 | GLOBAL CRYPTO MARKET CAP | |  | 24H CRYPTO MARKET VOLUME | |  | BITCOIN'S DOMINANCE | | |
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All data as of: 14 Dec 2023 10 AM UTC |
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This week brought a rare spot of good news for crypto. The Fed announced interest rates will remain unchanged for now following a bigger-than-expected cooling in inflation this year. This news triggered a healthy bounce across crypto markets. Bitcoin prices rebounded from weekend lows around $40K back up to hold decisively above $43K resistance as of Thursday. There are also some major bullish catalysts on the horizon for 2024 that could supercharge the next crypto run. First up is the Bitcoin halving in early 2024. With fewer coins entering circulation, reduced sell pressure could send Bitcoin to another supply shock-fueled moonboi cycle. There is also high hopium around the floodgates finally opening for spot crypto ETF approvals in early 2024. Multiple Bitcoin and Ethereum spot ETF proposals are queued up awaiting the SEC's green lights. Capital inflows from approved products could reach dozens of billions pretty quickly. And if inflation keeps dropping through 2023, experts expect the Fed to cut interest rates up to 3 times next year. So while 2022 was an utter bloodbath featuring nukes, implosions and rekt portfolios, cautious optimism is growing for Bitcoin, Ethereum and alts heading into 2024. |
With that in mind, let's dive into the latest crypto news ... |
- Worldcoin releases upgraded "World ID 2.0" system 🌎
- BONK sees parabolic surge after Coinbase listing confirmed📈
- 3AC's Su Zhu questioned by lawyers, set for release 🤨
- Spot ETH ETF ruling delayed again by SEC to Feb 2024 🙄
- JPMorgan forecasts ETH will gain its market share back! 🥹
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Let's dive into each of these stories! |
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Blockchain identity startup Worldcoin has released an upgraded "World ID 2.0" system now integrated with major platforms like Shopify, Reddit, Telegram, and Minecraft. World ID 2.0 serves as a "human passport" for verifying users across apps and services. The integrations complement existing ones like Discord and Talent Protocol. Worldcoin says tiered authentication will help mitigate losses from bots without compromising user privacy. Over 2 million users already using their identity solution. But the startup has been catching some heat over potential privacy violations.
With the app already integrated into major web2 platforms, the plan does sound legit! But what about regulators? Read the full story!
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Three Arrows Capital co-founder Su Zhu is reportedly set to be released this month following interrogation by lawyers in a Singapore court. Zhu was arrested in September while trying to leave Singapore after receiving a 4-month sentence for failing to provide information related to 3AC's collapse. According to reports, Zhu recently underwent questioning over two days by lawyers appointed by 3AC's liquidators. They sought details on the fund's failure and the location of the remaining assets. Based on standard good behavior provisions, sources say Zhu is expected to be released from custody this month.
So he can walk free after losing billions in customer funds? How long is his probation gonna be? Read the full story!
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Thursday, 14 Dec on 12.30PM UTC | | PancakeSwap's veCAKE Gauges Ecosystem | Dive into the veCAKE ecosystem with PancakeSwap and projects like redacted cartel, Cakepie, Breakfast Finance, Cheesecake, Skillet Finance, and Stake DAO. |
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BONK, a popular memecoin on the Solana blockchain, saw a substantial price rally this week following confirmation by Coinbase that it would list the token on its exchange. On Wednesday, Coinbase announced plans to list BONK without specifying a date. This news prompted a brief surge in BONK's price followed by a decline of 11% over 24 hours. However, on Thursday afternoon, Coinbase tweeted that BONK would officially be listed that same day, provided liquidity conditions were satisfied. As an experimental listing, BONK can be traded on Coinbase like any other cryptocurrency. The confirmation promptly sent BONK to a new record high price according to CoinMarketCap data. Over the past month, BONK has achieved remarkable gains of 613%.
BONK flipped a major memecoin to gain the third rank. How far is it to flip SHIB? And is this rally going to last? Read the full story!
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And that brings us to our Word of the Day! |
So what is liquidity? Liquidity refers to how easily an asset can be bought and sold in a market without greatly impacting the price. It's a key concept in crypto. Cryptos with high liquidity can be traded faster and in larger volumes without large spreads between bid and ask prices. Traders can enter and exit positions easily. Low liquidity means even small orders can significantly move prices up or down. There may be delays in clearing orders or wider spreads. Traders risk getting stuck in positions.
But where does this liquidity come from? And what if a project fails to get liquidity in the long run? Read more!
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Now back to our daily stories! |
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Despite their generally cautious market outlook, JPMorgan analysts forecast Ethereum will outpace Bitcoin and other cryptos in 2024. In a recent note, analysts cited the upcoming Protodanksharding upgrade as a key catalyst for Ethereum's expected performance. The upgrade slated for early 2024 should significantly boost network activity. Analysts say the upgrade will particularly benefit Layer 2 networks like Arbitrum and Optimism that rely on Ethereum. More data space improves throughput and lowers fees. Of course, things never go quite as smoothly as the whitepapers promise. But if this upgrade delivers, ETH could reclaim its crown in 2024.
This big bank is usually on point with its crypto crystal ball predictions. What else did it predict about projects relying on Ethereum? Read the full story!
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| As the inaugural BRC-20 token based on the Ordinals protocol, ORDI showcases new functionality for assets on Bitcoin but faces questions over alignment with Bitcoin's ethos. |
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The SEC has delayed its ruling on an Ethereum spot ETF proposed by Invesco and Galaxy Digital until February 2024. In a notice this week, the SEC said it was extending the period to approve, deny, or initiate proceedings on the proposed rule change. The change would allow the Cboe BZX Exchange to list and trade the Invesco Galaxy Ethereum ETF. By now industry experts are just waiting for the floodgates to open. Most expect approvals coming for multiple spot crypto ETFs at once. While delays prolong uncertainty, evidence suggests the SEC aims to approve spot crypto ETFs in early 2024 under the right conditions.
Is early 2024 the hard deadline or is there room for more delays? Read the full story!
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And that wraps up today's top stories in crypto. As always, we'll be back tomorrow with the latest news and insights from across the constantly evolving blockchain world! |
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