Read in the Digest:
- Crypto Rally: Bitcoin Hits $39k, Ethereum and Altcoins Join Recovery.
- Binance insurance fund reaches $1 billion, 20,000 BTC from 2016’s Bitfinex hack moved to anonymous wallet.
- India introduces crypto tax and preps 2023 CBDC launch, Thailand scraps proposed 15% crypto tax.
- Solana’s Phantom raises $109 million, Coinbase lists Solana-based tokens.
Crypto Rally: Bitcoin Hits $39k, Ethereum and Altcoins Join Recovery
After a rough January, cryptocurrencies have found a second wind, pushing assets into the green. The leading cryptocurrency, Bitcoin, gained by more than 4% in the last 24 hours to hit $39k for the first time since January 21st.
The 24 hour price chart for Bitcoin (BTC). Source: Tradingview
As Bitcoin hovered at $38,280 as of this writing, other Altcoins have followed suit, posting even larger gains. Ethereum, Bitcoin’s biggest competitor, gained more than 8.5% in value to hit an interday high of $2,800. Ether is now valued at $2,738.6 at press time.
The 24 hour price chart for Ethereum (ETH). Source: Tradingview
Solana (SOL), Terra (LUNA), Cosmos (ATOM), and Polkadot (DOT), top the performance chart recording double digit gains. At the time of writing, Solana’s 17% gains have pushed its price up to $106, LUNA is trading at $51.6 following a 12% gain, ATOM’s 11% surge saw it attain a value of $29.1, and DOT is trading at $19.5 on the back of its 10% gains over the last 24 hours.
Flipsider:
- The market’s recent rened fortunes could not stop Bitcoin from closing what has been its worst start to a year since 2018 after BTC lost more than 20% of its value in January 2022.
Why You Should Care
Having held on throughout such overly bearish sentiments, analyst Peter Brandt has predicted that Bitcoin and other cryptos could rally.
Binance Insurance Fund Reaches $1 Billion, 20,000 BTC from 2016’s Bitfinex Hack Moved to Anonymous Wallet
Binance, the world’s largest cryptocurrency exchange by trade volume, has announced that its SAFU insurance fund hit the milestone of $1 billion. SAFU, which stands for “Secure Asset Fund for Users,” was created by Binance to protect user interests.
The exchange shared two wallets addresses holding $1 billion in BTC, BNB, and BUSD to ensure transparency. Binance created SAFU in 2018, allocating 10% of the trading fee generated on the exchange to its inception.
Flipsider:
- A portion of the 130,000 BTC stolen in the 2016 Bitfinex hack has resurfaced after being moved to an unknown wallet ending “uxwczt.”
- Data tracker Whale Alert, announced that two transactions were carried out moving 10,000 BTC each. The funds moved to the anonymous are worth approximately $760 million, and join a number of smaller BTC transactions made to the wallet since 2016.
Why You Should Care
SAFU reaffirms Binance’s commitment to obtaining global adoption and ensuring the protection of its users in the nascent crypto industry.
India Introduces Crypto Tax and Preps 2023 CBDC Launch, Thailand Scraps Proposed 15% Crypto Tax
After months of uncertainty regarding the future of cryptocurrencies in India, the tables appears to have turned once again with the introduction of the Union Budget 2022.
India’s finance minister, Nirmala Sitharaman, also announced that the nation is planning a 2023 launch for its central bank digital currency (CBDC). The minister explained that digital currency has helped India manage its currency in a cheaper and more efficient system.
the nation is also doing more than simply embracing cryptocurrencies. India has proposed a tax regime for holders of cryptocurrencies. On February 1st, India announced that income generated from the transfer of cryptocurrencies and NFTs would be taxed at a rate of 30%.
Flipsider:
- After proposing tighter crypto regulations and a 15% tax on profits made from crypto, Thailand’s regulatory bodies have come under severe backlash.
- The Asian nation has since axed its plan to enforce a 15% tax on digital assets.
Why You Should Care
The proposals would clarify the situation around crypto dealings in India, and the country is now perhaps one step closer to recognizing cryptocurrencies as legal tender.
Solana’s Phantom Raises $109 Million, Coinbase Lists Solana-Based Tokens
On January 31st, Phantom, a Solana Web 3.0 wallet platform, announced that it had raised $109 million in a Series B fundraiser. following the fundraiser, The project was revealed to now be valued at $1.2 billion.
According to Phantom, the fundraiser, led by Paradigm, will see the firm onboard more users and developers into Web 3.0. Along with the fund, Phantom announced the launch of an iOS version of the Solana wallet for Apple smartphone users.
Leading American crypto exchange Coinbase has listed Solana-based ecosystem tokens Orca (ORCA) and Bonfida (FIDA). Orca and Bonfida are decentralized exchanges for Solana-based assets.
The listing also marks the exchange’s first release of non-Ethereum assets. The reported listing of the SPL tokens represents Coinbase’s commitment to its policy of expansion. Since the announcement, SOL has rallied by as much as 17% to reclaim the $100 mark.
The 24 hour price chart for Solana (SOL). Source: Tradingview
Flipsider:
- The Solana network has come under severe scrutiny as its apparent lack of stability continues to be an issue for the blockchain.
Why You Should Care
The Solana network persists in leading the charge for the development of Web 3.0 due to the scalability offered by its blockchain.
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