Day: December 27, 2023

The Year Crypto Rebuilds Its Image, Fueled by ETF Hopes and Regulatory Clarity

First, SEC approval of spot bitcoin ETFs could stimulate more excitement and support for digital assets, clarifying regulatory uncertainties and valuation concerns. The recent excitement about advancements in payment processing, particularly with the introduction of PayPal’s U.S. dollar stablecoin, PYUSD, highlights the need for clarity. This excitement, however, was muddled due to the competition with other stablecoins that have varying commitments to reserve, anti-fraud or custody obligations. A new ETF approval could facilitate the growth of other blockchain projects including trustworthy stablecoins. Source

MicroStrategy adds $620m Bitcoin to massive BTC stash

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Michael Saylor’s MicroStrategy now holds some 189,150 Bitcoin worth over $8 billion as of Dec. 27. MicroStrategy bought an additional 14,620 Bitcoin (BTC) at an average price of $42,110 per coin, according to Michael Saylor, who founded the company back in 1989. Saylor’s firm spent $615.7 million acquiring its latest BTC purchase.  The company started buying BTC in 2020 following a global pandemic as Saylor sought to mitigate what he called “the eroding threat of inflation”. MicroStrategy has injected roughly $5.9 billion into Bitcoin since then. Saylor’s investment strategy means…

Crypto Analyst Predicts Bitcoin To Reach $130,000, Here’s When

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Amid the recent Bitcoin (BTC) price rally, cryptocurrency analyst CryptoCon has shed his optimism about the price action of the crypto asset while highlighting a bold prediction. Bitcoin To Experience Pullback Beforehand On Tuesday, December 26, CryptoCon took to X (formerly Twitter) to share his latest projections on Bitcoin. According to the analyst, the price of BTC will reach the $130,000 mark, but it might undergo a correction beforehand. In the X post, CryptoCon reiterated his opinion that, many weeks ago, Bitcoin peaked at roughly $45,000. He further highlighted that…

Crypto Exchange Yellow Card Predicts Usage ‘Surge’ After Nigeria Lifts Ban on Bank Accounts for Crypto Firms

“With the new policy fostering a regulated environment, Yellow Card anticipates a surge in user adoption and engagement in the coming months,” Lasbery Oludimu, the company’s chief data protection officer, told local news outlet Nairametrics on Wednesday. “The clarity provided by the regulatory framework instills trust and confidence among users, attracting more individuals and businesses into the crypto space.” Source

IOTA’s ShimmerEVM Bridge Goes Live in Strategic Linkup with LayerZero

The timing for the launch of the ShimmerEVM Bridge is a perfect one, considering the broader expansion underway in the IOTA ecosystem. The ShimmerEVM protocol from IOTA is advancing an impressive cross-chain interoperability protocol with the integration of LayerZero’s technology to enhance its bridging capabilities. As reported by Coindesk based on the scoop from the network’s developers, the Shimmer Bridge through which associated protocols can connect to other non-IOTA-based chains resident on LayerZero has officially gone live. As part of the Shimmer network, a testing ground for applications before they…

Microstrategy (MSTR) Buys More BTC Pushing Holdings to $5.9B

This comes as bitcoin price has been climbing over the past few months amid optimism that U.S. regulators could potentially approve exchange-traded funds (ETFs) that hold BTC, a move some experts believe will prompt a flood of investment into the cryptocurrency. Year-to-date, the shares of MicroStrategy is up nearly 315%, while bitcoin rose 200%. Source

Cryptocurrency Hedge Funds Gearing for Strong 2024 after Last Year’s Crypto Winter

While the average performance of crypto funds did not match the more than 150% rally in Bitcoin this year, the positive shift in fortunes is a promising development for the industry. After facing a strong crypto winter in 2022 following the collapse of Three Arrows Capital (3AC), crypto hedge funds are making a comeback. Crypto hedge funds demonstrated a notable recovery, posting an average return of 44% by December 20, bouncing back from a 52% loss in 2022, according to a Bloomberg index monitoring their performance. Although this performance marked…

Polygon Breaks Out Of Symmetrical Triangle, Analyst Puts This Target

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An analyst has explained how Polygon is starting to break out of a symmetrical triangle pattern. If the breakout is confirmed, a rally to this level could be coming. Polygon Weekly Price Is On The Verge Of Breaking Out Of A Symmetrical Triangle In a new post on X, analyst Ali talked about a pattern that has been forming in the weekly price of MATIC. The pattern in question is called the “symmetrical triangle.” As its name suggests, this technical pattern looks like a triangle. There are two main trendlines…

Barry Silbert Resigns as Grayscale Chairman

Grayscale Investments, whose application to turn its Bitcoin Trust (GBTC) into a U.S. spot exchange-traded fund (ETF) is being considered by the Securities and Exchange Commission, said Barry Silbert resigned as chairman and will be replaced by Mark Shifke. Shikfe , chief financial officer of Grayscale owner DCG , will replace Silbert as of Jan. 1, Grayscale said in an SEC filing without giving a reason for the changes. Mark Murphy, DCG’s president, also resigned from the board. The SEC has delayed several ETF applications including those of Grayscale, BlackRock,…

What Crypto Regulation May Bring in 2024

Amitoj Singh (India): The world’s largest democracy goes to elections next year and by June 2024, based on current state election trends and polls, Narendra Modi will return as India’s Prime Minister for a third term. With it, the same policies represented by his party, the Bharatiya Janta Party, are likely to be retained. That would mean India’s controversial and stiff crypto taxation policy may not see a change in 2024. A think tank study supports reducing the taxes – a 30% tax on crypto profits and a 1% tax…