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   Coinbase Bytes
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   Where are we headed?
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          <p style="font-size: 20px; color: rgb(10, 11, 1); margin: 10px 0px 0px;">
           26/01/2023
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     <p style="margin: 16px 0px 0px; line-height: 1.5; word-break: break-word; font-size: 12px; color: rgb(91, 97, 110);">
      As the crypto market stages a January rally, bulls and bears are weighing if it will last. [Jakie Niam via Getty Images]
     </p>
     <p style="margin: 48px 0px 16px; font-size: 32px; line-height: 1.26; word-break: break-word;">
      <strong>
       What’s up? It’s Coinbase Bytes
      </strong>
     </p>
     <p style="margin: 0px; line-height: 1.6; word-break: break-word;">
      There’s never a dull moment on the blockchain. Here’s what you need to know this week:
     </p>
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      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Bitcoin revisited $23,000 for the first time since summer.
       </strong>
       But not all investors and analysts agree on the crypto rally’s momentum.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Key cryptoverse quotes.
       </strong>
       FTX’s new CEO talks restarting the business, and Jamie Dimon unveils his wild theory about Bitcoin.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Numbers to know.
       </strong>
       The long odds an individual miner overcame to secure a Bitcoin block, and other stats from this week.
      </li>
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               <p style="margin:0;">
                <strong>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £18,692.98
               </p>
               <p style="margin:0;font-size:12px;">
                +11.21%
               </p>
              </div>
             </td>
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               <p style="margin:0;">
                <strong>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,301.58
               </p>
               <p style="margin:0;font-size:12px;">
                +5.36%
               </p>
              </div>
             </td>
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Cardano
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.31
               </p>
               <p style="margin:0;font-size:12px;">
                +14.16%
               </p>
              </div>
             </td>
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Dogecoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.07
               </p>
               <p style="margin:0;font-size:12px;">
                +6.56%
               </p>
              </div>
             </td>
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             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £19.96
               </p>
               <p style="margin:0;font-size:12px;">
                +15.91%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         <td style="padding-top:20px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Polygon
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.81
               </p>
               <p style="margin:0;font-size:12px;">
                +5.44%
               </p>
              </div>
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             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £18,692.98
               </p>
               <p style="margin:0;font-size:12px;">
                +11.21%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         <td style="padding-top:40px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,301.58
               </p>
               <p style="margin:0;font-size:12px;">
                +5.36%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         </td>
         <td style="padding-top:40px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Cardano
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.31
               </p>
               <p style="margin:0;font-size:12px;">
                +14.16%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         </td>
        </tr>
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         <td style="padding-top:20px;">
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              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Dogecoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.07
               </p>
               <p style="margin:0;font-size:12px;">
                +6.56%
               </p>
              </div>
             </td>
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             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £19.96
               </p>
               <p style="margin:0;font-size:12px;">
                +15.91%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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            <tr>
             <td style="padding:0;vertical-align:top;">
              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Polygon
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.81
               </p>
               <p style="margin:0;font-size:12px;">
                +5.44%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
     </div>
     <p style="margin: 20px 0px 0px; line-height: 1.5; word-break: break-word; color: rgb(91, 97, 110); font-size: 12px;">
      Price changes are for the past week, ending on Jan 26, 2023 at 02:42 AM UTC
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
      <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=89cbbac40fa64c15ac116bf54fefe962&_e=Gdmo4RxAiFP7PNrUyS3LaT1PIcLGcMYOLmh2bPCGUqJ9xcSfdmcCvvHujVNZhNdKe21eo5jmCY2alXUx7aeOlTI3iOHulp0lINiIUulaUlpt-PAOYMnbWRlxh25kPfjtkUvrmY98E4qYUzeTqbnpxnyIFbKK8GMVW93npKxTFVivIjwIPFhy3BLVwqDR3Y1NVzy4_zeW44RO7wrfVVkixG0-XFB8H9vkiFx6MnIZ_kVdpyRn644ir-s43vDecg_CvfVaGH31-Tq4M4Mlfb0BB49l_WCWhCuHqFk2ousgIdY-pFdTqK9vliefknHeFRYSw7_SiS1RiMbu7MPlVcYWUA%3D%3D" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
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       <strong>
        See the latest prices
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
     </div>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" width="100%">
      <tbody>
       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <div>
      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            MARKET UPDATE
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        Investors are split on one big question: Will this rally keep going?
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      As January’s crypto rebound maintains momentum, Bitcoin and Ethereum notched a third straight week of gains, both up more than 30% since the year began. And while some market analysts are beginning to believe that the worst of the crypto downturn could be behind us, others are far more tentative about crypto’s hot start to 2023. Let’s take a closer look at this week’s market moves — and what some investors and analysts are saying about this early-year rally.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Crypto’s total market cap hovers above $1 trillion, while BTC and ETH continue to reach new highs for the year.
      </strong>
     </p>
     <!--[if mso]><ul style="line-height:1.6;mso-line-height-alt:26px;"><![endif]-->
     <!--[if !mso]><!-- -->
     <ul style="margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;">
      <!--<![endif]-->
      <li style="margin: 0px; padding: 6px 0px;">
       Bitcoin crossed the
       <a rel="noopener noreferrer" target="_blank">
        $23,000 threshold
       </a>
       over the weekend for the first time since August. The largest cryptocurrency by market cap has also dramatically outperformed stocks so far this year, with BTC up about 38% year-to-date, compared to 5% for the S&amp;P 500, as of Tuesday morning.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Ethereum jumped more than 7% last week, topping $1,600 for the first time since the FTX collapse in November. Some investors believe that the coming
       <a rel="noopener noreferrer" target="_blank">
        Shanghai upgrade
       </a>
       , which will enable investors who staked ETH to begin withdrawing their crypto and unlocking rewards, is a key catalyst for ETH’s momentum. The network’s developers began their first tests of the new upgrade on Monday morning.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Some long-dormant altcoins also showed signs of life recently.
       <a rel="noopener noreferrer" target="_blank">
        AXS
       </a>
       , the native token of the web3 game
       <a rel="noopener noreferrer" target="_blank">
        Axie Infinity
       </a>
       , rose 40% over the weekend to reach a four-month high of $13.94. Memecoins DOGE and SHIB have also rallied an impressive 25% and 30% since the beginning of the year — likely boosted by a combination of easing risk aversion and
       <a rel="noopener noreferrer" target="_blank">
        technical updates
       </a>
       .
      </li>
     </ul>
     <p style="margin: 0px; padding: 0px;">
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Investor and analyst sentiment is split regarding the potential longevity of this rally, which was boosted by a
      </strong>
      <a rel="noopener noreferrer" target="_blank">
       <strong>
        lower inflation
       </strong>
      </a>
      <strong>
       reading this month.
      </strong>
     </p>
     <!--[if mso]><ul style="line-height:1.6;mso-line-height-alt:26px;"><![endif]-->
     <!--[if !mso]><!-- -->
     <ul style="margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;">
      <!--<![endif]-->
      <li style="margin: 0px; padding: 6px 0px;">
       A
       <a rel="noopener noreferrer" target="_blank">
        Twitter poll
       </a>
       from the widely-followed @Bitcoin account received more than 18,000 responses about BTC’s rally — 44% of respondents believed the runup was a “
       <a rel="noopener noreferrer" target="_blank">
        bull trap
       </a>
       ” and that a retracement was imminent, while 34% believed it was the start of a new bull run.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Wall Street giant Bernstein
       <a rel="noopener noreferrer" target="_blank">
        described
       </a>
       the current rally as a “
       <a rel="noopener noreferrer" target="_blank">
        mean reversion
       </a>
       ” for crypto prices and noted that BTC has never had two consecutive years of negative returns. “We would be cautious to be bearish here,” read an analyst note. “But is this the start of a new sustained rally? Unlikely.”
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       According to Morgan Stanley analysts,
       <a rel="noopener noreferrer" target="_blank">
        liquidations
       </a>
       of short BTC futures have propelled the rally. However, BTC options analyses have offered mixed signals lately. Per a CoinShares
       <a rel="noopener noreferrer" target="_blank">
        report
       </a>
       , bearish traders dominate the market, and of the $37.7 million of new capital poured into crypto-related funds last week, 68% was short the market. But according to Kaiko Research’s
       <a rel="noopener noreferrer" target="_blank">
        analysis
       </a>
       , bulls are in charge: “The share of calls relative to put volume is currently at more than 66%, its highest level in over a year.”
      </li>
     </ul>
     <p style="margin: 0px; padding: 0px;">
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Why it matters…
      </strong>
      Perhaps the most straightforward, or at least, honest, take on the crypto uptick came, surprisingly, from J.P. Morgan (more on CEO Jamie Dimon’s renewed crypto skepticism in Takes): “We don’t have a great answer on the January-to-date rally of crypto.” So what are hodlers, investors, and analysts to make of this rally, even as crypto markets remain in a vulnerable position? According to J.P. Morgan, this moment is ”emblematic of the underlying conviction many still have in cryptocurrencies.”
      <strong>
      </strong>
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
      <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=89cbbac40fa64c15ac116bf54fefe962&_e=Gdmo4RxAiFP7PNrUyS3LaT1PIcLGcMYOLmh2bPCGUqLtM61XxPpXcgV6hTK8nM3sfM6rfiPAMqXSlMw6bYc-HzWaEDEBc4MR5rUiPn5vaovpwVlCmEdsk_kN4TZ2uSm-NkP9clYPrM3YdWonnvLemcPNi57Iyc7ZRAWnR5WLndtin2I2CAKT7jCc_BT942wFOu21-2JTD3G6wZzLnDQEqma5nVPuAJffBhBVCFDodqF55s50Wp5-OiWPRKQlcVwkPguxCyP8X9gkU_wo2MGpsVgZOL8-YLnJoDa50KZ_aKaAGw3G4TEwR092hsT4ccrbxqV31ea2W4-134uKbKjUHfK82BHsZHQUn3cPkKceAiAvPHjxVZgsMw3TXj7G8VLpWqpIIKTlhf8ySGFuU5-BlA%3D%3D" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
      <a rel="noopener noreferrer" style="display: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18px 0px;" target="_blank">
       <strong>
        Learn BTC basics
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
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         <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="display: block; width: 12px; height: 12px;" width="12"/>
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         <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
          <strong>
           TAKES
          </strong>
         </p>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
      <strong>
       FTX’s new CEO talks about restarting the exchange, and other key quotes from this week
      </strong>
     </p>
    </div>
    <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
     <strong>
      FTX 2.0…
     </strong>
     “If there is a path forward on that, then we will not only explore that, we’ll do it,” said FTX’s new CEO, John J. Ray III, regarding the idea of, wait for it, restarting the bankrupt crypto exchange. Despite former FTX executives facing charges of criminal misconduct, Ray
     <a rel="noopener noreferrer" target="_blank">
      told
     </a>
     the Wall Street Journal that he’s created a task force to explore rebooting the business: “Everything is on the table.”
    </p>
    <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
     <strong>
      Forever 21?...
     </strong>
     “Maybe it's gonna get to 21 million and
     <a rel="noopener noreferrer" target="_blank">
      Satoshi
     </a>
     ’s picture is gonna come up and laugh at you all” was how J.P. Morgan CEO Jamie Dimon described his — extremely unlikely (if, okay, kind of funny) —
     <a rel="noopener noreferrer" target="_blank">
      theory
     </a>
     that the total supply of Bitcoin won’t ultimately be limited to 21 million coins. A longstanding critic of Bitcoin, Dimon has made similar statements before, which
     <a rel="noopener noreferrer" target="_blank">
      crypto Twitter has enjoyed debunking
     </a>
     .
    </p>
    <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
     <strong>
      Common Ground…
     </strong>
     “Wonder if they would consider moving to Bitcoin - that would probably be the right long term bet,” Coinbase CEO Brian Armstrong
     <a rel="noopener noreferrer" target="_blank">
      suggested
     </a>
     in response to the news that Brazil and Argentina are exploring the creation of a common currency which would unite South America’s two largest economies in forming the world’s second-largest currency bloc. The countries’ common-currency proposal was met with
     <a rel="noopener noreferrer" target="_blank">
      skepticism
     </a>
     from some economists.
    </p>
    <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
     <strong>
      Stealth Mode…
     </strong>
     “One of the largest remaining challenges in the Ethereum ecosystem is privacy,” wrote Ethereum co-founder Vitalk Buterin in a new
     <a rel="noopener noreferrer" target="_blank">
      blog post
     </a>
     in which he went on to discuss a new tool that could address the fact that what goes onto a public blockchain is public: “stealth addresses.”
    </p>
    <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
     <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=89cbbac40fa64c15ac116bf54fefe962&_e=Gdmo4RxAiFP7PNrUyS3LaT1PIcLGcMYOLmh2bPCGUqJZTdJJF0HaFxTDM4hBvEKRNsWBru5MAu-8OKQsJsO81oyMWThdZYoPLkX_PX6_Syg2s2CjLyAyetGWK6tMqNM513ZLb2lOhKlzpeHIUlNDo68rOvxOQpgQYw-9kjJ_waHlDu6e6ehKKzIVXAUCQuvuJVcV6rshG20NAd3k0GJk4a6_q7qfmctSy3pFcRXCGkw5qIeTRk_j4XOqqS79m7pfk5BWq5V5C7MUQzn3e5UHBM59fWvs8_5bymSB4pNfsPRnz-htF0aS0bA4Bxdi7OFNCp09_ID0wAEJmwkkncjutJaRBnckW81hPJ7jitJDJMY%3D" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
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      <strong>
       Read up on ETH
      </strong>
     </a>
     <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
    </div>
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     <tbody>
      <tr style="vertical-align: top;">
       <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
        <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
         <tbody>
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           <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
            <span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
       </td>
      </tr>
     </tbody>
    </table>
    <div style="margin-bottom: 16px;">
     <table style="margin: 0px; padding: 0px;">
      <tbody>
       <tr>
        <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
         <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="display: block; width: 12px; height: 12px;" width="12"/>
        </td>
        <td style="margin: 0px; padding: 0px; vertical-align: middle;">
         <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
          <strong>
           NUMBERS TO KNOW
          </strong>
         </p>
        </td>
       </tr>
      </tbody>
     </table>
    </div>
    <p style="margin: 16px 0px 0px; font-size: 32px;">
     <strong>
      $4.6 billion
     </strong>
    </p>
    <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
     Approximate value of Ether (2.8 million ETH) that’s been
     <a rel="noopener noreferrer" target="_blank">
      burned
     </a>
     — or removed permanently from circulation — since Ethereum’s
     <a rel="noopener noreferrer" target="_blank">
      EIP-1559 network upgrade
     </a>
     went into effect in August 2021. EIP-1559 is intended to make transaction fees more predictable while reducing ETH’s circulating supply, which is now over
     <a rel="noopener noreferrer" target="_blank">
      120 million
     </a>
     coins.
    </p>
    <p style="margin: 16px 0px 0px; font-size: 32px;">
     <strong>
      $700 million
     </strong>
    </p>
    <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
     Value of assets linked to FTX and disgraced former CEO Sam Bankman-Fried that U.S. prosecutors have
     <a rel="noopener noreferrer" target="_blank">
      seized
     </a>
     , per a Friday court filing. Comprising the bulk of the repossessed funds were roughly 55 million shares of Robinhood stock (worth about $530 million), which law enforcement
     <a rel="noopener noreferrer" target="_blank">
      alleges
     </a>
     had been purchased with stolen FTX customer funds. Last May, SBF announced he had purchased a 7.6% stake in Robinhood.
    </p>
    <p style="margin: 16px 0px 0px; font-size: 32px;">
     <strong>
      2
     </strong>
    </p>
    <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
     Number of consecutive months (December and January) that saw an increase in Ethereum NFT sales — the first month-to-month
     <a rel="noopener noreferrer" target="_blank">
      improvement
     </a>
     since the end of 2021. Leading NFT marketplace OpenSea has processed over $320 million in NFT volume this month, already beating December’s total of $283.5 million.
    </p>
    <p style="margin: 16px 0px 0px; font-size: 32px;">
     <strong>
      1 in 26.9 million
     </strong>
    </p>
    <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
     Estimated
     <a rel="noopener noreferrer" target="_blank">
      odds
     </a>
     a lucky amateur miner overcame on January 20 to add a new block of data to Bitcoin’s blockchain and claim a 6.25 BTC
     <a rel="noopener noreferrer" target="_blank">
      block reward
     </a>
     (worth about $143,000 as of January 23). In Bitcoin’s early years, anyone with a decently powerful PC could feasibly participate in mining; these days the industry is powered by vast mining farms full of specialized equipment. Individuals are still welcome to join the network, but the odds of winning against corporate miners, like Marathon Digital or Argo Blockchain, are extremely long.
    </p>
    <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
     <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=89cbbac40fa64c15ac116bf54fefe962&_e=Gdmo4RxAiFP7PNrUyS3LaT1PIcLGcMYOLmh2bPCGUqLtM61XxPpXcgV6hTK8nM3sBwI8TtrBhIhB4PRU2jTlM_rSXuUhhyfGu2IIN1TW8rS41Zsz5hBC6Zau7Fa4XtwkFR4kUm7Y7mcltjzvOIPnBYQL2r_fxhzvtH2_MGFDt23TomBnHcsRg9o89DgRWWEJmHmLhqiI2YKCEIvFg7VcdwFJbD6yeB128OLenc7Ymkht2JX3l_2ov8fVwnuU-L6UUoTx8QPxalAUISt2KK0IW20X6-EwabPx7MfXu56ke1cNEgR_I1txSkWFcbmxIziAuT9d4akZokO9YJ4dfC85EhGagPkD9aBCsgaxxIRhfsqR6tsnPsPwzkGiP_S4xDyJ" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
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      <strong>
       Learn about mining
      </strong>
     </a>
     <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
    </div>
    <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" width="100%">
     <tbody>
      <tr style="vertical-align: top;">
       <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
        <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
         <tbody>
          <tr style="vertical-align: top;">
           <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
            <span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
       </td>
      </tr>
     </tbody>
    </table>
    <div>
     <table style="margin: 0px; padding: 0px;">
      <tbody>
       <tr>
        <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
         <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="display: block; width: 12px; height: 12px;" width="12"/>
        </td>
        <td style="margin: 0px; padding: 0px; vertical-align: middle;">
         <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
          <strong>
           TOKEN TRIVIA
          </strong>
         </p>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
      <strong>
       Bitcoin is to BTC as Polkadot is to:
      </strong>
     </p>
    </div>
    <div style="margin-top: 16px;">
     <table style="line-height: 1.6; word-break: break-word;">
      <tbody>
       <tr>
        <td style="padding-right: 12px;">
         <strong>
          A
         </strong>
        </td>
        <td>
         DOT
        </td>
       </tr>
       <tr>
        <td style="padding-right: 12px; padding-top: 12px;">
         <strong>
          B
         </strong>
        </td>
        <td style="padding-top: 12px;">
         POKE
        </td>
       </tr>
       <tr>
        <td style="padding-right: 12px; padding-top: 12px;">
         <strong>
          C
         </strong>
        </td>
        <td style="padding-top: 12px;">
         POLKA
        </td>
       </tr>
       <tr>
        <td style="padding-right: 12px; padding-top: 12px;">
         <strong>
          D
         </strong>
        </td>
        <td style="padding-top: 12px;">
         SPOT
        </td>
       </tr>
      </tbody>
     </table>
    </div>
    <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
     Find the answer at the end of the email.
    </p>
    <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
     <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=89cbbac40fa64c15ac116bf54fefe962&_e=Gdmo4RxAiFP7PNrUyS3LaT1PIcLGcMYOLmh2bPCGUqLtM61XxPpXcgV6hTK8nM3suZUIIbVOzAggyh8fhfYTwO6AyLnKym1ZC7gmfmHQ5zpepP9xjc7Ibe6ZS7IDFdOKK443F-88SXy9VIWOZptzoUlCvvN3ypW_7tuNglbk0jSIrl-U1Y123lELBc1V1EYAECfZjIKb9Hs_q27lFab0AVJVejM-B-Y2uW13kw6K8A_9fiQzU6C9wv5lrpPgIVPuTppO4zZPliAECoL-453wwjJ93J5tABWmJO2SSC_DpFmId3Z2vh8oZ63EHIK75JD6hrkEEN1eeRyBSylXpJVWNSJT0wbeZhGFnx1IoBiD75A1nJLqiPc8cy8wyWN8gPnaTxgXyk6dyjoFjH5tlRcYIw%3D%3D" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
     <a rel="noopener noreferrer" style="display: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18px 0px;" target="_blank">
      <strong>
       Learn about Polkadot
      </strong>
     </a>
     <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
    </div>
    <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" width="100%">
     <tbody>
      <tr style="vertical-align: top;">
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        <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
         <tbody>
          <tr style="vertical-align: top;">
           <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
            <span>
            </span>
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        <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
         <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="display: block; width: 12px; height: 12px;" width="12"/>
        </td>
        <td style="margin: 0px; padding: 0px; vertical-align: middle;">
         <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
          <strong>
           NOW TRADING ON COINBASE
          </strong>
         </p>
        </td>
       </tr>
      </tbody>
     </table>
    </div>
    <a rel="noopener noreferrer" style="color: rgb(10, 11, 13); text-decoration: none;" target="_blank">
    </a>
    <table style="margin: 16px 0px 0px; width: 100%;">
     <tbody>
      <tr>
       <td style="font-size: 32px; line-height: 1.26; word-break: break-word; vertical-align: middle; white-space: nowrap;">
        <strong>
         KAVA
        </strong>
       </td>
       <td style="vertical-align: middle; padding-left: 12px;">
        <img height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fdynamic-assets.coinbase.com%252F60f6324353136b6abb4b00c5dde894888622d875f8949c832f24fb245468a7cd18cd281e7278e9d5dba7629a9f25fe11d87ed728bd180f52188431318f980844%252Fasset_icons%252Feb96f3195eadea4f1e3c9fa4cd05854f2b96a91f2bbc6025fcdf4e44615aec6d.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkeW5hbWljLWFzcyJ9:1pKsuc:Vb4BoobYCOzl2EvppGap3_YInTFfMvFftluXs7rMphs" style="display: block; width: 26px; height: 26px; vertical-align: middle;" width="26"/>
       </td>
       <td style="vertical-align: middle; text-align: right; width: 100%;">
        <img height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FNewsletter%2520Assets%252Fnewlistings_light.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="width: 21px; height: 18px; vertical-align: middle;" width="21"/>
       </td>
      </tr>
     </tbody>
    </table>
    <p style="margin: 0px; line-height: 1.6;">
     KAVA is the native token of Kava, a blockchain network built with the Cosmos SDK.
    </p>
    <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" width="100%">
     <tbody>
      <tr style="vertical-align: top;">
       <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
        <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
         <tbody>
          <tr style="vertical-align: top;">
           <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
            <span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
       </td>
      </tr>
     </tbody>
    </table>
    <p style="margin: 0px; line-height: 1.6; word-break: break-word;">
     <strong>
      Trivia answer
     </strong>
    </p>
    <table style="margin: 12px 0px 0px; line-height: 1.6; word-break: break-word;">
     <tbody>
      <tr>
       <td style="padding-right: 12px;">
        <strong>
         A
        </strong>
       </td>
       <td>
        DOT
       </td>
      </tr>
     </tbody>
    </table>
    <table style="margin: 48px 0px 0px;">
     <tbody>
      <tr>
       <td style="text-align: left;">
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       </td>
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      <tr>
       <td>
        <a rel="noopener noreferrer" target="_blank" title="coinbase ios app">
         <img alt="Download on iOS App store" height="46" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FIcons%252Fapp_apple.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="display: block; height: 46px; margin-right: 8px;"/>
        </a>
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        <a rel="noopener noreferrer" target="_blank" title="coinbase android app">
         <img alt="Download on Google Play" height="46" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FIcons%252Fapp_google.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pKsuc:KCFUXyZJotJqxBhQdJy5Ck3V23QxAXmasB_ErtCmKTc" style="display: block; height: 46px;"/>
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