Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends. This article is one of the weekly news articles, giving you an overview of the major events in the blockchain industry this week.
Headlines
▌ETF revival drives Bitcoin $50,000 on the currency site
Thanks to the record-breaking performance of the Bitcoin ETF in the United States, Bitcoin has grown rapidly in more than two years Jumped to $50,000 for the first time. The original cryptocurrency has tripled in value since the start of last year, recovering from a 64% plunge in 2022. Optimism over last month's U.S. approval for exchange-traded funds to hold Bitcoin directly is driving more people to accept it, fueling Bitcoin's latest rally. Greg Moritz, co-founder of cryptocurrency hedge fund AltTab Capital, said the downturn over the past few weeks was largely due to outflows from Grayscale. Now that these outflows have slowed, we are seeing, as expected, net inflows picking up.
▌Former FTX law firm prepares to be appointed as Binance independent monitor
The law firm Sullivan & Cromwell is preparing to be appointed as the independent supervisor of Binance. The law firm Sullivan & Cromwell was previously handling the FTX bankruptcy case.
▌US stocks opened, and the blockchain sector rose sharply
U.S. stocks opened with the three major stock indexes collectively opening higher, with the Dow Jones Industrial Average rising 0.26%, the Nasdaq Composite Index rising 0.81%, and the S&P 500 Index rising 0.47%. The blockchain sector rose sharply, with Canaan Technology rising nearly 14% and Coinbase rising more than 7%. Semiconductor stocks rose, with Nvidia rising by 1.5%, ARM rising by more than 11%, and Advanced Micro Computer rising by more than 4%.
▌The CEO and product director of Metaco, a Ripple company, resigned
The CEO and chief product officer of Metaco, a cryptocurrency custody company acquired by Ripple in May 2023, have resigned. A spokesperson for Ripple confirmed that CEO Adrien Trecani and chief product officer Peter DeMeo have departed, saying that custody remains an integral part of Ripple's growing business as we continue to provide best-in-class enterprise encryption to customers around the world. solution.
Policy
▌Nigeria urges regulation of cryptocurrencies to combat financial crime
Co-founder of A&D Forensics, a Nigerian blockchain information analysis service provider Adedeji Owonibi said at a cryptocurrency compliance expert training provided on February 9 that the Nigerian government needs to regulate cryptocurrency activities and formulate corresponding laws to curb financial crimes, especially money laundering. Although the Central Bank of Nigeria (CBN) recently lifted its ban on crypto trading, allowing banks to operate accounts for virtual asset service providers (VASPs), Owonibi explained that the compliance expert training is designed to ensure that banks’ interactions with VASPs are compliant by law. Owonibi said major banks must ensure that virtual asset service providers who open accounts with their banks are compliant exchanges to prevent them from becoming conduits for global money laundering, drug sales or terrorism financing.
▌Former government officials say DAAMLA could harm the U.S. cryptocurrency industry
The Blockchain Association joined 80 former national security and military professionals in writing another letter to congressional leaders, this time calling on lawmakers to kill a bill that would have included cryptocurrency companies in anti-money laundering policies. In a letter to four representatives and two senators, the signatories said the Digital Assets Anti-Money Laundering Act (DAAMLA) "endangers our nation's strategic advantage and threatens tens of thousands of American jobs." opportunity, and has minimal impact on the illegal actors it targets.” Signatories added that the bill, if passed, could push digital asset companies overseas, potentially increasing the number of unregulated offshore exchanges. fluidity. Tuesday’s letter is the latest in a series of communications between blockchain associations, members of Congress and former government staff.
▌Ethiopia signed power supply agreements with 21 Bitcoin miners
The Ethiopian National Electricity Company has signed power supply agreements with 21 Bitcoin miners. These deals not only make the African country one of the world's leading destinations for Bitcoin miners, but also open up a potentially lucrative source of foreign exchange.
Blockchain Application
▌deBridge CEO: Security has always been a very challenging aspect in the cross-chain field
deBridge CEO Alex Smirnov said: Security has always been This is a very challenging aspect of the cross-chain space because of major hacks and exploits in bridging protocols.
▌Sports betting platform Shuffle announces token distribution plan
Sports betting platform Shuffle announced key details of the token SHFL distribution plan. SHFL token generation and airdrop activities will take place in the first week of March, but the specific date has not yet been announced. The first airdrop will account for 10% of the total token supply, and there will be two more airdrops in the next few years, accounting for 9% of the total token supply.
▌CryptoPunks launches "Punk in Residence" platform
Golden Finance reported that the blue-chip NFT project CryptoPunks announced the launch of the innovative "Punk in Residence" platform. This initiative aims to integrate the traditional art and digital art fields and provide artists with opportunities to explore and redefine Punks in the context of web3. A unique platform, it is reported that "Punk in Residence" will have Nina Chanel Abney, author of Nina's Super Cool World NFT series, as the first artist to promote the combination of traditional art and Web3 innovation.
▌South African payment company Callpay has added Xion Global's one-click encrypted checkout function
Golden Finance reported that Web3 payment provider Xion Global announced a strategic partnership with South African payment company Callpay. The partnership aims to combine Xion’s innovative technology with Callpay’s strong market presence to drive adoption of Web3 payments in South Africa. This partnership broadens customers’ payment options, offering the convenience of Xion’s one-click encrypted checkout, combining ease of use with cost savings
< /ol>▌View: Traditional games need Web3 more than ever
CARV's Chief Growth Officer Leo Li posted that blockchain games grew by 33% in the fourth quarter of 2023, and transaction volume roughly tripled in six months, but with In stark contrast, traditional games are showing a downward trend. As developers face market saturation and stagnant user numbers, global mobile game revenue has declined for the second consecutive year. Traditional games need Web3 more than ever. Deep questions make Web3 the obvious next step.
▌OpenAI: Disrupting use by five nation-linked malicious cyber actors
OpenAI, an artificial intelligence startup, issued a statement stating that we disrupted the use of our platform by five country-related malicious cyber actors. Work done in partnership with the Microsoft Threat Intelligence Center.
Cryptocurrency
U.S. Congressman : Cryptocurrency is not even a popular tool for Hamas terrorists
U.S. Rep. Tom Emmer wrote that today, I am sending a letter to FinCEN and OFAC Treasury The minister asked about the Wall Street Journal’s reporting on Hamas’s digital asset fundraising activities. Deputy Secretary Nelson publicly confirmed that the Wall Street Journal’s data was inaccurate and that cryptocurrencies were not even a popular tool among Hamas terrorists.
▌SEC Chairman: Many crypto platforms fail to comply with regulations
U.S. Securities and Exchange Commission (SEC) Chairman Gensler: Many encryption platforms do not comply with regulations.
▌BITB’s asset management scale exceeded US$1 billion
Bitwise posted on social media that BITB’s asset management scale exceeded US$1 billion.
▌Grayscale: As of February 13, GBTC holdings decreased by 1,912 BTC from the previous day
According to digital asset management company Grayscale’s officially updated spot Bitcoin ETF position data, as of February 13, GBTC held 463,475.4355 Bitcoins, a decrease of approximately 1912 from the previous day. Bitcoin, in addition, GBTC's asset management scale (non-GAAP) dropped to $22,907,018,487.04, and its circulating share decreased to 518,980,100.
▌Report: Bitcoin in 2020 Favored in human trafficking and child exploitation between 2021 and 2021
According to a trend report released by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), based Documents filed by financial firms with the government in 2020 and 2021, during which the use of cryptocurrencies, most commonly Bitcoin, was on the rise in crimes including human trafficking and child sexual exploitation. The analysis found that over the two years, there were 2,311 reports of cryptocurrencies being used in such crimes, involving more than $412 million.
▌The total market value of stablecoins reaches US$136.9 billion, and USDT’s market share exceeds 70%
According to Defillama data, the total market value of stablecoins reached US$136.9 billion, an increase of 1.03% from last week. In addition, USDT circulation has exceeded US$96.4 billion, and the stablecoin market share has reached 70.44%.
▌worth nearly $100 million SAND tokens will be unlocked this week
Token Unlocks data shows that the total value released this week for CYBER, SAND and APE tokens exceeds 130 million Dollar. Among them: CYBER (CyberConnect) will unlock 2.36 million CYBER tokens at 16:00 on February 14, worth approximately US$17.99 million, accounting for 15.93% of the circulating supply; SAND (TheSandbox) will be unlocked at 0:00 on February 15 205 million tokens, worth approximately US$97.32 million, accounting for 9.19% of the circulating supply; APE (ApeCoin) will unlock 15.6 million APE tokens at 16:00 on February 17, valued at approximately US$22.47 million, accounting for 9.19% of the circulating supply 2.61% of the amount.
Important economic developments
▌CME data shows that the probability of the Federal Reserve cutting interest rates in March has dropped to 8%
According to CME Fed Watch: The probability that the Federal Reserve will keep interest rates unchanged in the range of 5.25%-5.50% in March is 92%, and the probability of cutting interest rates by 25 basis points is 8%. The probability of keeping interest rates unchanged by May is 32.8%, the probability of a cumulative 25 basis point interest rate cut is 62.1%, and the probability of a cumulative 50 basis point interest rate cut is 5.1%.
▌The probability of the Fed cutting interest rates in March is 16%
According to CME's "Fed Watch": the probability that the Federal Reserve will keep interest rates unchanged in the range of 5.25%-5.50% in March is 84%, and the probability of cutting interest rates by 25 basis points is 16%. The probability of keeping interest rates unchanged by May is 39.3%, the probability of a cumulative 25 basis point interest rate cut is 52.2%, and the probability of a cumulative 50 basis point interest rate cut is 8.5%.
▌Former Fed Economist: Now is not the time for the central bank to delay interest rate cuts, it is time for the Fed to give way
Former Federal Reserve economist Sahm published an article saying that the U.S. CPI rose higher than expected in January, mainly due to rising housing costs, and is currently returning to the path of low inflation. Still bumpy. But causing a bigger shock to other sectors of the economy and financial markets will be a mistake the Fed must avoid this year. Currently, the Federal Reserve is considering cutting interest rates against the backdrop of a strong economy. Some believe this strong growth means the Fed should not cut interest rates. But the risks are real, and rising federal funds rates are putting pressure on the housing market, as well as on credit markets and banks. Several officials said the "worst possible outcome" is for the Fed to start cutting interest rates and then have to raise them if inflation picks up. And Sahm believes that this is a strange concern, and this cycle has little to do with the Fed from the beginning. He said that now is not the time for the central bank to delay cutting interest rates, it is time for the Federal Reserve to get out of the way.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.
Huang Bo
