Will Bitcoin really hit ATH by the end of 2024?
What’s happening in the market?
?? BTC, ETH, and Altcoins
Over the last seven days,?Bitcoin?has dropped -5.25% to AU$45,216 at the time of writing. Meanwhile,?Ethereum?falls to AU$2,830, moving -4.8% week-on-week. And in other altcoin movements,?Shiba Inu?continues to rise +2.98%,?Solana?drop by -5.12%, and?XRP?continues to fall by -7.98%.
???What’s happening in the news?
From the firm Delphi Digital's insights on Bitcoin's price action to legal drama surrounding FTX's founder and Coca-Cola's dip into NFTs, here's what's been happening in the crypto world.
Delphi Digital, a respected?research firm, recently released a report that examines the interconnectedness between Bitcoin's four-year cycle and broader economic trends. The report suggests that Bitcoin's ongoing consolidation around $30,000 USD mirrors the period between 2015 and 2017. The analysts at Delphi believe that this pattern points to a new all-time high for Bitcoin by the fourth quarter of 2024, aligning with historical halving patterns. This prediction is bolstered by expectations of renewed liquidity cycles and the upcoming Bitcoin halving in 2024, providing a compelling argument for a cycle similar to 2015-2017.
In legal news, Sam Bankman-Fried, the founder of FTX, found himself?behind bars?after a judge revoked his bail ahead of an October trial. The Department of Justice (DOJ) alleged that Bankman-Fried tampered with witnesses and engaged in other bail violations, such as using customer deposits for political influence. This arrest adds to the list of legal complications faced by the prominent crypto figure and could have further implications within the industry.
Curve Finance,?recovering?70% of the USD $50 million lost in a recent hack, offers a glimpse into the continuous battle against security flaws within crypto platforms. The incident has led to increased vigilance and reinforces the importance of ethical hacking.
And on a lighter note, Coca-Cola's entry into the NFT space unveiles its?”Masterpiece”?collection on the Ethereum Layer 2 network, signifying the growing connection between traditional brands and blockchain technology. With nearly 50,000 pieces minted, it's a clear testament to the escalating interest in NFTs.
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?? What we’ve been reading
Bitcoin Warning Signal Blare, Shiba Interest Surge
“Open interest or the dollar amount locked in open SHIB futures contracts has topped $100 million”
Binance to Shut Down Crypto Payments Service
“Crypto exchange Binance to shut down after one year of its launch”
Mastercard and Crypto
“How Mastercard plans to connect stablecoins, CBDCs and tokenised bank deposit”
Disclaimer:?The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.