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Welcome to Thursday Folks! Bitcoin is trading up at $37,248.15. It's really quiet in the news this morning, nothing new is going on and except stuff around ETF news which still moves the market. Let's get on to the lack of news of the morning...
SUMMARY
Yesterday, the Securities and Exchange Commission announced that it will “designate a longer period within which to take action on the proposed rule change” for Grayscale’s Ethereum Futures Trust(2) and Solana’s SOL jumped nearly 20% in 24 hours to lead the charge among crypto majors in an otherwise range-bound market; Cathie Woods gave it props as well.(2)
Today, Bitcoin enters make-or-break zone after BTC price snaps back to $38K. BTC price dips 4% as Bitcoin analysis reveals low liquidity above $33K. BTC and ETH fall close to 5%, leaving analysts scratching their heads.
Bitcoin will reach $40,000 – if not even $45,000 – by the year’s end, DeFi Research’s Markus Thielen said. Bloomberg Intelligence analyst Jamie Coutts thinks the overall crypto market cap could jump by 6-7x this cycle; $10T. Meanwhile, Crypto analytics firm Glassnode says that Bitcoin (BTC) needs to hold one key price range or a massive sell-off is likely as transaction data shows a key support level of $30,000.
Bitcoin price up 120% since El Salvador became the first nation to buy 1 BTC a day. Tether to deploy $500 million in Bitcoin mining to become the largest miner.
BlackRock files for spot Ethereum ETF with SEC(4) and opens $7.8 Billion price arbitrage window for Ethereum. Coinshares obtains right to purchase Valkyrie's ETF arm in bid to further US expansion.(3) Bitcoin could see 'significant capital inflow' next year as investors anticipate Fed pivot, say analysts. Bitcoin is coming to Sushi as DeFi platform expands to ZetaChain.
SOL has climbed another 10% for the past 24 hours. According to crypto analyst Ali Martinez, Cardano (ADA) is exhibiting a price consolidation pattern that is highly bullish.
Paxos to issue new USD-backed stablecoin in Singapore; investors can now earn passive income.(6) Tether $USDT adds $22 Billion, while $USDC loses $21 billion. The class action lawsuit against Bitfinex and Tether has concluded with the plaintiff deciding not to appeal the judgment. In 2021, Shawn Dolifka and Matthew Anderson filed a class action lawsuit, alleging that USDT was not backed one to one by the US dollar.
Anchorage Digital launches custody and trading separately managed accounts for registered investment advisors.(3) Strike rolls out Bitcoin purchases to users globally.
In a memo, Congress members state that Federal banking agencies should not require financial institutions providing custody services for digital assets to maintain capital against the assets; SAB121. German Parliament member ’staunch opponent' of digital Euro, all in on Bitcoin.
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Podcast of the Day: Guy's Take_074 - Banks Without Bankers | Bitcoin Audible
