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During the first month of 2023, the top two leading cryptocurrencies, bitcoin and ethereum, experienced double-digit gains against the U.S. dollar. Meanwhile, several alternative cryptocurrencies saw even greater increases in value, with metaverse tokens like Decentraland’s MANA and The Sandbox’s SAND rising 92-150% against the greenback. Metaverse Crypto Assets Outshine Bitcoin and Ethereum Metaverse crypto assets have outperformed both bitcoin (BTC) and ethereum (ETH) , the leading crypto asset and top smart contract token, respectively. In the past month, Decentraland’s MANA token has been the top performer, rising 150% against the U.S. dollar. Over the last two weeks, MANA climbed 7.3%, and in the past seven days, it rose 2.9%. On January 31, 2023, a single MANA was trading for $0.716 to $0.755 per unit. The Sandbox’s SAND metaverse token has increased 92% in the past 30 days and has risen 5% in the last two weeks. However, despite the 30-day increase, seven-day metrics show...

Seven days ago, finder.com, a product comparison website, published a forecast report based on predictions from several crypto and fintech experts, predicting bitcoin’s year-end price for 2023. Following the bitcoin price prediction report, Finder released another survey focused on ethereum, the second-largest crypto asset in terms of market capitalization. Finder specialists believe ethereum will reach a peak of $2,474 per token this year and end the year at $2,184 per unit. 24% of Panelists Believe Ethereum Will Surpass Bitcoin by 2025, Finder Survey Shows This week, finder.com, a product comparison website, published a report that surveyed 56 fintech and cryptocurrency specialists to gauge their predictions for ethereum ( ETH ) prices this year. ETH experienced a challenging year in 2022, similar to most digital currencies in the crypto economy, but prices have picked up in the first month of 2023. Thirty-day statistics show ETH has risen more than 32% against the U.S. dollar ...

The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan originations backed by mining equipment. Bankprov’s Portfolio of Cryptocurrency Collateralized Loans Decreased by 65% Bankprov disclosed that it holds approximately $41.2 million in cryptocurrency-collateralized loans, with about $26.7 million of the debt backed by crypto-mining equipment. Collateralized loans secured by application-specific integrated circuit (ASIC) mining rigs became a popular investment vehicle in 2021, but the crypto winter resulted in significant pressure on the industry. By the end of June 2022, Luxor executive Ethan Vera estimated that about $4 billion in loans backed by mining machines we...

Dogecoin climbed to an eight-week high on Jan. 31, as prices broke out of a key resistance level on Tuesday. The meme coin surged ahead following the release of the latest consumer confidence report in the United States. Shiba inu also moved higher, rebounding from losses to start the week. Dogecoin (DOGE) Dogecoin (DOGE) raced higher on Tuesday, as the meme coin broke out of a key resistance level. Following a low of $0.08578 to start the week, DOGE/USD rose to an intraday high of $0.095 earlier today. As a result of the surge, dogecoin rose to its strongest point since December 11, when prices were at a high of $0.0972. Since the move, earlier gains have somewhat eased, as the 14-day relative strength index (RSI) collided with a ceiling of its own. As of writing, the index is tracking at 65.03, which is marginally above a resistance level at 65.00. Providing bulls are able to maintain current momentum, their next target will likely be $0.099. Shiba Inu (SHIB) Another notabl...

On Monday, Alameda Research Ltd. filed a legal complaint against Voyager Digital LLC and HTC Trading Inc. in the U.S. bankruptcy court. The complaint alleges the defendants received preferential transfers of property from Alameda Research and the plaintiffs are seeking to recover approximately $445.8 million from Voyager and HTC. Legal Battle Erupts Over Crypto Asset Transfers Reportedly Made by Alameda Research A newly filed complaint in the FTX bankruptcy proceedings shows Alameda Research, the defunct quantitative trading firm created by Sam Bankman-Fried (SBF), is seeking close to $446 million from bankrupt exchange Voyager Digital and HTC Trading. Lawyers for Alameda claim the company paid off outstanding loans after Voyager filed for bankruptcy protection in July. The complaint also claims the transfers are recoverable as an administrative priority under sections 503 and 507 of the U.S. Bankruptcy Code. “The collapse of Alameda and its affiliates amid allegations that Alame...

The fate of the Panamanian crypto bill project, which was approved by the Panamanian National Assembly last year, now depends on the decision of the supreme court of the country. The sanction of the project, which was vetoed by President Laurentino Cortizo, is now in the hands of the court after Congress rejected the veto measure. Panamanian Law Still Has Opportunity of Being Approved The Panamanian cryptocurrency bill, which was introduced in 2021 to the National Assembly and passed by the institution last year, has the opportunity of being re-examined and sanctioned even without presidential support. The destiny of the document lies now in the hands of the Supreme Court of Panama, which will have to weigh the arguments in favor and against the sanction of the regulatory framework. President Laurentino Cortizo, who received the document on Jan. 18 to sanction the proposed bill, delivered it to the court instead after issuing heavy objections to its form. The institution, that will...

Ordinals, a new way of using and getting content using Bitcoin, are enabling creators to harness the utility of NFTs (non-fungible tokens) directly from the blockchain, essentially creating native Bitcoin NFTs. This has stirred the pot in some circles, which are now discussing if this is the way in which Bitcoin’s blockchain should be used, and how this new use case will affect bitcoin nodes and fees in the future. Ordinals Enable Bitcoin NFTs Courtesy of Taproot A newfound use case for the Bitcoin chain is now being tested by individuals that have found a way of getting content directly to the blockchain. The project, called Ordinals , and launched just a few days ago, has enabled anyone to create Bitcoin NFTs (called inscriptions) as part of its functionality. This opportunity was inadvertently opened by the Taproot upgrade that the network underwent in November, which extended the length of Bitcoin transactions to almost the whole size of a block. This has been key for what’s c...

A new decentralized exchange (dex) on Arbitrum, called Vest Exchange, was announced this past weekend, and the team that created the project said the platform aims to focus on democratizing perpetual futures. The team behind Vest further detailed that the new Arbitrum dex is backed by firms such as Jane Street, QCP Capital, and Big Brain Holdings. Vest Aims to Revolutionize Defi Perpetuals With Cutting-Edge Risk-Engine and Backing From Prominent Investment Firms The creators of a new dex platform built on the Arbitrum layer two blockchain announced on Jan. 28, 2023, that the project has emerged from stealth mode. The project, called Vest Exchange , closed a seed round with investments from firms including Jane Street, QCP Capital, Big Brain Holdings, Pear VC, Cogitent, Moonshot Research, Fugazi Labs, Ascendex, Builder Capital, Infinity Ventures Crypto, and Robert Chen (Ottersec). Vest Exchange also provided a summary of the project in a blog post published on the same day. Vest ...

Seven months ago, current Twitter owner Elon Musk said, prior to acquiring the social media giant, he would integrate cryptocurrency payments. According to sources, a team is working on the infrastructure for a payment platform, and Twitter is proceeding with regulatory approvals and registrations. Elon Musk’s Plan for Twitter Payment System Advances, Adding Cryptocurrency Later Elon Musk appears to be proceeding with plans to integrate a payment system into Twitter. According to sources cited by the Financial Times (FT), Elon’s lieutenant, Esther Crawford , is working on logistics and has formed a small team. Musk has previously stated his intention to create a payment system, and in mid-June 2022, the current Twitter owner mentioned the integration of cryptocurrencies. “I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and fiat currency as well as crypto — essentially, whatever somebody would find useful,” Musk detai...

PRESS RELEASE. Today it was announced that Unbanked , the leading provider of white-label crypto card issuance and program management service for Web3 companies has partnered with Mastercard, to accelerate DeFi card issuance in Europe. Mastercard and Unbanked have already established a footprint in the United Kingdom and Europe and solidified relationships with leading Web3 organizations to launch card programs with a focus on innovation in the payments space. Through this initiative Unbanked and Mastercard are committed to enabling the issuance of cryptocurrency powered card programs focused on simplicity, security, and consumer protections. “At Mastercard we believe in offering choice to consumers and businesses on how they want to pay and be paid. This initiative with Unbanked is to testament to that as we work to accelerate issuance of crypto cards and empower choice in the market, knowing that it comes with the safety, security and protections they would expect from our networ...

Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also moved lower, as prices were unable to break out of a key resistance level. Market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing. Polygon (MATIC) Polygon (MATIC) was one of Monday’s most notable movers, with prices retreating from recent gains. MATIC/USD slipped to an intraday bottom of $1.11 to start the week, less than 24 hours after rising to a high at $1.19 on Sunday. Sunday’s move pushed polygon to its strongest point since November 8, as prices neared a ceiling of $1.20. Looking at the chart, the decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index (RSI). As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00 Price strength now seems to be looking for a floor, with a target of 60.00 a possible destinati...

Bitcoin started the week trading near a five-month high, as prices consolidated the weekend’s gains. Prices rose close to $24,000 on Sunday, following a breakout of a key resistance level. Ethereum fell back below $1,600 on Monday, after moving to a one-week high during yesterday’s session. Bitcoin Bitcoin ( BTC ) remained near a five-month high on Monday, following a strong rally towards $24,000 over the weekend. Following a high of $23,919.89 on Sunday, BTC /USD fell to a low of $23,166.83 to start the week. Sunday’s surge saw BTC bulls push prices to their strongest point since August 26, however these same traders have already begun to retreat. Looking at the chart, the decline commenced following a failed breakout of a ceiling at 85.00 on the 14-day relative strength index (RSI). As of writing, the index is now tracking at 72.19, with a floor at 65.00 the only current visible target for bears. Should this zone be hit, it is highly likely that BTC will be trading close to...

A U.S. lawmaker has introduced a resolution that encourages Capitol gift shops to accept cryptocurrency payments. He stressed that lawmakers “should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who visit Capitol Hill.” US Senator Advocates Crypto Payments U.S. Senator Ted Cruz (R-TX) announced Thursday that he has reintroduced the Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions (ACCEPT) Resolution. Cruz first introduced this resolution in November 2021. The senator from Texas said: Cryptocurrency is generating new jobs, encouraging entrepreneurs to invent new values and creating new hedges against inflation, and presenting new opportunities. It is also increasingly being used as a secure form of payment for goods and services. “This is precisely why we, here at the United States Capitol, should increase accessibility and signal our support for the burgeoning cryptocurrency industry to those who ...

U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, such as the Securities and Exchange Commission (SEC), have the tools to regulate the crypto industry effectively and crack down on crypto money laundering activities. “The current legal structure essentially holds up a giant sign over crypto that says, money laundering done here,” the lawmaker stressed. Senator Urges Congress to Crack Down on Crypto Money Laundering U.S. Senator Elizabeth Warren (D-MA) said in an interview with Politico’s Morning Money Wednesday that cracking down on money laundering activities is her “main focus” in terms of crypto-related legislation. The senator confirmed that she will reintroduce her bill titled “Digital Asset Anti-Money Laundering Act of 2022.” Originally introduced in December last year, this bill is “the most direct attack ” on the personal freedom and privacy of crypto users, according to experts in the field. Warren explained that money laundering is “not nearly as...

The Bitcoin blockchain recorded another difficulty increase on Sunday, Jan. 29, 2023, at block height 774,144. The network’s difficulty increased by 4.68%, from 37.59 trillion to an all-time high of 39.35 trillion. Bitcoin Difficulty Reaches New All-Time High as Mining Gets Tougher Bitcoin’s difficulty reached another all-time high, surpassing the record set two weeks ago, after rising 4.68% on Sunday. The increase occurred at block height 774,144 , at 6:10 a.m. (UTC). The difficulty is now at 39.35 trillion, close to surpassing 40 trillion. The next adjustment is due Feb. 11, 2023. The rise makes mining blocks more difficult, following a 4.68% jump after the 10.26% increase on Jan. 15, 2023. Jan. 29 statistics show a hashrate of 279.7 exahash per second (EH/s) over the last 2,016 blocks, currently at 283.55 EH/s dedicated to the Bitcoin blockchain. Statistics from macromicro.me on Jan. 28, 2023, estimate the cost of BTC production at $21,176 per unit. On Jan. 29, the spot p...

Stocks, precious metals, and cryptocurrencies rallied during the first month of the year, and market strategists are saying that markets could retract in the near future if the U.S. Federal Reserve keeps hiking rates and maintaining a broader tightening policy. In three days, on Feb. 1, 2023, the Federal Open Market Committee (FOMC) is set to convene. While the market expects rate cuts, some analysts think the Fed will continue raising the federal funds rate. Chris Vermeulen, the founder and chief investment officer of The Technical Traders, insists the S&P 500 is due to slide 37% lower than its current position. Strategist Predicts Potential Market Correction as Powell’s Re-tightening of Financial Conditions is Anticipated Markets are closely watching the next Federal Open Market Committee (FOMC) meeting, scheduled to occur on Wednesday, Feb. 1, three days from now. Last week, Bitcoin.com News reported on how investors are closely following the decision of Jerome Powell, the 1...

Trends show that artificial intelligence (AI) will be a major topic in 2023, as data indicates a surge in interest. Since interest peaked and Microsoft invested billions into Chatgpt, demand for AI-focused cryptocurrency projects has risen dramatically. For example, the crypto project Fetch.ai has seen its native token FET rise 212% in the past 30 days, and another AI project, Singularitynet, has seen it’s token AGIX increase 293% against the U.S. dollar. There’s Been a Surge in Interest in AI-Focused Cryptocurrency Projects During the week of Jan. 22-28, 2023, the worldwide Google Trends score for the term “AI” was 94 out of 100. In the first week of Dec. 2022, the search term reached its highest Google Trends score of 100. It’s safe to say that the world has become increasingly focused on artificial intelligence (AI) since the release of AI-infused art platforms like Dall-E, Deep AI, Jasper Art, Starry AI, Nightcafe, and others. In the past two months, the Openai platform Chatgpt...

Non-fungible token (NFT) assets have existed since at least 2014, but interest in them began to rise in January 2021, according to Google Trends data. Approximately one year later, the search term “NFT” reached its highest score on Google Trends. During that time the top five NFT collections, in terms of all-time sales volume, have collectively accrued $12.7 billion in sales volume. 5 Non-Fungible Token Projects Capture $12.7 Billion in Sales Two years ago, the search query “NFT” first appeared on Google Trends (GT), reaching a score of 1 out of 100 in the first month of 2021. Before that time, GT data shows little to no interest in NFTs, despite their existence since 2014 . A year later, NFTs were quite popular and the search query reached a score of 100 as searches for the term skyrocketed. Another year later, interest in NFTs has decreased significantly, with the search query reaching a score of 11 out of 100 during the week of January 22-28, 2023. As January 2023 ends, metrics...

The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model Proposed by Custodia Bank Presents Risks Crypto bank Custodia has been denied membership in the United States Federal Reserve System. In an announcement dated Jan. 27, the Federal Reserve Board explained that the application, as submitted by the company, is “inconsistent with the required factors under the law.” The press release further detailed that Custodia is a special purpose depository institution which does not have federal deposit insurance and wants to engage in “untested crypto activities,” including issuing a crypto asset. In that context, the Board argued: The firm’s novel business model and proposed focus on crypto-assets presented significant safety and soundness risks. ...

The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge. Solving the Financial Exclusion Challenge The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will open on Feb. 13 and close on March 14. According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.” As ...

A bill has been introduced in the U.S. state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The legislation proposes allowing crypto to be used as “a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges,” and more. Bill to Allow State Agencies to Accept Crypto Payments New York State Assembly member Clyde Vanel introduced a bill Thursday that “establishes cryptocurrencies as a form of payment for state agencies,” according to the bill’s description on the New York State Senate website. Assembly Bill A2532 has been referred to the New York State Assembly Committee on Government Operations. According to its summary, the bill: Establishes that state agencies are allowed to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment. The bill seeks to amend New York’s state finance law by adding “cryptocurrency as a form of payment.” The legislation def...

The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether’s market valuation has risen by 2% over the last 30 days, usd coin’s market cap slid by 2.9%, BUSD valuation shed 7.2% over the last month and gemini dollar’s market capitalization slid by 1.5%. $3 Billion in Dollar-Pegged Tokens Erased in 44 Days as Stablecoin Swaps Represent Nearly 80% of Global Crypto Trade Volume The overall value of the top stablecoins by market capitalization has shed roughly $3 billion during the last 44 days or since Dec. 15, 2022 . At that time, the stablecoin economy was worth $141.07 billion. On that day, stablecoin swaps represented $44.55 billion of the $53.91 billion in global trade volume. After losing more than $3 billion, the stablecoin economy is valued at $138.07 billion , and stablecoin trades equate to $46.33 billion of the $58.76 billion in global trades on Jan. 28, 20...