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–Charles Kingsley
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Happy Saturday Folks! Last week Bitcoin was pretty much flat. As I type Bitcoin is trading at $41,979.99 and for the week (M-F) Bitcoin was down $1,438.60; week over week it's down $1,750.34. The best performing asset in the past 7 days was again $BNB - up 17.97% in position #4 on Coinmarketcap.com. Two weeks ago the Fear and Greed Index was at 70 and today it's 68.
Keep reading, watching, and listening with me each and every week!
MY HOT TAKE
Most covered news of the week was about the Puell Multiple and Kimchi Premium signaling strong resistance.(8) But there were other big stories like MicroStrategy buying more Bitcoin, the Mt. Gox creditors getting some coin back, and Barry Silbert resigning from the board of Grayscale.
Price Calls
SkyBridge Capital CEO Anthony Scaramucci is predicting the crypto king Bitcoin (BTC) will reach new all-time highs ($69K) by this time next year.
Bulls
According to Swan Bitcoin’s head of business Dante Cook, Bitcoin’s “hard money” properties are becoming an attractive prospect for American athletes looking to safeguard their earnings. Executives from Chainview Capital and Alt Tab Capital predict that 2024 could be a bumper year after modest growth in 2023. Tom Lee thinks 2024 could be a big year for Bitcoin (BTC).
Bears
Veteran trader Tone Vays is issuing a warning, saying that Bitcoin’s (BTC) unprecedented run is likely coming to an end; looks like he was right? QCP Capital predicts that Bitcoin could retrace to around $36,000 before an uptrend resumes. At the same time, they expect Bitcoin to face a topside resistance between the $45,000 and $48,500 region.
ETF NEWS
ARK Invest CEO Cathie Wood expects some investors to “sell on the news” of spot Bitcoin ETF approval in the short term, but the long-term perspective is promising. However, a spot Bitcoin ETF approval could send BTC price above $100K; she does believe it will be approved by Jan 10th. Spot Bitcoin ETF could result in ‘millions of unbacked BTC,’ analyst says. Top market investor and CEO of Lumida Wealth Management Ram Ahluwalia believes this move might have just increased the chances of Grayscale Investments getting its application to convert its flagship Bitcoin Trust into a spot Bitcoin Exchange Traded Fund (ETF).
Bloomberg Intelligence analyst Eric Balchunas says final agreements with authorized participants will be critical as issuers prep proposed BTC funds. Bitcoin spot ETF approval could be a 'sell the news' event: CryptoQuant.(2) Hashdex drops new ad spot ahead of potential spot Bitcoin ETF approval.
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.(4) Invesco Galaxy, Bitwise, WisdomTree, Fidelity join BTC ETF revision rush, Fidelity sets fund's sponsor fee at a low 0.39%.(2) 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)
ETF VOICES
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.
Well that is a wrap for me folks, until next weekend Be Smart. Be Safe. Stack Sats. HODL!
THE WEEDS
Monday the price of Bitcoin closed at $43,461.60 and the most covered news of the day was Bitcoin added 70,000 millionaires in 2023.(2)
Podcast of the Day: 202 - The Year of the Crypto ETF with Cathie Wood | Bankless
Tuesday the price of Bitcoin closed at $42,275.70 and the most covered news of the day was Mt. Gox creditors on Reddit claim they've begun receiving payments from the exchange, nearly 10 years after it first shut down.(7)
Podcast of the Day: 2023 Crypto Year in Review: Is a Bull Market Around the Corner? | Unchained
By Wednesday (Humpday) the price of Bitcoin closed at $43,378.10 and the most covered news of the day was Puell Multiple and Kimchi Premium signaled strong resistance(8) and MicroStrategy picked up a further 14,620 bitcoin for $615 million (6)
Podcast of the Day: Here’s Why Bitcoin Will Pump In 2024 | TWOAS
Right over the hump on Thursday the price of Bitcoin closed at $42,650.40 and the most covered news of the day was a record $11B Crypto options expiry looms as BTC shows little volatility.(2)
Podcast of the Day: Solana: Time To Sell? l Mike Alfred | TWOAS
As the week came to a close on Friday the price of Bitcoin closed at $42,023.00 and the most covered news of the day was New York judge grants SEC summary judgment over claim that Terraform sold unregistered securities.(7)
Podcast of the Day: Arthur Hayes on Why Bitcoin Is Money and ETH Is a Shitcoin He Loves | Unchained
WEEKEND NEWS
Bitcoin to reach new important ATHs in 2024, Samson Mow believes. Even if America gets its bitcoin ETF, success isn’t guaranteed.(2) Meanwhile, VanEck releases new Bitcoin ETF ad. The SEC may notify the 14 asset managers vying to issue a spot Bitcoin ETF that their applications are approved as early as Tuesday or Wednesday of next week, ahead of a possible Jan. 10 launch, according to a report in Reuters.(2)
Solana Is Being Flooded With Thousands of New Tokens as Traders Hunt for Next 1,000x.
FTX founder Sam Bankman-Fried won't face second criminal trial, U.S. prosecutors say.
A blockchain developer, Murat Çeliktepe, has shared a distressing incident recounting a holiday experience that resulted in the loss of $500 from his MetaMask Wallet to an individual posing as a ‘recruiter.’
