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Tuesday night, December 5, saw a 5% increase in the price of Bitcoin, pushing it over $44,300. With a market capitalization of $855 billion, Bitcoin is currently trading at $43,744.

Whales of Bitcoin Are Back Purchasing
The price movement of Bitcoin exhibits a strong correlation with the activity of wallets that currently hold 100 or more Bitcoins, as evidenced by the latest updates from on-chain data provider Santiment.

48 of these large whale wallets have returned during the last four weeks, after a notable drop-off that was noted on November 9. These sizable wallets’ reappearance indicates that significant market participants are still interested in and involved in the Bitcoin space, which provides more context for the ongoing dynamics affecting the price of BTC.

Spot-driven dynamics are in the spotlight in the bull market that is currently in place because major derivatives data is still largely stable. According to Greeks.Live, futures premiums are holding steady at 10% while options implied volatilities (IVs) are showing some modest gains.

The continued upswing and the recent announcement of an impending ETF passage highlight how strong this spot-driven bull market is. Because there are less risks to the downside, it reinforces the idea that the bull market is a long-term trend rather than just a passing fad.

What Can Cryptocurrency Investors Anticipate?
The price movement of bitcoin this week has already thrilled enthusiasts, with experts like Max Keiser predicting a “God candle” to $100K. Technical charts, however, indicate that at this time, investors should hold off on making any new investments.

Prominent cryptocurrency analyst Ali Martinez warns of a possible correction in the price of Bitcoin in a note. Martinez indicates that the correction may start in the next seven to forty-eight hours by pointing to the TD Sequential indicator.

.. Analysis of the daily and three-day charts served as the foundation for this evaluation.

Michael van de Poppe, a cryptocurrency analyst, claims that a new price range has emerged. He thinks the current move will soon come to an end and anticipates a consolidation period prior to a possible last push in the $48,000–50,000 range, especially in the pre-ETF period. Van de Poppe sees sideways movement after this, with a support level between $36,000 and $38,000. It is recommended that investors keep a close eye on these possible market movements.

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In response to ongoing criticism surrounding El Salvador’s Bitcoin adoption, President Bukele addressed the negativity, attributing it to outdated market prices. He emphasized that recent gains have propelled the country’s Bitcoin investment to a profitable stance, challenging previous narratives of losses. President Bukele stated:

After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on Bitcoin’s market price at the time…

El Salvador’s Bitcoin Holdings: A Profitable Venture

As of the latest market data, President Bukele revealed that El Salvador, if it were to sell its Bitcoin holdings, would not only recover its initial investment entirely but also realize a substantial profit exceeding $3 million. Despite market fluctuations, he reiterated the country’s commitment to a long-term strategy, emphasizing the decision to retain its Bitcoin holdings.

Reversal of Market Perception

CoinDesk‘s analysis, just three weeks ago, projected a loss of around $16 million for El Salvador’s Bitcoin holdings. However, current market conditions, propelled by Bitcoin’s surge to $42,000, have completely reversed this narrative. The renewed momentum in Bitcoin’s value is attributed to expectations of U.S. interest rate cuts and growing anticipation of the approval of exchange-traded bitcoin funds.

Seizing the moment, President Bukele called on critics to reassess their stance, urging retractions, apologies, or at least acknowledgment of El Salvador’s newfound profitability in its Bitcoin venture.

Bitcoin’s Resurgence: Implications for the Crypto Market

Bitcoin‘s recent surge, surpassing $42,000, signifies a resurgence in the market, driven by expectations of U.S. interest rate cuts and growing anticipation of the approval of exchange-traded bitcoin funds. This surge marks Bitcoin’s highest value since April 2022, dispelling concerns cast over the crypto markets by the collapse of FTX and other crypto companies last year.

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As 2024 draws near, major asset managers’ anticipated approval date for Bitcoin ETF applications is growing. Now, experts have made audacious predictions. James Seyffart, an exchange-traded fund (ETF) expert for Bloomberg, identified the possible approval window as occurring between January 5 and January 10.

The cryptocurrency community is excited about this timeline’s significance because the approval could be a significant turning point for the sector. But experts stress that missing this window to approve could have serious repercussions for both the SEC and prospective ETF applicants.

Approval of Bitcoin ETF Anticipated for January 8th
Any possible approval orders for the Bitcoin (BTC) ETF are expected to take place on Monday, January 8, Tuesday, January 9, or Wednesday, January 10, according to James Seyffart. Expert Eric Balchunas and Seyffart predict that there is only a 10% chance that the approval will come outside of this window.

Moreover, according to Seyffart, the SEC’s position on financial products linked to cryptocurrencies may change significantly if the ETF is not approved within the anticipated window.

This would imply that the regulator, SEC Chairman Gary Gensler, has adopted a tough stance or that they don’t think the market is prepared for a spot Bitcoin ETF. In the latter case, it’s probable that 21Shares and ARK Invest, two ETF applicants, voluntarily withdrew their applications in exchange for future consideration.

Custodia Bank’s founder and CEO, Caitlin Long, anticipates a fierce marketing competition among Bitcoin spot ETF issuers should the anticipated approval window materialize.

Long emphasizes that these issuers will come under intense scrutiny as they fight for investors’ interest and negotiate the post-approval environment. It is anticipated that this development will excite mainstream investors, many of whom have expressed interest in learning more about Bitcoin’s comeback after periods of skepticism.

The timing of the possible approval coincides with the US presidential election and the April halving event, which further elucidates the workings of the market.

BTC Achieves New Yearly High With High Approval Probability
Insider sources claim that the SEC has held lengthy meetings with issuers of Bitcoin spot ETFs. With a reported 99% confidence level, these discussions have indicated a high probability of approval.

All applications are reportedly carefully reviewed by the SEC, who makes sure that all requirements are satisfied and that every detail is looked at in great detail. Pending a court ruling, well-known cryptocurrency asset management company Grayscale is aggressively exploring the prospect of becoming the first to launch a conversion-based ETF.

Bitcoin

As of right now, Bitcoin has crossed $38,800, more than $400 above its previous milestone. The $40,000 mark, which has not been attained since April 2022, is the next objective in sight.

With BTC extending its gains by 2.9% over the last 24 hours and a 1.7% increase over the last 7 days, the bullish momentum has persisted.

It is unclear how the price of Bitcoin will react as the ETF approval date draws near. Furthermore, investors are watching the cryptocurrency closely to see how it does in the last few months of the year.

 

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Bitcoin, currently at $38,410 with a 2% gain, has been on an upward trajectory since October. Market optimism stems from expectations of a potential approval for a spot exchange-traded fund (ETF), seen as a catalyst for increased capital investments in the digital asset sector. Noelle Acheson, a crypto-focused economist, attributes the ongoing Bitcoin rally to factors such as growing expectations for a spot ETF, the resolution of uncertainty surrounding Binance, and the anticipation of accelerated money printing in 2024.

Crypto-Linked Stocks Benefit

Pre-market trading saw gains for shares of Bitcoin mining companies, including Riot Platforms, Marathon Digital, Cipher Mining, and TeraWulf, ranging from 2.4% to 4%. J.P. Morgan responded to the Bitcoin rally by raising price targets for Cipher Mining, CleanSpark, Iris Energy, Marathon Digital, and Riot Platforms.

Shares of Bitcoin mining machine manufacturer Canaan also increased by nearly 4%. Mining companies are ramping up production ahead of Bitcoin’s upcoming “halving” event in 2024, where rewards for token production will be halved.

Coinbase’s Performance and Positive Outlook

Coinbase‘s shares rose by 2.6%, building on November’s 62% jump, outperforming Bitcoin’s 11% climb. Despite a reported decline in trading volume earlier in November, CFRA Research analyst Michael Elliott remains optimistic, stating that higher crypto prices should lead to increased transaction volume and revenues for Coinbase in 2024. However, he noted potential legal challenges and regulatory uncertainties that could contribute to stock volatility.

ETF Approval Expectations Counter Concerns

Investors remain hopeful for ETF approval, countering recent concerns following Changpeng Zhao‘s departure from Binance and his guilty plea to violating U.S. anti-money laundering laws. Other premarket gainers include U.S. software developer and bitcoin investor Microstrategy, up nearly 5%, and ProShares Bitcoin Strategy ETF, which added 2%.

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Led by billionaire Jack Dorsey, the decentralized Bitcoin mining pool OCEAN recently raised an incredible $6.2 million in its seed funding round. The Bitcoin Opportunity Fund, Barefoot Bitcoin Fund, NewLayer Capital, and other investors are a few of the others.

Independent Bitcoin Mining
Block rewards and transaction fees are normally entirely under the control of conventional Bitcoin mining pools, which divide them up among miners as they see fit. This arrangement also gives them the power to refuse payments to specific miners, either on their own initiative or as a result of regulatory requirements.

The non-custodial payout mechanism of OCEAN pays miners directly from the block reward. As a result, it gets rid of all the possible hazards that come with conventional pools and guarantees that miners won’t be negatively impacted by them.

The purpose of the seed money is to help launch OCEAN, which is the first in a line of initiatives to decentralize Bitcoin mining. Co-founder of Mummolin and seasoned Bitcoin Core developer Luke Dashjr also underlined the need for a change in the function of mining pools in order to establish Bitcoin as a truly decentralized currency. Jack Dorsey commented on the development, saying:

“Our contribution to OCEAN comes out of a deep respect for their mission. OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear. As part of the launch, Mr. Dorsey noted,”when I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me and I’m happy to be a part of it.

Bitcoin Is Jack Dorsey’s Passion

Jack Dorsey has been involved in the Bitcoin space for a considerable amount of time and is one of its biggest proponents. In addition, he and his group have been focusing on enhancing the Bitcoin Lightning network to increase the scalability of the blockchain.

Jack Dorsey, the creator of Twitter, is also unwavering in his efforts to support the development of the Bitcoin (BTC) protocol, as demonstrated by his recent financial contribution to Brink, a Web3.0 hub that supports network developers.

The disclosed funding commitment under the terms of the Jack Dorsey Commitment is $5,000,000. Additionally, in accordance with the agreement, $1 million will be distributed annually over a period of 5 years.

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Renowned crypto analyst PlanB, known for his optimistic outlook on Bitcoin and the stock-to-flow model, has issued a warning on X, suggesting that these could be the final days to acquire Bitcoin below the $40,000 mark. The analyst highlights strong bullish indicators, particularly focusing on Bitcoin’s realized price, indicating an imminent significant price surge.

Bitcoin has demonstrated exceptional price performance throughout the year, boasting a growth of over 125%. Analysts, including PlanB, share the sentiment that this upward trend may persist. PlanB, in particular, draws attention to the realized price model, proposing that the current sub-$40,000 level might be a fleeting opportunity.

Realized Price Insights

Realized price, reflecting the average cost of all circulating Bitcoin, is considered by some as a more accurate measure of Bitcoin’s value than the prevailing market price. During bearish markets, the realized price tends to surpass the spot price, while bullish markets are characterized by a higher spot market price. PlanB’s analysis indicates that Bitcoin’s spot price now surpasses the overall realized cost, the 2-year realized price, and the 5-month realized price. This historical pattern suggests the potential for a substantial upward movement.

Last Call for Affordable Bitcoin

Bitcoin (BTC) is currently trading at $37.687. Chart: TradingView.com

As of the latest data, Bitcoin is trading at $37,687, with its realized price around $21,000, according to Glassnode. PlanB neither confirms nor denies the possibility of another opportunity to purchase Bitcoin at a lower price, emphasizing the potential for Bitcoin to trade between $100,000 and $1 million around the next halving cycle.

Anticipation for Mainstream Adoption

PlanB’s forecast aligns with the general optimism surrounding Bitcoin, especially as the industry anticipates the approval of spot Bitcoin ETFs in the United States. CoinShare‘s recent report notes year-to-date inflows of $1.238 billion into Bitcoin’s digital asset investment products. Additionally, the discount on Grayscale‘s Bitcoin Trust has significantly decreased, signaling institutional interest amid a growing bullish momentum.

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The next-generation blockchain ecosystem 5ire, which is centered on sustainability, revealed today that on December 5th, 2023, its native token, 5IRE, will go live on the Bybit cryptocurrency exchange. This is a big step forward for 5ire as it broadens its audience and extends its global reach while showcasing its cutting-edge blockchain technology.

Key Highlights:

  • The 5IRE token will be initially introduced as an ERC-20 token on Bybit, with plans to seamlessly transition it to the native 5ire token on the mainnet through a secure bridge.
  • The listing of 5IRE on Bybit is expected to generate significant interest from institutional and retail investors alike.
  • 5ire is well-positioned to capture a substantial share of the growing blockchain market, with its focus on sustainability, scalability, and security resonating with a wide range of users and applications.

Expanding Global Reach and Introducing Sustainable Blockchain Technology

An important step forward for 5IRE is its listing on Bybit, which makes its token more accessible and speeds up the uptake of its sustainable blockchain ecosystem. Bybit’s extensive global user base will enable 5ire’s technology to reach a wider audience, thereby advancing its mission of utilizing blockchain innovation to drive positive change.

Sustainable and Scalable Blockchain Solution

Traditional blockchains have several drawbacks, including excessive energy consumption, constrained scalability, and security flaws. 5ire addresses these issues. Because of its special qualities, it’s the perfect platform for a lot of different applications, such as enterprise solutions, non-fungible tokens (NFTs), and decentralized finance (DeFi).

  • Environmentally Friendly: 5ire utilizes a unique Proof-of-Stake (PoS) consensus mechanism that consumes significantly less energy than traditional PoW blockchains.
  • Scalable: 5ire’s architecture is designed to handle a high volume of transactions without compromising performance.
  • Secure: 5ire employs advanced security measures to protect the network and its users.

The Future of Blockchain Technology

5ire is a leading company in the blockchain space because of its dedication to security, scalability, and sustainability. With its extensive ecosystem of applications and impending launch on Bybit, 5IRE is well-positioned to have a big influence on the direction of blockchain technology.

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Crypto lovers are on the brink as Bitcoin and Ethereum hover near resistance ranges, putting the level for a capacity pullback anticipated via traders ahead of the month-to-month expiry.

With a mixed notional fee of $6.5 billion, 108,000 BTC alternatives and 1.2 million ETH options are set to run out on November 24. Traders carefully watch as Bitcoin‘s put-call ratio indicates a max ache point at $33,000 hinting at expectations for an upward thrust in BTC expenses.

Mixed Sentiment Amid Binance Settlement: Fear and Greed Index Drops as Market Digests $4.Three Billion DOJ Settlement

As the market grapples with Binance’s $4.3 billion settlement with the DOJ and CEO Changpeng CZ Zhao pleading responsibility for federal expenses, the Fear and Greed Index slides from 71 to 66. This improvement provides a layer of uncertainty to the general sentiment within the crypto space.

Source: Deribit

Despite Bitcoin and Ethereum experiencing a 0.5% leap in the past 24 hours, trading volumes for each cryptocurrency have seen a decline of 45% and 40%, respectively. Market contributors brace for potential volatility, mainly in the aftermath of recent occasions involving Binance and its CEO.

Source: Deribit

Year-End Dynamics: Traders Anticipate Lower Activity, Analysts Bullish on Crypto Amid Institutional Influence

With the holiday season drawing close, buyers foresee lower buying and selling pastimes because of Christmas and 12 months of giving up deliveries. However, analysts remain bullish on crypto, citing the ongoing Bitcoin halving and the effect on institutional buyers as riding elements.

Noted analyst Rekt Capital shows a strategy of accumulating on deeper retraces, expressing optimism about Bitcoin‘s upside capacity amid expected pullbacks near resistance levels. Market observers keenly look ahead to how these dynamics unfold within the coming weeks.

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In 2024, Austria’s Raiffeisen Bank plans to introduce cryptocurrency trading services, following a number of other European banks that have entered the digital asset custody market.

The 130-year-old bank signed a letter of intent to work together on the offering with cryptocurrency trading platform Bitpanda, and in April, it revealed its plans for the service. The bank declared at the time that it would be the first conventional credit union in the European Union (EU) to offer cryptocurrency as part of its digital investment portfolio.

Unlike other banks that are interested in cryptocurrencies, this one will initially only be available to retail customers in Vienna. Other banks will prioritize serving institutional clients first. About 25% of Austrians reside in Vienna, where we are beginning our journey, according to Curt Chadha, head of the bank’s innovation, during a CoinDesk interview. He continued, saying:

“The customer can use their mobile device to enter Bitpanda through the Raiffeisen app. The experience will be familiar, so confirming a trade will work exactly like an account-to-account bank transfer with the same sort of security customers are used to.”

On their website, Raiffeisen Bank claims to have 16.7 million customers in Austria and Central and Eastern Europe, all of whom are backed by about 45,000 employees. Its foreign business is in charge of $224 billion in assets.

Its entry into crypto custody comes after Commerzbank, the nation’s first full-service bank, announced earlier this month that it had received a crypto custody license from regulators.

A week earlier, the British bank HSBC announced that it will work with the Ripple-owned digital asset custody company Metaco to introduce tokenized securities crypto custody for the upcoming year.

Regulation’s Significance

Legislators and regulators on the continent have worked to make room for cryptocurrency as a regulated financial sector this year, improving the climate for established financial firms.

Bitpanda, a partner of Raiffeisen Bank, was established in 2014 with the goal of facilitating the introduction of stock, ETF, and cryptocurrency custody services by Fintechs and traditional banks in a regulated environment.

BitPanda said over X on Thursday that “recent events have once again shown that regulatory compliance must not be seen as a barrier to growth.” “We sincerely believe that the long-term success of the cryptocurrency industry depends on a collaborative approach to regulation.”

The U.S. Department of Justice fined Binance $4.3 billion earlier this week for violating anti-money laundering regulations specifications.

 

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Grayscale, the cryptocurrency investment giant, is pushing forward with its initiative to convert its extensively used Bitcoin Trust into a gap Bitcoin exchange-traded fund (ETF). The business enterprise has submitted an up-to-date prospectus to the Securities and Exchange Commission (SEC) after a current meeting with the regulatory frame.

Post-Meeting Filings: Grayscale’s Amended S-3 Prospectus Indicates Ongoing Talks with SEC

The submission, dated November 22, takes the shape of an amended S-3 prospectus, a well-known registration report for firms that have fulfilled previous reporting requirements. Analysts, which include James Seyffart from Bloomberg, stated that the submission does not introduce great changes. Notably, there was an offer to alternate the ticker image from GBTC to BTC, despite the fact that Grayscale clarified they haven’t any plans for this kind of amendment.

A memo discovered a meeting between the SEC‘s Division of Trading and Markets contributors, Grayscale, and prison representatives from Davis Polk. The attention became ordinarily on NYSE Arca’s proposed list of ETFs. Grayscale CEO Michael Sonnsenhein became present at the meeting, emphasizing the continued speaking between the company and the SEC.

Unique Approach: Grayscale’s ETF Proposal Sets It Apart in a Competitive Landscape

Unlike other spot, Bitcoin applications from main players like BlackRock and Fidelity, Grayscale’s inspiration involves the conversion of a current investment automobile into an ETF. Market observers endorse that advantageous SEC discussions with Grayscale may also have broader implications for the capability approval of Bitcoin ETFs in standard.

The significance of Grayscale regarding the GBTC conversation and uplifting is highlighted by ETF Store President Nate Geraci. If Grayscale efficaciously uplists GBTC on NYSE Arca while competition launches spot Bitcoin ETFs, coupled with an aggressive fee method, it may function Grayscale to dominate the ETF class.

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