Drivechains in Bitcoin Could Enhance Higher Throughput and Improved Privacy: Bitfinex CTO

VanEck, an investment management firm, has made predictions for the year 2024 in the cryptocurrency space. They anticipate the launch of the first U.S. Bitcoin exchange-traded fund (ETF) in the first quarter and a record high for Bitcoin prices in the fourth quarter. They also predict an increase in NFT activities and a potential shift in Binance's dominance in spot trading. VanEck estimates that the launch of Bitcoin ETFs will attract substantial inflows, stabilizing Bitcoin prices above $30,000. They also forecast a surge in Bitcoin's value in late 2024, driven by political changes. Additionally, they expect the NFT market to regain volume, with Ethereum leading and Bitcoin gaining traction. Finally, they predict a major shift in the ranking of centralized crypto exchanges, with Binance expected to lose its top spot and emerging competitors like OKX, Bybit, Coinbase, and Bitget likely to rise.

The price of Bitcoin has dipped to $43.5K, while Babylon Chain has raised $18M in funding for Bitcoin staking initiatives. Financial pundit Robert Kiyosaki has warned of a potential market crash. Babylon Chain's funding will be used to develop their Bitcoin Staking protocol, which aims to enhance the security and liquidity of proof-of-stake networks. Hive Digital Technologies has seen a return on their Bitcoin investments made in December 2022. Kiyosaki advises buying gold, silver, and Bitcoin as a hedge against economic uncertainty. Despite positive developments, Bitcoin is currently experiencing a downturn. The price of Bitcoin is currently around $43,717, with key support levels at $42,429 and $41,190. The RSI suggests a possible brief consolidation or downturn before the price continues to climb. If Bitcoin maintains its upward momentum, it may challenge resistance near $45,926.

The Monetary Authority of Singapore (MAS) and China are set to pilot the digital currency "E-CNY," also known as the digital yuan, in an effort to promote tourism spending. This collaboration stems from a Memorandum of Understanding signed between the two countries in 2020. The digital currency, developed by the People's Bank of China, MAS, and the Digital Currency Institute of the People's Bank of China, will enable travelers from Singapore and China to use E-CNY for tourism purposes in both countries. The discussions regarding this digital currency took place at the 19th Joint Council for Bilateral Cooperation in Tianjin. The E-CNY is China's digital version of the yuan, primarily designed for domestic retail payments. It aims to fulfill the public's need for cash in the digital economy era and support the development of retail payment infrastructure. While China has been testing the currency domestically, it plans to explore cross-border payment programs in the future. Singapore's central bank's managing director, Ravi Menon, has expressed that private cryptocurrencies lacking fundamental financial service tests will eventually diminish, emphasizing the importance of central bank digital currencies, tokenized bank liabilities, and well-regulated stablecoins in the future monetary system. The collaboration between Singapore and China also includes the launch of an exchange-traded funds link between the Singapore Exchange and Shanghai Stock Exchange. Furthermore, the two countries have agreed to implement a 30-day mutual visa exemption agreement next year, enhancing their trade pact.

Binance has withdrawn its application for a financial license in Abu Dhabi as part of its reassessment of global operations and compliance requirements. The application, submitted by BV Investment Management, a Binance unit, aimed to manage collective investment funds. The decision to retract the application was made to align with the company's revised compliance needs. Binance's former CEO, Changpeng Zhao, who acquired UAE citizenship, has pleaded guilty in an anti-money laundering case and requested to return to the UAE before his sentencing. Binance has also ceased operations in several other countries, including Germany, Cyprus, the Netherlands, Belgium, and Russia, due to regulatory compliance efforts.