04/12/2023. Weekly CryptoNews Digest (November, 27 – December, 03)

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And now with all introductions said and done let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from November, 27 to December, 03, 2023. I will be talking about some of the most talked about news surrounding the crypto markets and some important events that happened last week. Of course, we will start with the positive news of the further significant growth in the crypto market that happened over the last few days with BTC having reached nearly $42K today while ETH has broken the $2.2K barrier.

ANOTHER PRICE SURGE FOR MAJOR CRYPTO LAST WEEK

You might have noticed that Bitcoin, Ethereum and other major cryptocurrencies have all been experiencing another surge in prices last week and even got to higher points earlier today. BTC reached a high of $42,000, its highest price since April 2022, while ETH reached a high of over $2,200, its highest price since May 2022.

What were the contributing factors to yet another surge which many experts believed to become some sort of crypto spring and further revival, you might ask?

Here are several factors contributed to the recent surge in BTC and ETH prices:

1. Easing of Monetary Tightening: Investors perceived a dovish tone in recent comments by Federal Reserve officials, suggesting that the central bank may be nearing the end of its interest rate hike cycle. This easing of monetary tightening could make riskier assets like Bitcoin and Ethereum more attractive to investors.

2. Anticipation of Bitcoin ETFs: The prospect of a spot Bitcoin exchange-traded fund (ETF) being approved by the U.S. Securities and Exchange Commission (SEC) has been a long-awaited catalyst for the cryptocurrency market. The approval of a spot Bitcoin ETF could lead to increased institutional investment, boosting the price of Bitcoin and other cryptocurrencies.

3. Positive Technical Analysis: Both BTC and ETH had broken out of key resistance levels, signaling a potential trend reversal and attracting more buyers to the market.

4. MicroStrategy’s BTC Purchase: MicroStrategy, a business intelligence company, announced that it had purchased nearly $600 million worth of Bitcoin, demonstrating continued institutional interest in the cryptocurrency.

5. Overall Market Sentiment: The overall market sentiment has been improving in recent weeks, with investors showing more optimism about the global economy and risk assets. This positive sentiment has also contributed to the rise in crypto prices.

The recent surge in BTC and ETH prices has renewed investor optimism in the cryptocurrency market. However, it is important to note that the market is still highly volatile, and prices can fluctuate rapidly. Investors should carefully consider their own risk tolerance before investing in cryptocurrencies.

The future of the cryptocurrency market remains uncertain, but the recent price surge suggests that there is growing interest and adoption of cryptocurrencies. As the market matures and more institutional investors enter the space, the potential for sustained growth exists.

ALTCOINS GOT EVEN BETTER RESULTS LAST WEEK

If you think that BTC and ETH did great last week you should be aware that some altcoins outperformed them tremendously. Here are some altcoins that did especially well last week which you might consider adding to your well-diversified crypto portfolio:

AVAX

Avalanche (AVAX) is a decentralized blockchain platform that aims to provide a more scalable and secure alternative to Ethereum. The Avalanche blockchain is able to process thousands of transactions per second, while Ethereum can only process around 15 transactions per second. Avalanche is also more secure than Ethereum, as it is less likely to be hacked.

JPMorgan, one of the world’s largest banks, is currently testing asset tokenization on the Avalanche blockchain. Asset tokenization is the process of converting real-world assets, such as stocks, bonds, and real estate, into digital tokens. This could make it easier and more efficient for investors to trade these assets.

The news of JPMorgan’s testing on Avalanche helped to boost the price of AVAX by 97% in one week. AVAX is currently trading at around $24 per token, up from around $12 per token just one month ago.

Helium

Helium (HNT) is a decentralized network that provides internet coverage to Internet of Things (IoT) devices. Helium uses a unique blockchain-based consensus mechanism to incentivize network participants to provide coverage.

Helium has been gaining popularity in recent months as the demand for IoT devices has increased. The price of HNT has doubled in value in just one month. HNT is currently trading at around $3 per token, up from around $1.5 per token just one month ago.

Blur

Blur (BLUR) is a decentralized NFT marketplace that aims to provide a more efficient and user-friendly alternative to OpenSea. Blur offers a number of features that are designed to make it easier for buyers and sellers to find and trade NFTs.

Blur has been gaining popularity in recent months as the NFT market has grown. The price of BLUR has doubled in value in just one month. BLUR is currently trading at around $0.5 per token, up from around $0.25 per token just one month ago.

Rune

Rune (RUNE) is the native token of the Thorchain network. Thorchain is a decentralized exchange (DEX) that allows users to trade cryptocurrencies without the need for a middleman. Thorchain is one of the few DEXs that supports cross-chain trading, meaning that users can trade tokens from different blockchains.

Rune has been gaining popularity in recent months as the demand for DEXs has increased. The price of RUNE has doubled in value in just one month. RUNE is currently trading at around $7 per token, up from around $3.5 per token just one month ago.

Overall, the recent price surges of AVAX, Helium, Blur, and Rune suggest that there is growing interest and adoption of decentralized technologies. As the cryptocurrency market matures and more institutional investors enter the space, the potential for sustained growth exists. However, investors should remember that the cryptocurrency market is still in its early stages, and there is no guarantee of future returns.

AI-CRYPTO EXPERIENCED SIGNIFICANT GAINS

Not only major cryptocurrencies and altcoins have been experiencing tremendous growth over the last week. The AI-related cryptocurrency sector experienced a remarkable surge in value over the past few weeks as well, adding nearly $2 billion to its market capitalization in just under two weeks.

This impressive growth was driven by a combination of factors, including:

1. Growing Interest in AI: Artificial intelligence (AI) has become a highly sought-after technology, with applications spanning various industries, including healthcare, finance, and transportation. This growing interest in AI has also translated into increased attention for AI-related cryptocurrencies.

2. Positive News and Developments: The AI-focused cryptocurrency sector has witnessed several positive developments in recent weeks. Notably, the Bittensor token (TAO) soared by 86.5% in just two weeks, attributed to the launch of its blockchain-based machine learning network. Additionally, the Fetch.AI token (FET) climbed by 46.34%, while the Covalent token (CQT) rose by 41.91% during the same period.

3. Anticipation of AI Applications: Investors anticipate that AI-related cryptocurrencies could play a significant role in powering future AI applications. As AI technology continues to evolve and permeate various industries, the demand for AI-related cryptocurrencies could increase, driving their prices further.

4. Technical Factors: From a technical standpoint, some AI-related cryptocurrencies had broken out of key resistance levels, signaling a potential trend reversal and attracting more buyers to the market.

Several AI-related tokens experienced substantial gains during this period:

1. Bittensor (TAO): TAO, the native token of the Bittensor platform, surged by an impressive 86.5% in two weeks. This impressive growth can be attributed to the launch of Bittensor’s blockchain-based machine learning network, which aims to provide a more decentralized and efficient approach to machine learning.

2. Fetch.AI (FET): The FET token, powering the Fetch.AI blockchain platform, witnessed a 46.34% increase over the two-week period. Fetch.AI is developing a decentralized network of autonomous agents capable of interacting and collaborating to solve complex problems.

3. Covalent (CQT): CQT, the native token of the Covalent platform, experienced a 41.91% rise during the two weeks. Covalent provides unified blockchain data access, enabling developers to easily access and query data from various blockchain networks.

The recent surge in AI-related cryptocurrencies suggests growing interest and adoption of AI technology and its potential applications. As AI continues to evolve and integrate into various industries, the demand for AI-related cryptocurrencies could increase, driving their prices further. However, it is important to note that the cryptocurrency market is still highly volatile, and prices can fluctuate rapidly. Investors should carefully consider their own risk tolerance before investing in AI-related cryptocurrencies.

MICROSTRATEGY BUYS HUNDREDS OF MILLIONS IN BTC

As I mentioned already, one of the major contributing factors for the skyrocketing growth of BTC over the last few days was MicroStrategy, a business intelligence company led by Michael Saylor. It has made significant investments in Bitcoin in recent years, establishing itself as one of the largest corporate holders of the cryptocurrency. Earlier last week it was reported that MicroStrategy further solidified its position as a Bitcoin bull by purchasing an additional 16,130 bitcoins for approximately $600 million. This purchase brought MicroStrategy’s total Bitcoin holdings to 174,530 bitcoins, worth roughly $6.1 billion at the time of acquisition.

Saylor, a staunch Bitcoin proponent, believes the currency to be a superior form of digital gold and a suitable store of value. He has consistently advocated for Bitcoin adoption, viewing it as a hedge against inflation and a potential catalyst for economic growth. MicroStrategy’s Bitcoin purchases reflect Saylor’s conviction in the cryptocurrency’s long-term potential and its ability to transform the financial landscape.

The company’s decision to allocate a substantial portion of its treasury to Bitcoin has drawn both praise and criticism. Supporters applaud MicroStrategy’s bold move, viewing it as a sign of confidence in Bitcoin’s future and a potential driver of mainstream adoption. Critics, on the other hand, express concerns about the company’s exposure to Bitcoin’s volatility and the potential impact on its financial stability.

Regardless of the differing perspectives, MicroStrategy’s actions have undoubtedly placed Bitcoin in the spotlight, generating discussions about its role in the corporate world and its potential as a transformative asset class. The company’s commitment to Bitcoin could have far-reaching implications for the cryptocurrency’s adoption and integration into the broader financial system.

REDDIT DECENTRALIZED ITS OWN MOON TOKEN

Reddit, the popular social media platform, has reached a significant milestone by fully decentralizing its MOON token, marking a pivotal step in the platform’s ongoing efforts to empower its community and foster a more decentralized governance model.

MOON, a community points token introduced in 2020, is earned by users who contribute valuable content to the r/CryptoCurrency subreddit. Decentralization innebär that the MOON token is no longer controlled by Reddit but instead governed by the community through a smart contract on the Arbitrum Nova network.

This move has several implications for the future of MOON and the broader Reddit community:

1. Enhanced Community Ownership: By relinquishing control over MOON, Reddit has empowered the community to make decisions about the token’s future, including its distribution, usage, and potential applications. This aligns with Reddit’s vision of creating a more decentralized and community-driven platform.

2. Increased Transparency: The smart contract governing MOON is open-source and publicly auditable, ensuring transparency and accountability in the token’s management. This fosters trust within the community and allows users to track the token’s movements and usage.

3. Potential for Innovation: The decentralized nature of MOON opens up opportunities for innovative use cases and integrations within the Reddit ecosystem. Community members can explore new ways to utilize MOON for rewards, governance, and other purposes.

4. Community Engagement and Empowerment: The decentralization of MOON incentivizes community engagement and encourages users to contribute to the subreddit’s growth and success. By actively participating, users can earn MOON and gain a voice in shaping the future of the community.

5. Experimentation and Learning: Reddit’s decision to decentralize MOON serves as an experiment in community governance and tokenomics. The platform can learn from this process and apply insights to other initiatives, further enhancing its decentralized approach.

Overall, the decentralization of MOON represents a significant step forward for Reddit’s community-driven ethos and sets the stage for a more empowered and autonomous future for the r/CryptoCurrency subreddit.

COINBASE STOCK PRICE SURGED SIGNIFICANTLY

Coinbase, the leading US cryptocurrency exchange, experienced a remarkable surge in its stock price this month, demonstrating renewed confidence from Wall Street investors. In late November 2023, Coinbase’s shares soared by over 62%, marking its best second-best month since its initial public offering (IPO) in 2021.

The recent surge can be attributed to a combination of factors, including:

1. Easing of Monetary Policy: The perception that the Federal Reserve may be nearing the end of its interest rate hike cycle has eased concerns about riskier assets like cryptocurrencies, attracting investors back to the market.

2. Anticipation of Bitcoin ETFs: The prospect of a spot Bitcoin exchange-traded fund (ETF) being approved by the U.S. Securities and Exchange Commission (SEC) remains a significant catalyst for the cryptocurrency market. The approval of such an ETF could lead to increased institutional investment, boosting the price of Bitcoin and other cryptocurrencies, and potentially benefiting Coinbase as a major exchange.

3. Technical Analysis: Coinbase’s stock price had broken out of key resistance levels, signaling a potential trend reversal and attracting more buyers to the market.

4. Positive Market Sentiment: The overall market sentiment has improved in recent weeks, with investors showing more optimism about the global economy and risk assets. This positive sentiment has also contributed to the rise in Coinbase’s stock price.

Coinbase’s stock surge is a significant development, indicating that Wall Street investors are regaining confidence in the cryptocurrency exchange. The company has faced challenges in recent months, including a decline in trading volume and regulatory scrutiny. However, the recent surge suggests that investors believe Coinbase is well-positioned to benefit from the long-term growth of the cryptocurrency market.

The rise in Coinbase’s stock price also reflects a broader shift in sentiment towards cryptocurrencies. After a period of intense volatility and regulatory uncertainty, investors are increasingly viewing cryptocurrencies as a potential asset class and are looking for ways to gain exposure. Coinbase, as a leading cryptocurrency exchange, is well-positioned to capitalize on this growing interest.

FTX RECEIVES APPROVAL TO SELL GRAYSCALE ASSETS

And now more news on the latest FTX bankruptcy procedures. Last week the FTX bankruptcy estate was granted approval by a Delaware bankruptcy court to sell its trust assets, including shares of Grayscale Bitcoin Trust (GBTC) and other Grayscale investment funds, worth roughly $744 million. This decision came as part of the ongoing efforts to liquidate FTX’s assets and repay its creditors, who are owed billions of dollars.

The sale of these Grayscale trust holdings is expected to generate significant funds for the FTX estate, providing much-needed liquidity to address the company’s financial obligations. The approval of the sale signals the court’s recognition of the need for FTX to efficiently liquidate its assets and maximize the value for its creditors.

The decision to sell the Grayscale trust assets also highlights the broader challenges facing the cryptocurrency industry amidst the bear market and FTX’s bankruptcy. The decline in cryptocurrency prices has impacted the value of these trust holdings, and the sale reflects the need for FTX to adapt to the evolving market conditions.

The proceeds from the sale of the Grayscale trust assets will be used to repay creditors, including institutional investors and individual customers who had funds held on the FTX platform. The liquidation process is expected to continue over the coming months, with the goal of maximizing the recovery for all creditors.

Overall, the approval of the sale of FTX’s Grayscale trust holdings signifies a critical step in the bankruptcy proceedings. The sale is expected to generate substantial funds for the estate and contribute to the ongoing efforts to repay creditors and address FTX’s financial liabilities.

STANDARD CHARTERED REVISES BTC PRICE FORECAST

And finally, if you are in doubt about the coming crypto spring, in a recent report, Standard Chartered Bank has revised its long-standing Bitcoin price forecast upward, predicting that the cryptocurrency could reach $100,000 before the next Bitcoin halving, which is expected to occur in late 2024. This revised forecast marks a significant increase from the bank’s previous projection of $50,000 by the end of 2024.

The bank’s revised outlook is primarily driven by the anticipated introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States. The approval of a spot Bitcoin ETF is widely considered to be a major catalyst for the cryptocurrency market, as it would allow institutional investors to gain exposure to Bitcoin without the need to purchase and store the digital asset directly.

Standard Chartered believes that the approval of a spot Bitcoin ETF could trigger a wave of institutional investment, leading to increased demand for Bitcoin and driving its price higher. The bank also notes that the current macroeconomic environment, with rising inflation and concerns about a potential recession, could make Bitcoin a more attractive asset class for investors seeking a hedge against traditional currencies.

While Standard Chartered’s revised forecast is bullish, it is important to note that the cryptocurrency market is still highly volatile, and prices can fluctuate rapidly. Investors should carefully consider their own risk tolerance before investing in Bitcoin or any other cryptocurrency.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. As you can see, the news is largely positive and we should expect more good of the same coming our way soon which MNO will be sharing with you as it happens. I’ll be posting the next update on cryptocurrency in a week, and there will be all the latest developments and news covered. So, if you’re genuinely interested in what is going on in the cryptocurrency world, then make sure you check it out next Monday.

I’ll leave it there for tonight, guys. I hope your business week will be fruitful and productive and I will be back with the next blog post in a few days time. Keep following MNO – For Money Lovers!