Kategorie: Crypto News

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Crypto highlights this week: Shiba Memu presale, SEC deadline for Bitcoin ETF amendments

  • Shiba Memu on the cusp of market debut as SEC sets deadline for ETF amendments.
  • The SHMU presale ends on December 30, 2023, with debut on crypto exchanges to follow.
  • The SEC has asked spot Bitcoin ETF applicants to submit final changes by December 29, 2023.

The crypto market is eyeing what could be a 2024 bonanza, with bullish sentiment around the SEC’s potential approval for a spot Bitcoin ETF the leading catalyst. Alongside a few attractively poised altcoins is Shiba Memu, a presale token that’s on the cusp of its market debut.

Here’s a highlight of the latest crypto news likely to be key this week. Also assess Shiba Memu presale, now down to just three days.

SEC sets Dec. 29 deadline for spot Bitcoin ETF amendments

The anticipation for a first spot Bitcoin exchange-traded fund (ETF) for the US market is set to rise further this week. This is after it emerged that the Securities and Exchange Commission (SEC) has asked all applicants seeking to list the ETF to file amendments to their filings by December 29, 2023.

SEC’s reported deadline for applicants comes after the regulator held multiple meetings with various firms looking to offer spot Bitcoin ETFs last week.

At least two companies were reportedly asked to submit final changes to their appplications by the stated date. Participants during the last meeting with the SEC were told that any applicant that fails to file final amendements by this Friday should not expect to be among the “first wave” of potential approvals.

While the crypto market buzz has cooled amid the holiday trading lull and as Mt.Gox reportedly begins to repay some of its creditors, the overall outlook is that Bitcoin is poised for a prolonged dose of upside pressure.

The altcoin market is similarly poised, and investors out to unlock the next bull cycle gem are betting big on low cap bargain tokens.

Shiba Memu: On the cusp of presale success

Meme tokens have exploded onto the scene in recent months, with resurgences for Dogecoin and Shiba Inu paled by the explosive surge for Solana-based Bonk (BONK). But with the market in the mood for a longer bull rally catalysed by Bitcoin ETFs and halving, investors keen on tapping into the potential of Shiba Memu are flocking to its presale.

The project, which outlines a new artificial intelligence powered meme coin with real-world utility, is now just three days to the presale close. As of December 27, 2023, investors have allocated over $4.8 million into SHMU to support the project’s development.

After the presale, Shiba Memu is expected to make its market debut on top crypto exchanges, likely entering the market during the forecast upward trajectory in Q1, 2024. The unique AI-powered marketing dashboard, staking program and integration with decentralised applications (dApps) is also outlined on the roadmap.

SHMU is currently priced at $0.05028 and could be one of the top meme coins to buy given its potential to redefine how meme-inspired crypto projects gain long term traction. Rather than rely on hype, Shiba Memu will be a self-sufficient marketing machine, capable of challenging the top tokens such as Dogecoin and Shiba Inu.

To check out Shiba Memu’s features and tokenomics, read their whitepaper. You can also join the presale.

The post Crypto highlights this week: Shiba Memu presale, SEC deadline for Bitcoin ETF amendments appeared first on CoinJournal.

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Mt. Gox creditors receiving long-awaited repayments

  • Mt. Gox creditors confirm Japanese Yen refunds via PayPal after a decade-long wait.
  • Mt. Gox’s 2014 collapse, losing 950,000 Bitcoins, triggered years of legal battles.
  • The extended repayment timeline could influence 2024 market dynamics.

After a decade of anticipation, creditors of the infamous Mt. Gox Bitcoin exchange are finally receiving repayments for their locked-up funds. Recent reports on social media, particularly Reddit, suggest that Mt. Gox has initiated the distribution of Japanese Yen-denominated refunds through PayPal. This comes a few months after Mt.Gox hinted at making BTC payouts before the end of 2023.

The development marks a significant development in one of the largest cryptocurrency exchange collapses, where approximately 950,000 Bitcoins worth $450 million vanished in 2014, leaving creditors in limbo for years.

A decade-long wait

On December 25, users on the mtgoxinsolvency Reddit page shared their experiences of receiving Japanese Yen-denominated refunds via PayPal. Among them, Free-end254 posted a screenshot of a PayPal receipt, confirming the receipt of funds. Another user, initially sceptical, later verified the legitimacy of the payment in their PayPal account.

This development follows an announcement in late November by Mt. Gox trustee Nobuaki Kobayashi, revealing plans to initiate repayments in cash in 2023, with expectations of ongoing payments throughout 2024.

While official confirmation from Mt. Gox is still pending, these user reports suggest a significant step forward in compensating affected creditors.

Mt. Gox’s complex history of loss and legal battles

In February 2014, Mt. Gox, once among the largest Bitcoin exchanges, faced a catastrophic event, losing around 950,000 Bitcoins, valued at $450 million. The exchange’s claim of an additional 100,000 missing Bitcoins further exacerbated the crisis. The exact reasons behind the theft remain unclear, but a combination of poor security measures and potential insider involvement was suspected.

The loss had a profound impact on Mt. Gox’s creditors, who deposited their Bitcoins with the expectation of easy withdrawals. However, the exchange’s collapse left these funds trapped for almost a decade.

Creditors resorted to legal actions against Mt. Gox and its former CEO, Mark Karpeles, in an attempt to recover their losses.

Mt. Gox repayment process

In late November, Mt. Gox creditors received an email from trustee Nobuaki Kobayashi, outlining the plan to initiate repayments. The distribution process involves utilizing funds from asset sales and recovered Bitcoin. Although the repayment timeline extends into 2024 due to varying processing times, this marks a significant stride toward closing the chapter on a complex and protracted legal battle.

The extended repayment period may potentially impact the Bitcoin market, as creditors, finally gaining access to their assets, could choose to sell or exchange their crypto holdings. With the court allowing an extension until October 31, 2024, Mt. Gox creditors are now on the cusp of reclaiming a portion of their long-lost investments.

The post Mt. Gox creditors receiving long-awaited repayments appeared first on CoinJournal.

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Polygon (MATIC) holds above key level as bulls target $1

  • Polygon (MATIC) price is poised above $0.85, a key support level that could see bulls eye $1 in coming weeks.
  • Bullish catlysts for crypto and developments in the Polygon ecosystem could buoy MATIC upside momentum.

Polygon (MATIC) price continues to hold above $0.85, a key level above buyers could target the psychological $1 hurdle. Despite the broader market’s lull amid the thinned trading expected this Christmas holiday week, MATIC could still see a major breakout.

Could it be one of the top altcoins under $1 in the market today? Here’s the price outlook for Polygon.

Polygon an “underdog”?

Polygon has not experienced the kind of price explosion some coins have witnessed in 2023 overall or in recent weeks. But Polygon’s zero-knowledge EVM (zkEVM) technology, Chain Development Kit (CDK) and MATIC to POL migration mark a few of the key developments for the blockchain in the year.

Polygon also recently integrated with Chainlink Data Feeds, a move hailed as a likely “game-changer” for the decentralised finance (DeFi) space.

Despite these Polygon founder Sandeep Nailwal thinks the layer-2 blockchain is an “underdog” in the ecosystem.

MATIC price remains above key level

Polygon (MATIC) has not traded above the $1 mark since May this year. Polygon bulls however did move to within touch of the price level in November and earlier this month. MATIC/USD reached highs of $0.98 on November 14 and $0.94 on December 9.

Although prices dipped to lows of $0.76 on December 19, bulls are looking to hold above $0.85 on December 25.

The bullish sentiment across the market and within the Polygon ecosystem could help keep prices from dipping below $0.80. In this case, it’s likely a retest of recent highs near the critical $1 could be on cards before the year ends.

One of the catalysts for further gains in the year could include the highly anticipated spot Bitcoin ETF. Analysts and market experts say the US Securities and Exchange Commission (SEC) could finally give a nod to spot Bitcoin ETFs by January 10, 2024.

The post Polygon (MATIC) holds above key level as bulls target $1 appeared first on CoinJournal.

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Japan removes corporate tax on unrealized crypto profit

  • Japan has scrapped corporate tax on unrealized profits
  • Companies holding unrealized gains on their crypto assets will not pay tax on them as from April 1, 2024.

Japan is reportedly doing away with corporate tax on unrealized profits from cryptocurrency holdings, according to the latest news by local media outlets.

Japan changes corporate tax law on crypto

Per the news updates, companies and institutions holding crypto will not pay tax on their “unrealized gains” from April 2024. 

The cabinet approved the tax changes on December 22, local media outlet Nikkei reported. The new tax regime will take effect on April 1, 2024 – the date that Japan’s fiscal year starts.

This follows the Japanese government’s approval of a revision to the country’s tax law as applies to companies that hold digital assets issued by third parties. Companies are set to only get taxed on realized profits- after they sell.

As it stands and per the law, corporate crypto holders are subject to taxation on the “mark-to-market valuation” of their assets every fiscal year. However, with the revision, companies that hold unrealized cryptocurrency profits will not be subject to this tax.

In June, Japan’s tax agency clarified that crypto issuers were no longer subject to the 35% capital gains tax.

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SEC asks for final changes to spot Bitcoin ETF filings: Report

  • The US Securities and Exchange Commission (SEC) has set December 29, 2023 as the date for final changes to spot Bitcoin ETF filings.
  • BlackRock, Grayscale and ARK Invest and other companies are all eyeing spot Bitcoin ETF approval in 2024.
  • Bitcoin price is hovering above $43k and could rally to a new all-time high on the ETF approval and other bullish catalysts.

The US Securities and Exchange Commission (SEC) has reportedly set a deadline for the final changes to Bitcoin exchange-traded funds (ETFs) applications before it.

SEC officials told representatives of seven firms looking to list a spot Bitcoin ETF in the coming weeks that they had to file the final changes to their proposals by December 29, 2023. 

SEC expected to approval first spot Bitcoin ETF early January

A Reuters report says the SEC communicated this to at least companies, with details of the same noted in public memos and from sources familiar with the developments.

The development comes after a busy few days for the regulator. There have been multiple meetings with representatives of BlackRock, Grayscale Investments, ARK Investments and 21 Shares among other companies this past week. 

The latest was on Thursday, December 22 where the agency reportedly asked applicants to file any changes by December 29. It comes after the securities watchdog continued to push for cash creation and redemption models for the spot Bitcoin ETF. 

BlackRock and Ark Invest/21 Shares have filed changes to reflect the cash redemption. 

Other than this detail, other aspects likely expected in the final filings could be related to things like fees and “seeds”.

BlackRock, which announced an initial $100,000 seed for their iShares Bitcoin Trust (IBIT) ETF in October, is reportedly eyeing a $10 million bump to the seed amount by January 3. Eric Balchunas, a senior ETF analyst at Bloomberg recently highlighted this via X.

The SEC is expected to make a final decision on the Ark Invest/21 Shares Bitcoin ETF proposal on January 10, 2024. Over the last several weeks, the crypto market has increasingly become bullish on the possibility that the SEC could opt to approve multiple spot Bitcoin ETFs all at once.

Bitcoin (BTC) price continues to hover above $43k ahead of a potential breakout on ETF approval. Analysts say that this, as well as the upcoming BTC halving and the macroeconomic environment could catalyse a bull market rally to highs of $120 or higher in 2024.

The post SEC asks for final changes to spot Bitcoin ETF filings: Report appeared first on CoinJournal.