Get your day by day, bite-sized digest of blockchain and crypto information – investigating the tales flying below the radar of at the moment’s information.
On this version:
- Key Worth Drivers for Bitcoin This Month
- CoinTracking Crypto Information Immediately: Crypto Tax Software for UK Buyers Launched
- OKX Ventures Invests in Web3 Gaming Firm Matr1x
- KuCoin Ends 2023 With a 106% Surge in Spot Volumes and Person Base of 31 Million
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Key Worth Drivers for Bitcoin This Month
The latest surge in Bitcoin (BTC)’s worth is “a multifaceted phenomenon pushed by anticipation of regulatory approvals, institutional curiosity, and market dynamics,” in accordance with Jag Kooner, Head of Derivatives at Bitfinex.
In an emailed be aware, Kooner shared insights on what drives key market developments:
- Anticipation of ETF approval: The surge in latest months is attributable to the market’s optimism relating to the US Securities and Alternate Fee (SEC) approving spot Bitcoin exchange-traded funds (ETFs). There was a close to 49% worth improve since October 2023 because of this, reflecting the market’s expectation that a number of purposes, together with BlackRock’s, will probably be authorised or denied on the similar time.
- Bitcoin Halving: Bitcoin halving, anticipated in April, has historically led to cost will increase as a consequence of a lowered provide of recent cash. We now have seen the best provide inactive statistics, particularly for long-term holders. So this impact is already in play, Kooner mentioned.
- Futures market and funding charges: The CME Group’s BTC futures open curiosity has hit ranges not seen since 2022, with asset managers and leveraged funds exhibiting important exercise. A constructive funding price throughout the board signifies a bullish sentiment and a willingness amongst traders to guess on additional worth will increase. The numerous correction in the direction of $40,000 might be seen as a “funding price reset” with one of many largest liquidation cascades ever.
- Institutional sentiment: The sentiment amongst institutional traders is constructive. The futures curve’s upward shifts in late 2023 indicated bullish exercise and an extended bias. This institutional curiosity can also be seen by way of CME OI improve, which is generally a medium for TRadFi traders over regular retail traders.
CoinTracking Crypto Information Immediately: Crypto Tax Software for UK Buyers Launched
Within the newest UK crypto information, particularly because the crypto taxation within the UK is altering quick, cryptocurrency tax software program and portfolio tracker CoinTracking has launched a crypto tax software that simplifies crypto taxes, said the press launch.
With a crypto tax software program like CoinTracking, UK-based traders can observe their portfolios by importing trades from a whole lot of exchanges, crypto wallets, and blockchain networks, it mentioned.
Buyers additionally profit from greater than 25 superior reporting options, together with discovering which cash of their portfolio might be eligible for a decrease tax price based mostly on their holding interval.
Thanks to those options, traders can collect all the required data and generate the proper tax experiences. That is doable as a consequence of CoinTracking supporting features calculations in accordance with the legitimate accounting methodology within the UK, the HMRC.
Buyers needing additional assist with their taxes can discover a answer with CoinTracking Full-Service. A workforce of CT consultants and accomplice crypto tax corporations overview, validate and modify their transactions, full imports, and guarantee right tax experiences.
“Full-Service was specifically designed for UK traders with advanced crypto trades to report and never a whole lot of time to work out the intricacies of taxes,” mentioned Florian Ostermeier, Head of Full-Service.
OKX Ventures Invests in Web3 Gaming Firm Matr1x
OKX Ventures, the funding arm of crypto trade OKX, introduced a strategic funding in Matr1x, a Web3 leisure platform that engages customers by way of cyberpunk-themed e-sports games.
Per the press launch, Matr1x has raised about $20 million from a spread of enterprise capital corporations. It’s growing Matr1x Fireplace, a first-person CS:GO type capturing title, in addition to a ‘battle-royale’ mode, which permits gamers to work collectively on groups to defeat enemies.
“The sport revolves round a generations-old battle between knowledge cartels and a decentralized resistance,” the announcement mentioned.
Matr1x Fireplace will combine traditional Web3 parts, together with NFTs, which unlock particular experiences and privileges. It will likely be out there on cellular and desktop.
KuCoin Ends 2023 With a 106% Surge in Spot Volumes and Person Base of 31 Million
An annual report by crypto trade KuCoin has discovered a 16% year-over-year improve. The consumer base is now nearing 31 million, according to the press launch.
Essentially the most important progress prior to now yr got here from the Latin America area, with a 34% improve. The corporate noticed “substantial consumer base progress” in different key areas in comparison with 2022. This consists of the Middle East and Africa (27%) and Europe (25%).
The final quarter of 2023 noticed a 106% bounce in spot buying and selling quantity. KuCoin recorded probably the most important progress in Europe (+169%), Latin America (+111%), and Center East and Africa (+124%).
Moreover, the trade added 149 new property, bringing the full to 830 digital property. It’s supporting 1,246 buying and selling pairs as of December 2023.
It additionally highlighted its 1.9 million KCS holders, an 11% year-over-year improve, in addition to over 10,000 KuCard holders inside a month of its launch.