As the cryptocurrency market grapples with a broader decline, altcoins have faced significant challenges, with Ethereum (ETH) leading the way with losses nearing 20%. This drop comes after Ethereum’s repeated failures to break through the crucial resistance level of $4,000, a barrier that has proven formidable in recent months also preventing the cryptocurrency to reach new record levels as Bitcoin (BTC) did to close 2024. Mid-Cycle Correction For Altcoins: A Path To Recovery? Market expert Ash Crypto has recently offered insights in a social media post on X (formerly Twitter), into the current state of altcoins, suggesting that they are undergoing a “mid-cycle correction.” According to Ash Crypto, this phase is a natural part of the bull market cycle and may set the stage for a recovery of previously lost value and potentially even higher gains for these digital assets. Related Reading: Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ‘ATH Are Next’ In his social media post, the expert highlighted historical precedents, noting that similar price actions were seen in January 2021, just before the onset of an altcoin season that captivated investors. Despite recent fluctuations, Ethereum and other altcoins have shown slight signs of recovery, with ETH managing to surge above $3,200, rebounding from its nearest support level of $3,100. This recent uptick prevented further losses and sparked hope among traders. However, Ash Crypto cautions that another dip may be on the horizon before a more sustained recovery can take hold. Market Whales May Shake Out Retail Investors In his analysis, Ash Crypto projected that altcoins could experience one final market correction before entering what he believes will be a full bull mode later this year. The expert referenced a chart he shared, depicting the total market capitalization of altcoins excluding Bitcoin and Ethereum, which showed potential consolidation between the $926 billion and $930 billion levels. This consolidation phase could precede a move towards a bullish cycle peak, estimated to reach as high as $3.39 trillion. Related Reading: Analyst Who Predicted Bitcoin Price Crash To $89,000 Reveals Where BTC Is Headed Next Adding to the intrigue, Ash Crypto remarked that Bitcoin’s dominance appears to have topped out, suggesting that an altcoin season is imminent. However, he warns that before this potential surge, market whales may attempt to shake out retail investors by manipulating prices. At the time of writing, ETH is trading at $3,215, up over 3% in the 24-hour time frame. Other altcoins such as XRP, Solana (SOL) and Cardano (ADA) have also risen by 5%, 3% and 5.3% respectively in the same time frame. Taking into account Ash Crypto’s analysis, it remains to be seen whether further consolidation or another correction will take place for altcoins before what could be the most notable gains for these digital assets in history. Featured image from DALL-E, chart from TradingView.com
The United States , Japan, and South Korea have issued a joint statement condemning North Korea's ongoing cyberattacks, emphasizing the severe threat they pose to global security. The three nations urged stronger collaboration between public and private sectors to counter these attacks and recover stolen funds. North Korean hackers stole over $1.3 billion in cryptocurrency in 2024 , a record amount, with much of it funding ballistic missile and weapons of mass destruction programs. The statement highlights the advanced tactics used by North Korean hackers, who frequently target cryptocurrency exchanges, digital asset custodians, and individuals. These cyberattacks often involve malware, social engineering, and insider operations. North Korean IT workers have infiltrated Web3 and blockchain companies, compromising their networks while posing as employees of legitimate organizations. The governments warned companies in these sectors to carefully vet freelancers and contractors to avoid unintentionally hiring DPRK-affiliated workers. According to Chainalysis, North Korean hackers stole $660.50 million in 2023 across 20 incidents. In 2024, this figure rose dramatically to $1.34 billion across 47 incidents—a 102% increase. These funds are believed to directly support North Korea’s missile programs and military advancements. The notorious Lazarus Group, a DPRK-linked hacker collective, has been responsible for many of the largest thefts in the cryptocurrency sector. Three weeks ago, South Korea sanctioned 15 North Korean IT organization members for allegedly aiding the country’s nuclear weapons program. The sanctioned individuals were reportedly operating in China, Russia , Southeast Asia, and Africa under fake identities, funneling earnings back to North Korea. The US, Japan, and South Korea emphasized the need for transnational collaboration to disrupt these activities. They called for increased efforts to prevent theft, recover stolen funds, and deny North Korea access to illicit revenue streams. The statement also urged private entities to implement stricter cybersecurity measures and to review governmental advisories on mitigating cyber threats. In October, US authorities seized Bitcoin and Tether linked to the Lazarus Group after they stole $879 million. Legal actions were initiated to recover $2.67 million in digital assets from two major hacks: one involving $1.7 million USDT stolen from Deribit and another targeting Bitcoin holdings worth over $970,000. The statement underscores the persistent threat posed by DPRK-affiliated hacking groups. These advanced groups, including the Lazarus Group, have been labeled as ongoing security risks by authorities in the US, Japan, and South Korea. By leveraging stolen cryptocurrency to bypass sanctions, North Korea continues to endanger international stability.
Thailand’s financial landscape is evolving as the SEC considers the introduction of Bitcoin exchange-traded funds (ETFs) on local exchanges. The move aims to enhance investor choice and foster adoption of
United States-based Osprey Funds is gearing up to convert its Bitcoin trust into an exchange-traded fund after an acquisition deal with Bitwise fell through. The investment management firm said in a Jan. 14 statement that it would file a Form S-1 with the U.S. Securities and Exchange Commission “as soon as practicable” to convert the Osprey Bitcoin Trust (OBTC) into an ETF. Launched in February 2021, OBTC offers investors exposure to Bitcoin without the complexities of direct investment, such as managing wallets or keys. The fund carries a management fee of 0.49%, making it one of the lowest-cost solutions of its kind. As of January 7, 2025, OBTC managed approximately $186.7 million in assets, with each share representing about 0.000326 Bitcoin. The decision to convert OBTC into an ETF comes after the termination of a proposed asset purchase agreement with Bitwise. Announced in August 2024, the deal aimed to transfer OBTC’s assets to Bitwise’s portfolio, providing unitholders with exposure to Bitcoin through Bitwise Bitcoin shares. However, as the December 31 regulatory deadline passed without the necessary approvals, the deal fell through , forcing both parties to walk away. You might also like: Bitcoin ETFs on three-day outflow streak as BTC briefly dips below $90k The trust started exploring various strategic options , which included the aforementioned Bitwise deal, after OBTC began trading at a noticeable discount to the value of its underlying Bitcoin assets, raising concerns among shareholders. If approved, Osprey will join the expanding U.S. ETF market, which now includes 32 Bitcoin ETFs. Of these, 11 spot Bitcoin ETFs collectively manage around $109 billion in assets as of Jan. 15, just a year after the first approval . Franklin Templeton and Hashdex have also launched ETFs offering exposure to Bitcoin and Ether indices, appealing to investors seeking diversified strategies. Meanwhile, Bitwise has proposed an ETF focused on publicly traded companies holding over 1,000 BTC in their corporate treasuries. Read more: Corporate Bitcoin holders ‘poised to explode’: Bitwise CIO
The First-Ever ‘Crypto Ball’ will take place on January 17, just days before Donald Trump’s inauguration as President on January 20. The black-tie event, organized to celebrate expected pro-crypto regulations, will be held at the Andrew W. Mellon Auditorium in Washington, D.C. David Sacks, Trump’s appointed AI and Crypto Czar, will host the event alongside prominent industry figures. Tickets are in high demand, with $2,500 Gold tickets already sold out and $5,000 Black tickets still available. In addition to general attendance, exclusive packages include $100,000 VIP tickets and $1 million private dinners with Trump. The event is sponsored by major blockchain companies, highlighting industry support for the incoming administration. Sponsors include Coinbase, Metamask, Solana, MicroStrategy , Kraken, Galaxy Digital, and others. Co-hosts BTC Inc., Stand With Crypto, Exodus, Anchorage Digital, and Kraken are organizing the event, which runs from 8:00 p.m. to midnight. Mario Nawfal, a crypto entrepreneur, highlighted the significance of this gathering on X (formerly Twitter), writing, “This exclusive event shows strong industry support for a U.S. administration leaning toward pro-crypto policies.” Trump’s administration has already shown favor toward cryptocurrency, appointing key officials with blockchain-friendly views. These include David Sacks, Scott Bessent as Treasury Secretary, and Paul Atkins as SEC Chair. Although Trump is not expected to attend, the event serves as a platform for industry leaders to connect with his team. There is also significant anticipation for the new administration’s crypto advisory council, which aims to shape federal digital asset policies. Reports suggest this council could include around 20 CEOs and founders with strong connections to Trump. Mar-a-Lago has become a central meeting point for crypto executives and Trump’s advisors since his re-election. Notable figures, including Kris Marszalek of Crypto.com and Coinbase CEO Brian Armstrong, have recently met with Trump to discuss regulations. Ripple executives Brad Garlinghouse and Stu Alderoty also held a private dinner with Trump to address the SEC’s lawsuit against Ripple. Trump is reportedly planning to sign a significant pro-crypto executive order on his first day in office. This order would reverse a key SEC policy that limits banks from holding custody of Bitcoin and digital assets. Crypto firms have shown their support by contributing substantial funds to the inaugural committee. Coinbase, Kraken, and Ondo have each donated $1 million, while Ripple contributed $5 million worth of XRP coins to aid upcoming initiatives. As the “Crypto Ball” approaches, it is expected to attract top industry leaders eager to collaborate with Trump’s team and shape the future of U.S. cryptocurrency policies.
Thailand is witnessing a significant breakthrough in its ambitious vision to establish a digital asset hub. A recent report on Wednesday revealed Thailand’s plans to adopt Bitcoin ETFs, permitting local exchanges to list the exchange-traded funds. Thailand Prepares for Bitcoin ETF Debut The Thai Securities and Exchange Commission (SEC) plans to approve its first Bitcoin ETF, aligning with the country’s crypto hub vision, Bloomberg reported on January 15. SEC Secretary-General Pornanong Budsaratragoon posited that the move would allow individual and institutional investors to invest in the Bitcoin vehicles directly. Promoting the use of cryptocurrencies, Thailand is paving the way for the worldwide adoption of digital assets. During an interview on Tuesday, Pornanong stated, Like it or not, we have to move along with more adoption of cryptocurrencies worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection. Although, One Asset Management in Thailand has introduced a fund-of-fund tracking international Bitcoin ETFs, a direct investment tool remains pending approval. The ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI) and was approved by the Thai SEC last year. Thailand’s Thaksin To Legalize Crypto The latest development came on the heels of Pheu Thai Party leader Thaksin Shinawatra’s efforts to legalize crypto. Citing the incoming US President Donald Trump’s crypto-friendly approach, Thaksin suggested Thailand embrace a more progressive stance on virtual assets. He also proposed the increased issuance and use of stablecoins. Digital-asset trading activity in Thailand is picking up amid a wider rally that pushed Bitcoin to a record high of $108,315. Crypto hedge funds had a great last year but failed to give more returns than Bitcoin (BTC), as per Bloomberg Thailand’s Broader Crypto Vision and Regulations Thailand has long been striving to solidify its position at the forefront of the global crypto market. In a recent development, the country announced its crypto payment pilot project, with the trial set in Phuket. While the initiative is expected to be executed within Thailand’s existing legal framework, it bolsters the nation’s crypto vision. The country is broadly looking to boost crypto adoption and Bitcoin ETFs will be welcome move for the local crypto industry. The post Thailand Boosts Crypto Ambitions, Welcomes Bitcoin ETFs on Local Exchanges appeared first on CoinGape .
Thailand regulators are considering approval for exchange-traded funds that invest directly in Bitcoin for the first time in history in order to boost the nation’s budding crypto sector. According to a Bloomberg report published on Jan. 15, the Thailand Securities and Exchange Commission might allow Bitcoin ETFs to list on local exchanges for the first time as the country attempts to keep up with other countries like Singapore, Hong Kong and the U.S. in terms of developing its cryptocurrency sector. As of Nov. 30, 2024, data from the Thailand SEC shows that there are at least 270,000 active crypto trading accounts. The number of active accounts in November more than doubled compared to that of the previous month, which only reached 117,000. Acknowledging the importance of the crypto sector in Thailand moving forward, Secretary-General Pornanong Budsaratragoon said the SEC will consider letting individuals and corporations invest directly in local Bitcoin ETFs. “Like it or not, we have to move along with more adoption of cryptocurrencies worldwide. We have to adapt and ensure that our investors have more options in crypto assets with proper protection,” said Pornanong. Thailand is not the only one. Leaders of major banks in Japan have also been pushing for its regulators to allow crypto-backed ETFs, specifically Bitcoin ETFs and Ethereum ETFs . Other countries in the Asia-Pacific region like Hong Kong and Australia, have approved their own spot crypto ETFs . You might also like: Thai authorities unplug Bitcoin mine that stole millions of baht in electricity Despite this eagerness to dive into the Bitcoin investment market, Thailand authorities recently closed down a Bitcoin mining farm set up in the Phanat Nikhom district of Chonburi. As previously reported by crypto.news, the Thailand Crime Suppression Division is in the process of obtaining arrest warrants for those involved. Back in June 2024, Thailand’s One Asset Management had already launched a fund-of-funds that offers investors exposure to Bitcoin ETFs linked to companies overseas. However, Thailand has yet to allow local ETFs to invest directly in Bitcoin, the current largest cryptocurrency by market cap. In addition, the Thai SEC is also considering allowing local companies to issue stablecoins backed by their own bonds in order to expand access to corporate debt markets and minimize costs, according to Pornanong. Last December, Thailand’s former prime minister and crypto advocate Thaksin Shinawatra proposed a pilot project to develop Bitcoin payment in Phuket. Deputy Prime Minister Pichai Chunhavajira confirmed that the pilot project will mainly focus on tourists, making it easier for them to do digital payments in the region. You might also like: Binance endorses Thai ex-PM’s proposal for a pilot Bitcoin project
Metaplanet targets one million readers with a new Bitcoin magazine. The company plans to increase its Bitcoin reserves significantly by 2025. Continue Reading: Metaplanet Launches Bitcoin Magazine to Educate Japan’s Crypto Enthusiasts The post Metaplanet Launches Bitcoin Magazine to Educate Japan’s Crypto Enthusiasts appeared first on COINTURK NEWS .
Donald Trump , the President-elect of the United States, reportedly owns a substantial amount of Bitcoin . This revelation came on January 14, when Adam Back, a prominent figure in the cryptocurrency space and CEO of Blockstream, shared a video on X (formerly Twitter) discussing the matter. The video features David Bailey, a cryptocurrency advisor to Trump during his presidential campaign and organizer of a Bitcoin conference where Trump declared his intention to adopt Bitcoin as a strategic reserve asset. Bailey stated, “Trump told me he owns a significant amount of Bitcoin.” While avoiding specifics, he hinted at the sizable nature of Trump’s holdings, saying, “I won’t disclose the number, but even back then, it was significant. The value has only increased since.” Bailey, in a conversation with Michael Saylor on December 31, elaborated further, noting, “It’s about alignment. What benefits Bitcoin benefits all of us.” This perspective underscores Trump’s interest in leveraging Bitcoin as part of a broader economic strategy. Adam Back, widely acknowledged in the Bitcoin community and credited in its whitepaper for his work on mining-related technology, remarked, “People seem unaware of this fact.” Back’s company, Blockstream, is actively engaged in advancing Bitcoin technology and adoption, including projects in El Salvador.
Brazilian neobank Nubank has launched a fixed 4% annual return for USDC holders, making the feature available to all crypto wallet users. The largest digital bank in Latin America, with more than 85 million customers in Brazil and 6 million between Mexico and Colombia, is now offering a fixed 4% annual return for users holding Circle’s stablecoin USD Coin ( USDC ). Nubank expanded its rewards program to all users after testing it with a small group last year, the neobank said in a Jan. 14 blog announcement . To be eligible, customers need to maintain a minimum balance of 10 USDC in their crypto wallets. Returns are credited daily, and funds can be accessed instantly, the announcement reads. Users can activate or deactivate the feature anytime through the Nubank app. You might also like: Warren Buffet ditches Mastercard and Visa stocks to invest $1b in Bitcoin-enabled Nubank The Brazilian fintech bank says USDC wasn’t chosen by chance as it now accounts for 30% of crypto users’ portfolios. The bank also added that “more than 50% of new Nubank Crypto users chose USDC as their first digital asset.” In November 2024, Nubank introduced a crypto swap tool. The feature allowed users to trade Bitcoin ( BTC ), Ethereum ( ETH ), Solana ( SOL ), or Uniswap ( UNI ) for USDC. Nubank has been working to grow its crypto offerings, though not all efforts have gone smoothly. For instance, in September 2024, the bank suddenly stopped trading its Nucoin token, saying it wanted to protect users from market volatility. The bank launched Nucoin in late 2022 on the Polygon network as part of a rewards program offering perks like discounts. Read more: Nubank adds support for Bitcoin Lightning Network transactions