Crypto Daily Roundup, 16 Jan: Are Altcoins Poised to Outshine Bitcoin

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Crypto News Key Highlights:

• In the 2024 crypto bull run, analysts foresee a shift toward altcoins, anticipating more promising prospects than Bitcoin. Despite BTC support around $42,000 and a potential sideways movement, Ethereum's ETFs generate market hype, influencing the broader cryptocurrency range of $1.5 trillion to $1.7 trillion. Opportunities and challenges persist.

• FTX's Sam Bankman-Fried is confronted with a potential 115-year sentence, while Terraform Labs' Do Kwon faces over 100 years after their trials. Both CEOs deny fraud allegations and were allegedly aware of wrongdoing in their exchanges. Kwon's trial outcome is uncertain, with a requested date change suggesting complexity. The trials hold the key to their legal fates.

• Cryptocurrency law expert Jeremy Hogan highlights the legal battle between the SEC and Coinbase, a potentially groundbreaking case for U.S. crypto regulation. Comparisons with the Terraform Labs case underscore the SEC's strategy. The judge's past recognition of Ether as a commodity provides optimism for Coinbase's defense, emphasizing the need for Congressional involvement in token classification. The outcome could shape future regulations for crypto exchanges in the U.S.

• As India advances in the digital asset revolution, secure custody solutions are pivotal for financial inclusion. The upcoming income tax union budget is crucial for the growing blockchain ecosystem, demanding clear regulatory pathways. A comprehensive framework covering diverse use cases like healthcare, supply chain management, governance, and identity verification will unlock transformative potential. Offering tax incentives for blockchain-based startups and supporting R&D initiatives will attract global talent, fostering an environment of innovation.

• Solana Mobile is set to release a second crypto-ready smartphone, following the success of its first model, Saga. The upcoming phone will maintain key features like an onboard crypto wallet and a "dApp store" but at a more affordable price point with different hardware, aiming to improve sales after the original model faced challenges.

• MicroStrategy founder Michael Saylor warns about the rise of AI-generated deepfake scams in the Bitcoin community. Fake videos, promising to double Bitcoin, prompt users to send funds. Saylor reveals his security team takes down 80 deepfake videos daily, emphasizing the importance of verification and caution. Currently Michael Saylor networth is near $1.6B.

• Hong Kong's HashKey Group raised close to $100 million in a recent funding round, reaching a valuation of over $1.2 billion. The funds will be used for expanding the web3 ecosystem and developing licensed products. OKX Ventures, the investment arm of OKX exchange, is reportedly involved. HashKey's success is notable in the crypto venture capital space amid challenges. The funding highlights confidence in HashKey's role as Hong Kong aims to establish itself as a digital asset hub.

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Also read - 24 Crypto Update, 15 Jan: Bitcoin Holds Ground While Altcoins Ignite