CryptoCurrency
What Does the U.S. Debt Ceiling Spell for Bitcoin (BTC) Price?
Some issues never truly go away, and the U.S. debt ceiling, which limits the maximum amount the government can borrow, is one of them. It’s back in the spotlight, but past experience suggests it could be positive for bitcoin (BTC) and risk assets in general.
The U.S. will hit its roughly $36 trillion debt limit on Tuesday, meaning it cannot borrow more from the public to fund its operations.
“The debt limit does not authorize new spending, but it creates a risk that the federal government might not be able to finance its existing legal obligations that Congresses and Presidents of both parties have made in the past,” outgoing Treasury Secretary Janet Yellen said in an official announcement on Friday.
The very thought of the world’s largest economy unable to borrow more might scare investors, but note that a default and government shutdown won’t happen immediately. Yellen has said that the Treasury will implement “extraordinary measures” from Tuesday, buying time at least till March 14.
One potential measure could be running down the Treasury General Account (TGA), the government’s operating account at the Fed used to collect taxes, customs duties, proceeds from the sale of securities, and public debt receipts while facilitating government payments.
The previous debt ceiling episode of early 2023, which involved using TGA to meet expenses, positively impacted risk assets, including bitcoin.
That’s because when the government spends the TGA balance, the cash goes to bank accounts of various entities, like contractors, employers and others, at commercial banks. That boosts the amount of reserves held by commercial banks. With more reserves, they have a better capacity to lend money, potentially increasing lending or investment in the broader economy and financial markets.
As of Monday, the balance of the Treasury General Account was $677 billion.
The chart illustrates Bitcoin’s price alongside changes in the Treasury General Account (TGA) balance over the past five years.
Notably, drawdowns in the TGA have frequently coincided with bitcoin bull runs, suggesting the inverse correlation between the two.
Need evidence of the crypto market’s maturation? Look no further than Deribit, the crypto exchange that registered record trading volumes in 2024.
Total trading volume in Deribit’s product suite, which comprises crypto options, perpetual futures, volatility futures, and spot market, rose 95% from $608 billion in 2023 to $1.185 trillion in 2024.
Options alone registered a trading volume of $743 billion, a 99% year-on-year growth, accounting for a giant share of the total exchange activity. Deribit listed BTC options in 2016 and has since cemented its position as the world’s leading crypto options exchange.
“Deribit saw an increase in activity throughout the year, particularly in Q4 as institutional investors demonstrated heightened optimism around the U.S. presidential election, as well as the $100k Bitcoin bull run that followed,” Deribit’s Chief Commercial Officer Luuk Strijers, said in a note shared with CoinDesk.
“The rise in total platform volume and across our offered products indicates that Deribit continues to be the go-to derivatives exchange, particularly as more professional traders enter the space,” Strijers added.
This impressive boom in trading activity on Deribit reflects a maturation of the market, mainly as spot ETFs and options tied to those ETFs went live in the U.S., accelerating institutional participation. It is a sign of a growing shift toward more sophisticated multi-legged trading strategies involving options, futures, and volatility bets.
CryptoCurrency
Koni Stack Launches 'Football Rivals' on Telegram, Onboarding Millions of Users to Mythos & Polkadot
Hanoi, Vietnam, January 22nd, 2025, Chainwire
The mini-app will add new utility for User-Owned NFL Rivals Player Digital Assets on the Mythos Chain , proving the interoperability between two different player experiences across two different platforms
Football Rivals will Onboard Millions of Users to Mythos via Koni Stack’s Telegram Mini App-as-a-Service
Koni Stack, the platform that accelerates next-generation Web3 decentralized applications (dApps), today announced the launch of Football Rivals, a new toss-up mini-app. The Telegram app, built using Koni Stack’s mini app SDK, launched today on Telegram.
As a player experience built to be interoperable with and provide added utility for user-owned NFL Rivals player digital assets, which are also used in connection with the hugely popular game from Mythical Games’ title with over six million active players, the Football Rivals mini-app will enable users to utilize such player assets to combine engaging stats-based gameplay with the power of Web3. Players will use digital assets to compete in weekly challenges, with top performers earning MYTH rewards on the Mythos Chain. The app, launched today, is available worldwide to millions of users, making it one of the most accessible and user-friendly blockchain gaming experiences to date!
By tapping into the global Telegram user base, Football Rivals is poised to introduce millions of new players to the Mythos and Polkadot ecosystems. This collaboration between Koni Stack, Mythos, and Polkadot creates an entirely new use case for the blockchain ecosystem, offering a seamless experience for players to now use their owned digital assets across a new experience and platform, proving the interoperability of digital assets and collectibles.
Koni Stack, developed by the team behind SubWallet – the leading wallet in the Polkadot ecosystem – is designed to simplify the onboarding process for users into Web3 via a developer-friendly SDK. With a focus on user-friendly interfaces, SubWallet first revolutionized access to Polkadot with its easy-to-use wallet. Now, through its Telegram mini app-as-a-service, Koni Stack is helping developers create seamless mini apps with low code thus enabling Telegram’s billions of users to seamlessly interact with dApps and blockchain-based experiences.
“We’re thrilled to enable millions of players to utilize their digital assets and collectibles to bring a new experience, Football Rivals, to millions of users on Telegram, leveraging Koni Stack’s mini app SDK,” said Hieu Dao, CEO of SubWallet and Koni Stack, “This effort not only demonstrates the scalability of Mythos and Polkadot but also opens up a new avenue for further application of blockchain technology, creating more fun, accessible ways for players to engage with Polkadot.”
“We’re excited to see Koni Stack release Football Rivals on Telegram,” said John Linden, CEO of Mythical Games. “By using the Mythos Chain’s robust ecosystem and Koni Stack’s mini-app SDK, this mini-app shows the power of web3 and the ability for one group to build extended value for players through interoperability. The fact that Koni was able to build a new player experience*,* enabling interoperability and allowing players to use the NFL Rivals digital assets they earned and purchased in connection with another application, is what web3 is all about, and Football Rivals makes this a reality!”
As Football Rivals takes off, it is expected to drive significant on-chain activity on the Mythos chain, onboarding millions of users to decentralized platforms. The apps integration with Telegram, combined with Polkadot’s scalability and interoperability, will be a powerful tool for introducing the next generation of users to blockchain technology.
For more information about Football Rivals, users can visit t.me/footballrivalsgame.
About Koni Stack
Koni Stack is an all-in-one platform that accelerates the development and deployment of next-gen Web3 dApps. It enables developers to build intent-based dApps for the masses with zero fragmentation, using two key modules: dApp-as-a-service and mini app-as-a-service. The dApp-as-a-service module allows for seamless, unified dApps that can access users and liquidity across multiple networks with one-time deployment, while the mini app-as-a-service module lets you quickly create and deploy Telegram mini apps by simply plugging in ready-to-use modules.
About Mythical Games
Acknowledged by Fast Company’s World Changing Ideas 2021 and recently Forbes’ Best Startup Employers (2024), Mythical Games is a next-generation game company creating world-class games and empowering players to take ownership of their in-game assets through the use of blockchain technology. The team has helped develop major franchises, including Call of Duty, Call of Duty Mobile, World of Warcraft, Diablo, Overwatch, Magic: The Gathering, EA Madden, Harry Potter Hogwarts Mystery, Marvel Strike Force, Modern Warfare 3, and Skylanders. Mythical’s current games Blankos Block Party and NFL Rivals are already played by millions of consumers worldwide and create a new economy for players allowing them to engage in a new way with games but also directly trade and transact safely with other players worldwide.
The Mythical Marketplace, the first in-game blockchain Marketplace on iOS and Android, provides gamers with ownership and control over the purchase and sale of digital assets, while the Mythical Platform protects gamers that may be new to blockchain through a custodial wallet for their digital items.
ContactKate Hakate@koni.studio
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
10x Research’s Markus Thielen says Bitcoin is moving in $18,000 blocks and predicts it could hit $122,000 by February.
Crypto influencers face backlash for amplifying a fraudulent U.S. Treasury XRP wallet, revealed to be a scam.
On Jan. 22, several large influencer accounts began posting about a U.S. Treasury XRP (XRP) wallet. The story quickly snowballed as it gained traction on X through reposts. Influencers either promoted the wallet or questioned its credibility. An on-chain analysis conducted through XRPSCAN has now revealed that the wallet is based in the Philippines.
https://twitter.com/RippleXrpie/status/1881812207610270097
The purported U.S. Treasury wallet, which is connected to major institutions, including Bank of America and JPMorgan, is fraudulent. The wallet address ‘rfHhX6hA54LBqA3j7r7EnCs6qyaRK2Lyfq’ is also KYC verified, which further bolstered people’s belief that it might be a legit source tied to the United States Treasury.
Now, many within the crypto community are voicing their concern. For instance, Zach Rynes, community coordinator of Chainlink, criticized so-called “crypto-influencers” for spreading rampant misinformation in the XRP community.
https://twitter.com/digitalassetbuy/status/1877732130521854047
He also explained that in 2021, there was a rumor that the Bank of America was executing all internal payments through Ripple. Crypto influencer David Stryzewski, who recently made the false claims about XRP being a Central Bank Digital Currency or CBDC, shared false information on Ripple in a podcast with Former U.S. Senate candidate John E Deaton.
Stryzewski, who is the CEO of Sound Planning Group, also distorted information that Ripple was located in Hong Kong, said Rynes.
Crypto scams on X are on the rise
The proliferation of crypto-related scams has only added to the confusion pervading the industry. There was an 87% spike in daily impersonation accounts in December 2024, according to Scam Sniffer, with numbers rising from an average of 160 in November to more than 300.
Scam methods are also increasing—from phishing schemes to fake accounts, fraudsters are tampering with duped users on platforms like X.
Recently, Lenovo India and Yahoo News UK were among the big accounts that are having their handles hijacked to promote scam tokens and the losses are in the hundreds of thousands of dollars.
Further sophisticated phishing operations like those mimicking Zoom domains have lifted private keys and wallet credentials, exploiting trust and technical vulnerabilities in blockchain, making it all the more necessary for users to be on their guard.
On Jan. 21, Donald Trump said he had signed a full and unconditional pardon for Ross Ulbricht, who operated the dark web marketplace Silk Road.
“I just called the mother of Ross William Ulbricht to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross,” he stated on his social media platform Truth Social on Jan. 22.
Trump continued to add that “the scum that worked to convict him were some of the same lunatics who were involved in the modern-day weaponization of government against me. He was given two life sentences, plus 40 years. Ridiculous!”
Ross Ulbricht has been freed by President Trump with a full pardon! Thank you for keeping your word to me and others who have been advocating for Ross’ freedom, Mr. President! #freeRoss pic.twitter.com/wOJVFX1DaA
— Thomas Massie (@RepThomasMassie) January 22, 2025
Ross Ulbricht Finally Free
The Silk Road founder was serving a life sentence after being convicted of running an underground online marketplace that was used by drug dealers to conduct illicit sales using Bitcoin.
Ulbricht created and operated Silk Road, one of the first modern darknet markets, from 2011 until his arrest in 2013. The site worked on the Tor network and used crypto for transactions, allowing users to buy and sell goods anonymously.
Ulbricht, who used the pseudonym “Dread Pirate Roberts” (DPR), was an ardent libertarian who believed in free market principles and opposed drug prohibition laws.
He was convicted in May 2015 on seven charges, including distributing narcotics, computer hacking, conspiracy, and money laundering. He received two life sentences plus 40 years without the possibility of parole.
“I wanted to empower people to make choices in their lives and have privacy and anonymity,” Ulbricht said at his sentencing hearing.
Supporters have long advocated for clemency, arguing his sentence was disproportionately harsh and that Silk Road reduced violence in the drug trade by moving it online.
Waiting on Crypto EOs
Trump had announced plans to commute Ulbricht’s sentence in May during a speech at the Libertarian National Convention.
“Thanks to President Trump for keeping his word to end Ross’s unjust sentence by granting him a full and unconditional pardon. Prayers have been answered for Ross, Lyn (his mother), and all their family and friends. So happy for them!” commented former Congressman Justin Amash.
The crypto community is still waiting with bated breath for Trump to sign executive orders relating to the industry and pro-crypto regulations. He has been silent on the subject so far.
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CryptoCurrency
LINK Price Soars 40% After Trump’s Crypto Venture Purchases 220,000 Tokens In 15 Minutes
On Monday, the cryptocurrency market witnessed a significant surge in Chainlink (LINK) prices following a remarkable acquisition by World Liberty Financial (WLFI), the crypto venture associated with President Donald Trump.
Trump’s World Liberty Financial Propels LINK Price Up
In a series of rapid transactions completed within just 15 minutes, World Liberty Financial purchased 220,000 LINK tokens, totaling an impressive $5.63 million, according to Chinese reporter Wu Blockchain.
This strategic move was accompanied by additional acquisitions, including 13,000 Aave (AAVE) tokens valued at $4.41 million and 37.267 million TRON (TRX) tokens worth $8.86 million.
Related Reading
The buying pressure generated by these transactions contributed to a notable 44% uptrend in LINK’s price over a two-week period, with a more immediate increase of over 11% within just 24 hours.
But despite this bullish momentum, LINK’s price remains approximately 49% below its all-time high of $52.70, achieved during the 2021 bull run as it is currently hovering little over above the $26 mark.
In a social media post on X (formerly Twitter), WLFI detailed these acquisitions, stating that they were made to commemorate the inauguration of Donald J. Trump as the 47th President of the United States.
The post highlighted additional purchases, including $47 million in Ethereum (ETH), $47 million in wrapped Bitcoin (wBTC), and similar amounts in AAVE, LINK, TRX, and Ethena (ENA).
How Chainlink Could Double In Value
The involvement of the Trump family in the crypto space has sparked excitement among bullish LINK investors, fostering renewed confidence in the token’s prospects.
Analysts like Michael van de Poppe have weighed in, noting that LINK has recently experienced a standard 30% correction—a pattern seen more than 15 times in previous cycles. Despite this, van de Poppe anticipates an upward price movement for Chainlink toward the $35 mark as market conditions stabilize.
Adding to the positive sentiment, market expert Ali Martinez reported a significant withdrawal of over 770,000 LINK tokens from crypto exchanges on Tuesday, suggesting that investors are increasingly confident in LINK’s potential and a possible continuation of the uptrend observed over the past month.
Related Reading
Satoshi Flipper also chimed in on LINK’s price action, expressing optimism about the token’s adoption and future performance. He noted the emergence of a falling wedge pattern that could propel LINK toward its all-time high, suggesting that a price doubling from current levels is feasible.
Flipper emphasized the importance of Chainlink in the broader cryptocurrency ecosystem, arguing that dismissing the potential for further gains before reaching new highs would be a mistake.
Interestingly, Aixbt recently pointed out that LINK’s monthly Relative Strength Index (RSI) is currently at 67, approaching the critical 70 level that previously triggered a dramatic 375% price surge.
This setup mirrors the conditions that drove the price from $3.50 to $20 in an earlier cycle. If history were to repeat itself, such a surge could push LINK toward the $124.80 mark, nearly tripling its current peak.
Featured image from DALL-E, chart from TradingView.com
World Liberty Financial Financial (WLFI), the crypto project backed by the family of U.S. President Donald Trump, has made another purchase of Tron’s TRX for its treasury on-chain data shows.
“As a strong advocate for blockchain technology and innovation in cryptocurrencies, I’m excited to see World Liberty Financial integrate TRON as a key part of its growing treasury. TRX’s inclusion as the fourth-largest asset in WLFI’s holdings highlights its trust in the Tron blockchain network,” Justin Sun, founder of Tron, said in a statement to CoinDesk.”
This most recent purchase was to the tune of $2.6 million and adds an additional 10.8 million TRX to the WLFI treasury. The total holdings of TRX now come in at $7.5 million.
“With WLFI leading efforts to bridge traditional finance and crypto and the Trump administration’s pro-crypto stance, the United States will become a major hub for innovation and cryptocurrency adoption,” Sun continued.
CoinDesk reported in mid-January that WFLI intended to purchase TRX and a Tron delegation attended Trump’s inauguration.
WFLI is also holding $182 million in ETH, $48 million in WBTC, $7.2 million in Tether’s USDT, $7 million in AAVE, and $6.7 million in Chainlink’s LINK according to on-chain data with most token buys coming in before the inauguration.
Sources close to the matter say WLFI will continue to increase their TRX holdings.
CryptoCurrency
Why Analysts Are Favoring Lightchain AI Over Polkadot (DOT) and Litcoin (LTC) for Explosive Gains
Analysts are favoring Lightchain AI over Polkadot (DOT) and Litecoin (LTC) as the cryptocurrency market looks toward projects with explosive growth potential. Lightchain AI has quickly risen to prominence with its focus on scalability, transparency, and real-world utility. The project has already raised over $11.6 million at a presale price of $0.00525, reflecting strong investor confidence in its innovative vision.
While Polkadot and Litecoin remain popular, Lightchain AI’s forward-thinking approach positions it as a standout investment, offering significant ROI potential and capturing attention as a top contender for 2025.
Polkadot (DOT) and Litecoin (LTC): The Stalwarts of Crypto
Polkadot (DOT) and Litecoin (LTC) continue to be influential players in the cryptocurrency market. As of January 18, 2025, DOT is trading at $7.59, reflecting a 6.15% increase from the previous close, with an intraday high of $7.60 and a low of $7.11. LTC is priced at $137.84, marking a 10.67% rise, reaching an intraday high of $140.63 and a low of $122.83.
Polkadot’s unique multi-chain framework facilitates interoperability among diverse blockchains, enhancing scalability and security. Its governance model empowers DOT holders to influence network decisions, fostering a decentralized ecosystem.
Litecoin, established in 2011, offers faster transaction times and lower fees compared to Bitcoin, making it suitable for everyday transactions. Its longevity and consistent performance have solidified its status as a reliable digital currency. Both cryptocurrencies have demonstrated resilience and adaptability, maintaining relevance amid the evolving digital asset landscape.
Why Lightchain AI Is Gaining Favor Among Analysts for Explosive Gains
Lightchain AI is attracting analysts’ attention for its potential to deliver explosive gains, thanks to its unique focus on innovation and long-term value. The platform’s scalability solutions, including sharding and Layer 2 enhancements, ensure high transaction throughput, making it suitable for real-world AI applications. Its roadmap reflects consistent progress, with the Testnet Rollout in January 2025 enabling community-driven performance validation.
By prioritizing decentralized governance, Lightchain AI empowers stakeholders to shape the ecosystem collaboratively. Robust tokenomics, with deflationary mechanisms and a focus on sustainability, further enhance its appeal. With a commitment to solving industry challenges like transparency and efficiency, Lightchain AI is emerging as a top contender for significant growth in the blockchain space.
Lightchain AI’s Path to Outperformance- New Leader in Market
As the cryptocurrency market evolves, new leaders emerge, disrupting the status quo with innovative solutions. Lightchain AI has positioned itself as a prominent player, leveraging cutting-edge technology to address industry gaps and presenting stakeholders with unmatched investment opportunities. Its unique combination of scalability, transparency, governance, and sustainability makes it a strong contender for explosive gains in 2025 and beyond.
Investors and analysts alike are recognizing Lightchain AI’s potential, with its recent presale success being a testament to the project’s future prospects.
Move now, and seize this opportunity to be a part of the future leader in the crypto market. Follow Lightchain AI’s journey closely as it continues to pave the way for explosive gains in the years ahead.
https://lightchain.ai/lightchain-whitepaper.pdf
https://t.me/LightchainProtocol
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
The Official Trump token fell from $48 to $42 after the US president seemed unfamiliar with his own memecoin.
The price of Worldcoin token WLD surged nearly 20% to reach a high of $2.30, as the biometric crypto project reacted to the latest AI-related developments.
On Jan. 21, CBS News reported that U.S. President Donald Trump is set to announce a new AI initiative backed by private sector heavyweights OpenAI, SoftBank, and Oracle. The AI infrastructure investment project, reportedly named Stargate, will focus on advancing artificial intelligence in the U.S. and globally.
The news appears to have jolted World (WLD), formerly Worldcoin, token holders, with the cryptocurrency jumping from lows of $1.90 to an intraday high of $2.30. This rally briefly pushed WLD to the top of the rankings for biggest gainers among the top 200 coins by market cap.
However, the token quickly pared some of these gains and was trading around $2.12 at the time of writing.
World, developed with contributions from Tools for Humanity, is a crypto project co-founded in 2019 by OpenAI’s Sam Altman. The venture capital-backed proof-of-humanity project has previously rallied on news tied to OpenAI.
According to CBS News, Stargate will see OpenAI, SoftBank, and Oracle collectively invest an initial $100 billion into the project, with the first major milestone being a state-of-the-art data center in Texas.
The report also stated that Masayoshi Son (SoftBank CEO), Sam Altman (OpenAI CEO), and Larry Ellison (Oracle CEO) are expected to join President Trump at the White House for the official announcement.
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