Bitcoin is a ‘Screaming Buy’ for 2024 – VanEck
Global investment managing firm VanEck has identified bitcoin (BTC) as one of the firm’s top investment opportunities for 2024. VanEck also shared updates on its views on digital assets and the growth of digital asset-linked funds. Assets in VanEck’s crypto-linked funds are approaching $1 billion globally, with the VanEck Digital Transformation ETF (DAPP) surpassing $100 million in assets under management (AUM).
According to CEO Jan van Eck, the potential introduction of a spot Bitcoin ETF in the U.S. and other factors make Bitcoin and the broader crypto space poised for growth in 2024. Matthew Sigel, Head of Digital Assets Research for VanEck, stated that if Bitcoin reaches an all-time high in 2023 due to various factors, 2024 could be another strong year for companies captured by the DAPP ETF.
Hong Kong is Preparing OTC Exchange Regulations
Hong Kong authorities are planning to regulate over-the-counter (OTC) cryptocurrency exchanges following incidents of youth suspected of money laundering. The Financial Services and the Treasury Bureau will introduce legislative amendments to establish a regulatory system for virtual asset OTC operations. Authorities have warned the public about unlicensed trading platforms and advised residents to use licensed exchanges.
Lawmaker Johnny Ng Kit-chong reported several cases involving young people using virtual assets for money laundering, with amounts totaling tens of millions of dollars. The victims trusted friends with their personal information, who then used it to open accounts abroad and deposit crypto. The cash was later withdrawn through personal bank accounts in Hong Kong and handed over to offline crypto exchange shops.
PancakeSwap’s Flagship Game Expands to zkSync Era and Arbitrum
PancakeSwap’s popular game, Pancake Protectors, has expanded to Layer-2 (L2) networks zkSync Era and Arbitrum. The PvP on-chain game has over 25,000 daily active users during peak times. Players can now deposit and withdraw CAKE tokens across five chains, including BNB Chain, Polygon zkEVM, Base, zkSync Era, and Arbitrum. CAKE tokens can be used to unlock various functionalities within the game.
10 of Top 15 Mining Pools Consolidate Coinbase Block Rewards
Most of the top 15 mining pools have consolidated coinbase block rewards as they require strong financial backing. This consolidation has been observed since last year, with many pools sending their rewards to the same output addresses. The payout processing agreements between these pools and a financing entity likely contribute to this consolidation pattern. The financing entity likely controls all the coinbase payout and hopping addresses, although it is unclear who exactly it is.
These mining pools adopted the Full Pay-per-Share (FPPS) model and need strong financial backing to hedge against bad luck. It is believed that Antpool or Bitmain-tied entities are involved in the financing agreements. Additionally, the report highlights the resurgence of hashrate connected to Bitmain-tied Antpool in 2023.
Hot Take: Bitcoin’s Potential for Growth in 2024
According to VanEck, bitcoin is positioned as a “screaming buy” for 2024 due to potential market movements like the introduction of a spot Bitcoin ETF in the U.S., a more relaxed U.S. Federal Reserve, and continued crypto adoption in emerging markets. VanEck’s CEO believes that these factors will contribute to bitcoin’s breakout in 2024. The firm’s Digital Transformation ETF (DAPP) has already surpassed $100 million in assets under management (AUM), indicating the growing interest in digital assets. VanEck’s positive outlook for bitcoin aligns with the overall bullish sentiment surrounding the cryptocurrency market.
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