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This Week in the News - January 30

  1. 105-Year-Old German Bank Readies To Offer Crypto Service– Deutsche Bank in Germany is reportedly offering cryptocurrency services to its clients, including storage and trading of digital assets. The bank aims to meet the growing demand for crypto-related services and provide comprehensive financial solutions to its clients. This move by Deutsche Bank signals a growing trend of traditional financial institutions entering the crypto space. (source)

  2. Growth of Tether Supply ‘Positive’ Indicator for Further Crypto Gains– According to Blockworks, the growth of Tether supply is a positive indicator for further gains in the cryptocurrency market. Tether is a stablecoin that is pegged to the US dollar and its increase in supply suggests increased demand for cryptocurrencies, as Tether is often used as a medium of exchange on crypto exchanges. The report also states that the rise in Tether supply has historically been followed by strong performance in the crypto market, signaling potential growth in the future. (source)

  3. Metaverse Tokens Outperforming Bitcoin in January– According to CoinDesk, in January 2023, Metaverse tokens are outperforming Bitcoin in the cryptocurrency market. Metaverse is a blockchain-based virtual world platform that uses its own cryptocurrency, ETP, for transactions and payments. The strong performance of Metaverse tokens is reportedly due to the growing interest in decentralized finance (DeFi) and NFTs, as well as the platform's focus on real-world use cases. This trend signals a shift in the crypto market towards more practical and widely adopted blockchain-based platforms, and away from Bitcoin's dominance. (source)

  4. Celsius Was Using QuickBooks for Its Accounting—Just Like FT– Bankrupt crypto lender Celsius used Quickbooks to keep track of its finances, a court-appointed examiner wrote in a report released Tuesday. The use of Quickbooks mirrors accounting methods put in practice by bankrupt cryptocurrency exchange FTX under disgraced founder Sam Bankman-Fried, a process that’s been criticized by the company’s new CEO John Ray III as highly disorganized. (source)

Defunct Crypto Lender BlockFi Granted Approval to Sell Assets– BlockFi, a defunct cryptocurrency lender, has been granted approval to sell its assets. This will allow the company to wind down its operations and distribute its assets to its creditors. The exact details of the asset sale have not been disclosed, but it is likely that the proceeds will be used to repay BlockFi's creditors and any other outstanding debts. The approval to sell assets marks the end of BlockFi's operations and marks a turning point for the company. (source)

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