Digital mining giant Hut 8 has entered into a preliminary agreement with #Celsius Network for the joint construction and operation of a new cryptocurrency mining facility. This step was announced in a report dated December 18 and is related to Celsius's reorganization during its bankruptcy proceedings.
Construction Plans in Texas
Hut 8 plans to build a new facility in Texas, known as Cedarvale. The project is expected to host over 66,000 mining units and consume more than 215 MW of energy, with ambitions to expand production capacity in response to rising digital asset prices.
 Collaboration and Development
Hut 8 has committed to providing a wide range of development services for the project, including financial modeling, construction management, logistics, and coordination. Work on the project is set to begin next week.
 Strategic Goals of Hut 8
Asher Genoot, President of Hut 8, emphasized that the agreement is intended to support the strategic goals of both companies. Hut 8 aims to expand its capital through partnership with Celsius during its bankruptcy and in seeking new investors, while also planning to increase its energy capacity to 895 MW.
 The Rise of Hut 8
Commentators highlight that this agreement could be beneficial for both companies: Celsius needs fresh capital for new ventures during its bankruptcy proceedings, while Hut 8 seeks growth and to strengthen its position in the mining sector. Currently, Hut 8 has a total capacity of 680 MW in North America, which is set to increase with this agreement.
 Key Success Factors
“Our ability to efficiently and quickly build mining infrastructure and optimize operations were key factors in the selection of partners for this project,” stated Hut 8. Digital asset miners are now focusing on the upcoming halving, which will occur next year, positioning themselves to be the most efficient and profitable as asset prices grow.
 

Overcoming Challenges
In recent months, miners faced challenges due to the drop in cryptocurrency prices, leading to loss-making operations. Some were forced to sell their Bitcoin reserves, phase out mining equipment, or pivot to artificial intelligence (AI) computing technologies. With the price of Bitcoin above $40,000, miners are looking to consolidate gains and expand their capacity and efficiency before the next halving.
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 Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The Financial Stability Oversight Council (FSOC) in its latest annual report released on Thursday, has once again urged legislators to enact cryptocurrency-related legislation.
Vulnerabilities Detected in the #Cryptocurrency Sector
The FSOC report, following up on their appeal from the previous year, reiterates the necessity for tighter regulation of cryptocurrencies, especially on spot markets not considered to be securities, and for stablecoins.
The report summarizes fourteen economic risk factors and offers recommendations to bolster the reliability, efficiency, and stable operation of American financial institutions and markets.
Regarding cryptocurrencies, the FSOC identified several weaknesses, including price volatility, high levels of leverage utilization, interconnectedness within the sector, operational risks, and the risk of panic withdrawals from cryptocurrency platforms and stablecoins.
Additionally, the FSOC warns of a range of potential vulnerabilities, such as the concentration of token ownership, cybersecurity risks, and the proliferation of platforms operating in contradiction to, or outside of, existing laws and regulations.
 A Year of Regulatory Oversight
The release of the report comes after a tumultuous year for the cryptocurrency industry, with several key entities facing regulatory repercussions.
In November, after a rigorous court trial, FTX founder Sam Bankman-Fried was found guilty of fraud. In the same month, #Binance founder Changpeng Zhao was charged with violating anti-money laundering regulations, leading to his resignation as CEO.
Recently, the IRS issued a tax claim against the now-bankrupt FTX, demanding restitution of over 24 billion dollars, jeopardizing the chances of FTX creditors to recover their funds after the collapse of the cryptocurrency exchange.
Under the leadership of Richard Teng, former director of regional markets, Binance introduced the world's first tripartite banking agreement for cryptocurrencies, aimed at reducing counterparty risk.
 "Resilience" of the American Financial System
In remarks concurrent with the release of the FSOC's 2023 report, U.S. Treasury Secretary Janet Yellen stated that the country's financial system remains "resilient", though vulnerabilities persist.
 According to Yellen, the resilience of the U.S. financial system amid this year's global economic uncertainty and the banking sector's distress during the spring is evidence of the success of reforms implemented following the global financial crisis. She emphasized the importance of the Council's ongoing efforts to strengthen the financial system's resilience and to monitor a wide range of vulnerabilities.
 The FSOC report comes at a time when Congress is engaged in discussions on how to effectively anchor and regulate cryptocurrencies. However, political stalemates and battles could indicate a long legislative winter ahead, suggesting that passing any significant cryptocurrency legislation might be challenging.
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 Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

#Tether has responded to American lawmakers' requests for the Department of Justice (DOJ) to act regarding the illegal use of its stablecoin, stating that it aims to be a "world-class partner for the USA."
Communication with Senate and House Committees
Tether has released letters addressed to members of the US Senate Committee on Banking, Housing, and Urban Affairs, and the House Financial Services Committee. Sent on November 16 and December 15, these letters emphasize "Tether's commitment to combating the unlawful use of stablecoins."
 Response to Senator Lummis and Representative Hill's Calls
These letters were in response to an October request by Senator Cynthia Lummis and Representative French Hill for the DOJ to thoroughly investigate how Binance and Tether "provide material support and resources for terrorism."
 Background of Lawmakers' Request
This request from lawmakers followed a coordinated attack by Hamas against Israel on October 7, which was believed to be partially funded by illegal crypto transactions "providing significant financing for terrorism."
 Tether's Measures Against Illegal Use
In its response, Tether stated that it has a Know Your Customer (KYC) system, a transaction monitoring system, and a "proactive approach" to identifying suspicious accounts and activities. "We have always assisted law enforcement agencies when called upon to act and are fully committed to continuing proactive cooperation with agencies worldwide. Tether has and will assist in identifying and freezing addresses subject to sanctions involved in illegal activities or any form of terrorism financing."
 Tether's Client Activity Monitoring
Tether also emphasized that client reviews do not end with their onboarding, stating that they use tools like Chainalysis Reactor for ongoing monitoring of client activities. "These monitoring tools are considered primary options for blockchain monitoring and are used by many US government agencies."
 Tether's Voluntary Wallet Freezing Policy
On December 9, Tether announced the implementation of a voluntary wallet freezing policy, enabling secondary market checks to freeze activities associated with sanctioned individuals on the US Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list.
 Tether's Strategy Shift in Response to Regulatory Pressure
In 2022, Tether initially refused to proactively freeze wallets associated with irregular activities. However, intense regulation of crypto firms in the USA and globally led the company to reconsider its strategy. "Tether strives to be a world-class partner for the USA as we continue to assist in law enforcement and expand dollar hegemony globally," stated Tether CEO Paolo Ardoino.
 Impact on Tether's Market Share in the USA
The scrutiny of crypto firms in the USA in 2023 has bolstered the market share of USDT, which stands at 90 billion USD according to CoinMarketCap.
#crypto2023 #crypto2024catch #BinanceTournament #Bitcoin
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Bitfinex analysts project the global crypto user base could soar to between 850 and 950 million in 2024, given the current bullish market trends.Despite a challenging 2023, the crypto community shows robust growth, with the global number of users climbing from 432 million to 575 million.
The Rising Tide of Crypto Adoption
The cryptocurrency landscape, despite facing a turbulent 2023, is set for a significant upturn. Analysts from the crypto exchange Bitfinex have shed light on an exciting development: the number of global cryptocurrency users, standing at 575 million as of December 1, 2023, is poised for an impressive jump. According to their insights, this number could escalate to between 850 and 950 million by 2024, contingent upon the continuation of bullish market conditions.
Analyzing the Growth Trajectory
Bitfinex analysts attribute this predicted surge to increasing global interest and acceptance of cryptocurrencies. Their report emphasizes that investment activities within the crypto sphere are gaining momentum. One key development that could propel the market beyond current expectations is the approval of a Bitcoin spot exchange-traded fund (ETF). Such a move, as noted by Grayscale CEO Michael Sonnenshein, could significantly boost Bitcoin adoption, potentially unlocking access to the vast “advise market” in the United States, estimated to be worth around $30 trillion.
Statista’s Projection: A Steady Climb
In parallel, the statistics website Statista provides corroborative projections, indicating a steady growth curve for crypto user adoption. Statista forecasts the number of crypto users to reach nearly 833 million in 2024, with a potential to expand to around 992 million by 2028. These projections highlight the sustained interest and expansion of the cryptocurrency realm.
The Future of Crypto: Beyond Numbers
The anticipated growth in crypto users is not just a numerical milestone but signifies a broader shift in financial technology and global economic participation. As cryptocurrencies continue to permeate various sectors, from finance to gaming, their influence is reshaping how value is exchanged and stored in the digital age. The approaching billion-user mark is a testament to the enduring appeal and potential of cryptocurrencies, heralding a new era of decentralized digital assets.
The burgeoning user base of cryptocurrencies signals not only a paradigm shift in digital transactions but also underscores the growing mainstream acceptance of blockchain technology. As the world edges closer to a billion crypto users, the landscape is ripe for innovation, investment, and unprecedented growth, redefining the contours of the global financial ecosystem.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
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While news of the FIU's notice to crypto exchanges might ignite panic, remember to breathe before making any rash decisions. Here's a breakdown:Trading ❌ Development ✅ India is Something Different 🥲 Technical Welcome & Trading on Crypto Not WLCMShow-cause notice, not a ban: This is a call for compliance, not an immediate shutdown. Exchanges have time to address concerns and register under the PML Act.Compliance leads to safety: Registering allows exchanges to operate legally and offer users a secure environment.It's a positive step towards responsible crypto adoption in India.Alternatives exist: Even if some exchanges face temporary hurdles, others operating in compliance will remain accessible.Don't panic-sell: Knee-jerk reactions can lead to unnecessary losses. Stay informed, but stick to your investment strategy.This situation presents an opportunity for responsible growth in the Indian crypto market. Stay calm, follow official updates, and prioritize secure exchanges to navigate this development smoothly.Remember, informed decisions, not panicked reactions, are the key to success in any market, including crypto.🪷#India $BTC #BTC #HODL $MATIC #BullishAltcoins $WRX #crypto2024catch

Sources close to asset management companies seeking to launch a spot Bitcoin ETF speculate that the SEC could approve multiple applications by January 10. 
Read more on: https://thecryptobasic.com/2023/12/21/experts-say-sec-may-approve-multiple-spot-bitcoin-etf-applications-at-once-by-january/
#SECApprovalSigns #SECvsCrypto #BitcoinETFApproval #crypto2024catch #Cryptonews230