Happened in Crypto: Will BTC hit $160K at next halving?
In our fast-paced world, the information landscape is constantly evolving, and staying on top of the latest developments can be challenging. That's why we're here, bringing you our biweekly news roundup to keep you in the loop.
Bitcoin Forecast Predicts $160K Peak by 2024 Halving, Despite Current Sluggishness
Bitcoin's price might be sluggish at present, but a prominent analyst, TechDev, holds a bullish outlook. He foresees a potential 500% rise by April 2024, leading to a 'parabolic top' around the time of Bitcoin's 2024 block subsidy halving.
Bitcoin's next halving, which is less than a year away, is already sparking discussion. Historically, halving events have often laid the groundwork for new all-time price highs. TechDev predicts that this pattern will hold true, with a new record anticipated in the second quarter of 2024, reaching around $160,000.
Despite short-term bullish takes being scarce, there's an ongoing debate about Bitcoin's behavior for the rest of 2023 leading up to the halving. Some participants anticipate a deeper price correction, even considering a dip to $20,000 in the coming months. Popular trader and analyst, Rekt Capital, emphasized that Bitcoin failed to maintain necessary support levels for an upward trend, suggesting a possible downside if it can't reclaim certain levels.
South Korea Accelerates Crypto Disclosure Law for Officials
South Korea's leading party is urging for earlier implementation of a bill mandating lawmakers and senior government officials to disclose cryptocurrency holdings over $760.
Representative Yun Jae-ok believes the proposed enforcement date in December is too late, given the public's intense interest.
The push for greater transparency follows a scandal involving an official who allegedly liquidated substantial crypto assets before the enforcement of a new rule. South Korea is also intensifying regulatory measures on digital assets, with an additional bill proposing stricter penalties for crypto-related crimes.
Japan to Enforce Stricter Crypto Anti-Money Laundering Measures from June
Starting June 1, Japan plans to apply stricter Anti-Money Laundering (AML) measures to track cryptocurrency transactions, aligning the country with global crypto regulations.
This decision followed feedback from the Financial Action Task Force (FATF) that indicated Japan's previous AML rules were inadequate. The enforcement of the "Travel Rule" will be key to the new measures, requiring financial institutions to share detailed customer information for crypto transfers above $3,000.
Japan, already an early adopter of stringent crypto regulations, continues to bolster safeguards for consumers, maintaining rules like separate holdings for customer and company assets and enforcing regular audits of exchanges.
Crypto Influencer DeFi Dad Sees Huge Potential in Ethereum
Renowned crypto influencer and podcaster DeFi Dad predicts significant growth potential for Ethereum, suggesting it is 'woefully undervalued'.
With 152,100 followers on Twitter and roles at Fourth Revolution Capital and several Web3 projects, he offers advice and insight into decentralized finance (DeFi) and Web3 games. His early DeFi videos in 2019 helped him gain substantial popularity, particularly during the "DeFi Summer" of 2020.
Despite avoiding price predictions, DeFi Dad is bullish on Bitcoin and strongly supports Ethereum, likening its network effects to popular Customer Relationship management platforms like Salesforce. He anticipates Ethereum's value will increase substantially with continued use and investment.
Bitcoin Dethrones Solana to Rank Second in NFT Blockchain Popularity
In May, Bitcoin ousted Solana to become the second most popular blockchain for Non-Fungible Tokens (NFTs), propelled by a surge in memecoin trading, according to data from CryptoSlam.
BRC-20 token transactions, an experimental fungible token standard, contributed largely to Bitcoin's activity. As the market shifts towards Bitcoin NFTs from BRC-20 tokens, platforms like Magic Eden are gaining ground in trading volumes.
Despite the trading volume success, Bitcoin NFT collections face the challenge of establishing a dedicated community of holders, similar to Ethereum NFT projects like CryptoPunks and BAYC.