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High Tales of The Week
Nasdaq seeks modification to BlackRock’s Bitcoin ETF for in-kind redemptions
Nasdaq has submitted a submitting on behalf of asset manager BlackRock, in search of a rule change to allow in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF).
Bloomberg ETF analyst James Seyffart stated in a Jan. 24 X post that BlackRock “ought to have been allowed to do that from the get-go” when the BlackRock iShares Bitcoin Belief launched alongside the other ten US spot Bitcoin ETFs in January 2024.
On the identical day because the submitting, six extra crypto ETF functions have been filed within the US.
Nasdaq proposed “to permit for in-kind transfers of the Belief’s Bitcoin,” as per a Jan. 24 filing with the US Securities and Alternate Fee.
The submitting acknowledged that “Approved Individuals” — establishments that facilitate the creation and redemption of fund shares — would have the ability to use both money or Bitcoin to create shares or obtain money or Bitcoin when redeeming shares.
MicroStrategy might owe taxes on $19B unrealized Bitcoin good points: Report
Regardless of by no means promoting any Bitcoin, MicroStrategy might must pay taxes on its unrealized good points.
Michael Saylor’s MicroStrategy, the largest corporate Bitcoin holder, might must pay federal revenue taxes on its unrealized good points, in response to the Inflation Discount Act of 2022.
The act established a “company different minimal tax” underneath which MicroStrategy would qualify for a 15% tax price based mostly on the adjusted model of the corporate’s earnings, according to Jan. 24 report in The Wall Avenue Journal.
Nonetheless, the US Inner Income Service might create an exemption for BTC underneath President Donald Trump’s extra crypto-friendly administration.
MicroStrategy’s holdings have surpassed 450,000 BTC, price greater than $48 billion, after the corporate purchased $243 million of BTC on Jan. 13.
Silk Street founder Ross Ulbricht thanks Trump for full pardon
Silk Street founder Ross Ulbricht, who had been serving a double life sentence with out parole, publicly thanked US President Donald Trump after receiving a full pardon.
This marked the primary time Ulbricht had spoken publicly since being launched from a maximum-security jail in Arizona, the place he was held for greater than 11 years.
“Final evening, Donald Trump granted me a full pardon. I used to be doing life with out parole, and I used to be locked up for greater than 11 years. However he let me out. I’m a free man now. So let it’s identified that Donald Trump is a person of his phrase,” Ulbricht said in a video shared on X on Jan. 23.
Ulbricht expressed gratitude, calling the pardon “a tremendous blessing.” He added:
“Thanks a lot, President Trump, for giving me this superb blessing. I’m so, so grateful to have my life again, to have my future again, to have this second likelihood. That is such an essential second for me and for my entire household.”
SEC cancels controversial crypto accounting rule SAB 121
The US Securities and Alternate Fee has canceled a controversial rule that requested monetary companies holding crypto to report them as liabilities on their stability sheets.
A brand new Workers Accounting Bulletin (SAB) from the fee on Jan. 23 said it “rescinds the interpretive steering” of SAB 121, an company rule printed in March 2022 that the crypto trade has lengthy sought to cancel.
“Bye, bye SAB 121!” SEC Commissioner Hester Peirce, the company’s crypto job drive lead, wrote in a Jan. 23 X put up. “It’s not been enjoyable.”
The SEC printed SAB 121 in March 2022, which requested monetary companies holding crypto on behalf of shoppers to report the belongings as a legal responsibility on their stability sheet. The crypto trade pushed again on the measure, saying it will make holding crypto administratively harder.
Home Monetary Companies Committee Chair French Hill said in an announcement on X he was “happy” to see the “misguided SAB 121 rule has been rescinded.”
Elizabeth Warren proposes Elon Musk pay extra taxes for gov’t effectivity
US Senator Elizabeth Warren has penned an open letter to Division of Authorities Effectivity (DOGE) Chair Elon Musk, proposing methods the federal authorities might minimize wasteful spending.
Based on the Jan. 23 letter, Warren proposed absolutely funding the Inner Income Service (IRS), closing the carried curiosity loophole, and including a capital good points tax on estates.
The rich seem like the targets of Warren’s IRS proposal, because the socioeconomic group is talked about 4 instances within the temporary, four-paragraph part titled “Slicing Waste and Abuse within the Federal Tax Code.” With an estimated internet worth of $426 billion, Musk definitely falls into that class.
Learn additionally
Senator Warren voiced robust considerations concerning the DOGE course of and its insurance policies, significantly concerning potential conflicts of curiosity amongst its management:
“The 12 months 2024 marked the start of a shift towards broader cryptocurrency acceptance, and the launch of latest cash by President Donald Trump and First Woman Melania units a strong priority for what’s to come back.”
Most Memorable Quotations
“The 12 months 2024 marked the start of a shift towards broader cryptocurrency acceptance, and the launch of latest cash by President Donald Trump and First Woman Melania units a strong priority for what’s to come back.”
Ben Zhou, co-founder and CEO of Bybit
“Many governments maintain gold however I feel they need to maintain Bitcoin as a result of it’s basically the brand new gold normal. I feel a really core precept is that it is best to maintain belongings which keep worth over time.”
Brian Armstrong, CEO of Coinbase
“When you’re frightened concerning the debasement of your forex otherwise you’re scared of the financial or political stability of your nation, you may have an internationally based mostly instrument referred to as Bitcoin that can overcome these native fears.”
Larry Fink, CEO of BlackRock
“The rationale the group is so involved with Ross’s plight, as Trump very precisely tuned into, was the best way by which his political persecution by the state was carried out.”
Mati Greenspan, founder and CEO of Quantum Economics
“Based mostly on what I’m conscious of, the Trump household will construct a number of big companies on Ethereum.”
Joe Lubin, co-founder of Ethereum and founding father of Consensys
“I don’t suppose Bitcoin is a menace to the US greenback.”
David Solomon, CEO of Goldman Sachs
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $104,900, Ether (ETH) at $3,322 and XRP at $3.10. The entire market cap is at $3.60 trillion, according to CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Official Trump (TRUMP) at 372.53%, Raydium (RAY) at 32.13% and GateToken (GT) at 24.35%.
The highest three altcoin losers of the week are Sonic (prev. FTM) (S) at 31.97%, ai16z (AI16Z) at 30.77% and dogwifhat (WIF) at 30.68%. For more information on crypto costs, be certain that to learn Cointelegraph’s market analysis.
Prediction of The Week
Bitcoin might high $150K earlier than retrace in repeat of 2017 cycle, says analyst
Bitcoin’s value motion is mimicking the 2016 to 2017 cycle and will hit a high of $150,000, says Glassnode lead analyst James Examine.
Examine stated in a Jan. 23 episode of the Theya podcast that $120,000 to $150,000 is what he would name the “topping cloud” for Bitcoin, and any stage above that possible received’t maintain for lengthy.
“We will completely bust out the highest finish of that, with a really, very low chance of staying on the high finish,” Examine stated.
Bitcoin is at the moment buying and selling at $103,019, and Examine added that the “common man” is “fairly worthwhile” if it reaches $120,000 — considerably extra so if it reaches $150,000.
“Above that’s speculative fever, and I in all probability would suppose if we go above it, we are going to return down by means of it,” he stated.
Bitbo knowledge shows Bitcoin’s short-term holders have paid a median of $90,349 per BTC, whereas long-term holders have paid a median of $24,627.
FUD of The Week
John McAfee’s widow launches memecoin, however some suspect a rip-off
John McAfee’s widow, Janice Elizabeth McAfee, has allegedly launched a memecoin in her late husband’s honor because the memecoin frenzy, galvanized by US President Donald Trump’s weekend token launch, continues to develop.
McAfee announced the token launch by means of her late husband’s X account on Jan. 23, writing, “You didn’t suppose I’d miss this cycle, did you?” Throughout his life, McAfee was an ardent supporter of cryptocurrency, significantly Bitcoin, and its skill to scale back state energy over the monetary system.
Preliminary reactions from the crypto group on X have been optimistic, however later evaluation revealed that 90% of the token’s 100 million provide had already been distributed to a whole lot of various wallets, with only a small quantity despatched to 2 buying and selling swimming pools.
Crypto donations to extremist teams rise in Europe — Report
Cryptocurrency donations to extremist teams have dipped globally however are rising in Europe, in response to a report from blockchain data platform Chainalysis.
The report, shared with Cointelegraph, shows most crypto donations to extremist teams got here from North America previous to 2017. Since then, Europe has been steadily capturing inflows. Between 2022 and 2024, as an example, Europe accounted for practically 50% of extremist group onchain exercise.
Learn additionally
Not solely are crypto donations to extremist teams in Europe rising, however the dimension of these donations and donor depth are rising as properly. From 2023 to 2024, not less than 5 kinds of extremist teams skilled a rise in dimension of deposits year-over-year: white nationalist (270%), nationalist (164%), conspiracy (70%), anarchist (35%) and antisemitic (22%), notes the report.
Ledger co-founder launched after days in captivity in France: Report
David Balland, co-founder of the French cryptocurrency hardware wallet producer Ledger, was launched following a harrowing kidnapping incident, according to an announcement from the Paris prosecutor’s workplace cited by Bloomberg.
Balland was kidnapped from his dwelling in central France through the early hours of Jan. 21. He was held captive till a police operation on the evening of Jan. 22 secured his launch. The abductors had demanded a ransom in cryptocurrency.
Ledger was established in 2014 by Balland and others. The units are designed to maintain customers’ non-public keys offline, thereby safeguarding digital belongings from on-line vulnerabilities.
The corporate, which raised 100 million euros ( $109 million) in 2023, now boasts a valuation of 1.3 billion euros ($1.42 billion) and employs about 700 folks.
High Journal Tales of The Week
They solved crypto’s janky UX downside. You simply haven’t observed but
Intents, passkeys, chain abstraction and different new tech have solved crypto’s largest consumer expertise problems for the next billion users.
Chinese language merchants made thousands and thousands from TRUMP, Coinbase in Philippines? Asia Specific
High Chinese language crypto merchants earn thousands and thousands on TRUMP, Manila turns Coinbase Armstrong’s head, the rise of Bimcoin.
Azuki founder airdrops ANIME for a ‘billion world followers’: Zagabond, NFT Creator
In contrast to TRUMP, Azuki’s newly airdropped ANIME “group coin” is handing a majority of the supply to the community.
Subscribe
Probably the most partaking reads in blockchain. Delivered as soon as a
week.
Editorial Workers
Cointelegraph Journal writers and reporters contributed to this text.
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High Tales of The Week
Nasdaq seeks modification to BlackRock’s Bitcoin ETF for in-kind redemptions
Nasdaq has submitted a submitting on behalf of asset manager BlackRock, in search of a rule change to allow in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF).
Bloomberg ETF analyst James Seyffart stated in a Jan. 24 X post that BlackRock “ought to have been allowed to do that from the get-go” when the BlackRock iShares Bitcoin Belief launched alongside the other ten US spot Bitcoin ETFs in January 2024.
On the identical day because the submitting, six extra crypto ETF functions have been filed within the US.
Nasdaq proposed “to permit for in-kind transfers of the Belief’s Bitcoin,” as per a Jan. 24 filing with the US Securities and Alternate Fee.
The submitting acknowledged that “Approved Individuals” — establishments that facilitate the creation and redemption of fund shares — would have the ability to use both money or Bitcoin to create shares or obtain money or Bitcoin when redeeming shares.
MicroStrategy might owe taxes on $19B unrealized Bitcoin good points: Report
Regardless of by no means promoting any Bitcoin, MicroStrategy might must pay taxes on its unrealized good points.
Michael Saylor’s MicroStrategy, the largest corporate Bitcoin holder, might must pay federal revenue taxes on its unrealized good points, in response to the Inflation Discount Act of 2022.
The act established a “company different minimal tax” underneath which MicroStrategy would qualify for a 15% tax price based mostly on the adjusted model of the corporate’s earnings, according to Jan. 24 report in The Wall Avenue Journal.
Nonetheless, the US Inner Income Service might create an exemption for BTC underneath President Donald Trump’s extra crypto-friendly administration.
MicroStrategy’s holdings have surpassed 450,000 BTC, price greater than $48 billion, after the corporate purchased $243 million of BTC on Jan. 13.
Silk Street founder Ross Ulbricht thanks Trump for full pardon
Silk Street founder Ross Ulbricht, who had been serving a double life sentence with out parole, publicly thanked US President Donald Trump after receiving a full pardon.
This marked the primary time Ulbricht had spoken publicly since being launched from a maximum-security jail in Arizona, the place he was held for greater than 11 years.
“Final evening, Donald Trump granted me a full pardon. I used to be doing life with out parole, and I used to be locked up for greater than 11 years. However he let me out. I’m a free man now. So let it’s identified that Donald Trump is a person of his phrase,” Ulbricht said in a video shared on X on Jan. 23.
Ulbricht expressed gratitude, calling the pardon “a tremendous blessing.” He added:
“Thanks a lot, President Trump, for giving me this superb blessing. I’m so, so grateful to have my life again, to have my future again, to have this second likelihood. That is such an essential second for me and for my entire household.”
SEC cancels controversial crypto accounting rule SAB 121
The US Securities and Alternate Fee has canceled a controversial rule that requested monetary companies holding crypto to report them as liabilities on their stability sheets.
A brand new Workers Accounting Bulletin (SAB) from the fee on Jan. 23 said it “rescinds the interpretive steering” of SAB 121, an company rule printed in March 2022 that the crypto trade has lengthy sought to cancel.
“Bye, bye SAB 121!” SEC Commissioner Hester Peirce, the company’s crypto job drive lead, wrote in a Jan. 23 X put up. “It’s not been enjoyable.”
The SEC printed SAB 121 in March 2022, which requested monetary companies holding crypto on behalf of shoppers to report the belongings as a legal responsibility on their stability sheet. The crypto trade pushed again on the measure, saying it will make holding crypto administratively harder.
Home Monetary Companies Committee Chair French Hill said in an announcement on X he was “happy” to see the “misguided SAB 121 rule has been rescinded.”
Elizabeth Warren proposes Elon Musk pay extra taxes for gov’t effectivity
US Senator Elizabeth Warren has penned an open letter to Division of Authorities Effectivity (DOGE) Chair Elon Musk, proposing methods the federal authorities might minimize wasteful spending.
Based on the Jan. 23 letter, Warren proposed absolutely funding the Inner Income Service (IRS), closing the carried curiosity loophole, and including a capital good points tax on estates.
The rich seem like the targets of Warren’s IRS proposal, because the socioeconomic group is talked about 4 instances within the temporary, four-paragraph part titled “Slicing Waste and Abuse within the Federal Tax Code.” With an estimated internet worth of $426 billion, Musk definitely falls into that class.
Learn additionally
Senator Warren voiced robust considerations concerning the DOGE course of and its insurance policies, significantly concerning potential conflicts of curiosity amongst its management:
“The 12 months 2024 marked the start of a shift towards broader cryptocurrency acceptance, and the launch of latest cash by President Donald Trump and First Woman Melania units a strong priority for what’s to come back.”
Most Memorable Quotations
“The 12 months 2024 marked the start of a shift towards broader cryptocurrency acceptance, and the launch of latest cash by President Donald Trump and First Woman Melania units a strong priority for what’s to come back.”
Ben Zhou, co-founder and CEO of Bybit
“Many governments maintain gold however I feel they need to maintain Bitcoin as a result of it’s basically the brand new gold normal. I feel a really core precept is that it is best to maintain belongings which keep worth over time.”
Brian Armstrong, CEO of Coinbase
“When you’re frightened concerning the debasement of your forex otherwise you’re scared of the financial or political stability of your nation, you may have an internationally based mostly instrument referred to as Bitcoin that can overcome these native fears.”
Larry Fink, CEO of BlackRock
“The rationale the group is so involved with Ross’s plight, as Trump very precisely tuned into, was the best way by which his political persecution by the state was carried out.”
Mati Greenspan, founder and CEO of Quantum Economics
“Based mostly on what I’m conscious of, the Trump household will construct a number of big companies on Ethereum.”
Joe Lubin, co-founder of Ethereum and founding father of Consensys
“I don’t suppose Bitcoin is a menace to the US greenback.”
David Solomon, CEO of Goldman Sachs
Winners and Losers
On the finish of the week, Bitcoin (BTC) is at $104,900, Ether (ETH) at $3,322 and XRP at $3.10. The entire market cap is at $3.60 trillion, according to CoinMarketCap.
Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Official Trump (TRUMP) at 372.53%, Raydium (RAY) at 32.13% and GateToken (GT) at 24.35%.
The highest three altcoin losers of the week are Sonic (prev. FTM) (S) at 31.97%, ai16z (AI16Z) at 30.77% and dogwifhat (WIF) at 30.68%. For more information on crypto costs, be certain that to learn Cointelegraph’s market analysis.
Prediction of The Week
Bitcoin might high $150K earlier than retrace in repeat of 2017 cycle, says analyst
Bitcoin’s value motion is mimicking the 2016 to 2017 cycle and will hit a high of $150,000, says Glassnode lead analyst James Examine.
Examine stated in a Jan. 23 episode of the Theya podcast that $120,000 to $150,000 is what he would name the “topping cloud” for Bitcoin, and any stage above that possible received’t maintain for lengthy.
“We will completely bust out the highest finish of that, with a really, very low chance of staying on the high finish,” Examine stated.
Bitcoin is at the moment buying and selling at $103,019, and Examine added that the “common man” is “fairly worthwhile” if it reaches $120,000 — considerably extra so if it reaches $150,000.
“Above that’s speculative fever, and I in all probability would suppose if we go above it, we are going to return down by means of it,” he stated.
Bitbo knowledge shows Bitcoin’s short-term holders have paid a median of $90,349 per BTC, whereas long-term holders have paid a median of $24,627.
FUD of The Week
John McAfee’s widow launches memecoin, however some suspect a rip-off
John McAfee’s widow, Janice Elizabeth McAfee, has allegedly launched a memecoin in her late husband’s honor because the memecoin frenzy, galvanized by US President Donald Trump’s weekend token launch, continues to develop.
McAfee announced the token launch by means of her late husband’s X account on Jan. 23, writing, “You didn’t suppose I’d miss this cycle, did you?” Throughout his life, McAfee was an ardent supporter of cryptocurrency, significantly Bitcoin, and its skill to scale back state energy over the monetary system.
Preliminary reactions from the crypto group on X have been optimistic, however later evaluation revealed that 90% of the token’s 100 million provide had already been distributed to a whole lot of various wallets, with only a small quantity despatched to 2 buying and selling swimming pools.
Crypto donations to extremist teams rise in Europe — Report
Cryptocurrency donations to extremist teams have dipped globally however are rising in Europe, in response to a report from blockchain data platform Chainalysis.
The report, shared with Cointelegraph, shows most crypto donations to extremist teams got here from North America previous to 2017. Since then, Europe has been steadily capturing inflows. Between 2022 and 2024, as an example, Europe accounted for practically 50% of extremist group onchain exercise.
Learn additionally
Not solely are crypto donations to extremist teams in Europe rising, however the dimension of these donations and donor depth are rising as properly. From 2023 to 2024, not less than 5 kinds of extremist teams skilled a rise in dimension of deposits year-over-year: white nationalist (270%), nationalist (164%), conspiracy (70%), anarchist (35%) and antisemitic (22%), notes the report.
Ledger co-founder launched after days in captivity in France: Report
David Balland, co-founder of the French cryptocurrency hardware wallet producer Ledger, was launched following a harrowing kidnapping incident, according to an announcement from the Paris prosecutor’s workplace cited by Bloomberg.
Balland was kidnapped from his dwelling in central France through the early hours of Jan. 21. He was held captive till a police operation on the evening of Jan. 22 secured his launch. The abductors had demanded a ransom in cryptocurrency.
Ledger was established in 2014 by Balland and others. The units are designed to maintain customers’ non-public keys offline, thereby safeguarding digital belongings from on-line vulnerabilities.
The corporate, which raised 100 million euros ( $109 million) in 2023, now boasts a valuation of 1.3 billion euros ($1.42 billion) and employs about 700 folks.
High Journal Tales of The Week
They solved crypto’s janky UX downside. You simply haven’t observed but
Intents, passkeys, chain abstraction and different new tech have solved crypto’s largest consumer expertise problems for the next billion users.
Chinese language merchants made thousands and thousands from TRUMP, Coinbase in Philippines? Asia Specific
High Chinese language crypto merchants earn thousands and thousands on TRUMP, Manila turns Coinbase Armstrong’s head, the rise of Bimcoin.
Azuki founder airdrops ANIME for a ‘billion world followers’: Zagabond, NFT Creator
In contrast to TRUMP, Azuki’s newly airdropped ANIME “group coin” is handing a majority of the supply to the community.
Subscribe
Probably the most partaking reads in blockchain. Delivered as soon as a
week.
Editorial Workers
Cointelegraph Journal writers and reporters contributed to this text.
