MicroStrategy buys $37M of Bitcoin, Solana goes down, Binance targets snitches

Binance offers a $5 million snitch Bounty after the Ronin token listing Sparks a heated debate on X good morning you're listening to the Ryzen crypto podcast by coin Telegraph With me Robert bags steering you through The crypto Cosmos with daily dispatches From the digital Frontier if you want to stay in the know On what's Happening behind the scenes in Crypto make sure you click that follow Button grab yourself a coffee and let's Get into It it has been a busy week so far in Crypto and here are the stories we're Going to cover today micro strategy buys Another 850 Bitcoin Monero dropped to Its lowest price since September 2020 Following the binance D listing the Outflows from Bitcoin minor wallets Reaches a six-year High salana suffers Its first major Network outage in nearly A year and binance sets a $5 million Bounty following the Ronin token listing Debate let's start with some more Positive news from micro strategy the Largest publicly traded holder of Bitcoin co-founded by the Bitcoin Champion Michael sailor micro strategy Has been consistently buying Bitcoin Over the past few years last year the Company acquired 56,600 Bitcoin at an average price of $ 33,5 180 which is all the more

Impressive when you look at how tet a Time they had in 2022 micro strategy Lost approximately $249.58 in 2022 as crypto crashed but Underturned they kept on their Bitcoin Mission and yesterday the company posted Its latest earnings call in January Micro strategy bought another $ 37 Million worth of bitcoin around $850 Bringing the total Holdings to 190,000 Bitcoin worth 8.1 billion in total micro Strategy posted a net income of $ 89.1 Million and Michael sailor made it clear That the strategy is only at the Beginning of coming to fruition he said 2024 is the year of the birth of Bitcoin As an Institutional grade asset class in Fact it's the first new asset class of The modern era sailor added that the Next 15 years will be a regulated Institutional high growth period for Bitcoin very different from the last 15 Years sailor explained that the spot Bitcoin ETF approvals were a catalytic Moment and that it took Bitcoin from a Medium of exchange to a store of value He said we don't need to address any of The currency criticisms anymore simply As a store of value there's no reason Bitcoin can't continue to outperform and 100x from where it is now unsurprisingly Sailor ended the earnings call by Stating that micro strategy will Continue to buy

Bitcoin on last Monday's episode the 29th of January I went through a bizarre Legal case that is playing out in Finland it pertains to a hack of a Psychotherapy service called vsto in Which crypto was demanded as a ransom For stolen data one of the Cryptocurrencies involved was Monero and Prosecutors in the case suggest Suggested that they could trace the Monero transactions which is surprising Because monero's tagline is secure Private and untraceable this seemed like Bad news but it turns out that this news Was simply a miserable or derve for Monero you see yesterday was brutal as Monero's token XMR took a price haircut Of around 38% falling from $165 to as Low as $12 its lowest price since September 2020 though overnight it did Start its recovery and at the the time Of recording this which is about 6:00 A.m. eastern it has recovered back to $126 The Prompt for the nose dive Appears to be bance's announcement Yesterday that monero's token XMR will Be delisted from the exchange this will Happen on the 20th of February alongside Aragon multi-chain and V binance's Decision to d-list XMR is based on Several factors laid out in the Announcement such as contribution to a Healthy and sustainable crypto ecosystem And evidence of unethical or fraudulent

Conduct or negligence the announcement Also cited responsiveness to binance's Due diligence requests or presumably the Lack thereof okay so there are obviously Two key forces in play here the first is That monero's USP is being untraceable And as a result it will inevitably Attract users looking to hide what they Are up to or launder money in direct Opposition to this is the second Force The new binance after the US government Slapped binance with a $4.3 billion Settlement and oued CZ The Exchange had To be whiter than white and privacy Tokens such as XMR represent a problem On that front this in itself is a cause For criticism from some the crypto Trader John Brown wrote on X Monero Dropped strongly on the delisting news From binance while bad for Monero I Mainly see this D listing as a sign of The slow demise of binance they are now So compliant that they cannot choose Anymore which assets to support do you Agree that this is a bad sign for Binance or was it simply the right move To deist Monero share your thoughts with Us on at coin Telegraph and Arc bags on X the spot Bitcoin ETFs brought about an Inordinate amount of change in the Industry on face value they were perhaps Disappointing which is why so many People like to voice that stance on X The thing is if you're looking deeper

Than bitcoin's price you'll see the Widespread impact the approvals had We've discussed the incredible inflows Grce scale's cataclysmic outflows and The various effects that have been Caused but one interesting narrative has Slipped through the net until a bitfinex Alpha market report yesterday according To this report that analyzed onchain Data the second day of trading Bitcoin ETFs the 12th of January saw a spike in Outflows to exchanges from Bitcoin Wallets that are connected to miners in Fact data from glass node showed that $1 Billion worth of bitcoin was sent to Exchanges from minor Associated wallets Which was a six-year High these outflows Have continued too but with an enormous And rather confusing asterisk on the 1st Of February around 13,500 Bitcoin left Miners wallets for exchanges but on the 2nd of February 10,000 Bitcoin was sent Back to the minor wallets so this could Be merely a rebalancing of wallets Speaking of balance the report suggests That onchain data shows an overall net Outflow from miners since the spot Bitcoin ETF approvals crypto Quant data Puts the outflows at around 10,200 Bitcoin the obvious question I asked at This point and I'm sure you are too is Why why would there be a spike in Outflows the analyst said the following This substantial transfer of Bitcoin

From miners to exchanges reflects the Minor response to market conditions and Potentially their need to liquidate Holdings for operational expenses or Risk management this confused me a Little have operational expenses Increased what is the new risk that must Be managed on the one hand the demand of The ETFs plus the Haring event in April Equals scarcity but on the other hand The Haring represents a of income to the Miners so to get some more clarity I Asked Gareth jenkinson what his thoughts On the report's findings were having Reviewed the bid fining report for coin Telegraph I think there's a couple of Reasons why we're seeing those heavy Outflows from miners I think most Prominently uh miners were looking to Capitalize on the upside uh that came With the approval of Bitcoin ETFs in the United States obviously a very good Chance to capitalize on some profits on Bitcoin Reserve Holdings and then of Course it's also worth noting that the Bitcoin Haring is is coming up later This year that's going to put a lot of Pressure on miners that aren't as Efficient as other miners in the market So uh this is a good chance to uh stock Up on some operational liquidity some Miners might be looking to uh add hash Rate or buy some new mining equipment to Add to their existing uh operations

While others might just be hedging their Bets to get a little bit more capital in Their bank accounts to uh continue Operating through 2024 and Onwards salana is not only one of the Most popular and promising ecosystems in Web 3 it has seen an incredible Resurgence of popularity in recent Months this was highlighted particularly Well last week with the Jupiter Decentralized exchange token launch Which attracted quite the crowd however For those of you who have been in the Space a while you will know that the Unfortunate connections with FTX were Not the only difficulties salana has Encountered a few years ago the salana Network got a bit of a reputation for Major outages instability and degraded Performance I always choked it up as Growing Pains however it did seem that Salana was putting it behind them and The network was approaching A Year Without a major outage but mere days Away the ship sailed into Troubled Waters yesterday users took to social Media to flank that the salana Blockchain hadn't produced a single Block in over 25 minutes as the Production time of a block is usually 400 milliseconds alarm Bells were Ringing sana's validators and core Engineers set about the task of Correcting course after new validator

Software was released and the problem Was patched block production resumed and Salana Status posted the following on X Block production on salana mainnet beta Resumed at 1457 UTC following a Successful upgrade Engineers will Continue to monitor performance as Network operations are restored the Outage began at approximately 953 UTC Lasting 5 hours core contributors are Working on a root cause report which Will be made available once complete Sana's price did dip as a result but Nothing too drastic and although 5 hours Is a long outage for a major Network it Doesn't seem to have done any lasting Damage the gaming blockchain Ronin most Famous for the viral play to earn hit Axi Infiniti has had a strange week Binance announced that the exchange Would be listing ronin's token Ron and Many waited with eager eyes to see the Token price Skyrocket but it didn't in Fact after its price gained 30% in the Week leading up to the news within an Hour of the listing being officially Announced by binance r was down 18% in An hour and ended the day down 26% it Seems whatever binance announces Listings or D listings is a knife in the Ribs this week so this confusing price Interaction sparked some heated Discussions on X with many calling it Glaringly obvious evidence of corruption

Or insider trading this is just two Weeks after the coinbase director Connor Grogan claimed that he found multiple Wallets with a pattern of purchasing Tokens minutes before they were listed On binance and selling them straight After the announcement Grogan speculated The following reasons for the wallets Front running the listing announcements On binance he wrote on X one Insider Mnpi which stands for material Non-public information most likely from A rogue employee connected to the Listings team who would have details on New asset announcements two a Trader who Found some sort of API or staging test Trade exchange leak it's unclear whether These wallets interacted with the Ronin Tokens yet but the binance co-founder Yee took to X to argue that it wasn't a Person inside binance who leaked the Information rather that some binance Users found onchain data that showed That the exchange was readying to Receive Ronin tokens which is close to Grogan's Second explanation of the Suspicious wallets ye he added that Binance would pay a bounty of anywhere From $10,000 to $5 million to anyone who Submitted information showing corrupt Binance team members binance will also Permanently Blacklist projects that hire Staff that have been fired from binance For corruption

Wow that was a lot to fit in to today's Debrief but that is it for today so Consider yourself informed thank you for Listening to the Risen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing or Leaving a review have a great day let's Do this again [Music] Tomorrow [Music]