Exclusive Crypto News of This Week: Terraform Labs, BTC Fall, & More
Nova Reyes
Markets Navigator
TL;DR
The last week of January brought significant developments in the crypto industry, including Ron DeSantis ending his presidential campaign and Terraform Labs filing for bankruptcy. Bitcoin's price also experienced fluctuations but has shown signs of recovery.
Key Takeaways
- Ron DeSantis announced the end of his presidential campaign, impacting CBDC discussions.
- Terraform Labs filed for Chapter 11 bankruptcy in Delaware.
- Hong Kong plans to introduce spot Bitcoin ETFs by mid-2024.
- Bitcoin's price dipped to $39,526 but has since rebounded to $40,038.04.
Ron DeSantis Ends His Race for the White House
On January 21, 2024, Florida Governor Ron DeSantis confirmed via a video on X (formerly Twitter) that he is ending his presidential campaign for 2024. He expressed concerns about the lack of vision in his campaign. DeSantis has been a vocal opponent of Central Bank Digital Currency (CBDC), stating, "If I am the president, on one day, we’ll nix central bank digital currency. Done. Dead. Not happening in this country."
Terraform Labs Files for Bankruptcy Protection
On January 21, 2024, Terraform Labs (TFL) filed for Chapter 11 bankruptcy in Delaware. The firm, known for the TerraUSD collapse in 2022, seeks legal permission to continue operations during its bankruptcy proceedings. TFL is also facing a lawsuit in Singapore.
Hong Kong to Welcome Spot Bitcoin ETFs by Mid-2024
On January 23, 2024, news emerged that Hong Kong may introduce various spot Bitcoin ETFs by mid-2024, following the SEC's approval of 11 spot Bitcoin ETFs in the U.S. OSL's executive director indicated ongoing discussions with companies regarding ETF launches in Hong Kong.
Bitcoin Price Fluctuations
From January 21 to January 24, 2024, Bitcoin's price fell to $39,526, the lowest in six weeks. However, it has since recovered, trading at $40,038.04, reflecting a 0.21% growth in the last 24 hours.
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