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Guess what day it is Folks? HUMPDAY! Bitcoin is trading down at $41,127.90. Still not quite there as Bitcoin appears to be settling down a bit but with the Fed FOMC meeting happening today - who knows what will happen next. Let's get on with the news...
SUMMARY
Yesterday, AVAX bounced above the $40-mark for the first time since May 2022, taking the weekly gains to 84% and doubling its value since the start of 2023; $AVAX might repeat Solana's ($SOL) mind-blowing rally.(5) Today, FASB publishes new crypto rules that will let firms use fair-value accounting; corporate adoption on the way.(5)
Bitcoin halts at $41K as traders eye fed rate decision stopping short of $41K; was this a bull trap? Bitcoin price struggled to start a fresh increase above the $42,300 resistance zone. BTC is declining and is now at a risk of more downsides below $40,000. Bitcoin (BTC) shows signs of caution in short-term indicators. Crypto derivatives show bullish positioning but are not over-extended by historical norms. That’s good news for the whole crypto market.
Bitcoin (BTC) and Tether (USDT) are the favorite cryptocurrencies of Howard Lutnick, CEO of Wall Street broker Cantor Fitzgerald which is one of the custodians for Tether's $90 billion worth of treasuries.(2) Despite being declared "dead" 474 times since 2010, Bitcoin's price has consistently rebounded, reaching new all-time highs.
Blockstream is set to roll out Series 2 of its Bitcoin mining hardware investment product, the Blockstream ASIC (BASIC) Note, following oversubscription for Series 1.
Argentina devalues currency as local Bitcoin price hits ATH; Milei shuns Bitcoin.(2) The volatility of Nigerian real estate and why Bitcoin makes more sense.
Multiple Bitcoin ETF issuers, including BlackRock, Grayscale, Franklin, and Fidelity, have recently met with the SEC which is set to decide on BlackRock's revised spot Bitcoin ETF application by January 15, with a final deadline of March 15.(2) Analysts predict a potential $100 billion inflow into BTC following ETF approval, but some believe this is an overestimation. BlackRock’s ETF, technological progress, and clearer regulations are all injecting confidence back into the crypto market, according to Jeremy Allaire. BlackRock ETF big change lets world’s biggest banks buy into Bitcoin. However, top analyst James Seyffart pours cold water on $100 billion inflow expectations on Bitcoin ETF.
Ethereum price is moving lower below the $2,250 support zone but now Ethereum price makes rapid reversal, leaving investors hanging. $ETH is now at risk of more downsides below the $2,120 support zone. $XRP price sticks to gains as Ripple's remarkable resilience amid Crypto storm. Cardano faced a large-scale negative event approximately a month ago, however, $ADA managed to stage massive growth.(2) Cardano witnesses $1.5 Billion whale transactions surge as ADA price shines green. Crypto analyst Jason Pizzino thinks traders should be wary of Solana ($SOL) as it displays a technical pattern reminiscent of its last cycle’s top. However, Solana surpassed Ethereum in NFT sales a few days ago and registered a more significant rise on a weekly basis. Dogecoin ($DOGE) price falls right after yearly high. $AVAX price rallied over 50% and traded above the $40 level. Avalanche is now correcting gains, but the bulls might remain active near the $32 support zone.
Top stablecoin USDT has flowed onto crypto exchanges in the past six months, a potentially bullish indicator, according to the crypto analytics firm Santiment. 16 months later, Tether finally bends to OFAC.
Coinbase to globally expand its crypto trading services.(3)
IRS demanding $24,000,000,000 from FTX would take money away collapse victims, lawyers say. Binance disputes SEC’s use of DOJ and FinCEN settlement in ongoing legal battle; seeks dismissal of SEC suit.(2) New development in Binance SEC Case! Binance's response to SEC's request was not delayed: "It has nothing to do with the SEC!"(2)
Do Kwon must stay two more months in Montenegro as authorities extend custody period.(2) The IRS Criminal Investigation unit listed its top ten cases of the year, and four them involved cryptocurrency. Hackers demand $2 million in Bitcoin after stealing insomniac games data. ‘Bitcoin Yoda’ faces 75 years for operating a crypto Ponzi scheme. OKX dex hacked via compromised proxy wallets; the attack, however, was stopped before serious damage could occur.
WATCH
LISTEN
Podcast of the Day: Bitcoin’s Fair Value Is Over $50,000 - And Will Double! l Mark Yusko | TWOAS
Other Podcast
- #1282 CNBC Sit Down | Bitcoin’s Bull Market Has Begun | TPP
- #468: Q3 2023 Monetary Base Update with Matthew Mežinskis | TFTC
- How Binance Will Open All Its Activity to the U.S. Government | Unchained
- Bitcoin Seed Backups for Multi Sig with SeedHammer (SLP 532) | SLP
- BTC Down, Jobs Up, Tether Working with OFAC? | The Breakdown
