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Happy Monday Folks! Bitcoin is trading up at $35,178.90. Last week I asked the question if the gains we saw in "Uptober" would be be scared away? Guess NOT! I am finishing up my travel tomorrow so I'll be back to focus on Bitcoin a little more. Over the weekend bullish sentiment continued. Let's get to today's news...
SUMMARY
Exchange flow gap hits 10K BTC — 5 things to know in Bitcoin this week (Cointelegraph):
- Bitcoin bulls refuse to give an inch
- Fed speakers lead macro week
- Hash rate, difficulty propelled to new all-time highs
- Exchange flow gap reaches second-highest levels
- Crypto "fear" hits post-$69,000 highs
Crypto investments surge with $767 Million inflows in 6 weeks. Hong Kong is considering allowing retail access to spot exchange-traded funds (ETFs) directly investing in cryptocurrency.(3) Coinbase CEO Brian Armstrong Says ‘Crypto is the greatest tool in increasing global economic freedom’ during Q3 2023 earnings call.
Bitcoin and Ethereum rally not over as Crypto capital inflows reach one-year high. Bitcoin addresses with over $1K of BTC hits record 8M and the number could grow exponentially, representing a tremendous amount of purchasing power; 700,000 new addresses was added on November 4.(3) Bitcoin holds near $35,000 as analysts anticipate a more dovish Fed. On-chain data shows Bitcoin has recently made a break that led to rallies of at least 99% during the last three times it happened. One year after FTX exchange's collapse, Bitcoin is up nearly 70%.
Matrixport predicts Bitcoin’s Santa Claus rally to reach $56,000. Dan Morehead says asset allocators are considering investment options in the current climate. He cautioned against investing in bonds, noting the risks in the current environment, and pointed out that real estate is also descending from all-time highs, with equities being overvalued. This leaves room for alternative asset classes, such as real commodities and blockchain assets.(2) Potential spot bitcoin ETF approval excitement is building in the crypto ecosystem, but Arthur Hayes isn’t convinced such an event is good for bitcoin, or for the people who use it.(2) Argentina’s next president will be ‘Bitcoin-friendly.' Venture capitalist Chris Burniske says that a mid-2019-style crypto rally is now potentially unfolding as Bitcoin (BTC), Ethereum (ETH) and digital assets continue to rally. Cathie Wood, founder of investment manager ARK Invest, said bitcoin (BTC) can serve as a hedge against deflation in addition to its potential in an inflationary environment.
Over the weekend, Bitcoin Miners accumulated BTC worth $18.5 million, halting their week-long selling frenzy.
BNB price avoided a major decline below $200 and recovered against the US Dollar. It climbed above $235 and now faces many hurdles near $245 and $250. Ripple (XRP) price broke out decisively above the critical $0.65 resistance over the weekend, as the bulls edge closer to a new yearly peak. Dan Gambardello, the Founder of Crypto Capital Venture, has provided an insightful analysis of Cardano’s (ADA) recent price movements. He begins by acknowledging the excitement around ADA’s surge, posing the critical question of whether this uptrend can persist, especially in the short term, and if ADA can hit the 40-cent mark or is due for a decline.
New All-Time High: Tether’s USDT Supply Surpasses 84 Billion.
Binance's spot trading market share falls to 40% in 2023. DZ Bank, the third largest bank in Germany by asset size, has launched its own digital assets custody platform built on the blockchain.
The Bank of England plans to oversee stablecoins that are in wide circulation and can pose a threat to financial stability.(5)
DOJ announces plan to control $54,000,000 in Crypto allegedly obtained in illegal narcotics scheme from Christopher Castelluzzo. Roger Ver, known to some as “Bitcoin Jesus,” sued a Matrixport subsidiary for $8 million last year and Ver claims Matrixport’s billionaire founder, Jihan Wu, froze his funds because Wu held him responsible for losses on CoinFLEX.(3) A former prosecutor with the U.S. Justice Department’s Securities and Commodities Fraud Section reportedly says that Sam Bankman-Fried may only receive about 25 years in prison.
Monero’s community wallet loses all funds after attack. Fake Ledger Live app sneaks into Microsoft’s app store, $588K stolen. Bitfinex users fall for ‘minor’ phishing attack after employee gets hacked.(2) Indian police arrest 8 more in $300M Crypto Scam.
WATCH
LISTEN
Podcasts of the Day:
- Bitcoin And Tether Will Fuel The Next Bull Market l Paolo Ardoino | TWOAS
- Yours Truly, Bitcoin with Tomer Strolight | Bitcoin Matrix
- Entering a new Bitcoin bull cycle with Adam Back | SLP523
