Ethereum Transaction Fees Reach Lowest Level Since September 2024

Ethereum’s daily transaction fees have plummeted to their lowest level since September 2024, totaling just $731,472 on February 8, 2025. This decline reflects a broader trend of reduced demand and increased supply since the Merge, despite the approval of spot Ethereum ETFs in major markets.Competing networks like Tron and Solana have outperformed Ethereum in transaction fees, while internal issues within the Ethereum Foundation have compounded its challenges. Nevertheless, a significant influx of 330,705 ETH worth $833 million on February 7 indicates ongoing investor confidence in Ethereum’s long-term potential.

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Ethereum Daily Fees Fall Below One Million for First Time Since September 2024

Ethereum’s daily transaction fees have fallen below $1 million for the first time since September 2024, generating $731,472 on February 8. This decline is attributed to rising supply and competition from networks like Tron and Solana, alongside internal conflicts within the Ethereum Foundation. Despite these challenges, significant accumulation of ETH was noted, with addresses acquiring 330,705 ETH on February 7, marking a record inflow.

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RedotPay and Visa Launch Crypto Credit Card for Seamless Transactions in Singapore

Bitcoin briefly dipped below $95k amid market sentiment shifts, with key events like tariffs news and CPI data on the horizon. In Singapore, RedotPay has partnered with Visa and StraitsX to launch a crypto credit card, enabling seamless transactions for users across millions of merchants. This initiative aims to enhance user experience and promote cryptocurrency adoption in everyday spending.

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Hong Kong Accepts Bitcoin and Ethereum for Investment Immigration Visas

Hong Kong has officially recognized Bitcoin and Ethereum as valid proof of assets for investment immigration, requiring applicants to hold a minimum of HKD 30 million (approximately $3.85 million) in crypto. This policy shift has already led to the approval of two applicants, one for each cryptocurrency, and aims to attract global crypto investors while ensuring regulatory compliance. The initial visa granted lasts for two years, with the possibility of renewal, as the government continues to monitor asset ownership to prevent misuse.

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Hong Kong Accepts Bitcoin and Ethereum for Investment Immigration Applications

The Hong Kong government has officially recognized Bitcoin and Ethereum as valid proof of assets for investment immigration applications, following successful cases from mainland Chinese applicants. To qualify, individuals must demonstrate at least HK$30 million in assets, which can now include cryptocurrency stored on major exchanges or in cold wallets. This move positions Hong Kong as a more pro-crypto economy, aligning it with practices already established in Singapore.

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BlackRock Expands Ethereum Holdings with Recent Multi-Million Dollar Purchases

BlackRock has significantly expanded its Ethereum holdings, acquiring $276.16 million worth on February 4, following earlier purchases totaling $128.3 million within two days. This move aligns with the firm’s strategy after filing for a spot Ethereum ETF in November, as CEO Larry Fink views Ethereum as a valuable blockchain asset rather than a currency.In related news, Hong Kong legislator Johnny Ng urges faster pro-crypto initiatives in response to U.S. crypto czar David Sacks’ recent press conference, emphasizing the need for the region to enhance its crypto industry to remain competitive globally. Ng recommends government actions to support stablecoins and a national Bitcoin reserve.

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Stefan Rust’s Truflation Revolutionizes Real-Time Inflation Data with Blockchain Technology

Stefan Rust, a blockchain innovator and former CEO of Bitcoin.com, founded Truflation to provide real-time inflation data using blockchain technology, addressing the transparency issues in traditional economic measurements. Despite facing a malware attack that resulted in significant losses, Rust remains committed to enhancing economic data accessibility and has proposed Truflation’s methods to improve government economic policies. His ongoing efforts aim to position Truflation as a reliable alternative for both DeFi developers and financial institutions in an evolving financial landscape.

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XRP Excluded from Hong Kong’s Approved Cryptocurrency Trading List

Ripple’s XRP has been notably excluded from Hong Kong’s Securities and Futures Commission’s approved list of cryptocurrencies, which currently includes only Bitcoin, Ether, Avalanche, and Chainlink. This absence raises concerns about XRP’s regulatory status in the region, especially as Ripple seeks broader adoption through initiatives like a potential Grayscale XRP ETF and CME XRP futures. The reasons for XRP’s exclusion remain unclear, possibly linked to Ripple’s ongoing legal challenges in various jurisdictions.

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Concerns Over Financial Incentives for Biometric Data and Informed Consent

Evin McMullen, co-founder of Privado ID, argues that financial incentives for biometric data violate informed consent, especially in emerging markets where economic challenges can lead to coercion. Governments worldwide, including Kenya, Spain, and Brazil, have imposed bans or restrictions on Worldcoin due to data security and ethical concerns surrounding its iris-scanning technology.

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Kraken to Delist Multiple Stablecoins in Europe Due to MiCA Regulations

Kraken will delist several stablecoins, including USDT, in the European Economic Area as the EU’s Markets in Crypto-Assets Regulation (MiCA) takes effect. Trading for these assets will be phased out, with margin trading set to “reduce-only” mode by February 13, 2025, and spot trading transitioning to “sell-only” by February 27. The final delisting will occur on March 24, 2025, with remaining balances converted to a MiCA-compliant stablecoin after March 31.

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Hong Kong Grants First Crypto Licences of 2025 to PantherTrade and YAX

Hong Kong’s Securities and Futures Commission has issued its first two crypto operational licenses of 2025 to exchanges PantherTrade and YAX, bringing the total to seven since mid-2024. This move is part of the city’s ongoing efforts to regulate the virtual asset industry under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, ensuring secure trading through rigorous checks. Currently, only Bitcoin, Ether, Avalanche, and Chainlink are legally available for trade, reflecting Hong Kong’s cautious yet progressive approach to crypto regulation.

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