Renowned investor and Quantum Fund co-founder Jim Rogers has said he has “optimism about the future of crypto money”, though he is skeptical of central bank digital currencies (CBDCs) as governments “like to keep their monopoly”. He further warned that the world was “looking for something to replace or compete with” the US dollar, adding the US Federal Reserve could not make up for the “gigantic amounts of money printing all over the world” and shouldn’t be trusted as it had “more than doubled” its balance sheet in a short time.
The World Economic Forum (WEF) appears to finally be taking crypto seriously, with industry names like Circle Pay CEO Jeremy Allaire and Ripple CEO Brad Garlinghouse appearing on a panel at Davos to discuss digital money. The WEF also hosted a discussion on CBDCs, stablecoins, and the need for crypto regulation but central bankers and finance regulators remained skeptical — IMF MD Kristalina Georgieva, for instance, said cryptocurrencies were assets and not money as they were not “a stable store of value”.
Wall Street lenders have asked the US Federal Reserve to delay the launch of a CBDC as it would be a direct competitor to private bank deposits, make credit less available to businesses and households, and drain hundreds of billions of dollars from the banking system. One such request came from Washington-based banking group, the American Bankers Association, which said a Fed-backed digital dollar would put “deposits accounting for 71% of bank funding…at risk of moving to the Federal Reserve”.
FTX Token is now the largest token holding by dollar value among the top 100 Ethereum whales, second only to their ETH holdings. Until recently, FTX Token was competing with meme token SHIB, which previously held the largest position by dollar value. However, FTX Token has now beaten out even USDC, accounting for 20.03% of Ethereum whales’ holdings and placing the dollar value at almost $1 billion. Meanwhile, USDC makes up 17.66% of the total holdings at $843.6 million and SHIB accounts for 11.73% at $560.69 million.
Acting on suspicion of possible theft or misappropriated funds, South Korean police have requested that the country’s top crypto exchanges freeze the Luna Foundation Guard’s (LFG’s) funds. Terraform Labs also has been fined $78 million for tax evasion, with rumours circulating that co-founder Do Kwon had dissolved the company due largely to the South Korean tax system. The firm was allegedly unhappy with existing laws, and its dissolution just before the LUNA and UST crash gave rise to suspicion around Terra’s activities.
After seeing a slight increase yesterday, BTC has fallen 3.59% to $29,257.37 in the last 24 hours. Within the same period, ETH fell 3.87% to $1,974.95, while other major altcoins also saw decreases: ADA was down 5.77%, SOL 7.26% and AVAX 8.74%. Similarly, meme tokens SHIB and DOGE saw a respective decline of 6.77% and 4.72% over the past 24 hours.
Following a slow recovery over the last several days, Terra’s LUNA is declining once again, falling 14.35% to $0.000164 in the past 24 hours. In contrast, its stablecoin UST is continuing its gradual climb, rising 17.1% to $0.085499 in the same period.