Asian Markets are gaining traction

As the Chinese New Year approaches, Bitcoin trading volume is shifting from the West to the East. In mid-January, 56% of Bitcoin transactions took place in Western markets, but by the end of the month, this had dropped to 50%, with Asian markets seeing a sharp increase in trading volume. According to historical data, Bitcoin has gained value during the Chinese New Year period in 11 out of the last 12 years, with an average rise of 21.1% during this period.

Memecoin Mania: Year of the Snake Tokens Dominate the Market

2025 is considered the Year of the Snake according to Chinese astrology, and this has had an impact on the memecoin market. Various snake-themed tokens attracted a lot of attention:

• “The Year of the Snake”, a Solana-based token, reached a market capitalization of $1.7 million in a short period of time, but then plummeted.
• The Ethereum-based token “Chinese New Year” rose 119.19% to reach a market capitalization of $7 million.

This trend once again demonstrated how effective memecoins can be as a speculative investment tool.

What Will Bitcoin’s Direction Be?

Bitcoin fell below the $100,000 level ahead of the Chinese New Year, but quickly recovered to reach six figures again. February is historically known as a strong period for Bitcoin. According to historical data, Bitcoin gains an average of 14% in February, raising investors’ expectations.

The adaptation of traditions to the digital world affects crypto markets more and more every year. The impact of the Chinese New Year on Bitcoin and cryptoassets has once again demonstrated the rising strength of Asian markets and the importance of investor interest.

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The post The Chinese Year of the Snake and Crypto: Bitcoin Soars, Memecoins Go Crazy appeared first on Coin Engineer.

As partnership news continues to surge in the cryptocurrency market, the latest announcement comes from Conflux Network and Alibaba Cloud.

Often referred to as China’s Ethereum (ETH), Conflux Network has officially announced its collaboration with Alibaba Cloud to promote Web3 advancements in Hong Kong.

In a formal statement, the public layer-1 blockchain project, Conflux Network, confirmed its partnership with Chinese e-commerce giant Alibaba Cloud.

“We are thrilled to announce a collaboration between Alibaba Cloud and Conflux Network to bring cutting-edge Web3 solutions to businesses in Hong Kong.

This partnership aims to revolutionize various sectors in the Hong Kong market, including retail, tourism, entertainment, art, education, and more, through the latest technology.

Leveraging Conflux’s proven success in China, Alibaba Cloud’s state-of-the-art technology, and the unwavering support of Cyberport’s vibrant community, this collaboration is set to foster a thriving Web3 ecosystem in Hong Kong.”

Despite the market’s overall downturn, the news of the partnership did not influence Conflux (CFX) prices. Over the last 24 hours, CFX has experienced a 6.2% drop and continues to trade at $0.12 at the time of writing.

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According to a statement released by Ping An Xuhui, the suspects devised a malicious plan to steal user funds. They managed to infiltrate Huobi’s systems and implant a backdoor into the exchange’s wallet software. This backdoor allowed them to steal over 40,000 user mnemonic phrases and private keys, granting them access to a vast amount of cryptocurrency.

The theft occurred before Justin Sun acquired Huobi, making it one of the largest crypto thefts from a Chinese exchange. While the exact amount of cryptocurrency stolen has not been disclosed, the scale of the operation underscores the significant risks associated with cryptocurrency exchanges.

Investigators revealed that the plot was hatched in early March 2023. The perpetrators carefully planned their actions, inserting the malicious code into the wallet software to extract user data. After successfully obtaining the private keys, they deleted the server and database to cover their tracks. Their intention was to exploit the stolen funds at a later date.

Following an extensive investigation, Chinese authorities apprehended the suspects. In April 2024, Xuhui District People’s Court sentenced Liu, Zhang A, and Dong to three years in prison and fined them 30,000 yuan for illegally obtaining computer information system data.

The post Chinese Police Bust Former Huobi Employees in Major Crypto Theft appeared first on Coin Engineer.

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Important Highlights and Altcoin Events of the Week!

Monday, February 5:

• Eigenlayer will add three new liquid staking tokens to its portfolio: sfrxETH, mETH, LsETH.
• MAGIC will publish the Treasury Chain Litepaper.
• China’s reserve requirement ratio (RRR) for banks will be reduced by 50 basis points from February 5th, which will provide 1 trillion yuan in long-term capital.
• Speech by Fed Chairman Powell.

Tuesday, February 6:

• STRAX will transition to EVM Testnet.
• MATIC will receive the Etrog update.
• SEC will decide on the Invesco Galaxy Ethereum Spot ETF application, which was delayed on December 13th (Delay/Reject/Accept).

Wednesday, February 7:

• Ethereum will receive the Holesky Dencun Update.
• ZEN will receive a Mainnet update.

Thursday, February 8:

• World Artificial Intelligence Cannes Festival will begin.
• AHA will perform ACT Token Swap.
• KLAY will restart the FNSA Merge proposal.
• US Initial Jobless Claims will be announced.

Friday, February 9:

• The Lunar New Year will begin in South Korea.
• A decision will be made on the approval of the Bitcoin Spot ETF in Hong Kong.

Saturday, February 10:

• Chinese New Year will begin.

The post Important Highlights and Altcoin Events of the Week! appeared first on Coin Engineer.