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Market cap of Bitcoin and Altcoins will reach $1.85 trillion and $2.2 trillion

Amid the current financial scenario, analysts have focused their attention on the cryptocurrency market, which is showing signs of recovery. Michaël van de Poppe, a respected figure in the trading community, recently predicted that the total cryptocurrency market capitalization could rise to a staggering $2.2 trillion. This projection comes at a time when the market is going through a consolidation phase, falling below the crucial mark of 1.6 billion dollars.

The role of Bitcoin in market dynamics

Bitcoin, the leading cryptocurrency, plays a key role in this projected growth. It recently surpassed major resistance at $38,000, prompting optimistic predictions about its future trajectory. Van de Poppe correlates the advance of Bitcoin with the potential increase in the market capitalization of cryptocurrencies. He suggests that breaking through the $1.6 trillion resistance could push the market to pre-Earth collapse levels, targeting the first $1.85 trillion and eventually reaching $2.2 trillion.

Altcoins Preparing for a Milestone

At the same time, altcoins are not far behind in this potential financial revolution. EGRAG, another market analyst, predicts that the market capitalization of altcoins will reach the trillion-dollar mark. This level of growth has not been seen since the collapse of the Terra ecosystem in May.

EGRAG recalls the dramatic decline that followed, falling from $1.268 billion in April 2022 to a low of $485 billion two months later. Currently at a 19-month high of $735.5 billion, the altcoin market is recovering steadily, indicating a possible uptrend similar to the post-May 2022 scenario.

Implications for Bitcoin and Altcoin Valuations

If these predictions come true, the impact on individual cryptocurrencies could be substantial. For Bitcoin, a total market capitalization of $1.2 trillion would mean a price increase to around $61,301 per token. Meanwhile, altcoins could see a 2.3x increase in valuation, reaching as much as $1.7 trillion. This outlook has led analysts to advise investors to watch out for a recovery around March 2024.
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Thai bank supports token issuance for profitable fundraising

Thai bank Kasikornbank Pcl is reportedly leading the way in digital asset financing options for businesses. The bank’s co-president, Pipit Aneaknithi, told Bloomberg in an interview: “We are advising some clients to issue tokens to raise funds.”

Thai Bank Crypto Advice for Fundraising

This is another bold move for the Thai bank after acquiring licensed digital asset exchange Satang Corp. The development marks the integration of a traditional financial institution into cryptocurrency trading. This is especially rare because regulators are taking a cautious approach to creating a cryptographic framework following some high-profile failures in the industry.

Meanwhile, Kasikornbank or K-Bank has established specialized divisions for blockchain and virtual token custody services. The lender has placed Aneaknithi “at the forefront of reforming the bank’s entire digital strategy.”

Thai lender sees potential in digital tokens

Aneaknithi told the newspaper: “We see potential in this market. “We are serious about developing a digital asset ecosystem that will be highly profitable compared to traditional platforms.”

The bank’s focus on digital assets comes as Aneaknithi emphasizes the profitability of issuing tokens compared to conventional lending or selling shares. He also imagines companies offering yield-tradable tokens.

Meanwhile, Thailand will review its income tax laws from January 1, 2024. This review will affect profits from cryptocurrency trading, offshore accounts and international stock brokers.

Despite the upcoming rules, cryptocurrency leader Binance began trading in Thailand in November. Binance Holdings forayed into the Southeast Asia region after partnering with Gulf Energy Development. The joint venture, Gulf Binance Co., received approval from the Securities and Exchange Commission of Thailand last month to begin its crypto exchange services in the country.

Huawei’s recent strategic partnership with Thailand’s Ministry of Digital Economy and Society marks another critical step in Thailand’s digital initiatives. The MoU marks a partnership under its “cloud-first policies” to prioritize digital transformation and adoption of AI technology in Thailand.

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Crypto Tax Planning: Merging Tax-Loss Harvesting with Charitable Donations

As the year comes to a close, cryptocurrency investors can combine tax-loss harvesting with cryptocurrency donations to charities, a move that optimizes tax benefits while supporting worthy causes.

Adopt Year-End Tax Strategy with Charitable Giving

As the end of the year quickly approaches, cryptocurrency investors are not only focusing on tax-loss harvesting but also exploring the benefits of cryptocurrency charitable contributions. This strategic approach allows investors to potentially reduce their tax obligations while supporting charitable causes.

The concept of tax-loss harvesting in the cryptocurrency space involves selling digital assets at a loss to offset capital gains taxes. This method can be particularly advantageous given the volatility and potential for significant price fluctuations in the crypto market. Investors can offset capital gains or reduce ordinary income by up to $3,000 per year in the US, with the ability to carry forward any additional losses.

At the same time, donating bitcoins (BTC) and other cryptocurrencies to charities has become a tax-efficient method of supporting philanthropic causes. The IRS classifies cryptocurrencies as property, meaning donations are tax deductible to the fullest extent permitted by law. An important advantage of this approach is that donating cryptocurrency directly to a charity allows the donor to potentially avoid capital gains taxes that would be incurred if the cryptocurrency were sold and then donated for cash. Additionally, donors can typically deduct the fair market value of the crypto at the time of donation.

Organizations like The Giving Block are at the forefront of facilitating crypto donations. They provide platforms for donors to contribute various cryptocurrencies, including BTC, ETH, and USDC, to a wide variety of charities. Giving Block initiatives demonstrate the growing acceptance and use of cryptocurrencies in the nonprofit sector, offering a tax-efficient avenue for donors.

The cryptocurrency donation process is designed to be simple and secure. Donors can choose from a wide selection of charities, select the crypto asset and donation amount, and complete the transaction via a wallet address provided by the charity. Additionally, donors have the option to remain anonymous while receiving a receipt for tax purposes.

Crypto philanthropy has received significant support from prominent figures in both the crypto and non-profit sectors. High-profile donations such as Vitalik Buterin’s $1 billion SHIB donation and Pineapple Fund’s 5,500 BTC contribution highlight the potential impact of such acts of charity.

As the end of the financial year approaches, advisors encourage cryptocurrency investors to consider a combined approach of tax-loss harvesting and charitable donations. This strategy not only offers potential tax benefits, but also contributes positively to social causes. With organizations like The Giving Block and others facilitating these donations, the process of contributing to charities through cryptoassets is becoming increasingly common, allowing investors to support causes they care about while optimizing their positions as promoters.

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Bitcoin Transaction Fees Rise to $40

On Saturday, December 16, 2023, Bitcoin transaction fees peak at $40 per transaction at 1:48 p.m. Eastern Time. The increase in on-chain fees exceeded the peak reached on May 8, 2023, when the average transfer cost exceeded $31 per transfer.

Rising Bitcoin Rates Surpass $40

Bitcoin transaction fees are rising, and at the time of writing, a high-priority transaction hit $40 just before 2 p.m. on Saturday, December 16th. Miners have been charging fees and an example of this is the fact that block height 821,485 came with 7,314 BTC in fees, which is more than the block subsidy size of 6.25 BTC. Currently, the hash price per petahash per second (PH/s) remains at $108 per PH/s per day.

The recent increase in Bitcoin transaction fees to $40 each significantly surpasses the previous 2023 record of $31 per transfer set on May 8. Mempool space data reveals that for high-priority transactions, individuals are spending 674 satoshis per virtual byte (sat/vB). , while for those with lower priority the cost is around 602 sat/vB or US$35.78, as observed on Saturday afternoon.

Notably, some transactions on Saturday exceeded as much as $50 per transfer. There are currently eight unmined blocks, each filled with high-priority transactions. Additionally, 311 blocks are waiting to be processed to resolve the backlog of 383,607 unconfirmed Bitcoin (BTC) transactions in the mempool.

These outstanding blocks, which total more than 531 megabytes (MB) of block space, translate into an estimated settlement time of just over two days and three hours, considering the average block interval of ten minutes. The significant increase in BTC fees on the network has generated a flurry of comments and discussions on social media, with numerous observers weighing in on the situation.

“The average Bitcoin transaction fee is now $50, with 300,000 transactions waiting to be confirmed. This is beyond ridiculous and unusable,” said Nikita Zhavoronkov, lead developer at Blockchair. “Historically, this is the point at which people start fleeing en masse to alternative blockchains.”

Others were quite satisfied with the high rates. “Remember all the [Ethereum] maxis who said Bitcoin had a security budget problem? It’s fixed,” posted Dan Held on X. Others talked about layer two (L2) solutions and whether or not they could alleviate the problem.

“Bitcoin rates surpassed 600 sats/vB today. That’s a 600x increase in 1 year,” said Muneeb Ali, co-creator of Stacks. “And you’re still debating whether developers want to build on top of Bitcoin in the future? “Bitcoin L2s are becoming more critical every day.”

“It will be great to see L2s flourish in a higher rate environment,” Held responded to Stacks executive thread X. “I think bitcoin rates are reaching a tipping point for that to happen,” Ali responded.