• Belgium’s Financial Services and Markets Authority (FSMA) is set to introduce a new crypto ad regulation by May 17.
• Companies sponsoring crypto advertisements must submit it to FSMA before any mass campaign — this means that adverts targeting at least 25,000 customers must be submitted to the regulator.
• A recent FSMA market research showed that most crypto investors in the country are in it for the money, and 80% are men.

Belgium Introducing New Crypto Ad Regulations

Belgium’s Financial Services and Markets Authority (FSMA) is set to introduce a new set of cryptocurrency advertisement regulations by May 17. The official gazette published on March 17 stated that all ads must be accurate and contain mandatory risk information.

Submission Requirements for Companies

Companies sponsoring these advertisements must submit them to FSMA before any mass campaign — this means that adverts targeting at least 25,000 customers must need to be approved by the financial regulator. According to Jean-Paul Servais, the chairman of FSMA: “To better protect consumers, the FSMA is stepping up the pace when it comes to supervision and financial education. Thanks to the new regulation, the FSMA will be able to check whether advertisements for virtual currencies are accurate and not misleading and whether the advertisements contain the compulsory warnings of risk.“

Crypto Investors In Belgium

A recent study conducted by FSMA revealed that most investors in Belgium have entered into cryptocurrency trading for financial gains — with 80% of them being male. Despite FTX’s collapse earlier this year followed by an inadvertent market winter, investors remain undeterred from entering into cryptosystems.

Other Countries Following Suit

Belgium is not alone in introducing such regulations as other countries like United Kingdom have also imposed restrictions on crypto ads as well as calling for total bans on cryptocurrencies altogether due to recent banking sector turmoil.

Conclusion

In conclusion, with more countries following suit in introducing new regulations regarding cryptocurrency ads, there appears no signs of slowing down when it comes towards consumer protection within this space going forward.

• Jim Cramer, host of CNBC’s Mad Money, claims Bitcoin is being manipulated up.
• In response to a question about whether recent distresses to traditional banks offer an investment case for Bitcoin, Cramer said no and that he thinks it is being manipulated up.
• Despite Cramer’s previous support for Silicon Valley Bank, there has been a surge in Bitcoin price following the announcement by U.S. authorities that deposits in failed banks would be protected.

CNBC Host Jim Cramer Claims Bitcoin Is Being „Manipulated Up“

CNBC host Jim Cramer made the comment that Bitcoin (BTC) is being „manipulated up“ when asked if recent distresses to traditional banks offer an investment case for Bitcoin. Despite his previous support for Silicon Valley Bank (SVB), there has been a surge in BTC price following the announcement by U.S. authorities that deposits in failed banks would be protected.

Cramer’s Response To Investment Case For BTC

In response to the question about whether stress on the banking system and the federal reserve strengthens the investment case for BTC, Cramer responded: „No. Bitcoin went up today, and I could argue that now it can’t be held in banks. Bitcoin is a strange animal, I will say point blank, I think it’s being manipulated up.“

Inverse Call By Jim Kramer

Jim Cramer has been known to make an inverse call — even spawning several memes and even indexes based on picking the opposite of what Cramer recommends Quantbase’s Inverse Cramer Index is up 105.31% vs benchmark since its launch March 31st 2017.

Bitcoin Price Surge Following Announcement Of Bailouts

Following the announcement by U.S authorities that deposits in failed banks would be protected, BTC price surged to nearly $25,000 — representing a 20% increase since Friday’s lows — causing a rally among major cryptocurrencies and crypto-related companies. However, this collapse of these banks may result in a significant slowdown of Fed rate hikes with no further rate hikes expected going forward

Conclusion

Jim Craemer believes that Bitcon is currently being manipulated up despite his previously expressed support for Silicon Valley Bank (SVB). Following news from US authorities announcing bailouts of SVB and Signature – two major lenders -the price of Bitcon surged 20%, resulting in a rally among other major cryptocurrencies and crypto-related companies

• The stablecoin market has seen a significant restructuring since the FTX disaster in November, losing $12 billion in value.
• Tether has emerged as the clear winner, extending its dominance to 55% of the stablecoin market.
• BUSD woes have deepened due to issues with reserve discrepancies and an order from the NYFDS, resulting in a halving of its market share.

Stablecoin Market Restructuring

The stablecoin market has experienced a significant restructuring since November 2022 when the FTX disaster occurred, leading to a loss of $12 billion in value. In particular, BUSD’s market dominance has halved to 7%, caused by issues with reserve discrepancies and an order from the New York Department of Financial Services (NYFDS) for Paxos to cease token issuance.

Tether’s Dominance

Tether has emerged as the clear winner in this new market structure, extending its dominance to 55% of the total stablecoin market. Furthermore, Glassnode data analyzed by CryptoSlate shows that balances held on exchanges have peaked at $22 billion around mid-November 2022 before two sell-offs caused them to drop below $8 billion.

DAI’s Stability

DAI’s market dominance has remained relatively flat at 4% over these four months and is held mostly by Binance (120 million tokens out of 160 million). However, DAI on exchanges have been trending downwards since May 2022 and are heading back towards late 2020 levels.

USDC Gains Ground

USDC has seen net benefits from BUSD’s downfall with its current dominance increasing to 34%. Its balance held on exchanges is currently near April 2022 highs; 5 billion USDC are held on Binance while 645 million are held on Crypto.com.

Conclusion

Overall, Tether remains firmly entrenched as the leading stablecoin in this ever-evolving cryptocurrency landscape despite long-running suspicions about its ability to meet liabilities. With other tokens such as USDC also gaining ground, it will be interesting to see how this dynamic shifts within the coming months.

• Wrapped Bitcoin’s (WBTC) supply on the Ethereum blockchain shrank by 15% in February 2021, dropping to its lowest level since March 2021.
• 22,732 WBTC — worth $533 million — were burned in 2 days via FalconX. This burn was mainly caused by bankrupt crypto lender Celsius.
• WBTC is an ERC-20 token that mirrors Bitcoin’s price performance and is pegged 1:1 with BTC. Its current market cap stands at $3.63 billion.

WBTC Supply Declines 15%

In February 2021, the supply of Wrapped Bitcoin (WBTC) on Ethereum blockchain declined by 23,384 tokens – around 15%. This is the lowest level recorded since March 2021 according to Dune Analytics data. On the asset’s order book, there were ten transactions involving WBTC – 8 of which were burns and 2 of which were a cumulative mint of 798.72 WBTC by imToken.

Celsius Responsible for Major Burn

Bankrupt crypto lender Celsius was responsible for a large portion of the burns – they burnt 22,732 WBTC (worth $533 million) in 2 days via FalconX. This redemption echoes that seen in December 2022 when FTX collapsed and had an impact on reserves held in WBTC as it was a major merchant for the asset at the time.

What is WBT?

Wrapped Bitcoin (WBT) is an ERC-20 token based on Ethereum blockchain that tracks Bitcoin’s price performance and is pegged 1:1 with BTC cryptocurrency. It gained popularity during the bull run of 2022 when its supply peaked at 285,000 tokens as BTC traded around $48,000 per coin at that time. Currently its market cap stands at $3.63 billion according to CryptoSlate data – much lower than its peak of $13.03 billion back then..

Conclusion

The decline in WBT’s supply on Ethereum blockchain can be attributed to many factors including reduced demand due to market conditions as well as actively burning coins by lenders like Celsius who have been affected by their bankruptcy proceedings or other reasons such as tax avoidance measures or simply cleaning up their balance sheets before liquidation. Regardless of why these coins are being burned, it shows that there is still active trading taking place even though prices have not been reaching record highs like they did during last year’s bull run yet again this year so far..

Takeaways

• The supply of Wrapped Bitcoin on Ethereum dropped to its lowest level since March 2021 in February 2021; this decline amounted to a 15% reduction from previous levels; • Bankrupt crypto lender Celsius burnt 22,732 WBTC — worth $533 million — via FalconX; • WBTC is an Ethereum-based token peggd 1:1 with BTC whose current market cap stands at$3

• This article looks into the realized price metric, which is used to determine market movements in bear and bull markets.
• The article divides the network into two cohorts, long-term holders (LTHs) and short-term holders (STHs), and explains how their cost basis ratio can be used to illustrate market dynamics.
• It also provides examples of how a downtrend or uptrend in this ratio can indicate a bear or bull market respectively.

Realized Price: A Metric for Market Movements

Realized price is a metric often used to determine market movements in bear and bull markets. Defined as the value of all Bitcoins at the price they were bought divided by the number of circulating coins, realized price effectively shows the cost-basis of the network.

Long-Term Holders vs Short-Term Holders

To gain further insight into how markets are shifting, we can divide the network into two major cohorts—long-term holders (LTHs) and short-term holders (STHs). LTHs are all addresses that held BTC for longer than 155 days, while STHs are addresses that held onto BTC for less than 155 days.

Cost Basis Ratio Indicates Market Dynamics

The LTH-STH cost basis ratio is the ratio between the realized prices of long-term and short-term holders. When STHs realize more losses than LTHs, it indicates a bear market accumulation phase led by LTHs. On other hand, if LTHs are spending their coins faster than STHs, it indicates a bull market distribution phase where LTHs sell their BTC for profit which STHs buy up.

Example from 2011 Bear Market

During Bitcoin’s first bear market in 2011, there was an uptrend in the LTH-STH cost basis ratio as STHs realized more losses than LTHs — this showed that short term holders were selling their BTC to LTHS indicating a bear market accumulation phase led by LTHS.. This marked the beginning of a bear market which started on Nov 22nd 2011 and lasted until Jul 17th 2012.

Conclusion

Analysing data related to long term holders vs short term holders through metrics such as cost basis ratios can give us an indication on whether we’re in a bullish or bearish environment. This information can be helpful when deciding when to enter or exit positions during different stages of crypto cycles!

• The U.S. SEC voted to propose a regulatory change that could require exchanges to store user assets with qualified custodians.
• Coinbase and other crypto custody providers asserted on Feb. 15 that they will be able to operate under proposed changes to custodial rules.
• Coinbase, BitGo, and Anchorage all said they are „confident“ they will remain qualified custodians under the changes.

Proposed Rule Change

The U.S. Securities and Exchange Commission (SEC) recently voted to propose a regulatory change that could require exchanges to store user assets with qualified custodians. This would also update rules for custodians, possibly making it difficult for existing crypto companies to offer custody services.

Coinbase Reassures Clients

Coinbase chief legal officer Paul Grewal stated on Twitter that his company is „confident“ that it will remain a qualified custodian under the proposed rule change, endorsing the SEC’s efforts in providing investor protections and supporting the public rulemaking process. In an interview with CNBC, Grewal noted how Coinbase has „a very diversified business“ in services and countries served, implying that the company could shift its focus elsewhere if needed.

Other Companies Comment

BitGo — the next largest provider of crypto custody services after Coinbase — similarly reassured its clients of remaining a qualified custodian via Twitter as well as Anchorage in a statement issued to Coindesk today saying they are „unequivocally“ a qualified custodian and should be able to operate under the proposed rules.

High Requirements

The proposed regulatory change would raise requirements for companies offering self-custody solutions such as those provided by Coinbase or BitGo which must adhere strictly to certain standards set out by regulators when storing customer funds or assets while ensuring complete transparency throughout their operations at all times in order to remain compliant with regulations set forth by governing bodies such as the SEC or FINRA when it comes to custody services provided by these firms within US jurisdiction and abroad through international operations branches associated with these firms respective organizations where applicable in each case depending on local laws & regulations applicable at any given time & place on behalf of customers & users from around world seeking access & use of these services respectively .

Conclusion

In conclusion, while there is no way of knowing what exactly will happen once this proposal becomes law, both Coinbase and other crypto custody providers have expressed confidence that they can continue operating without disruption despite potential changes being made regarding self-custody solutions offered by them or other similar firms providing such services across industry sector for customers worldwide looking for secure storage solutions for digital asset holdings safely managed by reliable third party entities capable of doing so according available options present at any given time within marketplace currently available today .

• Bitfarms has paid off a $21 million debt to BlockFi with a one-time cash payment of $7.75 million.
• The repayment released 6,100 miners from the loan’s collateral and reduced the company’s overall debt from $165 million to $25 million.
• This payment is part of Bitfarms’ strategy to reduce its indebtedness, increase liquidity and increase financial flexibility in line with current market conditions.

Bitfarms Pays Off Debt With Single Cash Payment

Bitfarms has settled its outstanding debt of $21 million owed to bankrupt crypto lender BlockFi with a one-time cash payment of $7.75 million, according to a Feb. 9 press statement. The loan repayment freed up over 6000 Bitcoin mining machines Bitfarm had used as collateral and further reduces its total debt obligations from $165 million in June 2022 to $25 million, representing an 85% decrease in less than nine months.

Agreement With BlockFi

The original loan was provided as a part of an equipment finance facility by BlockFi on Feb. 18, 2022 for an amount of $32million. According to the agreement between Bitfarms and BlockFi, the remaining principal and interest were paid off in one transaction.

Strategy To Increase Financial Flexibility

The successful negotiation and settlement furthers Bitfarms initiatives to reduce indebtedness, enhance liquidity and increase financial flexibility in line with today’s market conditions, said Jeff Lucas, chief financial officer at Bitfarms.

Background On BlockFI

Blockfi was one of the most prominent financiers for crypto miners in 2021 – 2022 but now has several bad debts according to Bloomberg reports that it was looking to sell around $160million worth of loans related to miners .

Conclusion

Bitfarm’s successful negotiation and settlement with BlockFI is a testament of their commitment towards increasing financial flexibility by reducing their debt obligations significantly within a short period time

• Kraken is closing its Abu Dhabi office, leading to the discharge of 8 team members.
• Bithumb owner Kang Jong-hyun has been arrested on embezzlement charges.
• Sam Bankman-Fried won a Texas case alleging violations of securities laws via FTX offerings.

Kraken Closes Abu Dhabi Office

Leading crypto exchange Kraken is closing its location in Abu Dhabi, resulting in the discharge of eight team members. The Abu Dhabi Global Market’s registry showed that Kraken was no longer active in the country, though clients in the region will still be able to use the platform and make deposits in US Dollar.

Bithumb Owner Arrested on Embezzlement Charges

Bithumb owner Kang Jong-hyun has been arrested on embezzlement charges for allegedly misappropriating approximately $50 million. This follows investigations into former Chairman Lee Jung-hoon who was accused of misappropriating roughly $70 million from his deal with BK Group chairman Kim Byung-Gun.

SBF Wins Texas Case Alleging Violations of Securities Laws

Former FTX CEO Sam Bankman-Fried gained an early victory in a lawsuit filed against him by Texas regulators for alleged violations of securities laws via FTX offerings. The court ruled that Bankman-Fried had properly complied with state regulations when issuing certain derivatives products and as such did not violate any securities laws.

Research Shows “Bullishness” Among Investors Around the World

A new report conducted by cryptocurrency data research firm Arcane Research shows that investors around the world are becoming increasingly bullish on cryptocurrencies due to government intervention and institutional investment activity. The research found that more than half of respondents think Bitcoin price will hit $100k within three years and over 80% believe it will eventually reach six digits figures at some point in time.

Conclusion

The cryptoverse saw major news today as Kraken announced its closure of its Abu Dhabi office, Bithumb owner was arrested for embezzlement charges, Sam Bankman-Fried won a Texas case alleging violations of securities law, and research showing increasing bullishness among investors around the world regarding cryptos.

-Gaming unique active wallets grew 60% in 2022, with the top three most popular gaming blockchains being Wax (WAXP), Hive (HIVE), and BNB Chain (BNB).
-On-chain gaming transactions increased to 7.4 billion in 2022, recording a 37% increase since 2021.
-The gaming UAWs are now the dominants of the market, accounting for 49% of the on-chain activity.

The world of gaming and cryptocurrency combined has seen remarkable growth over the past few years. According to a recent report from DappRadar, Unique Active Wallets (UAWs) connected to gaming dApps increased by 60%, while on-chain game transactions increased by 37%.

The three most popular gaming blockchains were Wax (WAXP), Hive (HIVE), and BNB Chain (BNB), with 353,000, 234,000, and 136,000 daily UAWs respectively. This pushed the total number of daily gaming UAWs to 1.15 million, and moved gaming to the forefront of DeFi, with UAWs accounting for 49% of the market share.

On-chain game transactions increased from 2.2 billion in 2020 to 7.4 billion in 2022. This impressive 3,260% increase was recorded even during the bear market, making gaming one of the few sectors that continued to expand. On average, one unique wallet conducted 25 gaming on-chain transactions in 2022.

The remarkable growth of gaming in the cryptocurrency sphere has been driven by the growing number of blockchain-based games being developed. More and more gamers are joining the blockchain gaming revolution, making use of the benefits of true asset ownership and the ability to trade assets without the need of a trusted third-party.

The future of gaming on the blockchain is looking bright, and with the increasing popularity of non-fungible tokens (NFTs), gamers may soon be able to own exclusive digital assets that can be used in-game or traded for real-world value. This will open up a whole new world of opportunities for gamers, developers, and investors alike.

• Bitcoin dominance has hit 41.5%, the highest level in six months.
• Ethereum dominance is also up, currently standing at 19.4%.
• The market cap for the entire crypto space sits at just under $1 trillion.

The crypto market has been experiencing a surge of activity over the past few months, and this is manifested in the rising metrics of Bitcoin and Ethereum dominance. Bitcoin dominance, a metric that measures BTC’s current share of the global crypto market cap versus other cryptocurrencies, has hit 41.5% as of January 20th– the highest level over six months. This means that Bitcoin is currently dominating the crypto market and has a greater share of the total cryptocurrency market capitalization than any other cryptocurrency.

Ethereum dominance is also on the rise, currently standing at 19.4%. This is the highest Ethereum dominance has been since November 2020 and is indicative of the increasing popularity of Ethereum as an asset in the crypto space. The market cap for the entire crypto space currently sits at just under $1 trillion, further demonstrating the strength of the current crypto market.

The BTC-ETH Dominance metric is also a useful tool for gauging the macro outperformance trends between the top two crypto-assets. It looks at Bitcoin’s market cap relative to the combined market cap of Bitcoin plus Ethereum. Lower values and downtrends indicate an outperformance of Ethereum over Bitcoin, which has been the case since early 2021.

Overall, the current crypto market is flourishing, with both Bitcoin and Ethereum dominating the space. The rising dominance metrics of the two major cryptocurrencies is further proof of the strength of the current crypto market, and it will be interesting to see if this trend will continue in the months to come.