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It's Frriiddaayyyy Folks! Bitcoin is trading down at $42,874.41. Today should prove to be a volatile day in the Crypto markets, buckle up. Let's get on with the news...
SUMMARY
Yesterday, we learned that a record $11B Crypto options expiry looms as BTC shows little volatility.(2) Today, New York judge grants SEC summary judgment over claim that Terraform sold unregistered securities.(7)
Bitfinex predicts Crypto market surge to $3.2 Trillion in 2024.
Bitcoin exchange reserves hit multi-week low, indicating increased long-term holder sentiment.
Spot Bitcoin ETFs are attracting leading asset managers like BlackRock, Fidelity, and Franklin Templeton, vying for dominance in the digital asset market and Crypto native ETF applicants like NYDIG, Galaxy, ARK, Bitwise, and Valkyrie, with lower AUMs, are leveraging their crypto industry familiarity. Smaller players like Hashdex and Pando are making strides in South America and Switzerland, indicating a global interest in Bitcoin ETFs.
Bitcoin ETF RACE
SEC’s Bitcoin ETF update deadline today: Cash-create vs in-kind. Bitcoin ETF race could get tighter after this deadline because fund managers vying to release a spot Bitcoin ETF have until today to file a key amendment to their applications. ARK Invest kicks off Bitcoin ETF 'amendment-athon' ahead of deadline. VanEck launches media campaign after claiming it ‘would rather buy and hold Bitcoin.’(2) BlackRock names Jane Street, JPMorgan as authorized participants for its proposed bitcoin ETF.(5) Invesco Galaxy, Bitwise, WisdomTree, Fidelity join BTC ETF revision rush, Fidelity sets fund's sponsor fee at a low 0.39%.(3) Coinbase Custody changes leadership ahead of Bitcoin ETF decision with Rick Schonberg succeeding Aaron Schnarch as CEO of Coinbase Custody as the spot Bitcoin ETF race heats up.(2)
Mathew McDermott of Goldman Sachs says the approval of spot crypto ETFs will spur greater institutional interest in crypto.(3) He also foresees the development and growth of tokenization marketplaces in the coming year. Nic Carter says he believes Bitcoin will take off in price months after the possible approval of spot Bitcoin exchange-traded funds (ETF) in the US. Renowned crypto analyst Ali Martinez ignited a wave of optimism within the cryptocurrency community by suggesting that the upcoming Bitcoin halving, slated for April 2024, may propel the leading digital asset into an extended period of bullish trends. Bitcoin Suisse: $90B boost for BTC if 1% of BlackRock’s AUM enters spot Bitcoin ETFs. Some analysts say that holding actual Bitcoin is in the “best interest” of ETF issuers, while others argue that the cash-create model won’t allow one to track BTC holdings.
Tom Lee thinks 2024 could be a big year for Bitcoin (BTC).
5 data points suggest a crypto bull market began in 2023 (Cointelegraph):
- Increasing odds of a spot Bitcoin ETF approval
- All cohorts of investors have been accumulating Bitcoin
- The Bitcoin halving and historical data highlight BTC’s potential
- Crypto market sentiment continues to rise
- Technical indicators also reflect traders' bullish sentiment
Since mid-October, Bitcoin miners have been reducing their BTC balances on a practically constant basis; offloading $129M $BTC in a day.(3)
Ether’s surge to a 19-month high has been fueled by the anticipation of a network upgrade, a recent proposal from Vitalik Buterin and increased DApp use. He says the blockchain’s “cypherpunk” vision was largely swept under the carpet when cryptocurrencies began to over-financialize the network around 2017.(3) Solana selloff was the result of an anonymous investor depositing 303,756 SOL tokens worth approximately $38.2 million on Binance. Meanwhile, SOL defies market sentiment with 5% surge.(2)
Cryptocurrency-friendly US Congressman Tom Emmer is leading a bill to fire SEC chairman Gary Gensler. Celsius scraps Fahrenheit consortium, gets court approval for Bitcoin mining company. Fake Satoshi (Craig Wright) claimed attempts to change Bitcoin protocol and claimed rights in BTC source codes. Changpeng “CZ” Zhao appeals to seal documents for child’s privacy; Binance's CZ denied permission to travel by U.S. Judge for the second time.(3)
Russian crypto miner kidnapped for 15 million ruble ransom. In a recent development, the official Twitter account of Compound (COMP), a popular altcoin, was compromised by hackers. The alarming news was reported by Scam Sniffer, a company specializing in cryptocurrency security.(3) Decentralized exchange built on Osmosis hit with Oracle attack, hacked for $1,140,000 worth of Crypto.
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Podcast of the Day: Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves | Unchained
