Day: December 25, 2023

Polygon (MATIC) holds above key level as bulls target $1

Polygon (MATIC) price is poised above $0.85, a key support level that could see bulls eye $1 in coming weeks.
Bullish catlysts for crypto and developments in the Polygon ecosystem could buoy MATIC upside momentum.

Polygon (MATIC) price continues to hold above $0.85, a key level above buyers could target the psychological $1 hurdle. Despite the broader market’s lull amid the thinned trading expected this Christmas holiday week, MATIC could still see a major breakout.

Could it be one of the top altcoins under $1 in the market today? Here’s the price outlook for Polygon.

Polygon an “underdog”?

Polygon has not experienced the kind of price explosion some coins have witnessed in 2023 overall or in recent weeks. But Polygon’s zero-knowledge EVM (zkEVM) technology, Chain Development Kit (CDK) and MATIC to POL migration mark a few of the key developments for the blockchain in the year.

Polygon also recently integrated with Chainlink Data Feeds, a move hailed as a likely “game-changer” for the decentralised finance (DeFi) space.

Despite these Polygon founder Sandeep Nailwal thinks the layer-2 blockchain is an “underdog” in the ecosystem.

Polygon is back to where its the best at : Being an underdog

NGL it’s been a painful ride, the whole of 2023, but right now, it feels incredibly liberating to be the underdog again.

— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) December 24, 2023

MATIC price remains above key level

Polygon (MATIC) has not traded above the $1 mark since May this year. Polygon bulls however did move to within touch of the price level in November and earlier this month. MATIC/USD reached highs of $0.98 on November 14 and $0.94 on December 9.

Although prices dipped to lows of $0.76 on December 19, bulls are looking to hold above $0.85 on December 25.

The bullish sentiment across the market and within the Polygon ecosystem could help keep prices from dipping below $0.80. In this case, it’s likely a retest of recent highs near the critical $1 could be on cards before the year ends.

One of the catalysts for further gains in the year could include the highly anticipated spot Bitcoin ETF. Analysts and market experts say the US Securities and Exchange Commission (SEC) could finally give a nod to spot Bitcoin ETFs by January 10, 2024.

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Japan removes corporate tax on unrealized crypto profit

Japan has scrapped corporate tax on unrealized profits
Companies holding unrealized gains on their crypto assets will not pay tax on them as from April 1, 2024.

Japan is reportedly doing away with corporate tax on unrealized profits from cryptocurrency holdings, according to the latest news by local media outlets.

Japan changes corporate tax law on crypto

Per the news updates, companies and institutions holding crypto will not pay tax on their “unrealized gains” from April 2024. 

The cabinet approved the tax changes on December 22, local media outlet Nikkei reported. The new tax regime will take effect on April 1, 2024 – the date that Japan’s fiscal year starts.

This follows the Japanese government’s approval of a revision to the country’s tax law as applies to companies that hold digital assets issued by third parties. Companies are set to only get taxed on realized profits- after they sell.

As it stands and per the law, corporate crypto holders are subject to taxation on the “mark-to-market valuation” of their assets every fiscal year. However, with the revision, companies that hold unrealized cryptocurrency profits will not be subject to this tax.

In June, Japan’s tax agency clarified that crypto issuers were no longer subject to the 35% capital gains tax.

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SEC asks for final changes to spot Bitcoin ETF filings: Report

The US Securities and Exchange Commission (SEC) has set December 29, 2023 as the date for final changes to spot Bitcoin ETF filings.
BlackRock, Grayscale and ARK Invest and other companies are all eyeing spot Bitcoin ETF approval in 2024.
Bitcoin price is hovering above $43k and could rally to a new all-time high on the ETF approval and other bullish catalysts.

The US Securities and Exchange Commission (SEC) has reportedly set a deadline for the final changes to Bitcoin exchange-traded funds (ETFs) applications before it.

SEC officials told representatives of seven firms looking to list a spot Bitcoin ETF in the coming weeks that they had to file the final changes to their proposals by December 29, 2023. 

SEC expected to approval first spot Bitcoin ETF early January

A Reuters report says the SEC communicated this to at least companies, with details of the same noted in public memos and from sources familiar with the developments.

The development comes after a busy few days for the regulator. There have been multiple meetings with representatives of BlackRock, Grayscale Investments, ARK Investments and 21 Shares among other companies this past week. 

The latest was on Thursday, December 22 where the agency reportedly asked applicants to file any changes by December 29. It comes after the securities watchdog continued to push for cash creation and redemption models for the spot Bitcoin ETF. 

BlackRock and Ark Invest/21 Shares have filed changes to reflect the cash redemption. 

Other than this detail, other aspects likely expected in the final filings could be related to things like fees and “seeds”.

BlackRock, which announced an initial $100,000 seed for their iShares Bitcoin Trust (IBIT) ETF in October, is reportedly eyeing a $10 million bump to the seed amount by January 3. Eric Balchunas, a senior ETF analyst at Bloomberg recently highlighted this via X.

BlackRock expecting to seed $IBIT w/ $10 million on Jan 3rd.. notable the date and that it is a pretty big bump up from the $100k they seeded in Oct.

— Eric Balchunas (@EricBalchunas) December 22, 2023

The SEC is expected to make a final decision on the Ark Invest/21 Shares Bitcoin ETF proposal on January 10, 2024. Over the last several weeks, the crypto market has increasingly become bullish on the possibility that the SEC could opt to approve multiple spot Bitcoin ETFs all at once.

Bitcoin (BTC) price continues to hover above $43k ahead of a potential breakout on ETF approval. Analysts say that this, as well as the upcoming BTC halving and the macroeconomic environment could catalyse a bull market rally to highs of $120 or higher in 2024.

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Memeinator’s presale now in stage ten, raises over $2.4 million

Key takeaways

The Memeinator presale is now in its tenth stage as more investors buy into the project.

The team has raised more than $ 2.4 million so far and has a target of $2.8 million in this current stage. 

The cryptocurrency market is ending the year strongly as Bitcoin and other major cryptocurrencies recorded excellent gains this year. Investors are also taking strategic positions in new projects, with Memeinator gaining massive interest in recent weeks.

What is Memeinator?

Memeinator is a Web3 project that will launch as a meme token and provide utility to those that use memes. The goal is to become one of the leading meme coins in the world. It has a unique project perspective and is offering value to investors and content creators.

The development team revealed that the project is launching as a meme coin to leverage the recent growth of the meme coin industry. 

The project seeks to destroy worthless memes on the internet, allowing users to have access to only quality memes. The major difference between Memeinator and other meme coins is that it provides utility to the users and incentives to the token holders. 

Memeinator will leverage AI technology to identify worthless memes, allowing content creators and other users to know them and steer clear of them. The development team have a $1 billion market cap target for Memeinator once it begins trading on crypto exchanges. 

In their whitepaper, the team provided a detailed roadmap on how it intends to achieve its various objectives. 

So far, the Memeinator presale has recorded an influx of investors. The native token, MMTR, was sold for $0.01 in the first presale stage and is now going for $0.0133. The price will rise to $0.0485 by the end of the presale, giving early investors a massive 264% ROI at listing. 

Memeinator’s presale now in the tenth stage

The Memeinator presale launched roughly three months ago and the team has raised nearly $2.5 million so far. Investors can purchase the Memeinator token (MMTR) using ETH, USDT and USDC stablecoins. 

At the moment, the MMT token is only available to investors on the BNBChain and Ethereum blockchains. However, it might launch on other blockchains to ensure interoperability for users. 

Investors can purchase the MMTR token by connecting any of the supported wallets to the Memeinator website and purchase the tokens using ETH, USDT and USDC coins. 

Click here to read more about the Memeinator presale.

Why is the Memeinator presale moving fast?

The Memeinator presale is selling fast thanks to the unique value proposition the project offers to investors. The project is working hard to ensure a better content creation process for users by eliminating worthless memes. 

The MMTR token is set to be very active within the Memeinator ecosystem. Memeinator will leverage AI to analyze and evaluate memes on the internet. This could give the project massive adoption amongst content creators and other groups of users. With Memeinator, the low-quality memes will be replaced or destroyed. 

In addition to that, early investors could record health profits once the team launches its products and the token gets listed on crypto exchanges. The MMTR token comes with some exciting features, including deflationary mechanisms and rewards for holders. According to their whitepaper, 20% of the tokens are allocated for marketing, CEX listing and liquidity. 

Is the Memeinator a good for you? 

Memeinator could be an excellent project for investors in the coming months and years. Its use of AI and blockchain technology makes it one of the few projects that is leveraging two exciting technologies. This will allow it to provide excellent utilities to users, especially content creators. 

If the development team is to follow through with their plan, Memeinator could become a billion-dollar cryptocurrency project in the medium to long term. 

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