Hello Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

In today's crypto newsletter, we're spotlighting the following stories:

1. BlackRock's Bitcoin ETF Passes $2b Milestone: As BlackRock's iBIT ETF crosses $2 billion in Bitcoin holdings, the crypto market eyes the upcoming FOMC decision, balancing optimism with caution.

2. Coinbase Lowers USDC Conversion Fees: Coinbase introduces a tiered fee structure for large-scale USDC to USD conversions, reflecting a strategic shift in response to market and user dynamics.

3. SEC Targets HyperFund Scheme: The SEC charges founders of the $1.7 billion HyperFund scheme with fraud, emphasizing the ongoing crackdown on deceptive crypto operations.

4. Hong Kong's First Bitcoin ETF Application Submitted: Harvest Global applies for Hong Kong's first spot Bitcoin ETF, signaling the region's growing interest in regulated crypto investment avenues.

5. Industry Insight - VeChain and Walmart's Success: VeChain's blockchain technology hits 200 million transactions in its partnership with Walmart, showcasing its efficacy in enhancing food supply chain transparency and sustainability.

6. Feature of the Day - Magic Eden's Multi-Chain Wallet: Magic Eden introduces a versatile multi-chain wallet in partnership with Exodus, expanding its services to encompass Solana, Bitcoin, Polygon, and Ethereum ecosystems.

All this and more in today’s headlines!

📰 News Highlights:

BlackRock's Bitcoin ETF Surpasses $2 Billion in Holdings📊🔄 [Source][Source][Source][Source]

As Bitcoin faces a pivotal week with the Federal Open Market Committee (FOMC) decision looming, BlackRock's Bitcoin ETF celebrates a significant milestone. 

The iShares Bitcoin Trust (iBIT) ETF, managed by BlackRock, now holds over 52,000 BTC, surpassing $2 billion in assets. This achievement comes as Grayscale Bitcoin Trust (GBTC) experiences a 50% dip in outflows since its conversion into an ETF. 

Despite spot Bitcoin ETFs witnessing net inflows of $759 million on Jan. 26, concerns linger as the market cautiously awaits the FOMC decision on interest rates.

Market participants remain watchful, with expectations that this week's meeting could set the stage for potential rate cuts from March onward, adding an element of anticipation to Bitcoin's price action.

Coinbase Introduces Fees for USDC to USD Conversions💰📉 [Source][Source]

Coinbase, a major player in the cryptocurrency exchange arena, has announced a new fee structure for institutional clients conducting USDC to USD net conversions exceeding $75 million. This move aims to enhance Coinbase's product offerings while maintaining a premium customer experience. 

The fee tiers range from 0.1% for conversions between $75 million and $150 million to 0.2% for transactions surpassing $500 million. Notably, exemptions are in place for Coinbase Prime clients with over $500 million in assets or an average monthly balance of $100 million in USD/USDC, along with participants in the Coinbase Exchange Liquidity Program. 

This strategic adjustment responds to market dynamics and user feedback, underlining Coinbase's commitment to innovation within the evolving crypto landscape.

SEC Strikes Against $1.7 Billion HyperFund Scheme⚖️💸 [Source][Source][Source]

The U.S. Securities and Exchange Commission (SEC) has dealt a significant blow to the alleged $1.7 billion HyperFund scheme, charging founders Xue Lee and Brenda Chunga with fraud and unregistered securities offering. 

The SEC accuses the duo, also known as Sam Lee and Bitcoin Beautee, of orchestrating a pyramid scheme that lured global investors between June 2020 and early 2022. HyperFund, promoted as an investment in profitable mining operations, ultimately collapsed in 2022, leaving investors in financial distress. 

The case underscores the challenges of noncompliance in the crypto space and emphasizes the need for robust investor protection. While Chunga has pleaded guilty to conspiracy charges, both face legal action from federal authorities.

Spotlight on Hong Kong's First Bitcoin ETF Application 🇭🇰📈 [Source][Source][Source]

Hong Kong's cryptocurrency market may witness a significant development as Harvest Global has officially submitted an application to the Hong Kong Securities and Futures Commission for the establishment of a spot Bitcoin exchange-traded fund (ETF). 

If approved, this ETF would enable investors to trade shares on traditional stock exchanges directly linked to the real-time price of Bitcoin, offering a regulated investment avenue for both retail and institutional participants. This move aligns with Hong Kong's growing interest in becoming a crypto-friendly jurisdiction. 

It comes at a time when the U.S. Securities and Exchange Commission recently greenlit 11 spot Bitcoin ETF applications, allowing these funds to commence trading in the world's largest economy. Notably, BlackRock, the world's largest asset manager, has already crossed $2 billion in assets under management with its iShares Bitcoin Trust (iBIT) ETF.

🔍 Industry Insights: 

VeChain Surpasses 200 Million Traceable Food Transactions with Walmart: A Triumph for Transparency and Sustainability [SOURCE]

VeChain, a leading blockchain platform for enterprise applications, has achieved a remarkable milestone in its collaboration with Walmart, one of the world's largest retailers. The two companies have surpassed 200 million transactions involving traceable food products, signifying a major victory for transparency, food safety, and sustainable practices.

This partnership leverages VeChain's innovative blockchain technology to track the journey of food products from farm to fork. By placing unique digital identities on individual items, VeChain's platform provides Walmart and its customers with unparalleled visibility into the food supply chain. This transparency empowers stakeholders to:

• Enhance food safety: Real-time tracking and data immutability minimize the risk of contamination, spoilage, and fraud, leading to safer food for consumers.

• Optimize logistics: Blockchain-powered traceability streamlines supply chain processes, improving efficiency and reducing waste.

• Promote responsible sourcing: Consumers can gain insights into the origin and ethical sourcing practices of the food they purchase, driving informed choices and supporting sustainable agriculture.

The 200 million transactions milestone underscores the significant impact of VeChain and Walmart's collaboration. This achievement demonstrates the scalability and real-world applicability of VeChain's technology, paving the way for broader adoption in the food industry and beyond.

"Reaching 200 million transactions with Walmart is a testament to the power of blockchain technology to transform the food supply chain," remarked Sunny Lu, the co-founder and CEO of VeChain. "This collaboration exemplifies our commitment to building a more transparent and sustainable future for the food industry, and we are thrilled to partner with Walmart in driving this positive change."

The success of VeChain and Walmart's partnership also extends beyond food traceability. By demonstrating the practical benefits of blockchain technology, this collaboration paves the way for its application in other sectors such as pharmaceuticals, luxury goods, and supply chain management.

As VeChain and Walmart continue to expand their collaboration, the future of food transparency and sustainability appears increasingly bright. This partnership serves as a beacon of hope for a more ethical and accountable food system, where consumers can trust the food they eat and businesses can operate with greater efficiency and social responsibility.

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💡 Feature of the Day:

Magic Eden Unveils Multi-Chain Wallet🌐🔐 [Source][Source]

While were on the topic of wallets, Magic Eden, a prominent NFT marketplace, has unveiled a feature-rich multi-chain self-custodial wallet, designed for seamless management of NFTs across Solana, Bitcoin, Polygon, and Ethereum blockchains.

Developed in collaboration with Exodus, this wallet empowers users with instant cross-chain swaps, NFT portfolio management, and direct NFT trading within the wallet. 

Magic Eden's initiative responds to a critical need for a unified wallet, enhancing convenience for users navigating multiple blockchain ecosystems. The platform's strategic move includes limited-time in-wallet mints of notable NFT projects throughout February, incentivizing early adopters.

Initially catering to the Solana NFT community, Magic Eden's expansion to support Polygon, Bitcoin, and Ethereum highlights its commitment to providing a holistic and user-friendly NFT experience across diverse blockchain networks.

😂 Crypto Meme of the Day: 

And that’s it for this today.

Remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com