Bitcoin is just below $42,000 after reaching 20-month highs, with
optimistic forecasts for 2024
After hitting its highest levels in the last 20 months the
previous week, Bitcoin (COIN:BTCUSD) appears to have established a
trading range between $42,000 and just over $43,000 during this
week. The cryptocurrency is currently trading at around $41,860,
showing a 2.7% decline in the last 24 hours. With enthusiasm for
the BTC ETF already priced into asset prices and no expectation of
approval by the SEC until the new year, the cryptocurrency market
signals a likely sideways trend for the rest of 2023. Analyst
Fernando Pereira from Bitget notes a possible minor correction but
remains optimistic, making projections for Bitcoin in 2024: “The
Fed’s projections for interest rates in 2024 have further excited a
market that was already quite optimistic about news related to
Bitcoin ETFs. We may be facing a slight correction, which is
perfectly natural in a market that has appreciated by more than
150% in the year, but this does not hinder future projections. We
believe the scenario is favorable for Bitcoin to reach price levels
close to $50,000.00 in the first quarter of 2024 and to end the
year breaking historical highs”.
SEC re-evaluates spot Bitcoin ETF applications after recent court
decisions
SEC Chairman Gary Gensler has revealed a new approach to spot
Bitcoin ETF applications following recent court decisions. The SEC
is reevaluating its previous stance of denying these applications.
Gensler stated that between eight and a dozen filings are under
review, and the SEC is following the process impartially. The
agency has also met with Bitcoin ETF issuers and postponed a
decision on Ethereum ETF applications.
Valkyrie Investments updates registration for bitcoin fund with
custody and risk details
Valkyrie Investments has updated its registration for the
Valkyrie Bitcoin Fund, providing details on custody, valuation,
investments, and risks. Private keys are now held offline with
Coinbase (NASDAQ:COIN), and the fund awaits regulatory approval to
trade on Nasdaq under the ticker “BRRR.” The SEC still needs to
make a decision on the fund, which, if approved, will allow
investors to access Bitcoin through publicly traded shares.
Rise in SOL price drives demand for FTX bankruptcy claims
The recent increase in the value of Solana (COIN:SOLUSD),
currently trading at $76, is creating a growing demand for
bankruptcy claims against FTX, according to distressed
crypto-trading experts. FTX, led by Sam Bankman-Fried, which
experienced bankruptcy last year, holds a significant amount of
55.8 million SOL tokens. These holdings, valued at $1.16 billion,
have the potential to provide a 100% recovery, leading to fierce
competition in the distressed market.
BONK frenzy boosts Solana phone sales and triggers token rush
The Saga phone, a Solana phone that recently faced sales issues,
is now in high demand, thanks to the BONK token (COIN:BONKUST), the
canine equivalent of Solana’s Dogecoin (COIN:DOGEUSD). Arbitrage
traders are eagerly seeking the release of 30 million BONK tokens,
available to all Saga phone owners. With this cost-benefit, Saga’s
sales have dramatically increased, depleting stocks before the new
year.
Binance announces listing of BONK following Coinbase success
Following the success of the listing on Coinbase (NASDAQ:COIN),
Binance has announced that it will list the BONK meme coin
(COIN:BONKUST) in its seed tag section. The price of BONK has
increased by more than 20.83% in the last 24 hours and 1,037% in
the last 30 days. Users can start depositing the coin on Binance,
and withdrawals will open on December 16th.
Growing use of cryptocurrency for income and financial security,
reveals Binance survey
On Friday, Binance shared the results of a survey that
investigated how users are using cryptocurrency. The survey,
involving more than 1,000 participants, revealed that 45% of users
primarily use cryptocurrencies to earn extra income, 19% to save
money, and 9% as protection against inflation. Additionally, 36% of
respondents associated their cryptocurrency savings with the
pursuit of financial independence and security. The survey
highlighted the advantages of cryptocurrency over traditional
financial systems, such as lower fees and transaction speed. Users
also reported benefits such as increased investment value and
faster and more accessible international transactions.
Namada’s incentivized testnet offers token rewards for testers
Layer 1 privacy-focused blockchain Namada has launched its
incentivized testnet called “Namada Protected Expedition.” This
testnet campaign is a multiplayer RPG designed to test the privacy
protocol before the mainnet launch in 2024. Participants, including
validators and users, will compete in an “asteroid mining race” to
test the network’s consensus algorithm (CometBFT) and Sybil
resistance. Those who succeed will be rewarded with 3% of the total
token supply, which is 30 million tokens. The testnet begins on
January 15th and lasts until the end of the month.
SHIB listed on Japanese exchange Coincheck as Shibarium network
reaches 100 million transactions
Japanese cryptocurrency exchange Coincheck has announced that it
will add Shiba Inu (COIN:SHIBUSD) to its trading platform and
integrate it as a payment currency in its NFT marketplace. SHIB is
expanding in the Japanese market and has gained prominence due to
its growth and utility in NFTs and DeFi. Additionally, the layer 2
Shibarium network has reached over 100 million transactions, which
is positive for the SHIB price as more tokens are burned with
increased network activity.
SafeMoon files for bankruptcy
DeFi project SafeMoon (COIN:SFMUST) has filed for Chapter 7
bankruptcy, indicating between 50-99 creditors and assets of
$10,000,001 to $50 million, with an estimated liability between
$100,001 and $500,000. The project has faced controversies, SEC
accusations, leader detentions, and an exploitation of its
liquidity pool, contributing to its downfall.
Ledger warns users about compromise in ConnectKit Library
Ledger has issued a warning for users to avoid interacting with
dApps due to a compromise in the ConnectKit Library. A malicious
version was identified and removed from the backend. Ledger devices
and Ledger Live apps were not affected. The compromised library was
injected with malicious code that affected dApps using versions
1.14 and higher of ConnectKit. Projects like RevokeCash and Kyber
Network have confirmed the incident.
$100 million investment from cyber.Fund boosts the cyber economy
Cyber.Fund, known for its support of Ethereum, has allocated
$100 million for projects that combine blockchain, artificial
intelligence (AI), and the Internet of Things (IoT) to promote the
“cyber economy.” This economy is an interconnected automated
framework where blockchain, AI, and IoT converge. This comes as AI
tokens gain strength in cryptocurrencies, generating bullish
predictions. The company aims to lead this transformation by
investing in projects at this intersection. The combination of AI
and blockchain also offers opportunities to address social issues
such as decentralized data markets, token-based incentive
mechanisms, and increased transparency in AI.
$1 billion Venom Ventures venture fund faces inactivity and
uncertainty
Venom Ventures, which announced plans to invest $1 billion in
web3 early in the year, appears to have made little progress so
far. Although it announced initial investments in Nümi Metaverse
and Everscale blockchain, no new deals have been revealed since
January. Venom Ventures has also not disclosed information about
its portfolio on its website, and its affiliate, blockchain Venom,
has not yet launched its mainnet.
Sotheby’s BitcoinShrooms art auction raises nearly $451,000
Sotheby’s New York successfully held its first
BitcoinShrooms-based art auction as part of the Shroomtoshi Bitcoin
Ordinals Project. Three pixelated pieces inspired by Super Mario
were auctioned, surpassing initial estimates. The S Mushroom sold
for $241,300, the Sovereign Individual for $107,950, and the BIP39
seed for $101,600, totaling $450,850. The works pay tribute to the
13 years of Bitcoin (COIN: BTCUSD) and represent 90s-style art.
Hong Kong companies make first payments for commodities with
China’s Digital Yuan
Hong Kong-based companies conducted the first cross-border
commodity payments using China’s digital yuan as part of the Bank
of China’s “Enterprise Digital RMB Cross-border Transaction” pilot.
This milestone represents progress in B2B payments, with an
importer making a payment in e-CNY for a shipment of iron ore. The
Bank of China in Hong Kong is expanding its CBDC services to
support more corporate clients interested in cross-border
settlements using digital yuan. Companies in Singapore and Taiwan
are also exploring use cases for e-CNY.
Bank of Korea Governor urges CBDC issuance
The governor of the South Korean central bank, Lee Chang-yong,
highlights the urgency of taking action regarding central bank
digital currencies (CBDCs), stating that they can no longer be
delayed. Although the Bank of Korea has not yet decided to issue a
CBDC, Lee Chang-yong emphasized that, with the growth of
stablecoins, the development of a CBDC can no longer be postponed,
as the financial system may face stability challenges.
Babylon startup seeks to connect Bitcoin to proof-of-stake networks
Startup Babylon, led by a Stanford professor and a former Dolby
engineer, aims to enable users to stake Bitcoin (COIN:BTCUSD) to
validate nodes on various proof-of-stake networks, including
Ethereum (COIN:ETHUSD), Solana (COIN:SOLUSD), and Polygon
(COIN:MATICUSD). The company raised $18 million in a funding round
co-led by Polychain Capital and Hack VC. Babylon has found an
alternative solution that relies on Bitcoin’s “time locking”
mechanism to enable staking without smart contracts. This
innovation could significantly reduce security costs for
proof-of-stake blockchains.
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