Coinbase has continued its legal battle against the SEC, arguing that the regulatory body is overreaching by applying outdated securities laws to the crypto industry. Meanwhile, Reddit has announced plans to go public in March, a move it has been contemplating for nearly three years.
Key Takeaways
- Coinbase argues against SEC’s regulatory overreach.
- Reddit plans to launch its IPO in March 2024.
- Bitcoin ETFs surpass Silver ETFs in total assets under management.
- The crypto market cap declines by over 1%.
- Generative AI and AI-powered PCs are expected to grow exponentially.
Coinbase vs. SEC: A Legal Showdown
Coinbase has been vocal about its stance against the SEC, arguing that the regulatory body is overstepping its bounds by applying years-old securities laws to the rapidly evolving crypto industry. Judge Failla criticized the SEC for its lack of understanding of digital assets and its outdated definition of an investment contract. She concluded the hearing by stating that she would not make an immediate ruling, advising both parties to take this as a compliment.
Market Trends: A Mixed Bag
The overall crypto market cap has declined by more than 1%, settling at $1.68 trillion. Bitcoin’s price has dropped by 1% to $42,200, with a noticeable lack of trading volume. Ethereum has also lost its support level, trading 2% lower at $2,520. Solana, however, has managed to hold its ground near the $100 mark.
In a positive development, Bitcoin ETFs have surpassed Silver ETFs in terms of total assets under management in the U.S., just a week after trading began.
Reddit’s IPO Plans
Reddit has officially outlined its plans to go public in March 2024. The social media giant has been considering this move for almost three years and is now ready to take the plunge.
Other Notable Developments
- Generative AI: Cloudflare’s CEO believes that generative AI will produce fantastic results, although they won’t be available anytime soon. He emphasized the difficulty of turning an AI demo into a market-ready product.
- COTI Ecosystem Fund: The COTI Foundation has announced a new Ecosystem Growth Fund, allocating 400 million COTI tokens valued at approximately $25 million to expedite the creation and implementation of COTI V2.
- AI Growth: The CEO of Defiance ETFs predicts that AI will continue to grow exponentially, particularly between 2024 and 2030.
- BlackRock’s XRP ETF: Despite the recent approval of a Bitcoin spot ETF, BlackRock has not yet clarified its plans for an XRP ETF.
- WOO X Funding: The cryptocurrency exchange WOO X has raised $9 million in its latest funding round, attracting investments from Wintermute and other market makers.
- European Regulations: The European Council and Parliament have reached a tentative agreement on a new anti-money laundering package that will impose stricter regulations on cryptocurrency companies.
- Fidelity’s Bitcoin Holdings: Fidelity now holds 20,000 Bitcoin valued at nearly $800 million, solidifying its position as a major player on Wall Street.
- AI-Powered PCs: HP’s CEO predicts that within three years, 40% to 60% of PCs will be powered by AI, marking a significant shift in the PC industry.
- Bloomberg’s ETF Predictions: Bloomberg expects the trends seen in traditional ETFs to seep into the crypto markets, with new products like the Roundhill Bitcoin Covered Call Strategy ETF set to launch.
- Global Economy: Blackstone’s CEO believes that the global economy is being held up by consumer spending, despite various challenges.
- Bitcoin Mining in Texas: Harsh weather conditions in Texas have led to a significant decrease in Bitcoin mining activity, as miners reduce operations to maintain the state’s electricity infrastructure.
- Binance’s Resilience: Binance has shown resilience amid regulatory hurdles and leadership changes, with a $5 billion inflow and a 30% surge in BNB price.
- Manta Pacific RPC Attack: The Manta Pacific chain experienced an RPC attack, which is currently being fixed to restore accessibility.
- Bitget’s New COO: Bitget has appointed Vugar Usi Zade as its new COO, who will lead the company’s expansion into developing regions and strengthen its position in Southeast Asia and Europe.
- Tether’s Bitcoin Holdings: Tether increased its Bitcoin holdings by 8,888 BTC in Q4 2023, bringing its total to 66,465 BTC, valued at $2.8 billion.
- GBTC Outflows: GBTC saw a net outflow of $1.62 billion, higher than Bitcoin itself, according to BitMEX Research.
- MYRO’s Popularity: The meme coin MYRO has gained significant attention, surpassing Pepe Coin in 24-hour trading volume and experiencing a 65% price increase.
- Dormant Bitcoin Movement: $2 billion worth of dormant Bitcoin was moved for the first time since 2013, highlighting significant whale activity.
- Alchemy Pay’s Integration: Alchemy Pay plans to launch fiat-to-crypto services on Bitcoin.com, offering users more seamless crypto purchasing options.
- Binance’s Trading Pairs: Binance will discontinue certain spot trading pairs starting January 19, including DAR/BNB, DEXE/ETH, ID/BNB, and POLS/BTC.
- Bybit’s Web3 Swap Upgrade: Bybit has unveiled an upgraded version of its Web3 Swap, aiming to provide a more secure and user-friendly platform for token swapping.
- Shiba Inu Burn Rate: The Shiba Inu cryptocurrency saw a 2924.74% increase in its burn rate, creating a buzz in the crypto market.
- Ripple’s XRPL Potential: Ripple’s CTO echoed Franklin Templeton’s positive stance on the potential of the XRPL.
- Bitcoin ETF Inflows: Bitcoin ETFs saw net inflows nearing $3 billion on day four, with BlackRock, Fidelity, and Bitwise leading the pack.
- Binance’s New Contract: Binance Futures plans to launch a USDⓈ-M WIF Perpetual Contract with up to 50x leverage.
- XRP Whale Activity: An unknown wallet transferred 46 million XRP to centralized exchanges Bitstamp and Bitso.
- Thailand’s SEC: The Thailand SEC has lifted limitations on digital token investments, aiming to foster a more robust crypto market.
- BNB Bridge Exploiter: The BNB Bridge exploiter has been liquidated, involving 5.82 million vBNB worth $42 million.
- Justin Sun’s Withdrawals: TRON founder Justin Sun withdrew $3.54 million worth of digital assets from Binance, including LINK, FLOKI, MANA, SHIB, and BAND.
- Shiba Inu Community: The Shiba Inu community transferred 25.01 million SHIB to a dead wallet.
- Singapore’s Stance on Bitcoin ETF: The Monetary Authority of Singapore has rejected the listing of a Bitcoin spot ETF, although retail investors can still purchase it through licensed intermediaries.
- Donald Trump’s CBDC Stance: Former President Donald Trump has promised to never allow the creation of a Central Bank Digital Currency (CBDC) in the U.S.
- TUSD Depegging: TrueUSD (TUSD) stablecoin depegged to a low of $0.9715 amid major selloff and collateral challenges.
- Stripe’s Ban: Stripe has prohibited its customers from selling crypto mining hardware, drawing criticism from the crypto community.
- Coinbase’s Legal Battle: Coinbase’s Chief Legal Officer Paul Grewal criticized the SEC for overreach, stating that regulatory changes should be left to Congress.
- Franklin Templeton’s Blockchain Focus: Franklin Templeton is focusing on the benefits of layer 1 blockchains like Solana and Ethereum, following its recent interest in Bitcoin.
