Crypto News Highlights: Bitcoin echoed a speculative buzz across the broader crypto market once again, as the token’s price slipped past the $40 mark briefly today, after facing a pullback to $38K yesterday. As of writing, the Bitcoin price noted a 2.36% jump over the past 24 hours and is currently trading at $39,981. However, the BTC price witnessed a flux near the $40K mark today. Meanwhile, altcoins like Ethereum, Solana, and XRP continued to witness a slump, collectively plunging 3%-6%, garnering significant attention globally.
On the other hand, Elon Musk’s artificial intelligence, xAI (Grok), recently announced that the project has successfully secured $500 million in investments. With this, the AI project is one step closer to its $1 billion evaluation goal, although the bigger picture is for a $15 billion evaluation, according to sources familiar with the matter.
Crypto News Highlights: Bitcoin echoed a speculative buzz across the broader crypto market once again, as the token’s price slipped past the $40 mark briefly today, after facing a pullback to $38K yesterday. As of writing, the Bitcoin price noted a 2.36% jump over the past 24 hours and is currently trading at $39,981. However, the BTC price witnessed a flux near the $40K mark today. Meanwhile, altcoins like Ethereum, Solana, and XRP continued to witness a slump, collectively plunging 3%-6%, garnering significant attention globally.
On the other hand, Elon Musk’s artificial intelligence, xAI (Grok), recently announced that the project has successfully secured $500 million in investments. With this, the AI project is one step closer to its $1 billion evaluation goal, although the bigger picture is for a $15 billion evaluation, according to sources familiar with the matter.
Renowned trader Peter Brandt shares his wisdom, highlighting the harsh reality of market speculation. He emphasizes that quick gains often lead to bad habits and potential losses, while most beginners experience early setbacks before gaining success.
There is a VERY unfortunate reality in the business of market speculation
People who make ton of $$ very quickly (like in crypto) develop bad habits and often lose everything they made via luck
And, most others who begin trading wipe out before they before they learn enough to be… https://t.co/m4mCZQa6TF— Peter Brandt (@PeterLBrandt) January 24, 2024
In a recent move, investment firm @arca deposited 680 ETH into the Ronin Bridge, following transfers of 200 ETH and 500K USDC in the past week. The total tokens sent to the bridge by the firm now exceed $5.7M in value.
Coal, nuclear, LNG, and oil make a surprising return to the ETF market with new offerings as ESG launches wane.
Coal is back in ETF form along w a new nuclear ETF and an LNG and oul ETF, all launching today, comes as ESG launches are all but extinct. Interesting turn of events. pic.twitter.com/SjVFZhV5Xj
— Eric Balchunas (@EricBalchunas) January 24, 2024
The Solana Foundation introduces SPL Token Extensions, enhancing token functionality and streamlining adoption of Web3. These extensions offer advanced features like Transfer Hooks, Transfer Fees, Confidential Transfers, Permanent Delegate Authority, and Non-Transferability, attracting interest from enterprises like Paxos and GMO-Z.com Trust Company Inc.
North Korean hacking groups saw a decrease in stolen cryptocurrency value in 2023, despite increasing their hacking efforts and diversifying targets, according to a report by Chainalysis. The report revealed that they stole around $1 billion worth of crypto through 20 hacks, down from the $1.7 billion stolen in 2022.
Ripple CTO David Schwartz addresses XRP community concerns over the AMM protocol on the XRPL’s decentralized exchange. Schwartz clarifies intricacies and proposes solutions, emphasizing Ripple’s commitment to addressing technical challenges.
Blockstream CEO Adam Back addresses concerns over Mt. Gox’s repayment plans, urging patience and ‘HODLing’ Bitcoin as ETFs and the Bitcoin halving event could potentially lead to higher prices.
there were also institutional claim buyers, but i think they were BTC basis, looking to buy-up and hold discounted BTC. total BTC left 142k out of the 200k found by @MagicalTux. bankruptcy lawyers spent the other 56k btc over the 10 years.
— Adam Back (@adam3us) January 24, 2024
In a recent interview with Yahoo Finance, BlackRock’s Rachel Aguirre expressed satisfaction with the performance of their IBIT Bitcoin ETF, which has seen $3 billion in trading volume and $1.6 billion in inflows within two weeks of its launch.
BREAKING: The BlackRock iShares #Bitcoin Trust is a huge success by multiple metrics, according to Rachel Aguirre, U.S. Head of iShares Products. pic.twitter.com/ZOVZEgR3dC
— sunnydecree (@sunnydecree) January 24, 2024
Grayscale continues its crypto accumulation, depositing 14,487 BTC worth $579 million into Coinbase Prime and an additional 4,750 BTC worth $189.8 million into new wallets. With a total of 93,700 BTC worth $3.85 billion deposited since the ETF approval, Grayscale now holds a massive 519,399 BTC valued at $20.84 billion.
Grayscale deposited 14,487 $BTC($579M) to #CoinbasePrime and 4,750 $BTC($189.8M) to new wallets again 10 mins ago.#Grayscale has deposited 93,700 $BTC($3.85B) to #CoinbasePrime since the #ETF was passed.
And currently holds 519,399 $BTC($20.84B).https://t.co/M98mT25tml pic.twitter.com/ghbpPGeTxi
— Lookonchain (@lookonchain) January 24, 2024
Ark Invest COO anticipates imminent approval for spot Ethereum ETF, citing positive discussions with the SEC and changes in the crypto market landscape. Ethereum (ETH) has experienced a 12% drop in the past week, contrasting with Bitcoin’s less significant decline.
Terra Luna Classic’s community is voting on Proposal 12008, the ‘L1TF Terra Classic core security upgrade package,’ to enhance chain security and stability. The proposal, requesting $25,500 of its $51,000 total budget, received strong initial support, with 94% in favor, leading to an 8% price surge for LUNC and a 4% increase for USTC.
Nexo, the crypto lender, files a $3 billion arbitration claim against Bulgaria, alleging damage to its reputation due to politically motivated investigations. Despite being cleared of money laundering charges, Nexo claims the case thwarted its plans to go public in the US.
South Korean prosecutors have issued an arrest warrant for Bang, a central figure in the Delio and Haru Invest withdrawal suspension case, as reported by Digital Asset. The warrant relates to fraud and breach of trust charges, following Delio’s and Haru Invest’s service suspensions linked to alleged mismanagement by B&S Holdings.
According to @ali_charts, Bitcoin has undergone four significant corrections in the current bull market, including drops of 12% and 22.6%, alongside two 21% dips. The cryptocurrency is currently facing a 21% correction, which has persisted for 12 days, aligning with previous market patterns.
In this bull market, $BTC has experienced 4 notable corrections: a 12% drop over 12 days, a 22.6% fall over 15 days, and two approximately 21% dips each lasting about 60 days.
Interestingly, #Bitcoin is currently in the midst of a 21% correction, which has been ongoing for 12… pic.twitter.com/9KUFG0nppa
— Ali (@ali_charts) January 24, 2024
Amidst fund outflows from Grayscale Bitcoin Trust, Bitcoin critic Peter Schiff questions the impact of new spot Bitcoin ETFs on market demand. Eric Balchunas, Bloomberg’s Senior ETF Analyst, counters Schiff’s views, highlighting the need for time to assess the new ETFs’ performance while acknowledging shifts in fund redistribution.
Give it time.. its been like a week. But to your point its def true that ETFs tend to steal aum from higher cost and/or underperforming alternatives $GDX pic.twitter.com/KNnATft22b
— Eric Balchunas (@EricBalchunas) January 23, 2024
WhaleChart reports that Grayscale, holding over 530,000 Bitcoin, may continue its selling streak until mid-March.
Grayscale has over 530,000 bitcoin and could theoretically keep selling into mid-March
— Whale | Dinobet.io (@WhaleChart) January 24, 2024
Crypto analyst Michaël van de Poppe believes the recent correction in the cryptocurrency market has created various opportunities, particularly for altcoins. He highlights Polkadot (DOT) as one such opportunity, noting its successful retest of the $5.50-6.00 level and speculating that Polkadot 2.0 could potentially trigger a rally pushing the price to $17.
The correction has provided many opportunities across the board, as my theory is that #Altcoins are going to outperform Bitcoin in the upcoming period.
One of them is $DOT, which is retesting a crucial level at $5.50-6.00 and held.
Polkadot 2.0 might trigger a rally to $17. pic.twitter.com/dSW5Yf99tI
— Michaël van de Poppe (@CryptoMichNL) January 24, 2024
The U.S. SEC has cited four court cases in its ongoing legal battle with Binance, including the Zakinov v. Ripple Labs suit, which questions XRP’s classification as a “security.” The SEC has yet to define clear boundaries for virtual tokens, leaving issuers in uncertainty, as the legal proceedings continue.
Celsius Network’s $40 million Ethereum transactions on Coinbase have sent shockwaves through the crypto community. The move is part of Celsius’ efforts to meet financial obligations amid bankruptcy proceedings, with recent deposits totaling over $621 million in Ethereum across various platforms.
The #Celsius wallet deposited 18K $ETH($40M) to #Coinbase again 12 hours ago.#Celsius has deposited a total of $280,760 $ETH($621M) to #Coinbase, #FalconX, and #OKX since Nov 13.
And #Celsius currently holds 540,029 $ETH($1.2B).https://t.co/3gGOucC9gY pic.twitter.com/cNxa0Wgd73
— Lookonchain (@lookonchain) January 24, 2024
Bitcoin advocate Samson Mow has downplayed concerns over unlocking Mt. Gox coins, emphasizing that long-term creditors are unlikely to flood the market with their assets. Mow believes the market can easily absorb any potential sales and urges creditors to consider the continued upward trajectory of Bitcoin’s value before opting for fiat gains.
Gox coins unlocking isn’t really a factor. Creditors having to force HODL for a decade aren’t likely to sell soon. What about buyers of claims? They may have sought fiat gains initially, but had a front row seat to #Bitcoin NgU and should now be thinking “sell for gains in what?”
— Samson Mow (@Excellion) January 24, 2024
ADA, the native token of the Cardano proof-of-stake blockchain, has demonstrated notable stability during market downturns, maintaining a position above $0.46. This support level aligns with the 50% Fibonacci retracement level, establishing a significant area of interest for buyers. Furthermore, insights from the cryptocurrency analytics service Santiment reveal that Cardano has surpassed several leading competitors in terms of monthly development activity, with a total of 332.9 commits recorded on GitHub. Amid this development and demand pressure at $0.46, the ADA price may form a bullish reversal pattern of a double bottom to lead a rally above $0.6.
🧑💻 Here are #crypto's top coins by development activity. Notable #github commits past 30d:
1 @cardano $ADA
T2 @polkadot $DOT
T2 @kusamanetwork $KSM
4 @optimismFNP $OP
5 @ethstatus $SNT
6 @hedera $HBAR
7 @cosmos $ATOM
8 @dfinity $ICP
9 @chainlink $LINK
10 @ethereum $ETH pic.twitter.com/zhN01674ag— Santiment (@santimentfeed) January 22, 2024
A crypto analyst known for cryptocurrency predictions, JD recently shared intriguing insights on XRP’s price action with the crypto community via the X (formerly Twitter). In JD’s analysis, he delved into the possibility of further declines while attempting to anticipate XRP’s future trajectory. According to JD’s observations, XRP might form a hidden bullish divergence weekly.
#XRP – May be creating "Hidden Bullish Divergence" on weekly (candle body close below red line would negate divergence)
A "wick" down the orange box is very possible. (Orange box been posted since November 2023!)
My personal DCA: 0.28 – 0.33 (HEAVILY!), 0.45, 0.51, 0.59
Don't… pic.twitter.com/ipMsM0p7ZE
— JD 🇵🇭 (@jaydee_757) January 23, 2024
Examining the weekly chart, JD pointed out that XRP has been ensnared within a symmetrical triangular pattern since 2021. The data on his chart suggests that the cryptocurrency is approaching this triangle’s lower trendline. JD also highlighted specific price levels for his personal Dollar-Cost Averaging (DCA) strategy, including $0.45, $0.51, and $0.59. This implies JD’s confidence in the long-term potential of XRP, and his insights have garnered significant attention within the crypto community. At the time of writing, XRP price is trading at $0.5180, with a 24-hour surge of more than 2%.
Defying the current market sell-off, the SUI token price showcased its suitability above the combined support of $1 and 38.2% Fibonacci retracement levels. The renewed demand pressure at strategic pullback support uplifted SUI prices by 22.5% to $1.24 over the last three days. Under the influence of the rounding bottom pattern, the coin price could rise another 21.5% to hit $1.5, followed by $1.7.
The crypto analyst Jonny recently made a noteworthy prediction regarding the trajectory of Solana’s value. He suggested that despite the current upswing, there’s a possibility of a surging to the $100 level soon. Previously, Solana exhibited strong liquidity below the $80 threshold. However, Jonny anticipates a potential rebound, eyeing a resurgence towards the $100 benchmark.
$SOL ran some good liquidity below $80
Reclaiming ML —> looking for a bounce back up towards $100 next pic.twitter.com/FnYREUM1Rb
— Johnny (@CryptoGodJohn) January 23, 2024
As of the latest updates, Solana price is trading at $86.47, showcasing a robust increase exceeding 7% in the past 24 hours. This upward movement underscores a growing bullish sentiment in the market. Solana holds the fifth position in market capitalization, which is an impressive $37 billion. The market’s dynamics hint at an intriguing phase for Solana, aligning with Jonny’s analysis of future price
XAI, a Web3 gaming platform, recently announced plans to collaborate with Thirdweb, a full-stack Web3 platform, to create an on-chain game engine that propels Web3 gaming.
Excited to announce our partnership with @thirdweb.
We're building an on-chain game engine together to push Web3 gaming forward.
Game developers can take advantage of ThirdWebs best in class Wallet SDK's, contracts, RPC's, and more.
— XAI (@XAI_GAMES) January 23, 2024
On-chain data hovering over the crypto horizon suggests that the top 7 BLUR token holders garnered an unrealized profit worth $55 million, sparking immense curiosity among crypto market fanatics globally. These wallets accumulated BLUR from Coinbase subsequent to the monthly unlocks since June 2023 and still hold 5.86% of the total supply.
These 7 top $BLUR holders are gaining $55M in unrealized profit from the token!
These wallets mostly withdrew $BLUR from #Coinbase after the monthly unlocks since June 2023, and might be responsible for the bullish pumps post-unlocks.
Now, they still bag-hold all 175.7M $BLUR… pic.twitter.com/yHLMPN56Xx
— Spot On Chain (@spotonchain) January 24, 2024
OKX Ventures, the investment arm of the Web3 company OKX, recently announced that it is strategically merging forces with Orbiter Finance, a decentralized cross-L2 protocol.
We're thrilled to announce a leading investment in @Orbiter_Finance, a decentralized cross-L2 protocol that is currently undergoing product upgrades and embarking on the construction of a ZK-Tech-based instant omni-rollup on Ethereum. https://t.co/cLCoVpX1CR
— OKX Ventures (@OKX_Ventures) January 24, 2024
CryptoQuant CEO Ki Young Ju recently ruled out potential causes that might have impacted Bitcoin’s price run over the past few days. In his statement, the CEO held derivative market selling accountable for BTC fall, not GBTC. Furthermore, he cracks down on OTC markets’ robust functioning, contrasting it with negligible price impacts within the market.
Accumulate #Bitcoin like an institutional investor.$BTC falls due to derivative market selling, not $GBTC. OTC markets are very active, but no price impact.
Re-accumulation completes when on-chain OTC and spot ETF activities decrease – the start of a bull market.
— Ki Young Ju (@ki_young_ju) January 24, 2024
Cathie Wood, CEO of Ark Invest, recently highlighted the rising market dominance of Bitcoin, pointing toward BTC mining in particular. She further illuminated the vast differences between the revenue generated by Bitcoin mining and some of the most prominent publicly traded companies across the globe.
Many in the investment community are underestimating #bitcoin. @ARKInvest knows bitcoin. https://t.co/e08lCEbU0Y
— Cathie Wood (@CathieDWood) January 24, 2024
One of the top crypto analysts, Ali Martinez, recently spotlighted Bitcoin’s run on the weekly chart. As per Ali’s analysis, a close below the $38,00 mark could signal a downturn for the token.
🚨 #Bitcoin Price Watch: A close below $38,000 on the weekly chart could signal a downturn for $BTC, targeting the strong support cluster around $33,000.
This key area combines several technical elements: the lower boundary of a parallel channel, the 0.5 Fibonacci retracement… pic.twitter.com/uaKmtMjdeQ
— Ali (@ali_charts) January 24, 2024
Core Scientific, a renowned Bitcoin mining firm, recently blossomed again as it recovered from Chapter 11 bankruptcy. With this, the firm advances further for its return to Nasdaq, reducing debt by a staggering $400 million.
Coinbase’s Chief Legal Officer, Paul Grewal, recently criticized a court ruling that favored the U.S. SEC in the Crowd Machine lawsuit.
So the tokens themselves are once again the securities? What was said to a SDNY judge last week, in open court, was false? https://t.co/9Q686MVgeF
— paulgrewal.eth (@iampaulgrewal) January 24, 2024
In a gust of developments witnessed around the U.S. SEC’s and Ripple’s ongoing tussle, the SEC appears to have gained the upper hand, arguing that its remedies-related discovery requests are procedurally proper. With this, the regulatory body now eyes penalties from Ripple in the XRP lawsuit.
HTX DAO recently unveiled a monumental achievement for the organization, announcing three noteworthy partners in the project. Notably, the DAO is partnering with Starfield Capital, an investment firm jacking up Web3 projects, Justin Sun’s JUST Foundation, and JustLend DAO, a TRON-powered money market protocol, to facilitate its journey through the DeFi realm.
3 BIG Partners! 🎉
HTX DAO is partnering with @StratifiedCap, a global VC firm investing in early-stage crypto projects, and @DeFi_JUST, a top-tier #Defi leader.
Plus, #JustlendDAO will match 5% of funds equal to our donation.
Join us in shaping the future of crypto together! pic.twitter.com/eMEE6goXcZ
— HTX DAO (@HTX_DAO) January 24, 2024
Bitget, one of the most renowned crypto trading platforms, recently unveiled plans to list Ondo Finance’s native token, ONDO, on its network. This follows the Coinbase-backed firm’s recent plans to expand to the APAC region.
Meanwhile, the token is pegged to USDT, aiming for more robust and efficient trading across the platform.
🆕 New Listing @OndoFinance #Bitget will list ONDO/USDT on Jan 24, 8:00 UTC. Deposit now!
🎁 A total $100 #giveaway for 10 members! Just follow RT & tag 3 friends.
Listing – https://t.co/myw1qvSGGy
Campaign – https://t.co/p1FFZ5siE0— Bitget (@bitgetglobal) January 24, 2024
Eric Balchunas, the senior ETF analyst at Bloomberg, recently highlighted GBTC’s outflows as it neared the $515 mark on Wednesday. He further claimed that these outflows were better than what the analyst initially expected, underlining a gradual improvement.
CORRECTION (aka walk of shame): $GBTC outflows were more like $515m today. Less bad than I originally put out there and improvement from yesterday (which is good! Maybe corner turned). My bad tho I’m never gonna not double checking the bbg terminal again!
— Eric Balchunas (@EricBalchunas) January 24, 2024
BitMEX CEO Arthur Hayes recently shared his POV on the Bitcoin market, asserting a potential decline of 30% in Bitcoin’s price post-ETF inception.
Meanwhile, he firmly believes that the token could find support within the $30,000 and $35,000 range, ruling out plans for his strategic buy if the situation occurs.
As per insights offered by PeckShieldAlert, a trader with the address 0xf8EB…F807 fell victim to a phishing scheme that resulted in the loss of $1.3 million worth of stablecoins on Ethereum, BNBChain, and Arbitrum.
The trader lost 154.16K USDC on Ethereum, 300.34K USDT on Arbitrum, and 834.24K USDT on BNBChain.
#PeckShieldAlert #Phishing The address 0xf8EB…F807 fell victim to a phishing scheme, resulting in a total loss of ~$1.3m worth of stablecoins on #Ethereum. #BNBChain and #Arbitrum
– Lost 154.16K $USDC on #Ethereum
– Lost 300.34K $USDT on #Arbitrum
– Lost 834.24K $USDT on… pic.twitter.com/52ADT6fXI2— PeckShieldAlert (@PeckShieldAlert) January 24, 2024
A Celsius-linked wallet has again shifted 18K ETH, worth $40 million, to Coinbase on Wednesday, January 24.
Meanwhile, the wallet has already deposited a staggering $280,760 worth of ETH to Coinbase, FalconX, and OKX since November 13.
The #Celsius wallet deposited 18K $ETH($40M) to #Coinbase again 12 hours ago.#Celsius has deposited a total of $280,760 $ETH($621M) to #Coinbase, #FalconX, and #OKX since Nov 13.
And #Celsius currently holds 540,029 $ETH($1.2B).https://t.co/3gGOucC9gY pic.twitter.com/cNxa0Wgd73
— Lookonchain (@lookonchain) January 24, 2024
According to the blockchain tracking platform Whale Alert, an unknown whale address shifted 29.5 million XRP, worth $14.95 million, to Bitstamp, a Luxembourg City-based CEX. This appears to align with the price slump witnessed by the Ripple-backed token today, birthing additional speculations globally.
🚨 29,500,000 #XRP (14,958,844 USD) transferred from unknown wallet to #Bitstamphttps://t.co/CeVDQlyGwq
— Whale Alert (@whale_alert) January 23, 2024
In a recent discussion with key finance-related individuals, when asked about the potential chances of an ETH ETF coming into play, Ark Invest COO Tom Staudt stated that traders and investors might see a spot Ethereum ETF anytime soon.
When are we getting a Spot $ETH ETF? @ARKInvest’s President and COO Tom Staudt says “soon.”
Full discussion: https://t.co/hbeY4TTr4f https://t.co/gjZghlre4M pic.twitter.com/NWNOtldp1T
— Eleanor Terrett (@EleanorTerrett) January 24, 2024
BlackRock’s iShares Bitcoin trust received 6,495 BTC, worth $254.7 million, from Coinbase Prime recently. With this, BlackRock now holds 39,925 BTC, worth $1.59 billion, nabbing traders’ attention globally.
iShares Bitcoin Trust (#BlackRock) received 6,495 $BTC($254.7M) from #CoinbasePrime 7 hours ago and currently holds 39,925 $BTC($1.59B).https://t.co/R9FeDo2R0R pic.twitter.com/m89loTCWpj
— Lookonchain (@lookonchain) January 24, 2024
As per on-chain metrics unveiled by Lookonchain, a whale sold 2.05 million USDT to buy 186,133 SAVM, pushing the SAVM price chart toward an upward momentum.
A whale spent 2.05M $USDT to buy 186,133 $SAVM at $11.01 7 hours ago, becoming the 8th holder of $SAVM.
This increased the price of $SAVM by ~20%.https://t.co/gFl0YqSlmY pic.twitter.com/tzDTVIwCQq
— Lookonchain (@lookonchain) January 24, 2024
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