What's up, Market Movers! Welcome to the podcast where we serve up a curated, snackable summary of the latest news, trends and financial models, giving you all the intel you need to make better decisions when it comes to thinking about your money, protecting your money, and building wealth. For more, visit us at MarketMoversDaily.com And now for this week in crypto, the week of February 10th, 2023. The UK steps up its efforts for a digital pound.
The Bank of England and the UK Treasury have accelerated their work on the creation of a digital currency, dubbed Britcoin', to compliment physical bank notes. Officials from both institutions assures that this move will not pose a threat to the stability of banks and could bring significant benefits for UK businesses and consumers. SEC to intensify oversight of crypto trading firms and ESG funds in 2023.
The SEC's annual examination priorities list highlighted areas of focus for the coming year that present the greatest risk to investors and the stability of US capital markets. The SEC will be examining the practices of firms involved in the offer sale recommendation or advice regarding trading in crypto or crypto related assets. Binance temporarily suspends USD bank transfers. As of February 8th, Binance has temporarily suspended bank transfers.
However, other methods of buying and selling crypto remain available, including bank transfers using other fiat currencies supported by Binance, as well as buying and selling crypto through other means of payment. Tether reports a 700 million increase in crypto reserves. The entity behind the largest stablecoin announced that more than 700 million in net profit was added in Q4.
It is noteworthy that the company did not provide details on how the net profit was realized, but they have not previously disclosed those kinds of financial results. Affirm plans to sunset crypto program after a 19% staff cut. The CEO of Affirm announced a 19% staff cut and the sun setting of the company's crypto program, in a letter to shareholders. The decision was driven by uncertain macroeconomic conditions and the need to offset some liabilities in the firm's balance sheet.
Robinhood board approves plan to buy back a $578 million stake. Robinhood's board of directors has approved a plan to buy back the half a billion dollar stake in the company that was acquired by former FTX CEO Sam Bankman Fried and FTX Co-founder Gary Wang last year. Robinhood is currently working with the DOJ on a plan to facilitate the buyback, but nothing has been finalized yet. Aave enables Lido rewards across three networks.
Aave has paved the way for Lido to distribute rewards across three liquidity pools on its system, Ethereum, Arbitrum, and Optimism. This move could increase trading in liquidity, staking derivatives, or LSDs, which are becoming increasingly important in maintaining the Ethereum network's transition to a proof of stake method. Bitcoin NFTs experience rapid growth with 13,000 Ordinals reported by BitMex research.
In a matter of weeks, a sudden surge of JPEGs and other media files on Bitcoin has consumed 526 megabytes of block space and cost creators 6.77 Bitcoin. This is a clear indication that the buzz around non fungible tokens is rapidly growing. Ethereum testnet completes first ETH staking withdrawals.
An Ethereum test network has successfully completed the simulation of withdrawals of staked Ether for the first time, bringing the second largest blockchain one step closer to its full transition to a proof of stake network. The next testnet upgrade is expected to take place in the next few weeks. Russian government supports new $12 million crypto mining center in Siberia. The Russian government is offering tax incentives for investment in crypto mining.
With direct support from the government, a new $12 million crypto mining center is set to open in East Siberia in the first half of 2023 and be owned and run by BitRiver. And that caps off your snackable new summary for the day. But now what? What can you do with this new found intel? How can you wield this information to protect and grow your money? The first thing you can do is head over to MarketMoversDaily.com and subscribe.
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