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Happy Saturday Folks! Two weeks ago Bitcoin was up over $2K (following a week where it was up $4K) and this week it has taken a rest. As I type Bitcoin is trading at $37,733.68 and for the week (M-F) Bitcoin was up $1,754.50; week over week it's up $1,003.60. The best performing asset in the past 7 days was again $DOGE - up 6.95% in position #9 on Coinmarketcap.com; two weeks ago the Fear and Greed Index was at 69 and today it's 74. We are getting there folks.
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
Most covered news of the week was MicroStrategy smashing the buy button one again to the tune of 16,000 BTC and at the same time announced they are raising another $750M to buy more. Bitcoin dominance on Coinmarketcap.com rose a bit to 52.1% and ETH dropped to 17.3%.
The sentiment continues to be wildly bullish as many are still believing $42K is in play if not $50K before end of year; with a Santa Claus rally.
Check out all the thoughts of the Analysts, Strategist, and Traders: Investing legend Charlie Munger was wrong about Bitcoin, according to Pantera Capital’s Dan Morehead. US Presidential candidate RFK jr. supports Bitcoin and if elected, it will bring tax exemption to BTC. Bitcoin traders' bullish bias holds firm even as BTC price dips to $37K.(2) Bitcoin price floor might hit $41,200 in months says Analyst Charles Edwards. Bitcoin price set to hit $40K after dip says Wolfe Research. Bitcoin turns bullish and pushes above $38K on dovish comments from Fed's Waller.(4) Bitcoin remains on track for $100K by year-end 2024: Standard Chartered.(6) Crypto could benefit from an influx of Chinese money, Arthur Hayes says. Bitcoin December rally in sight as BTC forms setup strikingly similar to three years ago says Crypto Trader Kevin Svenson.(3) Gigantic Bitcoin price rise expected by Capriole Investments founder Charles Edwards soon. With Bitcoin Above $38K, Yardeni Research President Ed Yardeni Foresees Continued Santa Claus Rally and Moderate Inflation in Market Outlook. BitMEX co-founder Arthur Hayes is outlining how capital from China could flow into Bitcoin (BTC). Binance settlement ‘net positive’ for cryptocurrency industry — Mike Novogratz.(2) As December unfolds, Arthur Hayes eagerly anticipates potential gifts, eyeing Bitcoin surge to moon on heels of Jerome Powell's expected rate cut. Willy Woo says on-chain Bitcoin metric BTC flowing off of exchanges is flashing same bullish pattern as last year’s market bottom; $1B withdrawls - the mood is bullish.
Coinbase is dominating a key Bitcoin ETF service. Can anyone else join the race? Could GBTC’s shrinking discount turn to a premium? CME-listed Bitcoin and Ether futures flash a rare bullish signal. The rare signal indicates that institutions have long exposure but not via spot, one observer said. ‘Buy the rumor, sell the news’ — Bitcoin ETF may spark TradFi sell-off. Bitcoin retail investors may end up with a hot potato if the spot ETF go-ahead plays out like gold 20 years ago, analysis considers. SEC asks public for feedback on Franklin Templeton's proposed spot bitcoin ETF.(3)
The SEC’s delays on two spot Bitcoin ETFs could mean it’s lining up to approve all pending applications in one swoop. Eric Balchunas, senior ETF analyst for Bloomberg, suggested in an X post on November 29 that Bloomberg is maintaining their stance on the 90% probability of approval by January 10, which has been their position for months, even before it gained popularity and became widely accepted; SEC met with Blackrock once again.(5) SEC Chair Gary Gensler stays mum on prospects for a spot bitcoin ETF, says he won't 'pre-judge' matter. Pando Asset is the latest fund group looking to launch a spot bitcoin ETF in the US.(2)
Research the dynamics of market manipulation before you jump in Bitcoin ETFs. Grayscale gears up for spot Bitcoin ETF, updating Trust agreement for sake of ‘operational efficiencies.’ World's largest Bitcoin futures ETF breaks 2021 record highs for assets under management (AUM) as ProShares' BITO now has $1.47 billion in holdings, as a flurry of bitcoin ETF applications in the U.S. seemingly spurs institutional interest in the asset.(2) Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered. Bitcoin ETF presale hits $2 Million as approval odds remain optimistic. If US regulators approve spot bitcoin ETFs, Ark Invest and 21Shares are well-positioned to rapidly accumulate assets and is a strong competitor to BlackRock, according to Bloomberg Intelligence analyst Eric Balchunas.
Grayscale has met with the SEC again, sparking new predictions for Bitcoin spot ETF approval in early January and Bloomberg ETF analysts predicts the window for potential Bitcoin ETF approval to be between January 5-10, 2024. Meanwhile, The SEC has opened the floor for public comments on Fidelity's spot Ethereum exchange-traded fund (ETF) application and Fidelity's court filing emphasizes the lack of a regulated avenue for obtaining Ethereum exposure in the US.(2) Grayscale Investments hires former Invesco ETF lead John Hoffman to take on managing director role.(2)
Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
Monday the price of Bitcoin closed at $37,001.80 and the most covered news of the day was Tron overtook BTC as Hamas’ and Hezbollah’s blockchain of choice,(2) the SEC is had trouble serving Hex founder Richard Heart with its lawsuit,(2) and Changpeng Zhao, ex-CEO of Binance, faces a potential 10-year prison sentence for violating the Bank Secrecy Act.(2)
Podcast of the Day: US crypto regulation is likely 'in a holding pattern' until after the 2024 election: Paradigm Policy Director | The Scoop
Tuesday the price of Bitcoin closed at $37,903.90 and the most covered news of the day was Former Binance CEO CZ can’t leave US until court decides if he’s a flight risk(6) and Bitcoin remains on track for $100K by year-end 2024: Standard Chartered.(6)
Podcast of the Day: Why the Crypto Industry Is So Upset About the IRS’ Proposed New Tax Reporting Rules | Unchained
By Wednesday (Humpday) the price of Bitcoin closed at $37,969.50 and the most covered news of the day was the Treasury Department sent recommendations to lawmakers, including one that calls for new sanctions tools to fight bad actors in crypto, according to prepared remarks from Deputy Treasury Secretary Wally Adeyemo ahead of the Blockchain Association’s Policy Summit; sanctioned Sinbad.(4)
Podcast of the Day: BTC158: Systemic Bond Issues & Bitcoin's Impact w/ James Lavish | Bitcoin Fundamentals
Right over the hump on Thursday the price of Bitcoin closed at $38,192.80 and the most covered news of the day was that we learned MicroStrategy spent another $600M to purchase over 16,000 BTC; in less than 1 month; Novogratz praises the move.(10)
Podcast of the Day: The European CBDC Debate Heats Up | The Breakdown
As the week came to a close on Friday the price of Bitcoin closed at $38,756.30 and the most covered news of the day was Bitcoin rolled into December at $39K for the first time since may 2022 and the put-call options ratio a bullish indicator for early 2024, says Deribit.(5)
Podcast of the Day: Anthony Scaramucci explains Wall Street's "secret reality" that makes a spot bitcoin ETF bullish | The Scoop
Bitcoin breaks $39K on ETF hype, a tad closer to $40,000, is $41K the next stop in a few days? Meanwhile, over $100M in liquidations as Bitcoin price soars to $40K.(5) Mind-blowing Bitcoin $600 million of shorts destroyed as price hits $39,700.
Bitcoin facing imminent global money supply rally, contrary to halving theory. Over 80% of Bitcoin holders now in profit. Whale accumulates about $187,000,000 worth of Bitcoin and Altcoins from Binance in just three days. On December 1, 2023, theymos announced “mixers to be banned” on BitcoinTalk. Grayscale brings on new managing director ahead of ETF decision.
Former Bloomberg Intelligence analyst Jamie Coutts says that the number of BTC accumulation addresses soared in the 2022 bear market, while they decreased in the 2018 BTC market slump. Bank of America says interest rate cuts are coming the middle of next year. That could be bullish for BTC in combination with Bitcoin’s halving in April.
The report provides key statistics within Cardano network, including the launch of 150 projects and the ongoing development of 1,304 projects and 9.1 million native tokens created; bullish for Cardano? Maybe.
Leading crypto analytics firm Santiment says the largest non-exchange Ethereum (ETH) wallets are gobbling up the second-largest digital asset at record rates.
Coinbase and Bybit Grab Market Share After Binance’s Settlement With the US Government: Analytics Firm Kaiko.
Despite the declines and mass exodus of assets, Binance has maintained its dominance with the highest BTC reserves and 30-day cumulative net flows.
Utah's top judge threatens SEC lawyers with sanctions over 'misrepresentations' in crypto case.