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Solana price rally risks exhaustion after SOL’s 120% pump in two weeks

Solana (SOL) price is up an impressive 60% since the new year, partially boosted by hype surrounding meme cryptocurrency Bonk (BONK). However, the SOL/USD pair now shows signs of exhaustion, raising anticipations that the token may see a short-term correction in the coming days. Solana turns overboughtSolana is one of the best performing cryptocurrencies so far in 2023 after being one of the biggest losers in 2022. On Jan. 9, SOL's price jumped to as high as $19.50, or around 120% gains in a recovery rally after sliding below $8 on Dec. 29, 2022. But the price spik also turned Solana into an overbought asset, per its daily relative strength index (RSI) reading above 70, as shown below. SOL/USD daily price chart. Source: TradingViewTraditional investors typically see an overbought RSI as a potential sell signal, given the indicator has historically coincided with a period of buyer exhaustion. As a result, SOL's price could enter a correction or a sideways consolidation stag..

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Abu Dhabi-based Venom Foundation launches $1B fund for Web3 and blockchain

Abu Dhabi-based blockchain platform Venom Foundation and investment manager Iceberg Capital announced they will allocate $1 billion of funding to Web3 and blockchain firms through a new partnership. The Venom Ventures Fund is set to invest in protocols and Web3 decentralized applications (DApps) focused on payments, asset management, decentralized finance (DeFi) and GameFi products and services. The fund is a partnership between layer-1 blockchain solution, Venom Foundation and Abu Dhabi Global Market (ADGM) investment management firm, Iceberg Capital. The latter will look to leverage its existing network to offer incubation programs and industry connections as well as marketing, exchange listing and technical, legal and regulatory support. Related: UAE regulator adopts blockchain to speed up commercial judgments Iceberg Capital will manage the fund, investing in projects and companies through pre-seed and Series A funding rounds. The partnership aims to accelerate businesses developi..

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Music NFTs are helping independent creators monetize and build a fanbase

The music industry is notoriously centralized, with major record labels often controlling nearly every facet of an artist’s career — from which songs they are allowed to release to what percentage of the royalties they keep and more. While the rise of streaming platforms like SoundCloud and Spotify has helped democratize the industry and made it significantly easier to get one’s music in front of more ears, it’s still an uphill battle to build a dedicated fanbase and generate enough revenue to survive. Enter music NFTs. For those in the blockchain space, nonfungible tokens represent an opportunity for fans to directly support their favorite artists, for musicians to build stronger communities with their listeners, and for content creators to build more substantial and sustainable income streams. To better understand the topic, Cointelegraph’s new podcast The Agenda sat down with Adam Levy, host of Mint — a podcast exploring the Web3 creator economy — and Jay Kila, a crypto-native rapp..

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Dutch exchange Bitvavo rejects DCG’s proposal to repay 70% of debt

Cryptocurrency exchange Bitvavo, a major creditor of the troubled crypto company Digital Currency Group (DCG), has dismissed DCG’s proposal of partial debt repayment. Bitvavo officially announced on Jan. 11 that the firm received a counter proposal from DCG offering to repay about 70% of the outstanding amount in a term acceptable to Bitvavo. The remaining balance amount is still under negotiation with DCG, as it is only ready to repay part of the debt within a term acceptable for Bitvavo, the exchange said, adding: “As creditors, we do not find the latter acceptable because DCG has sufficient resources available for full repayment.”Bitvavo emphasized that the current situation regarding DCG has no impact on Bitvavo’s customers, platform, or services. “Bitvavo guarantees the outstanding amount and has thus taken over the risk from its customers,” the firm noted. The announcement came soon after Bitvavo decided to pre-fund about $290 million in assets locked on DCG to avoid reliance on ..

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Hong Kong watchdog aims to restrict retail traders to liquid products

The new licensing program, scheduled to take off in June, will restrict retail traders in Hong Kong to “highly-liquid” digital assets, according to the new CEO of Hong Kong’s Securities and Futures Commission (SFC), Julia Leung Fung-yee. At the recent Asia Financial Forum, Leung pointed out that many digital asset platforms have thousands of products. However, the SFC executive highlighted that they are not planning to “allow retail investors to trade in all of them.” Instead, the SFC will set up criteria that allow retail traders to only trade major virtual assets. Cast your vote now!While the SFC executive did not provide more details as to which assets will be available for trading, Leung mentioned that these will be assets with “deep liquidity.” When asked about Bitcoin (BTC) or Ether (ETH), the SFC executive did not respond, but reiterated that “highly liquid” assets will be allowed. Despite the limitations that will be placed on retail investors, Leung highlighted that they are..

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WazirX releases proof of reserves with majority of funds in Binance wallets

After the paranoia and turmoil in the crypto industry caused by the FTX liquidity and bankruptcy scandal, major digital-asset service providers began publicizing their reserve funds. The latest to join the proof of reserve trend is the Indian cryptocurrency exchange WazirX. It announced its act of transparency on Jan. 11, stating that: “We are not only India’s largest crypto exchange by volume but also India’s largest crypto exchange by reserves.”WazirX used Coin Gabbar, a third-party crypto asset tracking platform, to display its proof of reserves. According to the data, WazirX has roughly $285 million in total user assets held in Tether (USDT) at the time of writing. According to the statement, 90% of user assets on WazirX are held in Binance-based wallets, with the remaining 10% stored in both hot and cold storage wallets. This amounts to roughly $256.5 million and $28.5 million, respectively. Cast your vote now!The exchange said it chose Binance because of the “strict protocols ..

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DCG chief Barry Silbert pens letter to shareholders, community reacts

The crypto community woke to another drama-filled day after the Digital Currency Group (DCG) chief’s letter to shareholders went wrong. DCG CEO, Barry Silbert, penned a letter to the shareholders on Jan. 10, reflecting on the state of the crypto market and the growing fear, uncertainty and doubt (FUD) around the company. DCG is the parent company of crypto lending firm Genesis Global Capital and Grayscale, the world’s leading crypto asset manager. In the letter, Silbert addressed the growing issues around DCG and its subsidiaries owing to the bear market and FTX contagion. He said that bad actors and the implosion of leading crypto companies had wreaked havoc on the industry. He noted, "DCG and many of our portfolio companies are not immune to the effects of the present turmoil.” In the latter half of the letter, Silbert addressed some raging questions about DCG’s relationship with FTX, the loan agreement with Genesis and more. He said that Genesis had a “trading and lending relation..

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Coinbase to close majority of Japan operations following global layoffs: Report

Crypto exchange Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market. The move is part of the company’s restructuring plan and follows the recent announcement that it would reduce its employees by 20%. In an interview with BNN Bloomberg, Coinbase executive Nana Murugesan said that most of the operations in Japan will be closed. “We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our Japan entity,” said Murugesan. While the executive did not dive into specifics, he noted that a small number of employees in the Japanese branch would stay to make sure that customer assets are secure. Cast your vote now!While the crypto exchange did not comment on mergers and acquisitions, in a Bloomberg interview, a Coinbase spokesperson said they are looking into every possible option. “We are carefully evaluating all options and will communicate any further updates as they beco..

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Argo Blockchain mines 25% less Bitcoin due to winter storm at Helios

Publicly-listed Bitcoin (BTC) mining company Argo Blockchain saw a significant drop in mining activity in December 2022 due to a winter storm in Texas. On Jan. 11, Argo released its first operational update since selling its flagship mining facility Helios to Mike Novogratz’s Galaxy Digital. The company said it mined 147 Bitcoin or BTC equivalents in December, compared to 198 BTC in November 2022. The firm said that as of Dec. 31, Argo held 141 BTC, with its December mining revenue amounting to $2.49 million. Argo’s total debt was approximately $79 million and its bank balance was about $20 million. According to the announcement, the decrease in the amount of mined BTC was mainly due to Argo curtailing mining operations at Helios in response to a major winter storm in Texas. Cast your vote now!In late December, the United States Department of Energy declared a power emergency in Texas, citing a shortage of electricity due to the impact of severe winter weather. Amid a massive temperatu..

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Huobi clarifies Korean operations: Two separate entities aiming at same market

Following the report about Huobi Korea’s planned buyout of its shares from Huobi Global, the latter revealed that the deal has already been made, with the two platforms operating separately since the fall of 2022. In the press release from Jan. 11, Huobi Global — rebranded to Huobi in November 2022 — confirmed that it has already broken all ties with Huobi Korea, its former subsidiary in South Korea. According to the statement, in October 2022, the About Capital fund became the largest shareholder and actual controller of Huobi Global. Still, the deal didn’t include Huobi Korea’s shares, which belonged to Huobi Global's shareholders and were divested in the corporate structure. The press release states: “Huobi has no relationship with Huobi Korea and is unaware of their upcoming plans in the region. However, Huobi has heard from the Korean user community and will continue to monitor the progress of the matter.”Huobi’s platform serves Korean users and has an option for the Korean..

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