What happened in the crypto world in the last week? Let’s see some interesting news together!
Bitcoin Could Rise to $120K by End-2024: Standard Chartered
Bitcoin (BTC), the world’s largest cryptocurrency by market value, could rise to $50,000 by the end of this year and up to $120,000 by end-2024, Standard Chartered Bank said in a research report earlier this week.
This updated forecast marks a significant increase from their previous prediction of $100,000 made in April. In an earlier analysis, Standard Chartered highlighted the likelihood of Bitcoin reaching the six-figure mark due to various factors, including a crisis in the banking sector. But the bank now considers this estimate to be overly cautious, suggesting that there is even greater potential for growth.
Currently, Bitcoin has already witnessed an 80% increase since the beginning of this year, with its current trading value hovering around $30,100. The report further emphasizes that increased profitability for Bitcoin miners will serve as a key driving force behind the price surge that will take place again.
UK Treasury Starts Consultation on Five-Year Digital Securities Trial
The UK Treasury has outlined plans to introduce lighter regulations for digital bonds and equities, aiming to create a conducive environment for approximately five years. This proposal, presented in a recent consultation, seeks to establish a “sandbox” for innovative securities leveraging distributed ledger technology (DLT). By implementing new rules recently enacted into law, the government anticipates enhanced market efficiency, transparency, and resilience.
In its consultation paper, the Treasury acknowledges the transformative potential of digital assets in financial markets. Additionally, it emphasizes the importance of ensuring the safe realization of these benefits while preserving existing regulatory outcomes.
With the powers granted under the 2023 Financial Services and Markets Act, the Treasury envisions a departure from traditional practices in securities trades. This could include round-the-clock and weekend trading operations, as well as immediate settlement of transactions instead of waiting days.
Initially, the relaxation of regulations will be effective for up to five years. The scope of this approach will encompass digital equities, bonds, and money market instruments, while excluding derivatives and unbacked cryptocurrencies like bitcoin (BTC) and ether (ETH). The exclusion is justified by the evolving nature of the regulatory framework surrounding these specific assets.
Starbucks Teams Up with Micah Johnson’s Aku NFT Project
Starbucks’ cutting-edge loyalty program, Odyssey, operating on the Web3 platform, has unveiled an exciting partnership with the popular non-fungible token (NFT) collection, Aku. The announcement took place on Odyssey’s exclusive Discord channel, where the details of their upcoming digital collectible Stamp were revealed.
Aku, a remarkable NFT collection conceptualized by Micah Johnson, a former Major League Baseball player, focuses on inspiring young children to dream big. Notably, this collection has already attracted the attention of various celebrities, including Trevor Noah, Pusha T, and Tyra Banks, who have acquired NFTs from Aku.
Marking an important milestone, Starbucks will launch the “Aku Adventure” Journey on July 17. This immersive experience will allow Odyssey members to embark on an extraordinary mission alongside Aku. As mentioned in the Discord post, the new Stamp has been exclusively designed by Aku, and Odyssey members will have the opportunity to participate in the Aku Adventure until August 13, 2023.
In a heartwarming gesture, Starbucks has pledged a generous donation of $100,000 to Blessings in a Backpack, a non-profit organization dedicated to addressing food insecurity among children. This charitable initiative is an integral part of the launch of the Aku collaboration.
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