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Top Performing Assets (24 Hours): $DOGE -0.64% | $BTC -1.32% | $BNB -1.42%
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Welcome to Thursday Folks! Bitcoin is trading down at $42,134.60 and continues to struggle but is finding a base above $40K. Let's get on with the news...
SUMMARY
Yesterday, Tether reported profit of $2.9B in Q4 of 2023 with $5.4B in excess reserves.(6) Today, Celsius emerges from bankruptcy and is prepping to give creditors back pennies on the dollar.(6)
Bitcoin price dropped to $42K as the Fed kept interest rates the same.(4) However, metrics are pointing to a potential rally toward $60K in short order like the MVRV metric which is copying previous Bitcoin bull cycles and the Bollinger Bands which is at 1%. Accumulation trend score is at a 3 year high. Raoul Pal believes the application layer will drive this next bull run. So, the debate continues to be alive, will $BTC hit $38K or even $30K before it hits $70K? Arthur Hayes is now calling for a weekend rally because he believes NYCB (which plunged 40% after reporting $260M in losses) and a few others might dump into the weekend.(2) He's also recommending you buy Solana.
The numbers are in and for the month of January, 9 spot Bitcoin ETFs added 142K $BTC and GBTC dumped 132K $BTC; so umm Nicholas Merten it's not true that this will lead to the collapse of Bitcoin's price. The crazy thing is that the ETFs are just getting started so expect to see a LOT more adoption of them this year. They group of nine are absorbing 5x $BTC than the miners are producing daily.
After the election in El Salvador they are going to build a Bitcoin city.
Dogecoin network exploded with 890K new addresses.
MID-DAY
Swan's CEO Cory Klippsten is echoing what others have said and that is the ETFs are going to have a multiplier effect on Bitcoin's price. Genesis settles with the SEC; only Ripple and Coinbase left.(4)
WATCH
LISTEN
Podcast of the Day: The Flood is Here: Charlie Shrem on AI, RWAs, Bitcoin ETFs, & How Investors Can Profit in Crypto | TCSS
