Bitcoin Surges Past $100,000, Notcoin’s Comeback, and a New Quantum Threat
“Should Have Bought” is a news podcast by the ForkLog editorial team covering the week’s major industry events and the hottest tokens.
Topics: the crash and recovery of altcoins, new regulations in Ukraine, updates from Notcoin, and a proposal to freeze 1 million BTC of Satoshi Nakamoto.
Special guest: Web3 entrepreneur Vladimir Menaskop.
Participants: ForkLog authors Vladimir Sliper and Lena Jess.
Return to $100,000
Following a recent mid-week correction, Bitcoin has once again reached the significant $100,000 mark. This occurred against the backdrop of U.S. inflation data that met market expectations.
Investors slightly increased the odds of a continuation of the Federal Reserve’s easing cycle at the December 17–18 meeting. The swap market indicates a 92% probability of a 25 basis point move.
Earlier in the week, CryptoQuant analysts suggested a potential pause in Bitcoin’s rally due to increased selling by holders and a possible weakening of retail demand.
Is Altseason Over?
Felix Hartmann, managing partner of investment firm Hartmann Capital, stated that the altcoin season has “come to an end.” He warned traders of a high likelihood of a sharp market downturn.
“Currently, most alts have funding rates exceeding 100% annually. Recent movements are driven solely by [the perpetual futures market], but spot volumes are declining. The pullback will be terrible,” he wrote.
According to Hartmann, although traders may exhibit “irrational” behavior, the market is entering a phase where developer teams and venture funds begin to “actively cut investments.”
However, some in the crypto community hold an opposing view. A trader known as Mikybull predicts a new altcoin cycle will begin in December 2024 and last until March 2025, spanning approximately 90 days.
New Regulations in Ukraine
Ukraine’s largest banks, including monobank, PrivatBank, and Oschadbank, have signed a memorandum to limit outgoing transfers for clients without verified income.
From 2025, limits will be up to 150,000 hryvnias per month, and from June, up to 100,000 hryvnias. For high-risk clients, the restriction is already set at 50,000 hryvnias. These measures apply to all transfers, including IBAN.
The number of accounts in one currency will also be limited to three, excluding deposit, credit, and government support accounts. Exceeding limits will require documentary proof of income.
Concurrently, Ukraine has completed work on a draft law on cryptocurrency regulation and taxation, scheduled for consideration in the first quarter of 2025. Developed in collaboration with the National Bank and IMF, the document provides for the legalization of cryptocurrencies without preferential taxation. Asset conversion to fiat will be taxed as profit, similar to securities.
According to the head of the tax committee, Daniil Getmantsev, this approach eliminates tax evasion risks identified in consultations with European experts.
Notcoin’s Comeback
Developers of the Web3 project Notcoin have launched the Earn launchpool platform, integrated with the Wallet in Telegram. Users can earn rewards for holding TON tokens without complex staking mechanisms, participating in multiple pools simultaneously. Rewards are distributed based on leaderboard rankings and consider activity within the Notcoin ecosystem.
One of the first projects on the platform is the BUILD token, with the NOT PX coin to be added by the end of the year. Currently, rewards are available only for the top 100,000 participants in each pool.
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