"In life, as in chess, forethought wins."
–Charles Buxton
Powered by Yzer - best way to learn about Bitcoin and Finance. (Use Code CURATOR)
READ
Happy Tuesday Folks! Bitcoin is trading up at $43,191.01. It appears the pullback was in fact healthy and now more news on the ETF. Let's get on with the news...
THIS JUST IN: According to Bloomberg, FTX and FTX receivables announced that they reached an agreement.
SUMMARY
Yesterday, Bitcoin had slipped below $41,000 as Crypto price rally cools and sees $33 million in outflows after 11-week streak of inflows to crypto funds ends.(5) Today, BlackRock’s proposed spot bitcoin exchange-traded fund now has a ticker: IBIT; updated it's S-1 filing and now includes cash redemptions, a concession to the SEC that may improve the fund's approval odds.(5)
Ripple VP, Fiona Murray, foresees 2024 surge in Crypto adoption by financial institutions.
Bitcoin price jumped from the $40,500 support zone and skyrocketed to $43K again. BTC is up over 5% but the bears are still defending the $43,500 resistance zone. CryptoQuant’s analyst Yonsei discovered through an analysis of on-chain data that when BTC’s price broke through the $40,000 resistance, short-term holders and the 6-18 months investor cohort showed a move to realize profits. According to Dan Tapiero, Managing Partner at 10T Holdings, the Bitcoin and crypto market is on the verge of a major transformation, with the world’s most valuable coin likely to soar to over $200,000 by May 2024. The Economist says Bitcoin ”can be a useful diversifier” for your investment portfolio. Michael Saylor, former CEO and co-founder of MicroStrategy, predicts that there may be a significant increase in the value of Bitcoin in 2024. Chris Burniske, the founder of Placeholder Capital, says that if Bitcoin decides to take a breather, it will likely dip below $40,000.
3 Signs the SEC Will Approve a Spot Bitcoin ETF
Michael Sonnenshein believes the spot Bitcoin ETF will unlock $30T worth of advised wealth.(3) New Bitwise ad reflects expected bitcoin ETF marketing blitz. 7RCC, a crypto asset management firm targeting ESG-focused investors, filed an application with the Securities and Exchange Commission (SEC) for a spot-bitcoin and carbon credits futures exchange traded fund (ETF).(3) Jon Najarian says that he believes that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin exchange-traded funds (ETFs), and that would send the crypto king soaring by as much as 30% in just two days. Bitcoin spot ETF approvals look 'nailed on' for January, K33 Research says. Bitcoin Spot ETF Biggest Development on Wall Street in Last 30 Years, Says Michael Saylor.
Regardless of what Bitcoiners want to think, there is demand for assets other than Bitcoin. Taproot Assets offers a platform for them to exist on Bitcoin.
Blockchain network Elastos is introducing BeL2, a Bitcoin layer-2 network, in a move that could capture billions of dollars in bitcoin (BTC) volumes from staking tools offered on the new platform.
Ethereum price is recovering losses from the $2,120 support. $ETH is up over 3% and the price could gain pace if it clears the $2,250 resistance. SEC postpones approval decision on multiple Ethereum ETFs until mid-2024.(2) Veteran Trader Peter Brandt issues Ethereum alert, says $ETH could crash by up to 70%.(3) Cardano($ADA) jumped 10% and Investors still like Solana as it jump by 10%. Solana stayed above the $67.50 support and started a fresh increase. $SOL price is gaining pace and might soon attempt a move above $80 or $100.(2)
Coinbase appeals SEC's denial, claiming "arbitrary and capricious" decision violates the Administrative Procedure Act. SEC criticized Coinbase's lack of "text or substance of proposed rule," despite claims of "unworkable" regulations. DCG can't sell or reduce ownership of Genesis until bankruptcy proceedings close, judge rules.(2) Recent court documents indicate FTX’s creditors’ digital asset claims will be based on the near-bottom crypto prices at the time of the disgraced exchange’s collapse back in November 2022.
Binance and CZ will pay almost $3B in total in settlement to the CFTC, effectively resolving the regulator’s charges against them; CZ himself will pay $150M.(3) Do Kwon extradition approval canceled by Montenegro court.(6)
WATCH
LISTEN
Podcast of the Day: Ryan Selkis Shares His 2024 Crypto Predictions | Bankless
