Crypto Bull Run: Top Altcoins Set For Massive Rally In Jan 2024“Altcoin Season” is gaining traction, signaling a time when alternative cryptocurrencies, known as altcoins, are outperforming market giants Bitcoin (BTC) and Ethereum (ETH). Experts have observed a pattern during market upswings where funds initially flow into Bitcoin and Ethereum, followed by a surge in altcoins. Recent trends suggest that the altcoin market is consistently retesting past highs, indicating a potential for a breakout.Analyst Highlights Key Opportunities in AltcoinsRenowned cryptocurrency analyst Crypto Banter has shed light on the current state and potential opportunities in the altcoin market. According to Banter, several altcoins are in a cooling-down phase but are poised for a significant surge. He pointed to Cardano (ADA), which recently broke a flag pattern and is undergoing a retest. Banter suggests that if Bitcoin maintains its current level, Cardano will likely show positive movement.Near Protocol and Phantom: The Rising StarsBanter’s insights include Near Protocol (NEAR), still in a flag pattern. A breakout and upward movement for NEAR could spell a lucrative opportunity for investors. Another strong performer, Phantom (FTM), has achieved a higher high, with a potential retest zone forming. This suggests a favorable entry point for investors.Emphasizing the importance of technical analysis, Banter shared insights on identifying trend changes, breakouts, and retests to make informed investment decisions. He expressed bullish sentiments towards Phantom, highlighting a golden cross on the monthly chart and a retest of the 50-day moving average. Resistance levels for Phantom are anticipated around $0.50 and $0.60, with a potential target of $1.20.Bitcoin Approved for Contracts in Argentina, Confirms Foreign MinisterArgentina has officially embraced the use of Bitcoin in contractual agreements, marking a significant milestone towards advancing its financial landscape.This development was confirmed by Diana Mondino, the Minister of Foreign Affairs and International Trade, who took to X today, tweeting, “We ratify and confirm that in Argentina contracts can be agreed in Bitcoin.” The minister further clarified that other cryptocurrencies, as well as tangible assets such as kilograms of beef or liters of milk, are also permissible.In making the announcement, Mondino referenced Article 766, which outlines the debtor’s obligation, stating, “The debtor must deliver the corresponding amount of the designated currency, whether the currency is legal tender in the Republic or not.”This move is part of Argentina’s ongoing efforts towards economic reform and deregulation, creating an environment that encourages innovation and flexibility in financial transactions. It also comes on the heels of the so-called ‘Bases for the Reconstruction of the Argentine Economy’ decree, which was passed on Wednesday, repealing 300 decades-old laws linked to the country’s economic mess. Notably, while the decree refrained from explicitly referencing cryptocurrencies, it did incorporate provisions granting debtors the flexibility to settle payments using currencies not officially recognized as legal tender in Argentina.That said, Thursday’s announcement closely follows Javier Milei’s triumph in Argentina’s presidential candidacy just a month ago. Milei, a staunch advocate of Bitcoin, has been outspoken in his critiques of the central bank, branding it a “scam” and underscoring Bitcoin’s potential to restore monetary control to the private sector. He has consistently argued that embracing Bitcoin can shield citizens from the adverse impacts of inflation associated with conventional banking systems.That said, Argentina’s decision to endorse Bitcoin for contractual use highlights the nation’s dedication to unlocking the potential of cryptocurrency for fostering economic growth and innovation. Through the official recognition of Bitcoin as a legitimate form of contractual agreement, the government seeks to cultivate an environment that encourages heightened investment and business development within Argentina.Moreover, though specific details regarding implementation and legal intricacies remain pending, Mondino’s announcement signifies a crucial stride in legitimizing Bitcoin within Argentina’s formal legal framework. This move has garnered widespread support from the crypto community, with some speculating that Argentina might follow in the footsteps of El Salvador and soon designate Bitcoin as legal tender.#BITCOINETF #binanceSquare #Binancefeed

*** ONE-TIME USE *** Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq MarketSite in New York, U.S., in April 2021. Michael Nagle/Bloomberg The debut of the first spot Bitcoin exchange-traded funds ended up being a “sell the news” moment—not just for digital assets but for Coinbase Global stock. But for all of last week’s hype, Coinbase’s real challenges are still on the way. The first of those tests comes Wednesday, when a federal judge will hear oral arguments in a lawsuit between Coinbase and the Securities and Exchange Commission. The SEC last year sued Coinbase for allegedly operating an unregistered securities exchange. Coinbase on Wednesday is attempting to convince the judge to dismiss those allegations in the case’s early stages. “Motions to dismiss are rarely won, but we think it’s an important day where both sides can continue to express their views and get closer to the facts,” Coinbase Chief Financial Officer Alesia Haas told Barron’s on the sidelines of the World Economic Forum in Davos, Switzerland. “Our legal arguments are on our side: These are not securities.” Whether the case is successfully dismissed or proceeds could have big ramifications for Coinbase’s business. Its stock has dropped about 23% so far in January after quadrupling in 2023. Last year’s run-up came as the crypto market shook off the bankruptcy of competitor FTX and as the chances of a Bitcoin ETF approval increased. The approval finally came to pass last Wednesday. The court case is arguably even more important to the platform. The SEC’s complaint alleges that at least 13 assets Coinbase allows to trade are securities that should have been registered with the agency. It also said that Coinbase’s “staking as a service” product—in which investors post tokens in exchange for yield—should have been registered. SEC Chair Gary Gensler in a statement accompanying the agency’s approval of Bitcoin ETFs warned that the funds’ approval shouldn’t be taken as an indication the agency is backing off crypto enforcement. Newsletter Sign-up “Today’s action does not approve or endorse crypto trading platforms or intermediaries, which, for the most part, are noncompliant with the federal securities laws and often have conflicts of interest,” Gensler said. Haas noted that “alt coins”—not including Bitcoin or Ether—account for about a third of Coinbase’s trading volume, meaning that the tokens targeted by the SEC specifically are an even smaller fraction of that. However, alt-coin trading could become a more important part of Coinbase’s revenue. The Bitcoin ETF approval, for example, makes it easy for retail investors to buy Bitcoin with no trading commissions on brokers such as Fidelity and Robinhood Markets with a very low annual expense ratio. That could draw Bitcoin trading from Coinbase, where retail investors can pay fees and spreads well in excess of 1%. “The pending litigation with the SEC as well as a broader ongoing lack of regulatory clarity remains an overhang for COIN,” wrote Bank of America analysts led by Jason Kupferberg in a research note last week. The analysts in their note reiterated an “Underperform” rating on the stock, while raising their price target to $79 from $66 on the back of stronger crypto-trading volumes. The judge in the U.S. District Court for the Southern District of New York isn’t expected to make a ruling on Wednesday, and the case, including appeals, could drag out for years. With Congress in an election year unlikely to give Coinbase the regulatory relief it has long sought, 2024 could be a bumpy ride.#BITCOINETF #binanceSquare #BinanceFeed.