A bankruptcy adjudicator has granted Genesis Global Holdco permission to liquidate approximately £1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares as part of endeavours to reimburse investors.
During a hearing on 14th February at the United States District Court for the Southern District of New York, conducted via Zoom, Judge Sean Lane endorsed an order allowing Genesis to divest a portion of its investments from Grayscale.
Documents filed in February indicated that Genesis held about £1.6 billion worth of shares in GBTC, Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG).
According to Genesis’s bankruptcy filings, it claimed to possess around 35 million GBTC shares and 11 million ETHE and ETCG shares.
Grayscale lodged a restricted objection to the proposal for the company to liquidate the trust assets on 9th February, asserting that the sales were “subject to written approval” by the investment firm but did not aim to “delay, impede, or obstruct the Debtors’ sale or transfer of Trust Assets.”
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On 10th January, the U.S. Securities and Exchange Commission (SEC) sanctioned the conversion of Grayscale’s GBTC to a spot Bitcoin exchange-traded fund for listing and trading on U.S. exchanges, alongside offerings from 10 other asset managers.
Genesis remarked that the SEC’s approval would ease the redemption of shares in cash.
Genesis disclosed a £21 million settlement with the SEC on 31st January over its purported involvement in offering and vending unregistered securities through the Gemini Earn program.
The company operates independently from Genesis Global Trading, which encountered enforcement proceedings initiated by the New York Department of Financial Services in January.
The Uniswap Foundation, backers of the decentralised finance (DeFi) protocol Uniswap, have revealed the launch date for the protocol’s v4 subsequent to the forthcoming Dencun upgrade on Ethereum.
In a statement on X, the foundation shared a roadmap outlining its intentions for the forthcoming rollout.
The organisation emphasised that it is presently in the “Code Freeze” phase, where it is finalising core code, conducting testing, optimising gas, enhancing security, and completing peripheral tasks.
The launch of Uniswap v4 is provisionally scheduled for Q3 2024.
Following this, the Uniswap Foundation team will engage audit firms and hold a community audit contest to review v4’s code.
The team is confident that Uniswap v4 will feature the “most rigorously audited code ever deployed on Ethereum.” Concurrently, the decentralised exchange will be deployed to the testnet as final adjustments are made.
As per the Uniswap Foundation, the third phase will see Uniswap v4 go live on the Ethereum mainnet in the third quarter of 2024.
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The organisation noted that this is a tentative date, contingent upon the status of the impending Dencun upgrade on Ethereum.
As previously reported by Cointelegraph, the Ethereum network’s Dencun upgrade was activated on the Goerli testnet on Jan. 17.
The upgrade introduces various Ethereum Improvement Proposals (EIPs), including EIP-4844, which enables proto-danksharding, a feature aimed at reducing layer2 transaction fees.
The Goerli deployment for the Dencun upgrade experienced a four-hour delay. Nonetheless, the upgrade’s deployment on the Sepolia testnet — the second of three Ethereum testnets — was completed without incident on Jan. 31.
Subsequent to the second testnet, the Dencun upgrade concluded the third phase of testing following its deployment to the Holesky testnet on Feb. 7.
On Feb. 8, Ethereum developer Tim Beiko announced that the upgrade is scheduled for the mainnet at “slot 8626176.” Blockchain research firm Nethermind noted that this will occur on March 13, 2024, at 1:55:35 pm UTC.
The date was established by Ethereum developers in a call on Feb. 8, subsequent to the successful deployment to the Holesky testnet.
Shares in cryptocurrency exchange Coinbase have surged by 37% in the past week, riding the wave of a recent upswing in Bitcoin prices.
Analysts anticipate robust performance as the company prepares to unveil its fourth-quarter results on Thursday.
MarketWatch and FactSet’s aggregated data reveals a consensus among analysts, foreseeing a substantial revenue increase for Coinbase in Q4.
Projections suggest a rise of approximately 22% from Q3, reaching $825 million.
The surge in revenue is expected to be fuelled by heightened trading volumes.
Analysts estimate a near doubling from $76 billion in Q3 to $142.7 billion in Q4.
Coinbase is also expected to report a fourth-quarter earnings-per-share of $0.02, marking a turnaround from the $0.01 loss per share reported in the preceding quarter.
This surge coincides with Bitcoin’s price rise of 16.3% over the past week, as reported by Coinmarketcap.
On February 13, competitor Robinhood announced a 24% year-on-year increase in Q4 revenue, driven in part by a surge in cryptocurrency trading revenue, which amounted to $43 million, up 10% year-on-year.
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Despite these positive indicators, some remain cautious about Coinbase’s future performance in 2024.
JPMorgan analysts, in a note to investors on January 22, predicted a decline in Coinbase’s share price, citing concerns about the lacklustre performance of spot Bitcoin ETFs trading.
However, recent data indicates an uptick in Bitcoin ETF flows, with BlackRock’s IBIT alone generating $493 million in inflows on February 13.
Coinbase, serving as custodian for eight of the top 10 spot Bitcoin ETF providers, including BlackRock and iShares, stands to benefit from this resurgence.
The ongoing lawsuit with the United States Securities and Exchange Commission (SEC) poses another challenge for Coinbase.
Nevertheless, crypto lawyer James Murphy, also known as “MetaLawMan,” remains optimistic about Coinbase’s prospects, expressing confidence that the SEC will lose the case.
Coinbase shares are currently up 14% for the day, buoyed by a broader rally in the cryptocurrency sector, highlighted by Bitcoin’s surge above $50,000 on February 13.
Bitcoin surged to new two-year highs on February 14, delighting enthusiasts with a Valentine’s Day surprise.
Data from Cointelegraph Markets Pro and TradingView revealed a robust rebound in BTC prices from the previous day’s lows of $48,400.
During the Asian trading session, Bitcoin not only recovered from a sudden 4% decline but also soared to long-term highs, aiming for $52,000 at the time of writing.
Typical bullish behaviour saw BTC/USD gaining $1,000 within a single hourly candle, while the overall crypto market capitalisation approached the $2 trillion mark with Bitcoin’s surpassing $1 trillion.
Analysing the short-term setup, renowned trader Skew identified an ongoing reversal of resistance/support levels on the four-hour chart.
He highlighted key trendlines involving exponential moving averages (EMAs) and the relative strength index (RSI) score.
“I think so far this trend is fairly straightforward as long as the market sustains current bullish momentum,” he stated in part of his latest post on X (formerly Twitter).
“4H EMAs will provide nice & concise trend confirmations along with RSI for momentum with current trend, as well when its clear current momentum is lost.
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Key closes often with these trends are daily open & weekly open.”
On Binance, Skew additionally observed that spot buyer interest had anticipated institutional inflows via the United States spot Bitcoin exchange-traded funds (ETFs).
As reported by Cointelegraph, these ETFs continue to gain traction, with nine providers acquiring more BTC daily.
Taking a broader perspective, popular trader and analyst Rekt Capital suggested that events were unfolding in accordance with the classic bull markets for Bitcoin.
The timing of the BTC price resurgence towards all-time highs was “right on schedule,” he informed X followers this week.
Drawing parallels to 2020, Rekt Capital highlighted the cathartic impact of the block subsidy halving, with BTC/USD typically commencing a “pre-halving rally” two months in advance.
The next halving is anticipated in mid-April.
Numerous crypto news sites, including CryptoNews.com – one of the largest crypto news sites in the world – have unknowingly promoted a fake Uniswap website that will drain users’ wallets once connected.
The scammers, going by the name Draek Chavva, reached out to several news sites, including CryptoIntelligence.co.uk, to enquire about publishing a press release.
The press release is titled Uniswap V4 Launch Paired with Generous $10 Million UNI Airdrop (2024), and it links to a fake Uniswap website – https://unisweoips.com/ – where users can allegedly take part in the $10 million airdrop.
However, instead of receiving tokens as part of the airdrop, the scammers will drain the wallets of anyone who connects to this spoof “Uniswap” website.
Over a dozen crypto news sites published this press release, with links to the fake Uniswap website.
Some sites, such as CryptoNews.com, have deleted the press releases that they published, but many PRs remain live on a multitude of websites as of the time of publishing this article.
Crypto holders are advised to be extremely careful about connecting their wallets to any website, even if it appears legitimate at first glance, as there are many spoof websites.
Hardware wallet provider Ledger and cryptocurrency exchange Coinbase have announced a partnership aimed at simplifying crypto purchases and facilitating the transfer of assets from exchanges to self-custody.
In a statement to Cointelegraph, the Ledger team emphasised that Coinbase’s on-ramp solution, Coinbase Pay, will be seamlessly integrated into the Ledger Live application.
This integration enables users to transfer their existing crypto holdings and conduct transactions directly from their desktop or mobile devices, with the added convenience of receiving crypto purchases directly on their Ledger devices.
Describing the previous process of moving crypto from an exchange to self-custody as “a cumbersome process that left users vulnerable to potential errors,” Ian Rogers, Chief Experience Officer at Ledger, remarked that before the collaboration, buying and transferring crypto was “a tedious process.”
However, Rogers expressed confidence that the integration has significantly simplified the process, likening it to the way travel agency Skyscanner simplified travel bookings.
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He elaborated, stating, “This integration makes it much easier for crypto users to buy through Coinbase and have the funds directly deposited to the secure self-custody of their Ledger.”
Addressing potential changes in the demand for self-custody, Rogers suggested that, similar to different bank accounts, there will be various wallet options.
He indicated that the collaboration with Coinbase demonstrates to consumers that they have a choice. Rogers further noted that the integration makes the experience more straightforward for newcomers to self-custody, affirming, “At the end of the day, you have the option to choose digital ownership through self-custody.”
According to the Ledger team, the crypto industry is entering a new phase driven by the recent introduction of spot Bitcoin exchange-traded funds (ETFs). Ledger anticipates that this development will attract new users to the crypto space.
While these users may initially engage with ETFs, Ledger hopes they will eventually opt for self-custody, which the wallet provider identifies as “the true use case for crypto.”
A novel Ethereum token standard, ERC-404, has swiftly garnered attention within the blockchain community, eliciting both admiration and critique from seasoned industry figures.
Termed ERC-404, this standard amalgamates the functionalities of ERC-20 tokens with those of ERC-721, commonly utilised in crafting non-fungible tokens (NFTs).
Notably, ERC-404 facilitates the fractional ownership of NFTs, exemplified by the subdivision of assets like the Bored Ape Yacht Club among numerous wallet holders.
Introduced earlier this year by anonymous developers under the alias “ctrl” and “Acme” within the Pandora project, ERC-404 has already seen notable success, with the inaugural ERC-404 token witnessing a remarkable surge, returning 530% since its issuance on Feb. 6.
Presently, Pandora ERC-404 tokens command a trading price of $23,484 and boast a market cap of $235 million.
Plans for the protocol’s future entail a reduction in protocol gas fees by 28% to 50%.
Nonetheless, not all share an optimistic outlook on ERC-404’s potential.
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“The negative feedback centres on [ERC-404] deviating from standard ERC procedures, technically rendering it a non-ERC token,” remarked Miguel Prada, co-founder and tech lead at Diva Staking.
He further cautioned, “The absence of standardisation poses a significant constraint, potentially limiting independent integration and adoption by DeFi projects or exchanges.”
Echoing similar sentiments, Ryan Lee, chief analyst of Bitget Research, emphasised the experimental nature of ERC-404, cautioning against premature optimism.
“While ERC-404 presents an innovative prospect, its longevity and widespread acceptance remain uncertain,” Lee remarked.
Conversely, Akash Mahendra, head of developer relations at layer-1 blockchain Haven1, hailed ERC-404 as a “game changer.”
Mahendra lauded its capacity to transform Ethereum into a frontrunner in real-world asset tokenisation, opening avenues for novel utility.
However, despite growing momentum, ERC-404 awaits official endorsement from the Ethereum Foundation, with its status pending review as an Ethereum Improvement Protocol.
Mahendra, acknowledging the associated risks, urged cautious consideration from investors, citing potential vulnerabilities in unaudited projects.
As the blockchain community awaits the verdict on ERC-404’s fate, Mahendra advises vigilance amidst the excitement surrounding this pioneering innovation.
United States President Joe Biden has inadvertently assumed the role of a Bitcoin ambassador following the posting of a picture adorned with laser eyes on his Twitter and Instagram profiles.
Accompanied by the caption “just like we drew it up,” the post was in reference to the Kansas City Chiefs’ victory over the San Francisco 49ers in the 2024 Super Bowl.
Initially interpreted by many crypto enthusiasts as a direct nod to or endorsement of Bitcoin, Biden’s new profile picture with laser eyes utilises the “Dark Brandon” meme.
This meme alludes to the conspiracy theory suggesting that the Super Bowl was manipulated to ensure the victory of Taylor Swift’s partner, Travis Kelce’s team, thus enabling the pop sensation to subsequently endorse Biden for president.
The president’s social media team has previously embraced the Dark Brandon meme to cultivate a perception of Biden as trendy and daring.
The post from Biden’s account playfully suggests his involvement in plotting the team’s victory.
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The crypto community swiftly reacted to the meme. Bankless speculated on the implications for the ETH/BTC chart, while the pseudonymous user WhalePanda indirectly accused Biden of “cultural appropriation.”
However, it is important to note that the president has not endorsed any policies favouring Bitcoin or cryptocurrencies in general, making it highly improbable for Biden to explicitly endorse a specific crypto asset.
According to Coinbase’s non-profit advocacy group Stand with Crypto, Biden is categorised as “anti-crypto,” based on five public statements displaying a negative stance towards digital assets.
The phenomenon of laser eyes, often employed as a symbol of optimism regarding Bitcoin’s prospects, originated as part of a social media movement aiming to drive Bitcoin’s price to $100,000 by the end of 2021, a goal that remained unfulfilled.
Prominent figures adopting the laser-eyed profile picture included NFL star Tom Brady, Paris Hilton, and Elon Musk.
While Biden unintentionally acknowledged Bitcoin, Jack Dorsey, CEO of Block (formerly Square), made a more overt reference to the digital asset during the Super Bowl.
Dorsey was spotted in the stands sporting a Satoshi T-shirt, modelled after the design of popular Nirvana tees, featuring a smiley face reminiscent of the band’s 1991 album Nevermind.
As blockchain technology gains greater traction, students and the forthcoming cohort of young entrepreneurs demonstrate a burgeoning familiarity with the technology.
In an interview with Cointelegraph, Greg Siourounis, managing director of the Sui Foundation, discussed the foundation’s endeavour to establish a blockchain academy in partnership with the American University of Sharjah, based in the United Arab Emirates.
Siourounis articulated the initiative’s objective as heightening awareness among students regarding blockchain and its potential for crafting applications and platforms to tackle various issues.
He conveyed plans to conduct seminars and workshops aimed at educating youths about the capabilities and limitations of blockchain.
Upon initial interaction with university students, Siourounis was taken aback to discover a considerable degree of awareness concerning blockchain technology. Reflecting on this encounter, he disclosed to Cointelegraph:
“We walked into the amphitheatre where students from high schools and also from universities were presenting ideas, and surprisingly enough, seven out of 10 ideas had blockchain as one part of their solution.”
Siourounis elucidated that this indicates a growing understanding among students and young entrepreneurs of the utility of blockchain technology.
Consequently, he stressed the necessity of furnishing young individuals with the requisite tools to enhance their comprehension of blockchain’s potential and limitations.
Moreover, Siourounis underscored the importance of shielding students from misinformation, stating:
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“So, it’s twofold. One is to educate them on the usability, but at the same time give them the right tools and filters to filter the information that is coming from outside about this technology.”
The establishment of the blockchain academy aligns with Sharjah’s aspiration to emerge as a hub for blockchain research and education.
Tod Laursen, chancellor of the American University of Sharjah, asserted that the academy seeks to provide students with insights into “future-oriented topics,” enabling them to engage with trending subjects and acquire skills essential for “thriving in the evolving landscape of tomorrow.”
Meanwhile, the Governor of Bangko Sentral ng Pilipinas (BSP), Eli Remolona, disclosed the central bank’s intention to introduce a wholesale central bank digital currency (CBDC) in the forthcoming years.
Speaking to Inquirer.net, Remolona elaborated on the BSP’s plan to develop a CBDC, affirming the central bank’s decision not to employ blockchain technology due to previous unsuccessful attempts by other central banks.
Crypto.com has positioned itself at the forefront of major fan bases in the Formula 1 (F1) and Ultimate Fighting Championship (UFC) worlds through lucrative sponsorship deals, driving the cryptocurrency exchange’s expansion.
In a comprehensive interview with Cointelegraph on February 9, Eric Anziani, president and chief operating officer of Crypto.com, discussed the company’s high-profile advertising ventures with F1 and the UFC, along with its naming rights agreement for the Crypto.com Arena in downtown Los Angeles:
“We’ve been fortunate to find these amazing partners. F1, the UFC, working in LA with the Crypto.com Arena and AEG.”
Anziani highlighted that market surveys conducted by the exchange demonstrate its global awareness ranking highly in brand recognition among retail cryptocurrency users.
“For a brand to be established in just a couple of years is very challenging to sustain.
Maintaining top-of-mind awareness for users is very challenging, and I think those investments have clearly paid off,” Anziani said.
ESPN estimates that the 2023 Formula 1 season attracted an average of 1.11 million viewers per race in the United States alone.
Meanwhile, F1’s 2022 viewership figures reveal an audience of over one billion people across the race calendar.
The UFC also boasts a global audience, with fight nights over the past two years drawing similar numbers to a single F1 race.
Major fights, such as Khabib Nurmagomedov vs. Conor McGregor, sold 2.4 million pay-per-view tickets.
Crypto.com’s logo prominently features on UFC octagons, securing prime advertising space in what is recognised as one of the world’s fastest-growing sports.
“We have also witnessed numerous activations with those brands being integrated, relevant to the fans and participants.
It has been tremendous in terms of bringing people into the space through these partnerships,” Anziani said.
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These partnerships have contributed to Crypto.com’s expanding user base, with previous estimates indicating 80 million users in 2023.
Anziani informed Cointelegraph that the exchange is nearing 100 million users in 2024.
As its influence expands, Anziani noted that the exchange is also targeting specialist services for high-volume, high-net-worth traders.
In February 2024, the company launched Crypto.com Prime, an exclusive programme requiring a $1 million deposit for membership activation.
“When I want to execute a large trade, I need minimal fees and deep liquidity. So we aggregated all the books and provided them with two basis points,” Anziani explained.
The programme offers institutional-grade custody, $1 million account protection, uncapped fiat transfers, and individual account managers for high-net-worth traders focusing on wealth accumulation and inheritance and tax planning.
Regarding what sets exchanges apart in terms of business models and offerings as more of the global population engages with cryptocurrencies, Anziani offered three key considerations driving user preferences:
“It’s a great question but a complex one. First of all, regardless of your profile as a user, you want a platform where your funds are secure, and you can trust the platform.”
Anziani noted that some users prioritise convenient cryptocurrency access, while others, particularly high-value traders, value API connectivity, exchange liquidity, and fee structures.
“I believe compliance and security form the foundation that everyone looks for as a starting point,” Anziani added, emphasising its significance following ecosystem failures like FTX.
Crypto.com is one of several cryptocurrency exchanges and businesses tapping into the global audiences reached by major sports.
OKX sponsors English Premier League team Manchester City and F1 team McLaren.
Cryptocurrency betting platform Stake joined the F1 scene in 2024, securing a two-year naming rights deal with the Sauber F1 team.