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2024 Bitcoin Preview: Crypto Analyst Weighs In On BTC Price Action

Amid the excitement surrounding the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), Polish crypto analyst Adrian Zduńczyk has shed his insights on the price action of BTC in 2024 and beyond.

Bitcoin Price Action In 2024 And Beyond

Zduńczyk, who is the Chief Executive Officer (CEO) of Birb Nest shared his insights in a recent interview with Thinking Crypto founder Tony Edward. In the interview, Zduńczyk revealed his short-term expectations for Bitcoin, the impact of ETF approval, and post-halving expectations for price.

Zduńczyk began by drawing attention to the recent surge in Bitcoin prices while also noting a minor decline. He emphasized the significance of differentiating between speculations, expectations, and actual trading.

He further talked about the use of technical indicators to spot possible market reversals. These include the rate of change and the Relative Strength Index (RSI).

Zduńczyk noted how the market trend has persisted, pointing out crucial metrics such as the 200-day moving average. According to him, the 200-day moving average has been indicating favorable trends since the year started. The price of Bitcoin has increased by a notable 190% year to date, despite a slight correction. This indicates the strength of the bull market that has been present since January.

When asked about the impact of Bitcoin spot ETF on the asset’s price, he highlighted seasonal trends in Bitcoin’s performance by establishing a correlation with historical data. He explained that he would rather go with the facts than opinions. This is because “it is difficult to comment on opinions,” which by definition is “different from the facts.”

Due to this, Zduńczyk has suggested that the community should focus on the facts this time rather than opinions. This is because facts rely on seasonal studies and prices do the same.

Observing the upward tendency in January over time, he provided an explanation of the seasonal pattern in the January barometer. As a result, he proposed an 80% chance of a favorable year if January ends well.

All-Time High Price Target Post BTC Halving

Zduńczyk provided insights into the possibility of Bitcoin reaching a new all-time high in 2025. He made this claim after analyzing its past four-year cycles and their relationship to the presidential stock market cycle.

The CEO stated that Bitcoin has always experienced “powerful rallies” after each halving. He further backed up his claims with a chart demonstrating BTC price rallies since the halving began.

Bitcoin

Furthermore, Zduńczyk highlighted that it would not be shocking to see a three-to-five-fold increase following the halving price. However, he has expressed caution as no one knows exactly how high Bitcoin will go.

So far, Zduńczyk predicts an all-time high price for BTC between $150,000 to $200,000 post-halving. In addition, he stated that the trends are unprecedented as the price could go higher than that or even lower.

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Binance Founder Ordered To Stay Put In The US In Ongoing Probe

Binance Co-founder and former Chief Executive Officer (CEO) Changpeng CZ Zhao, has been confined to remain in the United States in advance of his sentencing expected to take place next year.

Former Binance CEO No Longer Leaving The US

The Binance co-founder has been ordered by US District Judge Richard Jones to remain in the country in a ruling on Thursday. Zhao was instructed to stay in the US due to the significance of his recent guilty plea.

The ruling read:

As relief, the government requests that Mr. Zhao be required to remain in the continental United States in the period between his plea and sentencing.

The Thursday ruling reversed an earlier decision that would have allowed Zhao to return to the United Arab Emirates (UAE). Jones acknowledged in his decision the arguments provided by Zhao, which ordinarily would result in the government’s motion being denied. 

However, Jones highlighted the distinctive features of Zhao’s case. These include his riches, the absence of an extradition treaty with the UAE, and Zhao’s family living in the UAE.

Furthermore, the judge also highlighted that Zhao poses a flight risk if he were allowed to return to the UAE. This is due to the former CEO’s substantial assets and the meager connections he has to the United States.

Additionally, knowing that the Binance ex-CEO faces a potential 18-month sentence in prison also sparks a possible flight risk. Jones asserted that Zhao is asking for a lesser sentence, which might lead to 18 months of incarceration as indicated by the government.

The judge stated that despite promises that CZ wouldn’t flee if permitted to travel to the UAE, the court wasn’t convinced. This led to the order that he should remain in the US until his sentencing on February 23, 2024.

So far, the court stated in the ruling that its decision is not based on Zhao’s citizenship and alienage. “The risk of the defendant not showing up is posed by the circumstances surrounding their combined facts,” the court said.

Changpeng “CZ” Zhao’s Guilty Plea

Last Month, the former Binance CEO pleaded guilty and stepped down from the cryptocurrency exchange he founded about 6 years ago. Zhao’s plea to one count of violating the Bank Secrecy Act was formally accepted by Judge Jones.

Jones accepted the plea after a thorough consideration report and recommendation of the United States Magistrate Judge which found him guilty.

Jones wrote:

This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection, hereby accepts the plea of guilty of the defendant.

His plea was accepted just over two weeks after both he and Binance acknowledged a number of criminal and civil charges. These include failure to maintain an appropriate anti-money laundering program, running an unlicensed money transfer business, and violation of sanctions law.

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Robinhood (HOOD) Extends Trading Services To The UK

Robinhood, a major player in the United States financial technology industry is set to stretch out its trading services in the United Kingdom for the purpose of growing its business globally.

Robinhood To Offer US Stock Trading In the UK

Co-founder and Chief Executive Officer (CEO) of Robinhood Vladimir Tenev confirmed the expansion toward the UK sector in an interview with Bloomberg. According to the CEO, the expansion aims to bring the US stocks into the UK market.

The CEO stated:

The intention is, for the U.K. market, Robinhood to be the best place to invest U.S. stocks, U.S. dollars, and we believe we can fill that need better than anyone else.

Tenev noted that the company plans to gradually extend its platform to all users in the United Kingdom in early 2024. With the launch, consumers in the UK market will be able to trade 6,000 equities in the US market. 

The CEO further asserted that a waitlist has been made available to people who wish to gain early assess to the app. Furthermore, the platform’s launch in the UK is under the Financial Conduct Authority (FCA) regulation.

Additionally, the platform offers users features like a five percent interest, and can change their uninvested funds from pounds to dollars. These offers aim to attract a larger range of investors, particularly those with little financial resources.

Robinhood’s expansion sparks wider growth for its business globally. The CEO explained, “I aspire for Robinhood to be a global company. That’s been the plan from the very beginning. Baiju and I started this company as immigrants and children of immigrants, and so, the idea of making our services […] available to anyone in the world is just the vision that I had in mind from the very beginning.”

The company’s entry into the UK market also puts it in direct competition with national and international companies. These include companies like Public.com, based in New York, Revolut, and Freetrade, among others.

Zero – Fee Trading Initiative

The CEO also underscored the platform’s commitment to offering Zero-Fee trading and accessible trading alternatives for UK users. This initiative is similar to the effective charge reduction strategy that was put in place in the US before the epidemic.

Notably, Robinhood does not demand any commission fee for buying and selling stocks on the platform. Due to this, individuals can start creating their investment portfolios with a minimum of one US dollar (79p).

Tenev explained:

So we are launching imminently to the initial set of customers in the UK, and what we are launching is a commission-free share trading of US stocks.

With its zero-fee trading strategy, the platform’s introduction into the UK market will completely change how average investors interact with the stock market.

Also, with its focus on technology and user-centric features, the platform is poised to impact the current market. It will also bring fresh energy to the UK investment landscape.

Bitcoin

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Robinhood (HOOD) Extends Trading Services To The UK

Robinhood, a major player in the United States financial technology industry is set to stretch out its trading services in the United Kingdom for the purpose of growing its business globally.

Robinhood To Offer US Stock Trading In the UK

Co-founder and Chief Executive Officer (CEO) of Robinhood Vladimir Tenev confirmed the expansion toward the UK sector in an interview with Bloomberg. According to the CEO, the expansion aims to bring the US stocks into the UK market.

The CEO stated:

The intention is, for the U.K. market, Robinhood to be the best place to invest U.S. stocks, U.S. dollars, and we believe we can fill that need better than anyone else.

Tenev noted that the company plans to gradually extend its platform to all users in the United Kingdom in early 2024. With the launch, consumers in the UK market will be able to trade 6,000 equities in the US market. 

The CEO further asserted that a waitlist has been made available to people who wish to gain early assess to the app. Furthermore, the platform’s launch in the UK is under the Financial Conduct Authority (FCA) regulation.

Additionally, the platform offers users features like a five percent interest, and can change their uninvested funds from pounds to dollars. These offers aim to attract a larger range of investors, particularly those with little financial resources.

Robinhood’s expansion sparks wider growth for its business globally. The CEO explained, “I aspire for Robinhood to be a global company. That’s been the plan from the very beginning. Baiju and I started this company as immigrants and children of immigrants, and so, the idea of making our services […] available to anyone in the world is just the vision that I had in mind from the very beginning.”

The company’s entry into the UK market also puts it in direct competition with national and international companies. These include companies like Public.com, based in New York, Revolut, and Freetrade, among others.

Zero – Fee Trading Initiative

The CEO also underscored the platform’s commitment to offering Zero-Fee trading and accessible trading alternatives for UK users. This initiative is similar to the effective charge reduction strategy that was put in place in the US before the epidemic.

Notably, Robinhood does not demand any commission fee for buying and selling stocks on the platform. Due to this, individuals can start creating their investment portfolios with a minimum of one US dollar (79p).

Tenev explained:

So we are launching imminently to the initial set of customers in the UK, and what we are launching is a commission-free share trading of US stocks.

With its zero-fee trading strategy, the platform’s introduction into the UK market will completely change how average investors interact with the stock market.

Also, with its focus on technology and user-centric features, the platform is poised to impact the current market. It will also bring fresh energy to the UK investment landscape.

Bitcoin

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Robinhood (HOOD) Extends Trading Services To The UK

Robinhood, a major player in the United States financial technology industry is set to stretch out its trading services in the United Kingdom for the purpose of growing its business globally.

Robinhood To Offer US Stock Trading In the UK

Co-founder and Chief Executive Officer (CEO) of Robinhood Vladimir Tenev confirmed the expansion toward the UK sector in an interview with Bloomberg. According to the CEO, the expansion aims to bring the US stocks into the UK market.

The CEO stated:

The intention is, for the U.K. market, Robinhood to be the best place to invest U.S. stocks, U.S. dollars, and we believe we can fill that need better than anyone else.

Tenev noted that the company plans to gradually extend its platform to all users in the United Kingdom in early 2024. With the launch, consumers in the UK market will be able to trade 6,000 equities in the US market. 

The CEO further asserted that a waitlist has been made available to people who wish to gain early assess to the app. Furthermore, the platform’s launch in the UK is under the Financial Conduct Authority (FCA) regulation.

Additionally, the platform offers users features like a five percent interest, and can change their uninvested funds from pounds to dollars. These offers aim to attract a larger range of investors, particularly those with little financial resources.

Robinhood’s expansion sparks wider growth for its business globally. The CEO explained, “I aspire for Robinhood to be a global company. That’s been the plan from the very beginning. Baiju and I started this company as immigrants and children of immigrants, and so, the idea of making our services […] available to anyone in the world is just the vision that I had in mind from the very beginning.”

The company’s entry into the UK market also puts it in direct competition with national and international companies. These include companies like Public.com, based in New York, Revolut, and Freetrade, among others.

Zero – Fee Trading Initiative

The CEO also underscored the platform’s commitment to offering Zero-Fee trading and accessible trading alternatives for UK users. This initiative is similar to the effective charge reduction strategy that was put in place in the US before the epidemic.

Notably, Robinhood does not demand any commission fee for buying and selling stocks on the platform. Due to this, individuals can start creating their investment portfolios with a minimum of one US dollar (79p).

Tenev explained:

So we are launching imminently to the initial set of customers in the UK, and what we are launching is a commission-free share trading of US stocks.

With its zero-fee trading strategy, the platform’s introduction into the UK market will completely change how average investors interact with the stock market.

Also, with its focus on technology and user-centric features, the platform is poised to impact the current market. It will also bring fresh energy to the UK investment landscape.

Bitcoin

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Circle And SBI Holdings Partnership To Boost USDC In Japan

Global financial firm Circle has announced a strategic partnership with the Japanese financial services SBI Holdings, Inc., to promote the adoption of Circle’s USDC stablecoin and web3 services in Japan.

Circle Joins SBI Holdings In A Memorandum Of Understanding

According to the announcement, both parties have signed a Memorandum of Understanding (MOU) toward promoting UDSC‘s adoption in the country. Due to this, both parties are also committed to accurately abiding by stablecoin-related regulations and communication with authorities.

The announcement read:

The companies have signed an MOU underpinning the work ahead, which includes SBI Group and Circle initially working towards the circulation of USDC and expanding the use of stablecoins in Japan. SBI Group and Circle have also committed to properly complying with stablecoin-related regulations, including communication with authorities.

Circle’s partnership with SBI Holdings comes amid the Japanese government’s goal of encouraging the expansion of the Web3 business and enacting new stablecoin rules. In June, Japan’s updated Payment Services Act was published, emphasizing stablecoin regulation. 

The Revised Payment Service Act focuses on stablecoin issuance and circulation in Japan as it moves toward a Web3 economy.

As a global leader in the digital asset economy, the Japanese government revised the Payment Services Act (the Revised Payment Services Act), on June 3, 2023, to establish regulations for stablecoins. The regulation is expected to stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy.

Furthermore, it creates “collateralized” stablecoins that are backed by legal tender. This way, Circle’s USDC goes a step further because it is backed 100% by highly liquid cash and cash-equivalent assets and is always convertible 1 to 1 for US dollars.

The announcement also highlighted a banking relationship between Circle and SBI Shinsei Bank. This is because the SBI Shinsei bank will provide banking services to the firm. As a result of this, USDC and liquidity become accessible for users and businesses in Japan.

Furthermore, SBI Group will embrace Circle’s Web3 Services solutions into its digital asset portfolio strategy. These include Programmable Wallet, smart contract management tools, and blockchain infrastructure.

The Company’s CEO On The Partnership

Circle’s Chief Executive Officer (CEO) Jeremy Allaire has expressed his pleasure in the recent collaboration with SBI Holdings. The CEO has taken to X (formerly Twitter) to share his optimism on the partnership.

According to him, the partnership exhibits a shared vision for digital currency’s future. The partnership also marks a significant milestone for Circle, as it plans to expand in Japan and Asia Pacific.

Allaire stated:

Our partnership with SBI Holdings represents a shared vision for the future of digital currency and is a significant milestone in Circle’s expansion plans in Japan and the Asia Pacific. We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan.

So far, SBI Holdings is requesting registration as an electronic payment instruments service, as this is subject to approval by the authorities.

Circle USDC

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Ripple CEO Offers Perspective On Legal Fallout With The SEC

Brad Garlinghouse, the CEO of Ripple, expressed his views on the aftermath of their legal battle with the US Securities and Exchange Commission (SEC).

Ripple CEO Insights On The SEC’s Stand In The Legal Battle

The Ripple CEO spoke about the case between the crypto company and the SEC in an interview at the 2023 DC Tech Week. Garlinghouse highlighted the SEC’s several setbacks since the case started.

According to the CEO, “the SEC has lost on everything that matters” when he was asked if the case is “done and dusted.” He further highlighted that the case’s conclusion rests on the SEC’s decision to pursue an appeal or not.

Nonetheless, Garlinghouse asserted that whether or not the SEC files an appeal on the case, which seems over for the regulator. This is due to the SEC’s “losing about three times to the crypto firm.”  

In addition, the CEO also brought up the SEC’s losses in the Grayscale case. In a court ruling, a trial judge declared the agency was behaving “arbitrarily and capriciously” towards Grayscales’s Spot Bitcoin ETF application. 

Notably, this legal wording suggests intentional and unreasonable activities done carelessly, ignoring relevant circumstances, facts, and other parties’ rights. With this incident, Garlinghouse emphasized that the SEC should reevaluate its course toward cryptocurrency regulation. The CEO stated:

I mean this is damning language from a federal judge to the SEC. At some point when you keep trying the same thing and having the same outcome, you need to change your approach. I hope the SEC’s change will be magical.

Nonetheless, Garlinghouse noted that the SEC losses will be amplified if they decide to take the appeal process higher. 

Furthermore, Garlinghouse “reaffirmed” that Ripple stands prepared to pursue the matter further with the US Supreme Court should the situation demand it. Given that the Supreme Court has typically ruled against regulators, he firmly believes that the SEC would fail in the Supreme Court.

Regulatory Framework For the Cryptocurrency Industry

The Ripple CEO also spoke about the ambiguous regulatory framework for the cryptocurrency industry in the United States. According to Garlinghouse, other nations are increasing their market influence by implementing open rules and luring capital into the industry. On the other hand, the US continues to view cryptocurrencies with “skepticism.”

Garlinghouse conveyed that the US lacks a conducive regulatory framework. This causes the United States to “forfeit” its prospective position as a leader in the cryptocurrency space. So far, the Ripple CEO believes the US will create a crypto-friendly legal environment in the next ten years.

XRP

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Binance New CEO Affirms Strength In Company’s Fundamentals

The world’s leading cryptocurrency exchange Binance new Chief Executive Officer (CEO) and former global head of regional markets Richard Teng has recently expressed his confidence in the crypto company’s fundamentals.

Binance Fundamentals Shows Strength Amid Challenges, New CEO

Earlier today, the new Binance CEO confidently revealed the fundamental strength of the crypto company despite recent challenges. The CEO took to his official X (formerly Twitter) handle to share his belief in the company. According to Teng, the fundamentals of the company’s business are still solid. 

Related Reading: Bitcoin Price Plunge Due to Binance’s Settlement Could Be ‘Buy Dips’ – Here’s Why

Furthermore, the CEO has asserted that the company will continue to operate as the biggest crypto exchange in the world. Teng pointed out several areas that will enable the company to hold on to its position in the crypto market. These include its debt-free capital structure, modest expenses, and robust revenues and profits.

Teng said:

Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.

Richard Teng’s X post responded to another X post by a user highlighting Binance’s revenue due to the DOJ’s $4 billion fine. According to the user, the company has no “problem paying the fine, as its total assets are valued at approximately $6.35 billion.”

In addition, the crypto company also holds about $3.19 billion worth of Stablecoins. Interestingly, the mentioned funds do not include off-chain cash balances or funds kept in wallets outside the Proof of Reserve (PoR). The post read:

I backed out Binance Corporate’s crypto holdings from their Proof of Reserves:  $6.35B in total assets, and $3.19B in stablecoins. Doesn’t include off-chain cash balances or funds held in wallets, not in PoR. Most likely able to pay the full $4.3B DoJ fine with 0 crypto asset sales.

Changpeng CZ Zhao Pleads Guilty To Crime

This is so significant that despite the craze following former Binance’s  CEO Changpeng CZ Zhao, the company remains strong, according to the new CEO. Changpeng was charged with US money laundering, of which he has recently pleaded guilty to the charge. Furthermore, the former CEO has agreed to pay about $50 million as part of his plea.

In addition to the penalty is Binance’s $4 billion fine as part of a settlement. The company’s fine is regarded as one of the largest corporate penalties in US history.

Binance BNB