Brett Harrision (ex-FTX US) dishes the dirt on the “insecure, prideful” SBF and tips a spot Bitcoin ETF will shatter the futures ETF’s records
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The unsecured bond has a value of 10 million euros and a maturity of three years, with all the proceeds going for eligible green activities investments.
Bitcoin (BTC) has seen a mass profit-taking event which rivals its $69,000 all-time highs, new analysis reveals.
In a post on Dec. 5, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, flagged billions of dollars heading to exchanges.
Bitcoin speculators sell as if all-time highs are back
BTC price gains have delivered a welcome reward to hodlers across the board in recent days as 19-month highs appeared.
While old hands are retaining their share of the BTC supply, at the other end of the spectrum, so-called short-term holders (STHs) have been busy locking in profits on their investments.
STHs refer to entities holding a given part of the supply for 155 days or less. They correspond to the more speculative class of Bitcoin investors, and their cost basis has formed a key BTC price support in 2023.
BlackRock and other financial giants have entered the race to launch the first spot Bitcoin ETF in the United States.
In the past seven days, Bitcoin (BTC) experienced a whopping 14.5% surge, hitting a 20-month high at $41,130 by Dec. 4. Traders and analysts have been abuzz with speculation, especially in the wake of the $100 million liquidation of short (bearish) Bitcoin futures within just 24 hours. However, when we dive into BTC derivatives data, a different story unfolds—one that places the spotlight on spot market action.
The impact of the recent liquidations in Bitcoin futures markets
While the Chicago Mercantile Exchange (CME) trades USD-settled contracts for Bitcoin futures, where no physical Bitcoin changes hands, these futures markets undoubtedly play a crucial role in shaping spot prices. The sheer scale of Bitcoin futures, with an aggregate open interest of $20 billion, underscores the keen interest of professional investors.
In the same seven-day period, a mere $200 million worth of BTC futures shorts were liquidated, representing only 1% of the total outstanding contracts. This figure pales in comparison to the substantial $190 billion in trading volume during the same timeframe.Bitcoin futures aggregate open interest and volume, USD. Source: Coinglass
Even when focusing solely on the CME, which is known for potential trading volume inflation, its daily volume of $2.67 billion should have readily absorbed a $100 million 24-hour liquidation. This has led investors to ponder whether the recent Bitcoin rally might be attributed to the targeting of a few whales within the futures markets.
One could attempt to gauge the extent of liquidations at different price levels using tape reading techniques. However, this approach fails to consider whether whales and market makers are adequately hedged or have the capacity to deposit additional margin.
The protocol will expand to liquid staking and layer-2 solutions while retaining its NFT lending services.
Envision Blockchain and the HBAR Foundation have teamed up with the UN to create a new suite of decentralized tech to streamline the complex carbon markets.
Bitcoin (BTC) faces sharp volatility as the new week begins with BTC price action focusing on $42,000 — can it endure?
The largest cryptocurrency, fresh from weekend gains that topped 10%, is still keeping traders guessing over its next move.
While a trip to $40,000 was well anticipated, the question now is whether or not the latest move represents the beginning of a new trend or, conversely, a new bull trap.
Appraisals currently vary widely, with bullish and bearish perspectives battling for vindication.
Cointelegraph takes a look at the most important support and resistance levels now in play after recent BTC price performance reshapes the market landscape.
While Mohammed M. and his brother were cleared of all criminal charges, 7.8 million euros worth of crypto tokens became inaccessible after getting stuck in a wallet.
Bitcoin (BTC) starts the first week of December looking better than it has since early 2022 — at over $40,000.
BTC price action is delighting bulls already as the month begins, with the weekly close providing the first trip above the $40,000 mark since April last year.
Shorts are getting wiped and liquidity taken as the bull run sees its latest boost on the back of macroeconomic changes and anticipation of the United States’ first spot price exchange-traded fund (ETF).
Despite misgivings and some predicting a major price retracement, Bitcoin continues to offer little respite for sellers, who continually miss out on profits or are left waiting on the sidelines for an entry price that never comes.
The party mood is not just reflected on markets — Bitcoin miners are busy preparing for the halving, and with the hash rate already at all-time highs of its own, the trend is set to continue this week.
The price of gold has broken through a new all-time high, surpassing the significant level of $2,100 during the Asian session on Monday, Dec. 4. Meanwhile, Bitcoin (BTC) has also surged above $41,000 for the first time in 19 months.BTC/USD (blue) vs. gold price (orange) Source: Tradingview
Bitcoin price breaks $40K...and $41K
Bitcoin has made a triumphant return to the $40,000 threshold, a figure unseen since the heights of April 2022. This included a swift 2% jump over 24 hours, marking a 19-month peak for the cryptocurrency.
What's more, Bitcoin has now risen over 140% since the beginning of the year.
Insights from Matrixport’s research head, Markus Thielen, suggest an even brighter future. With historical trends of post-bear market bull cycles and upcoming Bitcoin halving events as a backdrop, projections place Bitcoin at over $60,000 by April next year and as high as $125,000 by the end of 2024.
A malicious actor behind at least $5 million in crypto theft through “address poisoning" significantly ramped up attacks against Safe Wallet users in the last week.
Bitcoin (BTC) finally broke above the formidable resistance of $38,000 in the past week and marched closer to $40,000. This move shows that Bitcoin’s trajectory remains up. The bulls will try to maintain the momentum and achieve a strong close to the year, while the bears will try to pull the price down.
The major tailwind for Bitcoin is the expectation that the United States Securities and Exchange Commission (SEC) will approve a spot Bitcoin exchange-traded fund as early as January. Swan Bitcoin CEO Cory Klippsten said in an interview with Bloomberg that the window for the approval for the spot Bitcoin ETF “seems to have been narrowed to January 8th, 9th, or 10th.”Crypto market data daily view. Source: Coin360
Several analysts expect Bitcoin’s price to soar after one or more spot Bitcoin ETFs are greenlighted. However, traders need to look out for the sell-off after the initial knee-jerk reaction to the upside. The trend of selling into strength after the event has occurred is generally seen in legacy markets, leading to the popular adage “buy the rumor, sell the news.”
Could Bitcoin's rise near $40,000 boost buying in altcoins? Let’s look at the charts of the top 5 cryptocurrencies that may attract investors.
Bitcoin price analysis
Bitcoin rose and closed above the overhead resistance of $37,980 on Dec. 1, which completed the bullish ascending triangle pattern. This setup has a target objective of $41,160.
The United Arab Emirates increasingly attracts Web3 companies to its jurisdictions, becoming the center of global crypto innovation.
Blockchain enhances daily healthcare by securing patient data, streamlining coordination and minimizing errors for efficient care delivery.
Bitcoin (BTC) held closer to the $40,000 mark on Dec. 3 after weekend gains reinforced a “strong” uptrend.BTC/USD 1-hour chart. Source: TradingView
Bitcoin leaves $60 million in shorts hanging
These built on upward momentum, which had entered days prior, as Bitcoin hit $39,000 for the first time since mid-2022.
With derivatives leading into the end of the Wall Street trading week, commentators had argued that spot buyers needed to step up to maintain momentum. Events ultimately took an unexpected turn, with a snap surge across Bitcoin and altcoins wiping previous resistance.
In part of coverage on X (formerly Twitter), popular trader Skew suggested that “someone just ran all shorts across the board seemingly on most pairs.”
Chainlink (LINK) price has rebounded by over 240% from its yearly low of around $4.70 in June 2023. It may rise further still in the coming days and weeks, according to a slew of on-chain and technical indicators, as discussed below.
LINK price nears ascending triangle breakout
LINK's price has been consolidating inside what appears to be an ascending triangle pattern since November 2023.
Ascending triangles are bullish continuation patterns when formed during an uptrend. They resolve when the price breaks above the upper trendline and rises by as much as the maximum distance between the upper and lower trendlines.
It appears LINK eyes a similar breakout scenario in December 2023, now treading around the triangle's upper trendline near $16. Suppose it rises decisively above the said resistance level. Then, its triangle breakout target will come to be over $19.50, up 20% from current price levels.
Thus, if it rises decisively above the said resistance level then its triangle breakout target will be over $19.50, up 20% from current price levels.
Bitcoin ETF race has a new player, Binance ends support for BUSD, and more: Hodler’s Digest: Nov. 26 – Dec. 2
Asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin ETF race in the United States. On Nov. 29, Pando submitted a Form S-1 — used to register securities with the agency — to the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust. Like other ETF bids, the trust aims to track Bitcoin’s price with the custody arm of the crypto exchange Coinbase to hold Bitcoin on behalf of the trust. Pando is the 13th applicant for an approved spot Bitcoin ETF in the U.S. and joins the race with a dozen others, including BlackRock, ARK Invest and Grayscale.
Crypto exchange Binance is winding down the services for its native stablecoin, Binance USD (BUSD). According to an announcement, the exchange will cease support for all BUSD products following Paxos halting the minting of new coins. Binance said users should withdraw or convert their existing BUSD into other assets before Dec. 15, prior to it beginning the process of disabling withdrawals for BUSD on Dec. 31. At that point, existing balances will automatically be converted into First Digital USD for certain users.
The demand of institutional investors for Bitcoin (BTC) became evident on Nov. 10 as the Chicago Mercantile Exchange (CME) Bitcoin futures flipped Binance’s BTC futures markets in terms of size. According to BTC derivatives metrics, those investors are showing strong confidence in Bitcoin’s potential to break above the $40,000 mark in the short term. CME’s current Bitcoin futures open interest stands at $4.35 billion, the highest since November 2021, when Bitcoin hit its all-time high of $69,000 — a clear indication of heightened interest. The impressive 125% surge in CME’s BTC futures open interest from $1.93 billion in mid-October is undoubtedly tied to the anticipation of the approval of a spot Bitcoin exchange-traded fund.
With ChatGPT, OpenAI has developed the most popular artificial intelligence tool in the world. It was launched a year ago, on Nov. 30, 2022, and catapulted to 100 million monthly users within its first three months. In just 12 months, ChatGPT’s existence has contributed to narratives surrounding the extinction of humankind, accusations that OpenAI built it by allegedly committing mass-scale copyright infringement, and a tumultuous CEO firing and rehiring that pundits are still trying to understand.
Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies. Blockchain analysis firm Spot On Chain spotted the movement, estimating that the defunct entities have transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens. The funds’ movement dates back to March, when FTX and Alameda began the process of recovering assets for investors.
Bitcoin ETF race has a new player, Binance ends support for BUSD, and more: Hodler’s Digest: Nov. 26 – Dec. 2
Bitcoin ETF race has a new entrant, Binance is ending support for the BUSD stablecoin, and ChatGPT’s first year in review.