Activity on Solana has spiked as new AI tech makes it easier than ever to launch memecoins. Meanwhile, Ethereum is plugging away at future-proofing and bringing down fees. Activity on major altcoin networks, namely Solana and Ethereum, saw major milestones in January. Daily active addresses on Solana consistently topped 5 million in the second half of the month. Ethereum overtook major layer 2s in December in terms of daily active addresses after major upgrades to the network. In January, the network marked a 25% increase in daily active addresses amid efforts from developers to “future proof” Ethereum. Seven Bitcoin (BTC) miners in the US are in a critical storm zone and may need to temporarily scale back their mining activities as a winter storm rocked power grids and left thousands without electricity. Read more
The US Treasury has sanctioned two UK-registered crypto exchanges tied to Iran’s financial system, marking the first time Washington has targeted digital asset platforms. The United States Treasury has sanctioned two cryptocurrency exchanges linked to Iran’s financial system, marking the first time Washington has directly targeted digital asset platforms as part of its Iran sanctions program. In a statement on Friday, the Treasury Department’s Office of Foreign Assets Control (OFAC) said the sanctions are part of a wider move against Iranian officials and networks accused of violently suppressing people at home while using alternative financial channels to get around international sanctions. Among those sanctioned was Eskandar Momeni Kalagari, Iran’s minister of the interior, who oversees the country’s Law Enforcement Forces. “Treasury will continue to target Iranian networks and corrupt elites that enrich themselves at the expense of the Iranian people,” Treasury Secretary Scott Bessent said. Read more
Ripple co-founder Chris Larsen and venture capitalist Tim Draper are backing Grow California, a new political effort aimed at countering union-backed wealth tax proposals. Two high-profile crypto figures are preparing to pour tens of millions of dollars into California politics, aiming to reshape the state Legislature by backing moderate, business-friendly candidates and countering the influence of labor unions. The effort, operating under the banner of Grow California, is backed by Chris Larsen, a longtime Democratic donor and co-founder of Ripple, and Tim Draper, a venture capitalist known for his support of Bitcoin (BTC), according to The New York Times. “The government unions do a great job,” Larsen reportedly told the outlet. “But that’s going to clash with a lot of the things that are going to make California successful if there’s no counterforce,” he added. Read more
ETF analyst Eric Balchunas said many people seem to be forgetting that Bitcoin “spanked everything so bad” in 2023 and 2024, while other asset classes “still haven’t caught up.” Investors pulled around $1.82 billion from US-based spot Bitcoin and Ether exchange-traded funds (ETFs) over the past five trading days, as market sentiment continued to weaken after the precious metals rally. Between Monday and Friday, US-based spot Bitcoin (BTC) ETFs lost $1.49 billion, while spot Ether (ETH) ETFs saw $327.10 million in net outflows, according to Farside. The outflows come as the spot price of both cryptocurrencies continued to decline, despite recent signs of a recovery. Over the past seven days, Bitcoin and Ether have fallen 6.55% and 8.99% respectively, trading at $83,400 and $2,685, according to CoinMarketCap. Bitcoin rose 7% over the two days leading to Jan. 15 amid speculation about the US CLARITY Act, but the rally was short-lived. Read more