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Happy Monday Folks! Bitcoin is trading up at $37,124.62. Over the weekend Bitcoin sprang back to life as a result of the election in Argentina. Note that on the weekly chart Bitcoin has had five consecutive weeks of green and the last time that happened was back in 2021. In addition, on the monthly, we are on the 3rd monthly green and the last time that happened was back in 2020. Is history going to rhyme again? Let's get to today's news...
70% of BTC dormant for a year — 5 things to know in Bitcoin this week (Cointelegraph):
- Bitcoin traders maintain BTC price retracement odds
- Jobs, Fed minutes lead short Thanksgiving macro week
- Analysis concerned over Bitcoin mining boom
- Dominance fuels hopes of classic bull market
- Supply dormancy sets new record
Javier Milei wins Argentine Presidency; Bitcoin gains nearly 3%.(6) The self-described anarcho-capitalist has been supportive of bitcoin, calling it "the return of money to its original creator, the private sector."
Bitcoin price started a fresh increase above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance. Bitcoin (BTC) is expected to emerge as a global macropolitical asset with a more-than $3 trillion market cap, quadrupling by mid-2025, broker Bernstein said in a research report Monday. Bitcoin options open interest climbs to record $15B on Crypto exchange Deribit. High-net-worth individuals of Santander Private Banking International will have access to trade BTC and ETH, according to a report claiming access to a leaked internal communication. Crypto funds inflow streak continues, adding $176 million led by bitcoin and solana.
The crypto community and many of its most high-profile players have started to shift their focus toward the Bitcoin halving, a 4-year cyclic event that cuts the Bitcoin market supply in half. With the next halving event scheduled for April 2024, the Bitcoin mining reward will reduce from the current 6.25 BTC per block to 3.125 BTC per block. The case for flippening has recently taken a hit by a different flip: The Bitcoin network now rakes in more fees than Ethereum for the first time since December 2020.(2)
The chief executive of crypto custodian BitGo Mike Belshe says that the U.S. Securities and Exchange Commission (SEC) will reject another round of spot market Bitcoin (BTC) exchange-traded fund (ETFs) applications. Market for potential spot Bitcoin ETF could reach $100 billion, per estimates.(2) ARK, 21Shares update spot Bitcoin ETF application as next SEC deadline looms; third update.
Bitcoin held in exchange wallets rising at pace of $1.16B a month, at the same time, the active supply of Bitcoin and Ethereum is at record lows. Bitcoin network hits record-breaking 551 EH/s hash rate as sixth straight difficulty increase looms.
Breaking: Ethereum exchange supply hits 5-year low: Will it propel $ETH to $4,000? Analyst Ali Martinez says on the social media platform X that the Tom DeMark (TD) Sequential indicator is giving off a bullish reading for XRP. Cardano (ADA) is moving higher from the $0.350 support. ADA could rally if there is a clear move above the $0.388 and $0.395 resistance levels.
Bittrex Global announces all trading will be disabled as it winds down operations.(4)
A cybersecurity expert is endorsing Senator Elizabeth Warren’s anti-crypto legislation proposal, saying that it would cut down on scams.
Celsius recovery plan hits road block at the SEC.(4) U.S. is looking for over $4B from Binance to end criminal case: Bloomberg. (4)
United States prosecutors arrested three people for allegedly stealing $10 million from financial institutions and laundering the stolen funds using cryptocurrency exchanges. Poloniex says hacker’s identity is confirmed, offers last bounty at $10M. Loopring's official Twitter account has been compromised by phishing attackers, luring users with a fake LRC airdrop.
Podcast of the Day: #284: Charlie Schumacher, VP of Marathon Digital Holdings, on The Future of Bitcoin Mining and The Bitcoin Halving | Cryptonews