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Welcome to Thursday Folks! Bitcoin is trading up at $43,910.54. Looks like the way is up as more news about the Bitcoin ETF approval draws near. Let's get on with the news...
SUMMARY
Yesterday, no news was really trending. Today, Solana ($SOL) market cap flips XRP, Spotify, and Electronic Arts; makes another yearly high.(9)
With days left, analysts hold out hope for new crypto highs in 2023. 70% of Americans want a President knowledgeable about crypto(3) and 40% of American Investors Expect Crypto To Be Part of Their Future Portfolio, According to Grayscale Poll. The Federal Deposit Insurance Corporation (FDIC) of the United States adopted a rule governing the use of its official signs and advertising in a move that could affect the public perception of certain crypto firms. Jamie Coutts, drawing a historical parallel, compared today’s crypto market to the U.S. stock market of the early 1900s, highlighting the unique opportunities it presents; will only last a few more years.(2)
Bitcoin continues to rise in price and on Wednesday morning popped above $44,000—bringing the rest of the crypto market with it; analyst see risk of a correction.(4) $45K remains major resistance for Bitcoin ($BTC) bulls. Bitcoin records 75% higher daily trading volume than Apple. Bitcoin isn’t dead: BTC obituaries fall to lowest level in a decade. Bitcoin transaction fees at yearly highs.
El Salvador tops Bitcoin-interest charts as Brazil overtakes Nigeria. Argentina's new government gives early nod to bitcoin, says crypto can be used in contracts.(7)
QCP Capital is expecting upper resistance for BTC in the $45,000 – $48,500 region and a possible pullback to $36,000 levels before the uptrend resumption.(2) Matrixport expected the SEC to approve Bitcoin Spot ETFs in January and this should lift Bitcoin prices above $50,000 by the end of January 2024.(2) MicroStrategy founder and executive chairman Michael Saylor says that Bitcoin (BTC) could soon become a “legitimate” treasury reserve asset for top US companies. Bitcoin traders see $48K BTC price before ETF 'sell the news' event.
Grayscale CEO, Michael Sonnenshein, urges SEC to approve all Bitcoin ETFs simultaneously to avoid any first-mover advantage. The potential approval of a Bitcoin ETF by the US could significantly impact Bitcoin's value, with predictions ranging widely and analysts suggest an ETF would draw institutional capital, potentially transforming market dynamics and exchange operations. Price forecasts vary, with conservative estimates around $42,000-$100,000 and more bullish predictions reaching $1 million. Three commercials for Bitcoin ETFs (one from Bitwise) have appeared this week as the marketing war between competing asset managers heats up.(2) According to Charles Gasparino of Fox Business, financial firms feel confident that the Securities and Exchange Commission (SEC) is going to rule in favor of approving spot Bitcoin Exchange-Traded Funds (ETFs) after January 8, 2024.(4) Brian Armstrong says Coinbase stands to benefit from large incoming pools of capital to Crypto via Bitcoin ETF. Approaching spot BTC ETF launch may fall short of markey expectation with lower demand, creating a “sell the news” scenario in the second January week.
Ethereum's underperformance compared to Bitcoin and Solana has sparked debates about its viability, with some predicting its downfall. Crypto analyst and trader Ali Martinez says that the leading smart contract platform Ethereum (ETH) is setting the stage for an explosive rally.(2) Millions of XRP secured by major exchange OKX to enhance reserve stability.
Bitcoin exchange Coinbase received a Crypto license from France.
U.S. appeals court finalizes mandate for forfeiture of Silk Road bitcoin; 69,370 Bitcoins.(2) Ledger addresses security vulnerability incident, says victims will be made whole after $600,000 in losses.(4) Ledger to disable blind signing on Dapps by June 2024. Judge denies request from SBF lawyers to delay sentencing. BVI court freezes Three Arrows Capital founders’ $1 billion in assets.(7) Liquidators for Three Arrows Capital are estimating a 45.74% recovery rate for creditors.
WATCH
LISTEN
Podcast of the Day: Everything You Need To Know About The Bitcoin ETF | Eric Balchunas | OTM
Other Podcast
- #469: Bitcoin And The Great Financial Crisis with Parker Lewis | TFTC
- Bitcoin, a 30,000ft View with Jeff Booth & Alex Gladstein | WBD
- BlackRock Bends The Knee on In-Kind Redemptions, Clearing ETF Approval Path | TB
- Episode 87: The Block 1,983,702 Problem | Bitcoin Explained
- Elizabeth’s War on Bitcoin with Pierre Rochard | SLP535
- Trust Machines - Building the Bitcoin Economy | TCC
- Dan Tapiero (1RT Partners) 2023 Market Recap | OTB
