COIN Coinbase Global Inc

Records in Bitcoin futures indicate market growth

Open interest in Bitcoin futures on centralized platforms reached an annual peak, surpassing previous marks from November 2021. According to CoinGlass, the value of open Bitcoin futures contracts reached $22.9 billion, reflecting an increase of over 30% since the beginning of 2024. This growth accompanies the appreciation of Bitcoin (COIN:BTCUSD), which rose to $52,300, while Ether futures (COIN:ETHUSD) also saw a significant increase, reaching a total value of $10.5 billion, representing a 50% growth since the beginning of 2024. Meanwhile, the market value of Ether increased to $2,900, showing a growth of over 27% throughout the year, signaling vigorous commercial interest in cryptocurrencies.

Alameda Research values its stake in WLD after records

The value of Alameda Research’s stake in the Worldcoin (COIN:WLDUSD) token increased to over $50 million in just one day, reaching a new peak of $186 million with the token’s appreciation. This increase represents 33% of the company’s portfolio. While Alameda and FTX liquidated over $700 million in digital assets over several months, the fate of their holdings in WLD remains uncertain. WLD saw a weekly jump of 205% in its value, driven by increased adoption of the World App and association with OpenAI’s Sam Altman.

Massive flows into Bitcoin ETFs according to BitMEX analysis

BitMEX revealed a significant increase in investments in Bitcoin ETFs, with an impressive inflow of $331 million on February 16 alone, culminating in a weekly accumulation of $2.273 billion. Since January 11, the total accumulated reached $4.926 billion, highlighting a period of strong interest. BlackRock (NASDAQ:IBIT) led the inflows, while GBTC (AMEX:GBTC) saw considerable outflows. In total, global ETPs now hold about 947,000 BTC, reinforcing the growing adoption of Bitcoin (COIN:BTCUSD) in the investment sector.

Airdrop hunting annoys developers on GitHub

Developers are facing a wave of spam in GitHub repositories from token airdrop hunters seeking to qualify for future distributions. Recent projects have altered distribution criteria, rewarding contributions on GitHub, which has intensified the phenomenon. The situation pressures already overloaded teams and raises questions about the distinction between genuine contributions and manipulation attempts, despite some proposed measures to mitigate spam.

FixedFloat suffers attack and loses $26 million in crypto

Cryptocurrency exchange FixedFloat confirmed a cyber attack over the weekend, resulting in significant losses of digital assets. The team acknowledged the incident but did not detail the exact amount lost while working to strengthen security and conduct a thorough investigation. The site was temporarily disabled for maintenance. On-chain analysis indicates that approximately $26 million in Ethereum (COIN:ETHUSD) and Bitcoin (COIN:BTCUSD) were expropriated, with some of the funds being laundered through techniques like CoinJoin to conceal origins.

ARK Invest unloads Coinbase shares after analyst updates

ARK Invest, led by Cathie Wood and a major investor in Coinbase (NASDAQ:COIN), liquidated nearly 500,000 shares of the cryptocurrency exchange, totaling around $90 million. Sales were distributed among three ARK ETFs, following a wave of positive analyst revisions due to Coinbase’s encouraging fourth-quarter results. Despite market optimism, JPMorgan (NYSE:JPM) expressed caution, highlighting uncertainties in Coinbase’s earnings.

Coinbase Commerce ends support for Bitcoin and UTXO

Coinbase’s (NASDAQ:COIN) payment platform, Coinbase Commerce, has discontinued support for Bitcoin and other UTXO-based cryptocurrencies, as announced by executive Lauren Dowling. UTXO represents the amount of unspent cryptocurrency available to be used in new transactions, ensuring each coin is unique and avoids double spending on the blockchain network. The decision, motivated by technical challenges in updating the payment protocol to support these coins, still allows Bitcoin payments via Coinbase accounts. The company also plans to integrate the Lightning Network to improve commercial transactions, despite community criticisms about limiting Bitcoin (COIN:BTCUSD) adoption.

Ethiopia-China partnership for Bitcoin mining driven by hydroelectricity

Ethiopia has partnered with Chinese companies to develop a Bitcoin mining infrastructure centered around the Grand Ethiopian Renaissance Dam, seeking to capitalize on hydroelectric power. This $250 million project, despite facing diplomatic and regulatory challenges, promises to turn the country into an attractive destination for Chinese miners, boosting energy generation and potentially encouraging similar investments in other regions.

Virginia allocates modest funds to Blockchain Commission

Virginia’s General Government Subcommittee recommended an annual allocation of $17,192 for the Blockchain and Cryptocurrency Commission for 2025 and 2026, as revealed in its Sunday report. This amount is slightly less than that allocated to the Artificial Intelligence Commission and higher than the Autism Advisory Council. The newly established commission by the Department of State will focus on studying and recommending policies on blockchain and digital assets, with the budget covering operational costs and meetings.

Japan expands investment horizons to include crypto assets

The Japanese government, aiming to strengthen its economy and technological innovation, has given the green light to a bill allowing investment funds and venture capital companies in the country to invest in cryptocurrencies. This decision, endorsed by the Ministry of Economy, Trade, and Industry, aligns with Japan’s proactive stance on regulating stablecoins and fostering the Web3 ecosystem, while maintaining rigorous safeguards for users. The revised law now advances to debate in The Diet, Japan’s parliament, signaling a potential boost to Web3 startups through crypto investments.

AltLayer raises $14.4 million for expansion with leadership from Polychain and Hack VC

AltLayer, a rollups platform, raised $14.4 million in a round led by Polychain Capital and Hack VC, with support from several other investment firms. The funding, completed in September 2023, aims to strengthen AltLayer’s team and infrastructure. Following the launch of its native token and a reward for active users, the company seeks to innovate in rollups and network security, with project governance being driven by ALT token holders.