🚫 Ripple CTO Calls Out XRP Scam

GM!

This week, Bitcoin is down in the dumps as it falls under $23,000, but the real drama comes from Ripple's CTO who calls out a recent XRP proposal to buy back XRP at $37,500 a token as a "scam."

On the bright side, Binance has launched a lifesaving tool for crypto traders - a free calculator to help with tax obligations. And for those struggling with crypto trading addiction, The Balance has got your back with their new wellness services for kicking a crypto addiction.

Markets

Is BTC price about to retest $20K? 5 things to know in Bitcoin this week (7 minute read)Bitcoin is feeling the blues - It's back under $23,000 and making lower lows. Despite its January gains of almost 40%, it looks like a come down is in sight. Traders are already placing bets on where it might land, with $20,000 being the target - the old all-time high from that bull run in 2017.

This Will Be Important For Crypto This Week (5 minute read)Expect a quiet trading week for crypto as Fed Chair Powell takes center stage tomorrow. Investors will listen to whether he'll support Fed's hawkish policy or repeat dovish comments from FOMC. On Friday, watch for Consumer Expectations and Confidence release by U. of Michigan. Pre-release showed rising confidence at 62.0 vs forecast of 59.5. Positive final figures could be positive for crypto and Bitcoin.

Ripple CTO Claims XRP Buyback Program Is a Scam (2 minute read)Ripple CTO David Schwartz calls recent XRP buyback proposal a "scam." Jimmy Vallee, Managing Director of Valhill Capital, proposed the program in 2021, claiming XRP has potential to be a reserve currency and that governments should buy it, leading to a buyback from retail with a fixed rate of $37,500 per XRP token.

Tech

Crypto Exchange Binance Introduces Tool for Calculating Taxes on Transactions (2 minute read)Binance, the popular crypto exchange, has a new tool to help calculate crypto tax obligations. It's free and can support up to 100k transactions, starting in Canada and France. The goal is to make it easier to calculate gains and losses throughout the year, especially for frequent traders who might have thousands of transactions. Keep in mind, the product is still in early stages and doesn't support all types of transactions yet, so adjustments may be needed.

South Korea Issues Guidelines on Security Tokens Ahead of New Regulation (3 minute read)South Korea is stepping up regulation of the crypto world with new guidelines for security tokens. The Financial Services Commission released a press release on Monday explaining how digital currencies should be treated based on their securities classification. A security token is the digital version of securities using DLT and is considered an investment if the investor doesn't have to add more after the initial purchase, per the Capital Markets Act.

Misc

Crypto Exchanges Made up 84% of Job Cuts Last Month (3 minute read)Ouch! January 2023 was a rough month for crypto layoffs, with as many as 2,806 people losing their jobs, according to CoinGecko. This could put 2023 on track to surpass last year's layoff total of nearly 7,000 due to the bear market and tough global economy. Centralized crypto exchanges were hit the hardest, with 84% of the job cuts, due to declining trading volumes and revenues.

Spanish rehab center adds crypto trading addiction to services list (2 minute read)Crypto trading addiction is real, and it's being treated at a luxury rehab in Spain! The Balance, a wellness center with locations in Spain, London, and Zurich, is now offering services to combat crypto trading addiction. While they've been treating addictions like alcohol and drugs for a while, they've now added crypto trading to the list. Cool, huh?

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