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The price recovery of Bitcoin is currently at risk due to the strength of the U.S. dollar and the selling of Grayscale Bitcoin Trust (GBTC). The recent launch of spot Bitcoin exchange-traded funds (ETFs) failed to boost the price as expected. The U.S. Dollar Index (DXY) has experienced a sharp recovery, rising 2.71% from its recent low. This recovery is attributed to positive U.S. economic data, including retail sales and manufacturing index growth. The dollar's rebound is also influenced by improved U.S. yields in response to reduced expectations of interest rate cuts. Technical analysis suggests that the DXY could further rise, impacting the BTC price negatively. Additionally, GBTC has witnessed significant outflows since the launch of spot Bitcoin ETFs, resulting in Grayscale liquidating a large amount of Bitcoin holdings. The outflows from GBTC seem to have limited impact on the overall BTC market, according to economist Peter Schiff. An independent market analyst predicts a retracement for the BTC price, projecting a decline to $34,000. However, some market experts remain optimistic about the long-term impact of spot Bitcoin ETFs.

Bitcoin price recovery at risk due to DXY strength, GBTC selling Bitcoin 📷BTCUSD traders are reeling from the current sell-off, with the recently launched spot Bitcoin exchange-traded funds (ETFs) failing to produce the desired price upside. In addition to steady Grayscale Bitcoin Trust (GBTC) outflows impacting BTC price, market participants are now facing yet another problem: a strong U.S. dollar. The U.S. dollar’s sharp recovery The U.S. Dollar Index (DXY), which tracks the greenback’s performance against an array of top foreign currencies, has risen 2.71% from its Dec. 27 low of 100.617 amid encouraging United States economic data. Retail sales, the Philly Fed Manufacturing Index and weekly initial jobless claims all provided tailwinds to the DXY, lifting it to new 2024 highs in the 103.65–103.70 range. Data from the U.S. Census Bureau shows that December 2023 retail sales registered 0.6% growth against the expected 0.4% and 0.3% from the previous period. The dollar’s recovery has also been attributed to a rebound in U.S. yields across the curve, all in response to declining bets on the likelihood that the Federal Reserve might start cutting interest rates as soon as March. From a technical perspective, the U.S. Dollar Index looks poised to rise by more than 1.12% due to the formation of a classic V-shaped recovery pattern. If the DXY successfully breaks above its neckline of 104.56, the likelihood of an extended recovery toward 107 over the next few months is higher. Massive GBTC outflows impact BTC price Since the spot Bitcoin ETFs were launched on Jan. 11, massive outflows have been witnessed from GBTC. As a result, Grayscale has liquidated a large number of Bitcoin as part of its GBTC holdings. Nearly 38,000 BTC has left GBTC since it was converted to a spot ETF on Jan. 11. There were $484 million in outflows from Grayscale on Jan. 12 alone as GBTC holders capitalized on open redemption options. In a recent statement, popular economist and gold bug Peter Schiff suggested that despite the approval of the spot Bitcoin ETF, the price of BTC is not increasing due to outflows from Grayscale’s GBTC product. He mentioned that even though the total inflows were larger, it seemed to have a limited impact on the overall BTC market. Bitcoin price could retrace to $34,000 Independent market analyst Ali has pointed out the movement of the BTC price in an ascending parallel channel since late 2022. According to Ali, Bitcoin’s current correction is due to rejection from the channel’s upper boundary at $48,000.The analyst anticipates a retracement for Bitcoin, projecting a decline to the lower boundary at $34,000. However, market intelligence firm Santimet said the market was still optimistic about the long-term impact of the spot Bitcoin ETFs. The firm posted the following chart on X, adding: “However, the #FOMO surrounding the approvals arguably helped mark a local #crypto top, as many experts believed that the foregone conclusion of these approvals was already ‘baked in’ to the market’s prices at the time the announcements were made.”

Former IcomTech CEO Marco Ruiz Ochoa has been sentenced to five years in prison for his involvement in a crypto Ponzi-like scheme. Ochoa took advantage of the cryptocurrency hype to deceive investors into participating in the IcomTech pyramid scheme, which promised high returns. This sentence serves as a strong message to others considering similar actions, highlighting the serious consequences of such activities. Ochoa was also given two years of supervised release and ordered to forfeit $914,000 in criminal proceeds. The prosecution revealed that IcomTech's crypto trading and mining business did not actually exist, and investor funds were used for personal expenses and other fraudulent activities. Promoters of the company created an atmosphere of success, appearing at events with luxury items to generate excitement. When investors attempted to withdraw their funds, they were faced with delays, hidden fees, and excuses. Despite complaints, Ochoa and other promoters continued to attract investments until the collapse of IcomTech in 2019. The Commodity Futures Trading Commission also filed charges against Ochoa and other executives in May, accusing them of targeting Spanish-speaking communities. It is important to note that this article is for informational purposes only and should not be relied upon as legal, tax, investment, financial, or other advice.

Former IcomTech CEO sentenced to five years in prison for his role in crypto Ponzi-like scheme Former IcomTech CEO Marco Ruiz Ochoa was sentenced to five years in prison for his role in promoting the crypto firm which promised returns for investors, but federal prosecutors say was run more like a Ponzi scheme. Ochoa, 35, was sentenced on Friday before a U.S. district judge after pleading guilty in September to wire fraud. "Ochoa took advantage of the hype around cryptocurrency to con unsuspecting victims into investing in the IcomTech pyramid scheme. This significant sentence sends a message to anyone considering following in his footsteps: that path leads to serious prison time," U.S. Attorney Damian Williams said in a statement on Friday. Ochoa was also sentenced to two years of supervised release and was ordered to forfeit $914,000 in criminal proceeds, according to the Justice Department. IcomTech, an alleged crypto mining and trading company, promised investors profits in exchange for their purchase of "purported cryptocurrency-related investment products." Ochoa, along with others, promised profits from the companies’ crypto trading and mining arm that they said would result in daily returns. IcomTech's crypto trading and mining business did not exist, prosecutors said, and investor money was used for other schemes and personal expenditures. Promoting the company Promoters for IcomTech showed up to events in expensive cars and wearing luxury clothes in a move to appear successful, prosecutors said. "The atmosphere of these events was festive and designed to generate excitement about the schemes," they said. When investors began trying to withdraw money in 2018, they were then met with excuses, delays and hidden fees. "Despite these complaints, IcomTech promoters, including Ochoa, continued to promote IcomTech and accept victims’ investments," prosecutors said. By the end of 2019, IcomTech collapsed. The Commodity Futures Trading Commission also brought charges against Ochoa, and other IcomTech executives including David Carmona, Juan Arellano Parra and Moses Valdez in May. The CFTC said the group targeted Spanish-speaking communities. 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.

The recent rise of spot bitcoin ETFs in the U.S. ETF market, surpassing silver and securing the second position behind gold, showcases the increasing mainstream interest in digital assets. With the approval of spot bitcoin ETFs by the SEC, these funds now hold approximately $28 billion in assets under management, compared to the $11 billion of silver ETFs. While gold remains the leader with around $95 billion in AUM, the rapid growth of bitcoin ETFs signifies its acceptance and popularity. It's important to note that the significant increase in trading volume within the first few days of trading was largely influenced by the conversion of Grayscale's Bitcoin trust into an ETF. Some market analysts argue that this shouldn't be seen as a surprise, as the majority of the growth was driven by the GBTC conversion. Nevertheless, this milestone is still noteworthy, especially considering the unique challenges faced by a brand new ETF compared to a converted one.

Bitcoin ETFs Eclipse Silver, Claiming Second Spot Behind Gold in US ETF Market Spot bitcoin ETFs, after a phenomenal market debut, have claimed the second-largest commodity position in the U.S. ETF market, growing larger than silver and trailing only behind gold, in a clear sign of the the mainstream appetite for the digital asset. Bitcoin ETFs Outshine Silver, Secure Second Place in U.S. ETF Commodities Spot bitcoin exchange-traded funds (ETFs) have overtaken silver to become the second-largest commodity in the U.S. ETF market, trailing only gold. The recent approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission has catalyzed this shift. Bitcoin ETFs, including the newly converted Grayscale Bitcoin Trust ETF GGBTC, command nearly $28 billion in assets under management (AUM). This figure starkly contrasts with the $11 billion AUM of silver ETFs, as reported by Gold maintains its leading position with approximately $95 billion in AUM, but the swift rise of spot bitcoin ETFs is a testament to the digital asset’s growing acceptance and popularity. bitcoin, often touted as the digital counterpart to gold, has demonstrated its robust appeal in the ETF market, a domain traditionally dominated by conventional commodities. The initial response to spot bitcoin ETFs was overwhelmingly positive, with an impressive $9.6 billion in trading volume recorded within the first three days of trading, a historic figure in the ETF market. To determine how bitcoin ETFs surpassed silver in AUM, a simple analysis of the holdings was undertaken. Initially, the total number of bitcoins held in various ETFs, excluding GBTC, was sourced from a post by CC15Capital on X. This figure was then combined with the number of bitcoins held by GBTC, as reported by Coinglass. Multiply this aggregated total by the current spot price of Bitcoin for an approximate value of $28 billion. This figure is higher than the AUM for silver ETFs, as listed on Grayscale’s conversion of its existing Bitcoin trust into an ETF played a pivotal role in this shift, creating the world’s largest spot bitcoin ETF overnight. In fact, some ETF market watchers like James Seyffart and Eric Balchunas caution against reading too much into the rapidity with which bitcoin overtook silver. Seyffart, a Bloombert ETF analyst, explained in a post on X that interest in spot bitcoin didn’t ramp up with the launch of spot bitcoin ETFs. Much of it was driven by Greyscale’s GBTC conversion. Seyffart said, “that means it was #2 as soon as the conversion happened! So not really “news” per se haha.” Eric Balchunas, Bloomberg’s senior ETF analyst, agreed with this interpretation, saying, “yeah I get the whole bigger than silver excitement but i just don’t count it as impressive given 95% of was simply GBTC converting.” He added, “These milestones [are] MUCH harder when you [have a] brand new ETF, dif standards of measure.”

Despite the potential for a delay, Thailand remains committed to its $14.3 billion digital wallet scheme, with up to 50 million citizens set to receive payments through a mobile app. The use of blockchain technology in facilitating the scheme is yet to be determined. While there have been concerns over the funding model, Prime Minister Thavisin assured the public that the project's viability is supported by data and that the implementation will be transparent and free from corruption. The government plans to secure the necessary funds through a one-time borrowing and also intends to allocate 100 billion baht to a capacity-building fund for automation and industrial innovation.

The Ethereum price is currently battling at a crucial support level of $2,400. Despite the recent decrease, there is still a possibility for a breakout as ETH continues to trade within a short-term bullish pattern. The RSI indicator gives a mixed reading, with the indicator falling but still above 50. Analysts are divided on the future trend, with some emphasizing the importance of the $2,400 level while others remain bearish. The six-hour chart shows a descending wedge pattern, which is typically bullish and can lead to breakouts. If ETH breaks out, it could reach the resistance trend line at $2,700, a 9% increase from the current price. However, if ETH closes below the support line at $2,410, it could trigger an 8% drop to the channel's support trend line at $2,300.

The U.S. dollar has edged lower but remains on track for a weekly gain as hopes for early rate cuts diminish. Recent economic data and comments from Federal Reserve officials have dampened expectations of rapid interest rate reductions. Despite a strong start with positive consumer sentiment, labor market, and retail sales data, expectations for a rate cut in March have fallen below 50%. Traders now anticipate a rate cut announcement in May. Fed officials have been pushing back on market expectations, emphasizing the need for caution and more data to assess inflation trends. The dollar index is slightly down but still up on the week. The euro is up against the dollar but down for the week. The yen remains flat against the greenback. In cryptocurrencies, bitcoin has gained but is on track for a second straight week of declines.

Dollar edges lower but poised for weekly gain as early rate cut hopes dim The U.S. dollar edged lower on Friday, pausing after five straight sessions of gains but still poised for a weekly climb, as recent economic data and comments from Federal Reserve officials dampened expectations of rapid cuts in interest rates. The greenback strengthened early in the session after economic data showed the University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 78.8 this month, the highest reading since July 2021, compared with 69.7 in December and the 70.0 estimate of economists polled by Reuters. The data comes on the heels of solid labor market and retail sales data earlier this week indicating the economy remained firm. Expectations for a cut from the Fed in March of at least 25 basis points (bps) have dipped below 50% according to CME's FedWatch Tool, with traders now targeting May as the likely month for a rate cut announcement. "The market is refusing to give up, it is pushing its ideas into the future, but it hasn't changed its ideas," said Joseph Trevisani, senior analyst at FXStreet in New York. "The Fed is going to start lowering rates and the reason they're going to start lowering rates is the economy is going to get weaker - this has been the mantra ever since the Fed pretty much started raising rates." The dollar index 📷DXY, which tracks the greenback against a basket of six currencies, was down 0.08% at 103.26, on pace to snap a five-session win streak, but was up 0.8% on the week. A steady stream of Fed officials, starting with Governor Christopher Waller on Tuesday, have pushed back on market expectations the central bank will embark on a path of fast reductions to interest rates. Waller said the Fed should proceed "methodically and carefully" until it is clear lower inflation will be sustained. On Friday, Chicago Fed President Austan Goolsbee said weeks more of inflation data need to be in hand before any decision could be made to cut interest rates. In addition, Federal Reserve Bank of San Francisco President Mary Daly said there is still a lot of work left to do on inflation and it is premature to think rate cuts are around the corner. The euro 📷📷EURUSD was up 0.16% at $1.0891 against the dollar but is down about 0.5% for the week. J.P.Morgan on Friday pulled forward its expectations for the start of interest-rate cuts by the European Central Bank to June from September, but said it remained "cautious" about inflation and wage growth trends. The yen 📷📷USDJPY was flat versus the greenback at 148.15. The Bank of Japan is scheduled to hold a policy meeting next Monday and Tuesday, and is likely to maintain its ultra-loose monetary settings. The dollar is up more than 2% against the Japanese currency this week and on track for its third straight weekly gain. Earlier data showed Japan's core inflation rate slowed to 2.3% in the year to December, its lowest annual pace since June 2022, taking the pressure off policymakers to make swift moves. Sterling 📷📷GBPUSD was last trading at $1.27, down 0.06% on the day after weakening to $1.2662 following data which showed UK retail sales slumped by the most in three years in December. In cryptocurrencies, bitcoin 📷BTCUSD gained 2.04% to $41,900.00 but was on track for its second straight week of declines as investors have taken profits following the U.S. approval of spot bitcoin exchange-traded funds.

The recent transfer of Bitcoin from Grayscale's holdings to Coinbase, totaling over $529 million, has contributed to the sharp drop in Bitcoin's price below $41,000. This, combined with increased selling activity by BTC miners and the upcoming Bitcoin halving, has intensified the downward pressure on its price. The focus now lies on whether Bitcoin bulls can defend the crucial support level of $40,000, as failure to do so could lead to further price declines. However, with the Bitcoin halving approaching, optimistic investors are hopeful for a potential bull run in the future.

Grayscale Bitcoin Trust (GBTC) has experienced a $5 billion decrease in assets over the past week due to share redemptions and unfavorable market conditions. On the other hand, a crypto trader made an astonishing $6.77 million profit during the SatoshiVM (SAVM) token launch, using a banana gun sniping tool to acquire and sell the token. At the same time, Hut 8 Corp., a Bitcoin mining firm, saw its share prices drop by 23% amidst accusations from short-sellers and the release of an unverified report suggesting potential insider activity. It is important to note that this article does not provide investment advice and individuals should conduct their own research before making any financial decisions.

Here’s what happened in crypto today Grayscale has seen the assets held by its Grayscale Bitcoin Trust (GBTC) fall by roughly $5 billion over the past week. Meanwhile, a crypto trader made $6.77 million during the SatoshiVM (SAVM) token launch, and a Bitcoin mining firm’s share prices took a sharp dive on the same day it rang the Nasdaq’s opening bell, and a damning report posted accusations against the firm. Grayscale’s GBTC assets fall by $5B Grayscale has seen the value of its Bitcoin ETF decline sharply over the past week due to a combination of share redemptions and adverse market conditions. Between Jan. 10 and Jan. 18, assets under management held by the Grayscale Bitcoin Trust (GBTC) have fallen from $28.5 billion to $23.7 billion, according to data from YChart and GrayScale. Analysts say outflows from GBTC were expected after the United States Securities and Exchange Commission (SEC) allowed Grayscale to convert the fund into an ETF. As Cointelegraph reported, roughly $1.1 billion flowed out of GBTC over a three-day period. Meanwhile, the other recently approved Bitcoin ETFs have seen heavy inflows, especially BlackRock’s, which recently added 8,700 BTC at a value of nearly $358 million. The nine ETFs that were green lighted more than a week ago have purchased nearly 68,500 BTC. Trader bribes way to $7M profit on SatoshiVM token launch A crypto trader made $6.77 million in profit within three hours of the launch of the SatoshiVM (SAVM) token. The trader used a banana gun sniping tool to acquire the to-be-launched token first and then sold the newly launched token as the price increased, raking in nearly $7 million in profits. The token’s price tanked 99% within three hours of the launch. The developers blamed a bug for the collapse during the v1 launch. The team decided to sell treasury to recover the locked LP, and before launching v2, everyone in v1 was made whole and the Banana Gun team took the financial hit. Bitcoin miner Hut 8 shares tank 23% amid accusations from short-sellers Bitcoin miner Hut 8 Corp. share price tumbled more than 23% on Jan. 18, the same day the firm rang the Nasdaq’s opening bell and another spread an unverified report alleging insiders are preparing to dump its stock. Hut’s share price fell from $9.30 to as low as $7.10 in after-hours trading. The sell-off began around the same time as activist short-selling firm JCapital Research released a report titled “The Coming HUT Pump and Dump” which claimed that the firm’s Nov. 30 merger with fellow Bitcoin miner U.S. Bitcoin Corp (USBTC) could be placing Hut 8 investors in harm’s way. JCapital Research— which admits to being short-side biased on its website — took aim at the recent $725 million merger deal, claiming that USBTC had a history of “legal trouble” and that the majority of the recently merged Bitcoin miner’s shares are held by an “undisclosed related party.” 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.

The Securities and Exchange Commission (SEC) has opened a comment period for public input on a proposal by Nasdaq to allow options trading on BlackRock's spot bitcoin ETF. The comment period will last for 21 days, suggesting that the SEC is moving quickly on the proposal. BlackRock recently received SEC approval to list its spot bitcoin ETF, which has already seen significant inflows. Additionally, BlackRock and Fidelity are both competing for approval to launch Ethereum ETFs, with the SEC delaying its decision on Fidelity's proposal until March 5. The proposal references a court ruling that criticized the SEC for rejecting spot crypto ETFs while allowing futures-based products without a coherent reason.

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.

The case between Coinbase and the SEC holds significant implications for the crypto industry, as it will determine the fate of 13 tokens. Judge Katherine Polk Failla showed a deep understanding of the crypto space during the court hearing, pressing the SEC to justify the classification of tokens as securities. Coinbase argues against labeling networks and crypto communities as a common enterprise and rejects comparisons of tokens to stocks. The judge's decision will have far-reaching effects on businesses, regulation, and individuals. Additionally, this week's Crypto Biz covers VanEck's decision to delist its Bitcoin Strategy ETF, IRS changes on crypto tax rules, the strong performance of Bitcoin ETFs, and Core Scientific's exit from bankruptcy and relisting of shares.

In a recent interview, JPMorgan CEO Jamie Dimon reiterated his skepticism towards Bitcoin and advised investors to stay away from it. While acknowledging the potential of blockchain technology, he dismissed Bitcoin as a pet rock with limited use cases, primarily associated with illicit activities. Despite his personal advice against getting involved with Bitcoin, Dimon defended individuals' right to participate in the market, highlighting the freedom in decision-making. He also expressed indifference towards major asset managers like Blackrock and Fidelity entering the Bitcoin market, implying that opinions diverge within the industry. Dimon's comments generated discussion on social media, with contrasting views from advocates like Michael Saylor, who emphasized the benefits of digital money and the security provided by blockchain technology.

Former US President Donald Trump, during a rally in New Hampshire, promised to protect Americans from what he sees as government tyranny by blocking the creation of a central bank digital currency (CBDC) in the United States. Trump believes that a CBDC would grant the federal government absolute control over individuals' money, posing a dangerous threat to freedom. His skepticism towards CBDCs is shared by many lawmakers, and Rep. Tom Emmer has even introduced a bill to prohibit the Federal Reserve from using CBDCs for monetary policy or providing services directly to individuals. While the Federal Reserve is exploring the implications of a digital dollar, they have not made a final decision on whether to proceed, emphasizing the need for extensive analysis and building public confidence in this matter over the next couple of years.

Legal expert Bill Morgan asserts that Ripple has the right to sell any amount of XRP it owns, as there is no inherent restriction preventing them from doing so. He compares it to any entity selling an asset it possesses. The argument arose when a user questioned whether Ripple had unrestricted rights granted by the U.S. court to sell XRP, provided they follow a programmatic framework. Morgan explains that the key issue is whether Ripple needs to register its sales and offers of XRP with the SEC. If Ripple chooses to sell XRP programmatically, as it has in the past, it may not be required to register these sales. This is due to a previous legal judgment that classified such sales as not falling under investment contracts, particularly because they involve distributing XRP through open market channels. A victorious ruling in July 2023 affirmed that programmatic sales were not securities offerings and did not violate any legal provisions. Despite this, Ripple has continued to conduct regular sales of XRP, with data from their API showing that they marketed around $142 million in XRP in December 2023 alone.

Legal Expert Asserts Ripple’s Right To Sell Any Amount of XRP Bill Morgan, a prominent pro-crypto legal expert, has weighed in on the ongoing debate surrounding Ripple’s ability to sell the XRP it owns to the public. In a recent tweet, Morgan emphasized that no inherent restriction prevents the blockchain-based payment protocol from selling its XRP. He likened it to any entity selling an asset it owns. The argument arose as an X user contested that the U.S. court granted Ripple unrestricted rights to sell any amount of XRP, provided such sales adhere to a programmatic framework. According to Morgan, the crux of the matter is whether Ripple needs to register its sales and offers of XRP with the U.S. Securities and Exchange Commission (SEC). He clarified that if Ripple opts to sell XRP programmatically, as it has done in the past, the company may not necessarily be required to register these sales. The reasoning behind this, as mentioned by Morgan, stems from a previous legal judgment that classified such sales by Ripple as not falling under the category of investment contracts. Specifically, programmatic sales involve the distribution of XRP through open market channels, such as online platforms or brokers. In the victory ruling of July 2023, the presiding judge sided with Ripple, affirming that programmatic sales were not securities offerings and did not violate any legal provisions. Notably, the American payment firm has continued to orchestrate its periodic sales of XRP, mainly from tokens released in its monthly unlock schedule. Based on data from Ripple’s API, it has been disclosed that the payment firm marketed as much as $142 million in XRP in December 2023 alone.

Bitcoin price is currently experiencing a downward trend, struggling to stay above the $40,000 support zone. It has failed to recover above key resistance levels such as $43,250 and $42,100. The price is trading below the 100 hourly Simple Moving Average and there is a bearish trend line forming on the chart. If the price fails to break above the resistance zone, it could continue to decline towards the $40,000 support level. Immediate support on the downside is near $40,750, followed by a major support level at $40,000. Technical indicators, such as the MACD and RSI, are showing bearish signals. Thus, it is crucial for bulls to protect the main support at $40,000 to prevent further losses.

Bitcoin Price Takes Hit, Can Bulls Protect The Main Support at $40K? Bitcoin price extended its decline below the $41,450 support zone. BTC is showing bearish signs and might struggle to stay above the $40,000 support zone. Bitcoin price is gaining bearish momentum below the $42,500 zone. The price is trading below $42,000 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is now at risk of more downsides toward the $40,000 support zone. Bitcoin Price Gains Bearish Momentum Bitcoin price failed to start a recovery wave above the $43,250 resistance zone. BTC formed a short-term top and started another decline below the $42,120 support zone. The bears were able to push the price below the $41,450 level. A new weekly low was formed near $40,625 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low. Bitcoin is now trading below $42,000 and the 100 hourly Simple moving average. There is also a key bearish trend line forming with resistance near $42,100 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $41,675 level. The next key resistance is near the $42,100 zone and the trend line. It is also close to the 50% Fib retracement level of the recent decline from the $43,569 swing high to the $40,625 low. A clear move above the $42,100 resistance could send the price toward the $43,250 resistance. The next resistance is now forming near the $43,500 level. A close above the $43,500 level could push the price further higher. The next major resistance sits at $44,450. More Losses In BTC? If Bitcoin fails to rise above the $42,100 resistance zone, it could continue to move down. Immediate support on the downside is near the $40,750 level. The next major support is $40,500. If there is a close below $40,500, the price could gain bearish momentum. In the stated case, the price could drop toward the $40,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $40,750, followed by $40,000. Major Resistance Levels – $41,675, $42,100, and $43,250.

MetaMask, the popular crypto wallet provider, has launched a new staking service that allows Ethereum users to operate their own validator node directly from the platform. With a deposit of 32 Ether, or roughly $78,752 at current prices, MetaMask will securely run the node on behalf of stakers, eliminating the need for pooling or hardware. This service not only streamlines staking rewards and reduces the risks of slashing and downtime but also addresses concerns related to centralization from large liquid staking providers. While the platform currently offers a yield of 3.8% per year, it does charge a 10% commission on validator rewards, which some users find unattractive compared to other options available.

Zeeve, an automation platform for managing blockchain infrastructure, has integrated one-click access validator node infrastructure for Provenance Blockchain, making it faster and more cost-effective for financial institutions to operate a node. COTI Protocol is transitioning to Ethereum Layer-2, enabling faster and more secure privacy solutions, with the COTI Foundation allocating $25 million to support privacy-focused initiatives. Matter Labs and iCandy are collaborating on a dedicated zkSync gaming and AI-focused hyperchain called zkCandy, while Safary has closed a $2.4 million pre-seed round to develop its marketing attribution platform. Minima has achieved total decentralization by running its layer-1 blockchain on user nodes, and Mantle EcoFund has invested $10 million in six DeFi projects to boost its yield offering.

The Office of the President in South Korea has urged the financial regulator to reconsider the possibility of approving a local spot bitcoin exchange-traded fund (ETF), showing potential openness to launching spot crypto ETFs. However, Singapore and Thailand have stated that they have no plans to consider spot bitcoin ETFs. Experts suggest that Hong Kong might be the next hub in Asia to introduce a local spot crypto ETF, with several fund managers exploring the possibility. It is important to note that this information is for informational purposes only and should not be considered as financial advice.

South Korean president’s office urges financial regulator to reconsider spot bitcoin ETF possibility South Korea’s Office of the President has urged the financial regulator to reconsider the possibility of approving a local spot bitcoin exchange-traded fund (ETF), an official of the presidential office said. Sung Tae-yoon, the chief of staff for policy of the presidential office, said in a briefing on Thursday that the South Korean government is exploring ways to incorporate foreign affairs into local regulations — which may indicate the country’s openness to launching spot crypto ETFs, local news outlet Maeil Business reported Friday. The presidential office’s comment comes after the Financial Services Commission last week warned local firms that brokering foreign-listed bitcoin spot ETFs might be interpreted as a violation of capital market regulations. Following the announcement, several major local securities companies suspended trading of existing foreign spot bitcoin ETFs. Elsewhere in Asia While South Korea’s government holds a somewhat divided opinion on the possibility of a local spot bitcoin ETF, Singapore and Thailand have said it’s not something they’re considering. The Monetary Authority of Singapore told CNA earlier this week that spot bitcoin ETFs are not granted for offering to local retail investors. Thailand’s Securities and Exchange Commission also said this week that it does not plan to approve local firms to launch such ETFs, as reported by the Bangkok Post. Regional experts have said that Hong Kong could be the next hub in Asia to introduce a local spot crypto ETF, with its financial regulators publishing two circulars in December to address the requirements for such ETFs. Livio Weng, COO of Hong Kong-based crypto exchange HashKey, said last week that 10 fund managers, including some backed by Chinese capital, are looking into launching spot crypto ETFs in the city. 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.

Donald Trump is using Bitcoin Ordinals to boost sales of his Mugshot Edition NFTs. Users who purchase 100 or more Mugshot NFTs will receive a One-of-One trading card as a Bitcoin Ordinal. This limited edition NFT will only have 200 unique pieces and can only be obtained by spending at least $9,900 on the Mugshot NFTs. The Mugshot collection was launched on the Polygon network and cannot be traded until December 2024. In other news, the Pudgy Penguins NFT collection reached a new all-time-high floor price of 19.05 ETH, while NFT trading volumes declined by $14.5 billion in 2023 compared to the previous year.

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.

Ripple CEO Brad Garlinghouse expresses his bullishness on Bitcoin exchange-traded funds (ETF), citing the recent milestone of Bitcoin ETF surpassing silver as the second largest commodity ETF. He sees this as a significant validation from institutions and government entities. Garlinghouse emphasizes his optimism for Bitcoin ETFs, especially after the United States Securities and Exchange Commission's approval of 11 spot Bitcoin ETF applications. He notes that the Bitcoin ETF allows investors to gain exposure to Bitcoin without the complexities of direct ownership. He also mentions Grayscale's conversion of almost $30 billion from its Bitcoin Trust into an ETF, highlighting the staggering amount of assets in the Bitcoin ETF. Garlinghouse believes that the crypto industry is committed to adhering to regulatory guidelines, despite his criticism of US government regulators. He comments on the ongoing legal dispute between the SEC and Coinbase, arguing that regulators should align with public interests rather than pursuing personal agendas. Garlinghouse acknowledges the growing integration of these technologies and applauds countries like Japan, the UK, and Switzerland for establishing regulatory frameworks. Although Gold still holds the top position with approximately $95 billion, Garlinghouse remains optimistic about the future of Bitcoin ETFs and their role in the cryptocurrency industry.

Ripple CEO Brad Garlinghouse Discusses Bitcoin ETF After Surpassing Silver as Second Largest Ripple CEO Brad Garlinghouse reiterates how bullish he is on Bitcoin exchange-traded funds (ETF), amid the product now surpassing silver as the second largest commodity ETF. “It’s a very big deal, in large part it is further validation from institutions, and this case, a government entity,” he states. Ripple CEO Expresses Optimism Regarding Bitcoin ETFs Garlinghouse emphasizes his optimism for Bitcoin ETFs, amid news that the product has now overtaken Silver, as the second-largest commodity ETF, merely a week after launching. This comes after the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETF applications on January 10. The ETF allows investors to gain exposure to Bitcoin without the complexities of direct ownership, such as managing cryptographic keys. According to a recent report, Grayscale converting almost $30 billion from its Bitcoin Trust into an ETF, meant there was already a staggering amount of assets in the Bitcoin ETF. Silver ETFs have approximately $11 billion of combined assets. Meanwhile, Gold still holds the top position, with approximately $95 billion. On the other hand, Garlinghouse argues that a majority of the crypto industry is committed to adhering to regulatory guidelines. At the time of publication, Bitcoin’s price is $40,867. Garlinghouse playfully suggests that if the United States government could humorously input regulatory insights into ChatGPT. Additionally, he points out the recent legal dispute between the SEC and Coinbase. He highlights Gensler’s pursuit of a personal agenda rather than aligning with public interests. Garlinghouse asserts that these technologies are becoming integral. He notes that countries like Japan, the UK, and Switzerland, have substantial economies. Furthermore, these countries are actively engaged in establishing regulatory frameworks to ensure clear guidelines. Ripple CEO Criticizes US Regulators Vigorously However, Garlinghouse has been a strong critic of US government regulators throughout the Bitcoin ETF process and beyond. Meanwhile, in October 2023, BeInCrypto reported that Garlinghouse strongly criticized former SEC Chair Jay Clayton, over his recent comments over the SEC’s approach to crypto legislation. Clayton said: “When you have the power of the state, you’re supposed to only bring cases and only make rules that you think are going to pass judicial muster.”

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