| Hey Cryptonews, here's our curated daily bundle of crypto news. | | February might be rocky for Bitcoin holders
|  | - BTC's price surged astronomically by 45% in the last 30 days
- On-chain data suggests the king coin might see a pullback in February
Following a 43% hike in price since the 2023 trading year began, on-chain readings suggest that BTC's price might experience a correction in February.
CryptoQuant analyst On-chain Edge assessed the leading coin's Market Value to Realized Value (MVRV) ratio. He found that the MVRV ratio was 1.16 at the time of his publication, indicating that the BTC's price was severely overvalued, and such points are not great entry points.
Furthermore, the analyst considered BTC's Net Unrealized Profit/Loss (NUPL). The NUPL recently rose dramatically due to an increase in unrealized profits, currently at 0.14, higher than before the FTX crash. While this could be seen as a positive development, another analyst revealed that there was resistance that could hinder further improvement.
According to the same, a sustained increase in BTC's NUPL would make re-entering a favorable buying zone difficult. Therefore, the analyst recommended that investors either wait for a better time to buy or hope for a significant breakout.
| | Learn More | | Avalanche had a considerably fair Q4 in 2022
|  | - Native projects within the chain drove a hike in daily activity on the network
- Its NFT ecosystem suffered a decline within a 90-day period
A new report from Messari found that in Q4 2022, projects on Avalanche saw significant growth, resulting in an increase in overall interest in the protocol. This was largely due to the surge in user activity on protocols like Trader Joe and GMX,
Although the growth of Avalanche's projects had a positive impact, the number of active addresses on the network recorded a decline. A spike partially offset the fall in NFT transactions on the network, but the NFT market's overall state isn't as strong as it has been previously. The decline in activity led to a reduction in fees collected by Avalanche and the number of transactions on the network, affecting the revenue generated by the protocol and the number of stakers.
However, there are signs of hope for Avalanche. The volume on the network saw a significant hike over the last few days, going from 98.4 million to 516.7 million. This, coupled with an increase in gas usage, could be a positive indicator for AVAX token holders. It could mean that there may be a resurgence of interest in Avalanche in the near future.
| | Learn More | | Fantom will launch its fUSD V2
|  | - Fantom's fUSD will migrate to a more predictable, budget-friendly system
- The same is targeted towards helping the Fantom ecosystem grow
Andre Cronje, the Director of the Fantom Foundation, has announced plans to upgrade its fUSD stablecoin with the launch of fUSD version 2. This updated version will allow users to allocate fees in either fantom (FTM) or fUSD and predict future costs based on usage.
To implement the updated fUSD, version 1 will go through liquidations. Any positions where the fUSD debt is equal to or greater than the FTM or sFTM backing will be liquidated. Fantom has created a swap tool to help users close out their positions and exchange DAI for fUSD to settle their outstanding debt.
The platform is confident that the upgraded fUSD version 2 will help create a more consistent system for planning and budgeting and allow for the creation of additional institutional products. However, the timeline of the launch is yet to be disclosed.
| | Learn More | | Judge rules on SBF's bail guarantors being made public
|  | 8 media companies filed a joint petition to unseal the names of the two guarantors of SBF's bail bond While a judge approved the joint petition, SBF has until the 7th to challenge decision
A recent ruling by United States District Judge Lewis Kaplan may result in the identities of two individuals who helped former FTX CEO Sam Bankman-Fried with his $250 million bail bond being revealed next month. Eight media outlets, including Bloomberg, the Financial Times, and Reuters, demanded public disclosure of the two guarantors in a petition addressed to Kaplan. The judge has granted the joint petition but has given Bankman-Fried's legal counsel until February 7 to contest the decision.
Bankman-Fried was released from custody in December after two unknown individuals and his parents signed on as sureties for the bond. Attorneys for the media companies argue that "the public's right to know Bankman-Fried's guarantors outweighed their privacy and safety rights." However, Bankman-Fried's lawyers argued that the identities should be kept a secret due to security risks faced by Bankman-Fried and those linked to him.
In his ruling, Kaplan acknowledged that threats are there. However, he ruled that there was no evidence that the non-parental sureties would face similar threats and harassment.
| | Alameda Research sues Voyager Digital to recover loan payments
|  | | Alameda Research wants bankrupt crypto-lender Voyager Digital to repay the $446M loan payments made by its sister company, FTX. FTX made the loan payments before its collapse in November.
The bankrupt exchange also blamed Voyager Digital for misusing customer funds and failing to conduct due diligence before sending funds to Alameda Research. Therefore, the crypto-lender is responsible for its mess and should reimburse the loan payments made by FTX, it argued.
FTX lawyers claimed that the firm made three related loan payments to Voyager Digital before its collapse. It paid $248.8M in September, $193.9M in October, and an interest amount of $3.2M in August.
| | Elon Musk's Twitter payment vision could extend to crypto
|  | - Twitter is reportedly working on a payments system
- The payment integration could bring crypto on board
Reports indicate that Elon Musk's Twitter is working on integrating a payment system into the social network platform. A possible extension to include cryptocurrencies in the payment system is likely.
Elon Musk has always shared the need for a super app for everything - He calls it X App. He draws inspiration from the WeChat platform. The Twitter payment integration could be part of his broader plan to achieve his X App vision.
The development has contributed to a massive hike in DOGE, a meme coin that always spikes whenever Musk mentions anything related to crypto.
Besides, Tesla's Bitcoin [BTC] holdings could also be part of the speculation that Musk could add a crypto-spin to the alleged Twitter payment system. The EV manufacturer held on to its BTC despite intense selling pressure at the end of 2022. | | Montenegro to build its first stablecoin
|  | - Montenegro has partnered with Ripple to test a nationwide stablecoin
- Transformation unlikely to be a walk in the park, claimed exec
Montenegro has partnered with Ripple to develop the country's first digital stablecoin. The South Eastern European country has been using Euros despite it not being an official legal tender. Montenegro applied for EU membership, but its approval is yet to be confirmed.
Central banks worldwide are rushing to develop CBDCs (Central Bank Digital Currencies) as digital transformation disrupts the financial sector. The Ripple-Montenegro partnership enables the country to catch up with the race.
However, it won't be a walk in the park, as highlighted by Ivan Boskovic, a former director of the Department of Payment Systems and Financial Technology - Central Bank of Montenegro. According to a report, Boskovic emphasized physical and human capital as some of the challenges smaller countries face to adapt to unstoppable digital transformation in payment systems.
| | Bears greet market's biggest cryptos |
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