1. Bitcoin Mining Difficulty Hits All-Time High at 75.5 T
BTC.com data shows Bitcoin mining difficulty surged 7.33% to 75.50 T on February 2, 2024, accompanied by an average network hash rate of 552.92 EH/s. This adjustment reflects growing competition among miners globally.
2. Bitcoin On-Chain Volume Reaches $1.21 Trillion in January 2024
The Block reports Bitcoin’s January trading volume peaked at $1.21 trillion—the highest since September 2022. Notably, only December 2023 surpassed the $1 trillion mark last year, signaling renewed market activity.
3. Hong Kong Mandates Crypto License Applications by February 29
Hong Kong’s Financial Secretary Christopher Hui announced that all virtual asset service providers (VASPs) must submit licensing applications before the February 29 deadline. Non-compliant firms must cease operations, reinforcing regulatory oversight.
4. Hong Kong’s VSFG Plans Spot Ethereum ETF Filing in Q2
Venture Smart Financial Holdings (VSFG) aims to file for a spot Ethereum ETF in Q2 2024, contingent on its pending spot Bitcoin ETF approval. Chairman Lawrence Chu emphasized alignment with Hong Kong’s Securities and Futures Commission (SFC) guidelines.
5. Inner Mongolia Police Arrest Suspects in $2B Crypto Ponzi Scheme
Authorities in Inner Mongolia apprehended two key suspects behind a virtual currency platform that defrauded 18,000 users across 13 regions. The scheme involved ¥20 billion (~$2.8B) in transactions, with ¥10M (~$1.4M) in crypto assets seized.
6. BlackRock’s IBIT Holds $3B in Bitcoin Amid ETF Inflows
BlackRock’s spot Bitcoin ETF (IBIT) now holds 72,466 BTC (~$3B) as of February 2, adding 2,461 BTC in a single day. This underscores institutional demand for crypto exposure.
7. Genesis Seeks Court Approval to Sell $1.6B in Grayscale Trust Assets
Genesis filed a motion to liquidate $1.6B in Grayscale trust holdings (GBTC, ETHE, ETCG). The sale, if approved on February 8, could impact market liquidity, with disputed shares worth $1.2B under court review.
8. Survey: 75% of Investors Favor Bitcoin and Ethereum for Growth
A CoinShares survey reveals three-quarters of asset managers view BTC and ETH as top-growth assets. Digital asset allocations rose to 1.3% of portfolios—the highest since Q1 2023—despite lingering regulatory concerns.
9. Jim Rogers Skeptical of Crypto Challenging Fiat Currency
Investor Jim Rogers argued governments would suppress cryptocurrencies if they threatened fiat dominance. He labeled Bitcoin a transactional tool rather than a monetary alternative, citing regulatory intolerance.
10. El Salvador Reaffirms Bitcoin as Legal Tender
Despite IMF pressure, Vice President Félix Ulloa confirmed Bitcoin’s status will remain unchanged under President Nayib Bukele’s second term. The SEC’s ETF approval bolstered their commitment.
11. Genesis Moves to Sell Trust Assets Amid Bankruptcy
Genesis’ latest court filing targets $1.6B in Grayscale trust sales, including GBTC shares. A February 8 hearing will address the motion, with $1.2B in contested Gemini-collateralized shares pending resolution.
FAQs
Q1: Why did Bitcoin mining difficulty hit a record high?
A1: Increased miner participation and higher hash rates drove the 7.33% adjustment, reflecting network security and competition.
Q2: What’s the significance of Hong Kong’s VASP license deadline?
A2: The February 29 cutoff ensures only compliant operators remain, enhancing investor protection and market stability.
Q3: How might Genesis’ asset sale affect crypto markets?
A3: Liquidating $1.6B in trusts could increase selling pressure, particularly on GBTC, influencing Bitcoin’s short-term price.