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Happy Tuesday Folks! Bitcoin is trading up at $43,105.31. It was a brutal weekend in sports from the weather perspective and teams losing; no one would have thought the Cowboys and the Eagles would be out in the first round but there ya have it. Coming off a holiday the news is pretty quite but let's get on with the news...
SUMMARY
Yesterday, someone attempted a hack on Bitfinex using $XRP but got foiled in the process. Today,
Bitcoin fails to reclaim $43K and dominance shrinks as Traders are still excited about the Spot Bitcoin ETFs. There is a chance that both BTC and ETH could see a short squeeze as traders and investors come back into the market today. Kristalina Georgieva is saying Bitcoin can't rival the Dollar and she might be right today but give it time and it will. Also the Altcoin season index hit a high of 76 surpassing the critical threshold of 75. Looks like the UN published a report on underground banking and money laundering in Asia and alluded that Tether was singled out as supporting illicit activity.(2)
Mid-Morning
Bitcoin has seen a slight surge back above $43K as a possible rate pause again for the Fed Jan meeting. Spot Bitcoin ETF is lagging the Future ETF launch. BlackRock wants a Spot ETH ETF but Mark Yusko does not believe a Spot ETH ETF is coming anytime soon; ETH continues to push higher in the meantime. Tether appears to have billions in reserve according to Cantor Fitzgerald.(3) Ripple is still battling with the government and the impact it will have on the price of $XRP is unknown; Institutional inflows continue despite the legal issues.
Afternoon
Despite the selling by Coinbase and GBTC Bitcoin continues to hang above $43K. However, Korean Kimchi and Coinbase premium indicate a possible correction. Bitcoin developers believe L2 is key to mass adoption of Bitcoin. If you listen to Arthur Hayes he believes the entire Crypto marketcap can increase by $1.3T yes that is a T this year.
Spot Bitcoin ETF trading volume hit $1.8B on day 3. Grayscale, BlackRock, and Fidelity are taking the lion's share of volume of the Spot Bitcoin EFTs; Crypto funds have gained $1.19B since the launch. Grayscale Bitcoin Trust ETF transfers another $376M in BTC as the price stabilizes and as the day progresses it appears that Spot Bitcoin ETFs may increase short trades by traditional market players. At the same time, ETH is outperforming $BTC by 20%. Well earlier Mark Yusko said an ETH ETF was not an option anytime soon, well it appears Brad Garlinghouse, CEO of Ripple, believes there will be more ETFs just not sure when. Meanwhile, it appears that the Ethereum foundation is selling ETH OTC.
Will Bitcoin and Cryptos break the dollar's global dominance? Report out from Morgan Stanley suggest so. Also Coinbase and the SEC are set to face off tomorrow and a judge will decide if the case needs to be tossed; in other words handing the SEC yet another loss. Ron Hammond thinks the SEC wasn't behind the fake tweet announcing the approval of the Spot Bitcoin ETFs. Surprise the IRS is not going to enforce the $10K rule for now in Crypto.(3)
In funny news, Craig Wright had the "Satoshi" account on X stolen from him and is now asking Elon Musk for help to get it back.
Stay tuned... more to come as the day goes on.
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Podcast of the Day: The Economics of Bitcoin Scaling with Lyn Alden | WBD
