Bitcoin's Surge Above $40,000: Factors Fueling the Rise
Arunkumar K.
CTO @ Sennovate | Pioneering AI Cybersecurity Solutions | Former CISO in Web3 & Crypto | Experienced with Bolstering defences for State & National Governments
Welcome to "Chain Train," the podcast dedicated to unraveling the complex and fast-paced world of cryptocurrency. From Bitcoin's rollercoaster journey to groundbreaking regulatory updates, we cover the highs and lows of the crypto market. Whether you're a seasoned trader or just crypto-curious, join us as we delve into the latest trends, news, and insights from the world of digital currencies.
Bitcoin has reached its highest level since April 2022, surpassing $40,000, due to a combination of factors such as optimism about US interest rate cuts and anticipation of the approval of US-stockmarket traded bitcoin funds. The rally in Bitcoin's price has been driven by institutional buying and a shift away from the bearish trend observed in 2022 and early 2023.
The possibility of a new bull run in the cryptocurrency market, with a focus on Bitcoin, and the potential for it to reach $100,000 by the end of 2024. Executives in the industry and analysts are optimistic about the future of cryptocurrency, citing the potential approval of a Bitcoin ETF and the upcoming halving as positive factors. However, there is also a warning that a rejection of the ETF by regulators could negatively impact the market.
North Korea has stolen an estimated $3 billion in cryptocurrency since 2017, with $1.7 billion stolen in 2022 alone, according to a report by Recorded Future's Insikt Group. The regime has developed an extensive money-laundering network to facilitate the movement of stolen cryptocurrency. The report highlights the risk of North Korean threat actors targeting individual users, venture capital firms, and alternative technologies and protocols in the cryptocurrency industry. The regime's cybercrime operations and money-laundering activities are expected to continue as a major source of revenue, especially for funding its military and weapons programs.
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The recent court ruling that customers of cryptocurrency exchanges do not own the cryptocurrency deposited in their digital accounts. The court held that the underlying agreements transferred ownership of the cryptocurrency to the debtor exchanges. This ruling has significant implications for customers of cryptocurrency exchanges, as they may not have the same legal protections as depositors in traditional financial institutions. Additionally, the article highlights the Wild West nature of the cryptocurrency market, where deposits are not insured and may be at risk. The article also mentions that customers or account holders in other cryptocurrency exchanges or businesses should carefully review the applicable terms of use to determine if those terms transferred ownership of their digital assets to their cryptocurrency counterparty.
Banxa has partnered with Trust Wallet to enhance cryptocurrency transactions. The partnership aims to provide seamless and secure transactions with various payment methods, including local payment methods like Interac in Canada and PayID in Australia. This collaboration will improve the user experience for wallet holders and make crypto more accessible globally. Banxa is committed to adhering to global regulatory requirements and securing necessary licenses for local payment alternatives.
Bitget, a cryptocurrency and Web3.0 company, has announced a startup pitch program for Indian projects under the Blockchain4Youth initiative. The program aims to support new-gen developers and accelerate Web3.0 and crypto adoption in Asia. According to a survey by Bitget Academy, 46% of millennials own cryptocurrencies, and GenZ and Millenials have the highest rate of crypto adoption. The top 10 shortlisted projects will be announced on December 15, 2023.
The Australian Taxation Office (ATO) has updated its guidance on cryptocurrency taxation, which includes significant changes to how decentralized finance (DeFi) transactions, personal use crypto assets, and crypto gambling winnings are taxed. The ATO has also clarified the tax implications of using cryptocurrencies for purchasing gift cards or topping up debit cards. It is essential for crypto users in Australia to understand these changes and seek professional advice to ensure compliance with the evolving tax landscape. Ignoring the ATO's updates could result in significant implications, and it is crucial to consult with tax professionals to ensure a reasonably arguable position.
A Spanish man named Alejandro Cao de Benós was arrested in Madrid for allegedly teaching North Korea how to evade US sanctions using cryptocurrencies. He faces up to 20 years in prison in the US and has denied the accusations. The US citizen involved, Virgil Griffith, was sentenced to 63 months in jail and fined $100,000 for conspiracy to violate the International Emergency Economic Powers Act. North Korea has been known to exploit cryptocurrencies, with hackers stealing billions of dollars in crypto over the past five years.
Thank you for tuning into "Chain Train." We hope our journey through the cryptocurrency universe has provided you with valuable insights and a deeper understanding of this ever-evolving market. Stay connected with us for more episodes that bring you the latest and most crucial developments in the world of digital currencies. Until next time, keep your investments safe and your knowledge up-to-date!