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Crypto Week in Review (24/1-29/1)

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Every week, we’ll quickly cover the biggest stories in crypto so that you’ll always be up to speed on the latest headlines. Quickly skim the headlines and if you see something that interests you, read up on it in full detail by clicking the source link.


Story of the Week

source: twitter

Elon Musk tags Bitcoin on his Twitter profile on Friday which helped to ignite $BTC to $38,620 (+20.73%) from the $32k levels according to the Bitstamp BTCUSD chart. At the time of the writing, Bitcoin has retraced 11.4% and is currently trading at $34,151.

source: twitter
Read More: This Elon Musk Tweet Has Been Immortalized on Bitcoin Blockchain on uToday

Headlines

New Bitcoin ETF Was Just Registered w/ SEC – Sun, 1/24

Texas-based firm Valkyrie Digital Assets registered for a bitcoin fund on Friday, January 22. Valkyrie notes in the filing that the trust intends to list the shares on NYSE Arca.

“Sticking my neck out a bit – I think we’ll see a U.S. Bitcoin ETF in 2021 if Gensler is confirmed to run the SEC. The guy is extremely knowledgeable on Blockchain/crypto. He even teaches a class at MIT on the topic. That said, I think you can expect new regulations coming to the crypto space from the SEC. Don’t think we’ll see outright bans like some bitcoin bears like to claim. But we will definitely see increased scrutiny and regulation as Mike McGlone has also stated.

– James Seyffart, Cryptocurrency CFA
source: valkyrie funds

Read More: Valkyrie Bitcoin Trust Files to List Shares on NYSE on Bitcoin.com


Rothschild Investment Corporation Increases Its Stake in Bitcoin – Mon, 1/25

Rothschild Investment Corporation now holds 30,454 shares of Grayscale Bitcoin Trust (GBTC). GBTC allows institutional investors to get exposure to bitcoin’s price action without holding any bitcoin itself.

Read More: Rothschild Investment Corporation Increases Its Stake in Bitcoin on U.Today


FinCEN Further Extends Comment Period for Controversial Crypto Rules – Tue, 1/26

The Financial Crimes Enforcement Network (FinCEN) has extended the comment period for a proposed rule that would require all crypto exchanges to gather and store counter-party information for transactions to ‘unhosted’ wallets which would require exchanges to file reports for transactions that are worth over $10,000 per day.

“I am aware of the rules proposed by FinCEN in December 2020 regarding how certain digital assets are treated under the Bank Secrecy Act,” she said in a written response. “I agree on the need to ensure adequate consultation with and input from stakeholders. If confirmed, I intend to ensure a full and substantive review of the proposals, which will include an assessment of how to ensure proper input from stakeholders.”

– Janet Yellen, Treasury Secretary

All comments are due sixty days after the change is submitted to the Federal Register, the U.S. government’s logbook.

Read More: FinCEN Further Extends Comment Period for Controversial Crypto Rules on CoinDesk

Grayscale Still Buying Bitcoin, Purchases Nearly 1K BTC

Grayscale Investments continues the buying frenzy of the world’s largest cryptocurrency by market cap – 995 Bitcoin, 1,787 Bitcoin Cash ($BCH), and over 10,000 Litecoin ($LTC) and Ethereum Classic ($ETC) tokens were purchased in the past 48 hours.

Read More: Grayscale still buying Bitcoin, purchases nearly 1000 BTC on TheDailyChain


Bitcoin Bull Palihapitiya May Stand a Chance of Becoming California’s Governor – Wed, 1/27

With governor Gavin Newsom’s current recall-situation in regards to the mishandling of the pandemic, Palihapitiya seems to have a viable shot at winning office when compared to the candidates of years’ past. Palihapitiya announced he would run for the post of Governor of California in November of 2022.

Read More: JBitcoin Bull Palihapitiya May Stand a Chance of Becoming California’s Governor on CryptoNews


Ray Dalio, Bridgewater Associates Warming Up to Bitcoin – Thu, 1/28

Founder of the world’s largest hedge fund, Ray Dalio is changing his tune when it comes to cryptocurrencies as Bridgewater reexamines bitcoin as a store-of-value.

“I am writing this to clarify what I think of Bitcoin, I believe Bitcoin is one hell of an invention.” The founder of

– Founder of Bridgewater Associates, Ray Dalio

Read More: Bitcoin won’t escape our scrutiny’: Bridgewater is exploring an alt-cash fund in the face of money devaluation on TheBlock

Coinbase Announces Proposed Direct Listing

Coinbase announced its intent to become a publicly-traded company pursuant to a proposed direct listing of its Class-A common stock.

Read More: Coinbase announces proposed direct listing on Coinbase

Robinhood Blocks $DOGE Trading

source: twitter

As the saga between the big Wall Street players and amateur internet retail traders continues, Robinhood suspended the trading of multiple assets in an attempt to stop the bleeding. As of Wednesday, GameStop is up almost 2,000% since the start of January.

“We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities.”

– Robinhood, via company blog post

Coinbase Infuriates Its Users by Disabling Purchases – Fri, 1/29

Early today, Coinbase goes down yet again after Bitcoin surged to a multi-week high of $38,249.

Read More: Coinbase Infuriates Its Users by Disabling Purchases on uToday

Grayscale Ethereum Trust Resumes Private Placement of Shares

source: twitter

Infographics

A special thanks go out to the cryptounfolded team for supplying Swapfolio and its community with all the latest data and news updates in the world of cryptocurrency.


Crypto Market Recap – Week 3 – 1/24


Investment Product Inflow Hits Record of $1.31b Last Week – 1/25


Ethereum Addresses with 10K+ Increased Significantly – 1/26


100,000 BTC Options Expiry at Deribit Coming in Two Days – 1/27


Stablecoin Reserves on Exchanges Hit New Record of $4.8b – 1/28


Crypto Subreddits Are Seeing a Huge Uptick in New Subscribers – 1/29


Global Crypto Indicators

source:
  • Total crypto market capitalization is $1.02T, which is up 2.24% over the last day.
  • This values all crypto-assets at 13.80% of gold’s market cap. 24-hour global crypto volume is $252.26B, representing a 73.24% increase (25% of this volume, or $61.98B is transparent volume).
  • Bitcoin dominance is 62%, which represents a 1.30% gain over the last 24-hours.

Bitcoin Fear & Greed Index

Latest Crypto Fear & Greed Index
source: alternative.me

DeFi Pulse

source: defipulse

Total Crypto MC & Volume

source: tradingview

Total Altcoin MC & Volume

source: tradingview

Total MC Dominance

source: tradingview

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