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- Hillary Clinton: Bitcoin could replace the dollar as the reserve currency 💰🪙
Hillary Clinton: Bitcoin could replace the dollar as the reserve currency 💰🪙
PLUS: TrueUSD stablecoin depegs as holders dump $330M in TUSD. Solana Mobile to Sell Second Crypto Smartphone.
Manan Vora
January 16, 2024
Snapshot Web3
January 16, 2024
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Regulatory and Legal News
At the World Economic Forum, Hillary Clinton expressed concern over the potential of cryptocurrencies, especially Bitcoin, to undermine the U.S. dollar's role as the world's reserve currency. She highlighted the growing debate on the impact of digital currencies in global finance and suggested that the rise of cryptocurrencies could contribute to a phenomenon known as de-dollarization. This process involves countries reducing their reliance on the U.S. dollar in international trade and finance, potentially leading to increased adoption of Bitcoin and other cryptocurrencies in the global economy.
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Innovation and Launches
Solana Mobile plans to release a second crypto smartphone following the unexpected success of its initial model, Saga. The upcoming phone will maintain essential features like an onboard crypto wallet and a "dApp store" but at a more affordable price point with different hardware. Despite the original Saga facing initial sales challenges and price reductions, a surge in demand on the secondary market has seen factory-sealed devices fetching up to $3,200 on eBay. The success of Saga was driven by its inclusion of BONK tokens, leading to quick sellouts and continued community engagement with lucrative airdrops, spurring interest in Solana developers for mobile application development.
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NFT, Gaming and Metaverse
GameStop has decided to shut down its NFT marketplace, marking the end of its foray into the crypto and NFT space. The company initially hinted at its interest in NFTs in April 2021 and subsequently made various moves, including the creation of a blockchain department, a partnership with crypto startup Immutable, and the launch of an NFT marketplace in July 2022. However, the venture faced challenges, including layoffs, executive changes, the discontinuation of its crypto wallet, and minimal earnings from NFT sales. In December 2023, GameStop's quarterly earnings revealed only $2.8 million in revenue from digital asset sales, compared to $77.4 million in the same period in 2022. The decision to close the NFT marketplace aligns with GameStop's struggle to turn a profit amidst its broader business challenges.
Ubisoft, the publisher behind popular games like Assassin’s Creed and Rainbow Six: Siege, has joined Korean game publisher WeMade’s Wemix’s blockchain node council as a partner. Ubisoft is now one of the 40 partners running validator nodes for Wemix's new "Wemix 3.0" network, which operates on an Ethereum-compatible EVM blockchain with a proof-of-stake authority consensus algorithm. As part of the Node Council Partners, Ubisoft will run Wemix nodes to validate transactions, contributing technical expertise and resources to enhance Wemix’s ecosystem. Ubisoft's involvement in blockchain gaming has been notable, including the addition of in-game NFTs to its Ghost Recon Breakpoint game and becoming a node operator for Hedera and Cronos blockchains in previous years.
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Scams and Hacks
Government servers in the South Korean city of Daejeon were found to be infected with crypto mining malware during a biannual audit commissioned by the Ministry of Public Administration and Security. The audit revealed security oversights, including the use of insecure administrator account passwords and a lack of necessary annual diagnostic checks on a significant number of servers. The city's cyber response team detected and quarantined the malware within eight days, reporting the incident to the National Intelligence Service. The ministry has instructed the Daejeon Mayoral Office to take preventive measures to avoid similar incidents in the future.
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Funding, Acquisitions and Partnerships
Hong Kong-based crypto exchange HashKey has achieved "unicorn" status with a pre-money valuation exceeding $1.2 billion after securing nearly $100 million in a Series A funding round. The round involved undisclosed institutional and Web3 investors and will be allocated to various business arms, including asset management, blockchain node validation, tokenization, and a Web3 incubation arm. Though specific investors were not disclosed, OKX Ventures, the investment arm of crypto exchange OKX, was reported as a potential lead investor. HashKey, licensed by the Hong Kong Securities and Futures Commission, serves as one of two exchanges catering to the region's retail investors, aligning with Hong Kong's crypto business attraction initiatives.
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Price Action
Bitcoin price is struggling below the $43,500 resistance zone. BTC could start another decline if it stays below the 100 hourly SMA.
A closely followed crypto analyst says Ethereum (ETH) is setting up for a sizeable rally after successfully completing a long consolidation phase.
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Interesting Reads
In India, the #ReduceCryptoTax movement is gaining traction on social media, particularly Twitter, as the crypto community advocates for changes in the country's cryptocurrency taxation policy. Critics argue that the existing tax regime, with a 30% tax on crypto profits and a 1% TDS, is inhibiting innovation and deterring new investors. Advocates believe that reducing crypto taxes could stimulate economic activity, attract new investors, and promote growth in the cryptocurrency industry. They argue for a more nuanced approach that considers different ways individuals engage with digital assets. The movement suggests that a friendlier tax structure could position India as a preferred destination for global investors and innovators in the crypto space.
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Miscellaneous
TUSD tumbled as low as $0.984 on Jan. 15, amid reports that holders are cashing out for USDT and reported difficulties posting real-time attestations of its reserves.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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