Binance's CZ Steps Down, Bitcoin's Resilience Amidst the Chaos – Market Analysis Revealed
Preparing for the Crypto Future: Best Places to Start, Diversify, and Educate
This week has been eventful across the industry, with the most significant news unfolding as the SEC charges Binance, the top cryptocurrency exchange globally. Binance and CZ have pleaded guilty to violating anti-money laundering requirements, leading to CZ stepping down. Richard Teng has been announced as the new CEO of Binance.
Remarkably, this news has barely made a dent in Bitcoin's market price. We will delve into Bitcoin in our market analysis, but it has remained steady in the past weeks, while altcoins are beginning to stabilize. There is definitely profit-taking on some altcoins that have experienced hundreds of percentage gains over the past two months.
I hope you've been paying attention in Q3, as it's just a small glimpse of what we are likely to see with Bitcoin in Q1 2024 leading up to the Bitcoin ETF approval and Bitcoin supply halving.
It's always good to be prepared for the future. In this episode, I delve into the best place to start a crypto company, the best place to diversify your residencies and citizenships, and the easiest way to send crypto to beginners via messenger, and more!
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Updates on the Merge of AI and Blockchain:
Huge AI news came out this week with the moving around of the CEO of OpenAI (ChatGPT), Sam Altman. Altman was fired from OpenAI by the board, but then rejoined the AI team at Microsoft shortly after. Microsoft is full steam ahead on the AI front and AI overall has made huge advances to the public eye with ChatGPT release at the beginning of 2023 and a huge narrative of Blockchain and AI merging together.
This merger enables smart contracts and decentralized autonomous organizations (DAOs) to leverage AI's capabilities, decision-making processes and more. We are still early on in both technologies compared to what will reach their full potential, but the possibilities are unimaginable what it will become.
I wanted to learn more about the intersection of AI and Blockchain, so I spoke with an expert in the space, Naveen Agnihotri. He’s been developing AI startups since the early 2000’s, before blockchain was even a thing.
Which Country offers the best second citizenship/residency?
A lot of investors are not just diversifying their investment portfolios anymore; they are also looking to diversify their financial ties inside and outside of the country they were born in, including getting a backup citizenship or other residences.
However, similar to making an investment, there is a lot of research to be done to figure out the best way to diversify your financial and living situation. What residencies or citizenships will complement the current passport that you have? Can you move to a new location that has lower tax and more benefits than where you currently reside?
So, I spoke to an expert, Miquel Girones, who also goes by Mr. Passport. Currently, he has 7 residencies and 4 passports. He has explored many different countries, but some of the most appealing countries (that work for his situation) are Dubai, Mexico, Paraguay, Serbia, and some others that you'll have to watch to learn more about.
Currently, Miquel is a digital nomad and pays 0% personal income tax based on his personal residency. He is originally from Spain, and when his business exploded, he ended up paying above 50% tax, so he decided to emigrate to capitalize further on his business. Now he helps others do the same and works with people personally to set them up in other countries.
If you're interested in hearing about the digital nomad lifestyle or exploring other places to build a Plan B residency or changing your tax residency, I recommend listening to our discussion.
Which Country is the Best to start a Crypto Company (Regulation)?
Have you ever wondered about the best locations to launch a crypto company, considering both regulatory factors, innovation and market traction?
We've witnessed challenges in the USA, particularly for cryptocurrency exchanges. Many exchanges, including Coinbase, are venturing into offshore operations to facilitate global service provision more efficiently.
But where is the crypto industry experiencing the most significant growth? Is it in London and Europe, Hong Kong and Southeast Asia, Singapore as the Tech Hub, or Dubai in the Middle East? These are all regions that appear to be garnering increased interest in crypto.
In this discussion, I engage with Patricia Ho, the General Counsel of Scroll, a rapidly growing Layer 2 ZK network. We delve into the regulatory landscape for crypto across various popular countries worldwide. Patricia possesses insights not only into the USA's regulatory framework but also into South East Asia and the Middle East. Whether or not you're embarking on establishing your crypto company, I highly recommend tuning in to our conversation to understand how crypto works slightly different across different countries. It provides valuable insights into where the crypto industry is burgeoning swiftly and offers ample space for innovation within companies.
Which Crypto Debit Card is the Best!?
Looking into crypto debit cards? Wondering which one is the best? There are several options in the market, such as the Coinbase Card, Binance, Fiat24, and Crypto.com cards. However, some of these cards have faced challenges with their partnerships. For instance, Binance recently parted ways with Mastercard. The Coinbase card initially offered an attractive 5% reward on USDT holdings but later reduced it to 0.5% as demand surged.
I delved into a comprehensive discussion on these cards with Blockchain Babe, an expert user of each, and she has opted for the Fiat24 card. Notably, the Fiat24 card not only serves as a crypto debit card but also functions as a Swiss banking account. Switzerland has long been renowned for hosting the best global banking services for the affluent.
If you've tried any crypto debit cards, I'd love to hear about your experience and which card you've chosen!
Calaxy: Texting Crypto funds through Social & Messenger!
There’s been a huge update to the Calaxy App, one of the leading Web3 Social media platforms, built on top of the Hedera ecosystem. It’s super easy to use and because it’s built on Hedera, you can send USDC to friends for no fees, instantly.
You’re also able to send NFT’s through Calaxy messenger. Social Media is about to get a lot more fun, and transactional. If you haven’t registered for Calaxy (it’s free) and secure your short username before they all get taken, check it out at https://Calaxy.com
Other Crypto News:
CZ Steps down from Binance as they are targeted by the US and pay $4 Billion Fine. Binance has resolved issues with U.S. agencies, acknowledging past compliance violations and emphasizing its growth and transformation, and intends to continue running and moving forward.
Richard Teng is the new CEO of Binance. Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.
The SEC Charges Kraken exchange with operating Kraken’s crypto trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.
World’s third-largest pension fund, South Korea’s National Pension Service purchases $19.9 million worth of Coinbase shares.
BlackRock files S-1 application for its Spot Ethereum ETF.
China's largest board and card game company, Boyaa, to acquire $90 million worth of Bitcoin and Ethereum.
Tether announces plan to invest over $500 million USDT within the next six months to become one of the world's largest Bitcoin miners.
Wild story from ChatGPT OpenAi: OpenAi board fires Sam Altman, then the OpenAi board negotiate his comeback, The entire board offers their resignation, OpenAi interim CEO offers Sam Altman a temporary position, OpenAi announces again that Sam Altman will not return, OpenAi hires former Twitch CEO Emmett Shear, then Microsoft hires Sam Altman to lead Microsoft’s new AI team instead.
Argentina Officially has a Pro-Bitcoin President as Javier Milei, the far-right outsider wins presidential election, with a near 3% increase in Bitcoin’s price following Javier Milei's victory.
Mastercard's partners with Feedzai, aiming to enhance fraud monitoring in crypto transactions, offering oversight of transactions across over 6,000 crypto exchanges.
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Market Analysis:
$BTC:
Bitcoin was practically unfazed by the CZ and Binance news this week. Technical analysis tells the whole story. Bitcoin has made three attempts to break above the ascending channel it has been in for the past month as it slowly grinds its way to 40k.
While we anticipate Bitcoin reaching 40k (with Birb already predicting 50k), it's important to be mindful that during these bull runs, there may be occasions when the market experiences a dip or flash crash of 20% or more. Consequently, numerous traders have placed buying bids in the 31k-33k range. There's a considerable chance that Bitcoin might dip into that range between now and the end of 2023.
Considering the two bullish months, October and November, which have been particularly positive for Bitcoin, a retracement and pullback in the market are normal expectations. This, coupled with tax loss harvesting at the end of the year, could potentially lead to some downward movement. However, it's noteworthy that most of these dips are swiftly absorbed, presenting excellent buying opportunities for those establishing long-term positions. Therefore, exercise patience and stay vigilant, keeping a close eye on Bitcoin.
If anything, the news surrounding CZ leaving Binance is actually very positive for Bitcoin. The last cycle when this happened with BitMEX CEO Arthur Hayes resigning, it marked the start of the Bitcoin bull run, and BTC only surged after the ordeal. Additionally, the new CEO is well-prepared and has worked with regulated markets in Abu Dhabi and Singapore for years. Combined with the upcoming ETF approval, I think we will see Bitcoin soar.
According to top trader IncomeSharks, altcoins are great short-term plays while Bitcoin continues to trade within a low time frame channel. However, it is important to monitor Bitcoin dominance charts to ensure that if Bitcoin breaks up or down rapidly, altcoins could experience drastic drops. This emphasizes the need to keep risk on the downside low. There has been a lot of profit-taking on altcoins to start this week, but there are definitely some coins that remain strong. Many altcoins have seen 200-400% growth in the past two months, which has influenced market behavior.
Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show