"We don't see things as they are, we see them as we are."
–Anais Nin
Powered by Wubits - real people, real connections, and real conversations.
READ
Happy Tuesday Folks! Bitcoin is trading down at $34,681.10. Still higher than where it was a week ago.
SUMMARY
Yesterday, the Bank of England planned to oversee stablecoins that are in wide circulation and can pose a threat to financial stability.(5) Today, it appears most coverage is about XRP and Gemini losing their CTO.
Forget cat memes. The next crypto bull market will be driven by TradFi. Institutions pile into Bitcoin, Ethereum and Solana with $262,000,000 in capital flows. Bitcoin bull market patterns start to appear. Inordinately high — Bitcoin Ordinals send BTC transaction fees to new 5-month peak. Bitcoin price targets $46,000 as DXY receives Kiss Of Death.
Crypto analyst Jason Pizzno says that Bitcoin (BTC) could be gearing up for an unexpected bull phase that carries on into next year. However, Bitcoin could see a decline of at least 20% in the near future, if the historical pattern of this indicator is anything to go by; open interest is at $15B tho.(2)
Three things to drive Bitcoin to $5M a $BTC: “A spot ETF where someone can go ahead and buy $100 million in Bitcoin by an ETF security, I think that’s one. Two is: Your bank will custody it for you and lend against it. And three is: I can mark it up or mark it down in my balance sheet based on fair value.”
— Michael Saylor
Ethereum (ETH) showcases a breakthrough that could signify the beginning of a bullish reversal and is now slightly outperforming bitcoin, whose dominance is declining. Ether could hit $3,000 as soaring network activity turns token deflationary. BNB up 12% weekly as whale grabs $5.6 million worth of it and BNB Smart Chain scam losses dropped 75% in Q3. Investors owning between 100K XRP and 1B XRP now hold 45.8% of the coin’s total supply as $XRP surges to 3-month high.(2) Ripple partners with Kuwait Finance House for cross-border payments and is selected by the National Bank of Georgia for a digital currency project; also gets regulatory approval in Dubai. Bloomberg Intelligence analyst Jamie Coutts says that Ethereum (ETH) competitor Solana ($SOL) is well-positioned to perform stronger against fellow ETH rival Cardano (ADA).(2) Cardano is the eighth largest cryptocurrency by market capitalization and had $2 billion flows into $ADA market cap in a week; however, it might see a decline of about 12% if a sell signal presented on its chart validates. Meanwhile, $ADA has surpassed BTC and ETH in terms of development activity in the past month.(2) Also, Cardano ($ADA) 50-week EMA flashes bullish, is $0.45 on the way? Cardano staking surges by 54% to $8 billion in staked $ADA.
Federal Reserve's Michael Barr calls for a strong federal framework for stablecoins.
Chief Technology Officer and APAC CEO, Pravjit Tiwana, is leaving Gemini, according to a report citing two anonymous sources.(2) The authorities cited the Law on Digital Assets, enacted in February 2023, that forbids the issuance and trading of digital currencies and the crypto exchange operation without a national license, according to reports. Kraken wants to launch its own layer-2 network.(3) Coinbase adds 4 national security experts to its global advisory council as Kazakhstan blocks Coinbase, alleges digital-assets law violations.(2)
Pro-Bitcoin (BTC) Senator Cynthia Lummis wants a crypto regulation bill to pass early next year in the US. Kenyan lawmakers ask local Blockchain Association to come up with crypto bill. Digital assets were involved in almost half of all charges brought by the CFTC in record-setting year.
The founder of LHV Bank based in the Baltic Rain Lohmus apparently lost his private keys to 250K $ETH and been unable to move or convert in into fiat.(2)
WATCH
LISTEN
Podcast of the Day: Yields Collapsing! Will Bitcoin Pump? l Macro Monday | TWOAS
