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Welcome to Thursday Folks! Bitcoin is trading down at $34,497.71. Bitcoin has pulled back a bit and $35K continues to be resistence, can it make it above that or is it time to sell this rally? I will most likely not be able to update the blog until tomorrow so check back tomorrow morning for more good stuff! Be Smart. Be Safe. Stack Sats. HODL!
SUMMARY
Yesterday, there was continued focus on the Spot Bitcoin ETF and Economist and crypto trader Alex Krüger believes that Bitcoin is “preordained” to hit $42,000 due to the Spot Bitcoin ETF.(2)
Today, Bitcoin (BTC), the largest cryptocurrency, is on track to complete its first golden cross since early February, a sign of strengthening bullish momentum in which the 50-day simple moving average (SMA) overtakes the 200-day SMA on an upward trajectory. Bitcoin price stayed above the $33,200 support zone. BTC is rising and might aim for a fresh rally above the $35,000 resistance. Amid a 23% Bitcoin (BTC) price rally, the crypto community is debating whether to sell or hold, using social media platforms to discuss. Bitcoin dominance hits 54% — Highest in 2.5 years as BTC halving approaches.(2)
Crypto financial services firm Galaxy Digital is bullish on Bitcoin (BTC) if and when the U.S. Securities and Exchange Commission (SEC) approves a spot BTC exchange-traded fund (ETF). Bitwise has once again tabled its proposal for a Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC) after addressing some feedback from the regulatory body.
BitMEX co-founder Arthur Hayes says T-bills rotating into crypto will push Bitcoin (BTC) and crypto into a “full swing” bull market. Peter Brandt says Bitcoin bottom is in, but prepare for a ‘chopfest.’
Ethereum price found support near $1,750 against the US dollar. ETH is again rising and attempting an upside break above the $1,850 resistance. Solana growing rapidly, leaving multiple competitors behind, but its biggest goal still looms on horizon. FTX cold wallets move $19M in Solana and Ether to Crypto exchanges.(3)
Deutsche Bank and Standard Chartered Ventures test SWIFT killer for Stablecoins and CBDCs. JPMorgan's JPM Coin payment system handles $1 billion in daily transactions.(3) The USDC issuer said that the trio is launching a service to allow customers to redeem their FamilyMart loyalty points for cryptocurrencies like USDC.
Senator Elizabeth Warren finds support in US House for effort to tackle crypto-financed terrorism.
SEC Chair Gary Gensler emphasizes the risk of "fraud, scams, bankruptcies, and money laundering" in the crypto industry, advocating for stricter regulations and in contrast, Bitcoin mining in regions like Canada, Paraguay, and Texas is showcased as beneficial, supporting local economies and improving grid resilience. Companies like Riot, Iris Energy, and Sazmining are changing the narrative, demonstrating how Bitcoin mining can foster community growth and job creation.
Unciphered says it can crack open IronKeys like Stefan Thomas’s, but the former Ripple exec isn’t on board yet.
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Podcast of the Day: Oops! The BlackRock ETF Code IBTC Has Been Around Since August... | The Breakdown
