The crypto community continued advancing towards full adoption. The pieces fell together in the right places.
The headlines:
- The White House’s crypto czar wants stablecoins to come home;
- More crypto ETFs are coming;
- According to J.P. Morgan, institutional investors may remain hesitant about Bitcoin this year;
- Gemini’s IPO may be in the offing;
- Plus, Ethereum has an increased gas limit (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $97k (as of 2/10/24)
Crypto prices continued to swing, with Bitcoin moving from a $94,244.83 low to a $102,514.17 high before settling at $97,752.66.
The altcoins are also volatile. Ethereum (ETH) is at $2,644.67, Solana (SOL) is at $205.42, Chainlink (LINK) is at $18.89, Avalanche (AVAX) is at $25.73, Polkadot (DOT) is at $4.87, and Uniswap (UNI) is at $9.21.
Stablecoins are Coming Onshore-Sacks
The stablecoin sector may soon have its day in the sun if America’s crypto czar David Sacks has his way. In a February 4 CNBC Closing Bell interview, Sacks revealed that alongside Bitcoin, stablecoins are also a point of focus for the Trump administration.
In addition, Sacks highlighted the sector’s offshore innovation and indicated the Trump administration’s willingness to domesticate stablecoin development efforts.
Similarly, on Capitol Hill, Rep. French Hill (R) and Rep. Bryan Steil (R) introduced discussion drafts for a stablecoin bill. The proposed legislation aims to establish an ecosystem for dollar-pegged stablecoin tokens.
Furthermore, the bill calls for a two-year pause on self-minted stablecoin digital assets.
Sen. Bill Hagerty (R-TN) introduced the “Guiding and Establishing National Innovation for US Stablecoins” Act in the upper house. The legislation also aims to advance the stablecoin agenda.
Cboe’s BZX Filed for XRP-Focused ETFs with the SEC
On February 6, Cboe’s BZX Exchange filed 19b-4 forms for the listing and trading of spot XRP ETFs for 21Shares, Canary Capital, and Bitwise.
In related news, the SEC moved Grayscale’s Solana Trust proposal to the public comment window period. The Grayscale Solana 19b-4 filing is now open to the public before the regulator’s final decision.
Most Institutional Investors May Not Buy Crypto in 2025-J.P. Morgan
While the crypto community finally has its “aha” moment, institutional investors may remain cautious for the rest of the year. According to a recent J.P. Morgan survey, 71% of respondents were unwilling to invest in the sector.
Moreover, 16% of investors plan to trade digital assets, while 13% already do.
Sony’s Soneium Blockchain Introduced the First Music NFT
Interestingly, NFTs debuted in the music world thanks to Sony’s Soneium. Japanese producer NUU$HI launched the music collection prices at 0.000777 ETH on Soneium.
Furthermore, the producer revealed the NFT collection in collaboration with Coop Records.
Gemini May Launch its IPO Later in the Year
The Cameron and Tyler Winklevoss-owned Gemini may soon take its place in the markets. According to a February 6 Bloomberg report, Gemini may go public later this year.
Bitcoin Continued to Make Inroads at the State Level
The Bitcoin conversation dominated at the state level, with several bills coming to the fore. In the Sunshine State, Florida State Sen. Joe Gruters introduced a bill to empower the state to invest in Bitcoin and digital assets.
On Utah’s Capitol, the House of Representatives passed House Bill 230, dubbed the “Blockchain and Digital Innovation Amendments” Act. State Delegate Caylin Young introduced the Strategic Bitcoin Reserve Act of Maryland. The bill aims to bring Bitcoin to the state’s coffers.
In addition, Kentucky State Rep. Theodore Joseph Roberts unveiled KY HB376. The bill aims to enable the State Investment Commission to set aside up to 10% of Kentucky’s reserves for Bitcoin and digital asset investments.
FTX’s Bahamas Customer Claims Payments will Begin Later in the Month
Bankrupt crypto exchange FTX will begin paying Bahamian customer claims soon. In a Twitter/X post, FTX’s creditor representative Sunil revealed that claims under $50,000 will be settled on February 19 at 10:00 a.m. Eastern.
Furthermore, all associated claims will expire once the process ends.
1inch Network Revealed its Integration with ZKsync
Boutique DeFi aggregator 1inch expanded its frontiers via a partnership with popular Ethereum scaling platform ZKSync. The integration aims to improve transaction speeds and lower gas fees.
In addition, deploying cross-chain swaps enables gas-free transactions within the 1inch ecosystem.
Galaxy Digital Teamed up with Bitgo to Launch a Staking Service
Premier digital asset behemoth Galaxy Digital partnered with Bitgo to introduce staking services. The innovative model combines Gaaxy’s ecosystem with Bitgo’s expertise in token custody.
Furthermore, the setup allows for the unified usage of crypto assets as collateral.
Ethereum Has an Increased Gas Limit
Smart contract powerhouse Ethereum increased its gas limit to over 30 million units. The move follows a series of ecosystem upgrades to improve usability and scalability in the second-largest digital asset.
Consequently, most of Ethereum’s validators approved the measure, ensuring network efficiency.
XRP Depository Receipts Are Coming Soon
Receipts Depositary Corp. (RDC) may soon offer XRP-backed securities to qualified investors. The Citi alumni-founded startup aims to expand its offerings beyond Bitcoin and Ethereum.
Qualified investors will soon have access to the proposed XRP depository receipts. The Depository Trust Company (DTC) will clear the instruments.
