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Happy Tuesday Folks! Bitcoin is trading up at $46,601.36. First let me say congrats to Big Blue for winning the national championship (what a great game) and Bitcoin is mooning (literally 1 $BTC is headed to the moon with the space crew - unfortunately it lost propulsion and will not make it to the moon), adding $100B, hitting a 21-month high (decoupling from the Nasdaq), and about to experience a Golden Cross since 2016 as we await the announcement of the Spot Bitcoin ETF.(2) Let's get on with the news...
SUMMARY
Yesterday, it was all about the S-1s and the fee fiasco. Today, Standard Chartered is calling for $200K BTC by the end of 2025; remember them? They were the same ones that called $5K $BTC in the bear market.(5) Jim Cramer is saying the market is topped out; will he prove to be a counter indicator once again.(5)
Jamie Coutts believes the market is still undervalued, but with the market in the extreme greed zone, we might be reaching a top or at least that is what Jim Cramer is now saying.(5) But if you know Cramer this means we could blow past $50K to around $52K before this run is done IMHO; so far 150M shorts have been liquidated.(2) El Salvador did buy 1 BTC everyday and purchased about 418 $BTC; about $8M in profit.(2)
It appears the SEC needed some of the S-1s amended and this isn't a delay tactic so relax, we still should see an approved ETF by COB on Wednesday. BlackRock and VanEck updated their applications today; says ETF should start trading on Thursday.(6) One thing to know is that the Bitcoin short ETPs have seen $1M outflows in anticipation of an approved Spot ETF.(2) If for whatever reason the ETF isn't approved, we could see low $30K $BTC; so be patient. GBTC discount is at the lowest levels in 18 months. Fees are dropping except Grayscale's fees.
When it comes to Altcoins, $ETH is till top dawg as it has seen $1T worth accumulated in the past month and could see higher as the $ETH ETF comes into play after the Bitcoin ETF. SOL has jumped 20% and is back in position 5 on Coinmarket; still down 11.80% in the past 7 days. Solana now has 2,500 monthly active developers working on the Blockchain.(2)
AFTERNOON
Well it's afternoon and we are still waiting on the Spot Bitcoin ETF to be approved and Bitcoin open interest on futures hit an all time high which could bring some made volatility.(2) K33 research has changed it's tune and now is staying it won't be a sell the news event.(2)
In the meantime, did you know that you can actually use BNB, LINK, and others to pay your bills via BitPay? XRP hit 5 million active accounts. Polygon got an upgrade on transaction fees and that might impact the price of $MATIC; will it get above $1? Maybe.
WATCH
LISTEN
Podcast of the Day: 204 - What is Bitcoin? with Robert Breedlove | Bankless
