07 Dec: Ban Bitcoin?!

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Welcome to Thursday Folks! Bitcoin is trading up at $43,363.41. While Bitcoin has pulled back some, the strength of this run appears to want to continue. Let's get on with the news...


Yesterday, nothing was really trending as the news coverage not as crazy; until last last evening. Today, JPMorgan CEO James Dimon talked about Cryptocurrencies again: “I would ban it if it were me”(6) and Grayscale Investments CEO Michael Sonnenshein says investor interest in this asset class is only growing. Richard Teng, the Chief Executive Officer (CEO) of the world’s largest crypto exchange Binance challenged JPMorgan Chase’s CEO Jamie Dimon’s stance on cryptocurrencies. Novogratz disagrees with Dimon's point of view. “It keeps repeating itself and keeps getting it wrong. Bitcoin has vastly outperformed JPMorgan shares for one year, five years, 10 years, you pick the period.

If what Coinbase says is true — that crypto is a legitimate financial alternative — then it must kick its addiction to supply inflation.

Bitcoin is booming, and so are network fees(2) and Bitcoin has set a new high in its total number of addresses with a balance. Bitcoin trades down as caution descends ahead of US jobs report.

Alongside the euphoria among investors over Bitcoin’s recent surge above $44,000—a 20-month high—increased network congestion is prompting another battle over the NFT-like Ordinals project and BRC-20 tokens. Sotheby's begins first Bitcoin Ordinals NFT auction for BitcoinShrooms. Miners prioritize revenue, making them unlikely to limit Bitcoin inscriptions like Ordinals, which could reduce their earnings, according to Bioniq CEO Bob Bodily.

Bitcoin’s aggressive rebound has devastated crypto stock short traders, inducing over $2.6 billion worth of losses for short sellers in less than three months, according to a new report from financial data firm S3 Partners. The bull market has been clearly spot-driven, with all major derivatives data relatively flat, one observer said, adding the rally has limited downside and K33 Research analysts say Bitcoin’s last downward cycle was the shortest in history, assess BTC’s future. Bitcoin's next move might be decided by Friday's jobs report.

Yet, Bitcoin has seen a pullback but not to the extent that bears have been expecting. Nevertheless, as a result of this, a lot of traders have incurred massive losses due to Bitcoin staging another unexpected recovery. The loss volumes have quickly risen to $190 million in one day as uncertainty remains the order of the day.

What the Bitcoin Halving Means for Investors

Bitcoin Core, the software that powers the Bitcoin network, has released its latest version 26.0, which introduces a variety of new features and improvements to increase the security and performance of the network. One of the most notable changes is the introduction of experimental support for the v2 transport protocol, which aims to increase the privacy and reliability of peer-to-peer connections. Mystery Bitcoin whale resurfaces and transfers 1,000 $BTC worth $41M from string of 2010 era addresses.(2)

Robinhood CEO and co-founder Vlad Tenev says that potential rate cuts by the Federal Reserve and two other things are sparking optimism in the crypto space. John Bollinger, known for his expertise in market analysis, has recently shared his insights on Bitcoin’s current market trajectory, noting that the premier cryptocurrency is exhibiting “signs of strength.” This observation comes when Bitcoin consistently sets new highs amid the ongoing bull run. New Bitcoin all-time high within next 6–12 months, predicts Matt Hougan Bitwise Asset Management CIO. Bitcoin’s price may rise above the $50,000 mark in early 2024, according to a CryptoQuant report. The report added that 90% of bitcoin’s circulating supply is now in profit, indicating possible short-term corrections.

ETF Calender

The higher frequency of bitcoin-related filings shows more adoption and recognition of crypto and indicates that many firms are interested in the ETF hype. Grayscale CEO says he's feeling optimistic following conversations with the SEC about a spot bitcoin ETF. According to Reuters, industry executives said that negotiations between the US Securities and Exchange Commission (SEC) and companies applying for spot ETFs are progressing.(2)

Cardano could see 70% rally to $0.75, analyst predicts when.

Leading stablecoin issuer Tether has seen its Bitcoin (BTC) investment strategy start to pay off as the company’s BTC holdings are now valued at $2.4 billion after rising more than 85% from the company’s average purchase price, leading to an unrealized gain exceeding $1 billion.

Robinhood launches crypto trading app in Europe.(3) Uphold launches self-custody wallet that supports Ripple's XRP token. Launching today across more than 95 countries spanning six continents, Bitkey (Jack Dorsey's Block owned company) aims to empower users by providing easy and secure management of their Bitcoin.(2)

The U.S. Internal Revenue Service’s (IRS) criminal investigation unit says crypto tax investigations are on the rise. Judge approves the deal between Binance, CZ and US Department of Justice.(2) Bitzlato co-founder pleads guilty to processing $700 million in illicit funds.(3) The official X account of MyDoge, a key player in the Dogecoin wallet sphere, was recently hacked.

Do Kwon will be extradited to US by Montenegro Justice Minister: WSJ(3)



Podcast of the Day: If You Own Bitcoin, You’re A Bitcoiner (Sorry Maxis) W/ Udi Wertheimer | TWOAS


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The Crypto Curator
The Crypto Curator

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