FTX Collapse Has Spurred Bitcoin & Ethereum Triumph, Says Bernstein

The collapse of FTX has been a driving force behind a fresh surge in the cryptocurrency market, according to a recent analysis by Bernstein. The report released on Monday explained how the downfall of the crypto exchange eliminated the final wave of "harmful crypto leverage" and educated digital asset investors about the significance of decentralization and self-custody wallets. Bernstein's research also highlighted the favorable macro factors aligning for Bitcoin, the largest cryptocurrency by market capitalization. These include ongoing struggles in U.S. regional banks, increasing deposit outflows towards money market funds and the major four U.S. banks, all of which emphasize worries regarding the "centralization of money.". More here.

Coinbase CEO Considers Relocation Amid Regulatory Uncertainty

Brian Armstrong, CEO of Coinbase (COIN), expressed concerns about the current regulatory environment for the cryptocurrency industry in the United States, suggesting that the company might contemplate relocating if clarity doesn't improve. "Anything is on the table, including relocating or whatever is necessary," Armstrong stated in response to a question from former UK Chancellor George Osborne during London's Fintech Week about whether he could envision Coinbase leaving the US. Armstrong emphasized that while the US has the potential to be a significant market for cryptocurrencies, the absence of regulatory clarity is concerning. He added, "I think in a number of years if we don't see that regulatory clarity emerge in the US, we may have to consider investing more elsewhere in the world." Details here.

Reserve Risk Multiple: The Hidden Bitcoin Indicator That Signals Massive Price Rallies Ahead

A lesser-known but historically accurate Bitcoin price indicator has turned positive, signaling the potential start of a significant bull market. For the first time since October 2021, Bitcoin's reserve risk multiple has crossed above zero, as reported by blockchain analytics firm Glassnode. Past instances of the reserve risk multiple crossing above zero have led to impressive price surges. On-chain analyst Ali Martinez tweeted Monday, "In 2012, 2013, 2015, 2019, and 2020, it resulted in gains of 2,830%, 566%, 6,400%, 99%, and 487%, respectively." Glassnode describes reserve risk as a long-term cyclical indicator that compares the incentive to sell at the current market price to long-term holders' resistance to liquidating. Read More.

UAE Crypto Regulations: SCA Welcomes Applications from Virtual Asset Service Providers

The United Arab Emirates (UAE) Securities and Commodities Authority (SCA) has recently announced its intention to accept applications from businesses aiming to offer cryptocurrency services within the nation. This development comes as a result of the UAE Council of Ministers' decision last year to establish regulations for the crypto industry, with the SCA taking charge of overseeing the sector earlier this year. With the exception of firms already licensed within the UAE's financial free zones, all virtual asset service providers must seek approval from the SCA. A few of the seven emirates, such as Dubai and Abu Dhabi, have already implemented licensing frameworks for crypto companies, with Dubai's recently launched system gaining traction within the local industry. Full report here. 

Do Kwon's Secret Belgrade Hideout Uncovered: Serbian Police Seize Luxury Apartment Amid Fraud Charges

Serbian authorities have confiscated a luxury apartment in Belgrade where Do Kwon sought refuge during a six-month pursuit, as disclosed by Serbian prosecutor Branko Stamenkovic. The €2 million duplex was raided by police just a day after DL News reported that Kwon's associate, Han Chang-Joon, purchased the property while evading capture. Stamenkovic informed DL News, “The police were on the ground to search the apartment and premises based on the order of the higher court in Belgrade at the proposal of the prosecution for high-tech crime, and the apartment was temporarily confiscated based on the order of the prosecution.”  Both the United States and South Korea have accused Do Kwon of fraud related to the $60 billion collapse of the Terra blockchain network in May of last year. More here.

Financial Services Firm Unchained Raises $60 Million in Series B Funding

Despite the recent stagnant performance of Bitcoin's value, Unchained, a firm dedicated to offering financial services exclusively for Bitcoin, has announced its growth and a $60 million Series B funding round. Unchained stated that Valor Equity Partners led the initial closing of the round last week, with other participants such as NYDIG, Trammell Venture Partners, Ecliptic Capital, and Highland Capital Partners. Although the company did not disclose the size of the initial close, said a source, who said that it amounted to roughly $30 million, with an additional $20 million already pledged. Once the Series B round is finalized, Unchained's total funding to date will reach $115 million. The firm also disclosed a $15 million Series A extension round led by Ten31, which was completed last fall. More here.

Trump Unveils Second NFT Collection Following Indictment

In the wake of his recent indictment by a New York grand jury, Donald Trump has unveiled the second installment of his NFT collection. The inaugural digital trading card series, released in December, was met with overwhelming demand, selling out in just a few hours. Following the announcement of Trump's indictment last month, the collection's value skyrocketed over 500%. The lowest-priced NFT in the set reached approximately 0.58 ether or $1,000 at that time. The former president revealed the latest series on his social media platform, Truth Social. This collection, much like its predecessor, showcases artistic representations of Trump in various roles, such as a rock star, the King of hearts on a playing card, and even portraying George Washington crossing the Delaware River. Read More

SEC Chair Gensler Grilled on Crypto Regulations: Ether, Stablecoins, and FTX in the Spotlight

During a recent appearance before the House Financial Services Committee, SEC Chair Gary Gensler faced intense scrutiny from House Republicans over the regulatory body's approach to digital assets, including questions surrounding the classification of ether, stablecoin regulations, and the handling of FTX. From the beginning of the hearing, the committee's chairman challenged Gensler on his perspective on ether, the cryptocurrency with the second-highest market capitalization, and whether it should be considered a security. Gensler reiterated past comments about the prevalence of digital asset projects and tokens that contravene securities law. Gensler stated, "I’ve never seen a field that’s so non-compliant with laws written by Congress and affirmed over-and-over by the courts," referring to digital assets. "We talk to the crypto firms about tokens and how they can register." Read More.

Crypto Market Update: Bitcoin and Ether Trade Up, Dogecoin Flies

 Over the past 24 hours, Bitcoin experienced a 2.7% upmove, reaching $30,320 on Tuesday, according to CoinGecko data. This represents a 2.2% increase over the previous week. Ether, on the other hand, saw a slight upmove of 0.38% to $2,091 and managed a 9% increase over the week. This uptick was driven by buying activity related to the Ethereum blockchain upgrade last Wednesday, which enabled the withdrawal of staked Ether. In contrast to the overall downward trend, Dogecoin gained 1.3% to reach $0.0913 and accumulated a 10% increase for the week. The memecoin's positive sentiment was bolstered by Twitter's partnership with multi-asset investment firm eToro, allowing for stock and cryptocurrency trading on the platform, as well as support from Dogecoin enthusiast Elon Musk. Solana experienced a 0.2% drop to US$24.7 but maintained a weekly gain of 18%. Grayscale Investments, a U.S.-based digital currency asset manager, introduced the Grayscale Solana Trust on Monday for public trading on OTC Markets under the symbol GSOL, allowing investors exposure to Solana's price movement without holding the asset directly. The crypto market faced additional challenges due to renewed regulatory concerns. The U.S. SEC charged Bittrex and its co-founder William Shihara with violating securities laws. Other crypto companies, such as Kraken, Coinbase, Paxos, and Binance, have also been targeted by U.S. regulators this year.