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Happy Saturday Folks! Last week Bitcoin was up over $4K and this week it has taken a rest. As I type Bitcoin is trading at $37,000.61 and for the week (M-F) Bitcoin was up $2,133.90; week over week it's up $2,202.36. The best performing asset in the past 7 days was again $SOL - up 31.69% in position #7 on Coinmarketcap.com. Last week the Fear and Greed Index was at 68 and today it's 70; will we make it to extreme greed before we flip back to neutral or fear?
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
This big news for this week was about Justin's Sun exchange Poloniex getting hacked to the tune of $100M+; we've all heard it before, Not Your Keys, Not You Coins (NYKNYC.) Bitcoin dominance on Coinmarketcap.com dropped a bit to 51.3% and ETH rose to 17.6%; driven primarily by the fact that BlackRock applied for an $ETH ETF. $Sol continues to dominate every other top 10 crypto asset rising 32.% in the past 7 days; $DOGE is in second place rising 17% and $ADA again bringing up the rear up 17%.
We are well into November and Bitcoin is pushing hard to reach $42K; will it make it? The sentiment this month continues to be heavy on the bullish side with the Fear and Greed index at 70 rising slowly each week. Ethereum blasted through $2,000 and is remaining above it; we are definitely in the Bull Cycle of this 4-year journey.
We heard from many voices this week and to highlight a few: 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) 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. On Tuesday:
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
The co-founders Jan Happel and Yann Allemann of a top crypto data analytics firm say BTC’s market demand is outpacing its supply and that is signaling bullish moves for BTC.(2) Seasoned blockchain analyst Charles Edwards indicates next major resistance levels for largest cryptocurrency: $58K. However, "something doesn't feel right" about the latest BTC price uptick, a warning tells traders, as Bitcoin open interest passes $17 billion. Bitcoin is in line to benefit from a tsunami of institutional capital, says Dan Tapiero, while Ethereum is also due an ETF boost. Bitcoin ETFs will drive institutional adoption in 2024 - Galaxy Digital’s Mike Novogratz.
ETF NEWS
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) BlockStream CSO and chief executive at Pixelmatic Samson Mow has predicted a possible split of Bitcoin into two "types" in the future. He believes it may be caused by BlackRock and other major financial institutions rushing to enter Bitcoin and launch their Bitcoin spot ETFs. The Securities and Exchange Commission (SEC) has one last short window, an eight-day period starting Thursday, if it wants to approve all 12 spot bitcoin (BTC) ETF applications this year, Bloomberg Intelligence analysts wrote in a note on Wednesday. "We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals," Seyffart posted on the X social media network. The SEC is in talks with Grayscale to potentially convert GBTC into a spot Bitcoin ETF, a move that could make BTC more accessible to investors.(3) 12 Bitcoin ETFs have 'brief window' for SEC approval starting tomorrow,(2) but Bitcoin ETF launch could be delayed more than a month after SEC approval.
Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
THE WEEDS
Monday the price of Bitcoin closed at $34,910.30 and the most covered news of the day was The Bank of England plans to oversee stablecoins that are in wide circulation and can pose a threat to financial stability.(5)
Podcast of the Day: Bitcoin And Tether Will Fuel The Next Bull Market l Paolo Ardoino | TWOAS
Tuesday the price of Bitcoin closed at $35,341.00 and the most covered news of the day was about Kraken wanting to launch its own layer-2 network.(3)
Podcast of the Day: Yields Collapsing! Will Bitcoin Pump? l Macro Monday | TWOAS
By Wednesday (Humpday) the price of Bitcoin closed at $36,755.40 and the most covered news of the day was about Binance launching a self-custody Web3 wallet for its 150M registered users.(7)
Podcast of the Day: Dylan LeClair Bitcoin Market Overview | Bitcoin Fundamentals
Right over the hump on Thursday the price of Bitcoin closed at $36,746.10 and the most covered news of the day was SEC’s Gensler hints he’s open to a FTX reboot under proper leadership; Congress moves to clip the SEC's wings.(6)
Podcast of the Day: The Path To $100,000 Bitcoin with Adam Back | On The Margin
As the week came to a close on Friday the price of Bitcoin closed at $37,044.20 and the most covered news of the day was Justin Sun's crypto exchange Poloniex seemingly hit by $60 million hack.(11)
Podcast of the Day: ETF Excitement Drives Bitcoin Past $36,000 | The Breakdown
WEEKEND NEWS
Digital asset investment products are on track for their third largest year of allocations, with Bitcoin and Ethereum leading the charge. Over 60,000 Bitcoin millionaires emerge in 2023, 3x more since January.
MicroStrategy Founder Michael Saylor: “You can never have too much Bitcoin. We’re big Bitcoin bulls” and demand for Bitcoin could grow by up to 10X within 12 months. Arthur Hayes says Ethereum could explode by over 4,600%, doubles down on $1 million Bitcoin prediction. BlackRock argues SEC has no grounds to treat crypto futures and spot ETFs differently.(3)
Solana breaks $55 and erases woes of past 18 months; Cardano sees Whale activity surge.
