Divergent views: Bitfinex and Pereira analyze the impact of Fed
policies and US GDP on Bitcoin’s future
Analysts from Bitfinex and Bitget provide different perspectives
on the future of Bitcoin (COIN:BTCUSD). While Bitfinex suggests
that a pause in the Federal Reserve’s U.S. interest rate hikes at
their December 13 meeting could attract more investments in Bitcoin
(COIN:BTCUSD), Pereira points to the recent uncertainties generated
by the U.S. GDP, which exceeded expectations. “The newly released
U.S. GDP came in much higher than expected, causing market
uncertainties regarding dollar inflation and potential new interest
rate hikes in 2024. As a result, most stocks and currencies
(including cryptocurrencies) ended the day in a stalemate, neither
rising nor falling. Payroll data next week should give more
concrete clues whether we will end the year with BTC above $40k or
not. For now, the most likely scenario is that we won’t,” commented
Pereira. This scenario created doubts about dollar inflation and
the possibility of new interest rate hikes in 2024, impacting
markets and cryptocurrencies, which ended the day stable. According
to Pereira, payroll data next week will be crucial in predicting
whether Bitcoin will end the year above $40k. At the moment, he
believes this is unlikely, contrasting with Bitfinex’s long-term
optimistic view, which predicts a more favorable environment for
cryptocurrencies if the Fed cuts rates in 2024.
ETF BITO by ProShares sets a record with $1.47 billion in assets
under management
ProShares’ Bitcoin Strategy ETF (AMEX:BITO), a Bitcoin futures
fund in the U.S., has reached a new peak with $1.47 billion in
assets under management, surpassing its previous record from
December 2021. This growth reflects growing institutional interest
in Bitcoin (COIN:BTCUSD), amid an increase in registered Bitcoin
ETF applications in the U.S. Listed on the Chicago Mercantile
Exchange (NASDAQ:CME), BITO offers investors the opportunity to
profit from Bitcoin yields in a regulated format.
Trend of closing long Bitcoin positions on Bitfinex in 2023
Data analysis from Datamish shows a common practice on Bitfinex
in 2023: investors closing long positions in Bitcoin (COIN:BTCUSD)
during periods of volatility. The year started with the opening of
around 100,000 long positions, but after the SVB collapse in March,
12,000 of these positions were closed. A similar pattern occurred
recently, with the closure of a significant number of positions
after substantial gains in October and November, resulting in
approximately 80,000 BTC in remaining long positions. This strategy
suggests that investors prefer to secure profits in the face of
rising Bitcoin prices. Meanwhile, short positions remained
moderate, with fewer than 1,000 BTC, indicating a more optimistic
market sentiment despite uncertainties.
MicroStrategy acquires an additional 16,130 BTC for $593.3 million,
reinforcing its commitment to Bitcoin
MicroStrategy (NASDAQ:MSTR) continues its expansion in the
Bitcoin market (COIN:BTCUSD) with the acquisition of 16,130 BTC for
$593.3 million, at an average price of $36,785 per Bitcoin. This
raises its total holdings to 174,530 BTC, with an average cost of
$30,252 per unit. The company is now in a favorable position, with
a potential profit of about $1.3 billion, highlighting its strong
profitability and its approximately 0.90% stake in the total
circulating Bitcoin supply, which is 19.5 million BTC.
Robinhood prepares to enter the UK market in 2024
Robinhood (NASDAQ:HOOD), an online trading platform, has
announced its expansion into the UK, planning to launch in early
2024. According to CEO Vladimir Tenev, in an interview with
Bloomberg, Robinhood has already started a waiting list for early
access, with the goal of offering trading of 6,000 US stocks and a
24-hour trading feature. This move represents a renewed effort by
Robinhood to reach a global market, following a delayed attempt in
2019 due to regulatory challenges. Tenev emphasizes the vision of
making Robinhood a global company, reflecting its roots as a
startup founded by immigrants.
Ark Invest reduces its stake in Coinbase and increases its stake in
Robinhood
Ark Invest, led by Cathie Wood, sold $4.94 million worth of
Coinbase (NASDAQ:COIN) shares on Wednesday, adding to the $5.3
million sold on Monday, totaling more than $10 million in the week.
At the same time, the company acquired 221,759 shares of Robinhood
(NASDAQ:HOOD) for $1.97 million for the Ark Fintech Innovation ETF
(AMEX:ARKF), in addition to the 143,063 shares purchased on
November 27. Coinbase shares have seen significant increases but
are still below their historical peak, while Robinhood shares have
also grown but have experienced a substantial decline since their
peak in 2021. Ark Invest also increased its holdings in Robinhood,
coinciding with the company’s launch in the UK and its planned
expansion into the EU.
November marks the biggest monthly cryptocurrency loss in 2023 due
to hacks and frauds
In November, cryptocurrencies faced their largest monthly losses
in 2023, totaling more than $343 million in hack and fraud
incidents, an increase of over 15 times compared to the
approximately $22 million recorded in October. Surprisingly,
centralized financial platforms (CeFi) were the main victims,
accounting for 53.8% of the losses, surpassing decentralized
finance (DeFi). Hackers predominated in the attacks, causing losses
of over $335 million, while fraud incidents totaled about $7.5
million. Binance Smart Chain (COIN:BNBUSD) and Ethereum
(COIN:ETHUSD) were the most targeted networks, accounting for 83%
of the total losses.
Talos and Uniswap form a groundbreaking partnership for DeFi
liquidity access
Talos, a cryptocurrency trading platform known for providing
liquidity from centralized exchanges, will now offer institutional
clients the ability to trade via Uniswap, a leader in decentralized
finance (DeFi). This move marks the first time that Talos has
incorporated liquidity from a decentralized exchange and also
represents the debut of an enterprise API integration for Uniswap
Labs, according to sources. The integration facilitates access to a
broad and deep source of liquidity, whether for investors looking
for exposure to various Uniswap projects and unique protocols or
for market participants seeking additional liquidity in major
assets like ETH, as explained by Talos CEO Anton Katz.
Algorand strengthens Web3 presence in India through strategic
partnerships
Algorand (COIN:ALGOUSD) has established strategic partnerships
in India to strengthen the country’s Web3 foundation. Collaborating
with NASSCOM, TiE Bangalore, and the Mann Deshi Foundation, the
company focuses on digital empowerment, support for women
entrepreneurs, and blockchain education. Algorand’s “AlgoBharat”
initiative aims to promote financial inclusion and the development
of the Indian Web3 ecosystem.
Cega’s strategy offers a 22% yield for ether stakers
Cega, specializing in structured products for cryptocurrencies,
has launched an innovative strategy that offers an APY of 22% for
stakers of staked Ether (COIN:STETHUSD) and ETH (COIN:ETHUSD),
surpassing typical staking yields, which are currently around 3%.
This new strategy benefits from options trading and comes at a time
of lower volatility in the cryptocurrency market. Cega recently
raised $9.3 million in initial funding led by Dragonfly.
Celsius allows limited withdrawals for selected customers
Celsius, now in bankruptcy, initiated withdrawals for certain
custody customers starting on November 29, allowing them to
withdraw 72.5% of their cryptocurrencies until February 28. Only
specific assets are available for withdrawal. Users report
technical issues and delays, especially with Facebook logins, while
Celsius anticipates possible delays due to the volume of
requests.
AntPool to refund 83 BTC to user after record transaction fee
AntPool, a Bitcoin mining pool, announced that it will refund 83
BTC, equivalent to over $3 million, to a user who inadvertently
paid this amount in gas fees for a transaction. This error occurred
in BTC block 818,087 and set a record for transaction fees on the
blockchain network. After the abnormal fee was detected by
AntPool’s risk control system, the pool temporarily froze the funds
and requested that the rightful owner of the funds prove their
identity by December 10. A claimant known as 83_5BTC emerged on
social media, claiming to be the owner of the affected wallet. They
explained a script error in the wallet that led to the
overpayment.
Trust Wallet experiences issues with Bitcoin transactions
Trust Wallet, by Binance, is facing issues with its Bitcoin
node, causing transaction failures and delays, as well as loss of
transaction history in the app. The incident is linked to the
recent surge in Bitcoin transactions, which has overwhelmed the
nodes. Trust Wallet is monitoring the situation and working on a
solution, while users report data loss from transactions and
frustrations. Bitcoin network activity has reached record levels,
influenced by the growth of enrollments in Bitcoin Ordinals.
Hacker demands full control of KyberSwap after $47 million theft
The hacker who stole $47 million from KyberSwap demanded full
control of the company and its governance, KyberDAO. They seek to
enact “legislative changes” and demand access to corporate
documents, assets, and intellectual property. The intruder promised
to buy out executives for a fair value, double salaries for
remaining employees, and offer a 12-month severance package to
those who leave. For token holders and investors, they warned that
their tokens would lose value under their management, while Kyber
would undergo a complete overhaul. Liquidity providers on KyberSwap
would receive a 50% discount on losses. This agreement is the
hacker’s only offer, threatening to nullify everything if contacted
by authorities. Following the incident, KyberSwap co-founder Victor
Tran reaffirmed his commitment to users. The KyberSwap team has
recovered $4.7 million of the lost funds, and the hacker is also
suspected in a previous attack on Indexed Finance.
RARI Foundation launches RARI Chain to revolutionize NFT
infrastructure
RARI Foundation, specializing in NFT infrastructure, has used
Arbitrum Orbit technology to launch the RARI Chain, an innovative
Layer 3 chain. They recently introduced their testnet, aiming to
enhance royalty assurance for creators. The team highlights that
the RARI Chain is an essential solution for NFT infrastructure,
offering an EVM-compatible chain on Arbitrum. This network is
optimized for high speed, low cost, and ease of use for developers,
creators, and collectors, integrating royalties directly at the
node level and promoting interoperability across different
markets.
Bitget enables instant conversion of Turkish lira into
cryptocurrencies
Bitget, a global cryptocurrency and Web3 exchange, has announced
the launch of a new feature that allows Turkish consumers to
instantly convert their local currency, the Lira, into digital
assets like Tether USD (COIN:USDTUSD) or Bitcoin (COIN:BTCUSD).
With this “easy buy and sell” functionality, customers can deposit
Lira directly from their bank accounts to Bitget and perform the
conversion without waiting or matching orders in wallets.
Bank of Korea launches CBDC test with 100,000 citizens
The Bank of Korea (BOK) has revealed a digital currency (CBDC)
pilot program for 100,000 citizens, allowing them to make purchases
with CBDC tokens issued by commercial banks. The project aims to
address issues with government vouchers and is planned for the next
year. The initiative follows Augustin Carstens’ visit to Seoul and
is part of a global movement toward digital currencies.
Hong Kong Association proposes initial coin offering portal
The Hong Kong Securities and Futures Professionals Association
has proposed a regulated portal for initial coin offerings (ICOs),
aiming to provide a safe environment for legitimate projects and
mitigate fraud. The initiative, part of a larger effort to regulate
the cryptocurrency sector, includes new regulations that allow the
trading of virtual assets to retail investors and grant licenses to
cryptocurrency exchanges.
Grove raises $7.9 million to expand decentralized infrastructure
Grove, specializing in Web3 infrastructure (formerly Pocket
Network), has raised $7.9 million to develop Decentralized Physical
Infrastructure (DePIN), focusing on strategic partnerships. This
investment, coming from entities associated with Fidelity, aims to
promote DePIN in the conventional market.
Algorand (COIN:ALGOUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Algorand (COIN:ALGOUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024