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READ
It's Frriiddaayyy Folks! Bitcoin is trading up at $52,372 and $1.1B options expire today so expect some wild volatility. Let's get on with the news...
SUMMARY
Yesterday, Bitcoin ETFs inflows in the past 4 days is larger than the first 4 weeks; $2.2B.(2) Today, Bitcoin and Ethereum are 51% attack proof; basically.(3) A week ago it appears that Bakkt was going bust(6) and Bitcoin had a big pump in price.
Bitcoin is doing something different this time, rising along side the US Dollar and Treasury yields. Bitcoin hits $52K again and again and again, but there are some giant sell-off events on the horizon: Genesis selling $1.6B GBTC shares and US Government auctioning off 2,875 BTC; how will the price hold up? Apparently some thinks the TD Sequential is signaling a sell. Meanwhile, Bitwise becomes the fifth ETF to accumulate $1B in AUM. It is believed by Standard Chartered that 401k investments will boom in 2024 with Bitcoin.
It appears MicroStrategy could get listed on the S&P 500 - if it does it could expose millions to Bitcoin instantly.(2) Banks are now nudging the SEC to let them into the Bitcoin game.(4)
CoinMetrics reveals that a 51% attack on Bitcoin would require 7 million mining rigs, making such attacks unfeasible due to high costs and a 34% takeover attempt on Ethereum liquid staking dapps would cost over $34 billion in ETH, requiring the attacker to spend $1 million.(3)
There are over 9,000 Ethereum validators waiting in queue and it's believed it could hit 1M by April's Bitcoin halving date.
MIDDAY
Bitcoin miners are selling and it appears the hash rate might drop 20% once the halving happens but with more $BTC being acquired by the ETFs that is being minted(supporting the current price level), is this a problem? There is about a 20% chance that Bitcoin could reach $70K by the halving. Michael van de Poppe believes $BTC is headed toward $58K ish and then a 20-40% correction.
Bitcoin & Politics
Lawmakers are still trying to make heads and tails of the Crypto legislation as it applies to bad actors. How can we legislate the bad actors out of Crypto? Coinbase executives told congress that Crypto ties to terrorism is overstated but regulation is needed. Looks like Coinbase and Circle are trying to gang up on Tether and asking Congress for help; sad state of affairs.(2)
Cap Hill Crypto's Weekly Newsletter
WATCH
LISTEN
Podcast of the Day: Collaborative Custody: Securing the Next Wave of Bitcoin Adoption | Unchained & Bitcoin Magazine Partnership Announcement | Bitcoin Magazine
