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Happy Monday Folks and congrats to the Chiefs and 49ers for advancing to the Superbowl!!! Bitcoin is trading down at $41,908.10. Over the weekend we learned that accumulation wallets are now HODLing 1.7M $BTC.(2) Today, not really any news trending. Let's get to the news...
With the reduction of open interest the price of Bitcoin experienced an uptick and now the largest volume is for a strike price of $50K; the rise above $42K cause liquidation of some short sellers. The accumulation continues as Bitcoin Whales have amassed $3B in $BTC in less than a month and it now appears that there is a liquidity gap; bears be warned. Many are now focused on the halving and what impact that will have on the price of Bitcoin. The greatest crypto rally is upon us according to economist Henrik Zeberg. Bitcoin miner GRIID has started to trade on the Nasdaq.
TD Cowen doesn't see a Spot $ETH ETF until late 2025 or early 2026. There are indications that $XRP could see some upside momentum, but for it to go to $594 is not going to happen anytime soon; maybe 2050. Ripple is hiring for a business development manager to help the ETF and DeFi initiatives. Solana continues to make a run for $100, if it can break that barrier more upside is possible.
Stablecoins continue to be an issue for regulators and the Financial Stability Oversight Committee does have the power to sidestep congress and that isn't a good thing.
The SEC and Coinbase case continues and some wondering if the judge will dismiss the case.
$11M worth of Altcoins were stolen in South Korea by someone hacking the Somesing social Karaoke platform.
AFTERNOON
Bitcoin has regained $43K after Tether has printed 1B USDT; maybe it's a buy the rumor sell the news of the Fed non-rate cut coming tomorrow. But ANALyst are saying forget about $BTC hitting $70K before $30K; I disagree. Now zooming out a bit, if you listen to Raoul Pal he things $BTC could go parabolic to $500K. Vanguard is still pushing against launching an ETF; but maybe Schwab will. HODLers are HODLing folks - do not freak out when you hear folks going all bearish saying $10K is coming.
SEC has delayed the BlackRock and Grayscale ETH ETF.
FTX sold a lot of Crypto to pay back creditors. Hackers are trying to negotiate on the $1.7M crypto hack of Goledo Finance.(2)
WATCH
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Podcast of the Day: American HODL - Bitcoin Is The Best Drug On Earth | The Bitcoin Matrix
