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Prime Tales of The Week
Coinbase CEO calls on nations to ascertain Bitcoin reserves
Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, has endorsed plans for international leaders to create Bitcoin strategic reserves.
In a Jan. 17 weblog put up on “financial freedom,” Armstrong said cryptocurrencies have been “the subsequent chapter of capitalism,” providing ideas for policymakers to combine digital belongings into their economies in 2025.
The Coinbase CEO’s concepts included crypto-friendly legal guidelines, authorities effectivity, particular financial zones, and the institution of a Bitcoin reserve as a hedge in opposition to inflation.
“The subsequent international arms race will likely be within the digital economic system, not area,” Armstrong speculated. “Bitcoin could possibly be as foundational to the worldwide economic system as gold and can change into central to nationwide safety in a world the place holdings of Bitcoin can shift the steadiness of energy amongst nation-states.”
SEC prices Digital Foreign money Group for deceptive buyers
America Securities and Change Fee has charged Digital Foreign money Group (DCG) and former Genesis Global Capital CEO Soichoro “Michael” Moro with deceptive buyers in regards to the monetary well being of Genesis within the aftermath of the Three Arrows Capital (3AC) collapse.
In keeping with the Jan. 17 submitting, DCG and Moro have agreed to pay a mixed $38.5 million in civil penalties, with DCG accountable for $38 million and Moro accountable for $500,000.
Moro and DCG agreed to the civil penalties with out admitting to or denying any violations of the Securities Act of 1933.
The settlement is the most recent chapter within the authorized saga of Genesis, which filed for Chapter 11 bankruptcy protection in January 2023 as a consequence of a 2022 default by 3AC — a former borrower of Genesis.
Trump plans govt order making crypto a nationwide precedence: Report
US President-elect Donald Trump is reportedly expected to sign an govt order designating crypto as a nationwide precedence that would come as quickly as he re-enters workplace on Jan. 20.
Bloomberg reported on Jan. 17, citing individuals acquainted with the plans, that the order would imply regulatory companies could be guided to work with the trade. It might additionally create a crypto council to advocate the trade’s policy wishes.
The order could possibly be signed on Jan. 20 — Trump’s first day again as president — nevertheless it’s not remaining and will change earlier than it’s made public, the report mentioned.
Trump is broadly imagined to be lining up a day-one crypto-related govt order because the native trade closely backed his marketing campaign, and the incoming president promised that the US could be a “crypto capital.”
The New York Instances equally reported on Jan. 16 that crypto executives had supplied enter to Trump’s crypto czar, David Sacks, on an govt order overlaying a number of areas of crypto coverage.
US authorities says funds from 2016 hack ought to return to Bitfinex
Attorneys for the US authorities recently submitted a motion requesting that the Bitcoin forfeited because of the 2016 Bitfinex hack must be returned to the cryptocurrency change.
The Jan. 14 authorized submitting stipulated the return of roughly 94,643 BTC and unspecified quantities of Bitcoin Money, Bitcoin Satoshi Imaginative and prescient and Bitcoin Gold generated by way of exhausting forks again to the change on an in-kind foundation.
Ilya Lichtenstein and his spouse Heather Morgan, aka Razzlekhan, were both arrested in 2022 and later convicted for the 2016 hack of the Bitfinex change, which resulted within the theft of 119,754 BTC.
On the time, the stolen Bitcoin amounted to solely $72 million. Immediately, that very same quantity of BTC is price over $11.8 billion — elevating debate over Bitfinex’s compensation plan for victims of the hack on the time.
NFTs simply had their worst performing yr since 2020: DappRadar
The non-fungible token (NFT) market in 2024 had its worst year for trading volume and gross sales since 2020 — marred by volatility and rising token costs, a DappRadar report has discovered.
The blockchain analytics platform’s 2024 Dapp Business Report, printed on Jan. 14, said that NFT buying and selling volumes over final yr fell 19% from 2023 to $13.7 billion whereas gross sales counts dropped 18% to simply below 50 million, “making 2024 one of many worst performing years since 2020.”
DappRadar added NFTs noticed important volatility as Q1 buying and selling volumes rose 4% to $5.3 billion in comparison with Q1 2023. Nonetheless, the “momentum was short-lived,” based on the report, as volumes dropped to $1.5 billion in Q3 and rebounded to $2.6 billion in This autumn.
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $104,304, Ether (ETH) at $3,476 and XRP at $3.30. The entire market cap is at $3.31 trillion, according to CoinMarketCap.
Among the many greatest 100 cryptocurrencies, the highest three altcoin gainers of the week are Fartcoin (FARTCOIN) at 69.92%, XDC Community (XDC) at 48.40% and XRP (XRP) at 41.17%.
The highest three altcoin losers of the week are Ai16z (AI16Z) at 16.25%, Bitcoin SV (BSV) at 7.34% and Sui (SUI) at 6.05%. For more information on crypto costs, make sure that to learn Cointelegraph’s market analysis.
Most Memorable Quotations
“For the second, we’d like regulatory readability and steerage. We have to see what the legal guidelines are trying like coming from the US, after which we are going to resolve.”
Paolo Ardoino, CEO of Tether
“I don’t assume anybody goes to lose cash shopping for right here at $90,000. In the event that they’re attempting to time this, perhaps they get fortunate, and it goes to $70,000.”
Tom Lee, chief funding officer at Fundstrat Capital
“Maybe no different single entity bears as a lot duty as Huione Assure for the worldwide cyber rip-off epidemic, which has ruined numerous lives.”
Elliptic, blockchain analytics agency
“AI brokers are anticipated to tackle a extra distinguished position inside decentralized communities.”
J.D. Seraphine, CEO of Raiinmaker
“2024 was doubtless a document yr for inflows to illicit actors as these figures are lower-bound estimates based mostly on inflows to the illicit addresses we’ve recognized as much as immediately.”
Chainalysis, blockchain analytics agency
“This information introduced smiles to the faces of crypto buyers, signaling a optimistic shift for risk-on markets. As the info painted a good macroeconomic image, the crypto market skilled a powerful rally.”
Burakkesmeci, CryptoQuant contributor
Prime Prediction of The Week
Bitcoin value nonetheless on monitor for $180K in 2025: Interview with Filbfilb
Bitcoin hitting $130,000 could be an ideal result for the current bull market, pseudonymous longtime dealer and analyst Filbfilb says.
In his newest interview with Cointelegraph, the co-founder of buying and selling suite DecenTrader gave his predictions on the place BTC value motion could also be headed this cycle.
Bitcoin is bouncing again after a visit to two-month lows and is holding nicely above $100,000 as of Jan. 17, per information from Cointelegraph Markets Pro and TradingView.
For Filbfilb, good issues lie in wait — particularly with the incoming US government administration below President-elect Donald Trump.
Learn additionally
Professional-Bitcoin and pro-crypto insurance policies might nicely supply a short-term market impulse, however it might not all be clean crusing — any speak of commerce wars, as an illustration, might strike a punishing blow to the risk-asset bull run.
That mentioned, BTC/USD ought to lead the pack, with Bitcoin even hitting new highs in crypto market dominance, Filbfilb mentioned.
“I see no proof based mostly on earlier cyclical information which might suggest that Bitcoin has topped for now. Clearly, it is perhaps completely different this time, however I feel there’s an inexpensive argument that Bitcoin might go on towards the $180,000 goal I had been in early 2023,” Filbfilb informed Cointelegraph.
Prime FUD of The Week
US shopper finance watchdog sued for treating digital wallets like banks
Two expertise commerce teams have filed a lawsuit in opposition to the US Consumer Financial Protection Bureau, difficult its push to deal with fee apps and digital wallets like banks.
The criticism, filed on Jan. 16 by TechNet — a bipartisan community of expertise CEOs and senior executives — and web freedom activist group NetChoice, opposes a rule issued by the Client Monetary Safety Bureau (CFPB) in December.
The rule expands CFPB’s supervisory authority over “general-use digital shopper fee functions,” focusing on bigger contributors comparable to fee apps, digital wallets and different nonbank monetary service suppliers.
The 259-page rule doesn’t embrace crypto waller suppliers or decentralized wallets however goals to focus on giant non-bank firms.
Upbit crypto change receives suspension discover in South Korea
Upbit, one of many largest cryptocurrency exchanges in South Korea, has reportedly acquired a suspension discover for alleged Know Your Buyer violations.
The Monetary Intelligence Unit (FIU) of South Korea’s Monetary Companies Fee has notified Upbit of potential punitive measures, based on a Jan. 16 report by Naver.
As a part of the measures, the authorities search to droop new consumer registrations on Upbit for six months, with current customers unaffected.
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In keeping with the report, Upbit can submit its suggestions on the restrictions to the FIU by Jan. 20. The authority plans to make a remaining determination on the penalty on Jan. 21.
Yuga Labs faces backlash over CryptoPunks IP sale rumors
The CryptoPunks community is in turmoil over rumors that Yuga Labs could also be contemplating promoting the mental property (IP) rights of the CryptoPunks non-fungible token (NFT) assortment.
The rumor, which stemmed from a Jan. 14 post on X by pseudonymous Azuki researcher Wale.moca, has stirred a backlash amongst followers and trade voices.
In keeping with Wale.moca, “a number of sources near the matter” steered that Yuga Labs could possibly be “within the course of” of promoting the CryptoPunks IP. Yuga Labs acquired the IP rights to 423 CryptoPunks NFTs from Larva Labs in March 2022.
Greg Solano, Yuga Labs’ co-founder, addressed the rumors on X. He mentioned:
“Lots of people have approached us, esp[ecially] in the previous couple of months. […] Doesn’t imply we’re doing something.”
Prime Journal Tales of The Week
Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Specific
Alleged market for cyber scammers launches USDH stablecoin, Sony’s new blockchain freezes memecoin contracts, and more.
Intercourse robots, agent contracts a hitman, synthetic vaginas: AI Eye goes wild
Six weird tales of AI gone wild, from sex robots to agents contracting a hitman, plus a few critical ones: AI Eye
Bitcoin vs. the quantum pc risk: Timeline and options (2025–2035)
Quantum computer systems aren’t an imminent risk to Bitcoin, and it gained’t have an effect on all wallets — however it’s a real problem and there are solutions.
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Editorial Employees
Cointelegraph Journal writers and reporters contributed to this text.
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