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Bitcoin price rally provides much needed relief for BTC miners

Bitcoin mining powers network transactions and BTC price. During the 2021 bull run, some mining operations raised funds against their Bitcoin ASICs and BTC reserves.

Miners also preordered ASICs at a hefty premium and some raised funds by conducting IPOs. 

As the crypto market turned bearish and liquidity seized within the sector, miners found themselves in a bad situation and those who were unable to meet their debt obligations were forced to sell the BTC reserves near the market bottom or declare bankruptcy

Notable Bitcoin mining bankruptcies in 2022 came from Core Scientific, filing for bankruptcy, but BTC’s early 2023 performance is beginning to suggest that the largest portion of capitulation has passed.

Despite the strength of the current bear market, a few miners were able to increase production throughout 2022 and on-chain data shows Bitcoin miner accumulation began to increase in December 2022 and momentum appears to be continuing into 2023.

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DeFi should complement TradFi, not attack it: Finance Redefined

Top 100 DeFi tokens continued their bullish momentum into third week of January with majority of the tokens trading in green on weekly charts.

GameFi needs a wider choice of products to take off, Animoca Brands CEO says

A wider choice of quality games is what is needed for bringing the masses into GameFi, according to Robby Yung, CEO of Animoca Brands.

Bitcoin eyes $21.4K zone as analyst predicts BTC price will chase gold

Bitcoin (BTC) rose toward new multi-month highs on Jan. 20 as analysis predicted a new trading range above $18,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin price range "well defined"

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD testing but preserving support at $21,000.

The pair edged higher at the Wall Street open, in line with United States equities as the third trading week of an explosive January drew to an end.

Despite misgivings over the rally’s fundamental strength, Bitcoin continued to avoid significant corrections, with exchange order book analysis revealing $23,000 as the next big resistance zone to crack.

“I view the lack of BTC liquidity below $18k and above $23k as a lack of sentiment for those levels at this time,” on-chain monitoring resource Material Indicators wrote in part of commentary about the Binance order book setup.

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NFT Steez and Cryptoys CEO discuss the future of toys and entertainment within Web3

NFT Steez chats with Cryptoys CEO Will Weinraub about the future of toys, entertainment and play in blockchain-based games.

10 ways blockchain developers can use ChatGPT

AI is a powerful tool that developers in the cryptocurrency and blockchain industry can use. Here is how ChatGPT can be of help.

Sundance Film Festival embraces blockchain and crypto film initiatives

Film festivals have seen an increase in blockchain and crypto-funded film projects and initiatives as Web3 technologies continue to merge with the entertainment industry.

Bybit CEO offers clarity on exposure to Genesis, but community demands more

The community questioned Bybit’s timing in revealing their exposure now and many demanded proof to back up the reassurance from the CEO.

Crypto becomes second most widely-owned asset class for women: eToro survey

While crypto is dubbed as the worst-performing asset class in the last year, global investors owning crypto rose from 36% to 39% on a quarter-on-quarter basis.

Nifty News: Trump NFTs surge 800%, Yuga Labs blacklists NFT exchanges, and more

Donald Trump’s NFT collection started out strong but then started looking lifeless up until a few days ago.

Ransom refusals hit attackers where it hurts: 40% revenue drop in 2022 — Chainalysis

A number of industry pundits believe the U.S. Office of Foreign Assets Control’s threat to impose sanctions has victims thinking twice about paying up.

Daring drive-by at SBF’s: 3 men drove into barricade and fled: Lawyers

The lawyer’s didn’t specify the date or time at which the incident took place, and claimed the security personnel were unable to get the license plate details.

Crypto could solve venture capital's due diligence problem — VC exec

Due diligence has always been an issue in the venture capital space according to a VC executive, but crypto offers a solution: A public and immutable ledger.

Samsung’s Bitcoin ETF, $700M bust, Coinbase exits Japan: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most important developments.

Samsung’s new Bitcoin ETF

On Jan. 13, Samsung Asset Management, a wholly-owned subsidiary of the namesake South Korean conglomerate, successfully listed the Samsung Bitcoin Futures Active ETF on the Hong Kong Stock Exchange. According to local news outlet Edaily, the ETF debuted under the ticker 3135:HK and seeks to replicate the performance of spot Bitcoin by investing in Bitcoin futures listed on the Chicago Mercantile Exchange (CME).

The ETF will also simplify the procedures for investors seeking exposure to regulated Bitcoin products in the Asia-Pacific time zone. Park Seong-jin, head of Samsung Asset Management’s Hong Kong office, commented: 

“Hong Kong is the only market in Asia where Bitcoin futures ETFs are listed and traded in the institutional market. It will be a new option for investors who are interested in Bitcoin as a competitive product that reflects their experience in risk management and risk management.”

North Korean hackers launder 41K ETH

As revealed by blockchain sleuth ZachXBT on Jan. 16, hackers linked to the North Korea-backed Lazarus Group moved close to 41,000 Ether ($63.5 million) from the Harmony bridge hack to Railgun, a platform that uses zero-knowledge technology to obfuscate blockchain transactions.

Nomad Bridge TVL before and after the exploit.
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Nexo agrees to $45M settlement with SEC and NASAA over earn product

The crypto lender didn't categorically admit or deny the findings from the SEC's investigation despite agreeing to the settlement.

FTX-linked Moonstone bank to exit the crypto space

Following the collapse of FTX, the company has decided to rebrand and exit the crypto space.

New Hampshire gov releases report on blockchain following executive order

According to the commission, New Hampshire should work towards building a legal framework "for sound development of blockchain technologies and its applications."

Bullish crypto traders maintain the upper hand despite the total market cap rejecting at $1T

The total crypto market capitalization soared by 29.4% in two weeks, although Bitcoin's (BTC) price stabilized near $21,000 on Jan. 19.

As a result, it became increasingly difficult to justify that the 5-month-long bearish trend still prevails after the $930 billion total crypto channel top has been breached. Still, the psychological $1 trillion resistance remains strong.

Total crypto market cap in USD, 2-day. Source: TradingView

The move possibly reflects investors becoming more optimistic about risk assets after weaker than expected inflation metrics signaled that United States Federal Reserve interest rate hikes strategy should ease throughout 2023.

However, Klaas Knot, who serves as the governor of the Dutch central bank, stated on Jan. 19 that the European Central Bank (ECB) "will not stop after a single 50 basis point hike, that's for sure."

At the Davos forum Knot added: "core inflation has not yet turned the corner in the Euro area."

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City of Busan to establish digital assets exchange: Report

The Busan Digital Asset Exchange Establishment Promotion Committee said it plans to create a functional exchange by the end of the year.