Extreme climate events have become our new normal. Here are some of the best artworks that have helped society to act against the climate change crisis!
The collaboration between MAS, JPMorgan, and Temasek has resulted in the successful development of a groundbreaking blockchain-powered cross border payments system, providing connectivity between different blockchains. This innovative solution promises to revolutionize the efficiency and security of international payments, marking a significant milestone in the evolution of financial technology.
MAS, JPMorgan Build Payments System With Inter-Blockchain Connectivity
Working with JPMorgan and Temasek, Singapore's central bank has developed a prototype blockchain-based cross border payments system.
Messari, the data provider, recently wrapped up an impressive funding round, securing a whopping $4 million in investments. The round was spearheaded by Uncork Capital and also saw the participation of prominent names such as Coinbase Ventures and Balaji Srinivasan. This significant investment will undoubtedly fuel Messari's mission of providing valuable data and insights to the market, further solidifying its position as a leading player in the industry.
Data Provider Messari Closes $4 Million Funding Round
Messari's funding round was led by Uncork Capital and joined by Coinbase Ventures and Balaji Srinivasan, among others.
NULS, a versatile blockchain platform, will be hosting an Ask Me Anything (AMA) on January 4th. With its emphasis on modularity and adaptability, NULS provides an ideal solution for enterprises seeking to implement blockchain technology and smart contracts. Its microkernel and modular nodes offer core mechanisms for network operation, consensus mechanisms, asset management, and customizable solutions. Additionally, NULS' innovative ChainBox platform enables efficient implementation of blockchain technology in business, incorporating cross-chain technology and smart contracts. This allows developers and enterprises to create decentralized applications and ecosystems across multiple blockchains, promoting flexibility and scalability. The NULS token plays a pivotal role in network operations, governance, staking, and rewarding contributors. Stay tuned for further insights during the AMA. #CryptoNews
As the deadline for the U.S. Securities and Exchange Commission (SEC) to decide on a spot Bitcoin ETF approaches, expectations are rising. Analyst Alex Kruger presents a base case scenario for a Bitcoin ETF, predicting that if approved, the immediate reaction would be an upside move as it is already 90% priced in. However, he also anticipates a drop in Bitcoin price below the pre-approval levels into the launch two weeks later. Kruger believes that strong inflows or volume would reestablish the upward trend post-launch, but weak inflows could lead to falling prices as front-runners sell. In a bearish scenario of rejection, Kruger warns of rapid price collapse. Bitcoin, with a significant rally from $28K to nearly $45K, is set to close the year as one of the best-performing assets, surpassing traditional assets in risk-adjusted terms. Despite a relatively uneventful middle of the year, Bitcoin has one of the strongest Sharpe Ratios among major assets. At the time of writing, Bitcoin is up 1.2% in the last 24 hours, trading at $42,620. Traders are advised to stay alert in January.
Bitcoin ETF Base Case Scenario Presented by Analyst as Big Date Nears
Expectations are rising ahead of the Jan. 10 deadline for the U.S. Securities and Exchange Commission to decide whether to give its first blessing for a spot Bitcoin ETF.
According to a Reuters report, the SEC "may" notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch spot bitcoin ETFs the following week.
Along these lines, Alex Kruger, a crypto analyst, presents what he calls a "Bitcoin ETF base case scenario," which he anticipates will happen around Jan. 8-10.
In a positive scenario wherein a Bitcoin spot ETF gains approval, Kruger predicts the Bitcoin price's immediate reaction to be an upside move, citing the rationale that this is currently 90% priced in.
Bitcoin ETF base case scenario:
#1 When: Jan/8-Jan/10
#2 Immediate reaction: up on approval (rationale: currently 90% priced-in)
#3 Follow-up: drop below pre-approval point into launch ~2 weeks later, cleaning up all late levered monkeys (rationale: market very hot now, with… pic.x.com/2e1xyr5oda— Alex Krüger (@krugermacro) December 31, 2023
As a follow-up to this, Kruger predicts that the Bitcoin price might drop below the ETH pre-approval levels (if approved) into launch nearly two weeks later. He adds that this remains speculation given that there is no official date for the launch; it might be days after approval or much later, considering how many ETFs are in the race. However, Kruger believes that sooner rather than later makes more sense.
In what might follow after the launch of a Bitcoin spot ETF, Kroger predicts strong inflows or volume to reestablish the upward trend. On the other hand, if inflows are weak, prices may fall as front-runners dump into a few bids.
In a bearish scenario where the Bitcoin spot ETF gets rejected by the SEC, Kruger predicts that prices might rapidly collapse. Either way, he urges traders to be on alert in January.
Bitcoin set to close 2023 as one of best-performing assets
Bitcoin is set to close the year as one of the top-performing assets, up more than 160% and beating all major traditional assets even in risk-adjusted terms, thanks to ETF hype.
Optimism about a spot BTC ETF began to grow after BlackRock filed, and since then, BTC has rallied from $28K to nearly $45K.
According to Kaiko, despite a fairly dull middle of the year, Bitcoin has one of the strongest Sharpe Ratios of any major asset this year, second only to semiconductor behemoth Nvidia, whose shares more than doubled from January to May on AI hype.
At the time of writing, BTC was up 1.2% in the last 24 hours to $42,620.
#CryptoNews
NFT tax loss harvesting has seen a surge in popularity as the year-end deadline approaches. Traders are now selling their worthless NFT tokens at low prices to offset their capital gains on taxes. With the IRS's criminal investigation unit focusing on crypto cases, it's an opportune time to unload these junk tokens. Projects like Harvest.Art, Unsellable NFTs, and Sol Incinerator have emerged to purchase these worthless NFTs and aid traders in tax loss harvesting. While traditional investors are well-versed in tax planning strategies, many NFT traders are not. Each platform has its own unique business model, with Unsellable paying a penny per NFT but charging a service fee, and Harvest offering bid tickets and leveraging the cyclical nature of the NFT market. The total cost of offloading NFTs can vary, with gas fees being a significant factor. The IRS's increased scrutiny on crypto tax evasion makes it imperative for traders to be mindful of their tax responsibilities.
In a rush to secure a coveted spot in the Bitcoin exchange-traded fund (ETF) race, Invesco Galaxy, Bitwise, WisdomTree, and Fidelity joined the submission frenzy on the final day. Notably, Fidelity, WisdomTree, and Invesco Galaxy revealed their authorized participants in their filings, with Invesco Galaxy selecting Virtu and JPMorgan, while WisdomTree and Fidelity enlisted Jane Street Capital. WisdomTree, despite the SEC's advice to switch to cash, opted to continue with in-kind share creation and redemption. Moreover, Eric Balchunas, an analyst, observed a price war among competitors, with Invesco Galaxy foregoing its fee for the first six months and the first $5 billion in assets, and Fidelity setting its fee at 0.39%. #CryptoNews
Yellow Card, a Nigerian crypto exchange, sees great potential with the Central Bank of Nigeria's recent decision to lift the ban on crypto transactions. They believe that this move will lead to increased legitimacy and integration of cryptocurrencies with the traditional financial system. With the support of banks and a more regulated environment, the peer-to-peer market will undergo significant changes, fostering competition and innovation in the Nigerian crypto space. Yellow Card predicts a surge in cryptocurrency usage in Nigeria by 2024. The reentry of banks will bring enhanced transaction efficiency and increased competition, ultimately benefiting the ecosystem. The guidelines from the CBN could also encourage collaboration between traditional financial institutions and the crypto industry, leading to greater integration and cooperation between the two.
Nigeria’s Yellow Card anticipates crypto boom as central bank lifts ban
Nigerian crypto exchange Yellow Card believes the Central Bank of Nigeria’s (CBN) recent guidelines lifting the crypto transaction ban present an opportunity for more legitimacy and integration with the traditional financial system and its dealings with crypto transactions, potentially expanding its user base.
In an interview with Cointelegraph, the chief data protection officer and vice president of legal, commercial and product at Yellow Card, Lasbery Oludimu, said the peer-to-peer market — once dominant during the ban — will change with increased banking support. This shift may foster competition and innovation in the Nigerian crypto space.
Oludimu confirmed that the exchange believes cryptocurrency usage will spike in Nigeria in 2024 due to the CBN’s new guidelines and the lifting of the ban on crypto transactions. She said this directive would ensure and facilitate a more structured and regulated environment for crypto transactions.
The Yellow Card executive said the reentry of banks would introduce increased competition and enhanced transaction efficiency, which isn’t bad for the ecosystem. Oludimu emphasized that the CBN guidelines could encourage collaboration with traditional financial institutions to explore opportunities within the crypto space, paving the way for greater integration and cooperation between traditional finance and digital assets.
#CryptoNews