The Crypto Compass Issue #7

Weekly newsletter on the latest cryptocurrency updates, industry news and market analysis. Brought to you by BitcoinWalletSG.

February 07, 2023

Hello Friends,

The crypto market has been shrugging off the bearish sentiment over the past month, as the Bitcoin Fear and Greed Index moved from fear to greed for the first time in 10 months.

The price of Bitcoin (BTC) saw its best month since October 2021 as it increased 39.4% last month — the largest cryptocurrency saw its best January since 2013. The strong performance is a clear sign investors continue to see long term value in the most disruptive and mature crypto asset.

Keep stacking sats (or gwei), and as always, use a hardware wallet and keep your seed phrase safe!

Best, QH

Tweets

ANDDDD......We are live on @gmdotco! A true #web3 shopping experience! Purchase your hardware wallets with cryptocurrency (currently only accepts USDC, due to $ETH volatility)!
We are pleased to be one of the first sellers onboarded to the platform 🙏
gm.co/buyer/item/44
— bitcoinwalletsg 🇸🇬 | serangoon.eth (@bitcoinwalletsg)
4:41 AM • Jan 31, 2023

🔒 What is a recovery seed, why it’s essential for your coins' security, and how to keep it safe.
A short thread:
— Trezor (@Trezor)
5:34 PM • Feb 6, 2023

Notable News

Binance Launches Tax Tool for Crypto Traders in France and Canada - Decrypt

The new tax tool from Binance will initially only be available to Canadian and French users, before a potential wider roll-out later in 2023.

https://decrypt.co/120652/binance-launches-tax-tool-crypto-traders-france-canada

Euro-pegged stablecoin powered by Ethereum launches in Finland

The company suggests that the new coin will help Europeans to be more comfortable using DeFi applications.

https://cointelegraph.com/news/euro-stablecoin-launched-in-finland-claims-to-be-first-approved-in-the-eu

OpenSea Releases Suite of New Tools for Creator NFT Drops

The new experience allows select creators to include multi-stage minting phases, allowlist support and personalized landing pages for their NFT releases.

https://www.coindesk.com/web3/2023/02/02/opensea-releases-suite-of-new-tools-for-creator-nft-drops/

Nasdaq Crypto Index rose 37.2% in January – amid bullish market sentiment

Last month, the Index booked its third-highest monthly gains since May 2020, while Bitcoin itself saw its price rise by 39.4%.

https://cryptoslate.com/nasdaq-crypto-index-rose-37-2-in-january-amid-bullish-market-sentiment/

Regulation News

South Korea broadens rules defining which tokens are securities

New guidance released Monday means token issuers may need to follow capital markets laws in order to launch.

https://www.theblock.co/post/208809/south-korea-broadens-rules-tokens-securities

CFTC commits to regulating crypto products that are not securities

The U.S. Commodity Futures Trading Commission (CFTC) committed to regulating crypto tokens not classified as securities on Feb. 3.

https://cryptoslate.com/cftc-commits-to-regulating-crypto-products-that-are-not-securities/

Tech News

Partial withdrawals after the Shanghai fork

Modelling the distribution of rewards by validator cohort.

https://dataalways.substack.com/p/partial-withdrawals-after-the-shanghai

StarkWare to Open Source Its Zero Knowledge Tech for Scaling Ethereum - Decrypt

Described as a “magic wand,” the engine powering StarkEx and StarkNet will be made available to anyone.

https://decrypt.co/120611/starkware-open-source-zero-knowledge-ethereum-scaling

Podcast

The potential NFT loan market, accessing liquidity through digital assets - SlateCast 51

Episode 51 of the SlateCast looks at NFT liquidity & lending with Justin from NFT lending marketplace Astaria

https://cryptoslate.com/podcasts/the-potential-nft-loan-market-accessing-liquidity-through-digital-assets-slatecast-51/