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   Coinbase Bytes
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  <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;">
   A closer look at what’s driving prices higher to start the year.
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          <a rel="noopener noreferrer" target="_blank" title="Coinbase Bytes">
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          <p style="font-size: 20px; color: rgb(10, 11, 1); margin: 10px 0px 0px;">
           20/01/2023
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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);">
      Bitcoin’s mining difficulty just jumped 10% in its biggest increase since October. [agnormark via Getty Images]
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     <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>
        Crypto’s January rally continues.
       </strong>
       A closer look at what’s driving BTC and ETH prices higher.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Key cryptoverse quotes.
       </strong>
       Anthony Scaramucci recounts his shock about SBF, and Twitter roasts a business pitch from the founders of Three Arrows Capital.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Noteworthy numbers.
       </strong>
       The new all-time high amount of staked ETH and other numbers to know this week.
      </li>
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               <p style="margin:0;">
                <strong>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £16,962.91
               </p>
               <p style="margin:0;font-size:12px;">
                +10.46%
               </p>
              </div>
             </td>
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               <p style="margin:0;">
                <strong>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,248.14
               </p>
               <p style="margin:0;font-size:12px;">
                +8.40%
               </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;">
                £0.27
               </p>
               <p style="margin:0;font-size:12px;">
                +1.61%
               </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;">
                +0.46%
               </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>
                 Polygon
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.76
               </p>
               <p style="margin:0;font-size:12px;">
                +2.00%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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          <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
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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;">
                £16.97
               </p>
               <p style="margin:0;font-size:12px;">
                +27.02%
               </p>
              </div>
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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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £16,962.91
               </p>
               <p style="margin:0;font-size:12px;">
                +10.46%
               </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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
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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>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,248.14
               </p>
               <p style="margin:0;font-size:12px;">
                +8.40%
               </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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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;">
                £0.27
               </p>
               <p style="margin:0;font-size:12px;">
                +1.61%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         </td>
        </tr>
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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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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;">
                +0.46%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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          <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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;">
                £0.76
               </p>
               <p style="margin:0;font-size:12px;">
                +2.00%
               </p>
              </div>
             </td>
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           </tbody>
          </table>
         </td>
         <td style="padding-top:20px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
          </a>
          <table>
           <tbody>
            <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £16.97
               </p>
               <p style="margin:0;font-size:12px;">
                +27.02%
               </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 20, 2023 at 01:09 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=defb8aa23bdd42e9a55bbcc5436f4476&_e=xNrwCJs6ONOKekBuBqA2rYd8FMjwx0ej7Ua7wXcBJvQHLfdW5ttS_bRV2SEtpfu8Up2vYOf7eYVslLW9GGQttuQWXkuF05k-WOG3u8sJ2Ydp647ar2gvq85IqUMCBG6p8D7MrwJitEDlMl4c-91zwugCv5mdxZieLAIwPyVNk3bgBVRhy3eHiB4dTAkG2Mkhgvhr00kwQ9CXAa2ewUahNxBPZ-1rgRru1aaLoDOLJ_YrQmr0fmyULMT0Y3f7Dki0dwowGq_AFMY2E7QNI1WJJbm4IlCakkJozPYTrfGk6toeNgMQ6q7uo3Cah997l1-LfWKj3ahdclPNfjkzvv-36w%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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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>
        What’s behind January’s crypto rally, and will it last?
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      After a months-long crypto blizzard in the wake of FTX’s collapse, the crypto market has
      <a rel="noopener noreferrer" target="_blank">
       cautiously rallied
      </a>
      to start 2023. Since the year began, Bitcoin is up over 28%, Ethereum has gained more than 30%, and crypto’s total market cap has reclaimed the
      <a rel="noopener noreferrer" target="_blank">
       $1 trillion
      </a>
      mark. While it’s difficult to say if this is a temporary reprieve or if crypto winter is beginning to thaw, we’re taking a closer look at what’s driving this rally. Let’s dig in.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       This week, Bitcoin rallied past $21,000 propelled by economic data and a modest boost in investor confidence.
      </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 has been climbing steadily since the beginning of the month when U.S. economic data
       <a rel="noopener noreferrer" target="_blank">
        indicated
       </a>
       slowing wage growth and declining unemployment. Coupled with easing inflation (December’s CPI reading was
       <a rel="noopener noreferrer" target="_blank">
        down to 6.5%
       </a>
       from June’s peak of 9.1%), the macro picture left investors optimistic that the Federal Reserve might slow its interest rate hikes. The S&amp;P 500 has climbed about 5% in the same time span.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Investors are also
       <a rel="noopener noreferrer" target="_blank">
        increasing
       </a>
       the size of their bets on the market, according to crypto data firm Kaiko. The firm said that between Jan. 8 and Jan. 17, the average trade size on one major exchange rose from $700 to $1100, indicating rising confidence from market participants. Another measure of improved sentiments? The Crypto Fear and Greed
       <a rel="noopener noreferrer" target="_blank">
        Index
       </a>
       , which provides a vibe check on the crypto market, moved into “Neutral” territory this week after months of “Fear” readings.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       BTC miners could also be contributing to the rally, as
       <a rel="noopener noreferrer" target="_blank">
        mining difficulty
       </a>
       has
       <a rel="noopener noreferrer" target="_blank">
        jumped 10%
       </a>
       in its biggest move since October. Usually difficulty increases as more miners plug into the Bitcoin network, potentially indicating that large sellers have been washed out and new miners are competing to verify BTC transactions.
      </li>
     </ul>
     <p style="margin: 0px; padding: 0px;">
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Ethereum neared $1,600 on Wednesday, boosted in part by optimism over the blockchain’s post-Merge roadmap and the network’s next upgrade.
      </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;">
       Since the
       <a rel="noopener noreferrer" target="_blank">
        Merge
       </a>
       in September, Ethereum has seen a massive increase in developer activity, despite market headwinds. In Q4 of last year, the number of smart contracts deployed on the network
       <a rel="noopener noreferrer" target="_blank">
        rose more than 450%
       </a>
       quarter-over-quarter, according to a report from the blockchain software company Alchemy. The report surveyed 985 developers, and found that 94% said
       <a rel="noopener noreferrer" target="_blank">
        they were committed
       </a>
       to continue building in web3.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Ethereum also recently surpassed
       <a rel="noopener noreferrer" target="_blank">
        500,000 validators
       </a>
       , a major milestone in migrating users to proof-of-stake while also keeping the network sufficiently decentralized. Validators are users who keep the network running by staking their ETH to help verify transactions, in exchange for ETH rewards and a share of the gas fees.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Meanwhile, traders and developers are
       <a rel="noopener noreferrer" target="_blank">
        buzzing
       </a>
       about Ethereum’s long-awaited Shanghai upgrade,
       <a rel="noopener noreferrer" target="_blank">
        due in March
       </a>
       . A key component of the upgrade will enable users to un-stake (withdraw) the more than 16 million ETH that is currently locked away to help run and secure the network.
      </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>
      Beyond BTC and ETH, a number of altcoins have rallied, including Solana, which is up
      <a rel="noopener noreferrer" target="_blank">
       more than 125%
      </a>
      since the start of January (thanks,
      <a rel="noopener noreferrer" target="_blank">
       BONK
      </a>
      ), as well as NEAR, Avalanche, and AAVE, which have all seen more than 50% gains in that same span. Solana’s rally is especially surprising to some, as its close ties to FTX contributed to massive losses at the end of last year. It's too early to say which rallies, if any, will sustain and which won’t, but
      <a rel="noopener noreferrer" target="_blank">
       some believe
      </a>
      that the worst for crypto markets could be over. “Rumors of Solana’s death seem to have been greatly exaggerated,” said Messari analyst Tom Dunleavy — a sentiment that might also be said of crypto in general.
     </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=defb8aa23bdd42e9a55bbcc5436f4476&_e=xNrwCJs6ONOKekBuBqA2rYd8FMjwx0ej7Ua7wXcBJvS0saavT8PxVoF63Ym4ZYHKwCdeyPLjqu3bzMnqpo7Im2y6gMZBNMRlV9DHCMg4pVL8I6mVisIyef0-9r0r6t0f74b9ZlXanBETp-W62recaz1Oy6be4YEY059YSkt9NYw4AQltboAOIoOXak5LLmPeBDmFggAC2UIHJHk0FXEWmiJhrpPj_ZpbG-jgOCOalm_HWYbCUFAAmuTBiYh-f1tLFWPpoBQcrHoxmsljWuEFqa4ftB-yHrphvWX--eM2tZn5GKAdRjv3UbiBN7iOFE6qwklstVli81IRWixn6IcKD6JT-STwWpvVkjSXAT7CSiW6u6XnwYj0O-l3HgtLoaSu" 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 crypto basics
       </strong>
      </a>
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      <!--[if !mso]><!-- -->
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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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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>
            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>
        Twitter roasts a business pitch from Three Arrows Capital’s founders, 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>
       SBFF...
      </strong>
      “I considered him a friend” was how Anthony Scaramucci, the co-founder of investment management firm SkyBridge Capital,
      <a rel="noopener noreferrer" target="_blank">
       described
      </a>
      his relationship with Sam Bankman-Fried during a panel event at the World Economic Forum in Davos this week, in which he discussed the “betrayal and fraud” committed by the former FTX CEO. Despite the fallout from FTX, Scaramucci
      <a rel="noopener noreferrer" target="_blank">
       said
      </a>
      he remains bullish on crypto’s prospects.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Full Circle…
      </strong>
      “I'm happy to see a clearing out of activity not aimed at productive use,”
      <a rel="noopener noreferrer" target="_blank">
       said
      </a>
      Jeremy Allaire, the founder of Circle (which manages the
      <a rel="noopener noreferrer" target="_blank">
       USDC stablecoin
      </a>
      ), regarding the recent upheavals in crypto. Allaire told the Wall Street Journal (at, where else, Davos) that he envisions Circle ultimately being regulated by the Federal Reserve. “We need to differentiate between the regulated and the unregulated,” he
      <a rel="noopener noreferrer" target="_blank">
       said
      </a>
      .
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Pitch imperfect…
      </strong>
      “Once you’ve finished laughing, you might consider crying,” was the Financial Times’
      <a rel="noopener noreferrer" target="_blank">
       response
      </a>
      to reading the pitch deck for a new crypto exchange being helmed by the founders of notorious crypto hedge fund Three Arrows Capital (3AC), which collapsed last year. The new business’s proposed name — GTX, “because G comes after F” (as in, yes, FTX) — became a
      <a rel="noopener noreferrer" target="_blank">
       source of amusement
      </a>
      on crypto Twitter.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Soft spot…
      </strong>
      “The probability of a U.S. soft landing scenario engineered by the Fed is currently on the rise,” was the view
      <a rel="noopener noreferrer" target="_blank">
       expressed
      </a>
      by David Duong, head of institutional research at Coinbase, in his weekly market commentary. Bearish market sentiment seems to be in retreat at the moment, noted Duong, with economic data pointing to “more relaxed views about a global recession in 2023.”
     </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=defb8aa23bdd42e9a55bbcc5436f4476&_e=xNrwCJs6ONOKekBuBqA2rYd8FMjwx0ej7Ua7wXcBJvRw6El3qq7ZBouy-nsXFHf47t2OVMaAw2dNUD8aQ1Jo8kLzGLBsLjBs5jR0inXv6Yj6z8mQgpeCK3wEyj77i7PgooZRuDltM3XoIdD0LoIMTX3drhUXWkfwjZGGAYG_smbu1bcdb9xeG1ACIG0d1GmYFSJidEVcJN5ILaLxs9elR9NlvWynZKDPYu7wLVmagCdv2y6Yf9Wtab-uRFMNLn3ahfI4K3dHj8XvWj8SdVXvCKFevop6ssae4R2rdFBJAwZqZhC7yHN3RUGlqbwLG36ZOJceSOsIZ3L8imsuFNiQ1Sk0FfpMO-aMHyk_ME6YSVZPmAPi2yaVcjTT-Jm6kqsPDpYA-LmMrVBDSlVGcwWsW9_mc7ZsQI3Nc8RU2OhguO6sORn99TAtRSyHdT4YndMn1vGXWE5di1iAj3hSWVDHOA%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>
        Read our 2023 outlook
       </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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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>
       $5.5 billion
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      The value of liquid assets that FTX has identified so far, according to a
      <a rel="noopener noreferrer" target="_blank">
       statement
      </a>
      from CEO John Ray this week. “We are making important progress in our efforts to maximize recoveries,” Ray said, but both FTX and FTX US are still expected to face “substantial shortfalls.”
     </p>
     <p style="margin: 16px 0px 0px; font-size: 32px;">
      <strong>
       $3 billion
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      The approximate
      <a rel="noopener noreferrer" target="_blank">
       amount
      </a>
      that the crypto lender Genesis Global Capital owes its creditors. After weeks of trying to raise capital, the firm is expected to file for bankruptcy after losing more than $175 million in the FTX collapse, and more than $2 billion on a loan after the collapse of crypto hedge fund Three Arrows Capital.
     </p>
     <p style="margin: 16px 0px 0px; font-size: 32px;">
      <strong>
       16 million
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      The new all-time high amount of ETH, worth about $22 billion, that’s been
      <a rel="noopener noreferrer" target="_blank">
       staked
      </a>
      (deposited) into the Ethereum blockchain to help secure the network and verify transactions. Staked ETH will remain locked into Ethereum’s network until the Shanghai upgrade enables withdrawals later this year.
     </p>
     <p style="margin: 16px 0px 0px; font-size: 32px;">
      <strong>
       500
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      Number of crypto startups that Dubai claims to have
      <a rel="noopener noreferrer" target="_blank">
       attracted
      </a>
      via the Dubai Multi Commodities Centre (DMCC), the city’s economic program that confers tax breaks and other benefits to tech startups.
     </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>
     <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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>
        How often is Bitcoin’s blockchain updated with new transactions?
       </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>
          Every 10 minutes
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           B
          </strong>
         </td>
         <td style="padding-top: 12px;">
          Once per hour
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           C
          </strong>
         </td>
         <td style="padding-top: 12px;">
          Once per day
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           D
          </strong>
         </td>
         <td style="padding-top: 12px;">
          Twice per day
         </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%;">
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       <strong>
        Learn about mining
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
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        <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>
         Every 10 minutes
        </td>
       </tr>
      </tbody>
     </table>
     <table style="margin: 48px 0px 0px;">
      <tbody>
       <tr>
        <td style="text-align: left;">
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        </td>
       </tr>
       <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" 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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pIgcf:62TF_dVoLY6VaKr7NjTTdT0m8k3O4ZLRv1tizbjdGkY" style="display: block; height: 46px;"/>
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