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Ethereum Leverage Elevated Despite Long Squeeze, Glassnode Says Glassnode reports that Ethereum's futures market remains overheated despite a recent long squeeze. On Feb. 4, $76.4M in ETH long positions were liquidated, with $55.8M wiped out in one hour. Open Interest dropped from $20.5B to $15.9B, but still sits 22% above the yearly average of $13B, indicating high leverage. Historically, such conditions lead to further volatility. ETH recently fell to $2,100 but has rebounded to around $2,800.
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Coinbase acquires ads platform Spindl to tackle ‘onchain discovery problem Coinbase acquired Spindl, an onchain advertising platform, to enhance discovery for projects on its Ethereum Layer-2 network, Base. Spindl’s founder, Antonio García Martínez, previously helped build Facebook’s ad platform, and now aims to replicate its success onchain. Base creator Jesse Pollak said Spindl will provide builders with tools to go viral. Coinbase’s Shan Aggarwal called Spindl the first robust onchain ad protocol. Investor Eric Seufert backed Spindl after hearing García Martínez’s vision for onchain attribution. The goal is to advance advertising onchain. Coinbase is also exploring tokenized COIN shares for US users.
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Coinbase adds Trump campaign manager, ex-Senator and two others to advisory council Coinbase has expanded its Global Advisory Council by adding former Senator Kyrsten Sinema, Trump’s 2024 co-campaign manager Chris LaCivita, ex-Fed official Bill Dudley, and former IDB President Luis Alberto Moreno. The move signals Coinbase’s push into policymaking amid evolving crypto regulations. Sinema emphasized the need for legislation despite Trump’s pro-crypto stance, while LaCivita noted Trump’s growing interest in the sector. Coinbase has been actively supporting "pro-innovation" candidates through Fairshake PAC. Dudley stressed the importance of integrating crypto into the financial system responsibly. The company continues its regulatory engagement across political lines.
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Paradigm Pushes Ethereum to Speed Up Progress Amid Rising Competition Paradigm, a leading crypto VC firm, has urged Ethereum to accelerate its update cycle, arguing that the current annual pace hinders innovation and competitiveness. Highlighting barriers like inertia and ossification, Paradigm warned that slow updates could push users to centralized platforms. They advocate for noncontroversial improvements, including scaling Layer-2 solutions, optimizing Layer-1, and improving wallet user experiences. Paradigm believes Ethereum's talented researchers and engineers can deliver faster progress without compromising decentralization. The call comes amid competition from platforms like Solana and internal challenges, including leadership changes and developer departures. Paradigm stresses balancing innovation with core values to maintain Ethereum’s dominance in the blockchain space.
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President Trump Creates Crypto Working Group, Bans Digital Dollar President Trump signed an executive order creating a cryptocurrency working group to propose regulations and explore a national digital asset stockpile while banning the development of a U.S. central bank digital currency (CBDC). The group includes leaders from the Treasury, SEC, and CFTC and will focus on stablecoins and banking access for crypto companies. The order aligns with Trump’s campaign promise to overhaul U.S. crypto policy. Interim, crypto-friendly regulators now lead the SEC and CFTC, advancing efforts on DeFi and digital assets. The move addresses industry complaints about unclear regulations, bringing the U.S. closer to a comprehensive crypto framework, akin to the EU’s MiCA regulations.
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Polymarket Bettors Certain Ross Ulbricht Pardon Is on Trump’s Agenda President Donald Trump did not mention Bitcoin or crypto in his inaugural speech or initial executive orders, but Polymarket bettors are highly confident he will pardon Silk Road founder Ross Ulbricht soon. A contract predicting the pardon soared to 99% after Elon Musk and Libertarian National Committee Chair Angela McArdle signaled its likelihood. Trump pledged to commute Ulbricht’s life sentence during a campaign event, emphasizing the 11 years he has already served. Ulbricht's supporters argue his punishment was excessively harsh. Polymarket also lists Roger Ver, facing tax fraud charges, with a 32% pardon chance. Despite crypto’s prominence in Trump's campaign, bettors see only a 43% chance of a crypto-focused executive order within the first week.
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SEC sues Nova Labs over alleged unregistered crypto securities offerings The SEC filed a lawsuit against Nova Labs, the company behind Helium Network, for allegedly selling unregistered securities, including crypto-mining devices and a data-trading program. The lawsuit comes just before SEC Chair Gary Gensler steps down on January 20. Nova Labs is also accused of falsely claiming partnerships with companies like Lime and Salesforce. Despite Ripple’s partial victory regarding XRP in 2023, the SEC continued aggressive enforcement under Gensler. However, with new leadership, the SEC may review or drop certain crypto cases that do not involve fraud, potentially signaling a policy shift.
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First AI Enabled DEX Launching on ZIGChain Oroswap, founded by Zignaly Community OGs, is building a next-gen DEX on ZIGChain, emphasizing wealth generation and AI integration. It combines AMM and CLMM capabilities with a conversational AI-powered user experience, a first for DeFi. The project aims to simplify complex blockchain interactions, setting new UI/UX standards. Co-founder Abdul Rafay Gadit highlights the team’s expertise in AI, machine learning, and gamification, celebrating their choice to build on ZIGChain as a testament to its innovation. Oroswap positions itself as a key dApp and transformative exchange for wealth management on the ZIGChain ecosystem.
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BitMEX hit with additional $100 million fine over Bank Secrecy Act violations BitMEX has been fined an additional $100 million for anti-money laundering violations, following a prior $110 million penalty. The exchange’s parent company, HDR Global Trading Inc., faces a two-year probation. U.S. authorities found BitMEX violated the Bank Secrecy Act by failing to implement anti-money laundering and "know-your-customer" programs, while unlawfully allowing U.S. users on its platform. The exchange reportedly generated $1.3 billion in revenue while evading U.S. regulations. These criminal fines are separate from civil charges by the CFTC and FinCEN against BitMEX and its executives. Further updates are expected.
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Here’s what happened in crypto today Singapore blocked Polymarket, citing unlicensed gambling, under its Gambling Control Act, with fines and jail penalties for violations. The Gambling Regulatory Authority (GRA) now oversees all gambling in Singapore. In New York, Attorney General Letitia James sued to recover over $2.2 million in crypto stolen via fake job scams promising flexible work. Victims were tricked into depositing funds to review products but never received compensation. Litecoin’s X account was hacked to promote a fake token, but control was restored. The Litecoin team continues to investigate the breach, reflecting ongoing cybersecurity challenges in the crypto industry.
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Beste crypto om vandaag te kopen: 3 kleine crypto’s met potentie in januari De crypto markt bevindt zich in een moeilijke fase, maar er zijn nog steeds kansen. Wall Street Pepe combineert meme coin potentie met trading strategieën en biedt de WEPE token aan, al succesvol in presale. Solaxy introduceert de eerste Layer 2 blockchain voor Solana om schaalproblemen op te lossen, met $SOLX tokens nu beschikbaar. Best Wallet belooft een revolutie in de crypto wallet industrie met een multi-chain platform en voordelen voor $BEST token houders. Investeren in deze projecten kan lucratief zijn tijdens hun presales.
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Indian crypto exchange WazirX charts recovery path after $235M cyberattack WazirX, hit by a $235 million cyberattack in July 2024 linked to North Korea’s Lazarus Group, announced a restructuring plan under Singapore’s Scheme of Arrangement to compensate users. With $566.38 million in liquid assets surpassing $546.47 million in claims, the exchange will issue recovery tokens and initiate token distributions, aiming to return 75%-80% of affected balances. Founder Nischal Shetty emphasized restoring trust and creating value beyond losses. Recovery tokens tied to platform profits and a new DEX will address remaining claims. Rival CoinSwitch launched a $69.9 million recovery fund and is pursuing legal claims against WazirX for $1.44 million.
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Bitcoin Falls, Fails to Sustain Levels Above $100K — Market Talk Bitcoin falls after failing to hold recent gains above the key $100,000 level. The cryptocurrency briefly returned above $100,000 in the past two sessions before slipping back below this level as it struggles for sustained upward momentum. Optimism for more crypto-friendly regulation under U.S. President-elect Donald Trump propelled bitcoin to record highs last year but it recently experienced a consolidation. Bitcoin is last down 0.8% at $95,802, according to LSEG. It reached a record high of $108,379 on December 17.
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🎩 DEGEN to $1 🎩 via @cashlessman.eth
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Check your $DEGEN Stats.
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Bitcoin Price Skyrockets Above $100K as MicroStrategy Announces Latest Purchase Bitcoin surpassed $100,000, reaching a peak of over $101,000 after MicroStrategy's latest BTC purchase. This surge defied past trends where MicroStrategy’s announcements led to short-term price declines. The firm bought 1,070 BTC for $101 million at an average of $94,004 per coin, its smallest recent acquisition. MicroStrategy now holds 447,470 BTC, purchased for $27.97 billion at an average of $62,503 per bitcoin. Despite recent modest purchases, the company plans to raise $2 billion to acquire more BTC, driving market momentum.
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XRP Surpasses USDT: Becomes 3rd Largest Crypto With $139 Billion Market Cap XRP started 2025 with an 11% surge, reaching $2.42 and surpassing Tether in market cap at $139 billion. Renewed market confidence following Trump’s election boosted buying activity across cryptocurrencies. Analysts like DarkDefender see $2.42 as a new support, with a potential rise to $5.85, marking a 141% gain. CryptoinsightUK, applying Elliott Wave Theory, suggests XRP could exceed $10 if it enters a "wave 3" scenario, with $8 being a realistic target. XRP’s strong momentum, political optimism, and reduced trading volume of $5.6 billion indicate a promising shift in the crypto market.
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