Skip to content

Altcoins Surge As Biden Blocks Pro-Crypto Bill 

GameFi token Notcoin Rallies 300%+ after frenzied trading week 

Notcoin has outperformed the majority of the market since the viral Telegram game’s token launched on Binance. 

If you’re a crypto Twitter scroller, you’ve probably seen countless personalities proclaim “x” sector/narrative is set to explode in 2024. Artificial intelligence and memecoins have been the ringleaders to date, but there’s another category that’s flown under the radar – until now.  

GameFi tokens endured a rocky start to the year, but popular projects like Immutable X, Axie Infinity and Gala have rebounded in the past month. However, there’s one cryptocurrency in particular that’s blown the competition away: Notcoin (NOT). 

Notcoin is the native community token of a “viral Telegram game” taking the cryptosphere by storm. The game’s premise is endearingly simple. Users click on a button of a coin to earn coins, which can be used to advance progression (and earning capabilities) within the game. Eventually, these tokens can be exchanged for fiat currency or other cryptocurrencies. 

You may also have noticed that Notcoin is an anagram for Toncoin – that’s not a coincidence. The Notcoin game and native token are embedded in the TON Network, providing a gateway for new users to explore the broader Toncoin ecosystem. 

Look, it’s not exactly Red Dead Redemption 2. But the 35 million Notcoin users show that these idle clicker games can be devilishly addictive, despite their simplicity. 

And after the game launched its native token in mid-May, the hype surrounding Notcoin has gone to the next level. The past fortnight saw NOT get listed on several major platforms – in particular, Binance Launchpool – resulting in a spike in trading and price. The coin has overtaken several popular memecoins based on market cap, much to the community’s delight.  

As the dust settled, Notcoin was trading at US $0.022 – revelling in large double-digit percentage gains within a week. 

Binance Coin (BNB) reaches new all-time high as whispers of altcoin season start circling 

A wave of positive sentiment has washed over Binance Coin and its related platforms, resulting in its first ATH in nearly three years. 

Bitcoin’s incredible start to 2024 captured the attention of the crypto world. But with the world’s most expensive cryptocurrency steady at the US $70k mark, investors are starting to eye off altcoins. Don’t call it a comeback – but the past week has seen several crypto projects burst back into relevance after a month or two of sideways movement. Toncoin, Uniswap, Kaspa and Arweave all enjoyed a stellar seven days of trading, prompting a hush among the crypto community. 

Dare we dream of altcoin season? 

If Binance Coin’s performance is anything to go by, the answer is a resounding yes. 

The native token of the world’s biggest crypto exchange (Binance), BNB shot up nearly 18% over the past week. The coin landed at the US $700 (AU $1,050) pricepoint, easily eclipsing its previous all-time high which occurred nearly three years ago. 

The Renaissance of Binance Coin isn’t really down to one particular factor. Rather, the coin maintains a strong intrinsic value thanks to the popularity of Binance and its associated blockchain, Binance Smart Chain (BSC). BSC has experienced consistent growth since its invention in 2020 and has become home to popular decentralised applications (dApps) like PancakeSwap and 1inch.   

Meanwhile, the Binance trading platform has enjoyed a spike in activity over the past fortnight, even as Founder and ex-CEO Changpeng Zhao begins his time behind bars. A key to Binance’s surge is the popularity of Notcoin (NOT), which launched on the exchange last month.  

Binance Coin boasts a positive community-developer relationship and is tied to two of the cryptosphere’s biggest projects (BSC and Binance). The sudden price rise might just come down to investors finally appreciating BNB’s fundamental value.  

Australia’s first spot Bitcoin ETF to hold the asset directly launches on Cboe 

Monochrome’s Bitcoin ETF (ticker: IBTC) is set to go live for trading sometime in Q2 2024. 

2024 is the year of spot crypto ETFs. Bitcoin was rocketed to a new all-time high on the back of the SEC’s approval of spot BTC funds – and Ethereum might be next in line (if history is anything to go by). But interestingly, spot crypto funds have actually been available for trade in Australia for quite some time. They just haven’t been particularly successful.  

All that will likely change with the second attempt at bringing crypto ETFs Down Under. The US market’s sheer size makes it incredibly influential to other regions, and with Bitcoin securing legitimacy as a long-term investment, Aussie ETFs are more likely to succeed this time round.  

The first cab off the rank is set to be the Monochrome Bitcoin ETF (IBTC). The fund will become available for trading on the Cboe within the next quarter. 

A spot Bitcoin ETF technically does already exist within Australia – Global X 21 Shares Bitcoin ETF – however, BTC assets are held in custody by Coinbase rather than the share provider themselves. On the contrary, Monochrome plans to hold Bitcoin directly on a 1:1 basis. 

CEO of Monochrome, Jeff Yew, spoke to the “transformative power” of crypto ETFs, spruiking the fund’s first-to-market credentials. 

“We are excited to bring the Monochrome Bitcoin ETF (IBTC) to market. IBTC holds Bitcoin directly – a first in Australia.” 

“IBTC is the first and only exchanged traded fund in the market to be authorised under the crypto asset licensing category.  

Joe Biden vetoes pro-crypto bill in a (not-so) stunning turnaround 

The current US president threw away much of the support he garnered from the crypto community after blocking an amendment to current SEC accounting regulations. 

Spurred by Donald Trump, cryptocurrency has become an important discourse for the upcoming US presidential election. Trump, identifying a gap in the market, has positioned himself as the “pro-crypto candidate”.  

Not to be left out, Joe Biden followed suit, prompting the SEC to approve spot Ether ETFs and working with industry leaders to improve crypto regulations. 

However, all of this work to appear as the “good guys” to the crypto community came crashing down last week, when the current US president vetoed a bill set to shake up the SEC’s powers. Essentially, the proposed Bill would’ve allowed institutions to push customers’ crypto holdings off their own balance sheets. According to some banks, this has presented a significant barrier to becoming involved in the crypto industry. 

But the mostly bipartisan bill was framed by Biden as a “Repbulican-led resolution” that would “inappropriately constrain the SEC’s ability to…address future issues”. 

As we all know, the Securities and Exchange Commission (SEC) is a controversial topic when it comes to the crypto community. Regulation is a necessary part of the Web3 world going forward, but some powers that financial regulators maintain over the crypto industry can make some investors a little grumpy…  

Let’s just see what the friendly folk over on Twitter have to say: 

Written by

Ben Knight