Daily News | Animoca Invests in TON Ecosystem; DOGE's Crypto Address Count Surpasses 5M for the First Time; Standard Chartered Bank Predicts that BTC Will Reach $100K by 2024

2023-11-29, 04:08

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## Crypto Daily Digest: Animoca Strategically Invest in TON Ecosystem, Standard Chartered predicts Bitcoin prices in 2024

On November 28th, according to Reuters, the global regulatory body, the Financial Stability Board (FSB), stated in a report on Tuesday that more measures may be needed to prevent complex crypto companies like FTX from defaulting, thereby destabilizing the broader financial system.

The turbulence in the crypto market during the FTX bankruptcy last year highlighted how the "multifunctional" crypto company, which combines trading and other activities, exacerbates vulnerabilities; These vulnerabilities are similar to those found in traditional finance, including leverage, liquidity mismatch, technical and operational vulnerabilities; Due to the lack of effective control and operational transparency, insufficient or no disclosure, and conflicts of interest, these loopholes are further amplified.

There is evidence to suggest that the current threat to broader financial stability and the economy is limited, but regulatory authorities should evaluate whether these measures are sufficient to prevent the amplification of risks in cryptocurrencies throughout the entire financial system. Further work may be needed to strengthen cross-border cooperation and information sharing, and address the information gaps identified in the report.

On November 28th, Animoca Brands, a venture capital firm focused on gaming and the metaverse, invested in the TON ecosystem and became the largest validator on the TON blockchain.

According to Tuesday's announcement, Animoca Brands is assisting third-party gaming projects in building an ecosystem through the game infrastructure project TON Play, which supports the network. However, Animoca has not yet provided detailed information on its investment terms.

On November 29th, according to IntoTheBlock data, the number of crypto addresses holding DOGE exceeded 5 million for the first time.

Meanwhile, the number of active addresses on the internet has more than doubled, reaching 168,000, the highest level since March 2022, and the number of confirmed transactions on the <a href="/ar/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> blockchain has jumped to the highest level since June.

Despite these numbers being eye-catching, the concentration of ownership in DOGE remains an issue. According to BitInfoCharts, less than 5,000 addresses control over 80% of DOGE's supply, which means relatively few traders can control the price of cryptocurrency.

As the halving of <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> approaches, let's take a look at the price trend after halving in history.

On November 28, 2012, the Bitcoin network experienced the first halving of block rewards, from 50 to 25. The second and third halving occurred in 2016 and 2020, respectively. After each mining reward is halved, the price of Bitcoin increases significantly.

The next halving is expected to occur on April 28, 2024, approximately 151 days ago. The current block reward for Bitcoin mining will decrease from 6.25 to 3.125. We will wait and see how the price of Bitcoin will go this time.

However, Standard Chartered Bank has reluctantly released its latest research report stating that “Bitcoin's circulation rate is at a historic low, indicating a significant change in market sentiment compared to the previous bear market cycle.” Standard Chartered Bank stated that its forecast for April remains valid, with Bitcoin expected to reach $100,000 by the end of 2024.

Geoff Kendrick, Head of Foreign Exchange Research at Standard Chartered Bank, stated that the main catalyst for price increases will be the approval of several US spot Bitcoin ETFs. Kendrick and his team expect these approvals to be "possibly faster than expected."

On the other hand, lightning networks are gradually standing out in the market. The Block Pro posted that so far, there have been various attempts to achieve Bitcoin expansion. And Lightning Network is the largest scalability solution for Bitcoin, with its TVL reaching nearly $200 million in 2023, mainly due to the rise in Bitcoin prices.

Other Bitcoin scalability solutions, such as <a href="/ar/price/defichain-dfi" target="_blank" class="blog_inner_link">DeFiChain</a>, Rootstock, and <a href="/ar/price/stacks-stx" target="_blank" class="blog_inner_link">Stacks</a>, have lower TVL compared to lightning networks, possibly due to security trade-offs as they only inherit a portion of Bitcoin's security.

In addition, Bitcoin Ordinals assigns unique identifiers to Satoshi, enabling it to become an NFT, and uses SegWit and Taprot upgrades to mint fungible BRC-20 tokens. These innovations from SegWit and Taprot upgrades demonstrate the potential of Bitcoin in areas such as Layer 2 in the future.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1701238047BTC.png)
BTC made four attempts this morning to break through the $38,050 key level. Short-term positioning continues, targeting two levels: $40,505 and $42,015. However, the trading volume is noticeably weaker compared to the previous period, and caution is advised against potential market fluctuations. Failure to break through may lead to a retest of the $33,000 support.

### ETH
![](https://gimg2.gateimg.com/image/article/1701238075ETH.png)
The four-hour chart shows a breakthrough stabilizing the major downtrend, with yesterday's closing holding above the $2,000 key level. Waiting for a breakthrough of $2,135, the resistance at $2,317 is the next target, with Fibonacci sequence levels serving as reference for potential price increases. The downside support is at $1,957.

### ARKM
![](https://gimg2.gateimg.com/image/article/1701238323ARKM.png)
The four-hour chart has seen four consecutive positive closes since last week's touch of the $0.6150 resistance. A retracement this week could lead to an upward movement, targeting $0.5005 and $0.5916. Short-term trend is upward, while long-term targets include $0.89, $1.25, $1.85, and $2.45.

## Macro: Gold Strongly Rises, Munger Passed Away Peacefully
On Tuesday, the US dollar index continued to decline, falling below the 103 mark and dropping to an intraday low of 102.61, hitting a new low in three months. It ultimately closed down 0.44% at 102.73, and has now closed four consecutive negative days on the daily chart. The 10-year US Treasury yield failed to stabilize above the 4.4% mark and ultimately closed at 4.324%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, fell 4.8% and ultimately closed at 4.742%.

Thanks to the decline in the US dollar and expectations that the Federal Reserve has already completed interest rate hikes, spot gold has surged sharply, breaking through the 2020 and 2030 levels one after another, and reaching an intraday high of 2042.17 in the US market, continuing to hit a new high since May this year. Finally, it closed up 1.33% at 2040.81 US dollars per ounce; Spot silver rose along with gold and returned to near the $25 mark, ultimately closing up 1.55% at $25.05 per ounce. The three major US stock indexes closed slightly higher, with the Dow Jones up 0.24%, the Nasdaq up 0.29%, and the S&P 500 up 0.1%. The Nasdaq China Golden Dragon Index closed 0.3% lower.

Crude oil rebounded slightly, with WTI crude oil rising more than 2% in the trading session and reaching an intraday high of $76.97, before falling slightly and finally closing up 2.03% at $76.51 per barrel; Brent crude oil briefly hit the $80 mark in the trading session, but then rose strongly to around $81, ultimately closing up 1.75% at $81.39 per barrel.

Charlie Munger, Chief Vice Chairman of Berkshire Hathaway, passed away peacefully in California on the 28th local time at the age of 99. Buffett mourned that without him, there would be no Berkshire today.

The core points of Munger's investment philosophy are summarized and summarized. Let's review them and provide the following points for your reference:

1.Comprehensive thinking: Munger emphasizes comprehensive thinking, not just focusing on a single field. He believes that considering various factors comprehensively can improve the quality of decision-making.

2.Avoiding human misjudgment psychology: The Poor Charlie's Encyclopedia summarizes 25 common misjudgment psychology in humans, and Munger believes that understanding and avoiding these misjudgments is crucial for investment.

3.Long-term holding of high-quality assets: Munger encourages long-term holding of high-quality assets and avoids frequent trading. He believes that excellent enterprises will continue to create value in the long term.

4.Rational investment: Munger advocates rational investment and is not affected by market sentiment fluctuations. He emphasized that investors should think independently and not blindly follow the crowd.

5.Investment and life complement each other: Munger believes that successful investment is just a byproduct of life's success, and investors should pursue comprehensive success in other fields as well.

Although Munger has passed away, his wisdom in investing in life has never disappeared. It is believed that this is the true value of life. No matter what kind of investment we make, we cannot lose our rationality. Investment is for the sake of a better world and making people's lives better and better.

If it's not like this, investing encourages others to do evil, then even if such investments make a lot of money, in Munger's view, they are also very, very failed. This is the universal value emphasized by investment masters such as Munger and Buffett.

On the other hand, Federal Reserve Governor Waller seems to be blowing a whistle on potential interest rate cuts.

Waller said that if inflation continues to fall, there may be a reason to lower interest rates in a few months, and this is not related to economic pressure; New York Fed Chairman Williams also stated that recent news about long-term stability in US inflation expectations is generally reassuring.

The hawkish Federal Reserve director Bowman continues to maintain the interest rate hike option, believing that if the progress in fighting inflation stagnates, he supports further interest rate hikes; The dovish Chicago Fed Chairman Goodsby stated that keeping interest rates high for too long is a concern.

Hedge fund giant Bill Ackerman, founder of Pershing Square Capital, is betting that the Federal Reserve will start cutting interest rates earlier than market expectations.

Ackerman said that the interest rate cut may occur in the first quarter of next year. By contrast, current swap market data shows that traders have fully digested the possibility of a rate cut in June, with a probability of about 80% in May.

The latest news shows that the minutes of the Federal Reserve's discount rate meeting: All local Fed officials voted in October and November to maintain the discount rate unchanged.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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