Several blockchain analysts said they were unable to verify whether the Latin American nation held $60 billion in the cryptocurrency. Paul Atkins, chair of the US Securities and Exchange Commission (SEC), didn’t rule out the possibility of authorities seizing Venezuela’s reported Bitcoin holdings after US forces unseated and captured the country’s president. In a Monday interview with Fox Business’ Stuart Varney, Atkins responded to reports claiming that Venezuela holds up to $60 billion worth of Bitcoin (BTC), though several analysts said they were unable to verify these claims. The SEC chair said it “remains to be seen” what action, if any, the US would take if it had the opportunity to seize the reported 600,000 BTC. “I leave that to others in the administration to deal with — I’m not involved in that,” said Atkins in response to a question on whether the US would “take those Bitcoin off ‘em.” Read more
Fitch said sharp Bitcoin price swings could quickly erode collateral backing these securities, increasing the risk of losses for lenders and investors. Credit rating company Fitch Ratings has flagged a high degree of risk associated with Bitcoin-backed securities, a warning that could complicate the expansion of crypto-linked credit products among institutional investors. In a Monday assessment, Fitch said Bitcoin-backed securities, financial instruments typically structured by pooling Bitcoin (BTC) or Bitcoin-linked assets and issuing debt against that collateral, carry “heightened risks” that “are consistent with speculative-grade credit profiles.” The agency said such characteristics could place the products in speculative-grade territory, a designation associated with weaker credit quality and a higher likelihood of losses. Read more
OKX user issues desperate plea after funds frozen. Hong Kong hasn’t ruled out gold-backed stablecoins, but says it’s too early. Asia Express. An OKX user trying to get around restrictions on Chinese users has become desperate after the crypto exchange froze funds saying the money was needed to cover urgent family medical expenses. The user, who shared a lengthy personal appeal on X, said about $40,000 in crypto became inaccessible after OKXs risk controls locked multiple accounts linked to identity violations. The user admitted the accounts were acquired from third parties to access promotions that were unavailable to mainland China users. In the post, the user said all funds transferred into them originated from their verified personal account. They described the funds as life-saving money needed for a family members surgery. Read more
The latest purchase lifted the company’s Ether holdings to about 3.4% of the token's circulating supply, as Bitmine's chairman, Tom Lee, aims to accumulate 5% of the total outstanding supply. Bitmine Immersion Technologies expanded its Ether holdings over the past week as its chairman urged shareholders to approve a proposal that would allow the company to further build its crypto treasury and staking operations. The company said it purchased 24,266 Ether (ETH) over the past week, lifting its total crypto holdings to about 4.17 million ETH, or 3.4% of the token’s circulating supply. According to Monday’s announcement, the company reported about $14 billion in combined crypto and cash holdings, including $988 million in cash. In addition to ETH, it holds 193 Bitcoin (BTC) and a $23 million stake in Eightco Holdings. Read more
ETH’s recent rally was driven by spot demand and a healthy use of futures market leverage, potentially setting Ether up for a follow-up move to $4,000. Ether’s (ETH) futures and spot markets are sending mixed signals as futures positioning builds, but the altcoin’s price fails to make new highs. Data suggested that ETH traders are adding to their exposure even as spot buying underpins the recovery. Key takeaways: Ether’s estimated leverage ratio fell to 0.67 by Sunday from an all-time high of 0.79 on Jan. 2, despite rising open interest. Read more
With Bakkt's share price surging following the announcement, the stock deal could be worth about $178 million. Cryptocurrency infrastructure platform Bakkt Holdings announced an agreement to purchase Distributed Technologies Research, a stablecoin and fiat payments infrastructure provider. In a Monday notice, Bakkt said the agreement will have the company issue more than nine million shares of its Class A common stock to Distributed Technologies Research shareholders. At the time of publication, the price of shares of Bakkt Holdings (BKKT) on the New York Stock Exchange was $19.54, having surged more than 20% in the previous 24 hours, which would would make the deal worth more than $178 million. “The acquisition will allow Bakkt to consolidate a critical piece of its stablecoin settlement infrastructure and prepares the company to launch its neobanking strategy with multiple distribution partners in the coming months,” said Mike Alfred, the director and member of the special committee of Bakkt’s board. Read ...