Home CryptocurrencyBitcoin Hodler’s Digest, January 14-20 – Cointelegraph Magazine

Hodler’s Digest, January 14-20 – Cointelegraph Magazine

by SuperiorInvest

This week’s featured stories

Coinbase Discusses Stock, Terraform Labs, Howey in 5-Hour SEC Showdown

U.S. District Judge Katherine Polk Failla heard arguments from the U.S. Securities and Exchange Commission (SEC) and Coinbase on the cryptocurrency exchange’s motion to dismiss a lawsuit filed by the regulator in June 2022. The hearing took place for nearly five hours and provided an extensive overview of the key arguments in court regarding the crypto space, assets, and the SEC’s role in regulating the industry. During the hearing, the SEC argued that token buyers are also investing in the network or ecosystem behind them, indicating that there is a value proposition behind purchasing tokens. Lawyers for Coinbase, however, disputed the argument, arguing that Bitcoin (described as a commodity by an SEC lawyer during the hearing) is also backed by a community and has a network.

Sam Bankman-Fried’s Parents Seek FTX Recovery Lawsuit Dismissed

Parents of former FTX CEO Sam Bankman-Fried are seeking to have FTX’s lawsuit against him dismissed, rejecting claims that they knew about problems at the crypto exchange and knowingly benefited from the misconduct of the company. According to a court filing, attorneys representing Joseph Bankman and Barbara Fried argued that FTX’s lawsuit sought to “take advantage of the mere fact” that they were the parents of FTX’s former CEO. In September 2023, FTX sued Bankman and Fried for allegedly exploiting their influence and access within the FTX empire to enrich themselves.

Ethereum Dencun upgrade goes live on testnet after 4-hour delay

The latest update to the Ethereum network, codenamed “Cancun-Deneb” or “Dencun,” was first launched on the Goerli testnet, according to a Jan. 17 social media post from the Ethereum developer. Parithosh Jayanthi. An error delayed the network launch for approximately four hours. Once deployed on the mainnet, the Dencun upgrade will significantly reduce the cost of Ethereum Layer 2 transactions such as Optimism, Base, Polygon zkEVM and others, the developers stated. It will also limit self-destruct operations and allow for new bridging and betting pool features.

IRS Backtracks on Crypto Tax Rules, Exempting TXs from Over $10,000 in Liabilities

US companies will not yet need to report cryptocurrency transactions over $10,000 to the Internal Revenue Service (IRS) until the tax agency publishes a regulatory framework. The decision follows a review of the Infrastructure Jobs and Investment Act by the U.S. Treasury Department and the IRS. The law went into effect on January 1 and required all US companies to report crypto transactions over $10,000. However, the tax regulator has stopped enforcing the rule for now. The IRS said it and the Treasury intend to issue proposed regulations on digital asset reporting, but did not specify when they would be introduced.

Bitcoin Spot ETFs Gain Another 10,600 BTC on the 5th

Bitcoin exchange-traded fund (ETF) issuers added another net 10,667 Bitcoin to their spot products on the fifth day of trading amid rising volume. Data compiled by the X account CC15Capital on January 17 shows that a net $440 million in Bitcoin was added to the funds’ holdings at the end of the day. The BlackRock ETF accounted for the majority of the purchases with 8,700 BTC, worth almost $358 million. The data also shows that nine ETFs (excluding Grayscale) have purchased almost 68,500 BTC since their launch, currently worth around $2.8 billion. The funds also saw a 34% increase in daily volume as of the fifth day of trading.

Winners and losers

At the end of the week, Bitcoin (btc) I sat down $42,067Ether (ETH) in $2,497 and XRP in $0.54. The total market capitalization is $1.57 billion, according to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoins winners of the week are Flare (FLR) at 29.32%, Siacoin (SOUTH CAROLINA) at 28.79% and Astar (ASTR) at 12.24%.

The top three losers of the week in altcoins are optimism (OP) at -21.12%, helium (HT) at -18.70% and FTX token (FTT) at -17.66%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

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Most memorable quotes

“I will never allow the creation of a central bank digital currency.”

donald trumppresidential candidate and former president of the United States

“Most people don’t understand the enormity of the barrier that has been removed, making the ETF as easily investable a commodity as any other.”

Juan Nahassenior vice president of business development at Ava Labs

“Today [Coinbase] The hearing revealed a key flaw in the SEC’s legal theory: it turns almost every asset on the planet into a security.”

Jake ChervinskyVariant legal director

“I think SEC Chairman Gary Gensler has become a political liability in the United States.”

Brad GarlinghouseCEO of Ripple

“With their growing importance, dollar-backed stablecoins will have a profound impact on the financial sector, potentially reshaping the way money moves across borders.”

Andrew Peelhead of digital assets at Morgan Stanley

“The United States wants to be competitive in blockchain technology, but regulators are doing everything they can to prevent it or control it as best they can.”

Sandra CarterCOO of Unstoppable Domains

Prediction of the week

Bitcoin Trader Who Called $48,000 BTC Price High a New Bearish Signal

Bitcoin may have the most to lose if a BTC price chart pattern develops as usual, warns veteran pseudonymous analyst Filbfilb.

According to the analyst, when the three-day chart crosses below the 50-period daily simple moving average (DMA), a further decline tends to occur. “3-day red with a break below 50 DMA. There are some examples of this happening in the past,” he commented.

Additionally, financial commentator Tedtalksmacro pointed to $40,000 as the next crucial level to hold.

BTC price action fell to $40,600 on January 19, marking a nearly 20% retracement from last week’s local highs, data from Cointelegraph Markets Pro and TradingView confirms. Several market participants see the mid-$30,000 range as a possible rebound zone going forward.

FUD of the week

Alex Mashinsky asks for two charges to be dismissed, asks court not to mention Celsius bankruptcy

Lawyers representing former Celsius CEO Alex Mashinsky have filed a motion in federal court asking a judge to drop charges related to commodities fraud and market manipulation. According to the filing, the second charge of commodities fraud was “disgusting” and “inconsistent” with the first charge of securities fraud based on the government’s treatment of cryptocurrencies. Mashinsky was indicted on seven felonies in July 2023 and is currently free on $40 million bail.

Manta Network Suffers DDoS Attack Amid Stock Market Listing

Manta Network experienced a widespread distributed denial-of-service attack amid a successful token listing on multiple exchanges on January 18. Kenny Li, co-founder of P0x Labs, the team behind Manta Network, said blockchain nodes experienced more than 135 million remote attacks. Procedure call requests. “This is a very aggressive and timed attack,” Li said, adding that “the blockchain is running securely” and “the funds are safe.” Communication between applications and the network was severely affected by the attack.

GameStop to close NFT market due to regulatory limbo

Gaming retailer GameStop has warned its users that it will phase out its non-fungible token (NFT) marketplace next month due to regulatory uncertainty. The company said users only have two weeks left to access its NFT platform. However, the company assured NFT holders that the decision to further reduce its relationship with cryptocurrencies will not affect their NFTs. The gaming company cited a lack of regulation as a cause for a further decline in its crypto services. In December 2022, GameStop announced a move away from crypto initiatives following a $94.7 million net loss in the third quarter and staff reductions in its digital assets department.

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Top magazine articles of the week

Bitcoin ETF Guru Eric Balchunas Has the Last Laugh on Skeptics: X Hall of Flame

Bloomberg ETF guru Eric Balchunas shares his decade-long journey to a Bitcoin ETF and his newfound fame as a crypto influencer.

‘It’s painful to think about’: NFT creator Nate Alex on selling 70 CryptoPunks too soon

After selling 70 CryptoPunks and 30 Autoglyphs “too early” to secure profits, Nate Alex created ChainFaces and Squiggly WTF.

Doctor Who materializes on Web3: Tony Pearce’s journey through time and space

Reality+ founder Tony Pearce discovered blockchain in 2017 and has now introduced millions of Doctor Who fans to Web3 collectibles.

The editorial staff

Cointelegraph magazine writers and reporters contributed to this article.

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