Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that will define the future of blockchain, cryptocurrency, and NFTs.
With a new report showing crypto scams hitting a new record in 2024, Goldman Sachs expanding its ETH holdings, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Report Shows Crypto Scams Hit New Record in 2024
Crypto fraud revenue is believed to have reached record levels last year, driven by a rise in so-called romance scams, as cybercriminals increasingly use artificial intelligence and become more organized, warns blockchain research firm Chainalysis.
In a report published Thursday, Chainalysis estimated that crypto wallets associated with scams received $9.9 billion in cryptocurrency in 2024. The firm anticipates that this figure will climb to a record $12.4 billion as it identifies more scam-related wallets.
Chainalysis also noted that its annual estimates of scam activity have increased by an average of 24% each year since 2020.
Goldman Sachs Expands ETF Holdings
Goldman Sachs Group Inc. (GS) has expanded its cryptocurrency ETF strategy by acquiring direct holdings in spot Bitcoin and Ethereum funds, as well as options positions, highlighting its increasing focus on digital asset investments.
According to the bank’s most recent 13F filing with the Securities and Exchange Commission, Goldman raised its total crypto ETF holdings to $2.05 billion in the fourth quarter of 2024, up from $744 million in the third quarter. The bank’s Bitcoin ETF holdings reached nearly $1.6 billion, with its largest position being $1.2 billion in BlackRock’s iShares Bitcoin Trust (IBIT).
Texas Lawmakers Reintroduce Bitcoin Reserve Bill
Texas state lawmakers have reintroduced a bill to establish a Strategic Bitcoin Reserve, now known as SB 21, which expands the scope to include investments in additional cryptocurrencies. Senator Charles Schwertner announced the bill on February 12, highlighting that it would make Texas the first state to create such a reserve, potentially fostering innovation and financial freedom.
The new legislation builds upon SB 778, introduced in January, which focused exclusively on Bitcoin. While SB 778 limited the state to purchasing and holding Bitcoin without using it for other purposes, SB 21 widened the scope to allow investments in cryptocurrencies that have maintained a market capitalization of at least $500 billion over the past year. Currently, Bitcoin is the only cryptocurrency that meets this requirement.
Robinhood Gains Momentum in Crypto Trading
The competition among crypto traders is intensifying as renewed enthusiasm sweeps through the sector, driven by President Donald Trump’s return to the White House. His promise to transform the U.S. into the “crypto capital of the planet” helped propel Bitcoin past $100,000 for the first time in the fourth quarter of 2024.
Although Robinhood currently offers fewer tokens for trading than Coinbase, it has been steadily increasing its market share and could see further gains if the Securities and Exchange Commission adopts a more crypto-friendly stance, they added last month.
Binance Coin (BNB) Surges 12%
Binance Coin (BNB) has posted strong gains despite a broader downturn in the crypto market. In the past 24 hours, it has risen by more than 2% and has gained around 12% over the past week. This comes as major cryptocurrencies like Bitcoin and Ether have dropped by 1.5% and 1.3%, respectively, following the release of new U.S. inflation data. The latest Consumer Price Index (CPI) report showed that U.S. consumer prices rose 3% year-over-year in January, up from 2.9% in December. This marks the largest increase since June and exceeds economists’ expectations. On a monthly basis, prices climbed 0.5%, the biggest jump in two years.
