Why Analysts Remain For Bitcoin in 2024 | Weekly News Recap
GM. In today’s weekly recap, we check out what’s happening in the bitcoin price during the weekend.
For my foreword at the beginning of every week, I want to highlight one recent article. It’s a press release: The Philippines Chooses Venom for Groundbreaking National Blockchain Initiative
- Last week we published: “Wala Na Bang Iba?!” Community Questions Govt Office’s Choice of Blockchain For National Project
- Reasoning: After we published the press release, we have observed a lot of hot takes on social media, most of which can be summarized with “why Venom”.
- We have observed that before our coverage, the topic hadn’t gained much traction, but our reporting ignited important conversations that were previously absent.
These are the things I want BitPinas to continue to lead — the right conversations, whether critical or in praise of — ensuring that we continue to be at the forefront of the dialogue shaping the future of blockchain in the Philippines.
And with that, let’s check out the news of the past week!
Table of Contents
Market Updates 📈
Here are the crypto highlights of the week:
- Bitcoin is down 1.3% vs the previous seven days, now at $58,665.02.
- The weekly top gainer in the top 100 coins is THORChain ($3.92), up 26.1%
- The weekly top loser in the top 100 is WIF ($1.38), down 16.9%
- Noteworthy: Toncoin ($7.00) is up 12.7% vs the past week.
Last Week on the BitPinas Webcast 📺
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We talked with Liz Sanchez – Lead Coordinator of Superteam Philippines and BD Associate of The BLOKC and Georgeson Guray – University Activation Lead at Junior Blockchain Education Consortium of the Philippines to discuss Solana’s efforts in promoting web3 in the Philippines.
Feature Story: Bitcoin Dips Below $59K, Analysts Remain Bullish for 2024
Bitcoin fell to around $58,646 on Sunday after briefly surpassing $60,000 on Saturday, marking a 1.7% drop, according to CoinGecko.
- Despite this, optimism still persists: QCP Capital noted in a Friday investment note that they are “constructive and bullish” for the year’s end, citing the market’s resilience to recent supply-shock headlines, Decrypt has reported.
What’s the main issue: They continue to highlight ongoing geopolitical tensions in the Middle East and uncertainty over the next U.S. president as challenges for crypto in 2024.
- U.S. Vice President Kamala Harris is now edging out Former President Donald Trump in some polls.
- Another concern is still the distribution of Bitcoin from Mt. Gox.
What’s next: With August and September as potentially weak months for Bitcoin, QCP Capital made the following predictions: Six months of consolidation through early 2025 followed by a strong rally that will last for the next six months, leading to a new all-time high.
Weekly Recap: Local Crypto News 🇵🇭
- The SEC released advisories vs Modesto Cardano, Glass Coin, and Pionex
- Philippine Stock Exchange warned the public against a fraudulent crypto scheme using its name and logo.
- YGG shared that its co-founder Beryl Li will speak at the Innoblock 2024 in September.
- YGG Pilipinas acquired AI education platform 10XME.
- PDAX partnered with Investagrams for accessible crypto trading.
- Coins.ph listed Hivemapper’s $HONEY token.
- Coins.ph’s Meme Coin Trading Tournament is now ongoing and will last until September 11.
- The platform stated that it had taken a snapshot of PHPC Holders who are set to receive rewards from the 350,000 $LAT prize pool.
- Coins.ph also released a video tutorial that will walk users through the basics of spot trading.
- Web3 Philippines released its WEB3 Classroom Episode 4: Writing Native Solana Smart Contracts with Alvin Reyes and Kristian Quirapas.
- The PH web3 community reacted to the government’s choice of blockchain for national projects.
- The Bicol Blockchain Community shared that it is set to host the first-ever Bicol Traders Meet on September 7, 2024 in Naga City.
- The event is already fully booked.
- ICP Hub PH and DEVCON Laguna held its iThink Code Camp at Colegio de San Pedro.
- BitPinas had its webcast episode 56 where it highlighted Solana’s push in the Philippines.
- SuperteamPH partnered with EnsoFi.
- Paytaca announced its new merchant partner in Tacloban, KG’s Corndog, and in Mandaue, Mr. Potato.
Educational Corner 🎓
Learn how to earn in various ways:
- Learn about tokenized bonds on PDAX here.
- Learn how to earn stablecoin $USDT by just playing Telegram game Banana.
- Learn about Gala Music’s new Telegram clicker game Music Miner.
- Learn about the new active airdrops with the updated list of Crypto Airdrops to Watch Out For in 2024.
Regulation Watch 📜
Stay informed about the latest regulatory updates from here and around the world and what they mean for you:
- Thailand launched a regulatory sandbox for testing and developing crypto innovations.
- OSL’s Gary Tiu stated that Hong Kong’s crypto ETFs face significant market challenges due to a structure favoring unlisted products and a lack of dealer participation.
- The IRS updated Form 1099-DA for reporting digital asset transactions by removing fields for wallet addresses and transaction IDs.
- The U.S SEC subpoenaed three crypto venture capital firms as part of its expanding crackdown on the industry.
- The SEC charged NovaTech founders for operating a $650 million pyramid scheme.
- Binance users in Venezuela are facing access restrictions to the platform following government-imposed blockages on various websites.
- Binance will pay 9.6 million reais ($1.76 million) to Brazil’s Securities and Exchange Commission to settle a probe into its unauthorized offering of derivatives trading services.
- Rep. Ro Khanna hints at a potential positive update on crypto regulation from the Biden administration following recent high-profile meetings with industry leaders.
- Fairshake PAC is committing $12 million to support Republican candidate Bernie Moreno in Ohio’s Senate race.
- Australia’s securities regulator ASIC sued ASX for allegedly making misleading statements about its now-cancelled blockchain project.
- Coinbase’s Lucas Matheson highlighted the need for Canada to overhaul its crypto regulations.
- Turkey’s Capital Markets Board announced that 47 companies have applied to operate under the country’s new crypto regulations.
- Economists argue that the CFTC’s concerns about prediction markets, such as those on Polymarket, are exaggerated.
Community Spotlights 🔦
The following people were feature in last week’s community spotlights:
- Patrik Ferrer, COO, The Round Table (TRT). (August 13)
- Floi Wycoco, Senior Campaigns Manager, Coins.ph. (August 14)
- Marso Ya, web3 influencer, freelancer, and artist. (August 15)
- Liz Sanchez, Lead Coordinator of Superteam PH and Business Development Associate at The BLOKC. (August 16)
At the Scene 📍
On the ground activations and more:
- Bitget Crypto Experience Day in Manila (Aug. 17)
- Coinex Community Educational Tour in Biliran (Aug. 18)
- Kave Guild’s Hey Gensan! Trader’s Night in General Santos City. (Aug. 17)
- DeFi Trading with Crypto Whales in BGC (Aug. 18)
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Canto faced a 28-hour outage due to a consensus issue following a software upgrade.
- Ripple began testing its stablecoin, Ripple USD (RLUSD), on both Ethereum and the XRP Ledger.
- Sompo Japan Insurance and Ginco partnered to advance web3 technologies.
- Zora launched onchain NFT secondary markets with Uniswap using a new “ERC-20z” token standard.
- Ion Protocol raised $4.8 million to further develop its native yield platform, Nucleus.
- Restaking protocol Symbiotic launched its devnet on Ethereum’s Holesky test network and plans a full mainnet release in Q3.
- Essential raised $11 million in Series A funding to develop an “intent-centric, declarative” approach.
- Babylon and Cubist collaborated to enhance the security of Bitcoin staking by integrating CubeSigner.
- Yat Siu of Animoca Brands believes NFTs will outlast memecoins due to their unique value in building web3 reputation, while the company eyes a potential IPO around 2026.
- Hedera partnered with cryptocurrency custodian Copper to expand institutional access to HBAR tokens.
- Alchemy is partnering with HackIndia, India’s largest Web3 hackathon, to provide Web3 infrastructure and mentorship to 9,000 students across 59 Indian universities.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- BitPinas Article: Notcoin launched a new web3 game on Telegram, partnering with the NFT collection Lost Dogs and TON-based marketplace Getgems.
- Samsung and Illuvium collaborated to integrate Illuvium’s NFTs into Samsung’s Web3 TVs.
- Pentagon Games secured $6 million in funding to advance the gaming industry through AR, VR, and AI-powered Web3 experiences.
- Ronin leads web3 gaming with high user activity, staking rewards, and popular games.
- Catizen is gearing up for a massive $500 million airdrop of its $CATI token.
- Hamster Kombat stated that it rejected multiple venture capital offers to maintain focus on player interests and is preparing for a massive airdrop of its $HMSTR token.
- READYgg rebranded to PLAY, aims to onboard billions of players to Web3 through its integrated PLAY Hub platform.
- Kokomo Games entered the web3 gaming space with an oversubscribed angel round, backed by notable investors like Steve Aoki and Mike Shinoda.
- Unioverse is launching its new web3 game, Hoverdrome, with a $15,000 USDC and 300,000 $UNIO prize tournament.
- Autoverse Studios raised $8 million for Auto Legends, a Web3 drag-racing game that integrates social and trading elements with a focus on real-life car enthusiast culture.
- CoinGecko announced its first hybrid conference, GeckoCon: Web3 Games Unleashed, set for November 11, 2024, at ICONSIAM in Bangkok, Thailand.
- The Lost Glitches, an RPG-style trading card game, launched its open beta on the Xai blockchain.
- BrandPilot AI Inc. secured a new contract with web3 gaming company Forgotten PlayLand.
- Immutable integrated its zkEVM with Fireblocks.
Upcoming Event 📅
- CoinsGG feat. CRETA: August 28, 2024
- Hooked Unitour Hackathon Philippines: August 29, 2024
- Solana Radar Global Hackathon: September 2, 2024
- Bicol Traders Meet 2024: September 7, 2024
- Blockchain Campus Conference 2024: October 10, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Bitcoin mining firm Bitfarms reported a $27 million net loss for Q2 2024.
- Animoca Brands and Lamborghini partnered to explore web3 innovations.
- OKX Wallet integrated with DeBank.
- Germany’s KfW collaborated with Boerse Stuttgart Digital to issue a blockchain-based digital bond under the German Electronic Securities Act.
- Marathon Digital Holdings plans to offer $250 million in convertible senior notes to acquire more bitcoin.
- According to a Halborn report, despite a 50% drop in stolen funds in 2023, DeFi hacks remain a significant threat.
- Bernstein analysts attribute Bitcoin’s recent price drop to Kamala Harris’s rising presidential polling lead.
- Tokenized asset issuer Backed partnered with El Salvador-based eNor Securities to offer tokenized RWAs to retail investors across Latin America.
- Coinbase teased the upcoming launch of a wrapped bitcoin product named cbBTC.
- Hong Kong‘s digital banks are being urged to improve services for Web3 firms to enhance the city’s appeal as a global hub for digital finance.
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This article is published on BitPinas: Why Analysts Remain For Bitcoin in 2024 | Weekly News Recap
