Crypto

Vesting in crypto, explained

Vesting in crypto refers to the scheduled release of tokens or assets over a predetermined period, often used to incentivize holders.

The process of locking down cryptocurrency tokens or coins for a predetermined amount of time before allowing the tokenholder to fully access or transfer them is known as crypto vesting.

It is commonly used in initial coin offerings (ICOs), token sales and other cryptocurrency-related fundraising activities. Crypto vesting aims to incentivize long-term dedication and deter early investors or team members from hastily selling their tokens for a profit and then leaving the business. Individuals or entities that get tokens gradually gain access to them over time, usually at predetermined intervals, by imposing a vesting period.

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More firms set to add Bitcoin to balance sheets after major rule change

The rules now allow crypto-holding companies to report their paper gains, not just losses, which industry observers say could give firms more confidence to buy.

Bitcoin (BTC) and crypto may soon see another mass wave of adoption by United States-based firms after a new accounting rule change that lets companies more accurately reflect the value of their crypto holdings. 

Cory Klippsten, the CEO of Bitcoin-only exchange Swan Bitcoin, told Cointelegraph that Bitcoin-holding companies like MicroStrategy and Tesla, which both had to report impairment on their holdings, “can now more accurately reflect their Bitcoin investments’ true value.”

The new Financial Accounting Standards Board (FASB) rules released on Dec. 13 that come into effect in December 2024 see the estimated market value of crypto held by companies represented accurately on companies’ accounting books by allowing them to record when they’re holding assets at a gain.

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Google policy update allows ads for US crypto trusts

Google will allow ads for U.S. based-crypto trusts from January, with the change seemingly coming in the same month that spot Bitcoin ETFs are predicted to be approved.

Tech giant Google has updated its cryptocurrency-related advertising policy to allow ads about crypto trusts from the end of January, the same month that spot Bitcoin (BTC) exchange-traded-funds (ETFs) are predicted to be approved in the United States.

In a Dec. 6 policy change log, Google said its crypto and related products ad policy will be updated on Jan. 29, 2024, to allow ads from “advertisers offering Cryptocurrency Coin Trust targeting the United States.”

Cryptocurrency coin trusts were given as examples of “financial products that allow investors to trade shares in trusts holding large pools of digital currency” — likely including ETFs.

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Celeb NFTs and cringy ads — Analysts share their signs of a Bitcoin peak

With a major rally expected sometime in 2024, industry watchers have shared the top signals they look for to indicate when crypto has reached peak euphoria.

Celebrities hocking nonfungible tokens (NFTs), big-budget crypto ads and mainstream brands adopting crypto slang are the signs to watch for during the next bull market that could indicate a peak, according to crypto analysts.

The crypto industry is expected to see a major rally in 2024. In the past 90 days alone, Bitcoin (BTC) has surged to clock in a 74% price increase. Some analysts expect the next Bitcoin all-time high to come in late 2024. 

But are there ways to indicate when the next bull market peak will come? Analysts think there is.

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Why is the crypto market up today?

The crypto market is up today as U.S. macroeconomic data shows a strong economy and institutional inflows into crypto continue to rise.

The crypto market is up today as Bitcoin (BTC), Solana (SOL), Cardano (ADA), Chainlink (LINK) and numerous altcoins rallied higher. The price breakout resulted in the total market cap reaching a year-to-date high of $1.59 trillion on Dec. 8.

Let’s examine three major factors influencing today’s crypto market rally.

The crypto market’s price gains in the past 24-hours follow the U.S. Bureau of Labor Statistics employment report. The report beat expectations, with the unemployment rate recording lower than the forecast of 3.9% by 0.2%.

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Bitcoin new high set for late 2024, Binance to lose top spot, predicts VanEck

Next year will see Binance lose its leadership position, a U.S. recession, new stablecoin market cap highs and a new peak price for Bitcoin, according to asset manager VanEck.

Bitcoin (BTC) will hit a new all-time high in late 2024 on the backdrop of a long-feared United States recession and regulatory shifts after the next U.S. presidential election, asset manager VanEck predicts.

On Dec. 8, VanEck made 15 crypto predictions for 2024, including price forecasts, timings of a spot Bitcoin ETF launch, the impact of the Bitcoin halving, and emerging dominant crypto platforms.

Magazine: Asia Express: HTX hacked again for $30M, 100K Koreans test CBDC, Binance 2.0

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Bitcoin new high set for late 2024, Binance to lose top spot — VanEck

2024 will see Binance lose its leadership position, a U.S. recession, new stablecoin market cap highs and a new peak price for Bitcoin, according to asset manager VanEck.

Bitcoin (BTC) will hit a new all-time high in late 2024 because of a long-feared United States recession and regulatory shifts after the next U.S. presidential election, asset manager VanEck predicts.

On Dec. 8, VanEck made 15 crypto predictions for 2024, including price forecasts, the timing of spot Bitcoin exchange-traded fund (ETF) launches, the impact of the Bitcoin halving, and emerging dominant crypto platforms.

Magazine: Asia Express: HTX hacked again for $30M, 100K Koreans test CBDC, Binance 2.0

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How much is Bitcoin worth today?

Bitcoin is worth around $42,000 today, with BTC price rising 12% over the past week following Jerome Powell’s interest rate guidance.

The price of Bitcoin (BTC) is fluctuating around $42,000 on Dec.

Bitcoin, gold price booms on rate cut hopes

BTC’s price kickstarted the new week by climbing above $41,400 for the first time in 17 months. In doing so, the cryptocurrency followed gains in the gold market, its traditional safe-haven rival whose price rose to a new record-high on Dec.

BTC/USD vs. Source: TradingView 

Rate-cut expectations may have served as the common denominator for Bitcoin and gold’s price rallies this week. Notably, investors have become more confident about a Federal Reserve pivot on interest rates after Jerome Powell’s speech on Dec.

The Fed chairman said they have raised interest rates high enough to fully combat inflation.

For instance, as of Dec.

Target rate probabilities for March 20, 2024 Fed meeting. Source: CME

Rate cuts have proven to be bullish for Bitcoin in recent years.

BTC’s price is also gaining momentum amid increasing chances that the first spot Bitcoin exchange-traded fund (ETF) in the U.S. will be approved by January 2024.

15% BTC price pullback in play

Bitcoin’s price rally in recent months has created a broad divergence with its daily relative strength index (RSI), indicating that its buying momentum has been slowing down at local price highs.

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Australian tax data shows a growing desire to hold crypto for DIY retirement

Australians are increasingly adding cryptocurrency to their “self-managed super funds” as a means to secure their retirement life, according to newly released data.

Australians are increasingly looking to cryptocurrency to secure a peachy retirement, with allocation to the asset class from self-managed retirement funds increasing 400% in just four years — and the growth rate surpassing stocks and bonds. 

As of the quarter ending in September, the nearly 612,000 self-managed super funds (SMSFs) are holding a total of $658.6 million (992 million Australian dollars) worth of cryptocurrencies, show statistics released on Nov.

The latest figure is a 400% increase from the same quarter in 2019, which closed out at just under $131.5 million (198 million AU).

In Australia, self-managed super funds — also known as private superannuation funds — allow individuals to control how their retirement funds are invested.

Crypto tax provider Koinly’s head of tax, Danny Talwar, told Cointelegraph this makes crypto the “largest growing asset class in SMSFs.”

In comparison, listed shares — representing the largest allocation category for SMSFs at the end of the last quarter — grew 28% over the same time.

However, total SMSF allocations to crypto saw a slight 0.8% drop from the quarter ending June 2023 and a 2.4% drop compared to the previous year.

Crypto allocation amounts within all SMSFs per quarter since September 2019.

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Etherscan hides zero-value token transfers to deter address-poisoning attacks

Address poisoning is a phishing scam that can affect users who have received unwanted tokens and don’t check their addresses carefully when sending crypto.

According to an April 10 post from Etherscan, the blockchain explorer has disabled the display of zero-value token transfers on its website by default. From now on, users must manually switch on the display from the website’s setting page. Etherscan said it had made the update to deter “address poisoning” attacks that have phished and spammed unsuspecting users. 

“Preventing scams and attacks in a neutral and scalable way is an infinite cat-and-mouse game… please feel free to share your feedback as we continue to improve.”

Address poisoning is a type of crypto scam where an attacker sends a token with near-zero or no value to a user’s address to “poison” it. Afterward, the transaction will be recorded in the soft or hard wallet’s history and can be selected when making transfers. The purpose of the scam is to trick the user into sending coins to the scam address by mistake. To do this, hackers use sophisticated software to create scam addresses that look very similar to “poisoned” addresses, with the same few beginning or ending characters.

That said, the scam is only classified as phishing. Neither the unwanted coins nor the addresses receiving such tokens can compromise users’ funds. However, unwanted nonfungible tokens, or NFTs, can potentially compromise an address through interactions, such as moving it to different accounts.

Sample of zero value tokens that will be hidden by Etherscan.

Blockchain hardware wallet firm Ledger suggests users hide their unsolicited NFT collections upon receipt. While address poisoning cannot be stopped, Ledger recommends users refrain from retrieving deposit or destination addresses from their transaction history and always double-check that each character of the destination address matches the input address when sending crypto. 

Magazine: Here’s how to keep your crypto safe