NewsBriefs - India reevaluates its cryptocurrency policy amid changing global trends

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• Feb 3, 11:14 AM TASS

  Russia to mandate registration for all crypto mining equipment

  Russia's Ministry of Energy plans to establish a mandatory registry for all crypto mining equipment to control mining activities, particularly in areas where mining is banned. This initiative, aimed at identifying illegal operations, will make unregistered mining infeasible. Furthermore, the Federal Tax Service now enables miners to report crypto earnings online, aligning with recent taxation frameworks.

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• Feb 3, 10:46 AM Bitcoin Sistemi

  India reevaluates its cryptocurrency policy amid changing global trends

  India is reevaluating its cryptocurrency stance as global trends towards digital assets become more favorable. Economic Affairs Secretary Ajay Seth mentioned this could delay a previously scheduled cryptocurrency discussion paper. This shift in scrutiny aligns with recent regulatory changes in other countries, including the US, influencing India to take a fresh look at its crypto regulations.

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• Feb 1, 9:25 PM The Block

  Bitcoin mempool clears as transaction volume drops to an 11-month low

  Bitcoin network activity has significantly decreased, with transaction counts hitting an 11-month low and a corresponding decline in mempool backlog, leading to several unfilled mining blocks. The drop in transactions began three months ago and has resulted in a decrease of over 43% from the network's peak activity. This reduction in activity has also seen transaction fees reach near-record lows. As a result, the profitability of Bitcoin mining is being challenged, prompting diversification into other computing sectors by major mining firms.

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• Jan 31, 5:21 PM The Block

  MicroStrategy raises $563.4 million for Bitcoin acquisition through preferred stock sale

  MicroStrategy sold 7.3 million shares of 8% Series A perpetual strike preferred stock to raise $563.4 million, which the company plans to use for acquiring more Bitcoin. This offering significantly exceeded the initial aim of selling 2.5 million shares. The company already holds a substantial amount of Bitcoin valued at over $46 billion and plans to continue expanding its crypto assets. Perpetual preferred stock provides fixed dividends indefinitely and can be converted into common shares, adding flexibility for investors.

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• Jan 31, 4:39 PM The Block

  Uniswap Labs rolls out v4, introducing developer-focused upgrades and lower gas fees

  Uniswap Labs has launched version 4 of the Uniswap protocol across several blockchain networks including Ethereum and Arbitrum. Uniswap v4 introduces new developer capabilities through the use of 'hooks' and aims to improve capital efficiency and user experience with a new 'singleton' liquidity architecture. The protocol transition into a developer platform includes enhanced features for liquidity providers and optimized swap routing across existing and new version pools. Uniswap v4 has successfully completed extensive security testing, including nine audits and a $15.5 million bug bounty program.

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• Jan 31, 10:35 AM The Block

  LayerZero settles legal dispute with FTX estate over previous Alameda transaction

  LayerZero Labs has finalized a settlement with the FTX estate after a two-year legal battle involving transactions made with Alameda Research before FTX's bankruptcy. The dispute centered on the reversal of questionable transfers, including Alameda's repurchase of equity and tokens from LayerZero. The terms included LayerZero returning to FTX estate the original repurchases from Alameda.

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• Jan 31, 10:24 AM CoinDesk

  Stablecoin market capitalization surpasses $200 billion, indicating potential growth in crypto prices

  The total market capitalization of stablecoins has reached a new high of over $200 billion, signaling potential upcoming growth in the broader crypto market, as analyzed by CryptoQuant. Stablecoins like USDT and USDC, which are pegged to stable assets such as the US dollar, are increasing in liquidity, indicating a positive shift. This growth comes amid a significant rise in the overall crypto market, now valued at $3.5 trillion.

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• Jan 31, 4:00 AM Diario El Salvador

  Bitfinex Securities prepares to launch Blockstream Mining Note 2 in El Salvador

  Bitfinex Securities plans to issue Blockstream Mining Note 2 (BMN2) from El Salvador, aiming to provide investors with exposure to Bitcoin mining revenues via tokenization. The digital securities exchange, leveraging El Salvador's flexible Digital Assets Law, intends to make BMN2 accessible on its platform in the first quarter. Additionally, BMN2 issuance in El Salvador allows for lower investment entry levels compared to other markets like Luxembourg. The company also launched tokenized US Treasury Notes in El Salvador and is working towards introducing more tokenized financial products, aiming to turn El Salvador into a new capital markets hub.

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• Jan 30, 10:08 PM The Block

  Coinbase Derivatives files to list Solana and Hedera futures

  Coinbase Derivatives has filed with regulators to list new futures contracts for Solana and Hedera, to be cash-settled monthly starting February 2025. These filings signify Coinbase's strategy to leverage the expected favorable regulatory climate and improved market sentiment. If approved, these futures would include contracts of 100 SOL and a smaller 'nano' Solana contract, alongside a Hedera contract tracking 5,000 tokens, all cleared by Nodal Clear, LLC.

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• Jan 30, 6:31 PM The Block

  Ross Ulbricht-linked wallets lose $12 million on Pump.fun, reports Arkham

  Crypto wallets associated with Silk Road founder Ross Ulbricht, who was recently pardoned, misplaced $12 million through mistaken transactions on Pump.fun. Arkham Intelligence reported that Ulbricht, or someone with access to his wallets, mishandled the token pricing while setting up liquidity on Raydium, leading MEV Bots to exploit the price errors, seizing a significant portion of the tokens and plummeting their value by 90%.

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• Jan 30, 4:00 PM Kraken

  Kraken introduces new onchain staking product for US clients

  Kraken, a leading cryptocurrency exchange, has launched a new onchain staking product available to clients in 37 US states and 2 territories. This staking service allows users to securely stake 17 crypto tokens including ETH, SOL, DOT, and ADA through Kraken Pro. The staking involves bonding assets to a network for a defined period, with Kraken delegating these to validators who handle transaction validation and block production, returning rewards to clients. This launch marks a significant development in enhancing blockchain network security within the US.

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• Jan 30, 3:42 PM The Block

  ECB president Christine Lagarde rules out Bitcoin for eurozone central bank reserves

  European Central Bank President Christine Lagarde stated that Bitcoin is not a viable option for inclusion in the eurozone's central bank reserves due to concerns over liquidity, security, and regulatory compliance.She emphasized that reserves must be liquid, secure, and free from criminal risks. This consensus among policymakers reinforces Lagarde's previous position on the need for strong global regulation of Bitcoin, which she describes as highly speculative and associated with financial crimes.

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• Jan 30, 10:30 AM The Block

  JPMorgan finds Bitcoin highly correlated with Russell 2000 tech stocks

  JPMorgan analysts have determined that Bitcoin and other crypto assets show the highest correlation with small-cap tech stocks indexed in the Russell 2000, particularly due to their shared dependence on technological innovation and venture capital. This connection has persisted, with fluctuations, since the pandemic, influenced by retail investor activity and the tech-driven nature of both sectors. This correlation tends to strengthen during major shifts within the tech industry.

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• Jan 29, 10:30 PM Cointelegraph

  Texas Governor prioritizes Bitcoin reserve bill for 2025

  Texas Lieutenant Governor Dan Patrick has included establishing a Texas Bitcoin Reserve in the state's 2025 legislative priorities. Texas is joining other states like Arizona and Utah in exploring crypto reserves to advance their digital economies and secure economic freedoms. Initiatives for accepting Bitcoin for fees and taxes aim to support the reserve, with Texas strategically positioned due to its large economy and favorable conditions for Bitcoin mining.

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• Jan 29, 9:08 PM The Block

  Fed Chair Jerome Powell states banks can serve crypto clients if risks are managed

  Federal Reserve Chair Jerome Powell has stated that banks can serve crypto clients as long as they effectively manage the associated risks. This clarification comes amid concerns of crypto debanking and industry crises like the FTX collapse. Powell highlighted the need for a higher threshold of risk management for banks engaging in crypto activities due to their novelty, asserting that the central bank supports innovation. Meanwhile, legislative and legal actions are being taken addressing the ongoing debate around banks' services to crypto firms.

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