Volatile expectations with the approval of the Bitcoin ETF in the
US
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.”
Speculative upsurge in Bitcoin and Ethereum futures on CME
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’s change of heart on Bitcoin generates skepticism
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 demonstrate strong demand
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 delists four cryptocurrencies, including Tornado Cash, with
a market impact
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.
Binance’s CZ remains in the US awaiting trial
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 receives CFTC subpoena regarding unspecified matter
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 reports sharp profit decline in the third quarter of 2023
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 by Cathie Wood sells Coinbase shares during a rally
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 becomes the main validator and investor in the TON
blockchain
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 and Apollo develop tokenized enterprise mainnet
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.
Global expansion of Digital Yuan with more foreign banks joining
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 reschedules IPO on ADX
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.
eToro and M2 receive regulatory approval to operate in the United
Arab Emirates
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.
Hounax exchange scam in Hong Kong results in significant losses
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.
Security and innovation in the proposal of the Euro Digital by
Miguel Fernández Ordóñez
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.
New Spanish tax regulation for crypto-assets on foreign platforms
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.
MAS’s critique of Bitcoin and the future of digital 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 launches on-chain order wallet on Aptos Mainnet
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 invests in Web3 app Setter to revolutionize
digital commerce
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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