Social Token Project Rally Shuts Ethereum Sidechain, Stranding Users’ Crypto Assets


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Ethereum Developers to Launch New Testnet ‘Zhejiang’ for Simulating ETH Withdrawals


This new testnet, which will go live at 10 a.m. ET (15:00 UTC), will provide the ability to test staked ETH withdrawals (EIP-4895). Users won’t immediately have the ability to participate in the simulated withdrawals until the testnet goes through an upgrade on Feb. 7. For now, users will be able to deposit ETH to validators on the testnet, and then withdraw them the following week.

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Why Tightening Correlation With S&P 500 Could Be Bullish For Bitcoin 


The correlation between the S&P 500 and Bitcoin is only increasing, inching closer to reaching levels where in the past the cryptocurrency strengthened. 

Meanwhile, the S&P 500 just closed its January monthly session outside of a key trend line the entire world of finance has been watching. Here is why a possible breakout in the stock market could propel BTC higher along with it in a perfect storm scenario. 

The Stock Market Closes Monthly Candle Above Key Trend Line

The S&P 500 index is often considered the best measure of the overall health of the US stock market, and indirectly, the economy. It’s used as a benchmark to compare the alpha and beta of other assets and individual stocks. 

Positive performance in the SPX is associated with periods of prosperity and profitability. If the stock market is doing well, it is a signal for investors to switch to risk-on strategies. 

The S&P 500 could be breaking out of a year-long pattern | SPX on

The S&P 500 is potentially breaking out of the upper boundary of a long-term trading pattern: a descending broadening wedge. Price is holding above the pattern on the daily timeframe through the January monthly that just came to a close. 

And while further upside would bode well for cryptocurrencies by default, increasing correlation between BTCUSD and the SPX is what makes a possible breakout in the stock market that much more bullish for Bitcoin. 

Bitcoin Correlation With S&P 500 Index Increases

The chart above shows the breakout in action in the daily and monthly timeframe in the S&P 500. Bitcoin price is moments away from closing its January monthly candle with more than 40% ROI. Other cryptocurrencies have significantly outperformed during the month.

Both BTCUSD and SPX rising in tandem this month has restored the increasing direction of the correlation between the two vastly different investment vehicles. 

BTCUSD Bitcoin SPX correlation

The correlation with the stock market is only increasing | BTCUSD on

With a correlation coefficient of 0.88, the SPX and BTCUSD are at some of the strongest positive correlations historically. Past bear markets in crypto have switched Bitcoin into negative correlation territory. This time, however, has been different. 

An increasing correlation has in the past been associated with some of Bitcoin’s most explosive bullish moves to the upside – especially after reaching a correlation of 0.93. With the correlation potentially increasing and a possible breakout in the SPX, could there be a perfect storm brewing for the top cryptocurrency by market cap? 

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from

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Crypto Markets Today: Fed Preview, Bitcoin Holds Steady at $22.9K


Also: Metaverse tokens surged in January. Equities close higher.

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ImmutableX to Launch All-In-One Passport System to Onboard New Gamers Into Web3


“For Web3 gaming to reach a billion players, onboarding must be invisible, secure and work across any game – mobile, console or desktop,” said Immutable president and co-founder Robbie Ferguson. “Passport is a self-custodial wallet, where users can sign in with just an email and one-time password – it will be a game changer for players and radically reduce user acquisition costs.”

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Is $1 Million Possible For Bitcoin? Here’s What This Analyst Thinks


Bitcoin is already seeing a drawdown which has sparked speculation that the mini-bull run has come to an end. However, over the long term, there is still a bullish case for the digital asset but how high the price will go remains anyone’s best guess. An analyst has taken to Twitter to share their own forecast, which paints one of the most bullish cases for bitcoin over time.

PlanB Says Bitcoin At $1 Million Is Possible

In a YouTube video, the pseudonymous analyst known as PlanB on Twitter laid out a chart that showed an expected growth pattern for bitcoin. The chart follows through to the very beginning of bitcoin, presumably to show this growth pattern in action over the years.

The chart shows an old and new stock-to-flow model, popularly known as the S2F model, as well as the BTC price. It then ties in the movement of these three shows a pattern of progression of each one.

Following this pattern, PlanB said the price of bitcoin will likely be above $32,000 in 2024, which is the year of the next BTC halving. On a much longer basis, the model puts the price of bitcoin between $100,000 and $1 million by 2025.

PlanB says $100,000 to $1 million still possible | Source: Twitter

“BTC bottom is in, 2024 halving >$32k, 2025 bull market >$100k” scenario could look like this. Note the $100k-$1m yellow range estimate for 2025,” the analyst said.

Now, this is a wide range but PlanB is not the only one that has presented this $1 million scenario for BTC. ARK Invest’s Cathie Wood has also given this exact prediction for the digital asset, although the CEO puts it on a much longer timeframe (By 2030).

Can BTC Really Reach $1 Million?

The $1 million figure is one that has been echoed by a number of notable personalities in the space. Others have also given equally bullish forecasts, as in the case of Skybridge Capital’s CEO Anthony Scaramucci, who believes that the price of the digital asset will cross $300,000. Another forecast comes from the CEO of Jan3, Samson Mow, who believes the cryptocurrency will reach $1 million in the next five years.

Bitcoin price chart from

BTC sees drawdown following upward rally | Source: BTCUSD on

For most of these predictions, the basis and argument behind them have been the capped supply of bitcoin. And with each halving, the bitcoin supply is reduced, something PlanB also highlights in his own analysis.

Billionaire Tim Draper forecasted that BTC’s price will cross $250,000 but Draper believes that this will come with the adoption of BTC by women. The billionaire notes that women control most of the retail spending power and once they are able to direct that toward BTC by being able to use the digital asset to pay for goods and services, then he expects the cryptocurrency to “blow right through” $250,000.

Bitcoin is currently trading at $22,933 at the time of this writing. It is down 2.15% in the last 24 hours.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Blockzeit, chart from

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Crypto Market January Roundup: Aptos, Metaverse-Affiliated Tokens Lead Broad-Based Rally


Layer 1 blockchain Aptos’ native token has surged over 387% this month, leading all cryptocurrencies for gains and dwarfing bitcoin and ether’s performance. Solana’s SOL token also rises.

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UK Finance Ministry to Propose Broad Rules for Crypto, Invites Industry Feedback


The Treasury also gave crypto companies a time limited exemption to approve their own crypto promotions until more regulation comes.

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Crypto Bank Silvergate Shares Move Higher After BlackRock Boosts Stake


Stung first by 2022’s bear market in crypto and then again in November thanks to its large deposit relationship with collapsed crypto exchange FTX, Silvergate shares were lower by about 90% on a year-over-year basis. They gained 9.96% in Tuesday trade, with most of the move higher coming after the ownership filing.

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Silvergate’s ties to FTX face renewed scrutiny from senators


Several U.S. senators are seeking new details from Silvergate Capital about its knowledge of FTX’s wrongdoing, according to a Jan. 31 report from Bloomberg.

The senators responsible for the inquiry include noted cryptocurrency critic Elizabeth Warren (D-Mass.) as well as Roger Marshall (R-Kan.) and John Kennedy (R-La.)

According to a letter obtained by Bloomberg, senators asserted that Silvergate did not thoroughly answer their previous questions and said that concerns around confidentiality are “not an acceptable rationale” for the bank’s failure to disclose information. They added that Congress and the public are owed information about Silvergate’s role in the FTX collapse.

The group of senators additionally asked Silvergate to disclose whether it was aware that FTX instructed users to wire funds to Alameda’s account at Silvergate — an instance of fund mismanagement that was first reported last November. The senators also asked Silvergate whether it flagged any suspicious transactions. Furthermore, they asked Silvergate about its due diligence process and the results of external reviews and audits.

Elsewhere in the letter, the senators noted that Silvergate obtained a $4.3 billion loan from the Federal Home Loan Bank — a government-sponsored banking system — following FTX’s collapse in late 2022. They added that Silvergate relied upon the bank as a lender of last resort. The group of senators asked Silvergate how it plans to use that loan.

The same senators previously demanded answers from Silvergate in a similar letter in December. Though Silvergate cited confidentiality rules at that time, it did reveal that its relationship with Alameda Research predated FTX’s founding. It also said that it was reviewing transactions related to both firms. The bank added that it conducts due diligence on its clients, reiterating a statement made to the public earlier that month.

Silvergate has until Feb. 13 to respond to the latest round of questions. It is unclear what steps will be taken if it does not respond, though Bloomberg’s report suggests that senators could go through banking regulators to obtain the requested information.

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