💰 FTX creditors sue bankruptcy law firm S&C alleging fraud involvement

FTX creditors are seeking damages against the law firm Sullivan & Cromwell for its prior involvement with the crypto exchange. FTX bankruptcy case has unfolded to a new chapter as the exchange’s creditors have filed a class-action lawsuit against the law firm overseeing the case. In a court filing on Feb. 16, FTX creditors alleged that law firm Sullivan & Cromwell, also known as S&C, “actively” participated in the “FTX Group’s multibillion dollar fraud,”

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📊 VC blockchain and crypto funding rises in Q4 2023: Report

The growing interest of financial institutions in crypto is attributed to the launch of the first spot Bitcoin ETFs in January, according to a report from PitchBook. Venture funding for crypto-related companies totaled $1.9 billion in the fourth quarter of 2023 — a 2.5% increase from the third quarter — according to a report from PitchBook. It marks the first time venture capital (VC) investments in crypto startups have risen since March 2022.

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💰 Vanguard Shunning Spot Bitcoin ETF Might Be Paying Off

Senior Bloomberg ETF analyst Eric Balchunas confirmed that Vanguard has registered more than six times the entire net inflows recorded by all ten spot Bitcoin ETFs in that few weeks. Notably, this new development showcases Vanguard’s dominance in the Traditional Finance (TradFi) sector amidst hype around spot Bitcoin ETFs and the broad crypto industry.

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💰 Bitcoin ETFs See Record $2.4B Weekly Inflows; BlackRock's IBIT Leads: CoinShares

Demand for bitcoin (BTC) exchange-traded funds (ETF) accelerated again last week as they raked in a record $2.4 billion of the $2.45 billion that flowed into digital asset investment products, crypto asset management firm CoinShares said Monday. Allocations to the newly approved U.S.-based spot bitcoin ETFs overwhelmed the $623 million outflows from Grayscale's Bitcoin Trust (GBTC), the incumbent fund that converted into an ETF structure.

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🪙 Ethereum price approaches $3k amidst spot ETF anticipation, Dencun upgrade

The price of Ethereum (ETH) approached $3,000 on Feb. 19 amidst anticipation concerning developments that are expected to occur in the coming months. As of 8:35 pm UTC, ETH was priced at $2,937 with a market capitalization of $352.96 billion. That change represents 4.12% growth over 24 hours — significantly greater than Bitcoin’s 0.4% gains over the same period and also greater than the crypto market’s overall 1.2% gains.

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🔵 Circle to end support for $313 million USDC on Tron amid compliance push

Centralized stablecoin issuer Circle is discontinuing support for USD Coin (USDC) on the Tron blockchain, citing concerns within its risk management framework. According to a Feb. 21 statement, this decision is rooted in the firm’s commitment to ensuring USDC remains “trusted, transparent and safe” for its user base. The company added that this move was part of “an enterprise-wide approach” involving various departments, including business organization and compliance.

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💰 Spot ether ETFs could increase Ethereum's concentration risk, says S&P Global

Ethereum exchange-traded funds in the U.S., which intend to incorporate staking, could increase Ethereum's concentration risk, according to analysis from S&P Global Ratings. "U.S. spot ether ETFs that incorporate staking could become large enough to change validator concentrations in the Ethereum network, for better or worse," S&P analysts Andrew O'Neill and Alexandre Birry said in a report published Tuesday.

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📈Recent crypto rally driven by 'retail impulse,' says JPMorgan

The recent surge in crypto prices appears to be fueled by individual traders making impulsive decisions rather than being driven by institutional investors or market fundamentals, according to JPMorgan analysts. "Similar to equities, we find that the retail impulse into crypto rebounded in February, thus likely responsible for this month's strong crypto market rally," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Thursday.

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🪙 Valkyrie CIO anticipates spot Ethereum ETF approval will take 1-2 years

A spot Ethereum exchange-traded fund may not be coming anytime soon, but it could see approval in the next year or two, says Valkyrie Chief Investment Officer Steven McClurg. Big name firms, such as Fidelity and BlackRock, have applied for a spot Ethereum ETF over the last few months as some analysts predict that the Securities and Exchange Commission could approve those products as early as May of this year. Valkyrie is not currently vying for a spot Ethereum ETF.

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💰 Donald Trump can now ‘live with’ Bitcoin accepting growing demand, suggests further regulation

Former US President Donald Trump’s stance toward Bitcoin has taken a different turn, with him noting the growing demand for the flagship digital asset. In 2021, the former President described Bitcoin as a “scam against the dollar” that regulators should take action to monitor. At the time, Trump’s skepticism stemmed from the perceived risks of cryptocurrencies, including their volatility and susceptibility to facilitating illicit financial activities.

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🪙 Ethereum price increase driven by anticipation of Dencun upgrade: Grayscale

While many market watchers might be attributing Ethereum's recent price increase to optimism stemming from the possible approval of a spot ether ETF, asset manager Grayscale Investments has suggested that the cryptocurrency rose in value because of Ethereum's upcoming Dencun upgrade, which will increase the throughput and reduce the cost of some transactions on the network.

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💰 $540 Million in Bitcoin Withdrawn From Exchanges: Price Impact

Bitcoin is experiencing a surge in outflows from centralized crypto exchanges, hitting its highest level in eight months, indicating a significant shift in market dynamics. On-chain data from IntoTheBlock, a prominent market intelligence platform, shows weekly net outflows from centralized exchanges have peaked. Approximately $540 million worth of Bitcoin was withdrawn this week, marking the largest net outflow since June 2023.

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💰 Bitcoin falls far short as global currency, central bankers say

Economists with the European Central Bank (ECB) contend that Bitcoin’s (BTC) limited usage disqualifies it as a legitimate form of currency. On Feb. 22, ECB director general for market infrastructure and payments Ulrich Bindseil, along with the bank’s advisor for market infrastructure and payments, Jürgen Schaaf, published a co-authored blog post titled: “ETF Approval for Bitcoin – the Naked Emperor’s New Clothes.”

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🏦 Coinbase Denies Reports of Nigerian Crypto Ban

Cryptocurrency platform Coinbase is denying reports that it is being blocked in Nigeria. Last week saw a report by the Financial Times (FT) that the Nigerian government had gotten the country’s telecoms to block platforms including Coinbase, Binance and Kraken. However, a spokesperson for Coinbase told Coindesk on Thursday (Feb. 22) that it was still in operation in Africa’s largest nation.

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💰 Solana suffers $3 million ETP outflows post-outage as Bitcoin responsible for 95% of inflows

Solana’s recent outage appears to be weighing heavily on investors’ minds, with crypto investment products related to the blockchain network seeing outflows of $3 million during the past week. On Feb. 6, Solana experienced an outage that halted blockchain transactions for five hours due to a bug that pushed it into an infinite loop. While a patch was promptly developed, community members pointed out that the network has a rich history of outages in the past.

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💰 Bitcoin surges above $56,000 to hit record high since November 2021

Bitcoin price surged over 10% to hit a high of $56,740 at one stage on Tuesday morning Asia time, the highest value since November 2021, according to The Block’s Price Page. “A key reason behind this surge can be attributed to Bitcoin spot ETF trading volume which reached a new height of $2.4 billion on Feb. 26, further boosting U.S investors’ confidence in this asset class.” Lucy Hu, a senior analyst of Metalpha, told The Block.

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💰 MicroStrategy Is a Timely Play on Bitcoin Halving; Initiate at Buy: Benchmark

MicroStrategy (MSTR) has a unique business model based on the acquisition and holding of bitcoin (BTC), which represents the majority of the software company’s valuation, investment banking firm Benchmark said in a Tuesday research report initiating coverage of the stock. Benchmark has a buy rating on the shares with a $990 price target. MicroStrategy added about 8% to $860.75 in early trading on Tuesday.

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