MEME COIN MANIA

Author

Gerry Rafferty
December 20, 2023

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BTC ETFs Enter Ad Space With Bitwise’s New Campaign

Bitwise, a major player in asset management, has rolled out a new promotional campaign aimed at popularizing its spot Bitcoin ETF. The move seeks broader exposure and support for its application with the Securities and Exchange Commission (SEC).

Their commercial is strategically designed to captivate an older audience, particularly Generation X and baby boomers. Featuring the renowned actor John Goldsmith, famed for portraying the "Most Interesting Man in the World," the ad exudes a sophisticated, classic TV commercial vibe, resonating with these generations during their preferred shows and sports events.

Goldsmith cleverly ties his iconic character's allure to the innovative essence of Bitwise's Bitcoin ETF, stating plainly, "You know what's interesting these days? Bitcoin. Look for Bitwise, my friends."

Bitwise's ad emphasizes their extensive experience in the crypto sphere, highlighting a history of offering crypto ETF products over several years. They showcase products like the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) and the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC), both futures-based products.

This marketing push coincides with a crucial phase as the SEC reviews numerous spot Bitcoin ETF applications. Bitwise, along with other financial entities like Blackrock, aims to bridge traditional finance with the expanding Bitcoin market.

The SEC's historical caution regarding spot Bitcoin ETFs has caused frustration among crypto enthusiasts. However, recent indicators hint at a potential shift in regulatory stance, with cautious optimism pointing toward a possible approval in 2024.

Anticipation surrounding the SEC decision has already influenced the cryptocurrency market, propelling Bitcoin's price beyond $38.8K—a high unseen since 2022. If approved, this move could potentially elevate Bitcoin to unprecedented levels, with speculation swirling around hitting the coveted $100,000 mark by 2024's end.

Bitwise's strategic advertising, coupled with regulatory shifts, marks a significant moment in the cryptocurrency industry. As the SEC evaluates Bitcoin ETF applications, the market eagerly awaits potential changes that could redefine the trajectory of digital assets in the years to come.

Best Meme Coins That Can Surge In 2024

The global cryptocurrency market has soared to a substantial market cap of $1.6 trillion, witnessing a resurgence across various cryptocurrencies, notably meme coins like ApeCoin (APE), Dogecoin (DOGE), Floki Inu (FLOKI), Bonk (BONK), and the newcomer ScapesMania. Bonk (BONK) particularly stands out with a remarkable surge of over 26% in 24 hours, reflecting the growing investor interest in meme coins and their potential as future high performers by 2024.

ScapesMania (MANIA) enters the scene as a presale project focused on gaming and DAO governance, backed by a professional team and advanced technology, aiming to revolutionize the industry. ApeCoin (APE) witnesses significant development through the proposed ApeChain, a blockchain powered by Arbitrum, driving its ecosystem forward.

Despite the promising developments, the volatile nature of the crypto market introduces challenges. Dogecoin (DOGE) demonstrates resilience despite price dips, while Floki Inu (FLOKI) shows promising uptrends, competing within the meme token space. Bonk (BONK) has surged remarkably, securing a prominent position in the meme coin market. Shiba Inu (SHIB) gains traction through its entry into the major Japanese exchange Coincheck, expanding its reach and appeal in Asian markets.

Each coin exhibits unique strengths—ScapesMania's innovative gaming ecosystem, ApeCoin's (APE) advancements with ApeChain, Dogecoin's (DOGE) community support, Floki Inu's (FLOKI) bullish trends, Bonk's (BONK) recent surge, and Shiba Inu's (SHIB) market expansion. However, caution is advised for investors due to the inherent volatility and unpredictability of the cryptocurrency market, despite the potential growth these coins exhibit heading into 2024.

Disclaimer: this is not financial advice.

US court approves settlement against Binance, firm to pay $2.7B to CFTC

A U.S. court has finalized an order against Binance, the crypto exchange, and its former CEO, Changpeng Zhao (CZ). The settlement mandates Binance to pay $2.7 billion and CZ to pay $150 million to the Commodity Futures Trading Commission (CFTC). The approved settlement concludes a CFTC enforcement action initiated in November and includes a $1.35 billion disgorgement of transaction fees by Binance, along with a $1.35 billion penalty to the CFTC. Additionally, CZ faces a $150 million civil monetary penalty for violating the Commodity Exchange Act (CEA) and CFTC regulations.

This resolution marks the end of a prolonged legal battle between CZ, Binance, and the CFTC, wherein the agency accused them of evading federal law and running an illegal derivatives exchange. CZ's agreement to step down from his role at Binance was part of a larger settlement with the U.S. Department of Justice, the Treasury Department, and the CFTC. He pleaded guilty to civil charges and a criminal charge related to Anti-Money Laundering laws.

Furthermore, CZ has been ordered to stay in the U.S. until his sentencing date in February 2024, facing a potential sentence of up to 18 months on money laundering charges. Both CZ and Binance, as part of the settlement, committed to reinforce Know Your Customer measures on the exchange and establish a structured corporate governance system, including independent board members and compliance and audit committees.

The court also directed Binance’s former chief compliance officer, Samuel Lim, to pay a $1.5 million penalty for aiding Binance’s violations and attempting to evade U.S. law. Richard Teng has taken over as CEO following CZ’s departure, emphasizing Binance’s renewed commitment to compliance and global regulatory alignment. Despite this settlement, Binance has faced significant operational adjustments in various jurisdictions over the past year and a half, resulting in service terminations or alterations in countries such as the Netherlands, Cyprus, Australia, and Canada.

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