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Bitcoin price is currently attempting a recovery wave from the $38,500 support zone. However, it is trading below $40,000 and the 100 hourly Simple moving average. There is a major bearish trend line forming with resistance near $40,400. If Bitcoin fails to rise above the $40,400 resistance, it could start another decline. The immediate support on the downside is near the $39,400 level, followed by the major support at $38,500.

According to Glassnode, Ethereum has emerged as a winner in the post-ETF approval market, while Bitcoin has struggled. Ethereum has performed better against both Bitcoin and altcoins recently, although it has seen more sluggish relative momentum compared to the wider altcoin space. The market cap dominance of Bitcoin has notably risen since November 2022, but it hasn't taken a share of Ethereum's dominance, which has mostly moved sideways. After the approval of Bitcoin ETFs, a new narrative has appeared in the sector with the emergence of ETH spot ETFs. Despite potential challenges in obtaining approval, the markets expressed optimism for an ETH-based ETF. Ethereum's dominance against Bitcoin has increased as shown by the chart.

Amid the decline of the Chinese economy and stock markets, many Chinese investors, like Dylan Run, have turned to cryptocurrencies as a safe haven for their investments. Despite the ban on crypto trading and mining in China, individuals are finding creative ways to own bitcoin and other digital assets. They utilize bank cards from rural commercial banks, engage with grey-market dealers, and open overseas bank accounts to bypass restrictions. This trend has further increased after Hong Kong openly endorsed digital assets, allowing Chinese citizens to utilize their annual forex purchase quotas to invest in cryptocurrency accounts in the territory. The economic downturn in China has made domestic investments risky, leading people to seek offshore asset allocation. Retail investors are flocking to cryptocurrencies, and even Chinese brokers and financial institutions are exploring crypto-related businesses in Hong Kong due to the lack of growth opportunities at home. While the Chinese crypto market ranks high globally in terms of peer-to-peer trade volume and recorded significant transaction volume, much of the activity occurs through informal channels such as over-the-counter and grey market peer-to-peer businesses. Brick-and-mortar crypto exchange stores have also emerged in Hong Kong. Despite regulatory challenges, the underground crypto market in China continues to thrive. For investors like Charlie Wong, bitcoin represents a promising investment opportunity in a transitioning economy where traditional assets perform poorly. Chinese officials appear to be both aware of the disruption caused by bitcoin and its potential, leading to their endorsement of crypto trading in Hong Kong as a way to maintain a foothold in the booming crypto business. This has sparked speculation that the Chinese government may be warming up to cryptocurrencies and using Hong Kong as a testing ground for future endeavors.

The price of the SatoshiVM (SAVM) token experienced a significant drop of up to 38% due to the controversy surrounding its token launch on Ape Terminal. The disagreement arose from the allocation of SAVM tokens during the launchpad event, where it was alleged that Ape Terminal's team members received all 210,000 token allocations instead of selecting from a pool of participants. However, Ape Terminal strongly refuted these claims, accusing one of SatoshiVM's advisors, MacnBTC, of profiting from the token sales and manipulating the market. MacnBTC had initially raised concerns about only team members winning the token allocations and later highlighted selling patterns among the winners. Despite accusations from both sides, it remains unclear who is at fault. Nevertheless, this controversy has adversely affected the SAVM token's value, leading to a significant decline.

Switzerland-based crypto bank Sygnum has raised over $40 million in funding, surpassing its target of $35 million. Led by asset manager Azimut Holding, the funding round will enable Sygnum to expand into new markets and enhance its suite of regulated products. The bank plans to enter one market in Europe and another in the Asia-Pacific region, though specifics cannot be disclosed due to regulatory obligations. With operating licenses in Abu Dhabi and Luxembourg, Sygnum currently manages over $4 billion in assets for more than 1,700 clients across 60 countries.

Crypto bank Sygnum raises $40 million at $900 million valuation Crypto banking group Sygnum announced today that it has secured over $40 million in an interim close of a strategic funding round, led by Milan-based asset manager Azimut Holding. The amount raised exceeded the target number of $35 million, the company said in a statement shared with The Block. “The broader industry is emerging from the ‘crypto winter’ and investors and market participants are increasingly seeking to partner with trusted and well-managed financial institutions,” Gerald Goh, co-founder and CEO of Sygnum’s Singapore arm, said in the statement. “For Sygnum, this fundraise will allow us to further build out our suite of fully regulated solutions to support investors as they increase their exposure to the asset class.” Sygnum intends to use the newly raised capital to drive the bank’s expansion into new markets and to further develop its regulated products, such as its bank-to-bank digital asset services. Goh told The Block that Sygnum plans to enter one market in Europe and another in the Asia-Pacific region, but that the firm could not disclose more details due to regulatory obligations. In its previous series B funding round, which closed in January 2022, the crypto bank secured $90 million with participation from several Asia-based investors, including Sun Hung Kai & Co., Animoca Brands and SBI Holdings. Sygnum Bank, based in Switzerland and Singapore, has also been granted operating licenses in Abu Dhabi and Luxembourg, according to its statement. The company added that it currently manages assets worth over $4 billion from more than 1,700 clients across 60 countries. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. #CryptoNew

Thailand's cryptocurrency exchanges are informing customers about upcoming tax changes imposed by the government. The tax authorities will now subject crypto revenue to certain taxes, including sales, transfers, and exchanges of cryptocurrencies or digital tokens on registered Thai exchanges. The FAQ section of Bitkub exchange's website has been updated to reflect these changes. While the exchange provides information on taxes chargeable on digital assets, it assures customers that their information is not disclosed to tax authorities unless requested. This move follows previous tax policies introduced in January 2022, which imposed a 15% capital gains tax on cryptocurrency trading profits. The new changes target citizens and foreign nationals spending over 180 days a year in Thailand. The aim is to generate revenue from income and assets acquired overseas. #CryptoNew

Thailand Crypto Exchanges Getting Ready Ahead of Crypto Taxes Changes Cryptocurrency exchanges in Thailand started informing customers about tax implications that may arise from their cryptocurrency trading activities in the country. This development follows a slew of recent tax policies introduced by the Thai government to draw revenue from the space. Previously, the tax authorities in the region announced upcoming changes that will see crypto revenue subjected to certain taxes. Amidst the development, local exchanges based in Thailand have begun alerting customers about the changes. In particular, the cryptocurrency exchange Bitkub exchange has updated its website’s FAQ section to reflect these changes. According to the information provided, crypto taxpayers, as categorized by tax authorities, include “a person who has sold, paid, transferred, or exchanged a cryptocurrency/digital token” on an exchange registered in Thailand. The category also includes crypto miners and persons earning in cryptocurrencies. Furthermore, the FAQ page details information on taxes chargeable on digital assets held by users. However, the crypto exchange clarified that it does not disclose customers’ information to tax authorities except at the customer’s request. Meanwhile, a September 2023 report by Bangkok Post said most of the policy changes are directed at income or assets acquired overseas. Per the report, the tax is seemingly directed at various groups, including citizens involved in cryptocurrency trading activities in the country. However, this is not the first time the Thailand government has introduced taxes directed at crypto trading. In January 2022, tax authorities in the region introduced a 15% capital gains tax on profits earned from cryptocurrency trading activities. Thais and foreign nationals who have spent more than 180 days per year in the country will be subject to the taxes once they take effect. #CryptoNew

The rising interest in PYTH staking has drawn attention as the airdrop frenzy sweeps the market. Within the last month, over 109,000 unique users have registered to stake PYTH, with nearly all of them joining in the past 10 days. This surge in staking activity coincides with the publication of guides on X (formerly Twitter) detailing how users can lock their tokens to potentially qualify for rewards. Pyth Network, an oracle service for decentralized applications, has garnered significant support from over 200 protocols, further contributing to the growing interest in staking. While some believe that staking PYTH could lead to a potential airdrop, it seems that most users are not prepared to commit substantial capital, with approximately 68% staking 1,100 PYTH or less.

The recent developments in the Bitcoin ETF market are signaling a potential rebound for the Bitcoin price. The slowdown in Grayscale's selling activities is seen as a positive sign, as it could contribute to stabilizing Bitcoin prices and restoring investor confidence. Major players like BlackRock and Fidelity have shown their resilience and commitment to Bitcoin, with substantial holdings in the cryptocurrency. The recent sell-off involved FTX, but it is expected to decrease, leading to a more stable market environment. The emergence of Bitcoin ETFs as significant holders of the cryptocurrency further showcases growing institutional interest in Bitcoin.

Bitwise, the cryptocurrency asset management firm, has set a new standard by becoming the first US bitcoin ETF to publicly disclose its wallet address. This move towards onchain transparency and authentication of BTC reserves is aligned with the ethos of Bitcoin. Bitwise hopes to further increase public transparency by working with other firms to provide real-time cryptographic attestations. As other centralized exchange platforms have enhanced their proof-of-reserves attestations, it remains to be seen if other spot bitcoin ETFs will follow suit. This development marks a significant step in the evolution of the cryptocurrency industry towards increased transparency and accountability. #CryptoNews

In response to LayerZero's unauthorized deployment of a crypto bridge, the Lido DAO has decided to endorse rival bridge proposals from Axelar and Wormhole. This decision comes after concerns were raised regarding LayerZero's marketing tactics and potential vendor lock-in. With cross-chain interoperability becoming increasingly important, Lido's endorsement holds significant value. The Axelar-Wormhole proposal, focusing on strong security and open collaboration, aims to prevent vendor lock-in and provide flexibility in supporting other bridge providers. This temperature-check poll result highlights the DAO's commitment to token holder communication and maintaining the principles of decentralization.

The Solana Foundation has unveiled token extensions, providing developers and enterprises with solutions for advanced token functionality. Major players like Paxos and GMO Trust are already leveraging token extensions to issue stablecoins on the Solana blockchain. This move highlights Solana's appeal to enterprise-grade companies and its potential for large regulated businesses. Token extensions offer features such as transfer hooks, transfer fees, confidential transfers, permanent delegate authority, and non-transferability. With this launch, Solana aims to position itself as a leading blockchain development platform across various industries. Despite a recent drop, the SOL token has experienced a 5% recovery in the past 24 hours, reaching a trading price of $87.

Bitcoin price is currently attempting a recovery wave from the $38,500 support zone. However, it is trading below $40,000 and the 100 hourly Simple moving average, indicating resistance ahead. There is a major bearish trend line forming with resistance near $40,400, and the price might struggle to recover above the $40,400 and $40,500 levels. Immediate resistance is near $40,400, and if the price manages to break above it, it could rise towards $40,850. On the other hand, if Bitcoin fails to rise above the $40,400 resistance, it could experience another decline towards the $39,400 and $38,500 support levels.

Shiba Inu (SHIB) ETF Talks Gain Momentum After Spot Bitcoin ETF Approvals In a notable development, discussions about the potential introduction of a Shiba Inu Exchange-Traded Fund (ETF) have been heating up. The tenth and latest copy of the SHIB Magazine has fueled this discourse, especially following recent approvals for spot Bitcoin (BTC) ETF products. The crypto community is now abuzz with curiosity and optimism, exploring the role of ETFs as a conduit to traditional finance. Notably, the pursuit of ETFs is not a new phenomenon in the cryptocurrency space. In 2013, the founders of the Gemini exchange, Cameron and Tyler Winklevoss, faced persistent challenges in launching a spot BTC ETF. Grayscale’s effort to convert its Grayscale Bitcoin Trust into a spot ETF was also rejected by the U.S. SEC despite the agency approving BTC futures ETFs. However, a significant shift occurred in June when BlackRock, the world’s largest asset manager, filed for a spot BTC ETF. This move triggered a wave of filings from traditional financial institutions, including VanEck, Fidelity Investments, and WisdomTree. Ultimately, the U.S. SEC approved spot BTC ETFs earlier this month, marking a noteworthy stride in integrating cryptocurrencies into mainstream traditional finance. Meanwhile, while recent attention has been on cryptocurrencies like Ethereum and XRP, SHIB Magazine’s latest edition has ignited discussions about the potential introduction of a Shiba Inu ETF. Notably, the cover page prominently featured the question “Wen SHIB ETF,” sparking curiosity and optimism within the community. Despite the absence of a dedicated section on this prospective investment product in the latest release, the community has been actively posing the question, “Why not?”. The second largest meme coin by market capitalization, Shiba Inu, has been taking proactive measures to shed its meme coin image. Initiatives such as Shibarium, its layer-2 network and the SHIB Metaverse underscore Shiba Inu’s commitment to reshaping its overall perception. That said, the ongoing support for the query “Wen SHIB ETF” on diverse social media platforms has indicated a rising enthusiasm for the potential materialization of this product. While some industry commentators express scepticism about its short-term viability, the success of ongoing initiatives could position SHIB as a top contender for institutional investment. Additionally, unlike certain cryptocurrencies facing classification challenges, SHIB enjoys a favourable standing, having never been alleged to be a security by the SEC. Meanwhile, regardless of the timing, introducing a spot SHIB ETF could further affirm Shiba Inu’s legitimacy within the mainstream financial landscape, boosting its ecosystem and SHIB’s price. At press time, SHIB was trading at $0.0000094, reflecting a 0.70% gain over the past 24 hours, according to CoinMarketCap.

Top 3 Tokens to Turn $10 into $1000 in January The crypto market sees a notable shift as altcoins gain prominence after the US Bitcoin ETF debut. Ethereum (ETH) leads the charge, overshadowing Bitcoin itself since it surprisingly declines. Ethereum (ETH) is not the only token to leap – smaller cryptocurrencies like Ethereum Name Service (ENS) also surge, indicating a wider interest across the altcoin sector. In this evolving landscape, tokens like Sei (SEI), Aptos (APT) and Xai (XAI) are gaining attention as investments with the promise of turning $10 into $1000 in January. Ride The Wave Of Innovation With ScapesMania While some are facing an uncertain future, the trajectory of a presale project is far easier to predict. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry. A wide range of features paired with the best technology, a professional team, and a long-term, highly ambitious vision can make ScapesMania the next big thing in crypto. Presale discounts and stage bonuses only add to the project's appeal. Presale is Live Now – Join Now for a Chance to Benefit with MANIA Backed by an award-winning developer crew, ScapesMania stands for transparency. The project can achieve this not just by bringing big innovation to the game, but by putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is what makes ScapesMania the project with a bright future ahead. Presale is Live, Learn More About Major Benefits Sei (SEI): Navigating Market Dynamics Sei (SEI) recently experienced a notable 8% decline in its value. Bitcoin's tumble sent shockwaves through the market, and Sei (SEI) wasn't immune – the scenario that highlighted the interconnectedness of the crypto world. Sei (SEI) is currently trading within a range of $0.582 to $0.808. The 10-day Moving Average is set at $0.758, while the 100-day Moving Average stands at $0.729. The identified support levels are at $0.244 and $0.471, with resistance levels emerging at $0.924 and $1.15. Focused on decentralized exchanges, Sei (SEI) aims to carve out a niche that might offer some resilience against the cryptocurrency volatility through its agile and robust approach. However, the token’s market performance, like that of its peers, fluctuates with Bitcoin's movements. Aptos (APT): Token Unlock and Market Response Aptos (APT) is set to release over 24 million Aptos (APT) tokens, which represents over 8% of the current circulating supply, into circulation. Such a substantial token unlock could significantly influence trading activity and the market dynamics of Aptos (APT). Aptos (APT) is oscillating in a range of $7.21 to $11.27. The 10-day Moving Average is noted at $9.26, while the 100-day Moving Average is observed at $7.75. The support levels are established at $0.97 and $5.03, with resistance levels looming at $13.15 and $17.21. The upcoming unlocking event for Aptos (APT) presents a mix of opportunities and challenges: an increase in tokens might boost trading activity, but it could also lead to price volatility. The market is closely watching Aptos (APT) as it approaches this critical juncture. Xai (XAI): Surging in the Gaming Sector Xai (XAI) has recently increased over 40% due to several factors, including strategic airdrops and listings on key exchanges, significantly enhancing its market value. Xai (XAI) is now priced between $0.93 and $1.124. The 10-day Moving Average is at $0.87, while the 100-day Moving Average is at $0.97. Support levels are positioned at $0.67 and $0.85, with resistance levels materializing at $1.22 and $1.41. Xai (XAI) is making a mark in the gaming sector by combining the excitement of gaming with advanced blockchain technology – the recent airdrop and new exchange listings have remarkably boosted its market presence. But Xai (XAI) still faces the challenge of sustaining its long-term growth in a rapidly changing and competitive crypto domain. Conclusion In light of Bitcoin's decline, Ethereum's ascent shows that investors bet on altcoins: Sei (SEI), Aptos (APT) and Xai (XAI) emerge as notable tokens with potential for substantial returns. Sei (SEI) is navigating the complex crypto landscape, demonstrating how interconnected these digital currencies are; Aptos (APT) is at a pivotal point with its upcoming token unlock potentially impacting its market position; Xai (XAI), thriving in the gaming sector, has gained value through strategic airdrops and key exchange listings. Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice

SEC opens comment period on proposal that would allow options trading on BlackRock’s spot bitcoin ETF The Securities and Exchange Commission asked for comments from the public about a proposal from Nasdaq that would allow for options trading on BlackRock's spot bitcoin ETF. The comment period will last for 21 days, according to a filing posted on Friday. "The Exchange proposes to amend Options 4, Section 3, Criteria for Underlying Securities, to allow the Exchange to list and trade options on iShares Bitcoin Trust (the 'Trust') as a Unit deemed appropriate for options trading on the Exchange," the filing stated. James Seyffart, Bloomberg Intelligence ETF research analyst, said the SEC is moving more quickly than normal on the proposal. "The SEC has already acknowledged the 19b-4's requesting the ability to trade options on spot #Bitcoin ETFs," Seyffart said on Friday in a post on X. "This is faster than SEC typically moves. Options could be approved before end of February if SEC wants to move fast?" BlackRock, which just last week received the green light from the SEC to list its spot bitcoin ETF, the iShares Bitcoin Trust, brought in $145.5 million in inflows on Thursday alone. Turn to Ethereum Firms including BlackRock and Fidelity are also vying for a spot Ethereum ETF. On Thursday, the SEC delayed its deadline to make a decision on Fidelity's proposal until March 5. Fidelity applied for the Fidelity Ethereum Fund in November, noting in its proposal a court ruling last year where judges said the SEC failed to find a coherent reason on why it should reject spot crypto ETFs when it had allowed futures-based products. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Nifty News: Trump NFTs go Ordinal, Zuck’s metaverse a ‘decade’ away and more Trump dangles Ordinals to sell more Mugshot NFTs Donald Trump is banking on Bitcoin Ordinals to push up sales of his controversial “Mugshot Edition” nonfungible tokens (NFTs). The team behind the former U.S. president’s NFT collection has announced that any user who purchased 100 or more mugshot editions of the Trump Digital Trading Cards NFTs will now receive a “One-of-One” trading card as a Bitcoin Ordinal. According to a Jan. 18 X post from CollectTrumpCards, only 200 unique Ordinals NFTs will ever be minted and will only be available to those who spend $99 apiece for at least 100 of his latest Mugshot NFTs — meaning the user would have had to spend at least $9,900 in total. Trump’s “Mugshot” collection was launched in December on the Polygon (MATIC) network. The Mugshot NFTs could be purchased with a credit card or natively with Wrapped Ether (WETH). Notably, the Mugshot NFTs and the Ordinals cannot be traded until December 2024. The official X account for the project said this was to disincentivize their use as “investment vehicles” and claimed that the new NFTs were for “individual enjoyment only.” Pudgy Penguins record new all-time-high The Pudgy Penguins NFT collection notched a massive new all-time-high on Jan. 17 reaching a peak floor price of 19.05 ETH — equivalent to $47,000. The Penguins climbed from 10.78 ETH to 17.8 ETH in just seven days, one of the only NFT collections in the broader market to make such a significant move. It comes as other mainstay collections, including Bored Ape Yacht Club, continue to post losses for their holders. Much of the project’s continued growth — despite facing headwinds through most of last year — has been credited to the collection’s owner, Luca Netz, who bought the project in April 2022. Netz has taken a unique approach to building the project by creating external revenue streams from selling plushie toys and growing the project’s Instagram page, which is centered largely around mental health awareness. NFT trading volumes plunge almost $15 billion in 2023: CoinGecko NFTs on the top ten blockchain networks generated a total of $11.3 billion in trading volume, marking a whopping total decline of $14.5 billion compared to 2022, according to a new CoinGecko report. In a Jan. 17 report that looked at total activity across the crypto industry, CoinGecko shared that NFT trading volumes whipsawed throughout 2023.

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