Canada’s use of law freezing protesters’ crypto donations was unconstitutional: Court

A federal judge said there was no national emergency justifying the invocation of the emergency law which gave the government the power to freeze assets.

The Federal Court of Canada has ruled that an emergency law that gave the government power to stem the flow of funds and crypto to support protesting truckers was unreasonable and unconstitutional.

In a Jan. 23 decision, Justice Richard Mosley concluded “there was no national emergency justifying the invocation of the Emergencies Act and the decision to do so was therefore unreasonable.”

In February 2022, Prime Minister Justin Trudeau’s government used the laws for the first time to freeze funds, including cryptocurrencies, donated to truckers protesting COVID-19 restrictions — which the court found was unconstitutional.

So-called “Freedom Convoy” protesters used trucks to block streets in the nation’s capital, Ottowa, to protest mandates that required truck drivers crossing the Canada-United States border to be fully vaccinated against COVID-19.

At the time, the government claimed invoking the Emergencies Act was needed as the protests were an illegal occupation.

#news #canada #regulation #btc

Bitcoin ETFs post $76M in net outflows on ‘bad’ 7th day of trading

Spot Bitcoin exchange-traded funds (ETFs) have seen $76 million in net outflows on their seventh day of trading, according to new data from Bloomberg ETF analyst James Seyffart.

In a Jan. 23 post on X (formerly Twitter), Seyffart wrote that it had been a “bad day” overall for Bitcoin ETFs in the “Cointucky Derby,” noting that Grayscale has the largest net outflows among the ETFs.

“$640 million flow out today. Outflows aren’t slowing -- they’re picking up. This is the largest outflow yet for GBTC. Total out so far is $3.45 billion,” added Seyffart.

Speaking to Cointelegraph, Seyffart said that overall, the flows into the spot Bitcoin ETFs remained positive, with BlackRock enjoying its third-largest days of positive flows so far, netting a total of $272 million in inflows on the day.

“On a net basis we have seen over $1.1 billion flow into spot bitcoin ETFs, even after accounting for the GBTC outflows,” he said.

While Seyffart admitted that the outflows from GBTC appeared to be “unceasing,” at this time, he expects the GBTC-led dumping to cool off in the coming fortnight.

#news #btc #etf #grayscale

X launches dedicated payments account, crypto community speculates

Elon Musk’s “everything app” X (formerly Twitter) has created a dedicated account for its upcoming payments feature, fueling crypto community speculation about whether cryptocurrencies will be implemented.

There is anticipation that the X app will introduce in-app payment services by mid-2024. However, it’s unconfirmed whether the feature will support payments beyond traditional fiat currencies.

While no posts have been made on the account yet, it holds the gold badge, indicating it is a verified organization. Additionally, it carries the X badge, suggesting it is associated with X.

Since Musk acquired Twitter in April 2022, there have been many predictions about the pace at which it will evolve into a completely new platform and the potential integration of crypto, given his ongoing commentary throughout the years.

#news #x #crypto #payments

South Korea’s top office urges FSC to revisit stance on spot Bitcoin ETFs

Just a week after South Korea’s Financial Services Commission (FSC) warned against trading the U.S.-based spot Bitcoin
BTC exchange-traded funds (ETFs), the Presidential Office is now urging the regulator to reconsider its stance.

On Jan. 18, the Office of the President of the Republic of Korea — also referred to as the Yongsan Presidential Office — asked the FSC to refrain from having a ‘do’ or ‘not’ directive for ETFs, according to a local report from Maekyung. In rough translation, Tae-yoon Sung, head of the policy office of the presidential office, said:
“We are trying to make appropriate changes to the legal system of our country, or to consider whether what happens abroad can be accepted in our country.”

Looking beyond the risks associated with trading ETF assets, South Korea is assessing other low-risk aspects of the offering, said Sung.

The FSC is a principal financial regulator in South Korea, which issued a brief press release on Jan. 12 that suggested domestic securities firms trading or brokering overseas-listed spot Bitcoin ETFs “may violate” the Capital Markets Act — which seeks financial innovation and fair competition in South Korea’s capital markets.

However, the statement also noted that the regulatory regime for crypto in the country is still in its established stages and would review the regulations as things develop overseas.

#news #crypto #btc #etf #SouthKorea

Bitcoin miners in ‘selling mode,’ dumping $450M BTC in a day

Bitcoin miners sold more than 10,000 Bitcoin in a single day on Jan. 17, registering the largest daily decline in miner reserves in over a year.

According to data from on-chain analytics provider CryptoQuant, Bitcoin miner reserves declined by 10,233 BTC on Jan. 17, which is roughly $450 million at current prices.

Miners typically go through phases of accumulation and selling. According to a 2023 Bitfinex report, miners began accumulating Bitcoin around mid-2023 when prices and profitability were lower.

When prices and profitability increase, such as in recent months, miners switch to a selling phase. Historically, miners sell coins to replenish cash flow or capture higher prices in a rally. The price of Bitcoin has been in the $42,000 to $43,000 range over the past few days.

The data also shows that Bitcoin miner reserves are at their lowest levels since July 2021 at 1.83 million coins. However, this is still a substantial stash valued at approximately $78 billion.

#news #btc #mining

Bitcoin ETFs top 3X daily volume of all 500 ETFs launched in 2023 combined

The total volume across 10 spot Bitcoin exchange-traded funds (ETFs) on Jan. 16 has, on the same day, outpaced the total volume for all 500 ETFs launched in 2023 more than three times over.

Yahoo Finance data compiled by Cointelegraph shows the 10 recently approved spot Bitcoin ETFs generated just over $1.8 billion in total volume on Jan. 16, with funds offered by Grayscale, BlackRock and Fidelity accounting for $1.6 billion of the total.

In comparison, the combined Jan. 16 trading volume for all 500 ETFs launched in the United States in 2023 at just $450 million, according to Bloomberg ETF analyst Eric Balchunas.

The total volume across all of the new spot Bitcoin ETF products reached nearly $10 billion across the first three days of trading, according to figures by Bloomberg ETF analyst James Seyffart and Yahoo Finance data compiled by Cointelegraph.

While Grayscale’s Bitcoin fund still leads the pack in total trading volume — notching more than $5.1 billion — the fund has experienced considerable outflows as investors seek to reduce exposure.

The Grayscale Bitcoin Trust (GBTC) has witnessed more than $579 million in total outflows since it began trading on Jan. 11. Balchunas added that BlackRock’s product would continue to attract the most inflows making it the “most likely to overtake GBTC as Liquidity King.”

#news #etf #btc