06 Dec: Correction Coming?


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 –John C. Maxwell

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Guess what day it is Folks? HUMPDAY! 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, BlackRock and Bitwise file updated spot bitcoin ETF applications with the SEC(3) and SEC delays decision on Grayscale's proposed spot ether ETF into the new year.(4) Today, nothing is really trending yet but will update as soon as it does :) 

Bitcoin (BTC) is having a moment again. The biggest cryptocurrency in the world is enjoying a 150% increase this year as its price surged beyond $44,000 on Wednesday, marking the first time it had done so in over 18 months. Short traders betting against higher bitcoin (BTC) prices lost some $90 million on Tuesday alone, adding on to the $70 million in short liquidations on Monday. Is a ‘god candle’ to $100K possible for Bitcoin? Institutional demand for ‘long BTC exposure’ ‘stays sky-high, with no signs of stopping’, says K33 research.

According to the analysis of the daily and the three-day charts of the Bitcoin price movement, the following BTC price correction might be coming within the next 48 hours, as per a post on X by cryptocurrency analyst Ali Martinez on December 5; also futures and options market metrics suggest traditional finance players and sophisticated market participants may soon rotate money into ether from bitcoin. The top level resistance is around $47,360 and the support is around $37,000. A Bitcoin transaction fee now costs the average global daily income.

Meanwhile, Bitcoin recently hit a 19-month high over $43,000, with Bloomberg analysts forecasting it could reach between $50,000 and $500,000. Key drivers include macroeconomic factors and potential ETF approval. Bitcoin will be ‘more scarce than gold’ says Brian Kelly. and in a new interview on CNBC’s Fast Money, the founder and CEO of digital asset investment firm BKCM says that he expects some altcoins to start rallying in January following a historic price pattern. 

Bitcoin Inscriptions divide BTC community amid network congestion, but are 'unstoppable.' Bitcoin dev Luke Dashjr calls inscriptions 'spam,' community members push back.

Companies in Japan will no longer have to pay taxes on unrealized cryptocurrency gains. Lugano, Switzerland now accepts Bitcoin and Tether for tax and fee payments via Bitcoin Suisse. 

Banking Giant Societe Generale Says It Has Issued First ‘Digital Green Bond’ on Ethereum (ETH) Network. Cardano adds $1 Billion in 24 hours amid 100% volume and is gaining pace above the $0.40 resistance. $ADA could rally if there is a clear move above the $0.432 and $0.450 resistance levels. Crypto enthusiasts on high alert as Arthur Hayes predicts weekend altcoin surge, honing in on Solana's (SOL) bid to surpass $100. Dogecoin marks 10th anniversary, hits $0.10 for first time in a year. Elon Musk halts Dogecoin surge by saying his AI business is 'not raising money.'

Tether's USDT has emerged as the global standard dollar-pegged stablecoin, largely due to US lawmakers pushing it overseas. Tether’s market cap peaks at $90 Billion amid renewed confidence. Circle and Nubank partner to bring USDC, a digital dollar stablecoin, to Brazil's 90 million customers.

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TheCryptoCurator
TheCryptoCurator

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post.


The Crypto Curator
The Crypto Curator

I've been exposed to the world of crypto since 2011. Now I use my knowledge to curate the most relevant news articles, podcast, videos, blogs and social media information to help you be in the know in Crypto!

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