"Bitcoin is going to be one of the most important assets in history."
–Cathie Wood, CEO Ark Invest
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It's Frrriiiddaayyyyy Folks! Bitcoin is trading up at $46,124.83. Bitcoin popped and dropped with the historic launch of the first ever Spot Bitcoin ETF. Let's get on with the news...
SUMMARY
Yesterday, the Tsunami of funds rush into the 11 ETFs that were launched for Spot Bitcoin. Today, clients are running away from Vanguard as that Tsunami crashes into them as they denied their clients a chance to surf that wave.
$2.4B Crypto options expire today which might lead to more volatility. CoinShares exercises option to acquire Valkyrie Funds which took part in launching a spot Bitcoin ETF.(2) South Korean says the US Spot Bitcoin ETF might violate it's laws.(4) Ric Edelman believes $150B will flow into the ETFs over the next couple of years. ARK’s Tom Staudt believes Bitcoin has become a “public good” and should be available to all investors. Michael Saylor's MicroStrategy is up $3B; you think other companies are not paying attention? Meltem Demirors thinks Bitcoin hits $100K by end of 2024. Larry Fink said "he is positive about the spot Ethereum ETF; it would be valuable to own the ETH ETF."(3)
Vitalik Buterin want's to increases gas fees but the devs are divided. Clinksink campaign drains $1M in Solana tokens from users; the more you play with all of these different platforms the more you open yourself to being phished and hacked. Meanwhile, SOL has 40M transactions to start 2024 and is printing a bull flag with a 65% upside if it closes above $106 according to Ali Martinez.
Do Kwon is asking the court to delay his trial.(4)
AFTERNOON
Well just like that we are getting a pull back. Bitcoin plunges under $44K which is making it appear this was a "sell the news" event. Meanwhile, BlackRock is outperforming Bitcoin and Larry Fink sees value in Ethereum spot ETF (says Bitcoin is bigger than any government;) Bitwise and Fidelity also seeing positive action. I guess the industry can thank Grayscale because GG said that is what "changed" the commission's approach. The fee war continues with Franklin Templeton undercuts Bitwise by dropping their fees to 0.19%. A lot of money is flowing into the ETFs and trading volume is through the roof. Oh just learned that Vanguard is the second-largest institutional shareholder in MicroStrategy so while they are telling customers they can't buy the ETF they are buying MSTR which is basically a Bitcoin ETF; whatever. Trading volume is through the roof again for the 2nd day with $3.1B in volume flow. As we end the day the bears have taken over and continue to push the price of Bitcoin and other assets lower; $42K
The Bitcoin hashrate has hits 600 EH/s which is an ATH.
It appears a lot of folks are starting to turn their attention toward Ethereum. Cardano appears to be breaking out but it's still sub 0.60 so nothing to really see there. Looks like it's not so easy to create your own token as a nation and keep it running eh? Venezuela's petro coin shuts down Jan 15 after six years.
Senators are calling for investigations over the "hacked" X account of the SEC.(2)
SEC and Ripple continue to battle it out with the SEC requesting financial statements from 2022 and 2023 from Ripple.(2) The halving is just 100 days away, what action we will see after it happens? Genesis Global trading is paying $8M to settle its New York lawsuit due to it's cybersecurity failings.(2)
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Podcast of the Day: BITCOIN SPOT ETFS APPROVED! A New Era of Bitcoin Has Begun | The Breakdown
