TL;DR

January 2024 has been eventful in the crypto world, with significant news including the postponement of the Protocol 20 upgrade by SDF and Bitcoin's price fluctuations.

Key Takeaways

SDF postpones the Protocol 20 upgrade due to a bug.
Bitcoin's price reached $43K but experienced fluctuations.
Coinbase reveals that 18 senators are pro-crypto.
SEC's approval of spot Bitcoin ETFs may influence other countries.

Why Did SDF Postpone the Protocol 20 Upgrade?

On January 25, 2024, the Stellar Development Foundation (SDF) announced the postponement of the Protocol 20 upgrade. This decision followed the discovery of a bug related to fee-bump transactions for Soroban smart contracts. The upgrade was anticipated to introduce Ethereum-style smart contracts to the platform. Tyler van der Hoeven, a developer at SDF, stated that proceeding without addressing the bug could compromise the security of applications on the platform.

What Happened to Bitcoin's Price?

On January 29, 2024, Bitcoin's price surged to over $43K after previously dropping below $39K. Analysts had predicted a rise following the approval of Spot Bitcoin ETFs. However, the price fluctuated significantly, and as of now, it stands at approximately $42,999.82, indicating ongoing volatility in the market.

What Did Coinbase's Data Reveal About Senators' Crypto Stances?

According to data from Coinbase's Stand with Crypto, 18 senators in the US Senate support crypto initiatives. This includes 14 Republicans and 4 Democrats. Notable pro-crypto senators include Cynthia Lummis and Ted Budd, who have supported over 16 pro-crypto bills. Conversely, 30 senators have expressed anti-crypto opinions, including prominent figures like Joe Biden and Elizabeth Warren.

How Might SEC's Approval of Spot Bitcoin ETFs Influence Other Countries?

The SEC's approval of spot Bitcoin ETFs on January 10, 2024, has led many experts to predict that other countries may follow suit. Potential candidates for approval include Australia, Hong Kong, and Singapore. This decision could significantly impact the global crypto landscape.

Risk Note

Investors should be cautious as the crypto market remains highly volatile, with prices subject to rapid fluctuations.