2023-12-21 05:39:00
Summary of a week in crypto day by day!
You are not confused. Today is Thursday not Friday. And yet here we are with the weekly crypto summary. The section that brings you all the news and commentary from the crypto field has passed a day due to system considerations, but remains exactly the same, and will continue to extensively cover everything that is interesting in the world of digital assets.
The season of false predictions
Towards the end of 2023, you can see how far we were in the predictions of the beginning of the year when the crypto market was at its peak of pessimism. At the beginning of January, we reviewed the experts’ predictions regarding the price of Bitcoin at the end of the year, which presented an impossible range of options – from $5,000 per coin to $250,000 per coin. Professor Carol Alexander, Professor of Finance at the University of Sussex, was quite close. She expected a price of about 50 thousand dollars for the currency, not far from the current price which has been between 40 and 45 thousand dollars in recent days. Even in 2022, she was not far off in her prediction. You might want to follow Professor Alexander. Alistair Milne, manager of the Atlanta Digital Currency Fund, was even more accurate (as of now, a week and a half before the end of the year) when he bet $45,000 with an expected rally next year of up to $150,000.
Of the readers who chose to participate in the survey we ran for this column, the highest percentage was in the correct range, but that range was quite wide. 27% expected Bitcoin to trade between $30,000 and $100,000. That means it will recover 2 times its price at the beginning of the year. This is the correct range, although not very accurate. 25% were very bearish and expected a price below 13 thousand dollars. Another 15% bet 21 to 30 thousand dollars and were not very far, and 14% were very bullish with an expectation of a price of over 100 thousand dollars.
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If nothing fundamental changes in the next week and a half, Bitcoin will enter 2024 with very bullish momentum. The main reasons are the arrival of the ETFs and the expected approval (according to most industry experts) at the beginning of next year, together with the expected crossing event in April 2024 plus a positive atmosphere in the financial markets around the expectation of interest rate cuts by the central banks.
So what are the predictions for 2024? The magic number $100,000 is starting to float in the air: Kadan Stadelman from the Comodo Platform company believes that “Bitcoin reached a price of close to $70,000 during the previous bull market, so $100,000 is a possibility in light of the fact that more institutional investors are considering the possibility of purchasing Bitcoin”.
At Standard Bank, traditionally, bulls on Bitcoin have for a long time quoted the figure of $120,000, and they were also joined by the crypto services company Matrixport, who believe that in April Bitcoin will reach a price of $63,140, and by the end of the year to $125,000, that is, about 3 times its current price. “Based on our inflation model, the macroeconomic environment is expected to continue to provide a strong tailwind for crypto. A further decline in inflation is expected which will advance the Fed’s interest rate cuts. Combined with the geopolitical currents, this healthy dose of monetary support will push Bitcoin to record highs in 2024,” the company wrote.
Additional predictions published:
Coincodex published a forecast of about 84 thousand dollars at the end of the year. The crypto company BitQuant believes that the crossing event will send Bitcoin to a price of $250,000. Bloomberg published a solid forecast that Bitcoin will “pass the $50,000 mark” during the year 2024. Another crypto site, Crypto news, predicted a range of $60,000 to $90,000 following the crossing event in April, with the possibility that later Bitcoin could even reach $300,000 up to Year 2028 – the next crossing event.
Matthew Siegel, head of VanEck’s digital assets department, finds another reason to be optimistic about the price of Bitcoin in 2024. According to him, if the former President is elected in the November presidential elections of the United States Donald Trump, Bitcoin will soar to an all-time high in November, three years after its previous peak price. Donald Trump himself has said in the past that he is against the world of crypto, although he did not refrain from producing a few dimes in series of NFT tokens, but the assumption is that the Republican party will be much more positive towards crypto. Siegel wrote that his prediction comes amid “rising optimism that the SEC’s hostile regulatory approach will cease.” The analyst also pegged the number 100,000 as a realistic possibility for the price of Bitcoin at the end of next year.
ETFs
The issuing companies continue to work on receiving the approval. This week the Blackrock company made several adjustments to its application in accordance with the requirements of the SEC. Among other things, it introduced a mechanism that would allow the creation of cash and the redemption of cash according to the model preferred by the SEC. Other companies have already made similar adjustments. In addition, representatives of BlackRock and the Nasdaq stock exchange met with SEC representatives for the second time in a month in order to find ways to prevent risks of manipulations on the price of Bitcoin. The discussion of such details seems to confirm the feelings in the market that these certificates will be approved in early January.
More news from last week
The company that operates the Solana currency produces a phone in no saga that is friendly to crypto and especially to things related to Solana. The project was considered a relative failure and not many phones were sold, the company cut the price from 1000 dollars to a relatively friendly price – 599 dollars for a mid-high market segment phone, which still did not help its popularity. But recently the prices of the phone on the auction sites have soared up to 2000 dollars and more. The reason – an airdrop of the “mm” currency BONK for phone owners. An airdrop is a distribution of free tokens that is sometimes done in the crypto industry to promote a currency, etc. Most of them are worthless. But, as we wrote last week, the BONK price has already jumped by 10,000 percent this year, so the airdrop is actually giving phone owners $700 worth of coins for a phone that costs $599.
The revival surrounding coins operating on the Solana network reaches beyond BONK, and this is part of the reason for the ongoing rally in the currency, which also this week does not stop with a weekly jump of almost another 20%, which brings the increases since the beginning of the year to 730%. This week, for the first time in many months, Solna overtook Ripple as the fifth largest currency in the market with a value of 35.5 billion dollars compared to Ripple’s 33.2. Before the Solna currency are only Bitcoin, Ether, Tether, and Binance Coin, which it is also approaching with giant strides. The difference between them in terms of value is less than 4 billion dollars.
Several factors in the crypto world have come together to form a $78 million fund that will support crypto-friendly politicians in the upcoming US elections. Among other partners are Coinbase CEO Brian Armstrong, the stablecoin company Circle, Coinbase itself, Kraken, and Andersen Horowitz, CEO of the hedge fund a16z. The latter stated: “There is a battle in Washington over the future of blockchain technology. Some policy makers believe that we should be banned, while other people think that there should be no restrictions. None of these options will allow the technology to realize its full potential, and take the Internet away from the control of the big tech companies to the control of the people who use it.”
Coinbase continues to fight the SEC for clearer rules for crypto regulation. The SEC responded blankly to its request to establish clear rules, and Coinbase decided to go to court.
What did the major currencies do last week
A mixed week passed for the major currencies with some impressive jumps and some currencies that faltered and even went down.
Bitcoin ended up climbing about 2% this week and is now trading at $43.6K, after previously challenging the $45K mark.
Binance Coin rose by almost 4%, and one coin traded for $258.
The Solana, as mentioned, jumped by another 19% this week to a price of almost 83 dollars per coin and is now the fourth largest currency (if you don’t include stable coins). At this rate, it will soon challenge Binance Coin as well.
Ripple is down 1.4% this week, and one coin is trading for $0.614.
After last week’s impressive surge, Cardano rallied by nearly 10% and is now trading at $0.594 with a market cap of $21 billion.
The currency that joined the list of the biggest last week continues to soar, this week with an additional 14%. Since the beginning of the month, its value has jumped by 112% and since the beginning of the year by 305%. The price of one coin is $44.15 and the market value is $16.1 billion.
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