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Welcome to Thursday Folks! Bitcoin is trading down at $43,160.97. After the elevator ride down (big dump) yesterday, Bitcoin is attempting to ride the escalator back up. Let's get on with the news...
SUMMARY
Yesterday, Michael Saylor commences plan to sell $216M worth of MicroStrategy stock options.(5) Today, Crypto community sings unhappy tune on ‘stupid’ IRS reporting requirement; impossible to comply with.(2)
Bitcoin bull market RSI and MACD metrics ‘almost reset’ as BTC price hovers at $43K. Surge in ‘buy the dip’ mentions highlights traders’ bullish crypto outlook. Cryptocurrency Exchange Analysts Warned: “Unprecedented volatility coming for Bitcoin.”(2)
Investor Brian Kelly believes a bull market that will last for more than one year has begun for the cryptocurrency market.(2) 20% Chance we are in the middle of a ‘gigantic bubble cycle’ in the Crypto market, says Ex-Goldman Sachs exec Raoul Pal.
Elon Musk won’t be the richest person if Bitcoin goes above $1M. Michael Saylor’s Bitcoin investment is over $2.6 billion in profit, but BTC price needs to gain a whole lot more to challenge the world’s richest person.
Bitcoin ETFs Could Spark Huge BTC Trading
Bitcoin ETFs are coming, but what about BTC stocks and trusts?
Issuers have fixed three of the SEC's remaining concerns for spot bitcoin ETFs.(2) Grayscale and VanEck has filed form 8-A with the SEC and registered securities to launch its spot Bitcoin ETF.(2) Tuttle Capital proposes 6 ETFs that ‘magnify’ spot Bitcoin ETF performance. Cipher Mining buys 16,700 new miners ahead of Bitcoin halving. The right to a self-hosted wallet? Crypto laws Congress should pass in 2024. A group of former Citigroup Inc. executives, along with Franklin Templeton, BTIG, and Broadhaven Ventures, are set to offer securities backed by Bitcoin that they claim do not require approval from U.S. regulators.(2) Only 39% of financial advisers believe a 2024 Bitcoin ETF will be approved: Bitwise.(3) Simeon Hyman, a global investment strategist at ProShares, has highlighted the deficiencies in the spot Bitcoin market, citing discrepancies in prices across exchanges and risks associated with various platforms. Cryptocurrency journalist Jacquelyn Melinek speaks- “According to sources very close to the subject, SEC will approve Bitcoin spot ETFs, big day tomorrow.” A go-ahead from the U.S. Securities and Exchange Commission could trigger $10 billion in inflows to Bitcoin ETFs in the first year, says Bloomberg's James Seyffart.
Tether's recent minting of 2 billion USDT aligns with historical patterns suggesting a correlation with Bitcoin price. Analysts predict a potential "huge pump" in Bitcoin's value, forecasting a peak of $48,628, followed by a pullback. Another technical analyst indicates a possible Bitcoin rally toward $48,000, with risks of a retracement to $34,000.
Cardano Whales on Buying Spree: 14 Million ADA Added.
Cyvers, a leading cryptocurrency security company, has issued an alert regarding suspicious transactions on Upbit, South Korea's largest and the world's second largest crypto exchange.
The new IRS reporting requirement, titled 6050I, originally planned to go into effect in January 2023, only applies to businesses using crypto assets and does not affect individuals. Rep. Luetkemeyer announces retirement in move that could make room for crypto-friendly chair of House Financial Services Committee.
DeFi platform Gamma Strategies was Hacked, thousands of Ethereum (ETH) were Stolen!
WATCH
LISTEN
Podcast of the Day: Banking Bitcoin with Allen Farrington & Eric Yakes | WBD
Other Podcast
- #1290 Darius Dale on Bitcoin ETF: Wall Street Can't Wait! | TPP
- Episode 88: Hashcash and Bit Gold | Bitcoin Explained
- Jim Bianco's Big Predictions For 2024 | OTM
