Bitcoin price hit a new 2023 high on Dec.1 and multiple altcoins are following suit. Is the crypto market preparing for a Santa Claus rally?
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Price analysis 12/1: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX
Bitcoin (BTC) rallied about 9% in November, with $38,000 proving to be a difficult obstacle to cross. Buyers have repeatedly tried to maintain the price above $38,000, but the bears have held their ground. Historically, December has been a mixed month. Coinglass data shows that in the past five years, Bitcoin rose only in 2020, but the extent of the rise at 46.92% was impressive. The bulls will try to replicate at least a part of that performance this year.
Entering into the new year, several analysts are bullish on Bitcoin. In a Nov. 28 research note, Standard Chartered said that the possibility of the earlier-than-expected approval of spot Bitcoin exchange-traded funds could boost the price of Bitcoin to $100,000 before end-2024.
Daily cryptocurrency market performance. Source: Coin360Galaxy Digital CEO Mike Novogratz also sounded upbeat about Bitcoin while speaking to Bloomberg on Nov. 29. He said that the marketing team of asset managers whose ETFs are approved will try to convince people to invest in Bitcoin, which could boost adoption. Additionally, the Federal Reserve cutting rates may act as a further trigger that could send Bitcoin’s price near the all-time high by this time next year.
Could Bitcoin sustain above $38,000 and clear the path for a rally to $40,000, or will bears again play spoilsport?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price hits $39K as Powell stirs bets Fed rate hikes are over
Bitcoin (BTC) hit $39,000 for the first time since mid-2022 on Dec. 1 as the United States Federal Reserve boosted hopes of policy easing.
BTC/USD 1-hour chart. Source: TradingViewPowell: Calling end to hikes would be “premature”
Data from Cointelegraph Markets Pro and TradingView confirmed a new 19-month BTC price high of $39,000 on Bitstamp.
Bitcoin bulls, already in a strong position, beat out resistance as Fed Chair Jerome Powell took to the stage at Spelman College in Atlanta, Georgia for a scheduled appearance.
“The FOMC is strongly committed to bringing inflation down to 2% over time and to keeping policy restrictive until we’re confident that inflation is on a path to that objective,” he said in prepared remarks.
“It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease.”
Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis
We’re rolling out genuine use cases for AI and crypto each day this week — including reasons why you shouldn’t necessarily believe the hype. Today get two for the price of one: Blockchain based AI marketplaces, and financial analysis.
It may not seem like the most exciting use case blending AI and crypto, but both Near co-founder Illia Polosukhin and Framework Ventures founder Vance Spencer cite blockchain-based marketplaces that source data and compute for AI as their top pick.
AI is an incredibly fast-growing industry requiring ever-increasing amounts of computing power. Microsoft alone is reportedly investing $50 billion into data center infrastructure in 2024 just to handle demand. AI also needs enormous amounts of raw data and training data, labeled into categories by humans.
Polosukhin believes decentralized blockchain-based marketplaces are the ideal solution to help crowdsource the required hardware and data.
“You can use [blockchain] to build more effective marketplaces that are more equal,” he tells Magazine, explaining that AI projects currently need to negotiate with one or two big cloud providers like Amazon Web Services. Still, it’s difficult to access the required capacity due to a shortage of Nvidia’s A100 graphical processing units.
Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis
We’re rolling out genuine use cases for AI and crypto each day this week — including reasons why you shouldn’t necessarily believe the hype. Today get two for the price of one: Blockchain based AI marketplaces, and financial analysis.
It may not seem like the most exciting use case blending AI and crypto, but both Near co-founder Illia Polosukhin and Framework Ventures founder Vance Spencer cite blockchain-based marketplaces that source data and compute for AI as their top pick.
AI is an incredibly fast-growing industry requiring ever-increasing amounts of computing power. Microsoft alone is reportedly investing $50 billion into data center infrastructure in 2024 just to handle demand. AI also needs enormous amounts of raw data and training data, labeled into categories by humans.
Polosukhin believes decentralized blockchain-based marketplaces are the ideal solution to help crowdsource the required hardware and data.
“You can use [blockchain] to build more effective marketplaces that are more equal,” he tells Magazine, explaining that AI projects currently need to negotiate with one or two big cloud providers like Amazon Web Services. Still, it’s difficult to access the required capacity due to a shortage of Nvidia’s A100 graphical processing units.
Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis
Increasing numbers of blockchain marketplaces offer crowdsourced data and compute for AI models — and can AI analysis improve fund returns?
Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis
We’re rolling out genuine use cases for AI and crypto each day this week — including reasons why you shouldn’t necessarily believe the hype. Today get two for the price of one: Blockchain based AI marketplaces, and financial analysis.
It may not seem like the most exciting use case blending AI and crypto, but both Near co-founder Illia Polosukhin and Framework Ventures founder Vance Spencer cite blockchain-based marketplaces that source data and compute for AI as their top pick.
AI is an incredibly fast-growing industry requiring ever-increasing amounts of computing power. Microsoft alone is reportedly investing $50 billion into data center infrastructure in 2024 just to handle demand. AI also needs enormous amounts of raw data and training data, labeled into categories by humans.
Polosukhin believes decentralized blockchain-based marketplaces are the ideal solution to help crowdsource the required hardware and data.
“You can use [blockchain] to build more effective marketplaces that are more equal,” he tells Magazine, explaining that AI projects currently need to negotiate with one or two big cloud providers like Amazon Web Services. Still, it’s difficult to access the required capacity due to a shortage of Nvidia’s A100 graphical processing units.
Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis
Increasing numbers of blockchain marketplaces offer crowdsourced data and compute for AI models — and can AI analysis improve fund returns?
Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis
Increasing numbers of blockchain marketplaces offer crowdsourced data and compute for AI models — and can AI analysis improve fund returns?
Evidence mounts as new artists jump on Stability AI, Midjourney copyright lawsuit
The battle continues as artists amend a lawsuit previously struck down by court authorities against major AI companies that have allegedly violated creative copyright laws.
KuCoin pledges $20K grant to TON Foundation for ecosystem development
The funding will support TON ecosystem projects, research and development efforts, community-building and marketing activities.
Hashing It Out: A case for Web3 chat apps with Push Protocol’s Harsh Rajat
Harsh Rajat, founder and project lead of Push Protocol, explains the surge in the development of Web3 chat applications on the latest episode of Hashing It Out.
Hashing It Out: A case for Web3 chat apps with Push Protocol’s Harsh Rajat
Harsh Rajat, founder and project lead of Push Protocol, explains the surge in the development of Web3 chat applications on the latest episode of Hashing It Out.
Starknet token distribution not yet finalized despite speculation over portal screenshots
The Starknet Foundation is warning community members to be on the lookout for scams relating to circulating screenshots of early iterations of a token distribution portal.
Starknet token distribution not yet finalized despite speculation over portal screenshots
The Starknet Foundation is warning community members to be on the lookout for scams relating to circulating screenshots of early iterations of a token distribution portal.
FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermute
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 latest transfer of $10.8 million was spread across eight tokens: $2.58 million in StepN’s GMT (GMT), $2.41 million in Uniswap’s UNI (UNI), $2.25 million in Synapse’s SYN, $1.64 million in Klaytn’s KLAY, $1.18 million in Fantom’s FTM (FTM), $644,000 in Shiba Inu (SHIB) and small amounts of Arbitrum’s ARB and Optimism’s OP.
On Oct. 24, the FTX and Alameda wallets transferred $10 million to a single wallet address, which was later redistributed to Binance and Coinbase accounts. On Nov. 1, a similar transaction occurred between the parties involving $13.1 million being moved to Binance and Coinbase accounts.
Related: Ex-FTX execs team up to build new crypto exchange 12 months after FTX collapse: Report
FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermute
The latest transfer was spread across eight tokens: StepN (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB) and Optimism (OP).
Bitcoin sees best monthly close in 19 months as BTC price taps $38K
Bitcoin (BTC) returned to $38,000 on Dec. 1 after the November monthly close became its best since April 2022.
BTC/USD 1-hour chart. Source: TradingViewBitcoin bears fail to spark monthly close sell-off
Data from Cointelegraph Markets Pro and TradingView tracked impressive overnight BTC price performance, which held key support.
The close came in at just over $37,700, with bid liquidity preserving the intraday range and avoiding a last-minute sell-off, per order book data from trading resource Material Indicators.
BTC/USDT order book data. Source: Material Indicators/X“Monthly close looks pretty good closing above $35K,” popular trader Skew reacted on X (formerly Twitter).
“Could see some multi week compression between $35K - $39K.”
OPNX token spikes 50% after Su Zhu unexpectedly posts a 'gm' on Twitter
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Open Exchange Token (OX), the native token of the crypto bankruptcy claims platform OPNX, spiked 50% just 20 minutes after co-founder Su Zhu supposedly posted to X (Twitter) for the first time since his arrest.
On Dec. 1, Su posted a simple “gm” — an abbreviation for “good morning” — marking his first X post since Sept. 29, the same day he was arrested at Singapore’s Changi Airport attempting to leave the country.
In the 20 minutes after Su’s X post, OX jumped nearly 50% to $0.021 and hit a 63-day high — a price not seen since the day of Su’s Sept. 29 arrest, according to CoinGecko data.
Australia’s confusing new crypto tax guidance is ‘toilet paper,’ says law firm
“I am actively telling people they are best ignoring it,” Cadena Legal’s founder tells Cointelegraph after controversial new tax guidance on DeFi was released in November.