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Bitcoin NFT Market Could Reach $4.5 Billion by 2025

• Galaxy Digital Research Team published a report predicting that the market size of Bitcoin-based non-fungible tokens (NFTs) could reach $4.5 billion by 2025
• The report explores potential use cases for Bitcoin-based Ordinal inscriptions and NFTs, such as new types of decentralized software or Bitcoin scaling techniques
• Infrastructure for the technology is developing quickly with wallets being one of the key building blocks

Galaxy Digital Report Predicts Big Growth for Bitcoin NFT Market

Galaxy Digital’s research team has released a report predicting that the market size of non-fungible tokens (NFTs) built on Bitcoin could reach $4.5 billion by 2025. As of writing, there are more than 288,000 Ordinal inscriptions hosted on the Bitcoin blockchain, signaling growth in adoption.

Potential Use Cases Explored

The Galaxy researchers explore various potential use cases stemming from this trend, such as new types of decentralized software or Bitcoin scaling techniques. Moreover, the study delves into the various collections minted in recent times, such as Taproot Wizards, Bitcoin Punks and Ord Rocks. Openordex is also mentioned as it leverages partially-signed bitcoin transactions (PSBTs) to enable trustless listing and purchasing of inscriptions.

Controversy Surrounding Ordinal Inscriptions

The paper also touches upon controversy tied to these Ordinal inscriptions but ultimately concludes that technical arguments are avoided and a social movement to stop them probably won’t happen.

Key Building Blocks For Technology Emerge

Infrastructure for this technology is emerging quickly with wallets being one of the key building blocks according to Galaxy’s paper on the inscription subject.

Conclusion

Overall,the researchers think that new use cases stemming from this trend will drive growing interest and adoption for bitcoin which could lead to its market size reaching $4.5 billion by 2025.

IMF and FSB to Develop ‚Synthesis Paper‘ to Help Formulate Crypto Policy

• India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop a technical paper on crypto assets.
• The paper would be presented at the G20 meeting of finance ministers and central bank governors, aiming to help in formulating a coordinated and comprehensive policy approach to crypto assets.
• The FSB is expected to provide high-level recommendations on the regulation, supervision and oversight of global stablecoins, as well as on the regulation, supervision and oversight of crypto-asset markets and activities by July 2023.

India Asks IMF and FSB for Joint Paper

India has asked the International Monetary Fund (IMF) and Financial Stability Board (FSB) to develop „a synthesis paper“ on crypto assets as part of the G20 meeting of finance ministers and central bank governors under India’s presidency. „This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets,“ said India’s finance ministry.

Synthesis Paper Aimed at Formulating Crypto Policy

India released its „G20 Chair’s Summary and Outcome Document“ following the two-day G20 meeting that took place in Bengaluru on Feb. 24-25. Crypto regulation was among the topics discussed during a panel discussion on cryptocurrency regulation as part of this event. During this meeting, India requested that IMF and FSB collaborate on a technical paper with an aim to help formulate a coordinated policy approach towards cryptocurrencies.

High Level Recommendations from FSB by July 2023

The document states that IMF and FSB will submit their synthesis paper in September 2023 while FSB is expected to provide its high-level recommendations by July 2023 concerning regulatory oversight over global stablecoins as well as crypto asset markets & activities. Additionally, Bank of International Settlements (BIS) will submit its report concerning analytical & conceptual issues related with cryptocurrencies along with risk mitigation strategies by March 2024.

Statement from Indian Ministry of Finance

Indian ministry of finance released a statement post G20 meeting emphasizing their proposal for joint technical paper by IMF & FSB which will consider macroeconomic perspectives while formulating comprehensive policies towards cryptocurrencies. They also stated their aim to expand scope of discussion within G20 not only covering financial integrity but also adoption & implications in macroeconomic context throughout economy .

Conclusion

India has taken several steps towards developing policies for regulating cryptocurrencies within its jurisdiction . With detailed reports from IMF , BIS & High level recommendation from FSB , we can expect further clarity regarding long term plans around Cryptocurrency regulations especially within Indian economy .

Democrats to Return 2.2% of $45.2M Donated by Disgraced FTX Co-Founder

• In 2020, FTX co-founder Sam Bankman-Fried (SBF) donated $45.2 million to Democrats leading up to the U.S. midterm election cycle, including a $5.2 million contribution to Joe Biden’s campaign.
• After SBF’s arrest and the bankruptcy of his company, three major Democratic organizations plan to return 2.2% of these funds, or $1 million, to the now-defunct crypto exchange.
• The Democratic National Committee (DNC), Democratic Congressional Campaign Committee and Democratic Senatorial Campaign Committee will each contribute a portion of the total sum back to the bankrupt estate.

FTX Co-Founder Donates Millions To Democrats

Sam Bankman-Fried (SBF), co-founder of FTX, donated $45.2 million to Democrats leading up to the U.S. midterm election cycle in 2020, with a $5.2 million contribution going directly to Joe Biden’s campaign for president.

Democrats Return Portion Of Funds To Now Defunct Crypto Exchange

Following SBF’s arrest and the bankruptcy of his company, three major Democratic organizations plan on returning 2.2% of these funds—$1 million—to the now defunct crypto exchange as part of its bankruptcy settlement agreement with creditors owed money by SBF and his company FTX..

Democratic Organizations Contribute To Repayment

The DNC plans on contributing $815,000 out of the total amount while both the Democratic Congressional Campaign Committee and Democratic Senatorial Campaign Committee will return $353,000 each as part of their repayment obligation towards FTX’s creditors owed money by SBF and his company FTX..

White House Refuses To Comment On Repayment

When asked about possible repayment from the White House during a press briefing on Dec 13th 2022 Karine Jean Pierre declined comment citing The Hatch Act which prohibits federal employees from engaging in political activities while at work..

Tesla CEO Elon Musk Suggests Contributions Exceed 1 Billion Dollars

Elon Musk has suggested that SBF may have given significantly more than just 45 million dollars towards Democrats over years possibly even reaching into 1 billion dollars according FEC records & data from opensecrets org..

Ethereum Hits 1-Month Low, Falls Below $1,500 as Bitcoin Steadies

Summery of the Article

• Ethereum fell to a one month low trading below $1,500 due to Paxos ending minting BUSD.
• Bitcoin edged lower as prices remain near a three and a half week low.
• The 14-day relative strength index for both Bitcoin and Ethereum is tracking close to 44.00.

Bitcoin Technical Analysis

Bitcoin (BTC) continued to trade close to a multi-week low on Monday, as market sentiment remained bearish ahead of the upcoming U.S. inflation report. Following a high of $22,060.99 on Sunday, BTC/USD dropped to an intraday low of $21,539.50 to start the week. As a result of the decline, bitcoin remains close to its lowest point since January 20, which is the last time prices were under $21,000. Looking at the chart, today’s move comes as the 14-day relative strength index (RSI) maintains its proximity to a support point at 44.00. At the time of writing, the index is currently tracking at 45.80 with a resistance level of 50.00 an ideal target for remaining bulls should this target be captured; bulls could extend this rally and move to regain market momentum.

Ethereum Technical Analysis

Etheruem (ETH) fell to a one-month low to start the week with prices moving below the $1,500 mark less than 24 hours after trading at peak of $1,545.55 ETH/USD bottomed out at a low of $1,477.73 earlier today Monday’s plunge has seen world’s second largest cryptocurrency hit its weakest point since January 14th This latest slippage in price comes as RSI failed stay above long term floor at 44 level as of writing price strength currently tracking 42 which lowest reading since December 28 Should downward trend continue it highly likely that ethereum could collide with support 1 450

Paxos Ending Minting BUSD

It was reported that Paxos will no longer mint BUSD this has led depegging stablecoin and comes ahead upcoming U S inflation report also adding today volatility

U S Inflation Report

The upcoming US inflation report is also adding today’s volatility in crypto markets

Analysis
The 14 day relative strength index RSI both Bitcoin Ethereum tracking close 44 00 At time writing index currently 45 80 resistance level 50 00 ideal target remaining bulls capture bulls extend rally regain market momentum

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Published on:14. Februar 2023 Category: Allgemein

Craig Wright’s Tulip Trading Case Revived, Gavin Andresen: Mistake to Trust

• The U.K. Court of Appeal overturned a March 2022 dismissal in the case of Craig Wright’s Tulip Trading Limited (TTL) vs. 16 cryptocurrency developers, allowing it to proceed to trial.
• Former Bitcoin core developer Gavin Andresen revised a 2016 blog post, insisting that it was a „mistake to trust Craig Wright as much as I did.“
• Andresen now refuses to play the „who is Satoshi“ game anymore and wants to leave his original post up as an acknowledgement of his mistake.

Court of Appeal Overturns Dismissal in Tulip Trading Case

The United Kingdom Court of Appeal overturned a High Court decision from March 2022 in the case of Craig Wright’s Tulip Trading Limited (TTL) vs. 16 cryptocurrency developers, allowing the case to proceed to trial. TTL is seeking roughly $3 billion in alleged stolen digital assets and asserts that fiduciary and tortious duties require open-source blockchain developers to encode a digital asset recovery tool. Meanwhile, the Bitcoinsv (BSV) network has already implemented a digital asset recovery tool on its chain.

Gavin Andresen Revises 2016 Blog Post

After winning the appeal, former Bitcoin core developer Gavin Andresen revised a blog post he wrote in May 2016 which detailed his meeting with Craig Wright and claimed that he believed him to be Satoshi Nakamoto. In his updated post, Andresen acknowledges that trusting Wright was mistake and insists he will no longer play the „who is Satoshi“ game anymore.

Craig Wright ‚Delighted‘ With Decision

Craig Wright expressed delight after winning the appeals motion, stating that permission had been granted for TTL pursue its claim for breach of fiduciary duties and/or duty of care against the developers of blockchain linked digital assets including bitcoin.

Andresen Refuses To Play ‚Who Is Satoshi‘ Game

In light of recent events surrounding Craig Wright, Andresen chose not rewrite history but instead acknowledged his mistake in trusting Craig and stated he will no longer take part in playing “who is Satoshi” game anymore.

Implications Of The Case

If successful at trial, this case could have implications for open-source blockchain developers who may be held liable for coding certain tools into their networks or who may be put under pressure by claimants like TLS seeking damages related to stolen digital assets on their networks.

Panamanian Crypto Bill Project Awaits Supreme Court Decision

• The fate of the Panamanian crypto bill project, which was approved by the National Assembly last year, now depends on the decision of the supreme court of the country.
• President Laurentino Cortizo vetoed the bill and Congress rejected the veto measure, leaving the bill in the hands of the court to decide.
• If the Supreme Court decides to approve the bill, it will have the chance to become a regulatory framework for cryptocurrencies in Panama.

The Panamanian crypto bill, which was approved by the Panamanian National Assembly last year, is now in the hands of the Supreme Court of the country. The bill, which was introduced in 2021 to the National Assembly, has the potential to become a regulatory framework for cryptocurrencies in Panama. But in order for this to happen, the court must decide to approve the bill.

The bill has been a source of contention between President Laurentino Cortizo and the National Assembly since May. President Cortizo expressed his objections to the bill in its current form, citing issues with articles 34 and 36 of the document. The President vetoed the bill and Congress rejected the veto measure, thus leaving the decision of the future of the document in the hands of the Supreme Court.

The Supreme Court is now tasked with weighing the arguments both for and against the sanction of the bill. Should the court choose to approve the bill, it will have the chance to become a regulatory framework for the cryptocurrency industry in Panama. This would bring the country in line with other jurisdictions that have already developed laws and regulations governing the use and trading of cryptocurrencies.

The decision of the Supreme Court is eagerly awaited by the cryptocurrency industry, as it could be a major step forward in legitimizing digital assets in the country. Whatever the outcome, it is clear that the future of the Panamanian crypto bill project now rests in the hands of the court.

7 Major Banks Unite to Launch Digital Wallet for Online Payments

• Seven major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, are collaborating to launch a digital wallet for consumers to use at online checkout.
• The wallet will be managed by Early Warning Services (EWS), which is co-owned by the seven banks.
• The wallet is expected to begin rolling out in the second half of this year and will be linked to shoppers‘ debit and credit cards for online payments.

Seven major banks have come together to launch a digital wallet that will provide consumers with a secure and convenient way to make online payments. Bank of America, JPMorgan Chase, Wells Fargo, Truist, Capital One, PNC Bank, and U.S. Bank are collaborating to create the new wallet, which will be managed by Early Warning Services (EWS). EWS is a fintech firm that specializes in providing risk management solutions to financial institutions, government entities, and payment companies.

The digital wallet will be linked to shoppers’ debit and credit cards, allowing them to make online payments quickly and securely. It will operate separately from Zelle, the payment network owned and operated by EWS. The banks are launching the new wallet in an effort to compete with other popular third-party wallet providers, such as Paypal and Apple Pay, in order to ensure they don’t lose control of their customer relationships.

In order to get the digital wallet off the ground, Visa and Mastercard have already agreed to be part of the project. EWS has also reached out to other card networks, such as Discover Financial Services, to assess their interest in adding their cards to the wallet. The digital wallet is expected to begin rolling out in the second half of this year.

Harshita Rawat, a Bernstein analyst, commented on the news in a note to clients Monday. She noted that the major banks have „likely always had Paypal envy,“ and it simply takes a long time to create a customer experience that can compete with existing payment options.

As the digital wallet project progresses, it will be interesting to see how it fares in comparison to established third-party wallet providers. With the backing of seven major banks, however, it appears that the new digital wallet will be a formidable competitor in the payments space.

Shiba Inu and Polkadot Surge to Two-Month Highs, RSI Points to Overextension

• Shiba Inu (SHIB) surged to a two-month high on Wednesday, rising as much as 17% in the session.
• Polkadot (DOT) also rose to a two-month high, although prices fell off following the release of U.S. retail sales figures.
• The move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00.

On Wednesday, Shiba Inu (SHIB) surged to a multi-month high, with prices climbing as much as 17% in the session. The meme coin rose to its strongest point since early November, when prices last collided with a ceiling at the $0.00001290 level. The move came as the 14-day relative strength index (RSI) rebounded from a support point at 76.00. As of writing, the index is tracking at a level of 80.31, which is deep in overbought territory. Earlier gains have now been wiped out, and the meme coin is currently trading at $0.0000124.

Meanwhile, Polkadot (DOT) also saw gains, with the token hovering close to a two-month high of its own. DOT/USD jumped to a high of $6.19 earlier in the day, before selling off following the release of U.S. retail sales figures. Sales in the world’s largest economy fell by 1.1% in December, more than the decline of 0.8% many had expected. As a result of the news, earlier gains have now been erased, with the price currently trading at $5.69. The RSI has also given way, with price strength falling below a floor of 70.00, and currently tracking at 64.25. Should this reversal worsen, DOT could be heading to a floor of $5.00.

Overall, the global cryptocurrency market cap has been trending higher, with both Shiba Inu and Polkadot making gains. While SHIB has now given up its earlier gains, DOT is still trading close to the two-month high it hit earlier in the session. However, the token could be heading lower if the reversal worsens, with the RSI indicating that prices may be overextended.

Court Approves Binance US Purchase of Bankrupt Crypto Lender Voyager

• The asset purchase agreement between Binance US and bankrupt crypto lender Voyager Digital has reportedly received initial court approval despite objections from various regulators, including the U.S. Securities and Exchange Commission (SEC).
• The court greenlighted the deal despite objections by the U.S. Securities and Exchange Commission (SEC) and a number of state securities regulators.
• Under the agreement with Binance, Voyager’s customers will be transferred to the Binance US crypto trading platform, and the deal also includes a $20 million cash payment.

The asset purchase agreement between Binance US, the U.S. arm of cryptocurrency exchange Binance, and bankrupt crypto lender Voyager Digital, has been approved by the court, despite objections from the U.S. Securities and Exchange Commission (SEC) and a number of state securities regulators.

Voyager attorney Joshua Sussberg said during Tuesday’s court hearing that the cryptocurrency lender was responding to the concerns raised by the U.S. Committee on Foreign Investment in the United States (CFIUS). CFIUS had said in a Dec. 30 court filing that its review „could affect the ability of the parties to complete the transactions, the timing of completion, or relevant terms.“

Under the agreement with Binance, Voyager’s customers will be transferred to the Binance US crypto trading platform. This means that Voyager customers would be able to withdraw their funds for the first time since July last year, when the crypto lender filed for bankruptcy. In addition to the transfer of customers, the deal also includes a $20 million cash payment.

Sussberg commented that the parties were coordinating with Binance and their attorneys to not only deal with the CFIUS inquiry, but to voluntarily submit an application to move the process along. The attorney added that the asset purchase agreement has been structured in a manner to ensure that the customers’ rights will be protected.

The asset purchase agreement is expected to close by the end of the first quarter of 2021, if all parties involved are satisfied with the terms of the deal. The SEC and other regulatory bodies have yet to comment on the court’s decision.

AG Letitia James Sues Celsius Co-Founder Alex Mashinsky for Alleged Crypto Fraud

• New York Attorney General Letitia James has filed a lawsuit against Celsius co-founder and former CEO Alex Mashinsky for allegedly defrauding hundreds of thousands of investors out of billions of dollars worth of cryptocurrency.
• The lawsuit claims that Mashinsky deceived investors, making false and misleading statements about the safety of Celsius and encouraging them to deposit their assets onto the platform.
• 26,000 New Yorkers have been affected by the Celsius demise, and James is seeking to ban Mashinsky from doing business in the state.

The state of New York and Attorney General Letitia James have taken legal action against Alex Mashinsky, the co-founder and former CEO of Celsius. The lawsuit, filed on January 5, 2023, accuses Mashinsky of defrauding “hundreds of thousands of investors, including more than 26,000 New Yorkers, out of billions of dollars worth of cryptocurrency.”

The lawsuit claims that Mashinsky made false and misleading statements about the safety of Celsius, encouraging investors to deposit billions of dollars in digital assets onto the platform. It is believed that these investors have been affected by the Celsius demise, prompting James to seek to ban Mashinsky from doing business in the state.

The filing of the lawsuit comes only a day after Core Scientific detailed that it was shutting down 37,000 bitcoin miners owned by Celsius. This is not the first time that James has taken action against businesses in the cryptocurrency industry. In June, James warned of the volatility associated with crypto assets and urged Congress to ban them from US retirement accounts at the end of November 2022.

The attorney general also targeted crypto lender Nexo in a lawsuit announced at the end of September 2022. James stated, “As the former CEO of Celsius, Alex Mashinsky promised to lead investors to financial freedom but led them down a path of financial ruin. The lawsuit today sends a clear message: we will not allow fraudsters to take advantage of New Yorkers or undermine the integrity of our financial markets.”

The New York attorney general’s office is seeking to recover the funds lost by investors, as well as damages, penalties, and other relief. The office is also seeking to permanently ban Mashinsky from doing business in New York, as well as from serving as a director, officer, or fiduciary of any New York-based company.