Coinbase has continued its legal battle against the SEC, arguing that the regulatory body is overreaching by applying outdated securities laws to the crypto industry.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 that has been in the works 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 sees a decline, with Bitcoin and Ethereum prices falling.
- Various updates from the crypto world, including new funds, AI predictions, and regulatory changes.
Coinbase vs. SEC
Coinbase has been vocal about its stance against the SEC’s regulatory approach, arguing that the application of years-old securities laws to digital assets is inappropriate. Judge Failla criticized the SEC for its lack of understanding of digital assets and its definition of an investment contract. The hearing concluded without a ruling, leaving both parties to await further developments.
Reddit’s IPO Plans
Reddit has outlined specific plans to begin its initial public offering (IPO) in March 2024. This move has been under consideration for almost three years and marks a significant step for the social media platform.
Market Overview
The crypto market cap has declined by more than 1%, falling to $1.68 trillion. Bitcoin’s price has dropped by 1% to $42,200, with a noticeable lack of trading volume. Ethereum has also seen a decline, trading 2% lower at $2,520. Solana, however, has managed to hold its ground near the $100 mark.
Bitcoin ETFs Surpass Silver
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. This milestone highlights the growing acceptance and investment in Bitcoin through traditional financial instruments.
Other Notable Updates
- Generative AI: Cloudflare’s CEO believes generative AI will produce fantastic things, but not anytime soon.
- COTI Foundation: Announced a new Ecosystem Growth Fund with 400 million COTI tokens, valued at about $25 million.
- AI Growth: Defiance ETFs’ CEO predicts exponential growth for AI from 2024 to 2030.
- BlackRock’s XRP ETF: Plans remain unclear despite the recent approval of a Bitcoin spot ETF by the SEC.
- WOO Exchange: Raised $9 million in its latest funding round.
- European Regulations: The European Council and Parliament have agreed on stricter regulations for crypto firms to combat money laundering.
- Fidelity’s Bitcoin Holdings: Now holds 20,000 Bitcoin valued at nearly $800 million.
- AI in PCs: HP’s CEO predicts that 40% to 60% of PCs will be AI-powered within three years.
- Bloomberg’s ETF Predictions: Expects ETF trends to influence the crypto market.
- Texas Bitcoin Mining: Harsh weather conditions have led to a significant decrease in Bitcoin mining activity in Texas.
- Binance Rebounds: Despite regulatory hurdles, Binance has seen a $5 billion inflow and a 30% surge in BNB price.
- Manta Pacific Attack: An RPC attack on the Manta Pacific chain is currently being fixed.
- Bitget’s New COO: Vugar Usi Zade has been named the new COO of Bitget.
- Tether’s Bitcoin Holdings: Increased by 8,888 BTC in Q4 2023, totaling 66,465 BTC.
- GBTC Outflows: Hit $1.6 billion, higher than Bitcoin’s spot ETF inflows.
- MYRO’s Trading Volume: Surpassed Pepe Coin with a 24-hour trading volume of $98 million.
- Dormant Bitcoin Movement: $2 billion worth of dormant Bitcoin moved for the first time since 2013.
- Alchemy Pay: Plans to launch fiat-to-crypto services on Bitcoin.com.
- Binance Trading Pairs: Announced the removal of certain spot trading pairs starting January 19.
- Bybit’s Web3 Swap: Unveiled an upgraded version of its Web3 Swap.
- Shiba Inu Burn Rate: Skyrocketed by 3000%.
- Ripple’s XRPL Potential: Ripple’s CTO aligns with Franklin Templeton’s positive stance on XRPL.
- Bitcoin ETF Inflows: Nearing $3 billion on day four.
- Binance’s New Contract: Launching a USDⓈ-M WIF Perpetual Contract with up to 50x leverage.
- XRP Whale Activity: Significant transfers to Bitstamp and Bitso.
- Thailand’s SEC: Easing limitations on digital token investments.
- BNB Bridge Exploiter: Liquidated $42 million worth of vBNB.
- Justin Sun’s Withdrawals: TRON founder withdrew $3.54 million worth of assets from Binance.
- MAS’s Stance on Bitcoin ETF: Rejected the listing of a Bitcoin spot ETF in Singapore.
- Donald Trump’s CBDC Stance: Vowed to never allow the creation of a central bank digital currency.
- TUSD Depegging: Stablecoin depegged to a low of $0.9715.
- Stripe’s Ban: Prohibited customers from selling crypto mining hardware.
- Coinbase’s Legal Battle: CLO Paul Grewal criticized the SEC’s overreach.
- Franklin Templeton’s Focus: Sets sights on Ethereum and Solana after Bitcoin.
