Happy New year everyone and welcome to 2024! The MNO blog has been online since the year 2007 and it’s hard to imagine now that sixteen and a half years ago MNO was first born and change the lives of many for the better. Over those years I’ve strived to make my website a true guide and dependable assistant in a sea of potential scams which the HYIP industry used to be so famous for. By intentionally keeping the listing prices high MNO tried to eliminate such chancers from coming to me and robbing my readers of their hard-earned cash. Instead I have built a very lucrative venture that helped me become a financially independent person for life at the same time inspiring my readers to do the same by properly diversifying their investment portfolios or starting their own online businesses.

And as the clock strikes midnight and a fresh year unfolds, let’s take a moment to celebrate the incredible journey we’ve been on together. 2023 was a rollercoaster, filled with exhilarating highs and humbling dips. But through it all, the spirit of innovation and resilience in the crypto world never wavered.

Let’s rewind and reminisce on some of the landmarks we witnessed:
– The DeFi revolution: Decentralized finance (DeFi) continued its meteoric rise, empowering users and reshaping the financial landscape. From yield farming to lending protocols and stablecoins, DeFi proved its power to democratize access and unlock new financial possibilities.
– NFTs take center stage: Non-fungible tokens (NFTs) exploded in popularity, transforming the art world, gaming, and even fashion. From mind-blowing digital art auctions to play-to-earn gaming experiences, NFTs blurred the lines between the virtual and physical, opening up a world of creative possibilities.
– The rise of the Metaverse: The Metaverse captured imaginations and fueled investment, with platforms like Decentraland and The Sandbox becoming vibrant virtual communities. As technology advances, the lines between the physical and digital worlds will continue to blur, and the Metaverse holds immense potential for social interaction, entertainment, and even economic activity.
– Increased institutional adoption: 2023 saw a significant rise in institutional interest in crypto, with major players like Wall Street giants and financial institutions dipping their toes into the market. This growing acceptance is a testament to the maturing crypto ecosystem and its potential for mainstream adoption.

But it wasn’t all sunshine and rainbows. We also witnessed market downturns, regulatory uncertainties, and even some high-profile scams. Yet, these challenges only strengthened the resolve of the crypto community. We learned valuable lessons, adapted our strategies, and emerged stronger and more prepared for the future.

As we step into 2024, the future of crypto shines bright. Technological advancements, innovative projects, and a growing user base promise even more exciting developments on the horizon. Here are some of the exciting things to watch out for:
– Scaling solutions: Layer 2 protocols and blockchain scaling solutions will be crucial for addressing scalability issues and mass adoption. Faster transaction speeds and lower fees will pave the way for more user-friendly and efficient crypto applications.
– Central bank digital currencies (CBDCs): With major central banks exploring their own digital currencies, 2024 could see further developments and implementations in this space. This will raise new questions about decentralization and the future of money, but it also presents opportunities for collaboration and innovation.
– Mainstream adoption: With increased awareness and understanding, crypto is poised to become more integrated into everyday life. From payments and banking to identity management and supply chain solutions, the potential applications for blockchain technology are vast and will continue to unfold in exciting ways.

So, dear MNO blog readers, let’s raise a toast to the amazing year that was and the even more extraordinary one that lies ahead. May 2024 be filled with groundbreaking advancements, thriving communities, and shared successes in the ever-evolving world of crypto.

Here’s to a year of innovation, collaboration, and pushing the boundaries of what’s possible. Happy New Year, and let’s make it one to remember!

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Remember that in the new year I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income with no risk whatsoever. So, if you don’t want to miss some great paying websites that will actually make you some profits then the only way you ensure you will hear of them first is to follow MNO on Telegram, Facebook, or X/Twitter.

By doing so you will be updated once anything worthwhile appears on my monitor that will help you to add more options to earn a discretionary income for yourselves. And if you wish to receive the blog articles directly to your email address you can submit and confirm it on this page and join the thousands of subscribers I have already.

It’s time now to get back with the major news from the crypto industry that shook and stirred everyone last week, the final of 2023, from December, 25 to December, 31. The markets were relatively quiet, as usually happens at the end of the year, but still lots of interesting events had to be reported. So let’s start today’s Weekly CryptoNews Digest on MNO, shall we?

VARIOUS BTC PRICE PREDICTIONS FOR THE NEXT FEW MONTHS

As we stepped into 2024 it’s always interesting to wonder at the potential new price trends the year could bring to BTC and the whole crypto industry. Currently all we have is an intriguing situation with conflicting predictions for Bitcoin in the near future. Let’s break down both statements and explore the potential scenarios:

SEC Approval of Spot Bitcoin ETFs:

– Expectation: Experts believe the SEC could approve the first-ever spot Bitcoin ETF in the US as early as January 2024. This follows numerous applications from asset management firms like BlackRock and Valkyrie, and increasing institutional interest in Bitcoin.
– Impact: Approval would be a major milestone for the crypto market, potentially providing wider access to Bitcoin for traditional investors and boosting its legitimacy. This could lead to increased demand and potentially a price rise.

Bitcoin Price Correction:

– Prediction: According to data provider CryptoQuant, Bitcoin is expected to face a price correction in February 2024. They cite factors like unrealized profits of traders exceeding historical levels before corrections and the potential for a “sell the news” event after ETF approval.
– Rationale: The “sell the news” phenomenon suggests an asset price might peak when a highly anticipated event occurs, leading investors to take profits, causing a sudden price drop.

These predictions create a seemingly contradictory picture for Bitcoin. Here are some possibilities:

– Early correction: Some investors might sell before the ETF approval to avoid the “sell the news” event, causing a dip before potential ETF-driven gains.
– Postponed correction: The correction could occur later than February, influenced by other market factors or ETF details like trading volume and investor adoption.
– Independent events: The ETF approval and the correction could be separate events with limited immediate impact on each other.

It’s important to remember that the crypto market is notoriously volatile and difficult to predict. While expert opinions and data analysis offer valuable insights, they shouldn’t be treated as guaranteed outcomes.

So here is what to watch for:
– SEC decision on ETFs: This will be the most significant near-term factor for Bitcoin’s price.
– Investor sentiment: Keep an eye on news and market reactions to gauge optimism or caution regarding Bitcoin and the ETFs.
– Technical indicators: Monitoring price charts and analyzing technical indicators can provide additional insights into potential trends.

Ultimately, making informed decisions in the crypto market requires careful consideration of various factors and staying updated on developments. Diversification and risk management are crucial strategies to navigate the inherent volatility.

BLACKROCK AND VALKYRIE READY FOR UPCOMING BITCOIN ETF

Earlier in the article I already mentioned that the two spot bitcoin exchange-traded fund (ETF) applicants, BlackRock and Valkyrie, have named two authorized participants (AP) for their proposed Bitcoin ETFs is a significant development in the ongoing quest for Bitcoin ETF approval in the US. Here’s a breakdown of what it means:

What are Authorized Participants (APs)?
APs are financial institutions that can create and redeem ETF shares directly with the issuer. This is different from regular investors who buy and sell shares on the exchange.
APs play a crucial role in ensuring the smooth functioning of ETFs by providing liquidity and facilitating efficient trading.

Why is it important for BlackRock and Valkyrie to disclose their APs?
– Disclosing APs is one of the final steps in the ETF approval process. It demonstrates to the Securities and Exchange Commission (SEC) that the ETF has the necessary infrastructure in place to operate effectively.
– The choice of APs can also be a signal of the ETF’s legitimacy and potential success. Reputable and established financial institutions as APs can boost investor confidence and attract more interest in the ETF.

Who are BlackRock and Valkyrie choosing as APs?
– BlackRock: J.P. Morgan and Jane Street. These are major Wall Street institutions with significant experience in traditional and digital asset markets. Their involvement suggests that BlackRock’s ETF may be targeting institutional investors.
– Valkyrie: Jane Street and Cantor Fitzgerald. Jane Street is again present, while Cantor Fitzgerald is a well-known broker-dealer with a strong presence in the financial markets. This choice indicates a potential focus on both institutional and retail investors.

What does this mean for Bitcoin ETF approval?
– The disclosure of APs by BlackRock and Valkyrie is seen as a positive step towards potential Bitcoin ETF approval in the US. It suggests that the SEC is moving closer to approving these products.
– However, it’s important to note that the SEC has yet to make a final decision, and approval is not guaranteed.
– The SEC is still considering several concerns regarding Bitcoin ETFs, including potential market manipulation, volatility, and investor protection.

Overall, the disclosure of APs by BlackRock and Valkyrie is a significant development that increases the chances of Bitcoin ETF approval in the US. However, it’s crucial to remain cautious and wait for the SEC’s final decision.

INDIA’S CRYPTO CRACKDOWN

Recently Indian crypto exchanges have been placed under the microscope by the country’s Financial Intelligence Unit (FIU), which has reportedly deemed nine major platforms to be operating illegally. This development signifies a significant escalation in India’s ongoing ambivalence towards cryptocurrency regulation.

Here’s what you need to know:
– FIU allegations: The FIU reportedly accuses the nine exchanges of violating anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. Specifically, they’re suspected of failing to maintain proper due diligence on users, monitor suspicious transactions, and report relevant data to the FIU.
– Affected exchanges: While the specific companies haven’t been officially named, reports suggest prominent exchanges like WazirX and Zebpay may be among those targeted.
– Potential consequences: If the FIU’s allegations are substantiated, the targeted exchanges could face hefty fines, suspension of operations, or even legal action.
– Market implications: This news has created considerable uncertainty in the Indian crypto market, leading to a dip in trading volumes and user anxiety.

However, it’s important to remember:
– No official pronouncements: The FIU’s actions are currently based on reports and haven’t been formally confirmed by authorities. We await official communication from the FIU and affected exchanges for a clearer picture.
– Regulation vs. outright ban: While this action reflects increased scrutiny towards crypto exchanges, it doesn’t necessarily point towards an outright ban on cryptocurrency in India. The government has previously hinted at plans for comprehensive crypto regulation.
– Global context: Regulatory uncertainty around crypto is not unique to India. Many countries are grappling with balancing innovation and potential risks associated with digital assets.

What to do:
– Stay informed: Track reliable news sources for updates on the situation and official pronouncements from authorities.
– Consult experts: If you’re invested in Indian crypto exchanges, consider seeking guidance from reputable financial advisors or legal professionals.
– Practice caution: Remain vigilant about potential scams and fraudulent activity, especially during periods of uncertainty.

The situation surrounding India’s crypto exchanges is rapidly evolving. While concerns are understandable, it’s crucial to rely on verified information and avoid hasty decisions based on speculation. As more details emerge, we’ll likely gain a clearer understanding of the government’s stance and its potential impact on the Indian crypto landscape.

ELON MUSK SHOWS SUPPORT FOR BITCOIN-BASED INSCRIPTIONS

Elon Musk, the ever-vocal tech magnate, recently stirred the crypto pot by highlighting perceived issues with regular NFTs and seemingly expressing support for Bitcoin-based inscriptions. Let’s delve into what he said and explore the potential implications:

Criticisms of Regular NFTs:
Musk’s critique focused on several aspects of the current NFT landscape:
– Environmental concerns: He pointed to the high energy consumption associated with minting and trading NFTs on certain blockchains, especially Ethereum.
– Centralized ownership: He expressed concerns about platforms and marketplaces holding significant control over NFT ownership and transactions.
– Lack of utility: He questioned the intrinsic value of many NFTs, arguing that some lack real-world use cases beyond speculation and digital collectibles.

Support for Bitcoin-based Inscriptions:
In contrast to his criticism of regular NFTs, Musk seemed enthusiastic about Bitcoin’s Ordinals protocol, which allows for inscribing data directly onto the Bitcoin blockchain. He sees potential benefits in:
– Reduced energy consumption: Bitcoin’s Proof-of-Work mechanism, while still energy-intensive, is generally considered less energy-hungry than Ethereum’s Proof-of-Stake.
– Decentralization: Bitcoin boasts a more decentralized network compared to many NFT platforms, potentially offering greater ownership control and resilience.
– Durability and security: Bitcoin’s blockchain is known for its longevity and security, potentially offering a more permanent and secure home for digital assets like inscriptions.

Implications and Open Questions:
Musk’s comments have sparked several discussions:
– Future of NFTs: Will his criticisms push for more sustainable and utility-driven NFTs?
– Adoption of Bitcoin Inscriptions: Will Musk’s endorsement boost the popularity of Bitcoin Ordinals and its applications?
– Regulatory landscape: How will governments and regulators approach emerging technologies like Bitcoin inscriptions?
It’s important to note that Musk’s views are influential but not definitive. The future of NFTs and Bitcoin-based inscriptions will likely depend on various factors, including technological advancements, user adoption, and regulatory frameworks.

Ultimately, understanding the ongoing debate surrounding NFTs and Bitcoin inscriptions requires critical analysis, open-mindedness, and a willingness to learn from diverse perspectives.

HIGHLIGHTS FROM FORTUNE’S MAGAZINE’S BIGGEST STORIES OF 2023

While 2023 started with some jitters in the crypto market, it eventually turned into a year of impressive resilience and unexpected advancements. Fortune magazine recently compiled the biggest stories that marked this “bounce-back year” for cryptocurrency, and here are some key points to take away:

Price Recovery:
– Bitcoin, the leading cryptocurrency,started the year around $16,000 but saw a steady climb throughout the year, reaching a 20-month high of over $40,000 in December. This rise, despite several dips, indicates renewed confidence in the market.
– Other cryptos also experienced significant price increases, showcasing a broader market recovery.

Notable Events:
– FTX Trial and Conviction: The trial and conviction of FTX founder Sam Bankman-Fried on fraud and conspiracy charges dominated headlines, highlighting the importance of regulatory compliance and ethical practices in the crypto space.
– Do Kwon and the TerraUSD Saga: The dramatic crash of the TerraUSD (UST) stablecoin and its associated ecosystem, orchestrated by Do Kwon, served as a reminder of the fragility of some crypto-backed projects and the need for risk management.
– Institutional Adoption: Major players like BlackRock and Valkyrie made significant strides in launching Bitcoin ETFs, suggesting growing institutional interest and potential mainstream acceptance.
– Decentralized Finance (DeFi) and NFTs: These sectors continued to innovate and attract users, showcasing the potential of blockchain technology beyond just basic price speculation.

Overall Sentiment:
Despite some lingering uncertainties and regulatory concerns, 2023 was a year of optimism and rebuilding for the crypto market. Price recoveries, innovative developments, and increased institutional interest suggest a maturing industry with the potential for further growth and mainstream adoption in the years to come.

Additional Points:
– Fortune’s article likely goes into more detail about each of these highlights, providing context, analysis, and quotes from industry experts.
– It’s also worth checking out other sources reporting on the biggest crypto stories of 2023 to gain a more comprehensive understanding of the year’s events and their potential implications.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the next update on cryptocurrency next Monday. So, if you’re genuinely interested in what is going on in the cryptocurrency world, then make sure you check my blog then.

I’m sending you the best New Year wishes from the Turkish city of Antalya where I will be lucky enough to spend a couple of more weeks, exploring this beautiful country until returning to London. I hope to talk to you again soon, dear readers. Thanks for following MNO – For Money Lovers!