Global Hive Buzz

Bitcoin Poised to Surge to $160K in 2024 Driven by Halving Event

Historically, Bitcoin has experienced significant rallies following its halving events, wherein the supply of new coins entering the market is automatically reduced. Traders are currently factoring in the next scheduled halving set for April 2024.

A confluence of catalysts and historical patterns may propel Bitcoin (BTC) to reach heights of $160,000 amid a widely anticipated bull market predicted to unfold in 2024.

Anticipated demand for Bitcoin from multiple spot exchange-traded funds (ETFs) in the U.S., the forthcoming halving, and the overall expansion of stock markets following rate cuts could contribute to Bitcoin's prices reaching at least $50,000 in the short term, as suggested by on-chain analysis firm CryptoQuant.

CryptoQuant analysts contend that the positive outlook for Bitcoin and the broader crypto markets in 2024 is driven by factors such as the market valuation cycle, network activity, the Bitcoin halving, macroeconomic perspectives, potential approval of Bitcoin spot ETFs, and the growing liquidity of stablecoins.

Traders are also anticipating a reduction in interest rates by the U.S. Federal Reserve in 2024, as inflation continues to decline. Historically, lower interest rates have favored substantial investments in riskier assets, including technology stocks and cryptocurrencies.

Altcoins" Poised for Growth in the Surging Crypto Market

While Bitcoin dominates the headlines with its recent surge to 18-month highs, seasoned experts understand that the most transformative gains often lie in other corners of the cryptocurrency landscape. A handful of carefully selected "altcoins" are expected to thrive as the broader crypto market gains momentum.

For retail investors seeking to capitalize on the burgeoning crypto market and avoid missing out on potentially historic opportunities, the key is to stay informed. Smart investors, numbering over 13,000 who registered for last year's event, are securing their FREE tickets to the upcoming Crypto Community Summit – a LIVE 2-Day Virtual Event scheduled for January 15th & 16th.

Crypto Super PAC Raises $78 Million for Impactful Role in US Elections

The U.S. cryptocurrency industry is gearing up to support political candidates advocating for crypto-friendly policies. The Fairshake Political Action Committee (PAC), a non-profit organization dedicated to promoting social and economic justice, has successfully raised over $78 million in recent fundraising efforts. Major contributions have come from leading venture firms, exchanges, and key figures within the crypto sector.

Prominent contributors to the Fairshake PAC include Andreessen Horowitz, Ark Invest, Coinbase, Circle, Ripple, and various others. The funds generated are intended to support bipartisan campaigns during the 2024 federal elections. Crypto industry donors aim to influence updates to financial regulations, recognizing the inadequacy of legacy systems for younger generations.

According to Fairshake, a significant portion of Millennials (19%) and Gen Z adults (9%) believe in the attainability of the American Dream. Approximately half (51%) of these demographics are likely to throw their support behind candidates with crypto-friendly stances in the 2024 elections.

The upcoming elections in 2024 hold significant importance for the crypto industry, as voters must choose between candidates who comprehend the importance of a more inclusive and efficient financial system and those who align with traditional, less adaptable financial institutions.

Decentralized AI Project Grass Secures $3.5 Million in Funding

Wynd Network, the team behind the Grass project, has successfully closed a $3.5 million seed funding round, with Polychain Capital and Tribe Capital leading the investment. The funding round, announced on Dec. 19, brings the total funding for Wynd Network to $4.5 million, following a pre-seed round led by No Limit Holdings.

Grass, conceived by the founders of Wynd Network, advocates for a decentralized model with distinct advantages for web scraping. Described as a decentralized oracle for AI, Grass aims to create datasets with traceable origins, ensuring fair compensation for contributors to the network.

Launched in June, Grass is focused on converting public web data into valuable AI datasets. The platform envisions leveraging home internet connections to facilitate the scraping and verification of data from the web.

Within the cryptocurrency space, AI-related tokens are gaining popularity, contributing to a total market capitalization of $9.03 billion for AI tokens, as reported by CoinGecko.

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