This is what happened in crypto today.

Today in crypto, VanEck warned that the blockchain network Hyperliquid needs developer activity to maintain a very high market presence, the governor of the Czech National Bank said he was considering Bitcoin as part of the bank's diversification strategy in the future, and the United States Federal Reserve. Michael Barr has announced plans to step down as vice chairman of oversight — a victory for crypto.

VanEck: Hyperliquid needs developers so it doesn't become outdated

Asset manager VanEyck is bullish on HyperLiquid but warns that the Layer-1 blockchain needs more developers to sustain the token's $25 billion market capitalization.

In a Jan. 6 post, VanEck analysts said HyperLiquid has become one of the most valuable blockchains since the HYPE token airdrop in November. However, the network “has yet to attract a large developer community.”

If HyperLiquid fails to meet the growth expectations of the community, the prisoner's dilemma faced by many newly wealthy $HYPE holders could quickly unravel, VanEyck warned.

VanEick said it took Hyperliquid a month of trading to become the “13th most valuable project in crypto.” The growth reflects the wider adoption of decentralized exchanges, with over $430 billion traded last month.

Meanwhile, the HYPE token in 2018 It has collected more than 500% since its launch on November 29.

Czech National Bank Governor Weighs Bitcoin for Future Reserve Strategy

Czech National Bank Governor Ales Michal recently considered bitcoin a potential diversification strategy for the country's foreign exchange reserves, amid growing government interest in the cryptocurrency as a savings technology.

In an interview with CNN's Prima News, Mitchell said he was considering getting “a few bitcoins” that wouldn't be considered a big investment for the bank.

The seven-member board of the Czech National Bank must approve any decision to acquire bitcoin.

Janis Aliapulios, an advisor to the board, confirmed that the bank is not currently planning a Bitcoin (BTC) investment when asked about the acquisition. It remains open to consider a possible future Bitcoin diversification.

“In conclusion, CNB does not intend to buy crypto assets for the current stock. However, the potential buyer has not left any further debate on this topic,” Aliapoulios told Cointelegraph.

The bank will continue its diversification plan with gold purchases in the near future and plans to increase its gold holdings to 5% of its total assets by 2028, Aliapoulios added.

Thanks to strong annual returns, Bitcoin could emerge as an important reserve asset next to gold. Bitcoin is up more than 131 percent in the past year, while gold prices are up 30 percent, according to TradingView data.

US Federal Reserve Bank Governor Michael Barr is about to step down.

The US Federal Reserve is set to step down as its vice chairman of oversight, Michael Barr – the US official's latest exit linked to “Operation Chocphone 2.0” – a coordinated federal effort to kick crypto companies out of banks.

Barr's resignation will be effective Feb. 28 — or Jan. 6 if a successor is appointed earlier, he said in a letter to US President Joe Biden.

Barr, however, will continue to serve as a member of the Federal Reserve Board of Governors.

Some crypto industry executives see Barr as a key reason why many US banks are hesitant to offer services to crypto companies, especially in 2018. After the March 9, 2023 speech, seemingly confirming the central bank's view:

“We consider it unsafe and unhealthy for banks to hold their crypto-assets directly on their balance sheets.”