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Welcome to Thursday Folks! Bitcoin is trading up at $43,203.77. The Fed halting interest rate hikes have hiked the Crypto markets and traditional markets alike. Let's get on with the news...
SUMMARY
Yesterday, FASB publishes new crypto rules that will let firms use fair-value accounting; corporate adoption on the way.(5) Today, SEC delays Invesco’s spot Ethereum ETF.(3)
Bitcoin is above $42K once again as the U.S. Federal Reserve as expected on Wednesday held its benchmark fed funds rate range steady at 5.25%-5.50%, but at the same time trimmed its rate outlook for year-end 2024 to 4.6% from 5.1%.(3) BTC bull run incoming? Bitcoin supply on exchanges hits six-year low. Key indicators tracking Bitcoin's blockchain activity, miner flows, and the 200-day moving average suggest bitcoin is far from being overvalued and could continue to rally in 2024.
Though market corrections and leverage-driven wipeouts will occur, Will Clemente says Bitcoin’s on-chain indicators show bullish times are ahead. Bitwise Asset Management believes ‘Bitcoin will trade above $80,000 in 2024.(3) The great wealth transfer could inject up to $225,000,000,000 Into BTC and other Crypto assets says Mike Novogratz. Bitcoin Price Prediction for 2024 by VanEck is “Bitcoin price will reach an all-time high on November 9th, exactly 3 years to the day from its last all-time high.” Bitcoin ($BTC) to reach $1 Million, predicts Arthur Hayes with Cryptic message but this isn't a new prediction, he said it 17 March 2023.(2)
SEC Chair Gary Gensler didn’t seem like he wanted to talk about crypto on Wednesday after a meeting about the U.S. Treasury market. Meanwhile, the SEC and fund firms appear to be “getting very close” to resolving ETF structure-related questions, says Valkyrie chief investment officer Steven McClurg.
Ethereum price is recovering losses above $2,220. $ETH could gain bullish momentum if there is a clear move above the $2,285 resistance zone. But, dormant Ethereum ($ETH) whale reawakens to spark sell-off fears. Ethereum ($ETH) price to reach $2,500 by the middle of Jan 2024. JPMorgan forecasts $ETH to outperformance Bitcoin in 2024.(3) Ripple ($XRP) faced a bearish rejection at the Golden Ratio level, leading to a correction and potential stronger downward trend. $SOL price resumes rally; could pump 20%. Avalanche ($AVAX) hits new yearly high at $42.90.
EGRAG CRYPTO thinks XRP has a chance to soar to a 16-month high of $1.20 by New Year’s Eve.
Is Tether Becoming America’s Defacto CBDC?
The US crypto landscape remains in limbo as the ongoing “turf war” over jurisdiction between the CFTC and SEC persists. U.S. CFTC approves Bitcoin futures platform Bitnomial's derivatives clearing application.
Gemini earn users may only get 60% of their Crypto funds back.
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Podcast of the Day: Kraken's CEO on Their Battle Against The SEC | Bankless
