Starknet (STRK) - 64MM Token Unlock - 15 Dec 2024

Fableborne Season 3 will launch on November 20, 2024, introducing new game features like kingdom building and a new reward system. This event can influence PHPC and RON prices as players may need these tokens for in-game activities, increasing demand. Additionally, new features could attract more users to the platform, further pushing token demand and potentially the price up. Keep an eye on user engagement after launch to predict price movements. Learn more about this event here.

On December 11, 2024, Aptos will unlock 11.31 million tokens at 4 PM UTC. This can have a big impact on the price of APT. Token unlocks increase the supply of tokens in the market, which can create selling pressure. If many investors decide to sell their newly unlocked tokens, it could push the price down. However, if demand from buyers balances or exceeds this supply, the price might stay stable or even rise. Keep an eye on how the market responds after the unlock. For more details, visit here.

On November 14, Matthew Sigel, the head of digital asset research at global asset manager VanEck, joined CNBC’s “Squawk Box” to share his thoughts on the ongoing rally in the crypto market.

During the interview, Sigel expressed confidence that Bitcoin’s recent surge is far from over. He argued that the current rally, which followed the election, has brought Bitcoin into “blue sky territory” where there is no significant technical resistance. He claims that Bitcoin is likely to reach new all-time highs repeatedly over the next two quarters. He drew parallels to 2020, noting that after the previous election, Bitcoin doubled in value, though there were multiple corrections along the way. Sigel emphasized that despite potential short-term volatility, the rally is just getting started.

He pointed out that several indicators monitored by VanEck continue to signal a positive outlook for Bitcoin. Sigel believes that these factors, combined with increased government support, will sustain the rally. He noted that members of the new administration, including the Vice President and key Cabinet members, have shown pro-Bitcoin leanings, which he sees as a significant shift towards a more supportive regulatory environment.

Sigel also mentioned a surge in interest from institutional investors. He said he had received numerous inquiries from investment advisors who are currently underexposed to Bitcoin. According to Sigel, advisors who previously held no crypto assets are now considering a 1% allocation, while those with a small allocation are looking to increase it to 3%. He believes this growing demand from institutional players will drive significant capital inflows into the market.

VanEck’s price target for Bitcoin in this cycle is set at $180,000. Sigel explained that this would represent a significant return from the recent market bottom but would still be the smallest cycle increase in Bitcoin’s history. He sees this as achievable within the next year.

When discussing the broader market sentiment, Sigel remarked that, despite Bitcoin’s current rally, there are no signs of the mania seen in past bull runs. He observed that Google’s search interest for Bitcoin remains well below the levels reached four years ago, and the ranking of popular crypto apps like Coinbase in Apple and Android stores is also lower. These indicators suggest that the market is not yet overheated, implying further upside potential.

Sigel also examined derivative markets, noting that while funding costs for Bitcoin futures have increased, they are not yet at extreme levels. He explained that during periods of price discovery, these costs tend to remain elevated for extended periods, supporting the notion that the rally is still in its early stages.

Sigel touched upon the potential impact of regulatory changes under the incoming Trump administration. He discussed the possibility of the current SEC Chair stepping down, which he believes could be a turning point for the crypto industry. Sigel believes that ending of the practice of “regulation by enforcement” would foster a more dynamic and innovative environment for digital assets.

He mentioned that several crypto projects are already planning to expand their operations in the United States, including opening offices and holding conferences in locations like New York. This shift, Sigel argued, would be beneficial for U.S. job creation and GDP growth. He also noted that the establishment of a Bitcoin reserve could legitimize Bitcoin as a reserve asset, facilitating its use as a global settlement currency.

In a forward-looking statement, Sigel highlighted the synergy between Bitcoin and artificial intelligence (AI). He suggested that the integration of AI with Bitcoin mining could drive significant efficiencies. He implied that future advancements in AI could benefit from the decentralized, energy-efficient infrastructure provided by Bitcoin’s network.

Featured Image via Pixabay

The European Banking Authority (EBA), Europe’s regulatory agency in charge of addressing weaknesses in Europe’s banking sector, published two sets of guidelines, including a specific guide for payment service providers (PSPs) and crypto-asset service providers (CASPs).

On Nov. 14, the EBA released guidelines that specify what PSPs and CASPs must do to comply with the European Union’s and national restrictive measures regimes when transferring funds or crypto. According to the EBA, the guidelines ensure the implementation of EU and national sanctions. The EBA wrote:

The EBA argued that weaknesses in controls, internal policies and procedures can pose legal and reputation risks to financial institutions, including PSPs and CASPs.

In addition, the weaknesses in these areas within financial organizations could also “undermine the effectiveness” of the EU's restrictive measures regimes. The EBA highlighted that this could lead to circumvention of the rules, which affects the stability of the EU's financial ecosystem.

According to the ECA, the guidelines apply from Dec. 30, 2025.

Crypto providers must comply with the EU’s restrictive measures

According to the EBA, PSPs and CASPs that carry out fund or crypto transfers must choose a reliable screening system that will allow them to comply with their ‘restrictive measures’ obligations.

The guidelines also compel PSPs and CASPs to screen information to manage the risks of entities or individuals violating the EU’s restrictive measures. In addition, PSPs and CASPs must also manage the risks of users potentially circumventing the restrictive measures set by the EU regulators.

Legal basis and background of the guidelines

The EBA noted that in 2021, the European Commission issued a legislative package to reform the EU's Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework. This includes a proposal for new rules on information in transfers of funds and crypto.

The regulations were adopted on June 9, 2023, and will apply on Dec. 30, 2024. The rules also mandate that the EBA issue guidelines to help financial institutions comply with the upcoming regulations.

On November 14, Michael Saylor, the co-founder and executive chairman of MicroStrategy (Nasdaq: MSTR), joined CNBC from the Caner Crypto, Digital Assets, and AI Infrastructure Conference in Miami. The discussion kicked off with CNBC host Morgan Brennan addressing the recent surge in Bitcoin’s price, asking Saylor whether the rally was linked to the anticipation of how the new U.S. administration would impact crypto.

Saylor immediately acknowledged that the recent shift in the political landscape, which he referred to as the “Red Wave,” has been a significant development for Bitcoin. He suggested that the change in political leadership was the most positive event for the cryptocurrency market in the past four years. According to Saylor, this shift, combined with supportive voices from Wall Street, notably BlackRock, has created a more favorable environment for Bitcoin’s value proposition.

MicroStrategy recently announced a plan to raise $42 billion to purchase more Bitcoin, which he equates to acquiring every Bitcoin mined over the next three years at a price of $85,000 or more per coin. Saylor emphasized that this bold strategy reflects MicroStrategy’s commitment to its Bitcoin-focused investment thesis and demonstrates their confidence in the ongoing bullish market conditions.

The conversation then turned to regulatory matters, particularly with regard to the new U.S. administration’s potential appointment of a new SEC Chair. Saylor highlighted that while Bitcoin is regulated as a commodity, other cryptocurrencies and crypto-related businesses, including MicroStrategy, fall under the jurisdiction of the SEC. He noted that the appointment of a new SEC Chair is critical for shaping the future of digital assets regulation.

Saylor expects the next SEC Chair to be more aligned with pro-Bitcoin and pro-business policies. He foresees a digital assets framework that would bring an end to what he described as a “war on crypto,” leading to more clarity in the regulatory landscape. He also mentioned that the broader political shift in the U.S., with the House, Senate, and White House all leaning towards pro-crypto policies, bodes well for the future of the industry. However, he refrained from speculating on specific names for the new SEC leadership.

Addressing Bitcoin’s price movement, Saylor expressed confidence that the current rally is far from over. He dismissed the idea that Bitcoin could fall below key levels such as $60,000 or $30,000. Instead, he confidently stated that he expects Bitcoin to continue rising, with a potential to breach $100,000 before the end of the year. Saylor is already planning a celebratory event for when Bitcoin crosses this milestone, hinting at hosting a party on New Year’s Eve.

When pressed on potential risks that could drive Bitcoin’s price lower, Saylor downplayed any significant threats. He indicated that the biggest uncertainty had already been resolved by the results of the November 5th elections. In his view, the political landscape is now settled, with strong support for digital assets from the newly elected officials. As a result, he sees no immediate risks that could derail Bitcoin’s current trajectory.

The final topic of discussion revolved around the idea of a strategic Bitcoin reserve for the United States, which has been proposed by Senator Cynthia Lummis of Wyoming. Saylor drew parallels between this initiative and historical acquisitions by the U.S., such as the purchase of Manhattan, the Louisiana Territory, California, and Alaska. He argued that just as these acquisitions expanded the U.S.’s influence in the physical world, acquiring Bitcoin would establish American dominance in cyberspace.

Saylor views the concept of a Bitcoin reserve as a strategic move that would secure the United States’ control over the global financial system in the digital age. He argued that owning a significant portion of Bitcoin would enable the U.S. to maintain its position as a global economic leader. According to his calculations, adopting this strategy could potentially offset $16 trillion of the national debt, making it not only a strategic but also an economically sound decision.

Featured Image via Pixabay

TL;DR

Heading South

The past 24 hours have not been kind to the cryptocurrency market, with numerous leading assets charting substantial losses. Bitcoin (BTC) dipped below $88,000, Ethereum (ETH) tumbled to approximately $3,000, while Solana (SOL) is down by 4%.

The meme coin sector has had it even worse. Dogecoin (DOGE) plummeted by 8%, whereas its biggest rival – Shiba Inu (SHIB) – dropped by 9%.

Some of the assets whose prices skyrocketed in the last few days, such asPepe (PEPE)andPeanut the Squirrel (PNUT), are now among the poorest performers, registering double-digit losses. Other tokens joining that club include Popcat (POPCAT), Neiro (NEIRO), dogwifhat (WIF), and more.

However, it’s not all doom and gloom since some meme coins are well in the green zone. The examples include CAT (+10%), BRETT (+13%), SPX (+17%), DEGEN (+26%), and others.

Meanwhile, the total market capitalization of the meme coin niche remains well above $100 billion. Earlier this week, the figure surpassed the record $120 billion.Meme Coin’s Volatile Nature

Meme coins have emerged as a major trend in the cryptocurrency world, frequently making the headlines due to their rapid price surges and widespread popularity driven by Internet culture.

Many tokens, including DOGE, SHIB, BONK, and PEPE, have recorded triple and even quadruple increases in the last year, thus triggering significant profits (at least on paper) for those jumping on the bandwagon in the early days.

However, memes can just as easily experience a major correction, which could lead to devastating losses for inexperienced or overleveraged traders. After all, many of these assets lack fundamental value in terms of utility or intrinsic worth, and their prices are largely influenced by market speculation.

That said, people are advised to enter the ecosystem after conducting proper due diligence and invest only as much as they are ready to part with.