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Digifinex Labs: Farcaster Experiences a Remarkable 400% Surge in Daily Active Users Amidst ‘Frames’ Craze

According to data from Dune Analytics, the daily active users on the Farcaster network surged from approximately 5,000 on January 28 to over 24,700 by February 3. The incorporation of frames into Warpcast occurred on January 27.

The significant uptick in user activity has been attributed to the growing interest in “frames,” a novel feature enabling users to interact with external links and applications seamlessly within the Warpcast app.

As of February 3, the daily count of new “casts” has soared to over 2 million, marking a remarkable 1,000% increase from the previous week’s 200,000 on January 28.

Frames empower users to create NFTs, conduct transactions, claim tokens, peruse external blog posts, and participate in surveys without the need to sign a transaction or exit the app itself.

Established in 2020 by former Coinbase engineer Dan Romero and Varun Srinivasan, Farcaster positions itself as a “sufficiently decentralized” social network. It’s essential to clarify that while the terms are often confused, Warpcast is a social media application, or client, developed on the Farcaster network.

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Digifinex Labs: Jupiter DEX on Solana Tops Charts with $480M Daily Volume, Surpasses Uniswap

Jupiter’s trading volumes have surpassed those of Uniswap on Ethereum, with a $10 million lead. The combined trading volume of Uniswap’s V2 and V3 protocols on Ethereum was only $470 million in the same period, according to CoinGecko data.

A notable portion of Jupiter’s daily trading volume, around $50 million, came from the trading of “Wen,” a memecoin created as an experiment by Jupiter developers. Users who had interacted with Jupiter in the last six months and owners of Solana’s Saga phone were eligible to claim this memecoin.

The majority of the trading activity on Jupiter involved the exchange of Solana (SOL) into stablecoins like Circle’s USD Coin (USDC) and Tether (USDT). This accounted for $191 million of the total daily volume.

The surge in trading activity on Jupiter is happening ahead of the anticipated airdrop of the exchange’s native token, JUP, scheduled for launch on January 31st. It reflects the growing interest and participation in the Solana ecosystem, especially with unique features like memecoin experiments and upcoming token launches.

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Digifinex Labs: Coinbase Challenges Notion that Crypto Mixers Exclusively Serve Illicit Activities, Emphasizes Legitimate Use Cases

Coinbase, in a letter to the United States Financial Crimes Enforcement Network (FinCEN), acknowledges the regulator’s superficial consideration of the benefits of crypto mixers. The exchange argues that the amount of illicit money passing through mixing services in 2022 was not as minimal as suggested. Despite this, Coinbase maintains that crypto mixers can have legitimate use cases for individuals seeking privacy in their transactions.

The exchange highlights the importance of transaction privacy, especially for those who wish to keep their financial dealings confidential. Additionally, Coinbase suggests that individuals concerned about government surveillance of transactions may also find positive use cases for crypto mixers.

This statement from Coinbase reflects an ongoing debate in the cryptocurrency space regarding the regulation and perception of privacy-focused services like mixing. It raises questions about the balance between privacy and regulatory concerns within the cryptocurrency industry.

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Digifinex Labs: JPMorgan Warns of Potential Bitcoin Selloff Following Spot ETF Launch and Grayscale Outflows

According to Panigirtzoglou, the Bitcoin price has experienced a decline of more than 10% since the launch of spot Bitcoin ETFs, attributing this drop to profit-taking behavior, commonly referred to as “buy the rumor, sell the fact” dynamics. He suggests that investors anticipated the approval of the spot Bitcoin ETFs, causing the price of Bitcoin to rise above $47,000. However, after the approval, the cryptocurrency’s value dropped, and at the time of the statement, it was trading at $41,697.

The analyst specifically points out a $1.5 billion outflow from Grayscale’s GBTC fund as a contributing factor to the downward pressure on Bitcoin prices. He suggests that investors who had previously bought GBTC at a significant discount to Net Asset Value (NAV) in anticipation of its eventual ETF conversion have now taken full profits by exiting the Bitcoin space entirely, rather than shifting to cheaper spot Bitcoin ETFs.

Panigirtzoglou mentions his previous estimate that up to $3 billion was invested in GBTC in the secondary market during 2023 to take advantage of the discount to NAV. With $1.5 billion already exiting, he speculates that there could be an additional $1.5 billion yet to exit the Bitcoin space through profit-taking on GBTC. This potential further outflow could exert additional pressure on Bitcoin prices in the coming weeks.

It’s important to note that market dynamics are complex, and various factors can influence cryptocurrency prices. Analyst opinions are based on their interpretation of available data and market trends, and actual outcomes may vary. Investors should consider multiple perspectives and conduct thorough research before making any financial decisions.

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Digifinex Labs: Largest Daily Decline in Reserves in Over a Year as 10,000 BTC Worth $450M Dumped in a Single Day

According to historical patterns, miners tend to accumulate Bitcoin during periods of lower prices and profitability and then switch to selling when prices rise. The current price of Bitcoin has been in the range of $42,000 to $43,000 over the past few days.

The data also reveals that Bitcoin miner reserves are at their lowest levels since July 2021, standing at 1.83 million coins, valued at around $78 billion. Despite a decline of 22,800 BTC in the past 12 months, the total reserve figure has remained relatively stable since early 2021. This suggests that miners are actively managing their holdings based on market conditions.

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Digifinex Labs: Crypto Market Sentiment Shifts to ‘Neutral’ Days After U.S. Approval of Spot Bitcoin ETF, Crypto Fear and Greed Index Shows

A score of 52 indicates a state of neutrality, suggesting that market participants are neither overly optimistic (greedy) nor excessively pessimistic (fearful) at the moment. The shift in sentiment comes after a prolonged period of anticipation and excitement surrounding the approval of spot bitcoin exchange-traded funds (ETFs) in the United States.

The index had reached a high of 76 points on January 9, reflecting heightened optimism and greed among investors leading up to the approval. However, with the market now in a neutral phase, it suggests a more balanced and cautious stance among participants.

Bitcoin’s price remained relatively flat at around $42,550 over the past 24 hours at the time of the report. It’s essential to note that cryptocurrency markets are influenced by various factors, and sentiment indicators like the Crypto Fear and Greed Index provide a snapshot of market psychology but don’t guarantee future price movements.

The report also includes a disclaimer emphasizing the independence of The Block as a media outlet and provides information about its financial disclosures and investors. It’s important for readers to be aware of potential conflicts of interest in media reporting within the cryptocurrency space.

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Digifinex Labs: Circle Internet Financial Initiates Confidential Filing for U.S. IPO, Marking Strategic Move in Cryptocurrency Sector

The decision to pursue an IPO follows the retraction of the previous plan, and the timing of the IPO will be contingent on the review process by the Securities and Exchange Commission (SEC) and prevailing market conditions. Despite the challenges and uncertainties in the current financial climate, CEO Jeremy Allaire has expressed a continued commitment to the public listing.

USDC, being the second-largest stablecoin after Tether and ranking seventh in the overall cryptocurrency market, holds a significant position. Its stability, pegged to the U.S. dollar, is notable in the volatile world of cryptocurrencies. The decline in USDC’s circulation from its peak doesn’t diminish its importance, with around $25 billion in active tokens. It will be interesting to see how the IPO progresses and the impact it may have on the broader cryptocurrency ecosystem.

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About DigiFinex

DigiFinex, originating from Singapore and established in 2017, is a leading global cryptocurrency exchange. Upholding the values of diversity, integrity, and trustworthiness, DigiFinex provides users with secure 24/7 services for buying, selling, trading, storing, and staking cryptocurrencies.

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Digifinex Labs: Ark Invest CEO Anticipates SEC Approval for Spot Bitcoin ETFs, Expects Substantial Institutional Flows and Potential Price Surge in Bitcoin

However, based on the information you shared, Cathie Wood, the CEO of Ark Investment Management, seems optimistic about the potential approval of spot Bitcoin ETFs by the SEC. She believes that such approval would serve as a green light for institutions, attracting substantial institutional flows into Bitcoin, and potentially pushing its price higher.

Wood also mentions that her firm has been in communication with institutional investors who have shown increased interest in Bitcoin, anticipating SEC approval as a positive signal. Furthermore, she expresses confidence in the probability of the SEC approving the Bitcoin ETF proposal put forth by her firm and 21shares.

Additionally, Wood suggests that the approval of spot Bitcoin ETFs might not result in a “sell-the-news” scenario, as some market participants might expect. She notes that the positioning of investors may already be taking place in anticipation of the news.

Please note that market dynamics can change rapidly, and it’s advisable to check for the latest updates and developments from reliable sources for the most current information on this matter.

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Digifinex Labs: Bitcoin ETF Approval: A Gateway to Increased Investment, Not a ‘Sell the News’ Moment

While some anticipate a price surge upon approval and potential declines in the case of both approval and denial, an analyst questions the rationale behind “shorting” Bitcoin before the decision is made.

The Securities and Exchange Commission (SEC) is scheduled to deliver a decision to ARK 21Shares regarding its spot Bitcoin ETF application on January 10, with other asset managers facing a similar deadline shortly after.

In a contrasting view, Alex Becker, with a substantial following of 922,000 on X, argues that the approval of a Bitcoin ETF will not trigger a “Sell the news” event. According to him, the approval opens up the asset to a broader audience of wealthy individuals who might not have considered crypto investments otherwise. The untraditional nature of investing in crypto, such as on an exchange rather than the stock market, becomes more accessible and comfortable for the world’s largest money holders.

In essence, Becker sees the Bitcoin ETF approval as a gateway that allows significant financial players to engage in crypto investments in a manner that aligns with their accustomed and convenient investment practices. This perspective challenges the notion of a market sell-off following the news and suggests that, instead, it paves the way for increased participation and investment in the cryptocurrency space.

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Digifinex Labs: Arbitrum TVL Surpasses $10 Billion Milestone, ARB Token Hits Record High

The dominance of Arbitrum and Optimism, with their TVLs exceeding a billion dollars, highlights the growing importance and adoption of Layer 2 protocols in the cryptocurrency space. These solutions offer benefits such as low transaction fees and high transaction speeds, addressing some of the scalability challenges faced by Ethereum.

Arbitrum’s support for over 400 decentralized applications (dApps), as reported by DeFiLlama, further emphasizes its significance in the decentralized finance (DeFi) ecosystem. The fact that it has become the first Layer 2 network to reach this TVL milestone indicates a strong community trust and adoption.

In addition to the TVL record, the new all-time high of $2.09 for Arbitrum’s ARB token underscores the positive sentiment and investor confidence in the project. It will be interesting to see how these Layer 2 solutions continue to evolve and contribute to the scalability and usability of the Ethereum network in the future.

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Digifinex Labs: Tuttle Capital Proposes Six Innovative Leveraged and Inverse Bitcoin ETFs to Enhance Returns

On January 3, Tuttle Capital filed three N1-A forms, commonly used by investment firms to establish new open-ended mutual funds. Bloomberg Intelligence ETF analyst Henry Jim shared these filings on X (formerly Twitter) on the same day, revealing an effective date of March 18, 2024.

Despite the absence of an approved spot Bitcoin ETF, Tuttle Capital appears proactive in pursuing its plans. Bloomberg ETF analyst James Seyffart highlighted this on Twitter, emphasizing the anticipation surrounding the six leveraged Bitcoin ETF filings.

The proposed Bitcoin ETFs include T-REX 1.5X, 1.75X, and 2X Long Spot Bitcoin Daily Target ETFs, as well as T-REX 1.5X, 1.75X, and 2X Inverse Spot Bitcoin Daily Target ETFs.

These funds aim to achieve daily leveraged or inverse investment results, with leverage up to 150% for the 1.5X product and 200% for the 2X product. Tuttle Capital intends to initially use BlackRock’s prospective iShares spot Bitcoin ETF as the underlying reference for swap agreements but reserves the right to change the reference asset in the future.

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Digifinex Labs: MicroStrategy Co-founder Michael Saylor to Sell $216 Million in Company Shares for Bitcoin Investment and Financial Obligations

MicroStrategy has been actively accumulating Bitcoin and currently holds a significant amount, making it the largest listed corporate holder of the cryptocurrency. The company recently added 14,620 BTC to its holdings in December, bringing the total to 189,150 BTC, valued at $8.55 billion at current prices.

The announcement of Saylor’s share sale comes at a time when MicroStrategy’s stock has been performing well, with a 21.65% increase in the past month. The shares closed at $685.15 on Tuesday, reflecting an 8.48% increase.

As for Bitcoin, it reached $45,182, a 0.4% increase over the past 24 hours. This rise brought Bitcoin to its highest level since April 2022. The cryptocurrency market continues to attract attention and investment, with notable moves by companies like MicroStrategy contributing to the overall dynamics.

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Digifinex Labs: Legal expert suggests that the FTX bankruptcy proceedings may extend over several years

Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog, has emphasized that the FTX case, initiated in November of the previous year, is likely to have a prolonged duration compared to other crypto-related bankruptcies such as Celsius and BlockFi. The extended timeline is attributed to FTX engaging in multiple clawback claims, also known as avoidance actions, in an effort to reclaim funds disbursed in the weeks and months leading up to its insolvency.

In an interview with The Block, Rosenberg explained that the litigation surrounding these clawback claims could be protracted due to the significant amounts involved and the involvement of sizable organizations capable of robust defense. While such claims typically find resolution through out-of-court settlements, avoiding trial for cost-effectiveness, the negotiation process for settlements can itself be time-consuming.

FTX faces the dual challenge of pursuing the recovery of funds spent by its former leadership, while concurrently contesting a substantial $24 billion claim from the Internal Revenue Service (IRS). The IRS alleges that the cryptocurrency exchange failed to fulfill its tax obligations in full. This legal battle further complicates FTX’s financial predicament and adds to the intricate web of legal proceedings surrounding the bankruptcy.

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Digifinex Labs: Canadian Crypto Exchange Catalyx Suspends Trading and Withdrawals After Security Breach

The security breach resulted in a loss of some customers’ crypto assets, prompting the company to launch an investigation. There are suspicions that an employee may have been involved in the incident. The exact amount of losses has not been disclosed by CataX.

To investigate the security breach, CataX has enlisted the services of global financial auditing firm Deloitte LLP, which will provide forensic and investigative services. The company plans to update its users after Deloitte completes the investigation.

It’s worth noting that the information is sourced from The Block, an independent media outlet. The article also includes a disclaimer about Foresight Ventures being a majority investor in The Block and having investments in other companies in the crypto space. Additionally, Bitget, a crypto exchange, is mentioned as an anchor LP for Foresight Ventures. The Block asserts its commitment to operating independently and providing objective information about the crypto industry.

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Digifinex Labs: Ethereum Bulls Drive 5% Surge Can ETH Sustain Momentum to Reach $2,550?

Ethereum’s price witnessed a 5% surge as bullish momentum took control, raising speculation about a potential move to $2,550.

The upward momentum carried the price beyond key resistance levels at $2,250 and $2,280. The bulls further propelled the price above the $2,350 mark, reaching a new multi-day high at approximately $2,441. Currently, the price is consolidating these gains and is trading above the 23.6% Fibonacci retracement level, calculated from the swing low of $2,180 to the high of $2,441.

As of now, Ethereum is trading above $2,350 and the 100-hourly Simple Moving Average. However, it encounters resistance around the $2,440 level. The primary hurdle lies at $2,500, and a decisive close above this level could propel the price towards $2,620. Breaking the $2,620 resistance might initiate another bullish trend, with the subsequent resistance levels at $2,700 and potentially testing the $2,800 zone.

On the downside, failure to breach the $2,440 resistance could trigger a fresh decline. Initial support is anticipated around $2,380 and the trend line. The crucial support levels include $2,320 and the 50% Fibonacci retracement level. A downside break and close below $2,320 may lead to more bearish movements, with the possibility of revisiting the $2,200 support. Further losses could extend the decline towards the $2,120 level.

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Digifinex Labs: Is It Time to Increase Your Ethereum Holdings Despite High Gas Fees?

Even with the impressive performance of Solana (OSL) and other layer-1 coins like Cardano (ADA) in 2023, borovik.eth maintains a deviant and optimistic stance on ETH. The analyst believes that Ethereum’s scaling challenges are manageable, expressing confidence that developers will find permanent solutions over the long term.

Relying on this optimistic outlook, the Rollbit partner anticipates a strong recovery for ETH in the upcoming sessions, given the substantial development, particularly in layer-2 scaling options designed for the pioneering smart contract platform. Borovik.eth highlights the positive impact of major companies like Coinbase and venture capitalists (VCs) supporting the development of layer-2 off-chain options, positioning Ethereum favorably for a potential bull run.

As of December 26, ETH continues its uptrend but is cooling off after significant gains in Q4 2023. While ETH lags behind most layer-1 platforms like Injective Protocol (INJ) and Solana (SOL) in spot rates, it remains below the critical resistance level of $2,400. A breakthrough past this level could propel ETH towards $3,500 or beyond in the coming months.

The comparison of SOL’s valuation, particularly in H2 2023, with ETH has prompted discussions. Despite this, many traders maintain optimism, with Arthur Hayes suggesting a rotation of funds from SOL to ETH, endorsing Ethereum as the second most valuable coin by market capitalization.

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Digifinex Labs: Tim Draper: Bitcoin to Hit $250,000 in 2024 Despite ‘Fear Delay’ and Enthusiastic About Smart Contracts

In this instance, Draper reiterates his previous prediction that Bitcoin will reach $250,000, expressing confidence in this price target. He attributes any delays in reaching this target to what he calls a “fear delay” and mentions the cautious approach of certain governments, particularly the U.S.

Draper also expresses his enthusiasm for the potential of Bitcoin and blockchain technology, particularly smart contracts. He envisions a future where financial transactions, including fundraising, investments, and payments, can be conducted seamlessly using Bitcoin without the need for traditional intermediaries like accountants, auditors, and lawyers.

It’s important for investors and the general public to approach cryptocurrency price predictions with caution, as the market is highly volatile, and unforeseen events can have a significant impact. While Draper is optimistic about Bitcoin’s future, it’s essential to conduct thorough research and consider various perspectives before making any investment decisions.

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