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Happy Monday Folks! A lot of the news last week was all about the Spot Bitcoin ETF, so far today the focus on the Spot ETF continues with JPMorgan and Jay Clayton saying a Spot Bitcoin ETF is coming. The price of Bitcoin is currently trading at $25,932.37; the struggle to remain above $26K is real. Let's dive into the news...
Weekly close risks BTC price ‘double top’ — 5 things to know in Bitcoin this week (Cointelegraph):
- Weekend Bitcoin price chops up BTC shorts
- Fed speakers headline macro week
- Difficulty due comedown from all-time highs
- Dormant BTC supply sets new records
- Interest turns back the clock to 2020
Bitcoin has neither broken out nor down, but the status quo still includes the risk of a trip to BTC price of $24.7K “bearadise.“ Longtime Bitcoin (BTC) bull Anthony Pompliano says that the crypto king may witness two types of shocks (demand and supply) in the coming months that could lead to an encore of the 2020 bull market; I agree with him. One of the key features that sets bitcoin apart from traditional currencies is its scarcity, and unlike fiat currencies, which can be printed endlessly by central banks, there is a finite amount (21M) of bitcoin that will ever exist. In a milestone moment for the world's leading cryptocurrency, the total number of Bitcoin wallet addresses has surged past 48 million, marking an all-time high and Number of on-chain Bitcoin (BTC) wallets holding at least 10 Bitcoins ($258,000) each sets amazing record, Glassnode reports.
The SEC will likely have no choice but to approve spot bitcoin ETFs following Grayscale’s victory in its case against the SEC, according to JPMorgan. In addition, the former SEC chairman echo'd the same sentiments saying, Spot bitcoin ETF approval is "inevitable." The Cambridge Centre for Alternative Finance reveals Bitcoin's energy consumption for 2021 was just 89 TWh.
Ethereum price tested the $1,600 zone and is currently recovering against the US Dollar; Ethereum is not as bearish as people might think right now. ETH is facing many hurdles near $1,650 and $1,670. Blockchain analytics firm Santiment says that XRP is seeing a massive rise in on-chain volume as development activity surrounding the digital asset ramps up.
Binance product lead Mayur Kamat says he is passing the baton to “next-gen leaders” to take some time off after years of product work.
Ripple is pushing back on the U.S. Securities and Exchange Commission’s (SEC) efforts to secure a certification for an immediate appeal on the recent landmark lawsuit ruling that went against the regulator and John Deaton clarified that even if an appeal were possible in such a situation, the agency’s authority would be diminished. Sam Bankman-Fried files a memorandum asking the court to deny recent requests filed by the Department of Justice calling them “unworkable.”
The latest US and international partners have identied that a new malware, dubbed “Infamous Chisel,” is specifically designed to target Android devices.
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Sources:
Bitcoin
- Price (Cointelegraph)
- Opinions (TDH | Cryptoglobe)
- Metrics (TB | BIC | UToday)
- ETF (TB | TB | CoinDesk | BIC | CoinDesk | Cryptoglobe)
- Mining (BIC)
Altcoins
- ETH (NewsBTC | UToday)
- XRP (TDH)
Exchanges
- BInance (Cointelegraph | BIC | TB)
Legal Cases
- Ripple vs SEC (TDH | Cointelegraph | ZyCrypto)
- SBF (Cointelegraph)
Attacks/Hacks/Scams
- Russian Malware (CryptoPotato)
