The Crypto Roundup: 08 December 2023 | CryptoCompare.com

Asset management firm VanEck forecasts a new peak for Bitcoin in late 2024, attributing it to an anticipated recession in the United States and changes in regulations following the upcoming U.S. presidential election. The firm shared 15 predictions for the crypto market in 2024 on Dec. 8, covering topics such as Bitcoin’s price trends, the launch schedule of spot Bitcoin ETFs, the effects of Bitcoin’s halving event, and the rise of leading crypto platforms.

Yesterday, a Seattle federal judge ruled that Changpeng Zhao, the former CEO of Binance known as “CZ” in the crypto community, must stay in the U.S. until his sentencing on 23 February 2024.

Jack Dorsey’s FinTech firm, Block, Inc. (NYSE: SQ)  has launched Bitkey, a self-custody Bitcoin wallet, across 95+ countries. Bitkey represents a significant leap in digital asset management, offering a blend of enhanced security and user-friendly experience to the global Bitcoin community.

Top stories in the Crypto Roundup:

• Global Asset Manager VanEck’s Crypto Market Predictions for 2024
• Binance’s Ex-CEO CZ Confined to Travel Within the U.S. Ahead of February 2024 Sentencing
• Bitkey Unveiled: Block, Inc.’s New Bitcoin Self-Custody Solution

Global Asset Manager VanEck’s Crypto Market Predictions for 2024

Asset management firm VanEck, forecasts a new peak for Bitcoin in late 2024, attributing it to an anticipated recession in the United States and changes in regulations following the upcoming U.S. presidential election. The firm shared 15 predictions for the crypto market in 2024 on Dec. 8, covering topics such as Bitcoin’s price trends, the launch schedule of spot Bitcoin ETFs, the effects of Bitcoin’s halving event, and the rise of leading crypto platforms.

For Bitcoin’s valuation, VanEck foresees a new all-time high in Q4 2024, influenced by post-US presidential election political and regulatory changes. VanEck does not see Ethereum surpassing Bitcoin but predicts it will outperform major tech stocks, although facing competition from other smart contract platforms. After the EIP-4844 implementation, VanEck anticipates Ethereum Layer 2 solutions dominating EVM-compatible TVL and trading volume. In the NFT sphere, VanEck expects a significant rebound in activity, with Ethereum leading and Bitcoin gaining ground via the Ordinals protocol.

VanEck also suggested that Binance might lose its top spot in spot trading to emerging competitors like OKX, Bybit, Coinbase, and Bitget, alongside how the stablecoin market cap to surpass $200 billion, with USDC reversing its market share losses, indicating a shift towards institutional adoption.

Decentralized Exchanges are expected by VanEck to reach all-time highs in market share, driven by fast blockchains like Solana. VanEck foresees blockchain use in remittances increasing, with Bitcoin Staking on the Lightning Network providing new yield opportunities. They project Solana to become a top 3 blockchain by market cap, Total Value Locked (TVL), and users, potentially surpassing Chainlink’s Total Value Secured (TVS).

Binance’s Ex-CEO CZ Confined to Travel Within the U.S. Ahead of February 2024 Sentencing

Yesterday, a Seattle federal judge ruled that Changpeng Zhao, the former CEO of Binance known as “CZ” in the crypto community, must stay in the U.S. until his sentencing on 23 February 2024.

On December 6, 2023, U.S. District Judge Richard Jones of the Western District of Washington formally accepted Zhao’s guilty plea to one count of violating the Bank Secrecy Act. This acknowledgement came shortly after Zhao, along with Binance, conceded to various violations related to deficient anti-money laundering practices. Following this admission, Zhao stepped down from his role as CEO of Binance.

Initially, Zhao was permitted to return to the United Arab Emirates (UAE), where his family resides, provided he returned to the U.S. two weeks before his sentencing. However, Judge Jones, citing Zhao’s considerable wealth, the absence of an extradition treaty with the UAE, and his family’s residency in the UAE, imposed a hold on Zhao’s international travel, emphasizing the gravity of the situation and potential flight risk.

In his ruling, Judge Jones recognized Zhao’s justifications but pointed out the exceptional nature of his case, including his substantial wealth and lack of ties to the United States. The judge highlighted the seriousness of the charges against Zhao, with the government indicating the possibility of an 18-month prison sentence. This factor, according to the judge, elevates the risk of Zhao fleeing the U.S. before his sentencing, leading to the decision to restrict his travel within the country.

Bitkey Unveiled: Block, Inc.’s New Bitcoin Self-Custody Solution

Jack Dorsey’s FinTech firm, Block, Inc. (NYSE: SQ)  has launched Bitkey, a self-custody Bitcoin wallet, across 95+ countries. Bitkey represents a significant leap in digital asset management, offering a blend of enhanced security and user-friendly experience to the global Bitcoin community.

According to Block’s press release, Lindsey Grossman, the Business Lead for Bitkey, says that users often hesitate to adopt self-custody Bitcoin wallets due to fears of errors and the complexity of safeguarding ‘seed phrases.’ 

At the heart of Bitkey’s innovation is its 2-of-3 multi-signature design. The wallet utilizes three private keys: one on the user’s phone, another in a hardware device, and the third maintained on Bitkey’s server. To perform any transaction, two out of these three keys are needed, thus ensuring robust protection and control over the user’s Bitcoin.

The mobile key in the Bitkey app initiates and signs payments up to a personalized limit, with a backup key securely stored in the cloud for recovery purposes. The hardware key, connecting via NFC and safeguarded offline, co-signs larger transactions and manages security settings. The server key assists in routine transactions and plays a crucial role in wallet recovery scenarios.

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