Bitfinex Hackers Move $3.5B Worth of BTC

India Edges Closer to Legalizing Crypto

The latest moves in crypto markets, in context February 1, 2022 Sponsored by     If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitfinex hackers move $3.5 billion worth of BTC Technician's Take: Bitcoin flirts with make of break hurdle And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Ian Lee, co-founder, Syndicate Will Peck, head of digital assets, WisdomTree Amitoj Singh, India regulatory reporter at CoinDesk Today's newsletter was edited by Omkar Godbole and produced by Parikshit Mishra. Market Moves By Omkar Godbole  Bitcoin traded higher as the Reserve Bank of Australia pushed back against interest rate hike expectations while announcing an end of the liquidity-boosting bond purchase.    More than 93,000 bitcoin worth $3.3 billion stolen from cryptocurrency exchange Bitfinex were moved early Tuesday. Blockchain forensics experts said these funds are unlikely to be cashed any time soon, easing concerns of a renewed price drop.    Ether, the second-largest cryptocurrency by market value, jumped to a ten-day high of $2,390 even as the pseudonymous treasurer of Wonderland and co-founder of crypto exchange QuadrigaCX, known as Sifu, started cashing out $2.8 million worth of ETH.    Programmable blockchain Solana's SOL token rose 7% on the day as Nasdaq-listed cryptocurrency exchange Coinbase listed ORCA and FIDA, native coins of Solana-based decentralized exchanges Orca and Bonfida.   Avalanche-based decentralized exchange Trader Joe's JOE coin jumped 9%, taking the gain since Jan. 24 bottom to 120%. The DEX recently announced "modular staking" – a structure with three non-interlinked staking pools accessible with JOE token.    Other notable gainers were DOT, AAVE, ATOM, CRV and GALA.    India edges toward crypto legalisation   India, the world's second-most populous country, announced a 30% tax on any income from the transfer of virtual digital assets, inching closers to legalising the fast-growing crypto industry.    "There has been a phenomenal increase in transaction in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime," Finance Minister Nirmala Sitharaman said in the critical Indian budget speech, which lasted for over two hours.   Sitharam said that the digital rupee will most likely be issued in the 2022-23, as CoinDesk's Amitoj Singh reported.    ETH's exchange balance declines Ether's net exchange flows (Source: IntoTheBlock)  According to blockchain analytics firm IntoTheBlock, a total of 302,092 ETH have left centralized exchanges in the first four weeks of 2022.    A continuous exodus of coins from exchanges means fewer coins available for sale and scope for a price rally.  What if you could gain broad-based exposure to nearly the entire crypto market with one investment fund?*   Grayscale® Digital Large Cap Fund, symbol: GDLC, offers exposure to a diversified basket of digital currencies. The fund holds large cap names that collectively comprise 70% of the crypto market, allowing it to capture asset class growth as the industry matures.   Access Grayscale Digital Large Cap Fund by typing symbol: GDLC into your brokerage account, or learn more here.   *For information on how GDLC defines the crypto market, see disclosures in the annual report. Crypto Prices Bitcoin (BTC) See the latest price here Ether (ETH)  See the latest price here The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: Biggest Gainers: Asset Ticker Returns Sector Solana SOL +17.6% Smart Contract Platform Polkadot DOT +11.7% Smart Contract Platform Cosmos ATOM +10.4% Smart Contract Platform Biggest Losers:  There are no losers in CoinDesk 20 today. Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.  Brave Wallet is the first secure crypto wallet built natively in a web3 browser. No extensions required.   Store, manage, and grow your portfolio, get NFT & multi-chain support. Even connect other wallets and DApps. All from the security of the best privacy browser on the market.    Whether you're new to crypto, or a seasoned pro, it's time to ditch those risky extensions. It's time to switch to Brave Wallet.  Download Brave today, and click the Wallet icon to get started. Latest Headlines India Edges Toward Crypto Legalisation With 30% Tax, Announces Digital Rupee Launch Address Linked to Wonderland's Sifu Cashes Out $2.8M Worth of Ether Crypto Unicorn Amber Group Acquires Japanese Exchange DeCurret Inc. Institutional Crypto Services Firm BCB Group Acquires Digital Asset Shop LAB577 GameFi Faces Regulatory Headwinds in Major Asian Markets Hackers Move $3.55B Worth of Bitcoin From 2016 Bitfinex Hack SOL Surges 17% After Coinbase Lists Two Solana Ecosystem Tokens Bitcoin Steady Near $38.5K as Australian Central Bank Ends Easing Program The Ups and Downs of Crypto Loans Anchorage Closes in on FDIC Crypto Custodian Deal, Documents Show Crypto Twitter's Misdirected Furor Didn't Fix the Travel Rule Introducing CoinDesk's Privacy Week. Cryptocurrency was supposed to be about privacy. While Bitcoin and its various knockoffs and descendants have become a $2 trillion asset class, privacy remains hard to come by, either for cryptocurrency users or everyday people. We take stock of the state of online privacy in 2022, in crypto and beyond, and where it might be headed in the years and decades to come. Explore Privacy Week here. Technician's Take By Omkar Godbole Bitcoin Flirts With Make or Break Hurdle  Bitcoin's daily chart (Source: TradingView)  Bitcoin was challenging the 2.5-month bearish trendline at press time.   A convincing UTC close higher might bring chart-driven buying pressure and expose resistance above $43,000. ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV: Bitcoin's 15th Bear Market Since Its Creation in 2009, Arca Study Finds Most Investors Believe Traditional Securities Will Be Digitized in 5-10 Years "First Mover" hosts speak to Arca Co-founder and CEO Rayne Steinberg as the firm releases a study revealing the top trends for digital assets. Taipei-based XREX wants to bridge the world using stablecoins. Co-founder Wayne Huang shares the state of crypto in Taiwan. TRLabs co-founder Xin Li-Cohen shares details for the $4.2 million fundraising round from leading art and tech investors and his views on the NFT market. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  First Mover A newsletter from CoinDesk Were you forwarded this newsletter? 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