The Blockchain Bulletin, Feb 5: Scott Bessent is Now the Acting Chair of CFPB

Hey folks! Welcome back to another edition of The Blockchain Bulletin. The market is slowly recovering from its liquidation bloodbath. Over the past 24 hours, 128,446 traders were liquidated, with the total liquidations at $397.00 million. The largest single liquidation order happened on HTX – ETH-USDT, valued at $43.05M, according to CoinGlass data.

New developments are arriving, and Bitcoin’s dominance is rising. The entire market is rumbling on that if an altseason is on the horizon. As market sentiment shifts from greed to fear, investors remain cautious, evaluating the next steps in a volatile environment.

In a notable move, El Salvador has strengthened its commitment to Bitcoin, adding 11 BTC to its holdings, bringing its total to 6,067 BTC. The country’s continued embrace of Bitcoin as a national asset underscores its unwavering belief in the digital currency’s long-term potential. El Salvador reaffirmed its Bitcoin commitment by adding 11 BTC to its holdings, now totaling 6,067 BTC. Meanwhile, MicroStrategy’s Michael Saylor, known for his bullish stance, posted a cryptic birthday message featuring a Bitcoin cake, hinting at his intent to buy more BTC.

Ethereum gained attention as Eric Trump called it a great time to invest, contributing to ETH’s recovery. On the regulatory front, Coinbase became the UK’s largest registered VASP following FCA approval, while Kraken’s MiFID license expands crypto derivatives offerings in Europe. Additionally, U.S. Treasury Secretary Scott Bessent was appointed acting chair of the Consumer Financial Protection Bureau, which oversees crypto regulations.

Security concerns persist, with a Canadian hacker facing charges for a $65 million DeFi crypto theft. Users of the XeggeX exchange lost access to their accounts, sparking fears of a rug pull, though officials claimed the CEO’s account was hacked but funds remained secure.

Meanwhile, Aptos saw record network activity with 16.7 million active addresses per month and a peak of 1.7 million daily users. Vitalik Buterin announced that Pectra, set for March, will double Layer 2 capacity. Arkham data revealed that an address withdrew 10 million USDC from Binance and Jupiter, converting it into MELANIA tokens, making it the tenth-largest holder. The Berachain Foundation confirmed its mainnet launch for February 6, 2025, featuring an EVM-compatible Layer 1 blockchain with a Proof of Liquidity mechanism.

FTX plans to repay creditors with claims under $50,000 starting February 18, 2025. On the other hand, Senator Bill Hagerty is set to introduce stablecoin legislation to provide clearer regulations. Stablecoin issuances surged to $1.2 billion, with TRON and Solana leading the way. Tether minted 1 billion $USDT, and Floki DAO invested $125,000 into the $BADAI token.

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