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Joshua Lim from Genesis Trading warns of potential volatility in the price of Bitcoin (COIN:BTCUSD) in 2024, coinciding with the possible approval of a Bitcoin exchange-traded fund (ETF) in the US. He notes that traders are already positioning themselves for this event, which could result in an initial spike followed by a rapid decline, a pattern similar to the launch of the gold ETF. Approval could trigger a “buy the rumor, sell the news” effect, where traditional investors may exit after the announcement, leaving retail investors vulnerable. Fernando Pereira, an analyst at Bitget, commented on the Bitcoin market dynamics, suggesting cautious optimism about the Bitcoin price, anticipating a potential significant increase in the cryptocurrency’s value before the next halving event, stating that “the analysis of BTC’s uptrend structure gives us signals of a possible next move in early 2024. It is a possible scenario to reach $48,000 before the halving.”
A rare pattern has emerged in the CME futures markets for Bitcoin (COIN:BTCUSD) and Ethereum (COIN:ETHUSD), indicating a strong bias among investors towards long positions. This phenomenon, not seen since 2018, shows contracts for the next month trading at a significant premium, reflecting a pronounced bullish sentiment among market participants.
Jim Cramer, host of CNBC’s “Mad Money,” recently changed his pessimistic stance on Bitcoin (COIN:BTCUSD), now expressing optimism about the asset. “I liked it for a while, then I decided: You know what? The money has been made… If you like Bitcoin, own Bitcoin – that has always been my opinion. When you make a lot of money, let’s not look back,” Cramer said. This reversal comes after a year of advising against cryptocurrency investments, generating skepticism among investors due to his track record of questionable market predictions. His optimism coincides with the strong performance of Bitcoin-related companies like Cleanspark (NASDAQ:CLSK), Coinbase (NASDAQ:COIN), and MicroStrategy (NASDAQ:MSTR), fueling positive expectations for Bitcoin’s future.
Bitcoin ETFs in Brazil show robust demand, with $96.8 million in assets under management as of November 21st. Hashdex’s Bitcoin ETF leads with $57.8 million, representing 60% of the market. According to Marcelo Sampaio, CEO and founder of Hashdex, the success of Bitcoin ETFs in Brazil is the result of a pro-market regulation of digital assets and the growing interest of large institutions.
Binance announced that, starting on December 7th, it will remove BitShares (BINA:BTSUSDT), Perlin (BINA:PERLUSDT), Waltonchain (BINA:WTCUSDT), and Tornado Cash (COIN:TORNUSD) from its platform, as communicated on the X social network. After the news, these altcoins experienced a significant drop in value, with Tornado Cash recording a devaluation of over 50%. Starting on March 7th, 2024, Binance will also cease withdrawals of these altcoins. This decision follows the controversial situation of Tornado Cash, facing accusations of money laundering and other legal violations, leading to sanctions and intense regulatory scrutiny.
Changpeng “CZ” Zhao, the founder of Binance, is required to stay in the US, according to a federal judge’s decision, while awaiting trial for violations of the Bank Secrecy Act. After resigning as CEO of Binance, which admitted to violations of sanctions and money transmission laws and agreed to pay fines of $4.3 billion, CZ was released on $175 million bail. The decision to allow his return to the United Arab Emirates was recently suspended by the judge.
Coinbase (NASDAQ:COIN) informed its users of a subpoena received from the US Commodity Futures Trading Commission (CFTC), related to an undisclosed investigation. The exchange was requested to provide details about users’ accounts and transaction activities. Speculation suggests that the subpoena may be connected to interactions with the exchange Bybit and its CEO, Ben Zhou.
Dunamu, the owner of Upbit, one of South Korea’s leading cryptocurrency exchanges, reported a drastic 81.6% reduction in net profit in the third quarter of 2023 compared to the same period the previous year. Profit dropped from approximately $123 million in the third quarter of 2022 to approximately $23 million this year. The company attributes this decline to the slow investment market and the recent economic recession, as well as the drop in virtual asset prices. Despite this challenging context, Dunamu maintains a positive outlook, focusing on the development and popularization of blockchain services to drive recovery in the sector. Additionally, the company has faced a significant increase in hacking attempts but has not recorded major security breaches since 2019.
ARK Invest, led by Cathie Wood, sold approximately $5.26 million worth of Coinbase (NASDAQ:COIN) shares on Monday as the cryptocurrency exchange reached its highest closing price in 19 months. The sale, involving 43,956 shares of the Ark Fintech Innovation ETF, occurred as COIN reached $119.77 on the Nasdaq. At the same time, ARK Invest purchased 143,063 shares of Robinhood (NASDAQ:HOOD) worth $1.2 million, following its strategy of trading cryptocurrency-related stocks for profit. It was the fifth purchase of HOOD by ARK Invest this month.
Animoca Brands, a Hong Kong-based venture capital company focused on gaming and the metaverse, expanded its influence in the blockchain sector by becoming the largest validator on the TON blockchain. In addition to the investment, Animoca is promoting game development in the TON ecosystem, particularly supporting TON Play, its game infrastructure project. While financial details have not been disclosed, Animoca’s move aligns with Telegram’s endorsement of TON as its preferred blockchain for Web3 initiatives, potentially paving the way for a broad user base.
JPMorgan Chase (NYSE:JPM) and Apollo (NYSE:APO), in collaboration with the Monetary Authority of Singapore’s Project Guardian, are developing a tokenized enterprise mainnet. This project, which has already processed over $900 billion in assets, aims to facilitate investment and management of digital assets, including the creation of a tradable intraday repository.
Following the UK-based Standard Chartered (LSE:STAN) joining China’s digital yuan (e-CNY) on November 27th, other foreign banks have followed suit, bringing the total to four. HSBC in Hong Kong, Hang Seng Bank, and Taiwan’s Fubon Bank have integrated e-CNY into their platforms. These banks will allow customers to make transfers and withdrawals in e-CNY, with Hang Seng Bank offering additional features such as linking debit cards to the e-CNY app and reloading digital wallets. HSBC and Fubon Bank have also implemented features to make e-CNY usage more convenient, with Fubon exploring cross-border applications and smart contracts.
Phoenix Group, specializing in cryptocurrency mining, has postponed its IPO on the Abu Dhabi Stock Exchange to December 5th, due to national holidays in the United Arab Emirates. The company attracted significant interest in its pre-sale on November 21st, with subscriptions exceeding the initial offering by 33 times.
Cryptocurrency investment platforms eToro and M2 have received authorizations from the Abu Dhabi Global Market Financial Services Regulatory Authority to operate in the United Arab Emirates. eToro has been granted permission to operate as a cryptocurrency asset broker, while M2 has been approved as a regulated multilateral trading facility.
In Hong Kong, 145 users fell victim to the scam by unlicensed cryptocurrency exchange Hounax, losing approximately $18.9 million. Hounax, flagged as suspicious since November 1st, attracted clients with false claims of licenses and associations. This incident follows a larger scandal involving the JPEX exchange, highlighting the need for stricter regulation in the cryptocurrency sector.
Miguel Fernández Ordóñez, former Governor of the Bank of Spain, highlighted that the digital euro offers a secure alternative to bank deposits, potentially revolutionizing banking stability. During a hearing in the European Parliament, he explained that economic crises often result from the use of bank deposits, which are promises of payment and not real money. He argues that, unlike deposits, digital euros are a direct form of money, reducing the risk of banking crises. He also addressed how a digital euro could simplify the banking system, increase competition, and enable more direct monetary policy by the European Central Bank. The EU is still considering the issuance of the digital euro, considering issues such as holding limits and its impact on banking stability.
Starting in January, Spain will require citizens and residents to declare crypto-assets above 50,000 euros held on foreign platforms. The Tax Agency has introduced Form 721 for this purpose, while assets in self-custody must be reported using the standard Form 714. This step reflects Spain’s efforts to improve the taxation of crypto-assets.
Ravi Menon of the Monetary Authority of Singapore criticized Bitcoin (COIN:BTCUSD) and similar cryptocurrencies at the GDEC 2023 conference, citing their volatility and speculative use. He envisions a future monetary system based on central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins, in contrast to the unstable nature of current cryptocurrencies.
Econia Labs, a crypto startup, announced the launch of its on-chain order wallet on the Aptos blockchain (COIN:APTUSD) mainnet. After raising $6.5 million in a funding round led by Dragonfly, Econia debuted on the mainnet with the participation of over 1,000 traders from 68 countries in its testnet phase. The platform uses an atomic matching mechanism to execute instant trades on the Aptos blockchain, targeting traders who prefer to avoid centralized exchanges. Econia is designed to process fast transactions across multiple markets, leveraging Aptos’ optimistic concurrency model, a Layer 1 blockchain developed by former Meta (NASDAQ:META) employees. Aptos Labs, as well as Wintermute and Lightspeed, also invested in Econia Labs.
Andreessen Horowitz (a16z) led a $5 million investment in Setter, a New York-based app seeking to transform digital commerce using Web3 technology. Setter aims to make it easier for brands to promote and sell exclusive and limited-edition products. The app stands out for its simplified approach to digital wallet technologies, aiming to make the transition to Web3 more accessible and integrated. Initially focused on streetwear and sneakers, Setter plans to expand into fashion, luxury, and collectibles. The funding round also received support from Marcy Ventures Partners, Superlayer, Thirty Five Ventures, and tennis superstar Serena Williams.
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