Bitcoin falls below $60,000 due to Trump and Federal Reserve personnel changes... TRM Labs joins the ranks of unicorns.
Bitcoin (BTC) plummeted below the $60,000 mark following news of US President Donald Trump's nomination of the next Federal Reserve (Fed) chairman. Meanwhile, blockchain analytics firm TRM Labs joined the ranks of unicorns with a valuation of $10 billion (approximately 14.636 trillion won).
The cryptocurrency market experienced a general downward trend as concerns intensified regarding tightening liquidity in the United States. According to data from investment firm Farside Investors, Bitcoin spot exchange-traded funds (ETFs) have recorded net outflows for three consecutive days, with $431 million (approximately 631.1 billion won) flowing out on Thursday alone. As a result, the price of Bitcoin briefly fell to $60,074 (approximately 88 million won) on Friday before recovering to $64,930 (approximately 95.04 million won) by 7:49 AM.
The market shock came from President Trump's nomination of Kevin Warsh as the next Federal Reserve Chairman. Warsh served as a Fed governor from 2006 to 2011 and has traditionally supported a policy of interest rate cuts. Thomas Pervermo, chief economist at cryptocurrency exchange Kraken, commented, "This nomination could be a signal that liquidity will remain stable rather than expand."
Market unease led to massive liquidations. According to data from derivatives platform Coinglass, leveraged positions worth $2.56 billion (approximately 3.7479 trillion won) were liquidated on January 31 alone. This is the tenth largest liquidation in cryptocurrency history.
TRM Labs valued at over one trillion won… strengthening AI-based Web3 security
On the other hand, blockchain information analytics platform TRM Labs raised $70 million (approximately 102.4 billion Korean won) in its Series C funding round, becoming a unicorn company. With this funding, TRM will accelerate the development of AI-based solutions to combat increasingly sophisticated cybercrime.
This funding round was led by Blockchain Capital, with participation from major traditional financial institutions including Goldman Sachs, BVP, Brevan Howard Digital, Thoma Bravo, Citizen Ventures, and Galaxy Ventures. These institutions appear to be focusing on the blockchain analytics and security industry.
"We are developing artificial intelligence for public safety and protecting the financial system," said Esteban Castagne, co-founder and CEO of TRM. "Based on this investment, we will build better digital infrastructure through AI." TRM is collaborating with public and private partners to combat illicit activities using digital assets.
Blockchain-based analytics is being seen as an alternative to combating increasingly sophisticated AI-driven crime, and this successful funding round reflects the potential for real growth in this market.
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This article uses a language model based on TokenPost.ai for article summarization. The main content may be omitted or may not be factual.
