News Headlines (19th FEB 2024)

Bitcoin (BTC) has jumped over 35% to over $52,000 since Jan. 23, consistent with its Virginia’s Subcommittee on General Government proposed allocating a humble $17,192 a year to the Blockchain and Cryptocurrency Commission, according to its report on Sunday.

The U.S. states proposed funds will be allocated both in 2025 and 2026 and are slightly less than what is being set aside for the Artificial Intelligence Commission, which is getting $22,048 a year over the same period. However, the Virginia Autism Advisory Council will receive only $12,090 yearly over the two years.

Ethereum co-founder Vitalik Buterin mused that one application of artificial intelligence that he’d like to see is AI-assisted formal verification of code and bug finding.

“Right now Ethereum’s biggest technical risk probably is bugs in code,” he said on Twitter. “And anything that could significantly change the game on that would be amazing,”

Unsurprisingly, the replies to the tweet were full of startups claiming to have built the game-changing tech that Buterin is so excited about.

Decentralized crypto exchange FixedFloat has been exploited for at least $26 million worth of Bitcoin and Ether, according to on-chain data.

The exchange team confirmed the attack a few hours after it was first reported on X (formerly Twitter). The team initially attributed the massive outflows to “minor technical problems” and switched its services to maintenance mode.

Since Feb. 17, a number of users have reported frozen transactions and missing funds on the exchange’s X page. On-chain data shows that more than 400 Bitcoin $52,363 worth around $21 million and over 1,700 Ether $2,914 worth nearly $5 million were drained on Feb. 18.

Binance has decided to discontinue support for Binance Leveraged Tokens by April 3, 2024, at 06:00 (UTC).

Trading and subscription activities concerning all leveraged tokens will be suspended on February 28, 2024, at 06:00 (UTC). Following the suspension, Binance will initiate the delisting process and halt token redemptions as per the detailed schedule below:

1. BNBUP/USDT: Trading and subscription end on February 28, 2024; delisting and redemption stop on April 1, 2024.

2. BNBDOWN/USDT, ETHUP/USDT: Delisting and redemption cease on April 2, 2024.

3. ETHDOWN/USDT, BTCUP/USDT, BTCDOWN/USDT: Delisting and redemption stop on April 3, 2024.

The Nigerian microfinance bank, Carbon, has reportedly acquired the fintech firm Vella Finance for an undisclosed amount. This acquisition, which was finalized by the microfinance bank’s parent company, One Credit Limited, paves the way for the launch of a novel banking platform aimed at Nigerian businesses.

As part of the acquisition agreement, Vella Finance, which ceased offering crypto-related services on Oct. 30, 2023, will transition its business clientele to Carbon Business. Individual customers will also be presented with the option to upgrade to business accounts. Furthermore, the fintech firm’s solutions will be incorporated into the new banking platform.

Layer 1 blockchain Sui has experienced a sharp increase in inflows this month, a spike that has seen it overtake Cardano, Near and Aptos in terms of total value locked (TVL).

The network, which was built by former Meta (META) employees, now has over $593 million in capital locked across various decentralized finance (DeFI) protocols, more than double its total at the turn of the year when it had $211 million, DefiLlama data shows.

Data published by, which tracks the flow of funds through the cross-chain bridge Wormhole, shows that $310 million had been bridged to Sui from Ethereum in the past 30 days.

Worldcoin’s WLD token is currently trading at $7.44, up 39.8% on the day and 185.8% in the past week, per data from CoinGecko.

The token’s price surge kicked off on February 15, the same day that Altman’s firm OpenAI launched text-to-video AI app Sora. Keep in mind that the projects are entirely unrelated. But Worldcoin is the only crypto project directly linked to Altman, who co-founded the company—suggesting that crypto traders are seeking exposure to the OpenAI CEO as the firm’s cachet rises following the launch of Sora.

The People Power Party — South Korea’s ruling party — has started a push to delay crypto gains taxes for another two years as part of its campaign promises for the upcoming general election in April. 

Local media outlet the Herald Business Daily reported that the political party shared its stance that creating a general framework for crypto is a must before diving into taxation. The party believes that taxing crypto should only be possible once this base framework has been established.

A representative from the party also highlighted that the tax base has not yet been established. Unlike the stock exchange, the official explained that no entities are mandated to oversee crypto transactions. The party believes two years is necessary to establish such a system. The ruling party official also said that taxation should protect the country’s property and the lives of its citizens, stating that some aspects of the government have neglected the crypto market so far.

According to CoinDesk, Bitcoin is likely to experience a rally of over 30% in the eight weeks leading up to its reward halving, based on data from 10X Research. The fourth halving is scheduled for April 19, and Bitcoin’s monthly RSI has crossed above 80, a level that has historically indicated 60-day gains of over 50%. Despite a resurgent U.S. dollar and Treasury yields, Bitcoin has performed well in recent months, reaching its highest level since late 2021. Although a price pullback is possible, the overall uptrend is expected to continue, with prices potentially surpassing the record high of $69,000 before the fourth mining reward halving.

Citing concerns raised by some regarding the U.S. dollar losing its dominance, Waller explained that these concerns stemmed from various factors, including sanctions against Russia, U.S. political dysfunction, the rise of digital assets, China’s efforts to promote its currency, the yuan, and the potential for “geoeconomic fragmentation” that could be a disadvantage for the dollar’s role as the world’s reserve currency.

Addressing crypto’s potential to reduce the dominance of the USD, the Fed governor said: “A shifting payments landscape — for example, the rapid growth of digital currencies — could reduce reliance on the U.S. dollar.” He noted:

People often conjecture that cryptocurrencies like bitcoin may replace the U.S. dollar as the world’s reserve currency.