BTC may reach $70,000 by the end of 2024

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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Solana 'Chapter 2' crypto phone reaches 60,000 preorders.

• ENS collaborates with GoDaddy to link web domains with blockchain names.

• BTC may reach $70,000 by the end of 2024

• Crypto exchanges in Hong Kong must apply for a license or shut down by May 31

• Spanish Treasury to seize crypto to pay tax debts

• Dictionomics: Fefi Mining 

Global Biscuits

Solana 'Chapter 2' crypto phone reaches 60,000 preorders.
Solana's upcoming crypto phone, Chapter 2, which succeeds the popular Saga model, has already garnered 60,000 preorders ahead of its anticipated 2025 release. Anatoly Yakovenko, Solana's CEO, expressed enthusiasm over the overwhelming response, highlighting the community's dedication. Chapter 2 offers a more affordable entry point for users, priced at $450, compared to its predecessor. The phone comes with built-in crypto-supporting software. Preorders include participation in a referral leaderboard, with the top 1,500 referrers eligible for non-transferrable Element NFTs and potential rewards from Solana ecosystem teams like Mad Lads, Jupiter, Tensor, and Backpack. The first leaderboard snapshot is scheduled for Feb. 6 at 2 p.m. ET, with preorder wallets receiving a token after each snapshot.

ENS collaborates with GoDaddy to link web domains with blockchain names.
The Ethereum Name Service (ENS) has teamed up with domain registrar GoDaddy to enable users to link their domain names to ENS, aiming to integrate traditional DNS with blockchain-based names seamlessly. This collaboration allows over 20 million GoDaddy users to access the benefits of ENS blockchain infrastructure without extra costs or technical complexity. ENS, a widely used naming protocol in crypto, facilitates associating human-readable names with Ethereum addresses, akin to DNS functionality in website URLs. With this integration, users can connect their GoDaddy domain to an ENS-compatible crypto wallet, making crypto payments more accessible. The partnership addresses previous barriers like high gas fees by introducing cost-free DNS to ENS domain linking through new smart contracts, enhancing the transition process and streamlining interaction between traditional web domains and blockchain technology.

BTC may reach $70,000 by the end of 2024
Markus Thielen of 10X Research predicts that Bitcoin (BTC) will rally by approximately 65% to reach $70,000 by the end of 2024. He bases his forecast on several factor, including the macroeconomic environment, monetary tailwinds, the U.S. election cycle, and growing demand from traditional finance (TradFi) investors allocating to Bitcoin ETFs. Despite the sluggish price action in January, Thielen highlights Bitcoin's historical performance, noting that January returns have been mixed over the cryptocurrency's 13-year history. He also mentions his accurate prediction last year that Bitcoin would nearly double to $45,000 by the end of 2023. Thielen expects Bitcoin's price to be bolstered by factors such as delayed Fed rate cuts, lower inflation, and ongoing economic growth. Additionally, he points out the historical bullishness of Bitcoin during U.S. presidential election cycles, especially during Bitcoin halving years. As of now, Bitcoin is trading at $42,700, down 4% year-to-date.

Tastes of the regions

Spanish Treasury to seize crypto to pay tax debts
The Spanish Ministry of Finance is introducing tax reforms to allow financial institutions to collect taxes on behalf of the government and seize cryptocurrency assets to settle tax debts. The reforms, under Article 162 of the General Tax Law, empower the Spanish Tax Agency to identify and seize crypto assets owned by taxpayers with overdue debts. A royal decree, effective since February 1, expands the entities with tax collection powers to include a wider range of financial organizations. The Ministry aims to enhance efforts against tax evasion by mandating banks and electronic money institutions to report all card transactions. These changes reflect Spain's proactive approach to regulating cryptocurrencies, with plans to adopt the Markets in Crypto-Assets Regulation (MiCA) by December 2025. Spanish residents holding crypto assets on non-Spanish platforms must declare them to tax authorities by the end of March, with reporting requirements based on asset values exceeding 50,000 euros. Individuals with self-custodied wallets must report holdings through standard wealth tax forms.

Crypto exchanges in Hong Kong must apply for a license or shut down by May 31
Hong Kong's Securities and Futures Commission (SFC) issued a stern warning to the city's crypto exchanges: either apply for a virtual asset trading platform license by February 29 or face shutdown by May 31. Despite Hong Kong's efforts to establish itself as a crypto hub, the SFC's caution underscores regulatory requirements. Only two exchanges, OSL and HashKey Exchange, have received approval so far out of 14 that have applied. The SFC urges investors to verify if the platforms they use are licensed and advises them to trade only on SFC-licensed exchanges. The warning comes amid ongoing investigations into platforms like JPEX, with 69 arrests made but no charges brought yet. Additionally, 12 other platforms are listed as "suspicious" on the SFC's website.

Dictionomics:    Fefi Mining

Fefi Mining Pool is a platform that allows users to mine Fefi, a cryptocurrency that is based on the Proof-of-Stake (PoS) consensus mechanism. Fefi Mining Pool provides users with various benefits, such as low fees, high rewards, and security. Users can join the pool by staking their Fefi tokens and receive proportional shares of the pool's earnings. Fefi Mining Pool aims to create a decentralized and sustainable network that supports the Fefi ecosystem.

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