Solana’s Revival: 71% Surge in 30 Days and New Meme Token BONK

• The solana price is down by 1% today, but has seen a 26% increase in a week and a 71% surge in the last 30 days.
• SOL is exhibiting strong momentum, with its relative strength index (purple) remaining close to 70, and its 30-day moving average (red) rising up to its 200-day average (blue).
• Solana is on the path to recovery, evidenced by its 70% price increase in the past month, and its launch of Solana-based meme token BONK.

Solana is a layer-one blockchain that is currently experiencing a resurgence in price, having seen a 26% increase in a week and a 71% surge in the last 30 days. The altcoin is currently trading at $21.03, down by 1% in the past 24 hours, but still significantly higher than its recent lows.

This resurgence is partly due to the launch of Solana-based meme token BONK, which has attracted a lot of attention and increased the traffic on the blockchain. At the same time, Solana is also benefitting from some of the updates it has been rolling out in the second half of 2022, which have restored confidence in the project and put it on the path to recovery.

The current momentum of SOL is evidenced by its technical indicators. The relative strength index (purple) is close to 70, despite having had a dip a few days ago, while its 30-day moving average (red) is rising up towards its 200-day average (blue). This suggests that SOL may be in the middle of a breakout to a new longer term level.

Given the promising outlook for Solana, traders may be tempted to invest in the altcoin in hopes of profiting from its price increases. However, there are other more profitable alternatives, such as move-to-earn crypto Fight Out. Fight Out is a presale token that offers traders the opportunity to capitalize on short-term gains, while also participating in the development of the project.

Overall, Solana’s recovery appears to be on track, with its recent price increases suggesting that it may soon be on the way to $50. However, traders should also consider other options, such as Fight Out, as these may offer better returns in the short-term.

Crypto Industry Needs to Heal and Rebuild to Survive Transition Period: Novogratz

• Mike Novogratz, the founder of Galaxy Digital Holdings, argued that the events of 2022 have ‘cleansed’ the industry and that it is now time to survive the “transition period”.
• He warned that 2023 is a year to “survive” and that the outlook for crypto is “not great” due to regulatory headwinds.
• He noted that the prices of Bitcoin (BTC) and Ethereum (ETH) have held steady and have gone up in the last few days.

Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, spoke to CNBC on Tuesday, arguing that the events of 2022 have ‘cleansed’ the industry and that it is now time to survive the “transition period”. According to Novogratz, 2022 was a “grand washout” for the crypto industry, as those with high costs and shrinking revenues “got hammered”. He warned that 2023 is a year to “survive”, as there are regulatory headwinds that had not been present before.

Not all the news is bad, however. He noted that the prices of Bitcoin (BTC) and Ethereum (ETH) have held steady and have gone up in the last few days. At 9:10 UTC on Wednesday morning, BTC is up 1% in a day and 4.5% in a week, trading at $17,442. At the same time, ETH is changing hands at $1,334. It is up less than 1% over the past 24 hours and nearly 10% in a week.

Novogratz went on to say that the industry needs to cut costs and “heal and rebuild narrative” in order to survive the transition period. He believes that long-term, “crypto is not going away”. He also suggested that new presales may come in 2022 to potentially provide the industry with the next 100x crypto.

Overall, while the market may be “pretty clean” according to Novogratz, there are still some overhangs that could affect the industry in the next quarter. While the outlook may not be great, Novogratz is confident that the crypto industry can survive the transition period and come out stronger in the end.

Is Now The Right Time To Buy Solana’s SOL Token?

• Solana’s native token, SOL, is up around 33% since the start of the week and around 66% higher versus its late 2022 lows.
• Some investors may be asking if it is too late to buy SOL, given its recent pump.
• Analysts suggest that now might be the best time to get in, as waiting might see investors miss out on further potential gains.

The Solana blockchain’s native token, SOL, has seen an impressive price surge in recent weeks. Last trading a little over 1.0% lower on the day on Wednesday in the $13.20 area, SOL has been as high as the $14.20 area earlier in the session. This price surge has seen the cryptocurrency blitz back to the north of its 21 and 50-Day Moving Averages at $11.60 and $12.75 respectively, with the bulls now eyeing a test of resistance in the $15 area.

The success of the Solana blockchain and its token has caused some investors to question whether it is too late to buy SOL. Cryptocurrency analyst Marzell believes that the SOL pump is likely now to reverse, and is targeting a retest of the $12.20, where he is looking to take profits on a recently implemented short position.

However, if the more bullish forecasts for the cryptocurrency are correct, then now might be the best time to get in, as waiting might see investors miss out on further potential gains. One cryptocurrency community member predicted that Solana would hit $33 at best in the next six months. This prediction has caused some to believe that buying now could be a good idea, while others think that they may be able to buy in at a lower point in the future if the pump reverses.

Ultimately, investors will have to decide whether to take the risk and buy now, or to wait and see if the SOL price goes down in the short-term. Whichever decision is made, it is clear that the Solana platform has made huge strides in the cryptocurrency space and its token is already performing well.

2023: Year of Crypto Regulatory Clarity? Ripple CEO Optimistic

• Ripple CEO Brad Garlinghouse is optimistic that 2023 will be the year we see a breakthrough in regulatory clarity for crypto in the US.
• Politicians in the 118th Congress, such as Patrick McHenry, Glenn “GT” Thompson, and Tom Emmer, are showing bipartisan and bicameral leadership.
• Garlinghouse proposes the Securities Clarity Act, Clarity for Digital Tokens Act, and other bills to help with the lack of coordinated global crypto regulation.

The crypto industry is on the brink of a major breakthrough – Ripple CEO Brad Garlinghouse is “cautiously optimistic” that 2023 will be the year we finally see a breakthrough in regulatory clarity for crypto in the US. With the start of the 118th Congress, the crypto industry is in for a major shakeup.

Garlinghouse has identified ten politicians that are known for their bipartisan and bicameral leadership, including Patrick McHenry, Representative for North Carolina’s 10th District; Glenn “GT” Thompson, Representative for Pennsylvania’s 15th Congressional District; and Tom Emmer, Congressman for Minnesota’s Sixth District.

Despite the progress that has been made over the past few years in terms of regulation, there is still a lack of coordinated global crypto regulation. To combat this, Garlinghouse has proposed the Securities Clarity Act, Clarity for Digital Tokens Act, and other bills. The Securities Clarity Act would help to define what constitutes a “digital asset security” and provide safe harbors for token issuers and investors. The Clarity for Digital Tokens Act is aimed at providing further clarity on how digital tokens should be regulated.

Garlinghouse acknowledges that no bill is perfect and that it is unlikely to satisfy everyone. However, he believes that these proposals provide more than a starting point for debate in the new Congress and that the stakes could not be higher.

The ripple effect of Garlinghouse’s positive sentiments has already been seen in the crypto markets, with XRP currently exhibiting a bullish trend and managing to maintain its upward momentum despite a dip below $0.30. To continue this positive trend, it is important for XRP to hold above its support at $0.35.

As the crypto industry and the US Congress prepare for a major shakeup in 2023, it is important to keep an eye on Garlinghouse’s proposed bills to help provide clarity on the regulation of digital tokens. With Garlinghouse’s optimism, it looks like the crypto industry is in for a major breakthrough in 2023.

Ex-Bithumb Chief Acquitted of Fraud Charges in Surprise Verdict

• South Korean prosecutors have failed to convict the former head of the crypto exchange Bithumb, Lee Jung-hoon, of fraud charges.
• The accusations dated back to October 2018 and involved a failed deal to sell the exchange to Kim Byung-gun of the plastic surgery firm BK Group.
• The Seoul Central District Court acquitted Lee of all charges, though prosecutors are expected to attempt to overturn the verdict in a second trial.

South Korean prosecutors have been thwarted in their efforts to send the former head of the crypto exchange Bithumb, Lee Jung-hoon, to prison for eight years. In a surprising twist, the Seoul Central District Court acquitted Lee of all charges on fraud related legal violations worth some $70 million.

The case dates back to October 2018 when Lee and Kim Byung-gun, the chairman and founder of the plastic surgery firm BK Group, were in the process of negotiating a deal to sell the exchange to Kim. However, the deal fell apart over payment-related issues in 2019, and the two parties have been embroiled in disputes ever since.

At the heart of the disputes is BXA, an altcoin created by the Singapore-based BK Group. Various parties have alleged that part of the deal included an agreement to list the altcoin on Bithumb, a move that would likely have caused a price rise. As a result, prosecutors had accused Lee of fraud-related legal violations worth some $70 million and sought to jail him for eight years.

The prosecution had claimed that the money had been disguised as a down payment but had in fact been embezzled by Lee. However, the District Court found him innocent of this charge. Despite this, prosecutors are expected to attempt to overturn the verdict in a second trial, likely at the high court.

Bithumb released a statement that Lee is its “former chairman” and currently plays no part in the exchange’s management or operations. The complicated ownership structure of Bithumb has been an ongoing issue for several years, and the platform has been seeking a buyer for some time. It is unclear how many shares are owned by Lee, and a reclusive millionaire named Kang Jong-hyun, adding to the confusion.

Ultimately, South Korean prosecutors have failed in their bid to imprison Lee Jung-hoon, but the complicated legal disputes between the parties are still ongoing. It remains to be seen whether the verdict will stand, and whether the ownership structure of Bithumb will ever be resolved.

Bithumb’s Former Head Acquitted of Fraud Charges, Legal Disputes Continue

Bulletpoints:
• South Korean prosecutors have been unsuccessful in their efforts to sentence the former head of the crypto exchange Bithumb to eight years in prison.
• The court acquitted Lee Jung-hoon on fraud charges related to a failed sale of the crypto exchange to the BK Group in October 2018.
• Legal disputes continue between Lee and Kim over the altcoin BXA, which was to be listed on Bithumb and could have caused a price rise.

The crypto exchange Bithumb has been fraught with legal disputes for the past few years, with the most recent involving the former head of the exchange, Lee Jung-hoon. South Korean prosecutors had sought to jail Lee for eight years on fraud-related charges, however, their efforts were thwarted when the Seoul Central District Court acquitted Lee of all charges.

The case dates back to October 2018 when Lee attempted to sell Bithumb to the plastic surgery firm BK Group, which is led by Chairman and Founder Kim Byung-gun. The sale was complicated by the fact that there were disputes over the ownership structure of Bithumb, and who was actually responsible for the sale. The deal eventually fell apart over payment issues in 2019, but not before the two sides had agreed to list the altcoin BXA on Bithumb, which would have likely led to a price increase.

The prosecution accused Lee of fraud-related legal violations worth some $70 million, claiming that the money had been disguised as a down payment but was in fact embezzled by Lee. However, the District Court found him innocent of these charges, and it is expected that prosecutors will attempt to appeal the verdict in a second trial.

Bithumb has publicly stated that Lee is its “former chairman” and he currently plays no part in the exchange’s management or operations. Despite this, the legal wrangling surrounding the exchange’s ownership structure continues. The platform has been seeking a buyer for some time, however, it is unclear how many shares are owned by Lee and reclusive millionaire Kang Jong-hyun.

The failed trial and continued disputes are sure to have a lasting impact on Bithumb and the crypto exchange industry as a whole. While Lee has been cleared of charges, it is yet to be seen how the sale and listing of BXA will progress in the future. Until then, it appears that the legal battle for the exchange will continue for some time.

Italian and Portuguese Governments Tax Crypto Gains, Look to Curb Tax Evasion

• Italy has passed a new law introducing a 26% tax on crypto gains above 2,000 euros.
• The new law also introduces incentives for taxpayers to report their crypto holdings and losses.
• Portugal has also recently proposed to tax crypto gains, albeit at a lower rate of 28% for holdings of less than one year.

The Italian parliament has recently passed a proposal for a 26% tax on crypto gains above 2,000 euros ($2,110) on December 29 as part of the budget for 2023. The new law, which was part of the first budget proposed by Italy’s new Prime Minister Giorgia Meloni, is aimed at bringing hefty taxes on crypto gains as well as introducing incentives for taxpayers to report their crypto holdings and losses.

Under the new law, crypto owners are entitled to an amnesty for unreported gains achieved in previous years by paying a “substitute tax” of 3.5%, plus a 0.5% fine for each additional year. Furthermore, taxpayers will also be able to deduct their crypto losses over 2,000 euros. In addition, the law also allows taxpayers to declare their crypto holdings as of January 1 and pay a tax rate of 14%.

The law is in line with the EU’s Markets in Crypto Assets (MiCA) bill, which was approved last year and is set to come into effect in 2024. The bill establishes a consistent regulatory framework on crypto across the EU.

Notably, Portugal has also recently proposed to tax crypto gains, albeit at a lower rate of 28% for holdings of less than one year. The country has for years been known as a crypto tax haven, so this move may come as a surprise to some.

Regardless, the introduction of these new laws in Italy and Portugal is a sign that more countries may follow suit in the near future. It remains to be seen if the new laws will be effective in curbing crypto-related tax evasion, as well as whether other countries will follow suit.

Russia May Allow Crypto Payments for International Trade

• The Russian Finance Minister has confirmed that his department wants to green-light the use of crypto as a payment tool in international trade.
• The minister was speaking to the TV channel Rossiya-24 ahead of the New Year and said that countries that “want to do business” with Moscow should be allowed to pay in crypto if it is “convenient” for them.
• Russia’s Central Bank may be prepared to go along with the ministry’s plan – but only under the condition that the firms immediately convert any coins they receive into fiat currency.

The Russian Finance Minister, Anton Siluanov, has recently made headlines by suggesting that the Finance Ministry should consider allowing for international payments to be made in cryptocurrency. This came in the form of an interview with Rossiya-24, with Siluanov confirming that the ministry does not want to “exclude the possibility” of cryptocurrency being used as a payment tool in international trade.

The minister went on to say that countries that wish to do business with Moscow should be allowed to use cryptocurrency for their payments if it is convenient for them. However, the Central Bank of Russia is likely to be a stumbling block for this plan, with the bank having previously stated its opposition to the use of cryptocurrency in Russia.

Despite this, there have been indications that the Central Bank may be prepared to create a regulated “testbed” for domestic firms who wish to buy or sell goods using cryptocurrency. This will be under the condition that the firms immediately convert any coins they receive into fiat currency.

The minister’s suggestion that cryptocurrency could be used for international payments has been met with both praise and criticism from the cryptocurrency industry. Supporters of the plan argue that it could help to reduce the cost of international payments, particularly for small and medium-sized businesses. On the other hand, some critics have argued that it could lead to increased risks and volatility if the market is not properly regulated.

At this stage, it is still unclear how the Finance Ministry’s plan will pan out. It is possible that the Central Bank could block the plan, or that the government could decide to move forward with more regulation and oversight. Whatever the outcome, it is clear that the adoption of cryptocurrency in international payments is an issue that is on the radar of both the government and the industry.

Crypto Industry Gains Traction as WEF Sees it as Integral Part of Modern Economy

• The World Economic Forum (WEF) believes that the technology underpinning cryptocurrencies and digital assets will continue to be an “integral” part of the modern economy.
• The organization noted that the crypto industry is not risk-free, similar to any other sector involving money.
• The WEF compared the adoption of cryptography and blockchain technologies to the embrace of cybersecurity and digital transformation.

The World Economic Forum (WEF) recently released a report that discussed the future of the cryptocurrency and blockchain industries. The organization believes that the technology underpinning cryptocurrencies and digital assets will continue to be an “integral” part of the modern economy.

The report acknowledged that the crypto industry is not risk-free, similar to any other sector involving money. It noted that the transparent nature of crypto gives bad actors few places to hide. As reported, a couple was arrested by federal law enforcement officials in New York City earlier this year after officials gained access to files within an online account controlled by Lichtenstein that contained the private keys to BTC 94,000 (USD 4.1bn) that had been stolen from Bitfinex.

The organization further highlighted the widespread applications of cryptography and blockchain technologies, adding that their use in the financial services sector is already notable. The WEF compared the adoption of cryptography and blockchain technologies to the embrace of cybersecurity and digital transformation. It stated, “The embrace of crypto technology is equally inevitable, even if the term feels like a bad word.”

The WEF particularly mentioned the leading role that JPMorgan has taken in the crypto sector. The bank is no longer alone in Web3 and crypto adoption, as more financial institutions are embracing the technology.

The report concluded that digital assets and blockchain technology is here to stay, and that many of the world’s leading companies and financial institutions are already taking steps to incorporate the technology into their operations. The organization noted that it is clear that the crypto industry is gaining traction and that it will only continue to grow in the years to come.

Crypto Theft Drops in December 2022, Square Enix Explores Blockchain Entertainment

Bulletpoints:
• CertiK reported that in December 2022, $62.2 million worth of cryptocurrencies were stolen.
• Square Enix is exploring new business opportunities, including blockchain entertainment.
• Hong Kong’s financial services firms are preparing to enable retail clients to trade virtual assets.

Today in Crypto, news emerged of a significant amount of cryptocurrencies being stolen in December 2022. According to blockchain security company CertiK, $62.2 million worth of cryptocurrencies were stolen during that month, making it the lowest monthly figure seen last year. The total included $15.5 million stolen in exit scams and $7.6 million in flashloan-based attacks.

In other news, gaming giant Square Enix is looking to explore new business opportunities in the blockchain space. An annual letter by President Yosuke Matsuda stated that the company is “most focused” on blockchain entertainment, and that “aggressive investment and business development efforts” were being made in this field. Matsuda also commented that blockchain recognition had grown in 2022, evidenced by “Web 3.0” becoming a firmly established buzzword among businesspeople.

Finally, Hong Kong’s financial services firms are preparing to enable their retail clients to trade virtual assets in the coming months. This follows the Anti-Money Laundering and Counter-Terrorist Financing Act passed last month by the Legislative Council. Industry players have stated that many local brokers and fund managers are seeking advice from them about the licensing requirements under the new regulations.

Overall, this serves as a reminder of the security risks that come with cryptocurrency investments, as well as the growing potential for blockchain technology in the entertainment and financial sectors. With the increasing recognition of blockchain and virtual assets, it’s likely that we’ll see further developments in these areas in the near future.