💥 So It Was a 'Sell the News' After All
In today’s edition: 💸 OKX offers user compensation, 💰 Avalanche's meme coin plan, and more!
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What’s Poppin’?
by Sam Sriram and Sage Young
Spot Bitcoin ETF Approval Has Become a ‘Sell-The-News’ Event: Glassnode
Bitcoin has lost 18% of its value since spot ETFs for the digital asset were approved, meaning the market timed the event to near perfection, say analysts at Glassnode. They zoom out to assess what’s next for the crypto market.
Avalanche Foundation Releases Eligibility Criteria for Meme Coin Purchases
Following an announcement late last year that it would invest in meme coins, the foundation disclosed the eligibility criteria for evaluating tokens its $100 million Culture Catalyst program may purchase.
OKX to Compensate Users After Native Exchange Token Flash Crash
Crypto exchange OKX said it would compensate users for abnormal liquidation losses after the OKB token crashed 50% in three minutes on Tuesday.
Polychain Capital founder and CIO Olaf Carlson-Wee has been through every single bubble in crypto history, from Bitcoin’s rise past the single digits in 2012 to the ICO craze of 2017 to 2021’s NFT mania, and he says his main thesis about crypto has remained consistent since the beginning. That is, that crypto constitutes an “incentive vortex” that will replace the world’s preoccupation with country-backed currencies.
Carlson-Wee, who was the first employee at Coinbase, joins Unchained to discuss the significance of the launch of spot Bitcoin ETFs, how he successfully navigated all the industry blow-ups in 2022, the challenges of balancing incentives for early adopters versus new users, why EigenLayer is so significant, why Worldcoin’s distribution strategy is a “disaster,” and the strange places that the intersection between crypto and AI could take us.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Daily Bits…✍️✍️✍️
📧 Mt. Gox moves closer to repaying 2014 hack victims, with former customers receiving emails for identity and account confirmation.
🌀 Over $350,000 was raised for Tornado Cash developers Storm and Pertsev's legal defense, with public support from Edward Snowden.
💸 Fake airdrops from hacked official emails of Cointelegraph, Wallet Connect, and others led to nearly $580K being stolen.
🪙 ClayStack joined Ethereum restaking via EigenLayer, offering reward points to users ahead of its token launch.
🙏 Pastor Eli Regalado defended the use of $1.3 million from his failed crypto project, claiming divine guidance for his actions.
📊 FINRA found that 70% of crypto communications reviewed from its member firms potentially violated fair and balanced rules.
💰 A Donald Trump-labeled wallet now holds over $1 million in TRUMP meme coins, used by some as a speculative bet on his presidential campaign.
⚖️ Taiwan prosecutors seek detention of ACE Exchange's Chenhuan Wang for alleged fraud and money laundering.
⛏️📉 Bitcoin miner Hut 8's stock dropped significantly following a critical report by J Capital Research.
⛏️📈 Bitcoin miner Core Scientific will resume trading on the Nasdaq after a reorganization and debt reduction.
Today in Crypto Adoption...
🔗 Swiss crypto custody firm Taurus received FINMA approval to offer blockchain-based shares in unlisted companies to retail investors.
The $$$ Corner…
💼 Ethereum interoperability hub Polymer Labs secured $23 million in Series A funding from notable investors like Blockchain Capital and Coinbase Ventures, among others.
🕹️ Arcade2Earn garnered $4.8 million in private token funding led by Crypto.com Capital, with a public token sale planned for February 27.
What Do You Meme?
Recommended Reads
Unchained: How Polychain Capital Avoided the Crypto Blow-Ups of 2022 by Nelson Wang
Why Minting Is the Native Business Model for Web3 (and Maybe AI too) by avc.xyz
Yellen or Talkin’ by Arthur Hayes
📈 Your Market Update 📉
BTC is up 3.8%, trading at $40,127
ETH is up 1.5%, trading at $2,239
BTC dominance: 47.96%
Crypto market cap: $1.64T
*All data as of today, 07:51 am ET. Source: CoinGecko
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