Brazil moves closer to banning algorithmic stablecoins as a congressional committee approved Bill 4,308/2024, requiring all stablecoins to be fully backed by segregated reserves and prohibiting unbacked models such as Ethena’s USDe and Frax. The bill introduces criminal penalties of up to eight years in prison for issuing unbacked stablecoins and places compliance and risk-management obligations on exchanges offering foreign stablecoins like USDT and USDC. https://t.co/lsXsPuXlop ...

Roundtable Discussion on the 1011 Crash: Did It Cause the Market Drop? Who's Responsible? Thoughts on Binance's Summary ReportAlbert noticed issues as early as August. ETH was surging, but options skew was inverted, indicating speculative rather than investment-driven buying. A large part of this crash was caused by mass liquidation of USDe loop lending strategies. Carry traders suffered badly. They likely closed out at bad prices and re-entered hedges during engine/system failures at even worse prices — ta ...

According to Binance market data, BTC briefly fell below $70,000 and is currently trading at $70,131, down 5.34% in 24 hours. This marks the first time Bitcoin has dropped below $70,000 since November 2024, a span of approximately 15 months. Additionally, ETH fell to $2,095, a 24-hour decline of 6.96%. According to CoinGlass, total liquidations over the past 24 hours reached $951 million, with long positions accounting for $790 million. https://t.co/eAPwxPyCjl ...

Vitalik Buterin posted that there is no need for more copy-paste EVM chains or L1s, as Ethereum L1 is scaling and will provide a large amount of blockspace. He called for building truly innovative solutions, such as privacy, app-specific efficiency, or ultra-low latency. Vitalik expressed support for app chains deeply connected to L1 or "institutional L2s" that can bring algorithmic transparency. https://t.co/cAe75KhhNv ...

According to SoSoValue, on Feb. 4 (ET), U.S. spot Bitcoin ETFs recorded total net outflows of $545 million. The BlackRock spot Bitcoin ETF IBIT saw the largest single-day net outflow at $373 million. Spot Ethereum ETFs posted total net outflows of $79.48 million, while XRP spot ETFs recorded total net inflows of $4.83 million. https://t.co/QHxqsa3V6q ...

South Korea’s Financial Supervisory Service is monitoring the market for ZK tokens listed on Upbit, the country’s largest cryptocurrency exchange, following abnormal price fluctuations. On February 1, ZK surged nearly 1000% in just three hours, rising from 33 KRW to 350 KRW, before quickly falling back. https://t.co/GP8s5FNRhp ...

Several U.S. public pension funds are facing significant losses due to investments in Strategy, a company led by Michael Saylor. Amid a decline in Bitcoin prices, these funds have seen their investments shrink by approximately $337 million, with 10 out of 11 funds experiencing losses of 60%. Strategy’s stock price has dropped by 67%. https://t.co/ulKMjw9TeJ ...

According to MLM monitoring, wallets suspected to be linked to Multicoin Capital appear to be swapping ETH for HYPE. Since Jan 22, a Multicoin-linked Galaxy Digital deposit address received 87.1K ETH ($220M). From Jan 23, the suspected Multicoin wallet 0xd4…bc10 started pulling 1.354M HYPE (> $46M) from Galaxy. Arkham analyst Emmett Gallic agrees. https://t.co/Ud0VjwzRLU ...

According to MLM monitoring, wallets suspected to be linked to Multicoin Capital appear to be swapping ETH for HYPE. Since Jan 22, a Multicoin-linked Galaxy Digital deposit address received 87.1K ETH ($220M). From Jan 23, the suspected Multicoin wallet 0xd4…bc10 started pulling 1.354M HYPE (> $46M) from Galaxy. Arkham analyst Emmett Gallic agrees. https://t.co/Ud0VjwApBs ...

Mike Selig, the new chairman of the U.S. Commodity Futures Trading Commission (CFTC), announced the withdrawal of the 2024 draft rule for prediction market event contracts, which originally proposed banning political event contracts and was described as a "policy overreach" by the previous administration. (CoinDesk) https://t.co/XCKil5jbTp ...