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Bitcoin inches to $55,000, eyes all-time high with 21% gap

Bitcoin inches to $55,000, eyes all-time high with 21% gap

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Bitcoin’s price has rallied back towards the $55,000 level, now sitting around $54,700. This leaves it around 21% away from its November 2021 all-time high of $69,000. Bitcoin dominated recent inflows with $570 million last week, bringing its 2023 year-to-date total to $5.6 billion.

A Texas judge has temporarily halted a Department of Energy survey of crypto miners’ electricity usage after a lawsuit alleged the emergency data collection lacked proper justification. The judge agreed that the facts did not seem to warrant invoking special emergency procedures that bypass normal review processes.

Aleo, a platform dedicated to enhancing privacy in the crypto space through zero-knowledge (ZK) cryptography, faced scrutiny from its users following a leak of Know Your Customer (KYC) documents. Reports surfaced on social media platform X (formerly Twitter) about users receiving KYC documents intended for others.

Today’s Newsletter

  • Bitcoin inches to $55,000, eyes all-time high with 21% gap
  • Texas Blockchain Council & Riot secure win against US energy officials
  • Zero-knowledge chain Aleo faces privacy leak issues



Data powered by CoinGecko.


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Bitcoin inches to $55,000, eyes all-time high with 21% gap

The recent price surge comes as spot Bitcoin ETFs like IBIT from BlackRock trade in high volumes, with some predicting they could surpass gold ETFs within two years. Overall, crypto investment products saw inflows of close to $4.3 billion in February so far.

Bitcoin is ascending to new heights as it gains credibility with institutional investors through ETFs and becomes more scarce ahead of its halving. The growing popularity of Bitcoin ETFs poses a challenge even to stalwart gold ETFs. With so much buying pressure ahead of Bitcoin’s next “halving” supply shock, some analysts forecast even higher prices. [cryptobriefing]


Texas Blockchain Council & Riot secure win against US energy officials

The DOE’s attempt to quickly gather data on electricity consumed by crypto mining facilities has hit a speed bump. A federal judge granted a temporary restraining order blocking the survey after crypto industry groups sued, questioning the claim of an emergency need for the data.

The crypto mining industry’s energy usage has faced heightened scrutiny from policymakers in recent years. Critics like Senator Elizabeth Warren argue mining’s intensive electricity consumption undermines climate goals. The outcome of this legal battle could set significant precedents for how crypto mining operations are regulated / scrutinized in the future. [cointelegraph]


Sullivan & Cromwell accused of being FTX’s ‘partner in fraud’

The leak not only raises questions about the efficacy of Aleo’s third-party protocol for handling sensitive KYC and Anti-Money Laundering (AML) data but also highlights the broader implications for privacy-centric blockchain technologies. The irony of a platform built on the premise of programmable privacy mishandling personal data underscores a significant oversight in operational security (opsec) practices.

Aleo’s commitment to privacy and security, especially through the use of ZK cryptography, is at odds with the breach of trust resulting from this incident. The use of ZK cryptography and similar technologies represents a frontier in enhancing privacy and security in blockchain transactions. However, the Aleo incident brings to light the complexities and potential pitfalls of integrating traditional KYC and AML processes with privacy protocols. [cryptobriefing]


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