Bitcoin Price: US$ 30,160.71 (-0.41%)
Ethereum Price: US$ 1,862.80 (-0.13%)
Standard Chartered Bank has raised its bitcoin price forecast, stating that the world’s largest cryptocurrency could reach $50,000 by the end of this year and potentially surge to $120,000 by the close of 2024. Initially predicting $100,000 in April, the bank now considers that estimate to be too conservative, attributing the potential for upward momentum to various factors, including the recent banking-sector crisis. Bitcoin has already experienced an 80% increase since the beginning of the year and currently trades around $30,100. Increased profitability for bitcoin miners is cited as one of the driving forces behind the projected price surge. In other news, Arkham Intelligence has introduced the Arkham Intel Exchange, a marketplace facilitating the purchase and sale of on-chain cryptocurrency data. The platform features a native token, ARKM, aimed at deanonymising blockchain transactions. Meanwhile, the US Securities and Exchange Commission (SEC) has claimed that Coinbase was aware of the potential violation of federal securities laws prior to the SEC’s lawsuit. The SEC responded to Coinbase’s argument that the agency lacked jurisdiction by highlighting Coinbase’s prior acknowledgment of the legal framework and expressed opposition to any motion for judgment by the cryptocurrency exchange. The SEC sued Coinbase, alleging that it operated as an unregistered broker, clearinghouse, and exchange by listing unregistered securities.
The liquidator of Three Arrows Capital (3AC) is considering the possibility of reclaiming approximately $1.2 billion from Digital Currency Group (DCG) and crypto lender BlockFi. These funds would be sought as payments made by the hedge fund before the liquidation process began. A confidential report from Teneo, the liquidator, highlighted more than $1 billion in potential claims against DCG and its Genesis lending subsidiary, including preference claims and issues related to loan and security documentation. Additionally, the report mentioned over $220 million in preferential payments to BlockFi. Preference claims could arise if payments made by 3AC gave certain creditors an advantage over others. The situation stems from transactions during the insolvency twilight zone following the collapse of the Terra Luna project. In other news, Bitcoin’s hash rate reached a new all-time high, surpassing 465 EH/s over the weekend, indicating the increasing difficulty for any entity to control more than 50% of the network’s computational power. Although there was a slight drop to 428 EH/s, the hash rate remains at elevated levels despite stagnating prices.
Hong Kong’s Securities and Investment Institute (HKSI) is planning to offer programs and workshops to train virtual asset traders in preparation for the implementation of a new licensing system for digital trading platforms and exchanges. The move aims to provide industry-specific expertise to individuals interested in the digital market, with younger generations showing persistent interest. The increased regulation in the field instills confidence among employees in Hong Kong, making them feel more equipped to leverage their skills. In other news, Ethereum inventor Vitalik Buterin discussed the need for scaling solutions in Bitcoin during a Twitter Spaces conversation. Buterin highlighted Ethereum’s experiments with scaling approaches like Plasma and ZK Rollups, suggesting that Bitcoiners could benefit from similar options. He emphasised the importance of being open-minded and expressed a preference for ZK-snark based solutions. Additionally, web3 venture funding saw a significant drop of 80% in the first quarter of 2023 compared to the previous year, with investments declining from $13.5 billion to $2.8 billion. The decrease in funding is attributed to decreased confidence from venture capitalists in Ethereum alternatives and projects related to NFTs and the metaverse. While this decline is not an immediate threat to web3 services, the report suggests that replenishing funds will be crucial for projects in the coming years.
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