News updates February 12, 2022

1. Crypto fraud: Disbarred attorney pleads guilty to crypto scam

• Philip Reichenthal was working with Randy Levine to commit crypto fraud.
• Reichenthal has potentially stolen over $5 million in crypto fraud.

The New York State Attorney General’s Office, led by Damian Williams, has announced that disbarred attorney Philip Reichenthal has pleaded guilty to crypto fraud. Reichenthal pleaded guilty in front of the authority in Manhattan that he scammed crypto investors into buying Bitcoin. The accused worked with Randy Levine, who maintained several aliases in order not to be recognized.

* Canadian truckers get $1Million from 5000
 Bitcoiners

* Bitcoin Cash price analysis: Bulls remain unable to cross $352 barrier after the downslide

* Axie Infinity price Analysis: Axie Infinity stagnates near $65 resistance

• WPUR to warn about crypto mining environmental impact via Superbowl advert. 

2. Canadian Lawmaker Urges the Government to Dive Deeper in Crypto (Report)

Member of Parliament Michelle Garner opined that Canadian authorities should establish an accessible crypto ecosystem for investors.

Michelle Rempel Garner – a member of the Canadian Conservative party – has reportedly pushed Justin Trudeau’s administration to open its arms to the cryptocurrency sector. Similar to Michael Katchen, she believes that the country “should be attracting billions of dollars of investments in this fast-growing industry.”

3. Uber Open to Accepting Crypto, But Only Under This Condition

During a recent interview with Bloomberg TV, Uber CEO Dara Khosrowshahi said that the ride-hailing giant would start accepting cryptocurrencies "at some point."

However, the San Francisco-based company will only add such an alternative payment option when crypto becomes more efficient and environmentally friendly: 

The exchange mechanism is expensive, it's not great for the environment. As the exchange mechanism becomes less expensive, becomes more environmentally friendly, I think you will see us lean into crypto a little bit more

Bitcoin's massive energy consumption has been a major hurdle to wider merchant adoption. Tesla, the top e-car maker, suspended payments in the flagship cryptocurrency last May because of persistent climate-related concerns.

4. BITCOIN HODLER ACCUMULATION IS INCREASING

We look to be headed toward a trend of increased BTC holder accumulation following a local bitcoin price top.

The below is from a recent edition of the Deep Dive, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

A key on-chain metric that we’ve discussed before, and that we will cover today, is the Realized HODL (RHODL) Ratio. The ratio uses realized cap HODL waves, which takes the original HODL Wave metric and weights the UTXOs in each age band by their realized price. Specifically the Realized HODL Ratio uses the one-week and the one-to-two-years Realized Cap HODL Age bands.

For a more in-depth overview of this metric, check out The Daily Dive: HODL Waves And Realized HODL Ratio.

By using this metric, we can better understand what’s happening with younger coins versus older coins. As younger coins become more dominant and the ratio rises, long-term holders hold less of the realized market value. As the ratio falls, long-term holders hold more market-realized value compared to younger coins. An overheated market would show much higher younger coin dominance.

5. Markets Tremble Amid Threat of Russian Invasion of Ukraine

Though it has not been officially confirmed, U.S. officials appear to believe a Russian invasion is imminent.

* Crypto and equities markets have suffered distinct losses today amid uncertainty over the threat of a Russian invasion of Ukraine.

* Although it has not been confirmed that President Vladimir Putin has given orders to invade, Russia has nevertheless amassed more than 100,000 troops on the border.

* Russian officials deny any plans for invasion and have accused Western governments of disseminating misinformation.

Crypto and stock markets have suffered today, possibly in connection to fears surrounding Russia’s ominous positioning of over 100,000 troops on the border of Ukraine.

6. Market Wrap: Cryptocurrencies and Stocks Drop as Russia-Ukraine Tensions Rise:

Geopolitical risks shook markets on Friday as BTC dipped below $43K.

US Treasury Suggests Miners Won’t Be Subject to IRS Reporting Rules

A letter from a Treasury official addresses crypto industry concerns about access to customer information:

OpenSea Expands Into the Venture Capital Business:

OpenSea Ventures will be led by OpenSea co-founder Alex Atallah.

Tether Blacklists Ethereum Address Linked to Multichain Hack:

The address, containing more than $715,000 of USDT stablecoins, traces back to hackers who stole $3 million from Multichain users.

7. Billionaire Bill Miller Has 'Very Big' Bitcoin Position — Calls BTC 'Insurance Against Financial Catastrophe'

Veteran investor and fund manager Bill Miller says he has “a very big position” in bitcoin and expects to see a lot of institutional adoption this year, particularly among endowments and foundations. “Bitcoin is insurance against financial catastrophe,” he opined.

Bill Miller Says ‘Bitcoin Is Insurance Against Financial Catastrophe’
Famed value investor Bill Miller talked about bitcoin in an interview with CNBC Wednesday. He is the founder of Miller Value Partners and currently serves as its chairman and chief investment officer. He manages the firm’s Opportunity Equity and Income Strategy funds. Prior to Miller Value Partners, he co-founded Legg Mason Capital Management.

Referring to bitcoin, Miller described, “It’s like an insurance policy.” He elaborated: “Insurance policies have no intrinsic value. In fact, you want them to have no intrinsic value. You don’t want to have your house burned down or get in a terrible accident but you pay for insurance every year in case that happens.” Miller continued:

Bitcoin is insurance against financial catastrophe as we see in Lebanon, or in Afghanistan, or many of these other countries where we saw around the time of the pandemic.