Bitcoin among Top Buys for Investment Firm
Investment firm VanEck lists Bitcoin as a top buy for 2024 after the performance of its crypto funds and Bitcoin-linked ETF surged over 300% year-to-date in late December. VanEck CEO Jan van Eck predicts potential upsides for the crypto asset class, including the possibility of a Bitcoin spot ETF in the U.S. and continued adoption in emerging markets.
VanEck’s crypto-linked funds are now nearing $1 billion in assets, with the Digital Transformation ETF (DAPP) surpassing $100 million in assets under management as of December 27. The ETF’s gains indicate strong gains for crypto and blockchain companies captured by the DAPP fund.
Hong Kong to Regulate Over-the-Counter Crypto Exchanges
Plans to regulate over-the-counter cryptocurrency exchanges in Hong Kong have been announced following several cases involving youth and money laundering. Lawmakers are appealing for tougher rules for virtual asset exchange shops after young people were duped in suspected money laundering incidents. One of the cases reported exceeds $12.8 million.
The Financial Services and Treasury Bureau has warned citizens against using unlicensed virtual asset trading platforms. New regulations are being developed and a public consultation is on the horizon.
PancakeSwap’s Game Expands to Layer-2 Networks
‘Pancake Protectors’, the game created by decentralized exchange PancakeSwap, expands support to include Layer-2 networks zkSync Era and Arbitrum. The game has over 25,000 daily active users at peak times. Players can manage CAKE tokens, the in-game currency, across multiple chains.
Consolidation of Coinbase Block Rewards Among Top Mining Pools
10 of the top 15 mining pools have consolidated Coinbase block rewards, indicating a need for strong financial backing. This consolidation was noted since early 2022, with key pools participating.The Full Pay-per-Share model adopted by these pools requires daily financial commitments, emphasizing the importance of solid financial support.It’s suggested that Antpool or entities related to Bitmain may finance these payouts. Antpool has seen a notable resurgence in 2023, competing closely with Foundry USA for the number of blocks mined.