Grayscale acquisition is possible or will be completed in a longer period of time

Analyst James Seyffart said: "In theory, an acquisition of Grayscale is possible and may even be completed in a long enough time, especially given the current issues surrounding its parent company." Grayscale is owned by DCG, which, its Genesis subsidiary and former business partner Gemini Trust were sued by the State of New York in October for allegedly defrauding investors of more than $1 billion. In addition, more than $2 billion worth of GBTC has been sold since GBTC was converted into an ETF.

Some experts say that if newcomers want to participate in the crypto market, they can consider acquiring established companies in the Bitcoin investment field, such as Grayscale.

SEC will not repeat past delays in Ethereum ETF approval

Commissioner Hester Peirce said in an interview that the SEC will not repeat the delay in the Ethereum ETF. She said: "This is not the way we approve, we should not wait for the court to accuse us of being "arbitrary and capricious", the SEC should be able to make the right decision."

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is $39,935.5, with a daily change of +1.86%;

ETH's latest transaction price is $2243.79, with a daily change of +1.10%;

BNB's latest transaction price is $298.4, with a daily change of +0.51%;

XRP's latest transaction price is $0.5173, with a daily change of +1.37%;

DOGE’s latest trading price is $0.0781, with a daily change of +0.08%;

ADA’s latest trading price is $0.4777, with a daily change of +2.16%;

SOL's most recent trading price is $84.14, with a daily change of +1.72%.

policy

▌Source: The US SEC’s rejection of the idea of ​​an Ethereum spot ETF faces “internal resistance”

According to Fox Business reporter Eleanor Terrett, ETF issuers, investment management firms and sources close to the SEC have varying views on the timeline for potential Ethereum spot ETF approval. One source said that the SEC’s position at this moment is “strong rejection,” but there is currently “some internal resistance” to the idea.

A BTC spot ETF issuer that has applied for an ETH spot ETF expressed confidence that the approval and smooth launch of a Bitcoin spot ETF will force the SEC to approve an Ethereum spot ETF. Others said that the listing of an ETH futures ETF and BlackRock’s record of obtaining ETF approvals make them believe that an Ethereum spot ETF could be launched by the end of summer. In addition, the CFTC’s belief that ETH is a commodity, coupled with Ripple’s partial victory in court that XRP trading in the secondary market is not a security, will make “Gensler take a tough battle.”

SEC Commissioner Hester Peirce said the agency does not want to repeat the same delay mistake on the ETH ETF.

Eleanor Terrett concluded that if SEC staff dig deeper into the S-1 filing, we will see some progress in the next few months.

▌US court orders Crowd Machine and Metavine to return more than $19.67 million in illegal crypto ICO funds

The U.S. District Court for the Northern District of California issued an amended final judgment ordering defendants Crowd Machine and Metavine to return $19,676,401.27 raised by investors in an unregistered, fraudulent crypto asset securities offering, plus $3,358,147.75 in prejudgment interest.

The SEC indictment alleges that defendants Crowd Machine and Metavine and founder Craig Sproule made materially false and misleading statements in the unregistered issuance and sale of crypto asset securities, which they called Crowd Machine Computational Tokens (CMCT). The court determined that the defendants and their subsidiary Metavine Pty were jointly and severally liable for a $5 million confiscation penalty, and ordered each defendant to pay a $600,000 civil penalty.

▌US FINRA says 70% of cryptocurrency communications it reviews violate regulations

According to a report released by the U.S. Financial Industry Regulatory Authority (FINRA), 70% of communications regarding cryptocurrencies may violate its regulations on fairness and balance to the public, such as containing false statements that cryptocurrencies function like cash or cash equivalents.

FINRA, which is overseen by the U.S. Securities and Exchange Commission, began its investigation in November and is tasked with reviewing member firms' communications with retail customers related to cryptocurrencies and crypto services. FINRA said it analyzed 500 retail communications to see whether the firms complied with its rules, which require broker-dealers' communications with the public to be "fair and balanced" and prohibit "exaggerated, promising, unfounded or misleading" statements, and that a small number of firms that participated in the inspection had most of the potential violations.

Blockchain Applications

0x Labs Launches “Gas-Free” Exchange API Used by Robinhood, Coinbase Wallet

DeFi software company 0x Labs has launched an application programming interface (API) "Tx Relay" that allows exchanges to charge gas fees from users. The Tx Relay software has been used in beta by platforms such as Robinhood and Coinbase to achieve "gas-free swaps". Claudia Haddad, production manager of Coinbase wallet, said: "Gas-free swaps help us create a simpler trading experience, and users can focus more on transactions rather than network fees."

Users still pay gas fees through 0x's API, but the software incorporates fees into transaction costs to reduce the number of failed transactions. It is reported that Tx Relay represents a shift for many developers toward intent-based systems that outsource some on-chain operations to protocols.

▌Horizen: Mainnet node software upgrade ZEN 5.0.0 is available for download

Horizen stated on the X platform that the mainnet node software upgrade ZEN 5.0.0 is available for download. ZEN 5.0.0 will execute the network upgrade through a hard fork at block 1502800 at approximately 12:00 noon on February 7, 2024, UTC. After the hard fork, users will not be able to perform any transactions involving shielded addresses. Users are advised to move funds out of the shielded pool before then.

▌iCandy Interactive launches new game Snaky Cat on Base network

Mobile game developer iCandy Interactive announced that it has partnered with blockchain gaming company Animoca Brands to launch a new game called Snaky Cat on the L2 network Base and offer TOWER token rewards. TOWER tokens have been used in three other games, including Crazy Kings, Crazy Defense Heroes and Chaos Kingdom.

Cryptocurrency

▌Bitcoin miner Core Scientific will resume trading on Nasdaq on Wednesday

Bitcoin miner Core Scientific has completed its restructuring process and will be relisted on the Nasdaq, with trading scheduled to resume on Wednesday morning New York time.

Core operates in five states in the United States (Texas, North Dakota, North Carolina, Georgia and Kentucky), mining Bitcoin and other cryptocurrencies by equipping data centers with dedicated computers. It is reported that its restructuring plan has cut $400 million in debt from Core's balance sheet, and the company is deploying tens of thousands of mining machines with the goal of increasing its capacity by more than 50% in the next four years.

▌Franklin Templeton: Spot Bitcoin ETFs will gain traction as financial advisors become more familiar with the product

Roger Bayston, head of digital assets at Franklin Templeton, said in an interview that despite a slow start, its spot Bitcoin ETF will gain traction as financial advisors become more familiar with the product. Bayston said Franklin Templeton's core business is to work with financial advisors and wealth platforms to provide solutions, products and services to customers. He believes that as the investment community becomes more diversified, Franklin Templeton will become the "preferred digital asset provider."

▌BitMEX Research: Bitcoin spot ETF net outflow totaled $515.3 million on the 8th day

According to BitMEX Research data, the total net outflow of the Bitcoin spot ETF on the 8th day was US$515.3 million, with a total outflow of US$3.9 billion in 8 days.

▌Analyst: GBTC's asset outflow rate is expected to be between 20% and 35%

Analyst James Seyffart said on the X platform that GBTC has lost 13% of its outstanding shares and expects GBTC's asset outflow rate to be higher than 20%, but not more than 35%.

▌Edward Snowden supports Tornado Cash founder’s fundraising campaign

Edward Snowden called on the community to support Tornado Cash founder Roman Storm's fundraising campaign on social media. Storm is launching a campaign in the form of a decentralized autonomous organization (DAO) to raise funds for hiring lawyers. Last year, the U.S. Department of Justice arrested Storm and accused him of participating in the creation of Tornado Cash money laundering. Snowden said: "If you can help, please help. Privacy is not a crime."

▌Fidelity Global Macro Director: Bitcoin price has returned to what I think is a fair value range

Jurrien Timmer, director of global macro at Fidelity, shared his views on the price of Bitcoin on the social media platform. He said: "The price of Bitcoin has returned to what I consider to be a fair value range ($39,025-$78,337). The slope of the curve is based on the Internet adoption curve from decades ago, and the width is based on the actual rate range of -2% (top $78,337) and +2.5% (bottom $39,025). "

Important economic developments

▌Brad: If the Fed moves too slowly, it will have to cut interest rates by 50BP

Former Fed official Bullard said he expects the Fed to start cutting interest rates before inflation reaches 2%. Bullard predicts that core inflation, which excludes food and energy prices, will slow to around 2% by October, and PCE will fall to 2.6% in November. In an interview, Bullard said the Fed does not want to enter the second half of the year and inflation has reached 2%, and they have not changed their policy. If inflation is between 2% and 2.5%, but the Fed has not adjusted its policy rate, then they may have to act aggressively, such as cutting interest rates by 50 basis points at a meeting, which will be a difficult thing to do.

Golden Encyclopedia

What are cryptocurrency hedge funds?

Cryptocurrency hedge funds were created in response to the complexity of cryptocurrency investing, pooling funds from different investors to strategically trade digital assets with the goal of generating positive returns.

Unlike their traditional counterparts, cryptocurrency hedge funds focus on cryptocurrency fund management, investing in cryptocurrencies and employing various strategies to generate good returns for investors. This includes buying and selling cryptocurrencies, as well as engaging in cryptocurrency derivatives and futures trading. In particular, cryptocurrency hedge funds act as intermediaries between contributing investors and sponsoring traders who are investors looking to gain exposure to digital assets.

When the bull market comes, funds will rotate in various sectors. Hold on patiently and wait for the flowers to bloom. Holding spot is the most tiring, and I believe that there will be a day when the hard work will pay off!

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