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Last Updated : January 30, 2023 / 02:33 PM IST
Cryptocurrency roundup for January 30: New York introduces bill to make digital assets legal form of payment and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Big Story
US Congressional Subcommittee Chairman Pledges To Promote Progressive Crypto Regulations
Representative French Hill, Chairman of the newly formed Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, plans to promote progressive regulations to foster innovation in the cryptocurrency and blockchain sector. The subcommittee aims to identify best practices and policies that strengthen diversity and inclusion in the digital asset ecosystem. In an interview with CNBC’s Squawk Box on Jan. 26, Hill, responding to a query on the current state of Bitcoin (CRYPTO: BTC) as a real-time payment method, said, “Bitcoin is not quite ready yet to be a real-time payment method. But we want to make sure that America is the place for innovation in fintech and blockchain is part of that future.” More here.
Investigation
Wall Street in Hot Water: SEC Investigates Unqualified Crypto Custody Services
The United States Securities and Exchange Commission (SEC) is reportedly investigating traditional Wall Street investment advisers that may be offering digital asset custody services to clients without the proper qualifications. According to a Reuters report, which cites three sources with knowledge of the inquiry, the SEC’s investigation has been ongoing for several months but has accelerated following the collapse of the crypto exchange FTX. The SEC’s investigations are not public, and the recent revelation suggests that the agency is closely monitoring traditional investment firms that operate in the digital asset space. The investigation is focusing on whether registered investment firms have met the rules and regulations surrounding the custody of client crypto assets. Details here.
Tax Evasion
South Korean Crypto Exchange Bithumb Faces Dual Investigation: Price Manipulation And Tax Evasion
On Thursday, the offices of South Korean cryptocurrency exchange Bithumb were searched by law enforcement officials as part of an ongoing investigation into the potential price manipulation of a specific coin listed on the platform. The coin in question has not been publicly identified yet. The investigation is focusing on whether the coin’s price was artificially inflated for personal gain and will also include a review of the coin’s transactions on other exchanges. According to an official statement from the Seoul Southern District Prosecutor’s Office, the search and seizure was to gather transaction details of the specific coin and is not related to Bithumb as a whole. More here.
Crypto As Legal Tender
New York’s Bold Move: Introducing Cryptocurrency as a Legal Form of Payment
The state of New York has taken a bold step forward in the world of cryptocurrency by introducing a bill that would make digital assets a legal form of payment within the state. The legislation, introduced on Jan. 26, outlines changes to the state’s current financial law to allow for the use of cryptocurrencies in payments to state agencies. According to the bill, “New York state agencies will be able to accept cryptocurrencies as a form of payment.” Furthermore, the document defines cryptocurrencies under the revised state law, specifically mentioning Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as acceptable payment options. The regulation and implementation of cryptocurrencies have been a hot topic in recent months, with various regulatory agencies grappling with how to approach these assets. Full report here.
Newsmakers
Senior White House Officials Demand Transparency and Disclosure in Cryptocurrency Market
The United States Federal Bureau Of Investigation on Thursday announced the disruption and dismantling of the Hive ransomware group’s infrastructure in the US and abroad after it had been active for over a year and a half affecting thousands of victims globally. According to Director Christopher Wray, the FBI’s strategy to combat ransomware involves targeting the entire cybercrime ecosystem, including the actors, their finances, communications, malware, and infrastructure. “Since 2021, that’s exactly how we’ve hit Hive Ransomware,” he said. He added that the FBI was able to gain clandestine, persistent access to the group’s control panel, which allowed them to exploit that access to help victims without Hive catching on. More here.
Theft
Dutch National Sentenced to 4 Years and 6 Months for Stealing Over $2.5 Million in Cryptocurrency
The South East Regional Organised Crime Unit (SEROCU) announced on Friday that a 40-year-old Dutch national living in Oxford, England named Wybbo Wiersma has been sentenced to four years and six months in prison. He pleaded guilty to stealing over 2 million pounds (US$2.5 million) in cryptocurrency. Wiersma was under investigation by both U.K. and Dutch authorities, they had seized computers, drugs, and cash from his Oxford home in 2019 as part of a police investigation. An investigation revealed that Wiersma had set up a website using a false name and generated an 81-character code which he used to steal IOTA tokens from victims worldwide. More here.
NFT Buzz
NFT Project Azuki Confirms Twitter Profile Hack
The official Twitter profile of the Azuki NFT project was hacked on Friday, with the hackers posting two tweets asking users to claim virtual land. One of the tweets was pinned to the top of Azuki’s Twitter profile timeline, in an apparent bid to garner maximum clicks. Officials from Azuki warned followers of the ruse and advised them not to click any links. Azuki’s Head of Community and Product Manager who goes by the name “Dem”, confirmed in his personal Twitter account that the official page of the project was hacked.
Bitcoin News
Bitcoin Shatters Records with 41% ROI in just 4 Weeks: Is this the Start of a Promising Year?
The start of the year has been quite promising for Bitcoin (BTC/USD), which has the potential to achieve its best January performance in eight years, according to statistics. The cryptocurrency’s value was around $16,500 at the start of the year and within four weeks, it skyrocketed to over $23,500, generating a remarkable return on investment of 41%.
This recent development is particularly noteworthy because, in the past, January has often been a difficult month for Bitcoin investors. Taking a closer look at the data over the past decade, six out of ten January months have resulted in negative returns for Bitcoin investors, while only four have produced double-digit positive gains. Full report here.
Market Buzz
Cryptocurrency and Stock Market Recap: Bitcoin Rebounds, Ethereum Falls, and Structured Products See Mixed Results
Last week saw Bitcoin make a rebound after temporarily dropping below $22,600, settling at around $23,000 for a small weekly increase of 1.6%. In contrast, Ethereum suffered a 5.2% decrease over the week, with a current trading value of $1,576. Floki Inu (FLOKI) and Aptos (APT) saw positive growth, with APT soaring 65.5% and Floki Inu’s community approval to burn $55 million of its tokens resulting in a 67.36% weekly increase. BNB and Polygon’s Matic reported slight gains of 0.5% and 11.23% respectively, while XRP experienced a decline of 1%. The stock market also saw fluctuations, with Silvergate shares experiencing a drop after announcing a suspended preferred stock dividend, yet still finishing the week with a 10% gain. Coinbase shares rose 22%, MicroStrategy increased 15%, and Block run by Jack Dorsey saw a 17% rise. In the structured product market, GTBC reported a 7.5% gain while ETHE had a 0.67% weekly decline.
Union Budget expectations | Market Minutes
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