Speculation of an Imminent Correction
The recent surge in the price of Bitcoin (BTC) following the launch of the first US ETF could signal that the cryptocurrency rally is nearing its peak, according to some crypto strategists. The WSJ reports that the rapid increase in BTC prices over a short period and the high level of unrealized profits have led analysts to classify the current situation as a potential “sell” event.
Julio Moreno of CryptoQuant predicts a potential price correction to $32,000 based on his on-chain metrics. There remains uncertainty around the SEC’s approval process for other ETF applications, though a simultaneous nod to multiple funds is possible to avoid showing favoritism.
Potential Impact of SEC Approval on Fees
If approved, crypto experts anticipate a fee war between asset managers could emerge, potentially benefiting end investors through reduced costs. However, not all approved ETFs may immediately launch due to operational requirements.
shiftedIndian companies moving to Dubai due to strict crypto taxation in India According to the SCMP, many Indian crypto platforms are setting up shop in Dubai to escape the country’s stringent tax regulations on virtual currencies.
Dubai has become a popular destination for cryptocurrency businesses, attracting a growing number of Indian companies and start-ups. Sumit Gupta of CoinDCX views Dubai or Singapore as more favorable locations due to regulatory clarity. India’s crypto trading volume has declined by over 90% on the back of high taxes, despite rising grassroots adoption.
Socrates Launches Pioneer Pens NFTs on OpenSea
Socrates has introduced the “Pioneer Pen,” an upgrade to its ecosystem that incorporates blockchain technology by converting its SBT Pens into NFTs based on the ERC-721 standard. The Pioneer Pens can now be traded on the OpenSea marketplace and represent user identities on the platform.
Socrates’ users can now use the SOC token to enhance the capabilities of their Pioneer Pens, representing the next step in the debate2earn revolution.