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SHIBA INU TEAM BEGINS TESTING OF AUTOMATED SHIB TOKEN BURN MECHANISM RagnarShib, a Shiba Inu ecosystem team member, updates the community on Shibarium’s automated SHIB token-burning mechanism. The testing phase for the Shibarium burn mechanism has officially started and deployed on Puppynet, the testnet version of the L2 scaling solution. There was a misunderstanding regarding the deployment timeline, with some community members expecting a mainnet launch in January.

U.S. RAMPS UP PRESSURE ON CRYPTOCURRENCY MINERS The U.S. Energy Information Administration (EIA) is investigating the energy consumption of cryptocurrency mining operations. Crypto mining’s immense power use is compared to that of small countries, raising concerns over electricity demand and costs. The EIA’s initiative aims to identify the biggest energy consumers among crypto miners and their impact on state energy prices and supply.

LARGE BITCOIN TRANSFERS TO COINBASE INSTITUTIONAL RAISE MARKET SPECULATION Big #Bitcoin moves to #Coinbase, making folks wonder what’s up. Grayscale loses lots of Bitcoin, but still has billions. $BTC price bounces around, but holds above $41,000.

Bitwise and Ark's Bitcoin Exchange-Traded Funds (ETFs) have reached a milestone by surpassing $1 billion in assets under management (AUM). Bitwise manages around $490 million, while Ark manages $512 million in Bitcoin. These ETFs have outpaced industry giants like BlackRock and Fidelity. Despite this achievement, there's been a net outflow of $225 million, with Grayscale selling $430 million worth of Bitcoin. However, Bitcoin's price hasn't reacted much to these changes, indicating that ETFs only represent a small part of the cryptocurrency market. The existence of confirmed Bitcoin spot ETFs provides assurance to investors about backing and reliability. The market remains dynamic, with investors seeking both short-term gains and long-term stability. It's important to conduct independent research or consult professionals before making investment decisions.

UK ADVANCES TOWARDS A PRIVACY-CENTRIC DIGITAL POUND The UK government and the Bank of England are exploring a digital pound, prioritizing privacy and control. Decision on the digital pound is due by 2026, requiring UK Parliament legislation. The Bank of England suggests a 10,000-20,000 pound cap for digital currency holdings, with no interest rates.

Cryptocurrency lender Nexo is taking legal action against Bulgaria, seeking $3 billion in damages through arbitration. Nexo alleges that the investigations and charges by Bulgarian authorities were politically motivated. The Bulgarian Prosecutor’s Office dropped the case in December 2023, citing a lack of evidence for alleged money laundering. Nexo claims the investigations harmed its reputation, causing missed business opportunities, including an IPO and a partnership with a European football club. Nexo filed a $3 billion arbitration claim with the World Bank’s ICSID, stating the investigations damaged its brand and reputation, leading to the loss of significant business opportunities. The Bulgarian finance ministry acknowledged receipt of the request for arbitration. Nexo has also faced challenges in the U.S., agreeing to a $45 million settlement with the SEC and NASAA and deciding to wind down operations in the country due to regulatory concerns.

AI VOICE CLONING STARTUP ELEVENLABS ATTAINS UNICORN STATUS WITH $80 MILLION FUNDING ROUND ElevenLabs secures unicorn status with an $80 million funding round led by Andreessen Horowitz, reaching a valuation of $1.1 billion. The company plans to expand its workforce from 40 to 100 employees by the end of the year, aiming to meet increasing demand for its AI voice cloning services. Ethical concerns over misuse of technology prompt ElevenLabs to introduce safeguards and a detection tool, with plans to extend it to third-party platforms.

The departure of investors from Grayscale's Bitcoin Trust (GBTC) is causing Bitcoin to drop below $39,000. Grayscale's GBTC is experiencing substantial outflows, impacting the price of Bitcoin. Analysts hold different views on the extent of GBTC's departure; some anticipate a range of 35-50%, while others foresee stability around 25%. The uncertainty in the crypto market is further fueled by the sell-off on FTX and the release of Bitcoin from Mt. Gox.

GRAYSCALE REDUCES BITCOIN HOLDINGS BY OVER 52,000 BTC Grayscale Investments sells off $2.14 billion worth of Bitcoin following SEC’s approval of spot Bitcoin ETFs. The company reduced its Bitcoin holdings by 52,227 BTC, now holding 566,973 BTC valued at about $23.21 billion. This strategic move comes as several spot Bitcoin ETFs receive SEC approval, signaling a major shift in the cryptocurrency investment landscape.

DOGECOIN CO-FOUNDER DEFENDS CRYPTO AGAINST RIPPLE CEO Ripple Labs CEO Brad Garlinghouse expressed skepticism about Dogecoin’s utility at the World Economic Forum in Davos. Garlinghouse criticized Dogecoin for its dependence on celebrity influence, specifically naming Elon Musk as a key factor in its market dynamics. Dogecoin co-founder Billy Markus responded to Garlinghouse’s comments, defending the cryptocurrency by comparing its fundamentals to Bitcoin.

ETHEREUM INFRASTRUCTURE FIRM NETHERMIND RESOLVES CRITICAL BUGS IN ITS EXECUTION CLIENT Nethermind’s fix underscores Ethereum’s need for diverse clients. Geth’s dominance raises concerns amid Nethermind bug resolution. Ethereum community urges varied clients for network resilience.