“Bring Back Tone Vays” is a news podcast edited by ForkLog and friends, covering the industry’s main events of the week.
The topics: a new phase of Bitcoin growth and market analysis, the founder of Bitzlato pleaded guilty, a look at Ukraine’s Ministry of Digital Transformation’s bill, Dogecoin turns ten, and forecasts for the future.
Participants: Lena Jess, Alex K.
Special guest: Odysseus, helmsman Grimace.
Host: Aremefe.
Bitcoin Rally
The week opened with a firm rise for the leading cryptocurrency: Bitcoin was trading around $43,900 at the time of writing.
ForkLog prepared a piece devoted to the reasons for the resumption of the uptrend. According to surveyed experts, the key role is played by expectations of a positive decision SEC on the Bitcoin-ETF, as well as a slowdown in the pace of annual inflation in the U.S.
We surveyed market analysts about their short-term forecasts. Most experts converge that the positive trend will continue, though the probability of a correction remains:
“It is unlikely that Bitcoin will be able to stay above $50,000 by year-end unless there is real liquidity inflow. I expect a correction to the $30,000–36,000 range,” says trader Vladimir Cohen.
Many investors are positive about the medium-term prospects as well. Thus, Adam Back forecast Bitcoin at $100,000 in the coming months. In his comments, he noted that his forecast does not account for a possible bullish impulse for the cryptocurrency in case the SEC approves a spot Bitcoin-ETF.
The Bitzlato Case
The founder of the crypto exchange Bitzlato Anatoly Legkodymov pleaded guilty to transferring and laundering illicit funds.
As part of the plea, Legkodymov agreed to shut down Bitzlato and relinquish any claims to about $23 million tied to the exchange’s seized assets.
Ukraine’s Ministry of Digital Transformation Bill
ForkLog published a comprehensive overview of Ukraine’s Ministry of Digital Transformation’s alternative bill on taxing cryptocurrency transactions.
Under the new scheme, trading platforms must file reports of their activities with the tax authorities. They can help users prepare reports on their completed transactions. Based on these, the latter users form the tax return themselves and pay taxes.
Happy Birthday Dogecoin
The meme cryptocurrency Dogecoin this week turned ten, marking its tenth anniversary and pushing to a new yearly high.
Dogecoin was launched on December 6, 2013 by developer Billy Markus and Adobe Systems sales employee Jackson Palmer, who decided to joke about the rapidly growing number of cryptocurrencies.
In December, the Dogecoin community will send a physical wallet with tokens to the Moon. The project will be carried out as part of Astrobotic’s Peregrine Mission One mission.
Forecasts for the New Year
Toward year-end, the first forecasts of the main blockchain-industry trends began to appear. In particular, experts at a16z shared their view. Analysts expect the main focal points to be UX improvements, cross-chain interoperability and AI, and the development of P2E mechanics.
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