What in the Bitcoin is Happening?

Time for… BitDelta’s weekly roundup ???

Hello Delta Squad, and welcome to another edition of DeltaBytes!

As you know by now, DeltaBytes covers everything crypto and more, so you don’t miss out on any key events that may have happened over the week.?

With Bitcoin ETFs taking over most of our content lately, we are back with more diversified stories… make sure you follow along ;)

Major Stories This Week

• Jamie Dimon believes Satoshi Nakamoto will either increase or “erase” Bitcoin supply.??
• TUSD stablecoin experiences over $300 million worth of token dump from its users as it de-pegs from $1.

• Bitfinex almost exploited $15 billion in XRP tokens as hacker’s attempt fails.

Before expanding on these stories, let's check out the market weather at BitDelta Exchange ??

Over 10,000 Bitcoin Added to ETF Stacks on Day 5?

Over 10,000 Bitcoin (BTC) were added to the stacks of spot Bitcoin ETF issuers on 17th January, the fifth day of trading following the debut of the segment in the U.S. market.?

BlackRock and Fidelity added nearly 8,000 Bitcoin each on day 5.??

As far as trading on 18th January goes, only Bitwise has introduced around 500 additional Bitcoin on day 6.?

Trader and market observer CC15Capital shared the day-to-day score of spot Bitcoin ETFs.?

So far, all the issuers have purchased over 650,000 Bitcoin worth $26.6 billion.?

• Grayscale itself has purchased over 580,000 Bitcoin worth $23.8 billion.??
• Note that it has sold nearly 38,000 Bitcoin worth $1.6 billion since its conversion to a spot ETF on 11th January.?
• The rest of the issuers have collectively purchased nearly 69,000 Bitcoin worth $2.8 billion.?

Senior ETF analyst Eric Balchunas pointed towards a 34% rise in daily trading volume of spot Bitcoin ETFs (except Grayscale’s GBTC) on day 5.?

Except for Grayscale, Balchunas calls the new spot Bitcoin ETFs “Newborn Nine.” He noted, “Normally with a hyped up launch you see volume steadily decrease each day post-launch, rare to see it reverse back up.”?

Balchunas also analysed the performance of the recently launched Bitcoin ETFs among the broader ETF market in the U.S.?

• BlackRock’s IBIT and Fidelity’s FBTC reached the 4th and 5th positions as per weekly capital inflows across all U.S. ETFs.?
• Bitwise’s BITB held the 10th position in the same tally.?

Meanwhile, Bitcoin’s price dipped nearly 5% within two days; it was trading a little above $41.5k at the time of writing.?

TUSD Tumbles?

Popular stablecoin, TUSD fell below the $1 peg early this week,? as reports of TUSD holders cashing out hundreds of millions worth of TUSD in various exchanges.

TUSD first fell below its peg on Jan. 15 by 11:00 am UTC, hitting a low as $0.984 at 11:15 pm.?

Currently TUSD is trading for $0.988, 1.3% below its intended $1 peg.

This event comes right after an enormous volume of selling of TUSD on Binance.

Traders have sold more than $339.2 million worth of TUSD on Binance, compared to only $296.8 million worth of buy orders, marking a total net outflow of $42.3 million.

Prior to the 15th of January, various reports went viral that TrueUSD was experiencing difficulties posting real-time attestations of its reserves, suggesting that the stablecoin may have been undercollateralized.

According to a report from Protos, the system experienced several errors with its API and could not supply a U.S. dollar value to its collateral assets.

TUSD had been trading at nearly 8% below its peg at $0.92 for weeks on Poloniex, while its price remained steady at around $0.99 on Binance.

Messages sent on the Poloniex Telegram group reveald that users remain unable to withdraw TUSD from the exchange.

Several users on Crypto X have also speculated that the outsized sell-off could have been related to the TUSD not being listed as one of the assets on Binance’s Manta (MANTA) launch pool initiative.

Jamie Dimon Back at it Again?

CEO of JPMorgan has been really busy being a full-time Bitcoin hater… Jamie Dimon took aim at BTC once again earlier this week during an interview with CNBC at Davos 2024.

His theory, which might sound unusual to a lot of people, suggests that BTC could be eliminated once the maximum supply is issued.?

Dimon expressed this theory by saying that “I think there’s a good chance that … when we get to that 21 million Bitcoins, [Satoshi Nakamato] is going to come on there, laugh hysterically, go quiet, and all Bitcoin is going to be erased.”

He also expressed how sceptical he is about BTC having a maximum supply of 21 million… claiming that it is more fiction than fact.

As expected, JPMorgan’s CEO’s statement has generated quite the backlash on social media, due to inaccuracy of these theories, and ironically, mispronouncing the first half of Satoshi Nakamoto as “Satashi”.?

Nakamoto would be so disappointed…

Mini Stories

• X (formerly Twitter) takes down NFT profile pictures from its platform as Gameshop makes move to shut down NFT marketplace. Is this the end of NFTs?

• BTC drops to lowest level since ETFs approval.?

• 1 time U.S president & 2-time U.S presidential candidate Donald Trump swears not to allow the Federal reserve to create & circulate CBDC within the U.S

What’s Cooking at BitDelta?

• BitDelta has listed $ATOZ the metaverse gaming token on its exchange.?

$ATOZ is the native token of Race Kingdom, a P2E metaverse-focused racing game that offers its own NFT collections.?

You can now trade $ATOZ on? BitDelta Exchange as ATOZ/USDT. To know more about this listing, check here.

• It’s finally here! After blood, sweat, and a lot of tears (we’re being dramatic), BitDelta has officially launched its news site. As a crypto enthusiast, you can now stay up to date with the latest industry news - whether TradFi or DeFi. (This is NOT an excuse to forget about our newsletter though… the real beans are only spilled here ??).?

Technical Term Of The Week

Technical term of the week is making its reappearance? ??

This week we will be explaining the term “Hash Rate.”?

A hash rate is the core process used to confirm crypto transactions. When crypto transactions are completed on a Proof of Work (PoW) blockchain, the transactions are secured through creating a hash.

The hash rate determines the difficulty of mining a blockchain and can be used as a security measure. A hash is an alphameric code generated randomly, and hashing involves guessing that code (or as near to it as possible).?

Every guess submitted by the systems on the network is calculated, and the hash rate is the number of guesses per second occurring on a pool, a single miner, or across a whole network.

That's it from us, folks.

See you next week!?