$ETH Could Head To $3,400 In Lead-Up to Potential Launch of Spot ETF In 2024, Says Prominent Crypto Analyst

Leonardo Perez
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$ETH Could Head To $3,400 In Lead-Up to Potential Launch of Spot ETF In 2024, Says Prominent Crypto Analyst

Pentoshi, the pseudonym of a crypto analyst who works with Merit Circle, recalls his bullish stance (“bullish tweeting”) on the Bitcoin ETF (BTC) when Bitcoin was priced between $25,000 and $28,000. This historical reference sets the stage for his current predictions regarding Ethereum.

In a post on the social media platform X (formerly known as Twitter) on December 23, 2023, Pentoshi, a prominent crypto analyst working with Merit Circle, shared his perspective on the possible launch of the exchange-traded fund (ETF) of Ethereum (ETH) spot in the US and its likely impact on the market.

Expectations for Ethereum Spot ETFs in the US in 2024

The crypto analyst expresses a sense of optimism regarding Ethereum spot ETFs planned for 2024. The introduction of an ETF for Ethereum would allow investors to trade stocks representing Ethereum on traditional stock markets, potentially broadening its appeal and base of investment.

Game Theory and Market Behavior

Pentoshi applies game theory to predict market behavior as US Ethereum spot ETF launch nears. The expert expects investors to hold onto their Ethereum holdings in anticipation of a price increase prior to the launch of the spot ETF. This behavior is likely to reduce the supply of Ethereum in the market.

Pentoshi believes there could be increased demand for Ethereum as investors aim to buy ahead of the spot ETF’s launch, expecting bullish market conditions thereafter. “No matter what you believe, it’s all game theory.  as the date approaches people will be less willing to sell, and others will feel the need to buy,” he posted on X.

Ethereum Price Targets

Pentoshi sets possible price targets for Ethereum, indicating “$2.7xx” and “$3.4k” levels. These targets suggest specific price ranges they believe Ethereum could reach around the launch of the ETF. $ETH is trading at around $2,283.50, down 0.35% in the last 24-hour period but up 90.24% year-to-date.

According to a Cointelegraph report published on December 19, 2023, the US Securities and Exchange Commission (SEC) has postponed its verdict on several Ethereum ETFs until May 2024, as indicated in recent regulatory filings on the 18th. from December. These filings reveal that the SEC has deferred its decision on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. The Hashdex Ether ETF is designed to include both direct holdings of Ether and futures contracts.

On the other hand, Grayscale’s Ethereum Futures ETF is perceived as a strategic move, often called a “Trojan horse,” aimed at pushing the SEC to approve the conversion of Grayscale’s Ethereum Trust into an Ethereum spot ETF. In these documents, the SEC announced the initiation of proceedings to gather additional public comments to determine the feasibility and appropriateness of listing these ETFs.

ETH ETF Postponed to May

The SEC has delayed its decision on VanEck’s Ethereum spot ETF and the Ethereum spot ETF proposed by Cathie Wood’s ARK Invest in collaboration with 21Shares.

The agency has delayed its decision on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. Hashdex’s Ether ETF aims to hold both spot Ether and futures contracts, while Grayscale’s Ethereum Futures ETF is considered a “Trojan horse” that would corner the SEC into allowing Grayscale to convert its Ethereum Trust into a spot Ethereum ETF.

In the filing, the agency said it was instituting procedures that involve gathering more public information around whether ETFs should be listed.

By Leonardo Perez

Russia Prepares Implementation of Cryptocurrency Legislation by 2024

Audy Castañeda
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Russia Prepares Implementation of Cryptocurrency Legislation by 2024

For next year, Russia is preparing to implement a cryptocurrency law, announcing that it will allow cross-border payments.

In an interview with the Russian newspaper Izvestia, the Chairman of the Russian State Duma Committee, Anatoly Aksakov, announced that there are possible regulations on cryptocurrencies on the horizon that will come into force in 2024.

One of the main actions being sought is to legalize cross-border transactions with cryptocurrencies by the second half of 2024. Likewise, so far it is planned that a law that allows the use of digital currencies in agreements will also be approved in the same year. mutual agreements between the BRICS countries that participate between 2025 and 2026.

Discussion on a set of bills on the regulation of cryptocurrencies was planned for November this year. However, due to problems in coordination between the different participating institutions, the meeting has been postponed to January 2024.

Russia’s comprehensive approach to cryptocurrency regulation covers several aspects of the industry, including mining, circulation, use in cross-border payments, and taxation. Notably, the proposed legislation also introduces penalties for the illicit use of cryptocurrencies, underscoring the government’s commitment to maintaining a legal and orderly crypto environment. Aksakov emphasized the urgency of addressing these issues, given the importance of the cryptocurrency market in Russia.

Plans on Cryptocurrency Regulation for 2024

Among the plans for the Russian Financial Market for next year are also the regulation of mining, the circulation of cryptocurrencies. As well as cross-border payments and taxes. That is, the introduction of sanctions for the illegal use of cryptocurrencies.

Regarding the possible implementation of 20% income tax for miners, Aksakov mentioned that this is still under discussion. “Maybe we will tax income instead of profits. In any case, the collection will become a source of income for the budget,” Anatoly Aksakov explained.

In this sense, there is a proposal by the Ministry of Finance to allow miners the right to sell cryptocurrencies as an export product. Likewise, the State Duma indicated that it is in favor and will do everything possible to ensure that the law is approved in the first half of the year.

After that, in the second half of 2024, companies will be able to legally begin to carry out cross-border transactions with cryptocurrencies. «I admit that the market will continue to develop. “Under sanctions, Russian companies have already increasingly started using cryptocurrencies for payments.” Aksakov highlighted.

He pointed out that it is very likely that during the BRICS summit scheduled for October 2024 in Kazan, the creation of a collective currency will be discussed.

Schedule and Implementation

Anatoly Aksakov’s announcement on the timeline for the implementation of crypto regulation offers an insight into the Russian government’s commitment to this initiative. By setting a target of March or April 2024 for the passage of legislation, Russia aims to quickly adapt to the changing financial landscape shaped by cryptocurrencies. This timeline provides businesses and individuals with clarity on when they can expect regulatory changes to come into effect.

Russia at the Forefront of Digital Assets

Despite the challenges, Aksakov shows clear optimism about the upcoming regulation and recognizes the evolving nature of the market. Maintaining that, Russian companies facing sanctions have started using cryptocurrencies to make international payments.

For this reason, the implementation of this legislation marks an important milestone in the establishment of a regulated framework for the use of cryptocurrencies in the country. At the same time, they are at the forefront when it comes to digital assets.

By Audy Castaneda

These Crypto Stocks Dominated in 2023

Leonardo Perez
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These Crypto Stocks Dominated in 2023

Crypto stocks tend to move with stock market fundamentals and also Bitcoin fluctuations.

While the cryptocurrency industry has been evolving over the years, it has given rise to many companies oriented towards cryptocurrencies and their related blockchain technology. At the same time, their stocks have become equal participants in the stock market, with some doing better than others in 2023.

In fact, four cryptocurrency stocks have stood out for their significantly bullish price movements and related positive developments during the year that is almost over, and their success could even continue in 2024, as long as they maintain the positive trend of 2023.

#1: Digital Marathon (NASDAQ: MARA)

Specifically, crypto mining giant Marathon Digital (NASDAQ: MARA) has risen through the ranks to become the largest Bitcoin (BTC) mining company with a market capitalization of $5.94 billion, according to BusinessMarketCap data as of December 26. and has managed to grow its share price by 685.59% in 2023.

Priced at $26.71, MARA has outperformed 99% of all stocks on the stock market in annual results and is outperforming 98% of the other 281 stocks in the Software industry. Specifically, its price indicates a weekly gain of 46.04%, an advance of 134.09% throughout the month, according to data from December 26.

#2: Riot Platforms (NASDAQ: RIOT)

Eclipsing even top S&P 500 companies like Nvidia (NASDAQ: NVDA) and Meta Platforms (NASDAQ: META) in price gains this year, Riot Platforms (NASDAQ: RIOT) ranks as the second-largest Bitcoin mining platform with a market capitalization of $3.67. billion, and some experts believe its price could soon reach $100.

In fact, witnessing massive returns in 2023 fueled by the resurgence of the broader crypto market, Riot has performed better than 99% of all other stocks this year, outperforming 96% of other stocks in the software industry, and is currently trading at $17.78, an increase of 13.76% from the previous year. the week, 47.92% in the month and 427.6% this year.

#3: Coinbase (NASDAQ: COIN)

Despite a lawsuit filed by the United States Securities and Exchange Commission (SEC), centralized exchange Coinbase (NASDAQ: COIN) has continued to post exceptional results in 2023, having gained 422.26% this year alone and currently trading at the price of $175.48.

In terms of its yearly performance, COIN outperformed 99% of all other stocks, outperforming 99% of the other 207 stocks in the capital markets industry, as well as advancing 18.65% in the last week and increase 51.88% during the year. month, and announcing its global expansion by introducing spot cryptocurrency trading on its international exchange.

#4: MicroStrategy (NASDAQ: MSTR)

MicroStrategy (NASDAQ: MSTR) has seen its stock rise by a whopping 327% in 2023 alone, driven largely by a broader crypto resurgence throughout the year, and it’s also doing better than 99% of everyone else market actions. eclipsing 94% of software industry stocks.

At the current price of $619.24, MSTR has advanced 8.56% in the previous seven days, in addition to gaining 19.03% on its monthly chart, benefiting from the huge Bitcoin bet made by its co-founder and president executive Michael Saylor in 2020.

Final Remarks

Considering the abovementioned, the cryptocurrency stocks mentioned exceeded all expectations in 2023, performing better than most of their peers and other assets in the stock market. That said, future success should not be taken for granted. Therefore, it is essential to conduct some research before making important investment decisions.

By Leonardo Perez

Cardano Adds Almost 10,000 Smart Contracts in 2023

Audy Castañeda
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Cardano Adds Almost 10,000 Smart Contracts in 2023

With the integration of smart contract functionality into the Cardano (ADA) network, there has been a notable increase in growth metrics, propelling the network to compete with well-established platforms like Ethereum (ETH).

As of December 26, the Plutus smart contract platform on Cardano hosted 14,302 smart contracts (both V1 and V2 combined). This figure reflects an impressive growth of more than 200%, compared to the 4,731 smart contracts registered on January 1, according to data obtained from Cardano Blockchain Insights.

Significantly, the increase in the number of Cardano smart contracts aligns with the network’s intensified development efforts focused on improving the functionality of the feature. Cardano reports that the team has recently been focused on expanding scripting capability with the introduction of the Plutus V2 Cost Model network update, which was deployed to the Cardano mainnet on September 27, just five days after the activation of the Vasil update.

Constant Drive for Improvement

According to the latest report this year, the core technology team released an update to allow teams enough time to tune their components and prepare them for the v9.0 release. The Plutus team, dedicated to smart contracts, made efforts that resulted in notable improvements in the costs and sizes of most scripts. Simultaneously, the expansion team, Hydra, released version 0.14.0, which improves the resiliency of the Hydra network.

The report also highlighted vital statistics updates for the network. Total ADA transactions exceeded 80 million and the total number of native tokens reached 9.17 million. The report mentions active development with more than 1,300 projects underway on blockchain and 153 projects have already been launched.

ADA Price Analysis

ADA was trading at $0.61, representing an increase of 0.72% in the last 24 hours, as opposed to a -0.49% loss in its value over the past week, adding to an impressive gain value of 53.66% in November.

Over the past year, there has been a notable increase in the price of this cryptocurrency, marking a notable 134% increase, which positions the asset favorably against 65% of the top 100 cryptocurrencies in the same year.

The current trading status indicates that the asset is positioned above the 200-day simple moving average, indicating a positive trend. The asset shows a positive performance relative to its symbolic selling price. In the last 30 days, the asset has seen 17 positive gains.

Cardano Forecast

According to CryptoPredictions, ADA price for today (26.12.2023) will be in the range of 0.50432538109722 $ – 0.74165497220179 $. Cardano price is expected to end at $0.59332397776143 today.

Cardano started December 2023 at $0.37563466942651 and is forecast to end the month at $0.65488748729059. During December, the expected high price of ADA is $0.95997947839439 and the low is $0.37563466942651.

Cardano is expected to start January 2024 at $0.66798523703641 and end the month at $0.665403103993. During January, the expected high price of ADA is $0.95934703574538 and the low is $0.65235598430686.

Cardano Crypto Project: Latest Collaboration

The entity behind ADA recently joined forces with Brazil’s state energy company, Petrobras, to lead educational workshops on blockchain for the firm’s employees and present the main merits of the cryptocurrency sector.

The first 500 participants in the Cardano education program will receive non-fungible tokens (NFTs) highlighting their achievements, while everyone who completes it will earn a special certificate.

The partnership in Brazil comes a few years after expansion in Africa. As CryptoPotato reported, Cardano launched educational services in Ethiopia in April 2021 to create a blockchain-based national identification system and signed another similar agreement in Tanzania shortly after.

By Audy Castaneda

Worldcoin (WLD) Soared 35% Following Sam Altman’s Comment. Are Monero (XMR) and InQubeta (QUBE) Poised for a Rally?

Leonardo Perez
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Worldcoin (WLD) Soared 35% Following Sam Altman’s Comment. Are Monero (XMR) and InQubeta (QUBE) Poised for a Rally?

The 30% rise has put Worldcoin in the forefront as analysts offer predictions of its rise in 2024.

Excitement in the cryptocurrency market peaked as the “humanitarian” cryptocurrency, Worldcoin (WLD), emerged. This surge in growth came after renewed interest from a major figure, Sam Altman, CEO of OpenAI.

Amid this development, altcoins like Monero (XMR) and InQubeta (QUBE) show significant upside potential. InQubeta’s revolutionary model attracts investors by allowing them to make fractional investments in AI technology startups and earn from their growth.

Worldcoin News Update

It should be remembered that Altman’s recent dismissal from OpenAI was marked by controversy and a lack of transparency, according to the board of directors. Meanwhile, Altman’s commitment to his Worldcoin project could intensify following his departure from OpenAI.

While Sam Altman’s departure has created volatility, the currency is showing signs of recovery and growth. However, privacy and technology concerns remain critical issues that could influence its future trajectory. Investors should remain alert to these developments and exercise due diligence when considering their moves in this market.

InQubeta (QUBE): Breath of Fresh Air

InQubeta is on track to provide value to participants as the price of its DeFi coin rises. The AI-focused token is poised for an exponential rally following increased investor interest in its model. On this platform, investors can purchase profits in AI technology startups, fractionated to give them flexibility in their choices. These become trending NFTs that can be traded on a peer-to-peer marketplace within the ecosystem.

InQubeta is dedicated to ensuring that investors can earn passive income, whether from their stakes in these startups or from staking their tokens. The project offers a staking mechanism that rewards investors for their role in reducing supply and potentially increasing demand and value. These rewards come from a dedicated fund funded by a purchase and sales tax.

Worldcoin (WLD): Global Identity on Blockchain

Iris-scanning cryptocurrency Worldcoin has gained traction as Sam Altman, CEO of OpenAI, renews his commitment. The project surged 35%, taking the price of its DeFi coin from the $2 mark to a $3 range. Sam is seeking $50 million in funding to double the $115 million the project previously raised in its Series C funding round. About $3.6 million are outflows from WLD, and there was simultaneously an increase in whale activity, suggesting a significant price increase in the future.

Worldcoin aims to create a financial network that establishes a global identity on the blockchain. The project requires users to scan their irises, after which they will receive a unique digital identity. Since its inception, more than 2.6 million investors worldwide have accepted the project’s goal of using WLD “orb” devices.

Monero (XMR): Iron Privacy

Monero, the Fort Knox of cryptocurrencies, is in an uptrend, preparing to meet expectations of an exponential rally. The utility of the token focuses on the anonymity of transactions, allowing for greater privacy on the blockchain. XMR is the best option for secure and transparent crypto transactions as it uses advanced cryptography to hide the details of senders and recipients.

The top tokens on the list of decentralized cryptocurrencies offer impressive returns as their values ​​increase. Worldcoin has risen since Sam Altman’s comment, indicating his interest in the token. InQubeta is not far behind and attracts investors with its trending NFTs and participation opportunities. The fractional investments possible on this platform are part of its appeal.

By Leonardo Perez

Shiba Inu Partners with D3 to Secure the “.shib” Domain

Leonardo Perez
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0
Shiba Inu Partners with D3 to Secure the “.shib” Domain

Shiba Inu, has partnered with D3 seeking to obtain the domain through the Internet Corporation for Assigned Names and Numbers.

The second largest memecoin by market cap, Shiba Inu, managed to make headlines again and grab attention. This time, it has partnered with Web3 company D3 to secure the “.shib” top-level domain, aiming to become one of the first decentralized ecosystems to launch such a feature.

“We have partnered with @ShibToken to apply for and obtain the .shib top-level domain (TLD),” Internet domain company D3 revealed in a post on X (formerly Twitter) on December 19. D3 specifically focuses on next-generation domains that enable interoperability between Web2 and Web3.

Particularly, the collaboration focuses on improving the recognition of Shiba Inu within the mainstream Internet by creating a unique top-level domain. This move aligns with the trend of using human-readable names in the crypto space.

Interestingly, the contribution comes less than a week after Shytoshi Kusama, the developer behind Shiba Inu, and LUCIE, Shibarium’s marketing strategist, hinted at a “very big announcement.”

Shiba Inu Looking to Launch “.shib” Domain for Its SHIB Holders

Specifically, Shiba Inu holders will be able to create email addresses with the “.shib” suffix, and would be compatible with regular email applications. Therefore, you must apply to the Internet Corporation for Assigned Names and Numbers (ICANN), the US-based nonprofit organization that creates and enforces Internet identifier policy.

In fact, according to the D3 website, current Web3 names, such as “.crypto” and “.eth,” do not work natively with commonly used Internet tools, such as web browsers and email, because they do not work with the domain name system (DNS).

However, Web2 domains like “.com” and “.net” operate in the DNS, but do not work natively with Web3 tools such as wallets and digital identity solutions.

Likewise, D3 plans to reveal “name tokens” for SHIB users, which will allow users to send digital assets to various Blockchains without the need for long alphanumeric wallet addresses.

D3 must apply to the Internet Corporation for Assigned Names and Numbers (ICANN), the US-based nonprofit organization that creates and enforces Internet identifier policy.

Web 3 Promise and D3 Vision to Make It Real

To all this, Shytoshi Kusama expressed the following via X:

“To truly understand why today’s announcement is so important, one must ask…what is Web 3?

I guess a better question is… what is the **promise** of Web 3?”

D3 CEO Fred Hsu said: “Our vision is to make Web3 more accessible, transparent, scalable and secure by building future-proof, interoperable digital identities with DNS at the core.”

SHIB price did not respond to the news, falling less than 1% since D3 shared the announcement, according to data from CoinGecko.

In other news, Shiba Inu’s new layer 2 blockchain, the Shibarium network, reached one million users in September. The blockchain is still in private mode, but the Shiba Inu team expressed its intention to make it public in the coming months.

Shiba Inu Price Prediction

On Platform X, Shytoshi Kusama discussed the future of Shiba Inu (SHIB). He said an upcoming major token burn and new partnership will help cement Shiba Inu as a global powerhouse. Following this revelation, the price of Shiba Inu rose from $0.000009522 to $0.00001014 in just a few hours on December 16.

According to CryptoPredictions, the SHIB price for today (25.12.2023) is forecast to be in the price range of $0.000009028983191 – $0.000013277916457. Shiba Inu price is expected to end at $0.000010622333166 today.

By Leonardo Perez

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