Today's news tips:
1. The Hong Kong Securities and Futures Commission hopes to develop a roadmap for the development of virtual assets
2. Macro outlook for next week: Traders resume pricing for a rate cut by the Fed before September, and the dollar frenzy cools down
3. KIP: LIBRA token issuance and market making are entirely the responsibility of Kelsier Ventures, and no wallet belongs to KIP
4. Kelsier: Milei and its team unexpectedly changed their position and they have no control over it. They plan to reinvest all funds into Libra tokens
5. Argentine Presidential Office: The President has asked the Anti-Corruption Office to intervene and set up an investigation team
6. KIP Protocol: No meeting with the Argentine president took place in January
7. CoinGecko: The amount of new tokens minted in the crypto market reached 600,000 in January
8. In the past 7 days, NFT transaction volume decreased by 35.15% month-on-month to US$112.7 million, and the number of buyers and sellers increased by more than 500% month-on-month.
Regulatory/Macro
According to Hong Kong media Dongwang, the Hong Kong Securities and Futures Commission may approve another virtual asset trading platform license this month. The Hong Kong Securities and Futures Commission will implement the virtual asset trading platform (VATP) licensing system from June 2023. Chief Executive Officer Leung Fung-yee said that a total of 9 licenses have been approved so far, and there are still 9 pending approval. It is predicted that another platform will be issued a license within the month. In terms of the proposed virtual asset development roadmap, Leung Fung-yee pointed out that the development of virtual assets is not only licensed platforms, but also custody business, over-the-counter (OTC), etc., and the opinions of different units will be collected at that time. Leung Fung-yee also said that the current trading liquidity of virtual asset trading platforms has room for improvement, and will consider whether to introduce more products and services to enhance market competitiveness.
According to the Hong Kong Wen Wei Po, a fund issuer previously expected to launch the first tokenized retail money market fund in the Asia-Pacific region in Hong Kong by the end of this month. The Chief Executive Officer of the Hong Kong Securities and Futures Commission, Leung Fung-yee, said that she had discussed the Ensemble project with the HKMA and believed that money market funds have the greatest potential for tokenization among real-world assets because they can make subscription and redemption efficient. Currently, many other tokenization applications are under review, including retail products and money market funds.
Liang Fengyi also revealed that the Hong Kong Securities and Futures Commission has set up an industry consultation group for licensed virtual asset trading platform (VATP) operators, hoping to release a development roadmap in the near future. Currently, 9 valid applications are being processed, and it is reiterated that there is no upper limit or target for issuing licenses. In addition to virtual asset trading platforms, the Securities and Futures Commission will also assist the Financial Services and the Treasury Bureau in formulating a regulatory framework for virtual asset custody and over-the-counter (OTC) trading, and it is expected to publicly consult the market again this year.
According to Hong Kong media Ming Pao, the Hong Kong Securities and Futures Commission held its first virtual asset advisory group meeting with licensed virtual asset trading platforms (VATP) yesterday. Hong Kong Securities and Futures Commission CEO Leung Fung-yee said that after the establishment of the group, VATP licensees can make suggestions on VATP's future operations, improving the liquidity of virtual asset transactions, and enhancing Hong Kong's virtual asset development and international competitiveness. Leung Fung-yee continued that the Hong Kong Securities and Futures Commission hopes to formulate a virtual asset development roadmap and develop in the direction of product diversification, and will also provide assistance for virtual asset custody and over-the-counter (OTC) consultation.
This week's CPI report showed that US consumer inflation rose, and Fed Chairman Powell admitted that more work needs to be done to eliminate price pressures in the economy, and expectations of rate cuts cooled, but then weak retail sales data brought some hope. Wall Street's ability to handle dramatic events has been exercised again. Facts have once again proved that traders are up to the task, and in the end the market as a whole was not greatly affected. Here are the key points that the market will focus on in the new week:
At 22:30 on Monday, Harker, 2026 FOMC voting member and President of the Federal Reserve Bank of Philadelphia, will deliver a speech;
At 23:20 on Monday, Federal Reserve Board Governor Bowman will deliver a speech;
At 23:20 on Tuesday, Daly, 2027 FOMC voting member and President of the San Francisco Fed, will deliver a speech;
At 03:00 on Thursday, the Federal Reserve will release the minutes of its January monetary policy meeting;
At 21:30 on Thursday, the number of initial jobless claims in the United States for the week ending February 15 and the Philadelphia Fed manufacturing index for February;
At 22:35 on Thursday, Goolsbee, 2025 FOMC voting member and president of the Chicago Fed, will deliver a speech;
At 01:05 on Friday, 2025 FOMC voting member and St. Louis Fed President Moussalem will deliver a speech at the New York Economic Club;
At 22:45 on Friday, the preliminary value of the US S&P Global Manufacturing PMI/Services PMI for February will be released;
At 23:00 on Friday, the final value of the University of Michigan Consumer Confidence Index in the United States for February and the final value of the one-year inflation rate forecast in the United States for February will be released.
Investors are unlikely to pay much attention to the Fed's January meeting minutes next week after Powell's semi-annual testimony and January inflation data. So the focus may be on the S&P Global PMI data for February next Friday. Any PMI below 50 could put pressure on the dollar and push up gold. A Bank of America survey of more than 50 fund managers around the world in February showed that betting on a stronger dollar is still seen as the most crowded position among interest rate and currency traders. Nearly half of investors still expect the dollar exchange rate to peak in the first quarter of this year.
Project News
KIP Protocol issued a clarification announcement on the release of $LIBRA and the role of KIP, stating that the token release and market making are entirely the responsibility of KelsierVentures, represented by the project's initiator Hayden Davis, and no wallet belongs to KIP or himself. KIP was invited to manage/oversee the selection of funded technology projects after the release and provide technical infrastructure for AI programs. All matters related to the issuance and tokens should be directed to Kelsier as they are handling the matter and plan to transfer the tokens to the foundation.
The project gained attention when President Miley tweeted about it. At the time, KIP was not involved in the launch, as KIP Protocol’s role is always after the launch. KIP has endured a lot of FUD today, including threats to individuals and employees, but was not involved in the launch and did not handle any tokens or SOL. All SOL earned today will be re-injected into LPs. All market making fees will be transferred to a foundation in Argentina. The foundation will continue to run the program as originally planned. All details regarding the tokens should be sent directly to Kelsier. KIP Protocol did not receive a penny of profit from today’s activities. KIP is not in the business of issuing tokens or making markets.
Kelsier released an announcement and clarification video on the latest progress of the Libra token solution. He said: "As a launch consultant for the Libra Token project, I want to clarify key aspects of the launch and address the latest developments regarding Javier Milei's involvement and subsequent withdrawal of support. Javier Milei initially supported and actively promoted Libra Token on social media platforms, including X and Instagram. His colleagues received his public support at the time of the launch and assured me that he will continue to be supported throughout the launch process. Given my role as an advisor, my main responsibility is to ensure that the token has sufficient quantity, liquidity and strong funds to support its price and realize the vision of the project. However, as an advisor, there are many factors that I cannot control."
“Despite previous commitments, Milei and his team unexpectedly reversed their stance, withdrawing support and deleting all previous social media support. This abrupt decision was made without any prior warning and directly contradicted previous assurances. To my surprise, Milei later released a statement indicating that his withdrawal was due to alleged misconduct by backers of the project, calling them scammers. I categorically reject this assertion and would like to emphasize that Julian Peh, founder of KIP Network and major sponsor of Libra Token, is completely innocent. I can only assume that Milei’s accomplices are trying to shift the blame onto Julian in order to evade responsibility.”
“It is crucial to recognize that memecoin investing is driven by trust and endorsement. When Milei and his team deleted their posts, investors who had purchased the tokens based on trust in his endorsement felt betrayed. This led to a wave of panic selling, further exacerbating the situation. This sudden loss of confidence had a catastrophic effect on the market stability of the token.”
“Regarding my responsibilities, I am responsible for ensuring liquidity for the project and still maintain control of all associated expenses and funds. I want to make it clear that I have not and will not use these funds for personal gain. As the custodian (not the owner) of these funds, I am unwilling to transfer them to my colleagues at Milei or the KIP team. Instead, after consulting with experts, I propose to reinvest 100% of the funds under my control (up to $100 million) into Libra tokens and destroy all purchased supply. Unless a more viable alternative is proposed, I intend to begin executing this plan within the next 48 hours. I remain committed to transparency and will continue to provide updates as the situation develops.”
According to previous news , KIP Protocol issued a clarification announcement on the release of $LIBRA and the role of KIP, stating that the token issuance and market making are entirely the responsibility of KelsierVentures, represented by the project’s initiator Hayden Davis, and no wallet belongs to KIP or himself.
According to Reuters, Argentine President Javier Milei may face impeachment in Congress for accusing him of promoting a cryptocurrency rug pull that caused the token's market value to plummet from $4 billion to $418 million in a few hours. Argentina's Fintech Chamber admitted that the case may be a "scam," in which the developers of crypto tokens attracted legitimate investments, inflated their value, but later sold them. "This scandal has brought us shame internationally and an impeachment petition must be launched against the president," said Leandro Santoro, a member of the opposition coalition and a member of the parliament.
The Argentine Presidential Office issued a statement regarding the LIBRA token, stating:
“On October 19, President Javier Milley met with representatives of KIP Protocol in Argentina, where he was informed of the company’s intention to develop a project called Viva la Libertad to finance private businesses in the Argentine Republic using blockchain technology. The meeting was attended by the President of the country, which has been officially recorded in the Register of Public Hearings; KIP Protocol company representatives Mauricio Novellli and Julian Peh; and presidential spokesman Manuel Adorni.
In this context, on January 30, 2025, the President held a meeting at the Casa Rosada with Hayden Mark Davis, who, according to representatives of KIP Protocol, will provide the technical infrastructure for his project. Mr. Davis, who has no past or present relationship with the Argentine government, was introduced by KIP Protocol representatives as one of the partners in the project.
Finally, yesterday, the President shared a post on his personal account announcing the launch of the KIP Protocol project, as he does every day with many entrepreneurs who want to launch projects in Argentina to create jobs and obtain investments. Since he is not involved in the development of any cryptocurrency, after the reaction to the launch of the project, in order to avoid any speculation and not to spread it further, he decided to delete the tweet.
In light of the facts, President Javier Milley decided to immediately request the intervention of the Anti-Corruption Office (OA) to determine if there had been any wrongdoing by any member of the national government, including the President himself.
On the other hand, the President decided to set up an Investigative Task Force (UTI) within the Presidential Palace, composed of representatives of institutions and organizations related to crypto assets, financial activities, money laundering and other related areas, who will integrate information and conduct an urgent investigation into the launch of the cryptocurrency $LIBRA and all companies or individuals involved in the above-mentioned actions.
All information gathered during the investigation will be turned over to the courts to determine if any company or individual associated with the KIP Protocol project committed a crime. President Milley has demonstrated his commitment to the truth through his actions and is committed to fully clarifying the facts of this matter to the final conclusion.”
KIP Protocol: No meeting with the Argentine president took place in January
KIP Protocol tweeted in response to the statement from the Argentine President's Office, stating that: Mauricio Novelli was not a member of the KIP Protocol team in the past and has never joined. Novelli is the founder of TechForum Argentina, which KIP Protocol sponsored in October 2024. KIP Protocol never had any meeting with Javier Milei in January 2025.
Earlier news , the Argentine presidential office claimed that the president had asked the anti-corruption office to intervene and set up an investigative team.
Viewpoint
Greeks.live macro researcher Adam released an English community briefing saying that Bitcoin traders are closely watching the $94,000-98,000 range, with the main resistance at $98,000. At the same time, many people have noticed that volatility has been unusually low recently and price trends lack certainty. The market is gradually forming a consensus that the volatility of short-term options may expand significantly from the current level of 17%, and there is a clear divergence between the view of taking aggressive positions in a low volatility environment and the view of waiting for a clearer direction.
Geoffrey Kendrick, head of global digital asset research at Standard Chartered Bank, said in a report that Bitcoin has fallen for five consecutive weekends and is expected to change this weekend. A small rise this weekend may trigger ETF inflows on Monday, pushing its price back to $100,000 and then to $102,500.
Recent weekends (5 p.m. Friday to Sunday New York time) have been particularly tough for Bitcoin, with negative news weighing on it. A key event was the DeepSeek news on the weekend of January 25-26, and the following weekend, February 1-2, Bitcoin was hit by news of tariffs from Canada and Mexico.
The weekend of February 15-16 "will be different" because adverse events have already occurred, with the 10-year U.S. Treasury yield below 4.5% this week, a positive sign for risk assets such as Bitcoin. Lower yields tend to ease pressure on speculative investments, making a rebound more likely.
Crypto analyst Immortal tweeted: "BTC on-chain transaction volume is far from 2021 levels...but do we expect a big bull run? Even transaction fees don't necessarily indicate a bull run - just look at past cycles." In response, CZ said: "My hunch is that BTC is now more of a reserve asset than a transaction currency due to high fees and long block times. A lot of new funds are buying ETFs, which are not reflected in on-chain transactions. But I could be wrong."
Important data
CoinGecko: Crypto market minted 600,000 new tokens in January
CoinGecko co-founder Bobby Ong said the crypto market saw a surge in new token creation in January, with 600,000 new tokens minted, a 12-fold increase from the 50,000 tokens minted per month from 2022 to 2023. The acceleration in token creation began in the fourth quarter of 2024; the number of mints reached 400,000 per month, then jumped to a record level in January. Blockchain networks and DEXs are also increasing rapidly. Data shows that about 5 to 10 new chains are launched each month, with the number of new chains peaking at 17 in May 2024. In addition, 89 new DEXs were tracked in March 2024 alone.
Market analysts warn that the surge could lead to a fragmentation of liquidity. Responding to concerns about the market impact, Ong acknowledged the potential drawbacks: "There are too many tokens, and each one will distract traders from their limited attention and liquidity. This is why we haven't seen the massive surges of previous cycles."
According to CryptoSlam data, NFT trading volume has dropped to $112.7 million in the past 7 days. This is a 35.15% decrease compared to the previous week. However, market participation has increased significantly, indicating that despite the lower overall value, the interest of new traders is increasing. NFT buyers surged 624.41% to 203,994; the number of NFT sellers increased 519.61% to 158,805; the number of NFT transactions fell slightly by 1.41% to 1,443,007.
Ethereum network transactions fell 41.25% to $56 million, and the number of buyers rose 81.43% to 30,598. Mythos Chain network ranked second with a transaction volume of $13.9 million, up 4.66%. Solana network, despite a 32.56% drop, still maintained its third position with $11 million. Polygon (formerly MATIC) network performed strongly and ranked fourth with a transaction volume of $8.1 million, up 10.76%. The Bitcoin network fell to fifth place with a transaction volume of $6.7 million, down 71.42%.
The best-selling NFTs this week are as follows:
- Uncategorized Ordinals #8912771: $7,749,449 (80.1296 BTC)
- CryptoPunks #2550: $331,955 (125 ETH)
- CryptoPunks #793: $146,683 (53.5 ETH)
- CryptoPunks #9634: $128,988 (47.5 ETH)
- CryptoPunks #9701: $122,883 (45 ETH)
A trader who once made $1.3 million on TRUMP used insider information to make $6.72 million on LIBRA
According to Lookonchain, a trader who made $1.3 million on TRUMP used insider information to make a profit of $6.72 million on LIBRA. Before LIBRA went online, the trader created two new wallets and transferred funds to the new wallets to buy LIBRA. As soon as LIBRA went online, he used these two wallets to spend $2.02 million to buy 5.08 million LIBRA, and quickly sold them at $8.74 million, making a profit of $6.72 million.
