Analysts say Bitcoin’s volatile price action reflects an increasing risk of distribution as new BTC whales control the price action. Is a drop to $85,000 in play for the short term? Bitcoin (BTC) has struggled to regain momentum after the price dipped below $90,000 on Tuesday, with multiple analysts pointing to continued selling pressure in the short term. Key takeaways: New BTC whales with a holding period of less than 155 days now control more realized capital than the “OG” long-term holders. Read more
The preliminary injunction against the prediction markets platform reportedly came at the request of Massachusetts Attorney General Andrea Joy Campbell. Prediction markets platform Kalshi could face legal complications operating in the US state of Massachusetts after a judge reportedly ruled that residents could not use the website for sports betting. According to a Tuesday Reuters report, Suffolk County Superior Court Judge Christopher Barry-Smith said he would issue a preliminary injunction against Kalshi prohibiting the platform from offering sports betting for residents without the required gaming license. The ruling followed Massachusetts Attorney General Andrea Joy Campbell filing a lawsuit against Kalshi in September, alleging that the platform offered “illegal and unsafe sports wagering.” According to Reuters, Tuesday’s injunction came at Campbell’s request. Read more
Michael Selig named two people as senior advisers, one of whom helped with a law firm‘s letter that led to an SEC no-action letter on crypto custodians. Michael Selig, chair of the US Commodity Futures Trading Commission (CFTC), announced the appointment of a senior adviser with experience in litigating crypto and blockchain cases. In a Tuesday notice, Selig said Michael Passalacqua, a former associate at international law firm Simpson Thacher & Bartlett, would join the CFTC as a senior adviser. Selig cited Passalacqua’s experience with “financial regulatory matters involving crypto assets and blockchain technologies.” “Earlier in his career, [Passalacqua] served as assistant general counsel at a crypto asset capital markets firm where he advised on a range of crypto asset regulatory and transactional matters,” said Selig. Read more
ETH sold off at the weekly open, but its net taker volume metric turned positive for the first time in years. Will bulls take notice of the signal and attempt to press Ether price higher? Ether (ETH) derivatives data has begun to highlight a structural shift. After nearly three years of sell-side dominance, ETH’s net taker volume has turned positive, possibly pointing to renewed interest from futures traders. Key takeaways: ETH net taker volume reached $390 million since Jan. 6, the largest buy imbalance since January 2023. Read more
The deal adds a long-running dataset on tokenized real-world assets to RedStone’s oracle business as RWA activity spans public blockchains and institutional networks. Blockchain oracle provider RedStone has acquired Security Token Market (STM) and its TokenizeThis conference, adding a large dataset on tokenized real-world assets to its existing oracle business. According to an announcement, the acquisition brings STM’s historical data, covering more than 800 tokenized products across equities, real estate, debt and fund structures, under RedStone’s ownership, along with control of the TokenizeThis conference brand. STM founder Herwig Konings will join RedStone as an adviser and head of TokenizeThis, while STM chief operating officer Jason Barraza will take on an institutional business development role focused on asset managers, banks and tokenization platforms. Read more