Standard Chartered Bank: Long ETH with BMNR before the weekend has a good risk-reward ratio
**Jan. 23 (CoinDesk) —** Ethereum and the broader crypto market pulled back this week despite a strong start to 2024, but Standard Chartered’s Head of Digital Asset Research Geoff Kendrick remains bullish on the space.
ETH traded around $2,912 during early U.S. trading Friday, down ~12% on the week and now 1.7% lower year-to-date (YTD). BitMine (BMNR) — the largest corporate holder of Ethereum currently, per Tom Lee — saw its stock drop nearly 9% this week, pushing its YTD decline to ~10%.
Kendrick highlighted a surge in Ethereum network activity lately, with transaction volume hitting a record high. That’s largely tied to December’s Fusaka upgrade, which boosted capacity. Unlike past upgrades that failed to drive sustained growth, Fusaka has eased bottlenecks, letting more users and devs transact smoothly — a key difference from prior cycles, he noted.
BitMine hasn’t slowed its Ethereum purchases, Kendrick added, and Lee outlined plans for more acquisitions at the firm’s annu
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173rd Ethereum All Core Developers Meeting: Glamsterdam Upgrade Faces Schedule Pressure
**January 23 Update**
Per Christine D. Kim’s summary of Ethereum’s 173rd consensus layer core developers (CL Devs) meeting on X:
- To launch the Glamsterdam upgrade by mid-2024, developers may need to significantly scale back the upgrade scope. While a formal acknowledgment of a plan-timeline mismatch hasn’t been issued, any such issue must be resolved by the end of February.
**Key Meeting Takeaways:**
1. If the interoperable version of EIP-7732 isn’t finalized by February’s end, the community will consider removing it from Glamsterdam and delaying it to a future hard fork.
2. Consensys Teku client identified node performance issues in mainnet stress testing, which are slowing upgrade progress.
3. EIP-7928 requires a small-scale API review by client teams.
4. The proposal deadline for the “Headliner EIP” of the Hegota upgrade is February 4.
5. Some client teams have completed preliminary work on EIP-7688 library updates.
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US Stock Market Opens Cryptocurrency-Related Stocks Experience a General Decline, BitGo Falls Below IPO Price
January 23rd – Per Bitget market data, U.S. stocks opened lower: the Dow Jones Industrial Average slipped 0.53%, the S&P 500 fell 0.17%, and the Nasdaq Composite declined 0.14%.
Crypto-related U.S. stocks traded broadly lower in pre-market session, including:
- BitGo Holdings (BTGO): Dropped 4.81% to $17.6, falling below its $18 IPO price
- Coinbase (COIN): Fell 2.6%
- Bullish (BLSH): Down 2.3%
- BitMine (BMNR): Declined 2.06%
- Circle (CRCL): Dropped 1.83%
- American Bitcoin (ABTC): Fell 1.6%
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Spacecoin has launched the SPACE Token Airdrop Claim
**January 23 – Official sources confirm Spacecoin has launched SPACE token airdrop claims.**
Eligible users include those who participated in Season 1 or Season 2 activities previously, plus holders of CTC tokens and ecosystem NFTs (e.g., CTC-0, CPC).
To claim, users must visit the official Penguinbase portal, connect their wallet, and complete the claim process. SPACE tokens will be distributed to users’ Creditcoin network addresses.
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Analysis: Driven by safe-haven demand and a weakening US dollar, silver is approaching $100 per ounce.
Silver prices are closing in on $100 an ounce as of January 23, fueled by safe-haven inflows, a weaker U.S. dollar, and robust industrial demand.
The metal has climbed roughly 12% since the start of this week, with a year-to-date gain of more than 40%.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that momentum and Fear of Missing Out (FOMO) are powering the rally—but he emphasized this isn’t purely a speculative frenzy. Meanwhile, platinum prices have risen 3.3%.
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