"What happens is not as important as how you react to what happens."
–Ellen Glasgow
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Happy Tuesday Folks! Yesterday, it appears the sentiment is when not if a Bitcoin Spot ETF will be approved. Today, the most covered news is about BitGo providing custody services for Hana bank in Korea. The price of Bitcoin is currently trading at $25,738.33. Let's dive into the news...
A Bitcoin price correction down to $22,000 is becoming increasingly likely, as BTC derivatives have begun to exhibit bearish tendencies. and the Bitcoin price currently remains in a vulnerable position. Meanwhile, recent on-chain data suggests that Bitcoin whales are accumulating, but contrary to popular rumors, BlackRock isn’t among them. The steepest Fed rate hike cycle in decades should have killed bitcoin and other risk assets, but a new relationship between the two are forming, but Bitcoin has been on a bull run for the past six months or so, and the market has yet to respond — but it will in around six to 12 months, according to BitMEX co-founder and former CEO Arthur Hayes. However, Bitcoin (BTC) bulls may be in for a disappointment, Katie Stockton at Fairlead Strategies said, as a monthly technical indicator has flashed an "overbought downturn" signal.
Recent metrics indicate a declining interest in Bitcoin, characterized by a sharp fall in trading volumes compared to the previous quarter. and
metric also shows short-term bitcoin holders in the red with latest price decline.
In a surprising turn of events, inflows into XRP-focused investment products have hit a sudden roadblock, registering a zero in the latest weekly report released by CoinShares. Blockchain analytics firm Santiment says that Ethereum (ETH) rival Cardano (ADA) is seeing a massive growth in network activity.
Crypto exchange Bitfinex holds bitcoin on its balance sheet. Hana Bank, a major Korean commercial bank, plans to develop its digital asset custody services with BitGo — while they explore possibilities of setting up a joint venture — local media reported.
The US DoJ finds it hard to distinguish between FTX and FTX.US, complicating the allocation of charges against Sam Bankman-Fried. Disgraced FTX founder Sam Bankman-Fried received close to a billion dollars in cash payments in the months leading up to the bankruptcy of the crypto exchange. According to insights shared by lawyer John E. Deaton, the ongoing SEC lawsuit against Ripple has had a negative impact on the adoption of XRP.
On-chain analysts detected suspicious outflows on betting platform Stake and these outflows reportedly amount to over $41 million across Ethereum, Polygon and BNB Chain.
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Podcast of the Day: Part 3 - How Bitcoin Fixes Money with Lyn Alden | WBD
Sources:
Bitcoin
- Price (Cointelegraph)
- Analysis (NewsBTC)
- Opinion (CoinDesk | Cointelegraph | CoinDesk)
- Metrics (BIC | TB)
Altcoins
- XRP (UToday | UToday)
- Cardano (TDH | CryptoPotato)
Exchanges/Banks
- Bitfinex (TB)
- BitGo (TB | CoinDesk | Cointelegraph)
Legal Cases
- FTX (BIC | TDH)
- Ripple (CryptoPotato)
Attacks/Hacks/Scams
- Stake (TB | TDH | Cryptoglobe)
