Bitcoin Targets $120K in January Amid Record Binance Stablecoin Reserves
According to Cointelegraph, Bitcoin analysts are predicting a significant rally for the cryptocurrency, with expectations of reaching $120,000 by January 2025. This optimistic forecast is supported by nearly $45 billion worth of stablecoins ready for deployment on Binance. The surge follows a recent correction from an all-time high and could be further influenced by factors such as ETF inflows and US stock market performance.
How Are Crypto Exchanges Handling MiCA Compliance?
A detailed report from CCN.com highlights how crypto exchanges are navigating the new Markets in Crypto-Assets (MiCA) regulations set to take effect at the end of 2024. These rules require compliance with stringent licensing and transparency standards across Europe. Some exchanges like Coinbase have already delisted non-compliant assets such as Tether (USDT), while others face challenges related to AML requirements and regional regulatory alignment.
The Year in Crypto: Binance’s Nigerian Hostage Crisis
An article from Decrypt recounts the dramatic detention of Tigran Gambaryan, a former IRS agent turned Binance executive, who was held in Nigeria under accusations including money laundering. His eight-month ordeal involved diplomatic tensions between U.S. officials and Nigerian authorities before his eventual release following negotiations that included forming a Bilateral Liaison Group focused on illicit finance.
Creditor Champion Debunks Claims of FTX $16B January Repayment
The Crypto Basic reports skepticism surrounding claims that defunct exchange FTX would begin repaying creditors up to $16 billion starting January 3rd next year. A prominent creditor has refuted these rumors, clarifying that only half of recovered funds will initially be distributed due to ongoing bankruptcy proceedings which may extend full repayment over several years.
Crypto Backers Sue IRS for Decentralized Exchange Final Rule
Bloomberg Law covers legal actions taken against the IRS's final rule requiring decentralized exchanges (DeFi) to comply with broker reporting mandates deemed excessive by industry advocates like Blockchain Association. They argue this regulation exceeds Treasury authority under APA guidelines while potentially driving innovation overseas due to its burdensome nature on user-to-user platforms without centralized oversight structures typically found within traditional financial systems.
Sources:
- Bitcoin targets $120K in January amid record Binance stablecoin reserves
- How Are Crypto Exchanges Handling MiCA Compliance?
- Malaysia Cracks Down on Unregistered Crypto Exchanges: Bybit Ordered to Halt Operations – Exchanges Bitcoin News
- The Year in Crypto: Binance’s Nigerian Hostage Crisis
- Creditor Champion Debunks Claims of FTX $16B January Repayment
- Crypto Backers Sue IRS for Decentralized Exchange Final Rule (1)
