we appreciate that this is still a bad user experience.”The suspension apparently applies only to international Binance users, as Binance.US tweeted that “our customers will not be affected.” is not affected by this suspension. Unless you see an official message from, our customers will not be affected.— Binance.US Customer Support (@BinanceUShelp) February 6, 2023 Binance has had banking challenges in the United States recently. Its SWIFT transfer partner, Signature Bank, said on Jan. 21 that it would only process trades by users with USD bank accounts over $100,000, effective Feb. 1. The bank had said previously that it was drastically reducing deposits from crypto clients.Binance said at the time that it was seeking a new SWIFT partner and trades with USD using credit or debit cards would still be accepted, as would all SWIFT trades using other currencies.Also on Feb. 1, Binance published a list of 144 countries where USD SWIFT transfers of any size would be suspended. Related: Binance stablecoin BUSD sees a sharp market cap drop amid solvency and mismanagement worriesCNBC reports, citing Arkham Intelligence, that there has been an immediate outflow of Tether (USDT) and USD Coin (USDC) stablecoins pegged to the dollar to other exchanges, adding that the outflow was “tiny” compared to Binance’s $42.2 billion in crypto assets.
  • Digital bank Revolut launches crypto staking for UK and EEA customers: Report News - 11 hours ago
    Staking is currently available for DOT, XTZ, ADA and ETH, with yields reportedly ranging from 2.99% to 11.65%. United Kingdom-based neo-banking platform Revolut, which boasts 25 million customers globally, has introduced crypto staking to its U.K. and European Economic Area (EEA) customers. According to a report from London-based news agency AltFi, the staking feature is expected to go live this week, allowing users to generate income on their crypto assets during its “soft testing” phase.At present, the staking feature is available for Polkadot’s DOT (DOT),  Tezos’s XTX (XTZ), Cardano’s ADA (ADA) and Ether (ETH), with yields ranging from 2.99% to 11.65%. However, these yields are not guaranteed.In cryptocurrency, staking is a process where an individual holds or locks up a certain amount of a specific digital asset in a wallet for a certain period, typically from several days to several months. This action helps secure the network and validates transactions on a proof-of-stake blockchain. In return, individuals are rewarded newly minted coins or a share of the transaction fees.Over the past few years, Revolut has been incorporating cryptocurrencies into its services. In 2017, it began offering crypto trading services, which have since become a significant source of revenue for the company, particularly with the introduction of products like crypto cashback for premium users. Now, Revolut offers trading for nearly 100 different crypto assets and also enables its customers to make purchases using their crypto holdings.In an effort to educate its customers on crypto and blockchain, Revolut has also been offering free “Learn & Earn” courses on the basics of these topics, and rewarding users who complete the program with free crypto.Related: German neobank N26 to launch crypto trading later this yearIn September 2022, Cointelegraph reported that the U.K.’s Financial Conduct Authority added Revolut to its list of authorized companies offering cryptocurrency products and services.Revolut joined 37 other firms that have been granted the green light to offer such services in the U.K. after being granted an extension to operate as a crypto asset firm with temporary registration in March 2022.
  • Australia and the UK share their big picture of crypto: Law Decoded, Jan. 31–Feb. 6 News - 12 hours ago
    While the British Treasury emphasizes the liberal approach, Australia goes with the profound taxonomy of all the crypto assets. The U.K. outline of the future financial services regulatory regime for crypto covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens and initial coin offerings. And it’s certainly good news for the industry, as the upcoming regulation doesn’t propose a ban on algorithmic stablecoins or excessive requirements on data sharing for digital asset operators. The Australian consultation paper on “token mapping” is a foundational step in the government’s multistage reform agenda to regulate the market. Based on the “functional” and technology-neutral method, the paper proposes several basic definitions for all things crypto. Its taxonomy of four types of crypto-related products includes crypto asset services, intermediated crypto assets, network tokens and smart contracts. And let’s not forget about Hong Kong, where the local monetary authority has issued a consultation summary. In contrast to the U.K., it proposes a prohibition on the operations of algorithmic stablecoins in the country. Not every week, two major jurisdictions almost synchronically present their vision of how crypto should be regulated in the coming years. Within three days, the treasuries of the United Kingdom and Australia shared their consultation papers, consisting of 80 and 60 pages, respectively. SEC settles on security claim in LBRY caseThe United States Securities and Exchange Commission (SEC) admitted on record that the sale of LBRY Credits (LBC) tokens in the secondary market doesn’t constitute a security. In what many called a victory for the entire crypto industry against the SEC’s overreach regulation by enforcement, Attorney John Deaton settled a major debate during the appeal hearing. The ruling in the case was a relief for many in the crypto community, especially XRP (XRP) holders, as Ripple is currently facing a securities lawsuit from the SEC over the sale of XRP tokens. Continue readingFTX debtors seek subpoenas for inner circle of Sam Bankman-FriedAs bankruptcy proceedings continue, FTX and affected parties have requested subpoenas for information and documents from close relatives of former CEO Sam Bankman-Fried. A motion filed in the United States Bankruptcy Court for the District of Delaware seeks to glean valuable information from the likes of Gabriel Bankman-Fried and Barbara Fried, the brother and mother of the FTX founder. According to the filing, FTX and its debtors are pursuing estate assets belonging to the company and investors.Continue readingBank of China ex-advisor calls Beijing to reconsider crypto banHuang Yiping, a former member of the Monetary Policy Committee at the People’s Bank of China, believes that the Chinese government should think again about whether the ban on cryptocurrency trading is sustainable in the long run. The former official argued that a permanent ban on crypto could result in many missed opportunities for the formal financial system, including those related to blockchain and tokenization. Continue reading
  • 'Decentralized Infura' may help prevent Ethereum app crashes: Interview News - 12 hours ago
    The initial “Dfura” marketplace, which is currently in development, is expected to include up to 10 Web3 data providers. Infura is developing a decentralized marketplace of data providers that will help to prevent Web3 app crashes in the future, according to a Feb. 6 Cointelegraph interview with Infura researcher Patrick McCorry.McCorry stated that the new “Dfura” or “decentralized Infura” will help to ensure that blockchains remain decentralized by distributing data provider services among multiple providers in a marketplace. It will have “up to 10 providers initially” that will “work together to bootstrap the network and then […] Gradually iterate and get more players.” Some potential partners will meet at ETH Denver in late February or early March to discuss the project’s next steps.The new project will not be a new blockchain. Instead, it will be a marketplace that matches consumers of blockchain data with data providers, as McCorry explained:“There’ll be a marketplace where basically the new providers will sign up, they’ll have some stick in the system. They can place the resources that they have available, so I can say, I can satisfy these requests at this price. Users could come along and then buy those resources and then it’s like a matchmaking service of users.”McCorry believes this will make the Web3 ecosystem more resilient by allowing users to rapidly switch to a new provider if the one they are currently using experiences an outage. He also stated that the new “Dfura” might be more censorship-resistant than the current service because providers will be spread out over many different geographical areas and operating under different jurisdictions.Related: Are we still mad at Metamask and Consensus for snooping on us?Infura is a suite of APIs and developer tools that is used by Web3 app developers to pull data from blockchains. It is used by many different Web3 apps, including Metamask, Gnosis, Aragon, and others. It is also used by many centralized exchanges to track deposit and withdrawal transactions.Although blockchain networks charge transaction fees to prevent too many transactions from overloading servers, these fees are only charged to users writing data to the blockchain. Infura has emerged as one way to charge developers or users for reading data, which does not usually incur a transaction fee on-chain.As Infura has become increasingly used by developers, it has come under fire for allegedly being too centralized. In November 2020, the Metamask wallet app stopped working for most users when Infura servers went down, and some centralized exchanges were prevented from getting accurate transaction data from it anymore. This led some critics to question whether Ethereum can be genuinely decentralized as long as developers depend on Infura to provide data for their users.Parts of this article were based on an interview with Patrick McCorry conducted by Cointelegraph’s Andrew Fenton at Starkware Sessions 2023 in Tel Aviv.
  • Did dYdX violate the law by changing its tokenomics? News - 12 hours ago
    The dYdX Foundation made an abrupt change to its project’s tokenomics, but it may have done so in consultation with its attorneys. On Jan. 24, the dYdX Foundation, the entity responsible for the dYdX decentralized crypto exchange, announced “changes” to its tokenomics — the way it distributes tokens to early investors, employees and contractors, and, of course, the public.So, what’s uncommon about the situation? The project’s foundation, in agreement with dYdX Trading Inc. and its early investors, decided to amend the project’s tokenomics and extend the period for which such investors’ initial batch of tokens would be locked, changing the date from Feb. 1 to Dec. 1, 2023. Whether this was a good or a bad thing depended on which side of the trade one was on. On the one hand, investors agreeing to hold their tokens for a longer period suggests a vote of confidence on their part in the project’s long-term success. On the other hand, anyone taking a short position in dYdX in anticipation of the increased supply might have been disappointed, as the token’s price rocketed following news of the amendment.Related: My story of telling the SEC ‘I told you so’ on FTXBut why the delay? Although dYdX is not officially available in the United States, recent victories in enforcement actions on the part of the Securities and Exchange Commission may have prompted a heart-to-heart chat between the foundation and its attorneys. Now, whether the DYDX governance token might ultimately be viewed as a “security” under U.S. law could fill volumes and is outside the scope of this article. What matters is: Why would the signatories to the amendment to the lockup documents consent to a longer lockup? Why not let the tokens unlock and simply hodl them?In the United States, all offers and sales of “securities” are either registered, exempt or illegal. Specific rules apply not only to the initial offer and sale of securities but also to resales — that is, sales by existing tokenholders to others. As a general matter, one may not serve as a conduit (legally speaking, an “underwriter”) between the issuer of the securities and the general public without following certain rules. Securities received in exempt offerings are referred to as “restricted securities,” and resales of the securities are an illegal “distribution” unless a safe harbor applies.dYdX’s 10-year token vesting schedule. Source: dYdXOne such safe harbor is Securities Act Rule 144. One must follow the restrictions of Rule 144 in order to qualify for relief and sell without fear of being deemed an “underwriter.” There are classes of restrictions that apply to different types of holders — specifically, “affiliates” (those who control or are controlled by the issuer) and “non-affiliates.” All sales, affiliate or non-affiliate, are subject to a one-year holding period. This holding period establishes, in theory, that the securities were purchased with “investment intent,” not for immediate dumping on the unsuspecting public.Sales by affiliates are subject to other restrictions, including that there is “current public information” available about the issuer, limitations on how many securities can be sold in a given period of time, manner of sale restrictions and filing requirements.Related: Crypto users push back against dYdX promotion requiring face scanWhile it is highly unlikely that dYdX insiders long to be subject to the full gamut of United States securities law, perhaps they were inspired by its basic principles, especially if they have short holding periods in the tokens. A common vehicle used by crypto projects to attract early-stage capital, for example, is a “simple agreement for future tokens,” or SAFT. This type of agreement does not convey the tokens immediately but promises to do so in exchange for an up-front investment. As noted above, if you are subject to a holding period on your restricted securities, you must own them in the first place to start the clock running. It is unclear whether the foundation used SAFTs for its investors, but if it did, some of the investors might be new to ownership indeed.Maybe the dYdX investors who participated in the decision to change its tokenomics wanted to signal their confidence to the market by delaying their access to the tokens. It’s possible they anticipated the pump that followed news of the amendment. Or, perhaps they were inspired by U.S. laws and are looking to inch toward eventual compliance with those laws. It will be interesting to see what other measures, if any, dYdX takes with respect to token emissions going forward.Ari Good is an attorney whose clients include payments companies, cryptocurrency exchanges and token issuers. His practice areas focus on tax, securities and financial services compliance matters. He received his JD from the DePaul University College of Law in 1997, his LL.M. in taxation from the University of Florida in 2005, and is presently a candidate for the Executive LL.M. in securities and financial regulation from the Georgetown University Law Center.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
  • Bank of Italy selectively encouraging DLT, preparing for MiCA, governor says News - 13 hours ago
    Italian central banker Ignazio Visco talked about fostering or discouraging crypto assets during a lengthy speech to the Italian financial markets association. The Bank of Italy is looking for new ways to apply distributed ledger technology (DLT) and is preparing for the advent of Markets in Crypto-Assets (MiCA) regulation, bank governor Ignazio Visco told a congress of Assiom Forex, the Italian financial markets association, on Feb. 4. DLT may offer benefits such as cheaper cross-border transactions and increased financial system efficiency, Visco said. The Italian central bank “is focused on the need to identify areas” where DLT can contribute to financial stability and consumer protection. Visco expressed the desire to see regulations that sorted out the crypto-asset market to separate “highly risky instruments and services that divert resources from productive activities and collective well-being” from those that bring tangible benefit to the economy:“The spread of the latter can be fostered by developing rules and controls similar to those already enforced in the traditional financial system; the former, instead, must be strongly discouraged.”Visco specifically mentioned “crypto-assets with no intrinsic value” among the former group.CB speech: Ignazio Visco (IT): Speech – 29th ASSIOM FOREX Congress –— Bank for International Settlements (@BIS_org) February 6, 2023 The Bank of Italy is working at the European and global levels to develop the technology and a framework of standards, Visco said. It is also collaborating with Italian securities market regulator CONSOB and the Ministry of Economy and Finance to initiate the “authorization and supervision activities” of MiCA.Related: EU postpones final vote on MiCA for the second time in two monthsItaly recently imposed a 26% capital gains tax on crypto-asset trading over 2,000 euros in 2023. However, Italian taxpayers have the choice of paying a 14% tax on their crypto-asset holding as of Jan. 1. This alternative is intended to incentivize taxpayers to declare their digital holdings.Visco estimated the number of Italian households that own crypto assets at 2% and said those holdings were “modest amounts on average.”
  • Price analysis 2/6: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT News - 14 hours ago
    The US dollar’s rise has put brakes on Bitcoin’s price recovery, but lower levels are likely to attract buyers for BTC and altcoins such as DOGE. The United States dollar index (DXY) has started a strong recovery and its rise is putting pressure on Bitcoin (BTC) and the S&P 500 (SPX) index. The market participants will be keenly watching for any insights on future rate hikes when the Federal Reserve Chairman Jerome Powell speaks before the Economic Club of Washington on Feb. 7.Meanwhile, Bitcoin’s 43% rebound in January has improved sentiment among small investors. Crypto analytics firm Santiment said that the number of Bitcoin addresses holding 0.1 Bitcoin or less soared by 620,000 to hit 39.8 million, the highest level since Nov. 19.Daily cryptocurrency market performance. Source: Coin360With the sentiment turning positive, traders usually buy the dips as they anticipate the uptrend to continue. However, some analysts believe that the dip buyers will get trapped and Bitcoin may fall to the $19,000 to $21,000 support zone or worse, witness a capitulation in the next few weeks.Could the S&P 500 and the cryptocurrency markets witness profit booking in the short term? What are the critical support levels to watch out for? Let’s study the charts to find out.SPXThe S&P 500 index soared above the 4,101 resistance on Feb. 1 but the bears are unlikely to give up without a fight. They will try to pull the price back above 4,101 and trap the aggressive bulls.SPX daily chart. Source: TradingViewThe onus is upon the bulls to try and protect the zone between 4,101 and the 20-day exponential moving average (4,033). If the price rebounds off this zone, the likelihood of a break above 4,200 increases. That could clear the path for a possible rally to 4,300 where the bears may again erect a strong barrier.On the downside, the 20-day EMA is the crucial support to keep an eye on. A break and close below it will suggest that the bulls may be losing their grip, putting the index in danger of dropping to the uptrend line.DXYThe U.S. dollar index made a strong comeback on Feb. 2, indicating aggressive buying at lower levels. Buyers maintained their momentum and pushed the price above the 20-day EMA (102) on Feb. 3.DXY daily chart. Source: TradingViewThe index could rally to the resistance line of the descending broadening wedge pattern where the bears will try to halt the recovery. This is an important level for the sellers to defend if they want to maintain the upper hand.Alternatively, the bulls will have to push and sustain the price above the wedge to start a meaningful recovery to 108. The 20-day EMA is flattening out and the relative strength index (RSI) has jumped into the positive territory, indicating that the selling pressure may be reducing. BTC/USDTBitcoin has pulled back to the crucial support zone between $22,800 and the 20-day EMA ($22,489). This is an important zone for the bulls to protect if they want to keep the uptrend intact.BTC/USDT daily chart. Source: TradingViewIf the price rebounds from here, the bulls will try to push the BTC/USDT pair above $24,255 and challenge the overhead resistance at $25,000. The bears are expected to guard this level with all their might because a break and close above $25,000 could signal that the bear market is over for good.On the contrary, a deeper pullback comes into play if the price turns down and breaks below the 20-day EMA. The important levels to watch on the downside are $21,480 and the 50-day simple moving average ($19,697).ETH/USDTEther (ETH) remains sandwiched between the 20-day EMA ($1,591) and the overhead resistance at $1,680. This tight-range trading is unlikely to continue for long and a breakout may happen soon.ETH/USDT daily chart. Source: TradingViewIf the price plummets below the 20-day EMA, the ETH/USDT pair could continue lower and reach $1,500. This level may attract buyers and a bounce off it will keep the pair inside the $1,500 to $1,680 range for a few days.The bears must then sink the price below $1,500 to gain the upper hand. The pair could then start a deeper correction to $1,352. On the other hand, buyers will have to propel the pair above $1,680 to start a rally to $1,800, and thereafter to $2,000.BNB/USDTBuyers pushed BNB’s (BNB) price above the $335.50 resistance on Feb. 5. But the long wick on the candlestick shows that bears are selling at higher levels. The price pulled back to the breakout level of $318 where the bulls are buying aggressively as seen from the long tail on the Feb. 6 candlestick.BNB/USDT daily chart. Source: TradingViewThe bears will have to sink the price below the 20-day EMA ($312) to clear the path for a decline to the 50-day SMA ($281).Conversely, if the price turns up from the current level and breaks above $338, it will suggest that the bulls have flipped the $318 level into support. The BNB/USDT pair will then likely resume the rally and reach $360. This level should provide solid resistance but if the bulls clear it, the next big hurdle will be $400.XRP/USDTThe failure of the bulls to drive XRP’s (XRP) price above $0.42 on Feb. 4 shows that bears are fiercely guarding this level. The emboldened bears pulled the price below the 20-day EMA ($0.40) on Feb. 5.XRP/USDT daily chart. Source: TradingViewThe price action of the past few days has flattened the 20-day EMA and the RSI has also slipped near the midpoint, indicating a balance between supply and demand. That could keep the pair range-bound between $0.37 and $0.42 for some time.If bulls want to establish their dominance, they will have to thrust the price above the $0.42 to $0.44 resistance zone. If they do that, the XRP/USDT pair has a chance at reaching $0.51. Contrarily, if bears sink the price below $0.37, the selling could intensify and the pair risks dropping toward $0.32.DOGE/USDTThe bulls again tried to clear the overhead hurdle at $0.10 on Feb. 4 but the bears held their ground. This pulled Dogecoin (DOGE) back to the 20-day EMA ($0.09) on Feb. 5.DOGE/USDT daily chart. Source: TradingViewThe DOGE/USDT pair is stuck between the 20-day EMA and $0.10 for the past few days. Usually, tight ranges resolve with a sharp range breakout but it is difficult to predict the direction with certainty.As the 20-day EMA is sloping up and the RSI remains in the positive zone, the bulls have a slight edge. If they push the pair above $0.10, the next stop could be $0.11. This level may act as an obstacle but if the bulls clear it, DOGE price may reach $0.15.This positive view will be invalidated in the near term if the price tumbles below the 20-day EMA. The pair may then reach the 50-day SMA ($0.08).Related: Is BTC price about to retest $20K? 5 things to know in Bitcoin this weekADA/USDT The long tail on Cardano’s (ADA) Feb. 5 candlestick shows that buyers are trying to flip the $0.38 level into support. ADA/USDT daily chart. Source: TradingViewIf buyers want to strengthen their position, they will have to quickly kick the price above the overhead resistance at $0.42. If they succeed, the ADA/USDT pair could extend its up-move to $0.44. This level may behave as a formidable resistance on the way up but as long as the price sustains above the 20-day EMA, bulls remain in control.For the bears to regain the upper hand, they will have to sink the price below the 20-day EMA. That could tempt short-term bulls to book profits, putting Cardano price in danger of collapsing to the 50-day SMA ($0.32).MATIC/USDTThe long wick on Polygon’s (MATIC) Feb. 4 candlestick shows that traders may have booked profits near the overhead resistance at $1.30.MATIC/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($1.11) and the RSI in the positive area indicate that buyers are in command. The possibility of a break above $1.30 increases the price turns up from the current level or the 20-day EMA, which could propel MATIC price to as high as $1.70.One minor negative on the chart is the negative divergence on the RSI. This indicates that the buying pressure is reducing. If the bears sink the price below the 20-day EMA, MATIC may fall to $1.05 and then to the 50-day SMA ($0.93). DOT/USDTBuyers are trying to protect the breakout level at the resistance line but are facing selling on rallies. The RSI is showing a negative divergence but a minor positive is that the bulls have managed to keep Polkadot (DOT) above the 20-day EMA ($6.33).DOT/USDT daily chart. Source: TradingViewThe bulls will try to propel the price above the overhead resistance at $7.13 and resume the up-move. The next stop could be $7.42 where the bulls are likely to face strong selling pressure. If buyers do not give up much ground from $7.42, the DOT/USDT pair should have a good chance of climbing toward $8.Contrary to this assumption, if the bears tug the price below the 20-day EMA, it will signal the start of a deeper correction. The support level to watch in the event of a pullback is $6. But if it fails to hold, the decline can extend to as low as the 50-day SMA ($5.43).This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
  • FTX CEO testifies on ‘pure hell’ post-bankruptcy days at exchange News - 14 hours ago
    John Ray said when he took control of FTX in November 2022, there was a “massive scramble for information” related to the exchange’s funds, insurance and personnel. John Ray, who took over as CEO of crypto exchange FTX, has described some of the chaotic experiences at the firm following the company declaring bankruptcy.In testimony for FTX’s case in the United States Bankruptcy Court for the District of Delaware on Feb. 6, Ray said he and other professionals had “carefully” been conducting an investigation into FTX’s activities, due to the company having no physical office. The FTX CEO seemed to be pushing back against a motion to assign an independent examiner to the bankruptcy case, claiming that “inadvertent errors” could result in “hundreds of millions of dollars of value” being destroyed.According to Ray, when he took control of FTX in November 2022, there was “not a single list of anything” related to bank accounts, income, insurance or personnel, causing a “massive scramble for information.” The FTX CEO said the same day he helped file a Chapter 11 bankruptcy petition, and there were multiple attempts to steal crypto, resulting in security experts and liquidators moving quickly to secure funds.“Your normal first-day petition is chaotic as sometimes can be — this was something that I have never experienced,” said Ray. “Those hacks went on virtually all night long […] It was really 48 hours of what I can only describe as pure hell.”The FTX CEO claimed he had had no connection with former executives at the exchange, including Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang and former CEO Sam Bankman-Fried or his parents prior to taking control of the company. According to Ray, anyone “that was in a control position” under Bankman-Fried no longer had any authority to direct FTX company actions.Ray’s testimony came amid a motion from the Office of the U.S. Trustee arguing the court should appoint an independent examiner who would release a public report providing transparency into the bankruptcy proceedings. Juliet Sarkessian, representing the U.S. Trustee’s office, suggested that, although Ray had no connection to Bankman-Fried prior to his taking over as CEO, the appointment of an examiner was still in the public interest.Judge John Dorsey did not rule on whether to appoint an independent examiner during the Feb. 6 hearing and instead allowed lawyers on both sides to discuss a “consensual resolution” on the issue.Related: Justice Dept defends motion to bar SBF from accessing FTX, Alameda assetsFTX’s bankruptcy proceedings are ongoing as debtors and interested parties will make motions over the firm’s assets, investigate the company, and release information potentially affecting Bankman-Fried’s criminal case. The legal team representing FTX debtors requested the issuance of subpoenas for information and documents from Bankman-Fried’s immediate family on Feb. 1.
  • Bitcoin dominates as primary focus for digital asset investors: Report News - 15 hours ago
    According to CoinShares, digital asset investment products saw inflows totaling $76 million last week. On Feb. 6, European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report,” which revealed that investors are showing a strong interest in digital asset investment products, with inflows totaling $76 million last week, marking the fourth consecutive week of inflows.The report indicates a change in investor sentiment for the start of 2023, with year-to-date inflows now at $230 million. This growth has led to an increase in total assets under management (AUM), which now stands at $30.3 billion — the highest since mid-August 2022.Investors are primarily focusing on Bitcoin (BTC), with weekly inflows of $69 million, accounting for 90% of total flows for the week. This investment growth primarily comes from the United States, Canada and Germany, with weekly inflows of $38 million, $25 million and $24 million, respectively.However, opinions are divided over the sustainability of this growth, with short-Bitcoin inflows totaling $8.2 million over the same period. Although these inflows are relatively small compared to long-Bitcoin inflows, they have increased by 26% of total AUM over the last three weeks. Despite this, the short-Bitcoin trade has not attracted sizable interest year-to-date, with total short-Bitcoin AUM falling by 9.2%.Altcoins also saw some minor inflows, with Solana (SOL), Cardano (ADA) and Polygon (MATIC) investment products all posting modest declines. Despite the growing clarity around unstaking, Ether (ETH) producers only received $700,000 in inflows.Related: Digital asset investment products see highest inflows since July 2022: ReportOverall, positive inflows into digital asset investment products highlight investors’ growing confidence in the market. Altcoin activity also suggests that the digital asset market remains diverse and constantly evolving.
  • Bitcoin trader fears a bear market comeback: Watch the US dollar News - 16 hours ago
    It’s all about a golden cross, a death cross and the Federal Reserve when it comes to Bitcoin price action in the first half of the week. Bitcoin (BTC) stayed motionless at the Feb. 6 Wall Street open as analysis showed an “interesting dynamic” in play on BTC price charts.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin: Golden cross meets death crossData from Cointelegraph Markets Pro and TradingView followed BTC/USD as it ignored the start of United States equities trading to stay near $22,800.The pair had seen flash volatility into the weekly close, abandoning levels nearer its six-month highs above $24,000.Bitcoin thus worried market participants as the week began, with an increasing number eyeing a potential retest of $20,000 or lower.For on-chain monitoring resource Material Indicators, attention now turned to two classic chart features: a “golden cross” on daily timeframes and a “death cross” on weekly timeframes.Representing interplay between the 50- and 200-day moving averages, golden and death crosses traditionally indicate upcoming bullish and bearish moves, respectively.Such is their notoriety that automated trading tools may buy or sell as required should one or both events occur.“At the moment it occurs, a Golden Cross on the Bitcoin D chart could trigger some buying. Likewise, a pending Death Cross on the W chart will trigger some algotrading bots to sell,” Material Indicators wrote in a tweet on the day.It also highlighted upcoming comments from Jerome Powell, chair of the U.S. Federal Reserve. Due on Feb. 7, cues over inflation policy present in Powell’s words could easily move markets.Continuing on the chart crosses, Material Indicators co-founder Keith Alan described them as an “interesting dynamic evolving.”“Bitcoin is headed for an eminent Golden Cross on the D chart which is short term bullish and could trigger some TA algos to buy. We are also headed for a Death Cross on the W chart which is longer term bearish,” he stated in his own tweet.BTC/USD annotated charts with golden and death crosses marked. Source: Keith Alan/TwitterDollar strength rebounding is “bad news” for cryptoOn the macro, U.S. stocks were down slightly at the open, with the S&P 500 and Nasdaq Composite Index losing 0.8% and 1.1%, respectively. Asian stocks had also finished the day lower.Related: Is BTC price about to retest $20K? 5 things to know in Bitcoin this weekThe U.S. Dollar Index (DXY), meanwhile, continued its rebound in a move threatening to pressure risk assets further.The Index traded above 103.6 at the time of writing, its highest since Jan. 9, as analysts began to fear for the health of the crypto rally.“It appears the dollar is attempting to reclaim its yearly uptrend,” popular trader and analyst Roman summarized.“This is bad news for crypto & stocks because it will indicate a pullback / continuation of bear market. This week is very important. A reclaim of trend, $SPX loses 4100, & I turn back to macro bearish.”U.S. dollar index (DXY) 1-day candle chart. Source: TradingViewThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
  • What are decentralized social networks? News - 16 hours ago
    Explaining Web3 social networks — their benefits, challenges and how they work. The future of decentralized social mediaTraditional Web2 social media platforms are plagued by fundamental problems such as censorship, lack of users’ privacy and demonetization. Decentralization is a potential solution.Many of Web2’s major social media are already looking for a way out by making steps forward to Web3 and decentralization. For instance, Reddit touted community points, which are ERC-20 tokens that users can earn by posting quality content and contributing to online communities. To do so, Reddit is working with Arbitrum, a layer 2 protocol designed to scale Ether (ETH) transactions.Twitter rolled out support for NFTs, allowing users to connect their wallets and display NFTs as profile pictures. Meta is also experimenting with nonfungible tokens on Instagram. Blockchain-based social media platforms continue to provide new functions and methods to interact with technology and one another.Despite the number of challenges, the future will more likely see continued growth and widespread adoption of Web3 social media platforms as users seek more control over their data and privacy; and seek ways to monetize it on their terms. Enhanced security, pseudonymity, censorship resistance and freedom of speech are important reasons for increasing the use of decentralized social media networks.Popular decentralized social networksBlockchain-based social networks are gaining traction. There are dozens of social media projects in the cryptocurrency space with millions of users. As technology evolves, more decentralized social networks are expected to emerge, each offering different features and widening functionalities.Here are a few examples of popular decentralized social media networks:Diaspora is one of the oldest decentralized social media networks, launched in 2010. It was touted as a prominent Facebook alternative.Built on top of the well-liked decentralized social media protocol Nostr, Damus is a well-known decentralized social media platform with an easy-to-navigate user interface.Mastodon is a decentralized microblogging platform that allows users to create and share short text posts and follow other users. Mastodon boasts of being the world’s largest free, open-source, decentralized microblogging network. Basically, Mastodon is an open-source alternative to Twitter. Peepeth is an Ethereum-based social network alternative to Twitter that aims to provide a more secure, private and censorship-resistant platform for social media.Hive is a decentralized social network built on the blockchain and aims to provide a more secure and transparent social media experience.Minds is a decentralized social network that aims to provide a more open and transparent platform for free speech and digital rights. It allows users to speak freely, protect their privacy, earn crypto rewards and regain control of their social media.Pixelfield is a decentralized alternative to Instagram launched in 2018. It offers users control over their data and ensures the privacy of users’ images without any advertisements on the platform.Status is a secure messaging DApp that uses an open-source, peer-to-peer protocol and end-to-end encryption to protect users’ messages from third parties.Mirror is a decentralized, user-owned publishing platform built on Ethereum for users to crowdfund ideas, monetize content and build high-value communities.Lens Protocol is a decentralized social graph launched by the team behind Aave (AAVE) in 2022. It helps creators take ownership of their content. The project gives users the tools to create their own social media platforms using Web3 technology.Steemit is a blockchain-based blogging and social media website founded in 2014. It was specifically developed using steem blockchain technology.DTube is a blockchain-based social media video network. It was built on Steem and the IPFS, with users paid in the Steem (STEEM) token. Subsequently, it switched to its Avalon blockchain.Only1 is an NFT-powered social media protocol built on Solana. Aether is an open-source platform for self-governing communities with auditable moderation and moderators elections that is an alternative to Reddit.Decentralized social networks vs. Traditional social networksBy many parameters, decentralized social networks are an innovative alternative to traditional centralized ones.Here are some key differences between traditional Web2 social networks and decentralized social networks:It is important to note that decentralized social networks are still in their early stages of development, with their features and benefits subject to change.Drawbacks of decentralized social networksWeb3 social media also has several drawbacks compared to traditional centralized ones. These issues can impact the adoption and success of decentralized social networks, but the technology is still evolving and these challenges may be addressed over time.Decentralized social networks struggle with attracting a large user base, as most people are accustomed to using major social networks such as Facebook, Twitter, or Instagram and may be hesitant to switch.Furthermore, decentralized social networks are more complex to use and understand compared with traditional ones, acting as a barrier to adoption. Sophisticated user interfaces and a need to dive into the crypto world still scare non-techy users.Moreover, decentralized social media may suffer from a shortage of attractive features. Lots of them have limited functionality compared with centralized social media, which can impact their usefulness and appeal to potential users.Also, social media platforms usually require large throughputs to support fast, constant social interactions and effective functioning. For decentralized social networks, scalability is a pain point since their decentralized nature limits the ability to handle large amounts of traffic and data. Blockchain-based decentralized social networks with native crypto economies may be subject to cryptocurrency market volatility and could be influenced by unpredicted events. The situation on the market can quickly impact the value of rewards earned by content creators and the overall stability of the social network. Moreover, it may cause a shutdown of the network if it lacks funds. This, in turn, will lead to users losing their social connections. The answer is sustainable economic models for platforms. Using decentralized storage systems like the InterPlanetary File System (IPFS), social networks can protect user information from exploitation and malicious use. And last but not least, decentralized social networks may face challenges with regulation. To date, there are still no global standards for blockchain. Governments and financial institutions still seek to regulate decentralized networks and the crypto space.Benefits of decentralized social networksNeedless to say, decentralized social media, like any social media platform or service, promotes connectivity, community building and knowledge sharing. Moreover, based on how they work, decentralized social networks offer several benefits compared with traditional centralized social media.First, Web3 social media platforms increase privacy since they allow users to control and own their data, making it more difficult for major companies or governments to access or misuse their information.Furthermore, decentralized social networks are less susceptible to data breaches, as user data is stored across a decentralized network of nodes rather than on a central server. Users can create accounts without linking them to real-world identities, like email addresses or phone numbers. These networks often rely on public key cryptography for account security rather than on a single organization to protect user data.Web3 social media provide censorship resistance and supports freedom of speech. Such platforms are a great place for free speech and expression, as no central authority can control or censor content. Nevertheless, decentralized social media’s ugly side can include political misinformation, cyberbullying and criminal activity because they are largely unmoderated.Other benefits include ownership over personal data and improved control over user-generated content. Decentralized social media allow users to retain the rights to their content and provide an opportunity to earn rewards for it.A unique feature of Web3 social networks is governance through decentralized autonomous organizations (DAOs). With it, they can be governed in a decentralized manner, offering users the ability to decide on the direction and development of the network. Smart contracts lay the foundation for the activities of the DAO. They are clear, verifiable and publicly auditable, allowing any potential participant to fully understand how the protocol will work at all times. A DAO treasury is funded by issuing tokens, giving tokenholders the right to vote.Economic neutrality is an important ethos for many decentralized social networks. Such networks aim to be independent of intrusive advertising and the privacy risk it poses. As a result, apart from venture capital financing, they utilize new forms of monetization to stay solvent, including digital currency to ensure business resilience and reward users. Web3 social media benefits create a more secure, transparent and user-centric social media experience, with a more democratic and open alternative structure to traditional centralized social networks.How do decentralized social networks work?Web3 social networks use blockchains to store and manage the platform, its data and its content. Here are the essential components and an overview of how a decentralized social network operates:Decentralized and transparent data storageBlockchain brings trust back to the privacy of social networks thanks to its transparent and cryptographic nature. Also, blockchain-based social networks store data separately between several different independent nodes. Therefore, user data, such as profile pictures, information, posts and interactions, are stored in a decentralized manner across the network. Smart contractsDecentralized social networks are powered by smart contracts. The contract code serves as the backend for these social media platforms and characterizes their business logic.Consensus mechanismsA consensus mechanism, such as proof-of-stake (PoS) or proof-of-work (PoW), is used to validate transactions and enable trust and security in the network. Token economyA token economy component that powers decentralized social network monetization includes cryptocurrency. It is often used to incentivize social network participants and reward them with tokens for content creators.Decentralized applications (DApps)Many Web3 social networks are available as decentralized applications (DApps) or support DApps on top of them that offer additional services and functionality, such as payments, NFTs and more.Secure user authenticationDecentralized social media users, like users of the majority of Web3 services, are identified and authenticated through a secure public key infrastructure.Censorship resistance mechanismsDecentralized social media platform users can create and share any content on the network without moderation. No centralized third party can censor their expressions and remove or modify their content.The above features work together to create a more secure, transparent and user-centric social network experience.What are decentralized social networks?Decentralized social networks are networks where user data and content are stored on a blockchain and independent servers rather than centralized servers controlled by a single company. While Web2 social media platforms have benefits and challenges, Web3 technology can drastically improve space. The key flagship of that change is decentralized social media networks — an emerging type of social network which operates in a decentralized manner. This allows for more privacy and security and gives users control over their data, digital identity and content, fostering transparency, as anyone can view the data at any time. Blockchain-based social platforms aim to promote free speech and provide censorship resistance, with no central authority controlling or manipulating the content. Additionally, no third party can own, collect, or sell user data.Also, Web3 social networks often utilize fungible and nonfungible tokens (NFTs) as new ways to monetize content. Thus, decentralized social networks are not just a change in the infrastructure of centralized Web2 platforms; they are also changing the method of how social media companies make money.What is a social network?A social network is a platform or service that enables users to set up either fully or partially public profiles, share content and connect with other users based on common interests, life experiences, or personal connections.Since its emergence in the mid-1990s, social media has become an important and undoubtedly integral part of people’s everyday lives, covering half of the world’s population. The rise of social media is not surprising since social networks as a phenomenon have many benefits and catching features. First and foremost, social media can connect friends, families and communities, no matter the distance, providing an opportunity for real-time correspondence. Second, they make it easier to exchange information and ideas, facilitating communication and other forms of expression. Social networks offer entertainment through online content and enable the creation of communities around shared interests.Lastly, social media may be a tool to boost businesses, allowing them to reach a wider audience and build a stronger online presence. In the 21st century, social networking is a significant opportunity for marketers seeking to attract, engage and acquire customers. The current state of social networks in Web2, the web we know today, is complex and controversial. On the one hand, they play a significant role in shaping public opinion, driving political discourse and connecting people worldwide; on the other hand, social media faces increasing challenges, such as privacy concerns. For instance, it is widely known that centralized social networks earn money by selling consumer data. The public is becoming increasingly aware of the risks associated with personal and sensitive information sharing on social networks and requires greater confidentiality and control over their data.Social media space monopolization is another hot issue. A few dominant companies, such as Facebook, Twitter and YouTube, control a large portion of the social media market and users’ data. As a result, they face growing criticism of their power and influence.Censorship, the suppression of speech, public communication, or other information, is also challenging. Governments in countries like China and North Korea, along with major Web2 social networks, can censor content or ban any account on the platforms.Also, social media platforms are a constant subject of increased regulation. Governments worldwide enhance their regulatory supervision of social media in response to concerns about data confidentiality, election interference, spreading fake news and harmful, misleading content.On top of that, social media’s advertising-driven and data-collection business model is under scrutiny as concerns about data privacy and the spread of misinformation continue to grow.
  • Community votes to deploy Uniswap v3 on Boba Network News - 17 hours ago
    Enya Labs co-founder Alan Chiu said that the move would allow developers to build on- and off-chain DeFi applications on top of Uniswap. Members of the Uniswap community voted in favor of deploying Uniswap v3 on Boba Network’s layer-2 protocol on Ethereum. Gaining over 51 million votes, the proposal submitted by Boba Foundation and FranklinDAO to deploy Uniswap v3 on Boba Network passed. This means that the Boba Network will be the sixth chain to deploy Uniswap v3, with the deployment scheduled to proceed in the coming weeks. The move was backed by several entities, such as GFX Labs, Blockchain at Michigan, Gauntlet and ConsenSys. According to Alan Chiu, co-founder and CEO of Enya Labs — a core contributor to Boba Network — the move will enable developers within the ecosystem to create a new generation of on- and off-chain decentralized finance (DeFi) applications on top of Uniswap. Chiu explained: “While the Uniswap protocol will remain permissionless, developers will be able to build a compliant layer atop of it that leverages Hybrid Compute to tap existing, TradFi-friendly KYC/AML services.” As a result, Chiu noted that the decentralized exchange will be more accessible to the broader institutional market. In addition, the Boba Network team also believes that this opens an opportunity for Uniswap to expand into the key Asian markets, highlighting that Boba Network gained a lot of traction in South Korea and is slowly expanding to Japan. Related: Wormhole wins second ‘temp check’ to become bridge for Uniswap governanceMeanwhile, in a recent fireside chat, Aave founder Stani Kulechov spoke with Cointelegraph’s managing editor, Alex Cohen, to discuss DeFi adoption. According to Kulechov, more adoption of payments and stablecoins could lead to more growth in the DeFi space. The Aave founder highlighted that onboarding users on stablecoins puts them in a position where DeFi can eventually be introduced. In other news, a DappRadar report revealed that DeFi is off to a good start in 2023. Data from the statistics site highlighted that DeFi protocols saw significant growth in their total value locked in January.
  • What is cyberpunk: A beginner’s guide to the sci-fi genre News - 18 hours ago
    Cyberpunk is a subgenre of sci-fi that explores a dystopian future with advanced technology, where the line between man and machine is blurred. Science fiction’s sub-genre, known as cyberpunk, imagines a dystopian future in which advanced technology has overtaken society and divided it into classes for the haves and the have-nots. The genre frequently examines virtual reality, hacking, artificial intelligence and how technology affects people.Cyberpunk is distinguished by its emphasis on a future society in which governments and corporations have amassed enormous power and control over people, frequently at the expense of their freedom and privacy. The genre is renowned for its grim and gloomy depictions of a world where technology has gone beyond human control and produced new kinds of exploitation and oppression.Some popular examples of cyberpunk works include the novel Neuromancer by William Gibson, the film Blade Runner and the video game series Deus Ex. These works have had a lasting impact on the science fiction genre and continue to inspire new works of cyberpunk fiction.Related: Top 9 cyberpunk movies of all timeFeatures of cyberpunkSome common features of cyberpunk include:Advanced technology: High-tech gadgets and systems like virtual reality, artificial intelligence, robotics and cybernetic implants are frequently featured in cyberpunk movies.Dystopian world: Cyberpunk is known for its bleak, dystopian future where corporations and governments have gained immense power and control over individuals, often at the expense of personal freedom and privacy.Class divide: The gap between the powerful and wealthy, who have access to cutting-edge technology and the rest of society, who are marginalized and left behind, is frequently explored in this genre.Hacking and rebel protagonists: Many cyberpunk stories feature rebels or hackers who use their technical skills to challenge the established power structures and fight against the corrupt forces that dominate society.Neon-lit cityscapes: Cyberpunk frequently occurs in gloomy, neon-lit cityscapes, providing a setting for the genre’s fast-paced action and high-tech adventures.Unique style: The distinctive aesthetic of cyberpunk is noted for its emphasis on neon lights, gloomy, crumbling cityscapes, and a general atmosphere of decay and dystopia.Exploration of ethics: The genre frequently examines complex moral dilemmas with the proper and improper application of technology, including privacy, security and blending human and machine.How to create a cyberpunk movieBecause it offers a provocative and frequently sobering look at how technology and society interact, cyberpunk is significant as a literary and cultural phenomenon. Cyberpunk examines the opportunities and perils of a future ruled by cutting-edge technology and artificial intelligence through science fiction.Here are some steps to creating a cyberpunk movie:It is vital to remember that the most important thing is to stay true to the genre while also bringing something fresh and unique to the table.The future of cyberpunkAlthough it is difficult to foresee the future of the cyberpunk genre, there are some signs that the themes and ideas it explores will remain important and relevant in the years to come. Cyberpunk will probably continue to be a source of thought-provoking fiction that explores these topics as technology develops and the concerns of privacy, security and the impact of technology on society become more and more significant. Furthermore, the continued advancement of virtual reality and artificial intelligence has the potential to expand the boundaries of the genre and stimulate new cyberpunk literary works.Nevertheless, it is worth noting that the cyberpunk genre has developed and evolved over time and will probably do so in the future. For instance, the emergence of cryptocurrencies and blockchain technology has given rise to a new subgenre of cyberpunk known as “blockchainpunk,” which examines the advantages and disadvantages of this novel technology.
  • Hong Kong securities regulator adds crypto personnel for industry supervision News - 18 hours ago
    Regulators in Hong Kong plan for the addition of personnel to “better supervise” the activities of local virtual asset providers. Regulators in Hong Kong are stepping up their game when it comes to monitoring the activities of the crypto industry. According to a Securities and Futures Commission report filed on Feb. 6, it plans to hire four additional staff to “better supervise” the activities of local virtual asset (VA) providers. Moreover, the extra oversight will help “better assess the compliance and risk” by allowing retail investors to trade virtual assets on regulated platforms.The commission wrote: “This is in response to an increasing number of operators who have expressed interest in carrying on VA activities such as trading platforms and the management of VA funds.”This comes at the onset of the introduction of a new licensing regime to allow greater retail crypto investment. Previously trading platforms licensed in Hong Kong were only permitted to serve professional investors, or investors with portfolios of at least $1 million (HK $8 million), according to regulators. Related: Hong Kong lawmaker wants to turn CBDC into stablecoin featuring DeFiIn December 2022, the new licensing regime was approved as an amendment to the Anti-Money Laundering and Counter-Terrorist Financing Bill. However, it takes effect in June 2023, which gives time for regulators and local businesses time to prepare for a new wave of participation in the industry.Hong Kong has been active in its plan to revamp its crypto industry and become a hub for Web3 innovation. Part of this plan included an investment fund of $500 million to push for mass adoption in the local industry.Most recently, the Hong Kong Monetary Authority recently released a statement saying that it will not tolerate algorithmic stablecoins in its newest regulation. However, the regulator said that it intends to develop a full-bodied regulatory framework for stablecoins, which will be based on the full backing of such assets. 
  • It’s time to own your digital identity News - 19 hours ago
    As we emerge into the world of Web3 and the metaverse, we are starting to see methods of data retention where the web user has full visibility and control of this — specifically through digital identities. Usernames and passwords are a staple of the modern internet, and almost every service out there uses this method as credentials for access. This has led to some notable issues — one being that the data must then be stored on private servers outside of a person’s control, and the other being that these servers don’t always have the best security. The nature of this system takes power away from individuals, who can only hope their data is safe. While this model has become the standard, it doesn’t have to stay this way. As we emerge into the world of Web3 and the metaverse, we are starting to see methods of data retention where the web user has full visibility and control of this — specifically through digital identities. These identities, in some cases, can help owners prove the legitimacy of their online profiles, professional credentials and so much more.  We’re still in the dial-up phase of Web3 and the metaverse and this technology has yet to be used to its full potential in modern life. It’s time for consumers to take back control of not only our data but our digital identities.  A New Type Of Identity Imagine a world where your social, financial, medical and professional data could be held in your phone in the palm of your hand, but without the fear of any of this data being compromised — where you as the holder would have complete visibility and accessibility at all times. This is the vision behind digital identities on Web3 and the metaverse. Already, people have most of this information stored online, but it’s under the control of multiple third parties and may not be secure.  This is why your digital identity is your human right. A person should own their own data and their own identity, and it should be theirs to share.  Another key use case for decentralized digital identity is the interconnectivity between social media platforms with the ID itself acting as a single credential for access and reputation. Currently, various social media sites are siloed. Twitter users are unable to bring their identity or brand image to another social media platform, leaving them to start from scratch with each social platform. A decentralized digital identity can carry all of the history, interactions and accolades with the owner through whichever platform they choose to use, allowing them to continue expanding their personal brand.  Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish. Apply today Beyond Social Media Then there’s the financial factor. Big tech firms are raking in revenue to the tune of $100 billion a year from advertising, based on collected user data. Clearly, there is a lot of value to this data, but the real price comes at the expense of the web user, whose data is being harvested to line the pockets of these big companies. With users in control, they can choose to monetize their data or not, but if they do, they can be the ones being compensated. The medical industry could benefit massively, for example. Incomplete or inaccurate medical records can lead to serious miscalculations by practitioners, and different institutions don’t always share their data. This same idea can be extended to the field of education, finance, business credentials, social media interactions — this list is far from exhaustive. The key that makes this system empowering and not intrusive is making sure that owners are in the driver’s seat all the way.  There’s Still Work To Be Done There’s a lot to be optimistic about when it comes to digital identity, but there’s more to be done to flesh out the infrastructure and drive adoption. For one, there simply needs to be more integrated services that leverage this technology and allow people to carry their identity with them. People need this system to be available everywhere for it to reach its full potential, and as of now, there aren’t many mainstream common services that are using digital IDs. This is changing fast, but it will take time to see complete consumer saturation. To that point, early adopters of digital ID technology are mostly cryptocurrency users and services. The mass public and the majority of Web2 companies are only beginning to take notice, and it may take a bit of education to fully get them on board. There need to be good materials available for explaining the benefits of what these IDs hold, as well as smooth on-ramps for gaining access and understanding how to use them.  Lastly, there’s a general lack of standards surrounding the implementation of these IDs. There are multiple projects in the works, but no overarching outline for what they should act like or how they interact with each other. This will need to be figured out in order for the broader population to want to engage with them.   Even if there are still hurdles to navigate, this is more than just a vision; this technology is available right now. Multiple decentralized ID solutions have been developed and can be put to work immediately. It’s possible that one ID standard will rise to become the industry benchmark across Web3, or perhaps an ecosystem of interoperable IDs will emerge. What truly matters is the benefit to the consumer. The ability to control your identity should be a fundamental right of every human being, and there’s no reason that shouldn’t extend into the digital realm. Decentralized technology has opened the door, and now we must choose to walk through it. Sandy Carter is SVP and Channel Chief at Unstoppable Domains, a digital identity platform and Web3 domain provider. This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph. Learn more about Cointelegraph Innovation Circle and see if you qualify to join
  • Chainlink oracle, data feeds coming to StarkNet ecosystem News - 19 hours ago
    StarkWare is set to partner with Chainlink Labs to integrate oracle services and data feeds to the StarkNet testnet. Blockchain scaling technology firm StarkWare is set to partner with Chainlink Labs to bring oracle services, data and price feeds to the StarkNet ecosystem.The coalition will see StarkWare join Chainlink’s Scale program and brings Chainlink price feeds to StarkNet’s testnet. StarkNet tokens will also fund certain operating costs for Chainlink oracle nodes, giving Starket developers access to Chainlink oracle services and data feeds. Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data sources, APIs and payment systems. It allows smart contracts to interact with real-world data and events, making it possible for them to be triggered by data from external sources.The network features independent nodes that provide secure and reliable data to smart contracts, incentivized by payment in Chainlink’s native LINK token. Node operators verify and perform data computations, which ensures accurate and reliable data is delivered to smart contracts.Related: StarkNet overhauls Cairo programming language to drive developer adoptionAn announcement from StarWare highlights the establishment of a sustainable economic system between StarkNet and Chainlink. The integration is also expected to provide the necessary infrastructure for StarkNet developers to build “highly performant, increasingly complex, and secure smart contract applications.“StarkWare product manager and researcher Ohad Barta told Cointelegraph that work to introduce Chainlink’s oracle services to StarkNet has been ongoing since June 2022. Various oracle services will be integrated into StarkNet, according to Barta, highlighting the benefit of diversity in smaller and larger oracles serving the network:“Oracles are an essential component, they are relevant in many use cases. A lot of applications need to know the price of assets or NFTs. Oracles are like a complete toolkit.”Barta also believes that the reputation of Chainlink’s services within the Ethereum ecosystem is another major reason for the integration with StarkNet:“The main benefit is any application or startup can integrate with Chainlink price feeds and know it will be accurate and have some peace of mind when they are building their product.”A statement from Chainlink co-founder Sergey Nazarov highlighted the partnership’s potential in Chainlink oracle networks operating at high speeds and low costs for Starknet users and developers:“By reducing the operating costs of oracle nodes, StarkNet is able to accelerate its ecosystem’s growth and become a more attractive environment for building scalable DApps in the Web3 ecosystem.”Chainlink data feeds are live on StarkNet’s testnet, with a mainnet integration expected in the coming months. Cointelegraph is currently covering StarkWare Sessions in Tel Aviv, Israel, where the company announced that it would make its proprietary Starknet Prover open source. The prover is the engine that StarkWare uses in its zero-knowledge roll-up technology.
  • Stablecoin adoption could lead to DeFi growth, says Aave founder News - 20 hours ago
    Stani Kulechov said that one of the challenges in the ecosystem is that there’s less backing in decentralized stablecoins compared to centralized ones. Stani Kulechov, the founder of the decentralized finance (DeFi) protocol Aave, highlighted several issues within the DeFi space at the StarkWare Sessions 2023, held at The Cameri Theatre in Tel Aviv, Israel. In a fireside chat titled “DeFi: Resilience in the Face of Global Uncertainty,” Kulechov and Cointelegraph’s managing editor Alex Cohen discussed various topics, including DeFi’s risks compared to traditional finance (TradFi) and how stablecoins can lead to more DeFi adoption.Fireside chat with Aave founder Stani Kulechov and Cointelegraph managing editor Alex Cohen at the StarkWare Sessions 2023According to Kulechov, the preciseness of quantifying risks in DeFi is better than TradFi products, which could push further space adoption. The Aave founder explained that operating in DeFi would become cheaper than TradFi as the risks are identified more easily. He said: “You have all this visibility, you can actually quantify the risk more precisely which should mean that then you’re operating in an environment where it should be cheaper for you because the risks are more known.” When asked about onboarding regular people who may not be as “tech-savvy” into the DeFi space, Kulechov noted that stablecoins and payments could play an important role. According to the Aave executive, building the “payment layer,” which involves stablecoins, can potentially hook regular people into the space, eventually introducing them into DeFi. “It’s more about building that payment layer, and then the whole DeFi loop starts to close because you have a way to exchange value easily,” he said. In addition, Kulechov also noted that pushing the innovation curve further can break more adoption. However, the Aave executive also recognized several issues within the stablecoins space, including the value within the ecosystem and the collateralization of decentralized stablecoins. Kulechov explained that: “The current issue is that there is not enough value in the ecosystem that you just have less backing in decentralized stablecoins compared with centralized. And, I think that’s where we have kind of like a big problem at the moment.”The Aave founder added that the stablecoins, which he described as the “most resilient ones,” are overcollateralized. Related: DeFi enjoys prolific start to 2023: DappRadar reportWhen asked about DeFi becoming more of a buzzword in the near future, the Aave protocol founder expressed confidence in the space being around for a long time. He said: “DeFi will be around for quite a long time because it solves one of the first problems that blockchain has been solving. And, it’s an infrastructure that’s going to be used in many applications.”The founder highlighted that there are many new innovations in the space, even finding their way into non-financial applications.
  • Hodlnaut works with potential buyers to sell firm and FTX claims: Report News - 22 hours ago
    Hodlnaut’s court-appointed judicial managers are reportedly in the process of signing non-disclosure agreements with the potential buyers. Troubled cryptocurrency lending firm Hodlnaut is reportedly working with several potential investors to sell its business and other assets.A number of potential buyers have inquired about purchasing Hodlnaut and its claims against the collapsed crypto exchange FTX, Bloomberg reported on Feb. 6.Hodlnaut’s interim judicial managers have received multiple proposals to acquire its Singapore-based crypto business after the company sought protection from creditors. Citing an affidavit, the report notes that the judicial managers are now in the process of signing non-disclosure agreements with the potential investors.The affidavit reportedly indicated that as of Dec. 9, 2022, Hodlnaut Group owed a total of $160.3 million — or 62% of outstanding debt — to companies and entities like Algorand Foundation, Samtrade Custodian, S.A.M. Fintech and Jean-Marc Tremeaux.As previously reported, Hodlnaut’s FTX accounts held 514 Bitcoin (BTC), 1,395 Ether (ETH), 280,348 USD Coin (USDC) tokens and 1,001 FTX (FTT) tokens. The company reportedly had more than $18 million worth of digital assets on centralized exchanges like FTX, Deribit, Binance, OKX and Tokenize.Once a major crypto lending platform, Hodlnaut was forced to halt operations due to a lack of liquidity triggered by a massive bear market in 2022. After freezing withdrawals in August, Hodlnaut obtained creditor protection from a Singapore court, allowing the firm to restructure under court supervision. The court appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee of EY Corporate Advisors as interim judicial managers.Related: Celsius publishes list of users eligible to withdraw majority of assetsThe news comes weeks after Hodlnaut’s creditors rejected the proposed restructuring plan and sought liquidation of the platform’s assets. Instead, the creditors reportedly called for immediate liquidation and distribution of remaining assets among creditors in order to maximize the remaining value.Hodlnaut is one of many companies specializing in crypto lending services, allowing users to deposit cryptocurrency lent out to borrowers in return for regular interest payments. The cryptocurrency winter of 2022 has disrupted the operations of crypto lenders, including Celsius Network, BlockFi, Genesis, Vauld and others. A number of industry executives believe that crypto lending can still survive the bear market, but some conditions still need to be met.
  • Bitcoin price over $20K creates FOMO with 620K new BTC wallets News - 22 hours ago
    The growth of small BTC addresses was very limited in 2022 and slumped to new lows post-FTX, but a significant surge in January suggests trader optimism is high. The Bitcoin (BTC) price surge above $20,000 in the second week of January led to a market FOMO (fear of missing out), especially among small BTC holders.There was a significant surge in BTC addresses holding 0.1 BTC or less after Jan. 13. According to data shared by crypto analytics firm Santiment, 620,000 new BTC addresses have popped up since the Jan. 13 BTC price surge, totaling 39.8 million.Bitcoin addresses holding 0.1 BTC or less. Source: SantimentThe rise in Bitcoin addresses holding small amounts indicates regrowing investor optimism in 2023. The growth of such small addresses was very limited and slowed remarkably post-FTX collapse in November 2022, but 2023 has seen the rate of new address creation increase.The recent spike in small Bitcoin addresses is the highest since November 2022, when BTC dipped to its cycle low of around $16,000. The price decline prompted small traders to scoop up BTC at a lower price. The current surge is attributed to a growing bullish sentiment in the market where, apart from Bitcoin, several altcoins have also recorded multimonth highs, while the overall crypto market surged over 30%.Related: Bitcoin, Ethereum and select altcoins set to resume rally despite February slumpBitcoin continued its bullish momentum into the first week of February, reaching a five-month-high above $24,000. However, the $24,000 resistance proved too much to hold, with the price hovering around $23,000 at the time of writing. Market pundits believe February may not be as bullish as January.Bitcoin 1-year price chart . Source: CoinmarketcapAmid confusion over how incoming United States macroeconomic data may affect market sentiment, market analysts have warned that the rebound in crypto and stocks this year may flip bearish this month. They attributed the potential upcoming downward trend to the extent of the Federal Reserve’s interest rate hikes.
  • Interpol wants to police metaverse crimes, reveals secretary general News - 23 hours ago
    According to Stock, criminals have started targeting users on platforms similar to the metaverse, adding that “we need to sufficiently respond to that.” The International Criminal Police Organization (ICPO), or Interpol, is investigating how it could police crimes in the metaverse. However, a top Interpol executive believes there are issues with defining a metaverse crime.According to BBC, Interpol Secretary General Jurgen Stock revealed the agency’s intent to oversee criminal activities on the metaverse. Stock highlighted the ability of “sophisticated and professional” criminals to adapt to new technological tools for committing crimes.The move to police the metaverse comes nearly four months after Interpol launched its own metaverse in October 2022 at the 90th Interpol General Assembly in New Delhi, India. The official Interpol office in the metaverse. Source: InterpolDuring the launch, the announcement read:“As the number of metaverse users grows and the technology further develops, the list of possible crimes will only expand to potentially include crimes against children, data theft, money laundering, financial fraud, counterfeiting, ransomware, phishing, and sexual assault and harassment.”According to Stock, criminals have started targeting users on platforms similar to the metaverse, adding that “we need to sufficiently respond to that.” However, the organization faces issues with defining a metaverse crime. Madan Oberoi, Interpol’s executive director of technology and innovation, stated:“There are crimes where I don’t know whether it can still be called a crime or not. If you look at the definitions of these crimes in physical space, and you try to apply it in the metaverse, there is a difficulty.”Moreover, he revealed that Interpol is also challenged with raising awareness about possible metaverse crimes. Related: The world must take a ‘collective action’ approach to regulations — India’s finance ministerIn parallel to launching into the metaverse in October 2022, the organization created a dedicated unit to fight crypto crimes. #Crypto currencies are emerging as major threat across the globe: Jurgen Stock, Interpol chiefThe Interpol global complex for innovation in Singapore is working on a mechanism to deal with challenges emerging from #Cryptocurency— Sachin Singh (@sachinsingh1010) October 18, 2022 The initiatives followed Interpol’s “red notice” to global law enforcement in September for the arrest of Terraform Labs co-founder Do Kwon.
  • Is BTC price about to retest $20K? 5 things to know in Bitcoin this week News - 23 hours ago
    Bitcoin looks like it is treading on thin ice as February fails to match the gains of last month. Bitcoin (BTC) starts the second week of February in a newly bearish mood as multimonth highs fail to hold.In what may yet bring vindication to those predicting a major BTC price come down, BTC/USD is back under $23,000 and making lower lows on hourly timeframes.Feb. 6 trading may not yet be underway in Europe or the United States, but Asian markets are already falling and the U.S. dollar is gaining — potential further hurdles for Bitcoin bulls to overcome.With some macroeconomic data to come from the Federal Reserve this week, attention is mainly focused on next week’s inflation check in the form of January’s Consumer Price Index (CPI).In the build-up to this event, the results of which are already hotly contested, volatility may gain a fresh foothold across risk assets.Add to that those concerns mentioned above that Bitcoin is long overdue for a more significant retracement than those seen in recent weeks, and the recipe is there for difficult but potentially lucrative trading conditions.Cointelegraph looks at the state of play on Bitcoin this week and considers the factors at play in moving the markets.BTC price disappoints with weekly closeIt is very much a tale of two Bitcoins when it comes to analyzing BTC price action this week. BTC/USD has managed to retain the majority of its spectacular January gains, totaling almost 40%. At the same time, signs of a comedown are on the cards.While comparatively strong at just under $23,000, the weekly close still failed to beat the previous one and represented a rejection at a key resistance level from mid-2022.“BTC is failing its retest of ~$23400 for the time being,” popular trader and analyst Rekt Capital summarized about the topic on Feb. 5.An accompanying weekly chart highlighted the support and resistance zones in play.“Important BTC can Weekly Close above this level for a chance at upside. August 2022 shows that a failed retest could see BTC drop deeper in the blue-blue range,” he continued. “Technically, retest still in progress.”BTC/USD annotated chart. Source: Rekt Capital/ TwitterAs Cointelegraph reported over the weekend, traders are already betting on where a potential pullback may end up — and which levels could act as definitive support to further buoy Bitcoin’s newfound bullish momentum.These currently center around $20,000, a psychologically significant number and the site of Bitcoin’s old all-time high from 2017.BTC/USD traded at around $22,700 at the time of writing, data from Cointelegraph Markets Pro and TradingView showed, continuing to push lower during Asia trading hours.“Some bids were filled on this recent push down (green box) but most of the remaining bids below have been pulled (red box),” trader Credible Crypto wrote about order book activity on Feb. 5.“If we continue lower here eyes still on 19-21k region as a logical bounce zone.”For a quietly confident Il Capo of Crypto, meanwhile, it is already crunch time when it comes to the trend reversal. A supporter of new macro lows throughout the January gains, the trader and social media pundit argued that breaking below $22,500 would be “bearish confirmation.”“Current bear market rally has created the perfect environment for people to keep buying all the dips when the current trend reverses,” he wrote during a Twitter debate. “Perfect scenario for a capitulation event in the next few weeks.”BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewFed officials to speak as market eyes CPIThe week in macro looks decidedly calm compared to the start of February, with less data and more commentary set to define the mood.That commentary will come courtesy of Fed officials, including Chair Jerome Powell, with any hint of policy change in their language potentially to shifting markets.The week prior saw just such a phenomenon play out, as Powell used the word “disinflation” no fewer than fifteen times during a speech and questions and answer session accompanying the Fed’s move to enact a 0.25% interest rate hike.Ahead of new key data next week, talk in analytics circles is on how and when the Fed might transition from a restrictive to an accommodative economic policy.As Cointelegraph reported, not everyone believes that the U.S. will pull off the “soft landing” when it comes to lowering inflation and will instead experience a recession.“Don’t be surprised if the term “soft-landing” remains around for a while before the rug being pulled in Q3 or Q4 this year,” investor Andy West, co-founder of Longlead Capital Partners and HedgQuarters, concluded in a dedicated Twitter thread at the weekend.In the meantime, further analysis argues that it may be a case of business as usual, with smaller rate hikes after Powell’s “mini victory lap” over declining inflation.“Personally, my belief is that the Fed will most likely raise by +0.25% in the upcoming two meetings (March and May),” Caleb Franzen, senior market analyst at CubicAnalytics, wrote in a blog post on Feb. 4. “Of course, all future actions by the Fed will be dependent on the continued evolution of inflation data & broader macroeconomic conditions.”Franzen acknowledged that while recession was not currently an apt description of the U.S. economy, conditions could still worsen going forward, referencing three such cases in past years.Closer to home, next week’s CPI release is already on the radar for many. The extent to which January’s data supports the waning inflation narrative should be key.“Post-FOMC, we have a heap of 2nd tier data releases including the important ISM services and NFP,” trading firm QCP Capital wrote in forward guidance mailed to Telegram channel subscribers last week.“However the decider will be the Valentine’s Day CPI – and we think there are upside risks to that release.”U.S. Consumer Price Index (CPI) chart. Source: Bureau of Labor StatisticsMiner “relief” contrasts with BTC salesTurning to Bitcoin, network fundamentals currently offer some stability amid a turbulent environment. According to current estimates from, difficulty is stable at all-time highs, with only a modest negative readjustment forecast in six days’ time. This could well end up positive depending on Bitcoin price action and a look at hash rate data suggests that miners remain in fierce competition.Bitcoin miner net position change chart. Source: GlassnodeA countertrend comes in the form of miners’ economic behavior. The latest data from on-chain analytics firm Glassnode shows that sales of BTC by miners continue to increase, with their reserves dropping faster over 30-day periods.Reserves correspondingly totaled their lowest in a month on Feb. 6, with miners’ balance at 1,822,605.594 BTC.BTC miner balance chart. Source: GlassnodeOverall, however, current price action has provided “relief” for miners, Philip Swift, the co-founder of trading suite Decentrader, said.In a tweet last week, Swift referenced the Puell Multiple, a measure of the relative value of BTC mined, which has left its “capitulation zone” to reflect better profitability.“After 191 days in capitulation zone, the Puell Multiple has rallied. Showing relief for miners via increased revenue and likely reduced sell pressure,” he commented.Bitcoin Puell Multiple annotated chart. Source: Philip Swift/ TwitterNVT suggests volatility will kick inSome on-chain data is still surging ahead despite the slowdown in BTC price gains.Of interest this week is Bitcoin’s network value to transaction (NVT) signal, which is now at levels not seen in nearly two years. NVT signal measures the value of BTC transferred on-chain against the Bitcoin market cap. It is an adaption of the NVT ratio indicator but uses a 90-day moving average of transaction volume instead of raw data.NVT at multiyear highs may be cause for concern — network valuation is relatively high compared to value transferred, a scenario which may prove “unsustainable,” in the words of its creator, Willy Woo.Bitcoin NVT signal chart. Source: Glassnode/ TwitterAs Cointelegraph reported late last year, however, there are multiple nuances to NVT which make its various incarnations diverge from one another to provide a complex picture of on-chain value at a given price.“Bitcoin’s NVT is showing indications of value normalization and the start of a new market regime,” Charles Edwards, the CEO of crypto investment firm Capriole, commented about a further tweak of NVT, dubbed dynamic range NVT, on Feb. 6. “The message is the same further through history and more often than not it is good news in the mid- to long-term. In the short-term, this is a place we typically see volatility.”Bitcoin dynamic range NVT ratio chart. Source: Charles Edwards/ TwitterSmall Bitcoin wallet show “trader optimism”In a glimmer of hope, on-chain research firm Santiment notes that the number of smaller Bitcoin wallets has ballooned this year.Related: Bitcoin, Ethereum and select altcoins set to resume rally despite February slumpSince BTC/USD crossed the $20,000 mark once more on Jan. 13, 620,000 wallets with a maximum of 0.1 BTC have reappeared.That event, Santiment says, marks the moment when “FOMO returned” to the market, with the subsequent growth in wallet numbers meaning that these are at their highest since Nov. 19, 2022.“There have been ~620k small Bitcoin addresses that have popped back up on the network since FOMO returned on January 13th when price regained $20k,” Twitter commentary confirmed on Feb. 6. “These 0.1 BTC or less addresses grew slowly in 2022, but 2023 is showing a return of trader optimism.”Bitcoin wallet addresses vs. BTC/USD annotated chart. Source: Santiment/ TwitterA look at the Crypto Fear & Greed Index, meanwhile, shows “greed” still being the primary description of market sentiment. On Jan. 30, the Index hit its “greediest” since Bitcoin’s November 2021 all-time highs.Crypto Fear & Greed Index (screenshot). Source: Alternative.meThe views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
  • South Korean regulator provides guidance on security tokens News - 1 day ago
    Digital assets that fit the descriptions for security tokens will be regulated under the country’s Capital Markets Act. South Korea established guidance that specifies which types of digital assets will be considered and regulated as securities in the country.In a press release, the Financial Services Commission (FSC) highlighted that digital assets that fit the characteristics laid out in the country’s Capital Markets Act will be treated as securities. The law considers securities as financial investments where investors are not required to make additional payments after their original investment. The FSC also provided examples of which digital assets will most likely be classified as securities. According to the FSC, this may include tokens that provide a stake in business operations, gives holders rights to dividends or residual assets, or provide profit to the investors. Cryptocurrencies that fit the descriptions of security tokens will be regulated under the country’s Capital Markets Law. Meanwhile, digital assets that do not fit the characteristics of securities will be governed by other upcoming regulations. According to the FSC, token issuers and brokers like crypto exchanges will evaluate which crypto will be classified as securities based on the regulations. The regulator also pointed out that the evaluation will be case-by-case. The financial regulator also noted that the new guidance is part of preparations for the legalization, issuing and distribution of security tokens within the country.Related: Seoul government opens city’s metaverse project to publicSouth Korea has actively participated in the crypto ecosystem. On Jan. 19, the city of Busan revealed plans to establish a decentralized digital commodities exchange. Government officials noted that the platform would begin its operations this year. Apart from this, the country’s Ministry of Justice also plans to deploy a tracking system for crypto. On Jan. 29, the South Korean government said it would introduce a tracking system to combat money laundering efforts and recover funds connected to criminal activities.
  • Binance Tax launched to prepare crypto users for the tax season News - 1 day ago
    The new tool helps users access tax details aligning with their crypto activity to help report information during the upcoming tax season. For many countries, the tax season is right around the corner, which means companies in the crypto industry will need to be ready to help their users comply with local regulations.On Feb. 6,  crypto exchange Binance announced it is launching a tax reporting tool to help users stay on track of their crypto transactions for tax reporting purposes. According to the announcement, Binance Tax lets its users download a tax summary report which includes any gains or losses which have occurred throughout the year in their Binance account. This includes spot trades, crypto donations and blockchain-based fork rewards.The company said this comes as a response to a growing number of inquiries from users about their tax liabilities. Binance Tax is currently in a pilot phase in France and Canada before extending to other global markets in the Binance ecosystem later in the year. Currently, it is only available for information held on the Binance platforms, however, it says it is looking to expand to integrate with other platforms in the industry in the future. This comes one month after Binance announced its participation in an association to address compliance with global sanctions.Related: Crypto regulation world: How laws for digital assets changed in 2022Over the last year global regulators have tightened their grip on the crypto industry, particularly in the aftermath of the FTX crisis that shook the industry.In Thailand, the Securities and Exchange Commission recently announced that it plans to tighten up rules for the crypto industry with a focus on investor protection. Regulators in both South Korea and the Netherlands have targeted exchanges in probes for non-compliance with local standards. Regulators in the United States have also been eying the crypto scene. The cryptocurrency exchange Kraken had to settle with the treasury department’s Office of Foreign Assets Control regarding compliance violations.In December 2022, the United States Securities and Exchange Commission called on firms to disclose exposure to crypto bankruptcies and risks. Meanwhile, a House committee chair reintroduced a bill on crypto innovation, which allows companies to apply for an “enforceable compliance agreement” with federal agencies.
  • BNB Chain on-chain activity bucks bear market downtrend in Q4: Messari News - 1 day ago
    Average daily addresses on the Binance blockchain network grew by 30% year-on-year in Q4. The Binance-native blockchain BNB Chain continued to show steady activity growth in the fourth quarter of last year despite the broader crypto bear market, according to recent research.In a “State of BNB Chain Q4 2022” report published on Feb. 5, Messari researcher James Trautman revealed that the Binance network had continued with an “aggressive strategy to deploy financial and human capital across its ecosystem.”Due to these ongoing updates and developments, average daily active addresses and transactions “bucked a downward trend and grew by 30% and 0.2%, respectively,” the researcher noted.BNB Chain daily active addresses. Source: MessariBear markets are usually quiet periods in terms of on-chain activity, however, teams use this time to continue building and developing their products. Trautman wrote that while “2022 was a tumultuous year for the crypto industry,” BNB Chain “lived up to its Build N’ Build name with network upgrades and ecosystem expansion that showed considerable strength through Q4.”BscScan reports that daily transactions on BNB Chain have remained steady at around 3 million since mid-August. However, daily BEP-20 token transfers have seen an uptick in activity this year, with a 66% increase to just over 5 million on Feb. 5.BNB Smart Chain unique addresses are currently at an all-time high of 250 million, according to BscScan. Average daily new unique addresses grew by 41.3% year-on-year.Messari attributed the growth to the adoption of several ecosystem protocols such as Web3 onboarding protocol Hooked, a surge of DeFi activity on Venus Protocol and increased NFT activity on the OpenSea marketplace.Meanwhile, BNB Chain DeFi total value locked has increased by 25% since the beginning of the year to reach $6.62 billion, according to DeFiLlama.“BNB Chain executed a growth strategy that facilitated significant strides toward adoption. It made several upgrades to core functionality, integrated with strategic partners, and expanded into DeFi, NFTs, GameFi, and beyond,” said Trautman.Related: Binance delves into decentralized Web3 storage with BNB GreenfieldHowever, despite the uptick in user activity, financial performance was down. Average transaction fees decreased, which contributed to less revenue generation, it noted.Network revenue declined 10% for the quarter but Messari stated that the fundamentals were still positive, concluding that:“Ultimately, it was a positive sign that the catalysts for user growth came on the heels of a foundational user base and a more favorable valuation for BNB Chain’s network, especially after the FTX drama unfolded during Q4.”Looking ahead, Trautman said that he expects BNB Chain to be able to continue its growth, including adding scaling solutions and boosting throughput.The BNB Chain’s native token, BNB, has dropped 1.2% over the past 24 hours, falling to $326, according to Cointelegraph. The token has gained 25% over the past month but remains down 52.5% from its May 2021 all-time high of $686.
  • China doles out millions in digital yuan in bid to boost adoption: Report News - 1 day ago
    Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season. Millions of dollars worth of China’s central bank digital currency (CBDC) has been handed out across the country over the Lunar New Year period in a bid to boost its takeup.According to a Feb. 6 report in the Global Times, an English-language outlet of the state-ruPeople’s Daily newspaper, around 200 “activities” for the e-CNY were launched across the country during the holiday period. These activities aimed to “promote consumption” — the first time the government has done so since recently relaxing COVID-19 restrictions.Multiple cities reportedly gave away over 180 million yuan ($26.5 million) worth of the CBDC in programs such as subsidies and consumption coupons.In one example cited by the outlet, the Shenzhen local government handed out over 100 million yuan ($14.7 million) worth of e-CNY to subsidize the city’s catering industry.A QR code (blurred) for paying with digital yuan is displayed at a Chinese convenience store, users can scan the code and use e-CNY to pay for goods. Source: Wikimedia CommonsA Feb. 1 China Daily report said Hangzhou issued each resident an 80 yuan ($12) e-CNY voucher on Jan. 16. The total giveaway cost the city around 4 million yuan, or $590,000.Some of these initiatives proved to be very popular among residents. Citing data from the e-commerce platform Meituan, the Global Times report stated that e-CNY given away by the Hangzhou city government for the New Year celebrations was taken up by residents within nine seconds.Related: Bank of China ex-advisor calls Beijing to reconsider crypto banThe last few months has seen the government enact other targets and features to boost the usage of the CBDC.On Feb. 1, senior ruling party officials in the city of Suzhous set a tentative key performance indicator for the end of 2023 of having 2 trillion yuan ($300 billion) worth of e-CNY transactions in the city.The target is ambitious considering cumulative e-CNY transactions only crossed 100 billion yuan ($14 billion) in October, two years after the CBDC’s launch.In a bid to attract new users, in late December last year, the e-CNY wallet app introduced the ability to send “red packets” called hongbao in China, which is used for gifting money around the holidays.The wallet app als received an update in early January allowing users to make contactless payments using Android phones — even if their device is without internet or power.In December, a former Chinese central banker called the results of the e-CNY trials “not ideal,” and admitted, “usage has been low, highly inactive.”
  • Spanish rehab center adds crypto trading addiction to services list News - 1 day ago
    The rehabilitation center cited estimates that about 1% of cryptocurrency traders will develop an “extreme” addiction to crypto trading. A luxury rehabilitation center in Spain has recently added services aimed at treating a relatively new kind of addiction — crypto trading.The center, called “The Balance,” is a Switzerland-founded wellness center, with its main facility located on the Spanish island of Mallorca along with branches in London and Zurich.While it has long treated addictions such as alcohol, drugs and behavioral health, it recently began offering services aimed at combatting crypto trading addiction, according to a report from the BBC.The Feb. 5 report revealed that one of the center’s clients reached out so that he could “wean off crypto” after reportedly pouring in $200,000 worth of trades each week.The treatment involves a four-week stay that involves therapy, massages and yoga. The bill can be upward of $75,000.In another part of the world, Castle Craig Hospital — a Scottish-based addiction rehabilitation clinic treating high-adrenaline crypto traders since 2018 — has seen over 100 clients come in with “dangerous” cryptocurrency problems.Castle Craig’s rehabilitation facility. Source: Castle Craig.In Asia, Diamond Rehabilitation — a Thailand-based wellness center operating since 2019 — has also added services dedicated to cryptocurrency addiction rehab and treatment. The organization said it approaches rehab through the use of Cognitive Behavioral Therapy (CBT), Motivational Interviewing (MI) and Psychodynamic Theory (PT), as part of its comprehensive, multi-stage approach to help traders overcome their addiction. Related: How to control stress and depression in a crypto winter It is believed that the euphoric highs and crushing lows of the fast-paced, 24/7 cryptocurrency trading arena have brought in real demand for rehabilitation centers to offer services for trading addicts.An article by Family Addiction Specialist estimates based on gambling disorder statistics that about 1% cryptocurrency traders will develop a severe pathological addiction, while 10% will experience other problems beyond that of a financial loss.The 24/7 nature of crypto trading has caused many to constantly check price charts. Source: Family Addiction Specialist.Symptoms of this addiction, according to Family Addiction Specialist, include constantly checking the prices online — particularly in the middle of the night.
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      The Daily Hodl - 15 minutes ago
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      The Daily Hodl - 3 hours ago
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      The Daily Hodl - 3 hours ago
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      The Daily Hodl - 6 hours ago
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      The Daily Hodl - 7 hours ago
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      The Daily Hodl - 9 hours ago
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      The Daily Hodl - 11 hours ago
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      The Daily Hodl - 12 hours ago
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    • Central Bank of Argentina to Issue New 2,000 Peso Bill as Inflation Keeps Rising
      Bitcoin News - 1 hour ago
      The Central Bank of Argentina has announced the issuance of a new 2,000 peso bill, aimed at easing the burden of using cash for payments in the country. The bill, which will have a value of a little more than $5 ‘blue’ dollars (the informal exchange rate), is already being criticized as an insufficient measure. […]
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    • Binance Halting US Dollar Deposits and Withdrawals via Bank Accounts
      Bitcoin News - 8 hours ago
      Global crypto exchange Binance is suspending deposits and withdrawals in U.S. dollars via bank accounts starting Wednesday as more and more banking institutions try to reduce their exposure to the crypto market. “We are working hard to restart service as soon as possible,” Binance said. Binance Suspending USD Deposits and Withdrawals Global cryptocurrency exchange Binance […]
    • Former Bitcoin Dev Gavin Andresen Revises 2016 Blog Post, Calls Trust in Craig Wright a ‘Mistake’
      Bitcoin News - 10 hours ago
      During the first week of Feb. 2023, the United Kingdom Court of Appeal overturned a High Court decision from March 2022 in the case of Craig Wright’s Tulip Trading Limited (TTL) vs. 16 cryptocurrency developers. The case will proceed to trial as Wright, who claims to be Satoshi Nakamoto, stated his team was “delighted” with […]
    • Ethereum Plans ‘Shapella’ Transition on Zhejiang Testnet — Dev Insists ‘Withdrawals are Coming’
      Bitcoin News - 12 hours ago
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    • More Than 7,000 Ordinals Inscriptions Have Already Been Included on the Bitcoin Blockchain
      Bitcoin News - 14 hours ago
      Ordinals inscriptions, viewed as a kind of Bitcoin-native NFTs, are picking up steam among some Bitcoin circles, even though the procedures to issue them are far from user-friendly. The protocol, which was unveiled in January, has already served to bring more than 7,000 inscriptions directly to the Bitcoin chain, with some collections already present. Ordinals […]
    • Biggest Movers: SHIB Remains Near Recent Highs as Crypto Markets Fall on Monday
      Bitcoin News - 15 hours ago
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    • FTX Debtors Demand Return of Funds Given to US Politicians and Super PACs
      Bitcoin News - 17 hours ago
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    • Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Week Low, Bullish Sentiment Fades on Monday
      Bitcoin News - 18 hours ago
      Bitcoin fell to a seven-day low to start the week, as recent bullish momentum began to wear off in cryptocurrency markets. Friday’s stronger than expected U.S. non-farm payrolls report has made some question the Federal Reserve’s view that inflation has peaked. Ethereum also declined on Monday, however, it remained above $1,600. Bitcoin Bitcoin (BTC) […]
    • Digital Currency Group Sells Grayscale Shares to Raise Funds Amid Financial Difficulties
      Coinpedia Fintech News - 11 minutes ago
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      Coinpedia Fintech News - 1 hour ago
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      Coinpedia Fintech News - 4 hours ago
      The post Bitcoin Prices Predicted to Plunge and Volatility to Soar in 2023 Recession appeared first on Coinpedia Fintech News Fueled by the Russian invasion of Ukraine, and rising global inflation, most economists are convinced a recession is imminent in the coming quarters. The past recessions have been characterized by the stock market plunge and high liquidations. With the crypto market recording high volatility, a recession could send prices on a nosedive, perhaps similar to …
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      Coinpedia Fintech News - 15 hours ago
      The post MEMAG Presale Crosses The $3M Milestone: Stage 6 To Begin Soon appeared first on Coinpedia Fintech News Investors are hoarding MEMAG tokens at the Meta Masters Guild (MMG) presale to make the most of the attractive early-stage discounts. Now in the fifth stage, the presale has raised 3,167,543.01 out of its $3,430,000 target. MEMAG presale is widely speculated to sell out ahead of schedule soon, in response to the growing interest in …
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      Coinpedia Fintech News - 17 hours ago
      The post Craig Wright : Tulip Trading Case Outcome Will End Ripple And XRP appeared first on Coinpedia Fintech News On Feb 3, 2023, popular American businessman Craig Wright filed a lawsuit against 16 Bitcoin developers who are set to go under trial in London. If Craig Wright wins, Bitcoin developers will be forced to modify Bitcoin code. Also it’s been said that through this lawsuit, Craig will earn billions of dollars. As per reporters, …
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