hporaai55

@hporaai55

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Woke up late but still having breakfast.

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The first warning of a correction to $70,000 came from Raoul Pal, founder and CEO of Global Macro Investor, in a November X post, which also predicted that Bitcoin will reach a “local top” above $110,000 in January, before heading into the current correction.

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Proof-of-reserve auditor Hacken said the crypto platform’s reserves still exceed its liabilities and user funds remain fully backed.

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Meanwhile, Bitcoin’s ongoing institutional adoption is decoupling the digital currency from the broader crypto market, Young Ju said.

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Hong Kong’s financial secretary says the city will remain an open market for crypto as it tries to position itself as a regional crypto hub.

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However, he added that price declines in new tokens are part of a typical lifecycle and not influenced by platforms like Binance or Wintermute.

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Wintemute’s CEO said that this phenomenon — “when a new token gets launched, it drains liquidity from the existing ones” — poses a challenge to growing the space as a whole.

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Gaevoy also commented on the growing memecoin ecosystem, describing it as “a big drag on crypto.” According to him, memecoins take up liquidity from existing projects. Sharing the example of the Trump memecoin, Gaevoy explained:

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Gaevoy confirmed that Wintermute will not be hiring for trading roles in its US office.

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Notably, Trump’s executive order, if enacted as written, would exclude officials from the Federal Reserve and Federal Deposit Insurance Corporation from joining the working group on crypto. Custodia Bank founder and CEO Caitlin Long claimed the departments were frozen out due to allegations they attempted to debank crypto firms under the Biden administration.

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It’s unclear whether all aspects of Trump’s executive order will go into effect, as many of his orders since taking office on Jan. 20 face multiple lawsuits questioning their legality. In addition to promoting stablecoins, the executive order could also prohibit a US central bank digital currency (CBDC) and have the working group study the potential creation and maintenance of a national crypto stockpile.

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Cipollone has been one of the ECB’s more vocal proponents for introducing a digital euro as the central bank studies a potential rollout. The digital currency project is currently in the preparation phase, expected to be followed by a decision on whether to launch in October 2025.

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“I guess the key word here is worldwide,” said Cipollone, according to Reuters. “This solution, you all know, further disintermediates banks as they lose fees, they lose clients [...] That’s why we need a digital euro.”

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According to a Jan. 24 Reuters report, Cipollone said Trump’s executive order on “strengthening American leadership in digital financial technology” could potentially cause residents to move away from financial institutions in favor of digital solutions. The executive order signed on Jan. 23 could establish a working group to study a regulatory framework for stablecoins and promote “legitimate dollar-backed stablecoins worldwide.”

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European Central Bank (ECB) executive board member Piero Cipollone reportedly reiterated calls for EU banks to introduce a digital euro after US President Donald Trump signed an executive order potentially impacting stablecoins.

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Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.

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According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.

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Phemex crypto exchange halted withdrawals after being alerted to nearly $30 million worth of suspicious outflows that raised alarms among blockchain security firms.

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In a significant development, the US District Court for the Western District of Texas has reversed the OFAC sanctions, according to a Jan. 21 court filing. The court ruled:

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Participating Philippine banks include UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank and Rural Bank of Guinobatan, according to a Ledger Insights report. All participants will play a significant role in the governance of the PHPX stablecoin.

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