BTC’s ‘Reasonable’ $180,000 Target, NFT Plunge in 2024, and More: Hodler’s Digest Jan 12

Top news of the week

Coinbase CEO Urges Countries to Secure Bitcoin Reserves

Brian Armstrong, CEO of US-based cryptocurrency exchange Coinbase, has endorsed a plan for global leaders to establish a Bitcoin strategic reserve.

In a Jan. 17 blog post on “economic freedom,” Armstrong said cryptocurrencies are “the next chapter of capitalism” and suggested policymakers integrate digital assets into the economy by 2025.

The Coinbase CEO’s ideas included cryptocurrency-friendly laws, government efficiency, special economic zones, and setting up Bitcoin reserves as a hedge against inflation.

“The next global arms race will not be in space, but in the digital economy,” Armstrong speculated. “Bitcoin could become as fundamental to the global economy as gold, and central to national security in a world where holding Bitcoin could shift the balance of power between nations.”

SEC indicts digital currency group on charges of misleading investors

The U.S. Securities and Exchange Commission (SEC) arrested Digital Currency Group (DCG) and former Genesis Global Capital CEO Soichoro “Michael” Moro as Genesis’ financial treasurers following the collapse of Three Arrows Capital (3AC). It was charged with misleading investors about its soundness.

DCG and Moreau agreed to pay civil penalties totaling $38.5 million, with DCG paying $38 million and Morrow $500,000, according to documents filed Jan. 17.

Moro and DCG agreed to civil penalties without admitting or denying violations of the Securities Act of 1933.

The settlement is the latest chapter in Genesis’ legal story, which filed for Chapter 11 bankruptcy protection in January 2023 following the 2022 default by Genesis’ former borrower, 3AC.

Trump plans executive order to make cryptocurrency a national priority

It has been reported that US President-elect Donald Trump will sign an executive order designating cryptocurrency a national priority as soon as he re-enters the country on January 20.

Bloomberg reported on January 17, citing sources familiar with the plan, that the order would force regulators to work with the industry. A cryptocurrency committee could also be created to advocate for the industry’s policy wishes.

The order could be signed as soon as Jan. 20, Trump’s first day back in office, but it is not final and could change before it is made public, the report said.

Trump is widely speculated to have a cryptocurrency-related executive order ready on day one, as the domestic industry largely supports his campaign and the president-elect promises the U.S. will be a “crypto capital.”

The New York Times similarly reported on January 16 that cryptocurrency executives had reached out to Trump’s cryptocurrency czar David Sacks on an executive order addressing several areas of cryptocurrency policy.

The U.S. government said funds from the 2016 hack should be returned to Bitfinex.

Lawyers for the U.S. government recently filed a request to return to cryptocurrency exchanges the bitcoins confiscated in the 2016 Bitfinex hack.

The Jan. 14 legal filing stipulates that approximately 94,643 BTC created through the hard fork, as well as an unspecified amount of Bitcoin Cash, Bitcoin Satoshi Vision, and Bitcoin Gold, will be returned to exchanges on a spot basis.

Ilya Lichtenstein and his wife Heather Morgan (Razzlekhan) were both arrested in 2022 and later convicted of hacking the Bitfinex exchange in 2016, leading to the theft of 119,754 BTC.

At the time, the amount of Bitcoin stolen was only $72 million. Today, the same amount of BTC is worth more than $11.8 billion. This sparked debate about Bitfinex’s compensation plan for hacking victims at the time.

NFTs Have Worst Performance Since 2020: DappRadar

According to a DappRadar report, 2024 was the worst year for the non-fungible token (NFT) market since 2020 due to volatility and rising token prices.

According to the blockchain analysis platform’s 2024 Dapp Industry Report released on January 14, NFT transaction volume last year reached $13.7 billion, a 19% decrease from 2023, and the number of sales decreased 18% to just under 50 million. It happened. “2024 has become one of the worst years. “We have been performing for several years, starting in 2020.”

DappRadar added that NFTs have seen significant volatility, with Q1 trading volume reaching $5.3 billion, a 4% increase compared to Q1 2023. However, “momentum was short-lived,” with volume falling to $1.5 billion in the third quarter before rebounding to $2.6 billion, according to the report. In the fourth quarter.

winners and losers

Bitcoin this weekend (BTC) The price is $104,304, Ether. (ETH) for $3,476 XRP For $3.30. According to CoinMarketCap, the total market capitalization is $3.31 trillion.

Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Fartcoin. (Partcoin) 69.92%, XDC Network (XDC) 48.40% and XRP (XRP) 41.17%.

The top three altcoin losers of the week are Ai16z. (AI16Z) 16.25%, Bitcoin SV (BSV) 7.34%, Sui (Sui) 6.05%. For more information on cryptocurrency prices, read Cointelegraph’s market analysis.

most memorable quotes

“We need regulatory clarity and guidance at this time. “We will look at what laws come out of the United States and decide.”

Paolo ArdoinoTether CEO

“I don’t think anyone would buy something here for $90,000 and lose money. If you try to get your timing right, you might get lucky and get to $70,000.”

Tom LeeChief Investment Officer at Fundstrat Capital

“Perhaps no single entity bears more responsibility than Huione Guarantee for the global cyber fraud epidemic that has ruined so many lives.”

ellipseBlockchain analysis company

“AI agents are expected to play an increasingly important role in decentralized communities.”

JD SeraphineRainmaker CEO

“2024 may have been a record year for illicit actor influx, as these numbers are lower bound estimates based on the influx of illicit addresses we have identified to date.”

chain analysisBlockchain analysis company

“This news brought a smile to the faces of cryptocurrency investors and heralded a positive change in the risk-taking market. “Cryptocurrency markets have shown strong gains as data paints a favorable macroeconomic picture.”

BurakkesmeciCryptoQuant Contributor

Key predictions of the week

Bitcoin price still on track to $180,000 in 2025: Interview with Filbfilb

Anonymous long-time trader and analyst Filbfilb says Bitcoin reaching $130,000 would be a good outcome for the current bull market.

In a recent interview with Cointelegraph, the co-founder of trading suite DecenTrader gave his predictions on where BTC price action will head this cycle.

Bitcoin has bounced back from hitting a two-month low and remains well above $100,000 as of January 17, according to data from Cointelegraph Markets Pro and TradingView.

Good things await Filbfilb. This is especially true for the U.S. government led by President-elect Donald Trump.

Pro-Bitcoin and pro-crypto policies may provide short-term market stimulus, but not everything may go smoothly. Any talk of a trade war, for example, could deal a serious blow to the risk asset bull market.

In other words, BTC/USD will lead the way with Bitcoin hitting new highs in cryptocurrency market dominance, Filbfilb said.

“Based on previous circulation data, there is no evidence that Bitcoin has reached current highs. Obviously, it may be different this time, but I think there is a reasonable argument that Bitcoin could move towards the $180,000 target I see in early 2023,” Filbfilb told Cointelegraph.

Top FUD of the week

US consumer finance watchdog sues digital wallets for treating them like banks

Two tech trade groups have filed a lawsuit against the U.S. Consumer Financial Protection Bureau for seeking to treat payment apps and digital wallets like banks.

The complaint, filed Jan. 16 by TechNet, a bipartisan network of technology CEOs and senior executives, and NetChoice, a group of Internet freedom activists, objects to rules issued in December by the Consumer Financial Protection Bureau (CFPB).

The rule expands the CFPB’s oversight authority over “general-purpose digital consumer payment applications” that target large participants such as payment apps, digital wallets and other non-bank financial service providers.

The 259-page rule does not include cryptocurrency wallet providers or decentralized wallets, but is aimed at targeting large non-bank companies.

Upbit cryptocurrency exchange receives notice of business suspension in Korea

It has been reported that Upbit, one of the largest cryptocurrency exchanges in Korea, has received a suspension notice for alleged violations of Know Your Customer.

Naver announced on the 16th (local time) that the Financial Intelligence Unit (FIU) of the Financial Services Commission notified Upbit of possible sanctions.

As part of the measure, authorities will suspend new user registrations on Upbit for six months, while existing users will not be affected.

According to the report, Upbit has until January 20 to submit feedback on the sanctions to the FIU. The FIU is expected to make a final decision on the fines on January 21.

Yuga Labs faces backlash over rumors of selling CryptoPunks IP

The CryptoPunks community has been thrown into disarray by rumors that Yuga Labs may be considering selling the intellectual property (IP) rights to its CryptoPunks non-fungible token (NFT) collection.

The rumor, which originated from a Jan. 14 X post by Wale.moca, a researcher under the pseudonym Azuki, sparked backlash among fans and industry voices.

According to Wale.moca, “multiple sources close to the matter” have suggested that Yuga Labs may be in the process of selling the CryptoPunks IP. Yuga Labs acquired the IP rights to 423 CryptoPunks NFTs from Larva Labs in March 2022.

Greg Solano, co-founder of Yuga Labs, commented on the rumors about X:

“We’ve had a lot of people approach us, especially over the past few months. (…) That doesn’t mean we don’t do anything.”

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Cointelegraph Magazine writers and reporters contributed to this article.