2024-02-12 11:50:00
Bitcoin is aiming for $50,000. The new ERC-404 token has made some noise, soaring 12,000%. Deputies continue to declare crypto. A country where token theft will be penalized for life has been named
Bitcoin on the way to $50,000: miners hold back sales, and investors build up positions
Bitcoin continues to move steadily upward, approaching the $49,000 mark. The monthly chart shows that the SuperTrend indicator has flashed a bullish signal. It changed from red to green when the rate dipped below $44,600 on Thursday, February 8.
According to analysts, the growth of the first cryptocurrency is largely due to miners who have decreased coin sales. As recently as the end of 2023, their volume exceeded 800 BTC per day, while the figure dropped to 300 BTC at the beginning of 2024. Miners are trying to hold onto coins despite the decreasing profitability of mining. This reduces selling pressure and stimulates Bitcoin’s upward trend.
The uptrend is also supported by:
- the largest infusion of $400 million into spot Bitcoin ETFs, which was recorded on Feb. 8;
- a decrease in transaction volume on the Bitcoin network, which is due to a decrease in interest in BRC-20 tokens;
- increased interest in Bitcoin from whales actively accumulating coins.
BTC transaction fees also dropped dramatically by 90% from mid-December 2023 to early February 2024.
Pandora kicked off a liquid NFT: up +12,000% for the week
The Pandora token, the new ERC-404 standard, soared to $32,000 on the moment from a low of $212. The high was recorded on Friday, February 9. As of Monday, February 12, the asset is trading at $16,400.
Pandora’s stock includes only 8,000 tokens. In a day of record growth, trading volume reached $76 million. The token was issued in early February 2024. It is based on the experimental, and so far unofficial, Ethereum standard, which combines the features of ERC-20 and ERC-721, combining interchangeable and non-interchangeable tokens into a single asset. This creates opportunities to launch fractionated digital collections and add them to exchange listings. A single token can be owned by multiple wallets, meaning that a single user can buy not the entire NFT but only a fraction of it.
Popular exchanges OKX and Binance announced support for ERC-404 tokens on their Web3 wallets, which made even more noise and drove up the price of Pandora. The new standard turns NFT into a liquid asset and brings it on par with standard trading pairs.
Following the success of Pandora, several other projects have also announced their versions of ERC-404 tokens.
Another Ukrainian people’s deputy declared crypto: who has more?
People’s Deputy from the Holos political party Yaroslav Zheleznyak submitted a tax declaration, which also included cryptocurrency assets.
According to the document, the portfolio of the deputy includes:
- 0.0007 BTC;
- 0.283 ETH;
- 10 SOL.
Their total value is 17,133 UAH. These are the coins that remained with the deputy from the end of 2022. Zheleznyak keeps them on the Binance exchange.
Oleh Bondarenko, a people’s deputy from the Sluha Narodu political party, declared the largest amount in crypto for 2023. He owns Bitcoins, the total value of which is 126.4 million UAH.
In the Cabinet of Ministers of Ukraine, only Oleksandr Kamyshyn, the head of the industrial Department, is said to have crypto. His portfolio for 2023 is estimated at 471 UAH. It includes Ripple, Tether, BUSD, and a share of Bitcoin. In addition, he indicated income from the sale of crypto for UAH 17.5 million.
In this country, crypto fraud will be penalized with life imprisonment: who is at risk?
The financial regulator of South Korea has released the text of the Act on the protection of virtual asset users, which should come into force in July 2024.
The law grants the Financial Supervisory Service and the Financial Services Commission special powers to inspect cryptocurrency companies as part of a crackdown on illegal trading practices. Violators who receive more than 5 billion Korean won ($3.7 million) from illegal crypto activity face life imprisonment. The second option is a fine of twice the amount stolen.
In addition, the new law prohibits market manipulation and illegal cryptocurrency trading. These measures are the first part of South Korea’s regulatory package for the crypto industry, which includes requirements for security and processing of customer deposits.
The second part of the document focuses on the standardization of crypto tokens and the disclosure of information for traders and investors. The bill also provides for the establishment of two special bureaus to monitor the crypto industry.
Korean authorities began tightening legislation after large-scale cyberattacks in 2022, as a result of which hackers managed to steal $700 million.
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