BTC could reach $100,000 by the end of 2024, says Standard Chartered
Standard Chartered said the crypto winter is over and Bitcoin (COIN:BTCUSD) could hit $100,000 by the end of 2024, Reuters reported, citing a note by the multinational bank’s head of digital assets research Geoff Kendrick. Bitcoin could gain from factors such as the recent turmoil in the banking sector, a stabilization in risky assets as the US Federal Reserve ends its cycle of raising rates, and improving the profitability of cryptocurrency mining. “While sources of uncertainty remain, we believe the path to the $100,000 level is becoming clearer,” said Kendrick.
Ethereum is the most searched for Proof-of-Stake (PoS) cryptocurrency in the US
A study by independent think tank TheMoneyMongers revealed that Ethereum (COIN:ETHUSD) is the 1st most searched proof-of-stake (PoS) cryptocurrency in the United States, followed by Polygon (COIN:MATICUSD) in 2nd place. The team analyzed Google Trends over the past 90 days on the top 5 PoS cryptocurrencies based on their total market capitalization. 28 US states (i.e. 54.9%) are interested and researching Ethereum cryptocurrency, 18 states (35.3%) are interested in Polygon, 4 states (7.8%) are most interested in Cardano and 1 state is most interested in Solana, while Polkadot is “yet to penetrate the US,” the study said.
China steps up efforts to drive CBDC adoption
China is stepping up its efforts to popularize the use of its central bank digital currency (CBDC) – the digital yuan, or e-CNY – as the project nears its planned national launch. Starting in May, government officials in Changshu City will receive their salaries in the digital yuan, according to CryptoSlate. This will also include employees of state-owned enterprises and all public sector workers such as teachers, doctors and nurses. The Chinese central bank introduced the digital yuan in 2020 and has been rolling out the digital yuan in phases since its introduction, with several cities involved in pilot testing before it can be rolled out nationwide.
BoK will receive the right to investigate crypto companies
South Korea’s central bank, the Bank of Korea (BoK), will have the right to investigate operators of cryptocurrency-related businesses, The Korea Herald reported. BoK has been in competition with the country’s financial regulator, the Financial Services Commission (FSC), for cryptographic jurisdiction, he added. The FSC will have the final say in regulating the digital asset industry.
World Economic Forum highlights flare emissions for Bitcoin mining
The World Economic Forum (WEF) has indirectly endorsed the use of flare emissions for Bitcoin mining. In an unexpected twist, the lobby group released a video on twitter featuring Chase Lochmiller, CEO and co-founder of Crusoe Energy, talking about how to turn residual methane emissions into energy. “This helps energy producers clean up the least efficient parts of their operations to meet rising environmental standards around flaring and emissions.” Crusoe Energy brings mobile and modular infrastructure to oil and gas sites to harvest waste emissions into energy to power data centers and cryptocurrency mining – thereby reducing the environmental impact of fossil fuel production and harnessing an alternative energy source.
SEC wins $2.8 million in lawsuit over alleged price manipulation of HYDRO
A New York District Court judge has ruled against financial technology company Hydrogen Technology Corporation and its former CEO Michael Ross Kane in a lawsuit filed by the Securities and Exchange Commission (SEC), ordering them to pay $2.8 million in civil appeals and penalties. This includes about $1.5 million in “returned” profits (gains made from illegal conduct) and a fine of more than $1 million. The SEC alleged that Kane used Hydrogen’s (COIN:HYDROUSD) market maker, Moonwalkers Trading Limited, for a scheme that manipulated the volume and price of its HYDRO token.
Pan-European crypto regulation is almost here
Last week, MiCA was finally approved by the European Parliament. While MiCA technically still needs to be approved by the European Council, there is little doubt that the world’s first comprehensive cryptographic framework will become a reality in 2024 or 2025. Despite its shortcomings, the regulation will set guidelines for the operation, structure and governance of issuers of digital assets, according to Cointelegraph. MiCA is “a milestone for the crypto industry”, as its rapporteur, Member of the European Parliament, Stefan Berger, said. The crypto community welcomed the news, with Binance CEO Changpeng Zhao pledging his readiness to comply with the “pragmatic” regulation, while Gemini co-founder Tyler Winklevoss noted the lack of similar legislation in the United States.
Tiger Global’s $12.7 billion venture fund plunged 20%
Tech investor Tiger Global Management’s $12.7 billion venture fund, launched in 2021, produced a 20% paper loss, net of management fees, in December last year, according to a report by The Information, citing private documents. This worsened from an 8% loss recorded in June 2022 and an 11% loss in September of that year, the report said. In total, the venture fund backed about 250 projects, but more than 170 were worth less in December last year than when the company first invested.
Spanish police arrest fraudulent cryptocurrency organization that raised over $110 million
A resident of the Balearic Islands, an archipelago in eastern Spain, was arrested by Spanish police on April 24 for deceiving cryptocurrency investors in several countries. The arrest took place at the request of police authorities from different countries who were investigating five other people linked to the criminal organization, according to CryptoSlate. Several people in Azerbaijan, Georgia, Ukraine, Russia and Israel, where the money was sent, were involved in the fraudulent operation. According to the Spanish police, the organization could have stolen more than US$ 110 million (EUR 100 million) from more than 3,000 victims worldwide. According to the investigation by the Spanish police, the organization attracted potential victims through aggressive marketing strategies on well-known websites, phone calls, messages and advertisements in newspapers.
Januar ApS obtains license from DFSA
Financial services company Januar ApS has announced that it has received its full Payment Institution license from the Danish Financial Supervisory Authority (DFSA). “The license issuance marks a milestone for the rapidly growing company and paves the way for onboarding customers across the European Economic Area (EEA),” the press release said. The company added that it has seen significant interest from customers outside its home market of Denmark and will actively begin to onboard and serve these customers across Europe.
Curve Network Launches Layer 1 Blockchain Economics
Curve Network, a Layer-1 blockchain platform, has launched its mainnet with a Delegated Proof of Stake (DPoS) consensus mechanism and Ethereum Virtual Machine (EVM) compatibility. The platform is focused on interoperability, DeFi and responsible adoption of Web3 projects, as well as user security. Key features of Curve Network include fast, scalable, low-cost services, eco-focus, and user-friendly interface. The platform’s native utility token, CURVE, will be used to pay transaction fees or any services directly related to on-chain activity.
Romania connects to Web3 with national NFT marketplace
The Romanian National Institute for Research and Development in Informatics (ICI Bucharest) intends to launch an in-house trading platform for non-fungible tokens (NFT). According to Cointelegraph, the institutional NFT platform, ICI D|Services, will launch on April 26 and will primarily serve as an NFT marketplace, allowing public and institutional users to create, manage and trade NFTs.
Bybit will introduce mandatory KYC requirements
As of May 8, Know Your Customer (KYC) identity verification will be mandatory for all products and services offered by cryptocurrency exchange Bybit. According to an April 24 update, Bybit users who have not completed KYC by May 8 can only “close existing open positions or orders, return loans or withdraw. Any new commercial activities will be restricted.” Prior to the update, non-KYC Bybit users had a daily withdrawal limit of 20,000 Tether and a monthly withdrawal limit of 100,000 USDT.
IOTA rewards ShimmerEVM testers
IOTA introduced the Treasures of Shimmer incentive campaign, a campaign run by the Tangle Ecosystem Association, which starts on May 3. It will offer 1,300,000 SMR tokens in rewards to participating decentralized apps (dapps) and their users to test the EVM test chain. Shimmer will be the official incentivized testnet of IOTA, with its native Shimmer token (BNFX:SMRUSD) and an independent ecosystem. “During this two-week campaign, the public will have an unprecedented opportunity to test the deployed dApps for SMR token rewards, creating as much smart contract activity as possible. The more activities created using dApps, the greater the SMR token reward for the project and its users,” the announcement said.
KuCoin’s twitter account was hacked
KuCoin exchange’s official Twitter account suffered a malicious breach for about 45 minutes in the early hours of April 24, which resulted in a loss of $22,628 by users. The platform has since stated that it will implement stronger security features and refund affected users. The cryptocurrency exchange tracked 22 transactions where users lost a total of $22,628 USDT, and victims promised to provide proof of lost funds to help with the ongoing refund of lost funds. Amidst the news, the KuCoin Token (COIN:KCSUSD), has dropped -0.35 % over the past 24 hours, to a last price of $8.01.