Digital Asset Inflows Hit $117M Last Week, Largest in Six Months

The report stated that investment products remain only 1.4% of total volumes on trusted crypto exchanges.

Digital-asset products saw inflows totaling $117 million last week, according to the crypto investment firm CoinShares. This marks the largest inflow recorded since July 2022.

Subsequently, the total asset under management (AuM) increased to $28 billion, recovering by 43% since the lows of November.

Bitcoin-tied investment funds alone recorded $116 million in inflows last week. Minor inflows into short-bitcoin of $4.4 million were also noted during the same time frame.

Weekend Watch: Litecoin Soars 7.5% to 8-Month High, Bitcoin Stands Above $23K

 LTC is among the few altcoins with an impressive price surge over the past 24 hours.

Despite failing to overcome $23,500 once again in the past 24 hours, BTC is still slightly in the green today and stands above $23,000.

The altcoins are quite calm today, as only Litecoin stands out as a notable gainer.

Bitcoin Firm Above $23K

The start of last weekend saw bitcoin’s price surge from $21,000 to and beyond $23,000. Somewhat expectedly, reaching the latter meant tapping a multi-month high since BTC was stuck around $17,000 for months.

Legal Woes Pile up (Report)

The raid centers around suspected price manipulation of an unidentified coin.

More troubles for South Korean crypto exchange Bithumb brews as its offices were reportedly raided on Thursday.

Authorities launched an investigation into potential price manipulation of a coin listed on the platform, according to a report by Yonhap. The token in question has not been revealed.

Controversy surrounds crypto adoption in China

According to recent reports, there are still controversies based on improving tax integration of the crypto ecosphere in China. This is due to research and data collection from the state’s revenue authorities, who are against the assets and believe they are risk factors.

Crypto to be implemented in tax collection

Chinese revenue authorities are reportedly looking into large entities and individual investors based on their personal profit and income last year. 

Tesla Remained a Bitcoin Hodler During Q2 of 2022

Tesla sold 75% of its Bitcoin stash, but it kept the remaining 25% of its coins during the darkest of times.

Tesla, the electric car company led by Elon Musk, did not sell the remaining of its Bitcoin stash, as it was supposed to do during the 4th quarter of 2022, according to a filing published by the Securities and Exchange Commission (SEC).

Tesla’s BTC holdings should be priced at around $245 million, which would be the last 25% of all the Bitcoin purchased by the company during the Crypto Bullrun of 2021.

Gemini to lay off another 10% of its task force

Gemini is reportedly releasing 10% of its task force, citing fraud from “bad actors.” It is considered the third stage of the organization’s staff release since 2022.

Gemini conducts a third round of layoffs

Amid Gemini’s turmoil with Barry Silbert and Genesis’ Parent firm, Digital Currency Group, the cryptocurrency exchange has reportedly conducted a third round of layoffs, causing 10% of employees to lose their jobs.

Indian Minister Says Crypto Transactions Are Fine as Long as They Follow Laws

 The Remarks coming barely two weeks before the annual budget hints that the government may go soft on crypto regulations. 

In a significant development that indicates that the Indian government may not fully chime with the central bank’s overly hostile stance against cryptocurrencies, a junior minister explained that such activities are fine as long as they follow existing laws. 

This is in sharp contrast to the Reserve Bank of India’s (RBI) ban on crypto in 2018 and not fully opening up to the sector even when the Supreme Court scrapped the RBI order in 2022, calling it illegal.  

Crypto Is Fine 

“There is nothing today that outlaws crypto as long as you follow the legal process,” Rajeev Chandrasekhar, Minister of State for Information Technology and Electronics, told an event on Thursday.

These remarks assume significance as the Indian government will be presenting the annual budget for the upcoming fiscal on February 1.

Local crypto exchanges and investors who have been facing an extremely unfriendly regulatory environment – from high taxation to denial of banking services – have asked for and are expecting some relief to be announced in the budget proposals, which come into force, after deliberations in the parliament, from April 1.