As a researcher with a background in finance and technology, I find the current state of the crypto market intriguing. This week’s developments have shown both promising growth opportunities for Bitcoin and altcoins, as well as potential risks and challenges.
As a researcher studying the cryptocurrency market, I’ve noticed some intriguing predictions recently. VanEck CEO Jan van Eck has expressed his belief that Bitcoin could experience significant growth and potentially reach half the market value of gold. On a somber note, the tragic fate of Crypto Queen Ruja Ignatova was revealed to the world this week.
Bitcoin
As a crypto investor, I’ve been following the predictions of renowned financial author and billionaire Robert Kiyosaki. He’s recently made a bold statement that Bitcoin could potentially reach an astonishing price of $350,000 by August. This prediction comes from his belief in the incompetence of US political and financial leaders. In simpler terms, he thinks their mismanagement could lead to even greater demand for decentralized digital currencies like Bitcoin.
As a Bitcoin analyst, I’ve recently updated my Stock-to-Flow (S2F) model and the results are bullish. Based on the data from this model, I estimate that Bitcoin’s price could potentially hit $500,000 in the future. This prediction is not far off, as I also anticipate a significant surge towards $100,000 in the near term.
In the first quarter of 2024, the FDIC released a Quarterly Banking Profile with alarming information about certain major banks, raising significant concerns about their viability. Under these circumstances, Bitcoin might serve as a protective asset for investors, acting as a hedge against the possibility of a banking collapse.
In an interview with Scott Melker, Jan van Eck, the CEO of a major US investment bank, anticipates that Bitcoin, the largest cryptocurrency, will attain a market value equal to or exceeding half that of gold within the next five to ten years.
Altcoins
In a shocking turn of events, the value of Hulkamania (HULK), a cryptocurrency built on the Solana platform and rumored to have been endorsed by wrestling legend Hulk Hogan, plummeted by $15 million in market capitalization nearly instantaneously. This significant drop in value transpired following Hogan’s deletion of all posts related to the meme coin on his social media platforms and his subsequent clarification that he had not actually endorsed it.
As a researcher, I’d put it this way: The European Parliament has passed new regulations for crypto businesses that I’m working on. These rules apply to all crypto asset service providers (CASPs) under the MiCA law. Starting from now, it’s our responsibility to carry out thorough due diligence procedures to prevent money laundering activities.
On Friday, there was a 38% growth in the value of the GameStop Tribute Token (GME), which operates on the Solana platform. The buzz surrounding GameStop has led many traders in the meme coin market to invest in other tokens as well. Some popular choices include BRETT, TRUMP, and DogWifHat.
Donald Trump, the previous US President, now holds more than $32 million worth of cryptocurrencies. A notable shift from his earlier criticisms, Trump has become a fervent backer of digital assets. This transformation in Trump’s stance towards cryptocurrencies can be linked to Vivek Ramaswamy, who serves as an advisor to the former president on significant matters.
As a researcher, I’ve come across an exciting development: The Cardano Foundation has recently disclosed a public collaboration with the governor of Entre Ríos Province. This partnership holds great potential for Argentina’s burgeoning cryptocurrency scene, given the country’s recent shift towards digital assets. Crypto analysts are optimistic that this alliance could boost ADA‘s performance in the currently thriving crypto market, where it has yet to show significant growth.
Technology
I have discovered that Coinbase has unveiled smart wallets as part of their strategy to streamline the process of entering the crypto market by doing away with intricate procedures and exorbitant fees typically linked to conventional crypto wallets. The ultimate goal is to attract over a billion new users through this innovative offering.
The IOTA Foundation unveiled its new offering, IOTA EVM, which is a Layer 2 addition to the IOTA Network. This development allows for easy implementation of smart contract functionalities. Notably, this introduction follows closely on the heels of the recent launch of Shimmer EVM.
Business
Paxos International announces the launch of a US Dollar-linked stablecoin named Lift Dollar (USDL), which will be regulated under the Abu Dhabi Global Market (ADGM). The value of USDL is pegged to the US dollar, and holders of this stablecoin will receive interest payments derived from the earnings generated by Paxos International on the reserves backing the asset.
New information emerges suggesting that Ruja Ignatova, known as the “Crypto Queen,” may have met her end at the hands of a notorious Bulgarian drug lord. Ignatova, who had defrauded investors out of billions by promising them lucrative returns on the non-existent cryptocurrency OneCoin, could be the latest victim in this sordid tale.
As a crypto investor, I’m excited about the recent announcement of Deutsche Bank partnering with Bitpanda. This collaboration will make it easier than ever for me to deposit and withdraw funds from the Austrian crypto exchange smoothly. The partnership is a clear indication that traditional financial institutions are starting to embrace cryptocurrencies as they become more mainstream in finance.
Expert: FTX, the bankrupt cryptocurrency exchange owing the Internal Revenue Service (IRS) $24 billion in taxes, is working towards a settlement. If this arrangement is finalized, FTX will initially pay the IRS $200 million within two months and an additional $685 million at a later time as a subordinated claim.
Web3
Illuvium, an open-world blockchain game, has unveiled plans to debut its open beta mainnet on July 25th. This announcement follows a string of beta testing stages, starting with the Private Beta 4 on April 30th.
Security
Velocore, a decentralized exchange, has shared a retrospective report detailing a recent cyberattack that resulted in a $7 million loss. Velocore extended an invitation to the hacker, proposing a 10% bug bounty reward as an incentive for disclosing vulnerability information. However, no contact has been established yet.
Regulation
The Commodity Futures Trading Commission (CFTC) has appointed me, Mo Shaikh, co-founder and CEO of Aptos, to its Digital Assets subcommittee. This subcommittee is a part of a larger committee that will provide recommendations to the CFTC on regulatory issues and rulemaking related to digital assets.
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2024-06-09 13:08