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Happy Tuesday Folks! Bitcoin is trading up at $41,662.04. I am cautiously optimistic and would encourage caution because the likelihood that Bitcoin will continue to push higher without a pullback is less likely. Let's get on with the news...
SUMMARY
Yesterday, Former Binance CEO CZ can’t leave US until court decides if he’s a flight risk.(6) Today, Bloomberg predicts Bitcoin to $500k in this crypto supercycle.(2)
It had appeared that BTC was correcting gains and might test the $40,800 support zone but Bitcoin extended its rally above $42K fueled by 'panic buying' and institutional funds, pushes Crypto market cap over $1.5T; Bitcoin's rally is not stopping, but will it be enough? Maybe but Bitcoin’s downside risk to not be ignored as asset soars to 19-month high. 88% of all Bitcoin holders in profit as 2023 comes to an end.
Bitcoin price could soar to $83,000 by 2025, popular analyst Rager suggests. Bitcoiner Max Keiser Boasts 20,000,000% Profit on His BTC Holdings. Crypto analysts predict potential market corrections as Bitcoin's rally could be ending; however, the overall trend remains upward. A market pullback for Bitcoin in the near term is likely, it has happened in previous bull cycles.El Salvador’s Bitcoin Bet Pays Off as BTC Crosses $41K. CEO Jenny Johnson of $1.5 Trillion investment firm Franklin Templeton reveals Crypto investments, says she holds Bitcoin and three Altcoins: $ETH, $UNI, $SUSHI.(2) Bitcoin bull market not yet overheated as BTC forms negative correlation with stock market: CryptoQuant CEO Ki Young Ju.
"The run up is different from last time. Pay attention" -Samson Mow
BlackRock and Bitwise file updated spot bitcoin ETF applications with the SEC.(3) Boomers interested In Bitcoin, market won’t allow BlackRock to buy BTC below $60k. BlackRock Received $100K Seed Funding for Spot Bitcoin ETF.(2) SEC delays decision on Grayscale's proposed spot ether ETF into the new year.(3)
Ethereum is considered undervalued at its current price of $2.2K, down 54% from its all-time high, despite strong fundamentals. Ethereum price is gaining pace above the $2,200 resistance. ETH is up over 8% and might continue to rise toward the $2,500 resistance in the coming days. Cardano (ADA) is currently at a critical juncture, facing trend line resistance, which could signal a potential bullish breakout and mixed indicators including a bullish MACD and a neutral RSI suggest a period of uncertainty and potential volatility in Cardano's market.
The ongoing Bitcoin (BTC) price rally has proven to be highly beneficial for stablecoin issuer Tether Holdings Inc. The company has raked in about $1.1 billion in profit alone, an 85% jump in its portfolio valuation since adopting Bitcoin as one of its reserve assets earlier in the year.
Binance will launch zero-fee trading for XRP/FDUSD, SOL/FDUSD, and four other pairs. Crypto.com achieves Electronic Money Institution (EMI) status endorsed by the UK's FCA, bolstering its position in crypto.
Crypto-friendly Rep. Patrick McHenry won't be seeking re-election.(2)
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