January 2024 Archives

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Hello everyone! Just back from an epic adventure in Turkey, where the sun was hot and the çay was flowing. But fear not, my crypto senses haven’t been dulled one bit! I’m bursting to dive back into the wild world of blockchain and share all the juicy updates I’ve been collecting.

So, buckle up, fellow crypto enthusiasts, because we’re about to embark on a journey through the latest market trends, sizzling news, and insightful analysis. From Bitcoin’s rollercoaster ride to the rise of DeFi darlings, we’ll cover it all.

Whether you’re a seasoned HODLer or just dipping your toes into the crypto pool, there’s something for everyone here. So, grab your favorite mug of (maybe Turkish) coffee, settle in, and get ready to be informed, entertained, and maybe even a little bit inspired. Let the crypto conversation begin!

Before getting into the specifics of what the crypto industry brought us to talk about last week I should remind you that I’m still available to answer all your questions with the best way of contacting me for a live chat still being via Telegram @mnoblog. You may also submit your query using this contact form or just email me directly at abramsonp@gmail.com I’m looking forward to hearing from you and still encourage you to share your vote on the MNO TalkBack page in the last poll, so we could draw the final results in a few weeks time.

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 from 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 if/when 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 to the main news from the crypto industry from January, 08 to January, 14, 2024. The news was largely positive for all the crypto enthusiasts. So let’s start today’s Weekly CryptoNews Digest on MNO, shall we?


SEC FINALLY APPROVES BITCOIN ETF

Hold onto your bitcoin wallets, everyone! The news that reverberated throughout the crypto-verse last week was the long-awaited US Securities and Exchange Commission (SEC) approval of 11 spot Bitcoin ETFs. This move marks a watershed moment for the industry, signaling increased legitimacy and potentially opening up the floodgates for broader investor participation.

Here’s the lowdown:
– What are spot ETFs? Unlike some previously proposed ETFs, these track the actual price of Bitcoin, not Bitcoin futures contracts. This means they offer a more direct way for investors to gain exposure to the cryptocurrency.
– Why is this a big deal? This paves the way for institutional investors to easily enter the Bitcoin market through their familiar ETF channels. Additionally, it potentially boosts public confidence and accessibility by removing some regulatory hurdles.
– What did the market do? Bitcoin initially surged on the news, reaching a high of around $46,300, but has since retreated a bit. However, the approval is expected to have long-term positive implications for the market’s growth and stability.

Here are some additional points to consider:
– It’s not a blank check for Bitcoin: The SEC still holds reservations about the cryptocurrency and plans to continue monitoring the market closely.
– Not all ETFs are created equal: Research each ETF carefully before investing, as they may have different fees and underlying structures.
– This is just the beginning: The approval of these initial ETFs likely won’t be the last, potentially leading to a wider range of crypto-related investment options in the future.

Overall, the SEC’s approval of spot Bitcoin ETFs is a significant milestone for the crypto industry. It opens up new opportunities for investors, increases legitimacy, and paves the way for further growth and innovation. Stay tuned as this story unfolds, and make sure you do your research before taking the plunge into the exciting world of Bitcoin and other cryptocurrencies.


BTC PRICE TRENDS ROLLERCOASTER AFTER SEC ETF APPROVAL

While the approval of the BTC ETF boosted markets last week, prices cooled down moderately later. So, the past week for Bitcoin (BTC) has been nothing short of a rollercoaster ride, with the price fluctuating significantly and leaving investors on the edge of their seats. Here’s a breakdown of the key trends:

Highlights:
– Initial surge: Following the news of the SEC approving spot Bitcoin ETFs, BTC saw an initial surge, reaching a high of around $46,300 on January 12th.
– Correction and consolidation: However, euphoria was short-lived as the price quickly corrected, dipping below $40,000 on January 14th due to profit-taking and broader market uncertainty.
– Sideways movement: Since then, BTC has been mostly range-bound between $40,000 and $43,000, consolidating its gains and searching for direction.

Factors influencing the price:
– SEC approval: The initial surge was undoubtedly driven by the positive news of the SEC approval, which fueled investor optimism and attracted new capital.
– Macroeconomic factors: However, broader economic concerns, such as inflation worries and rising interest rates, have also played a role in the recent correction.
– Technical analysis: From a technical standpoint, BTC is facing resistance at key levels around $43,000, which may be hindering further upward momentum.

What to expect in the coming days:
– Volatility remains: The market is likely to remain volatile in the short term, with potential swings in both directions.
– Technical indicators: Technical indicators suggest a potential breakout above $43,000, but this will depend on factors like investor sentiment and news events.
– Long-term outlook: Despite the recent volatility, the long-term outlook for BTC remains positive, with the SEC approval being a significant catalyst for future growth.


VITALIK BUTERIN SUGGESTS INCREASE IN GAS LIMIT

Last week the news about Ethereum co-founder Vitalik Buterin suggesting a 33% gas limit increase has generated quite a bit of discussion in the Ethereum community. Here’s a summary of the key points:

What is the gas limit?
The gas limit is a parameter on the Ethereum blockchain that determines the maximum amount of gas (computational resources) allowed in a single block. Higher gas limits generally mean more transactions can be processed in a block, potentially improving network throughput and efficiency.

What did Buterin propose?
Buterin, in an Ask Me Anything (AMA) session with the Ethereum Foundation’s research team on Reddit, suggested raising the current gas limit of 30 million to 40 million, representing a 33% increase. He believes this could address the network’s current scalability issues, which often lead to high gas fees and slow transaction processing times.

Potential benefits:
– Increased network capacity: A higher gas limit could allow more transactions to be included in each block, potentially reducing congestion and speeding up transaction processing times.
– Lower gas fees: With increased capacity, competition for block space could decrease, potentially leading to lower gas fees for users.
– Enhanced user experience: Faster transactions and lower fees could improve the overall user experience on the Ethereum network.

Potential concerns:
– Security risks: Larger blocks require more processing power and can be more vulnerable to certain types of attacks.
– Centralization: Higher gas limits could potentially benefit large miners/validators more than smaller ones, raising concerns about centralization.
– Technical challenges: Implementing a gas limit increase requires careful testing and coordination to ensure a smooth transition without disrupting the network.

Current status:
Buterin’s proposal is still under discussion within the Ethereum community and has not yet been formally implemented. The Ethereum Foundation and developers are evaluating the potential benefits and risks before making a final decision.


USDC ISSUER FILED FOR IPO

Circle, the issuer of the USDC stablecoin, filed for an initial public offering (IPO) last week, generating significant buzz in the crypto and financial worlds. Circle previously attempted to go public via a special-purpose acquisition company (SPAC) merger in 2021, but the deal fell through. This IPO represents a renewed effort to become a publicly listed company. I remind you that Circle’s USDC stablecoin is the second-largest by market capitalization, with over $25 billion in circulation. The company also offers other crypto-related services like payments and trading.

Here’s a breakdown of the key news:

When: Circle confidentially filed a draft registration statement on Form S-1 with the Securities and Exchange Commission (SEC) on January 11, 2024.

What: The company is seeking to raise capital by selling shares to the public for the first time. The specific number of shares and price range for the offering haven’t been determined yet.

Why: Circle aims to leverage the IPO to raise funds for growth and expansion, aiming to further solidify its position as a leading player in the crypto space. Becoming a publicly traded company could also enhance transparency and trust around the company and USDC.

Market Reaction: The news of the IPO filing was met with positive sentiment, with some analysts seeing it as a sign of growing institutional interest in the crypto industry. However, others raised concerns about potential regulatory hurdles and the overall market volatility surrounding crypto.

Current Status: The IPO process is still ongoing, and it will likely take several months before Circle starts trading publicly. The final terms of the offering will depend on SEC review and market conditions.


X DITCHES NFT PROFILE PICTURES

The social media giant X recently made waves by discontinuing its NFT profile picture service, a feature that allowed users to showcase their Ethereum-based NFTs as avatars. This move has sparked debate within the crypto community, raising questions about the future of NFTs in social media and the potential impact on the broader industry. Here’s a breakdown of the key points:

What happened?
– Last week X silently removed the option for subscribers to use NFTs as profile pictures. The feature, launched in January 2022 when the platform was still known as Twitter, allowed users to display their digital collectibles with a hexagonal frame.
– X hasn’t officially announced the reason for discontinuing the feature, leaving room for speculation. However, some possible reasons include:
– Low adoption: The feature may not have been used by a large enough portion of the user base to justify its maintenance and development resources.
– Technical challenges: Integrating NFTs into social media platforms can present technical hurdles, such as ensuring security and verification of ownership.
– Shifting priorities: X’s new ownership and leadership may have different priorities for the platform, placing less emphasis on NFTs.

Community reactions:
– Mixed emotions: The news has been met with mixed reactions from the crypto community. Some see it as a setback for NFT adoption and a missed opportunity for social media platforms to embrace blockchain technology. Others welcome the move, citing concerns about environmental impact and potential scams associated with NFTs.
– Industry implications: The decision by X, a major social media platform, could have broader implications for the NFT industry. It may discourage other platforms from integrating NFTs into their services and could signal a cooling off of interest in NFTs in general.

Uncertain future:
– It remains to be seen what the long-term impact of this decision will be. While some believe it may mark the beginning of a decline in NFT popularity, others argue that it’s simply a temporary setback and that NFTs will continue to evolve and find new applications.

Alright, MNO readers, let’s call it a wrap for now! Time to recharge and prepare for another week of deciphering the crypto cosmos in the next MNO Weekly CryptoNews Digest.

Before I sign off I just want to say a big thank you to all of you who tuned in, chimed in, and shared your thoughts. Your engagement fuels the fire of this blog, and I wouldn’t be here without it.

Now, I’m not disappearing completely. Keep your eyes peeled for the MNO blog throughout the week, because I’ll be dropping some juicy tidbits and sneak peeks at the crypto news brewing just over the horizon.

And don’t forget next Monday we’ll be back in full swing, diving deep into the latest market developments and dissecting all the drama that unfolds between now and then. Until then, stay curious, stay informed, and most importantly, stay awesome. MNO – For Money Lovers!

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