Today's News Highlights:
The United States announced a 10% tariff on Chinese goods and a 25% tariff on imports from Canada and Mexico.
The Salvadoran Congress approved reforms to the "Bitcoin Law," revoking Bitcoin's status as legal tender.
Fifteen U.S. states are promoting Bitcoin strategic reserves, with Arizona and Utah currently leading the way.
Kraken will gradually suspend trading of stablecoins such as USDT, PYUSD, EURT, and TUSD in Europe starting February 13.
NFT trading volume decreased by 29.45% to $137.9 million over the past week, while the number of buyers and sellers increased by over 30%.
Elon Musk spent over $290 million in the 2024 U.S. presidential election.
ZachXBT: Coinbase users lost at least $150 million to scams in the past year.
BTC fell below $101,000, down 1.08% for the day.
Regulation/Macro
According to Bitcoin Magazine, citing Eric Weiss, a board member of the publicly listed company Core Scientific, 15 states, including Alabama, Arizona, and Florida, have initiated plans related to Bitcoin strategic reserves. Arizona and Utah have progressed to the legislative approval stage, just one step away from becoming law.
According to Spain's El País, the Salvadoran Congress recently approved reforms to the "Bitcoin Law," officially removing Bitcoin's status as legal tender. This reform was made after nearly two years of pressure from the International Monetary Fund (IMF), which set a condition to "reduce the risks of Bitcoin" in exchange for President Nayib Bukele's approval of a much-needed $1.4 billion loan. If the Salvadoran government wants to receive this money, it must amend the law by the last day of January.
The law has been in effect for over three years, and representatives modified six of its provisions, abolishing three out of sixteen clauses. From now on, Bitcoin will no longer be considered "currency"; its acceptance will change from mandatory to voluntary and will not be used for tax payments. The ruling party was forced to make these changes. Despite President Bukele's active presence on social media, he has not commented on this matter.
Polls show that 71% of the public opposed Bitcoin's approval as legal tender in El Salvador in September 2021. Nevertheless, the government invested over $200 million to establish an operational framework, create digital wallets, and install ATMs nationwide.
The law required all businesses and public institutions to accept Bitcoin unless they lacked the technology necessary for transactions. To encourage usage, the government offered a $30 bonus to every user who installed the official Chivo wallet on their phone. According to a survey by one of El Salvador's most prominent polling companies, Ludop, only 21% of the population had used the service a year later. By 2024, only 8.1% of the population reported having used it.
According to CCTV News, on February 1, local time, the U.S. government announced a 25% tariff on imported goods from Canada and Mexico.
President Trump signed a tariff order that imposes an additional 25% tariff on imported products from Canada and Mexico, and a 10% tariff on energy resources from Canada. The tariffs are set to take effect on the 4th. The White House indicated that if retaliatory tariffs are imposed by the other side, the U.S. may increase the tariffs.
Additionally, according to Xinhua News Agency, the White House stated that the U.S. will impose an additional 10% tariff on all goods imported from China, on top of the existing tariffs. Trump stated that this aligns with his supported "protectionist measures."
Project Updates
As the EU's Markets in Crypto-Assets (MiCA) regulation comes into full effect, cryptocurrency exchange Kraken is preparing to delist several stablecoins for customers in the European Economic Area (EEA). The exchange announced that it will gradually lift margin trading restrictions on USDT, PYUSD, EURT, TUSD, and UST for EEA users starting February 13. Spot trading will cease on March 24, and open orders will be canceled, with assets no longer convertible to cryptocurrencies or fiat currencies.
Kraken stated that this move ensures compliance with MiCA and allows it to maintain long-term operations in Europe.
Berachain Foundation: Boyco Market will close on February 3 at 7:59
The Berachain Foundation announced that the Boyco Market will close on February 3 at 7:59.
Boyco is a pre-release liquidity platform where users can directly pre-deposit liquidity into Berachain's DeFi protocols on Ethereum. Once Boyco officially launches, these assets will be orderly transferred to the Boyco dApp announced by Berachain.
Uniswap Founder: V4 version will provide users with lower gas costs for swaps and more LP profits
Uniswap founder Hayden Adams stated on social media, "Testing conducted 12 hours after the v4 release for a $1,000 ETH -> USDT swap. Our routing recommends a multihop swap from ETH -> USDC -> USDT through two v4 pools (total TVL of $400,000) as the best price. Even compared to a single-hop swap through any v3 ETH/USDT pool (total TVL of $150 million), this method still offers a better price. The pure gas efficiency advantage is starting to show (native ETH + lower multihop route costs), and in my view, this will be one of the biggest catalysts for v4 growth—lower gas costs = better swap prices = more LP profits."
Opinions
In response to OP Labs member Mark Tyneway's question about the insufficient number of wallets supporting EIP-7702, Vitalik stated that efforts will be made to ensure that 7702 (or a more powerful version of AA that fundamentally does not require any "ECDSA master key") is not just a blockchain function, but a reality for users.
Important Data
BTC fell below $101,000, down 1.08% for the day
According to OKX market data, BTC has just fallen below $101,000, currently reported at $100,974.40 per coin, down 1.08% for the day.
In January, DEX spot trading volume reached $454.1 billion, setting a new historical high
According to data from The Block, in January 2025, the total spot trading volume of mainstream DEXs reached $454.1 billion, setting a new historical high. This represents a 40% increase compared to $323.89 billion in December 2024. Among them, Raydium topped the list with a trading volume of $124.13 billion.
Additionally, Uniswap's spot trading volume in December reached $100.47 billion, with a market share of 22%.
According to CryptoSlam data, this week NFT trading volume dropped from $198.1 million to $137.9 million, a decrease of 29.45%. The number of NFT buyers increased by 31.92% to 589,960; the number of NFT sellers increased by 33.23% to 425,135; the number of transactions decreased by 4.35% to 1,412,615.
Ethereum network NFT trading volume decreased by 40.35% to $67.9 million, but the number of buyers increased by 20.59% to 58,632; Bitcoin network NFT trading volume fell by 32.45% to $17.4 million; Mythos Chain surged to third place with a trading volume of $13.6 million, up 4.13%; Solana network dropped to fourth place with a trading volume of $12.4 million, down 39.21%.
Pudgy Penguins led with a trading volume of $13.9 million, an increase of 38.49%. DMarket ranked second with $8.5 million in sales, up 7.30%, maintaining a high transaction volume of 307,776. Azuki fell to third place with $7.3 million in sales, down 74.73%.
This week's best-selling items include:
- CryptoPunks #5473: $547,670 (162 ETH)
- CryptoPunks #1925: $412,926 (125 ETH)
- CryptoPunks #7162: $373,166 (112 ETH)
- Autoglyphs #185: $348,295 (102.5 ETH)
- Autoglyphs #328: $332,290 (105 WETH)
Bitcoin network transaction processing volume hit an 11-month low in January
In January, the Bitcoin network's transaction processing volume reached an 11-month low, continuing a downward trend for three consecutive months. Compared to the historical peak monthly transaction volume set in October 2024, the monthly volume decreased by over 43%. The backlog of unprocessed Bitcoin transactions also significantly declined as miners cleared the memory pool of Bitcoin nodes, leading to historically low transaction fees. On February 1, several blocks were left unfilled.
A TRUMP whale sold off 637,000 TRUMP five hours ago, making a profit of $11.87 million
According to on-chain analyst Yu Jin, an early buyer whale of TRUMP sold off 637,000 TRUMP ($12.59 million) five hours ago, making a profit of $11.87 million. This whale spent 3,000 SOL ($720,000) to purchase 637,000 TRUMP within half an hour of TRUMP's launch, at a price of just $1.14. Five hours ago, the whale sold the 637,000 TRUMP for 55,000 SOL ($12.59 million), with an average selling price of $19.76. The whale achieved a return of 16.4 times ($11.87 million) on TRUMP.
Musk spent over $290 million in the 2024 U.S. presidential election
According to Caixin, on February 1 local time, the U.S. Federal Election Commission's year-end filing revealed that Elon Musk spent over $290 million in the 2024 U.S. presidential election. The documents indicate that Musk donated approximately $11.2 million to his funded "Political Action Committee (PAC)" on the last day of the year, bringing his total political donations to over $290 million.
ZachXBT: Coinbase users lost at least $150 million to scams in the past year
On-chain analyst ZachXBT disclosed that, based on independently confirmed cases, Coinbase users lost at least $150 million to scams in the past year. The latest case involved a Coinbase user losing 110 cbBTC, valued at $11.5 million. The stolen cbBTC (Coinbase's wrapped Bitcoin product) was quickly laundered across multiple instant exchanges. The attackers exchanged, bridged, and transferred funds through various platforms, then integrated them with other stolen assets on Ethereum, making it nearly impossible to trace and recover the funds.
This incident is part of a growing trend, with multiple Coinbase users suffering similar losses. It is estimated that such scams have stolen at least $150 million from Coinbase customers. Coinbase has not commented on this matter. However, scams impersonating Coinbase support staff have become increasingly common. These attackers use phishing emails, fake phone calls, and other deceptive tactics to trick victims into revealing their private keys or login credentials. Once they gain access, they steal wallets, transfer funds, and take control of accounts.
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