BTC made 157% profit in 2024 so far What do you think for the new year? 👀
Anonymous Poll
64%
BTC cost 100k
36%
BTC returns to 20k after momentum pump
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In the realm of pre-market trading, both Coinbase and MicroStrategy experienced positive upswings today. This surge coincided with Bitcoin's ascent beyond the $45,000 threshold, fueled by the green light given to spot ETFs in the US.
Beginning with Coinbase, its shares, concluding 2023 at $173.92, demonstrated a commendable 6.4% surge, reaching $184.99. Over the past month, the exchange's stocks have surged by an impressive 36%, while the year-on-year increase stands at a remarkable 420%. However, it's worth noting that this figure remains 46% below the peak price observed in November 2021, which was $344.
Shifting focus to MicroStrategy, its shares saw a notable 9.3% increase, climbing from $690.3 at the year's end to $631.6. This upward trajectory highlights a 25% gain in the past month and an impressive 372% surge over the last year.
In summary, both Coinbase and MicroStrategy are navigating dynamic markets, showcasing noteworthy movements in response to Bitcoin's performance and regulatory developments
Beginning with Coinbase, its shares, concluding 2023 at $173.92, demonstrated a commendable 6.4% surge, reaching $184.99. Over the past month, the exchange's stocks have surged by an impressive 36%, while the year-on-year increase stands at a remarkable 420%. However, it's worth noting that this figure remains 46% below the peak price observed in November 2021, which was $344.
Shifting focus to MicroStrategy, its shares saw a notable 9.3% increase, climbing from $690.3 at the year's end to $631.6. This upward trajectory highlights a 25% gain in the past month and an impressive 372% surge over the last year.
In summary, both Coinbase and MicroStrategy are navigating dynamic markets, showcasing noteworthy movements in response to Bitcoin's performance and regulatory developments
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I've never seen so many news updates on one topic!
Yes, I'm talking about that ETF. News about this event is popping up almost every minute. Just as I started writing this post, I got a notification:
🔥 Insider: Axios: Spot Bitcoin ETF trading could start as early as Thursday (January 11)!
Meanwhile, Bitcoin is already at $47k, where reaching 50k is just a matter of a moment. Yes, everything points to a 90% chance that we'll see the first Bitcoin ETFs this week. Of course, it's a significant event and a new chapter for the market.
What about the big picture?
In 2024, forecasts predict an influx of $50 to $100 billion into spot Bitcoin ETFs. These are massive amounts, even for Bitcoin, and nothing will hinder reaching a new ATH in the long term.
Looking at the short term?
I believe we'll see a Bitcoin price increase until the ETFs are approved (front-run). The actual approval may bring a final impulse, pushing the price to its maximum potential, where smart money will unload.
“buy the rumor, sell the fact”
This by no means implies putting a stop to Bitcoin's growth. The question is how long the offloading will last and how many "extra" passengers are currently in the market.
I think we'll see the following scenario:
A final strong impulse and a push upwards, followed by a sharp decline that gradually transitions into sideways trading. Meanwhile, Ether and the entire alt-market will receive a lot of new liquidity, discussions about an ETH ETF will begin, and the liquidity overflow will start.
On a global scale, everything is great; locally, expect some minor manipulations and high volatility.
Yes, I'm talking about that ETF. News about this event is popping up almost every minute. Just as I started writing this post, I got a notification:
🔥 Insider: Axios: Spot Bitcoin ETF trading could start as early as Thursday (January 11)!
Meanwhile, Bitcoin is already at $47k, where reaching 50k is just a matter of a moment. Yes, everything points to a 90% chance that we'll see the first Bitcoin ETFs this week. Of course, it's a significant event and a new chapter for the market.
What about the big picture?
In 2024, forecasts predict an influx of $50 to $100 billion into spot Bitcoin ETFs. These are massive amounts, even for Bitcoin, and nothing will hinder reaching a new ATH in the long term.
Looking at the short term?
I believe we'll see a Bitcoin price increase until the ETFs are approved (front-run). The actual approval may bring a final impulse, pushing the price to its maximum potential, where smart money will unload.
“buy the rumor, sell the fact”
This by no means implies putting a stop to Bitcoin's growth. The question is how long the offloading will last and how many "extra" passengers are currently in the market.
I think we'll see the following scenario:
A final strong impulse and a push upwards, followed by a sharp decline that gradually transitions into sideways trading. Meanwhile, Ether and the entire alt-market will receive a lot of new liquidity, discussions about an ETH ETF will begin, and the liquidity overflow will start.
On a global scale, everything is great; locally, expect some minor manipulations and high volatility.
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🪙 BTC for the second consecutive day shows no reaction to negative news about Grayscale transfers to exchanges.
🔸 Fear and Greed Index at 49, indicating neutral territory.
🔸 JPMorgan analysts suggest that investors may have finished the bulk of profit-taking in Grayscale (GBTC), which could alleviate pressure on BTC price. Despite the optimistic forecast, they caution that GBTC might face persistent outflows if it doesn't reduce fees soon.
✅ BlackRock will host a webinar on Bitcoin for financial advisors today, citing ETF approval as a "turning point for investors."
🎙 Santiment:
The number of all BTC wallets is decreasing at the fastest pace since early October. In the last 4 days alone, >487k wallets holding 1 BTC or less were liquidated.
Historically, this is a capitulation sign, which could lead to a market price rebound until small traders begin to view crypto optimistically again as an investment tool. Market disappointment after the approval of 11 ETFs largely explains these liquidations.
🔸 Fear and Greed Index at 49, indicating neutral territory.
🔸 JPMorgan analysts suggest that investors may have finished the bulk of profit-taking in Grayscale (GBTC), which could alleviate pressure on BTC price. Despite the optimistic forecast, they caution that GBTC might face persistent outflows if it doesn't reduce fees soon.
✅ BlackRock will host a webinar on Bitcoin for financial advisors today, citing ETF approval as a "turning point for investors."
🎙 Santiment:
The number of all BTC wallets is decreasing at the fastest pace since early October. In the last 4 days alone, >487k wallets holding 1 BTC or less were liquidated.
Historically, this is a capitulation sign, which could lead to a market price rebound until small traders begin to view crypto optimistically again as an investment tool. Market disappointment after the approval of 11 ETFs largely explains these liquidations.
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Vitalik Buterin on a conference call with representatives of the largest L2 solutions.
❗️Maximum Alpha:
✅Vitalik:
— What innovations possible on L2 but impossible/unrealized on Ethereum inspire you the most?
Harry Kalodner (Arbitrum):
— Blockchain gaming. We expect a boom in this year.
Nicolas Liachon (Linea):
— Transaction compression and cost reduction. EIP-4844 will be very helpful.
✅Vitalik:
— Let's talk about Account abstraction. What interesting developments do you have on this topic?
Abdel E-Beggar (Starknet):
— A project on Starknet called Cartridge has implemented an account with Face ID access. It doesn't require the user to deal with a seed phrase.
Alex (ZkSync):
— We have something similar too. The Clave allows you to get an account with Face ID.
✅Vitalik:
— What upcoming steps in your roadmaps for 2024 do you find the coolest?
Alex (ZkSync):
— This year, we will become more decentralized. ZkSync will launch many blockchains, which we call Hyperchains. They will be interconnected.
❗️Maximum Alpha:
✅Vitalik:
— What innovations possible on L2 but impossible/unrealized on Ethereum inspire you the most?
Harry Kalodner (Arbitrum):
— Blockchain gaming. We expect a boom in this year.
Nicolas Liachon (Linea):
— Transaction compression and cost reduction. EIP-4844 will be very helpful.
✅Vitalik:
— Let's talk about Account abstraction. What interesting developments do you have on this topic?
Abdel E-Beggar (Starknet):
— A project on Starknet called Cartridge has implemented an account with Face ID access. It doesn't require the user to deal with a seed phrase.
Alex (ZkSync):
— We have something similar too. The Clave allows you to get an account with Face ID.
✅Vitalik:
— What upcoming steps in your roadmaps for 2024 do you find the coolest?
Alex (ZkSync):
— This year, we will become more decentralized. ZkSync will launch many blockchains, which we call Hyperchains. They will be interconnected.
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New BTC ETF Race?
Let's start with the market situation. Bitcoin is once again leading the market in terms of liquidity consumption, as evidenced by its increasing dominance. Ethereum is being weakly bought, or we are seeing the real influence of already launched ETFs on Bitcoin.
$42,200 is the level currently being fought over. If we settle below it, it's a sign of buyer weakness and further downtrend, so these marks play a crucial role in the market's future situation.
Why am I talking about the BTC ETF race again?
Harvest Hong Kong, one of China's largest funds, has filed an application for a spot BTC ETF.
Therefore, the crypto market should positively perceive such news. Initially, speculators should front-run this event, and in the end, we’ll see additional liquidity.
Today's summary: I'm not making forecasts for this week yet. I'm waiting for the end of the market participants' struggle for the $42,200 level on Bitcoin, and based on this result, I will make subsequent decisions regarding the market
Let's start with the market situation. Bitcoin is once again leading the market in terms of liquidity consumption, as evidenced by its increasing dominance. Ethereum is being weakly bought, or we are seeing the real influence of already launched ETFs on Bitcoin.
$42,200 is the level currently being fought over. If we settle below it, it's a sign of buyer weakness and further downtrend, so these marks play a crucial role in the market's future situation.
Why am I talking about the BTC ETF race again?
Harvest Hong Kong, one of China's largest funds, has filed an application for a spot BTC ETF.
Therefore, the crypto market should positively perceive such news. Initially, speculators should front-run this event, and in the end, we’ll see additional liquidity.
Today's summary: I'm not making forecasts for this week yet. I'm waiting for the end of the market participants' struggle for the $42,200 level on Bitcoin, and based on this result, I will make subsequent decisions regarding the market
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