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Digifinex Labs: BlackRock Cites SEC vs Ripple Lawsuit as Reason for Not Launching XRP ETF
The legal uncertainty surrounding XRP presents a significant challenge for financial institutions like BlackRock, which prioritize regulatory compliance and risk management. Ripple CEO Brad Garlinghouse has criticized SEC Chair Gary Gensler, calling him a “political liability.” Garlinghouse’s comments reflect the tensions between the cryptocurrency industry and regulatory bodies, highlighting the influence of regulators on market dynamics and institutional decisions.
The article suggests that the ambiguity in XRP’s regulatory status, combined with market sentiment and potential price volatility, complicates BlackRock’s stance on launching an XRP-related exchange-traded fund (ETF). Technical analyst Ali Martinez notes that XRP is struggling to maintain a crucial support level at $0.55, and a breach below this level could trigger a significant sell-off, potentially driving the XRP price down to $0.34. This volatility underscores the risk factors that institutions like BlackRock must carefully consider when evaluating cryptocurrency-related products.
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Digifinex Labs: Crypto Trader Predicts US Spot Bitcoin ETFs Could Propel BTC Price to $500,000
Renowned crypto trader Ash Crypto has made a bold prediction, suggesting that the introduction of US spot Bitcoin Exchange-Traded Funds (ETFs) has the potential to drive Bitcoin’s price to $500,000.
Ash Crypto argues that given Bitcoin’s finite supply and growing popularity, it might not only replicate but potentially surpass gold’s post-ETF trajectory. With Bitcoin’s current market cap standing at around $840 billion, achieving even half of gold’s market cap could lead to a significant increase in BTC’s value, reaching $500,000 in the coming years.
The potential implications of Bitcoin’s rising market cap extend beyond the cryptocurrency space and extend into traditional financial markets. Ash Crypto points to the massive market capitalizations of the global stock and bond markets, which amount to $109 trillion and $133 trillion, respectively.
The crypto trader suggests that as Bitcoin solidifies its position as a legitimate financial asset, it could absorb a substantial portion of the market cap from these traditional markets. This belief is grounded in the idea that Bitcoin provides a “novel value proposition, aligning with the investment preferences of a new generation of investors.
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Digifinex Labs: Bitcoin ETFs Approved Exactly 15 Years After Hal Finney’s ‘Running Bitcoin’ Tweet
Hal Finney, who passed away in August 2014, was not only the first person besides Bitcoin’s pseudonymous creator, Satoshi Nakamoto, to download and run Bitcoin software but also one of the early believers in its potential for rapid growth. In an email to Nakamoto, Finney estimated that a fraction of global household wealth could flow into the project, predicting that one day each of the 21 million bitcoins could be worth $10 million.
Remarkably, exactly 15 years after Finney’s iconic tweet, on January 11, 2024, the U.S. Securities and Exchange Commission (SEC) approved the first spot Bitcoin exchange-traded fund (ETF). This milestone represents a significant development for Bitcoin, marking its increasing acceptance and adoption in traditional financial circles. Major financial players like BlackRock and Fidelity, along with crypto-native fund Grayscale’s Bitcoin Trust, received approval as ETF providers. The approval of Bitcoin ETFs positions the cryptocurrency for wider growth as an alternative asset, signaling its evolution from an anti-establishment concept to an accepted investment option on Wall Street.
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Digifinex Labs: Bitcoin ETF Decision Nears, Triggering Volatility in Early 2024
Ark Investment and 21Shares await the SEC’s verdict on their spot Bitcoin ETF application. While market consensus leans toward approval, not everyone agrees. Matrixport’s Markus Thielen predicts a rejection of all Bitcoin ETF applications this month, citing potential shortcomings. Thielen’s Tuesday note may have contributed to Wednesday’s price decline.
Frances Yue, MarketWatch’s crypto and markets reporter, discusses the recent Bitcoin volatility and traders’ positioning for the impending SEC ETF decision with Austin Reid, the global head of business at FalconX, a crypto brokerage serving institutions.
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Digifinex Labs: Bitcoin Price Experiences Christmas Day Dip, But Attractiveness Persists
Presently, Bitcoin is trading below $43,500 and the 100 hourly Simple Moving Average. The hourly chart for the BTC/USD pair reveals the formation of a crucial declining channel, with support around $42,850.
The pair is currently testing the channel support, and a break below it could prompt an acceleration toward $42,400 or the 50% Fibonacci retracement level of the upward swing from the $40,515 swing low to the $44,300 high. Conversely, if the channel support holds, there might be an opportunity for a fresh increase.
Key resistance lies near the $43,500 level, with the first major resistance forming around $44,000 and $44,300. A successful close above the $44,300 resistance could initiate a robust rally, potentially clearing the $45,000 resistance.
Looking ahead, the next critical resistance could be around $46,500, and a breakthrough could propel BTC towards the $47,200 level. Further gains might pave the way for a move towards $48,000.
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Digifinex Labs: SEC’s Preference Prevails: BlackRock Adopts Cash Model for Spot Bitcoin ETF
The asset manager filed an amendment to its spot Bitcoin ETF on Monday, specifying that its iShares Bitcoin Trust issues shares in baskets of 40,000 or integral multiples thereof. The amendment outlines that these baskets can be redeemed for cash proceeds from selling the corresponding amount of Bitcoin. The filing states:
‘These transactions will take place in exchange for cash. Subject to in-kind regulatory approval, these transactions may also take place in exchange for Bitcoin.’
In addition to the change in the creation model, BlackRock also switched the ticker for its spot Bitcoin ETF from IBTC to IBIT. Bloomberg ETF analyst Eric Balchunas commented on the change, noting that the switch from IBTC to IBIT might be due to potential confusion with a treasury ETF in Europe and that IBIT is as straightforward and user-friendly as IBTC.
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Digifinex Labs: Bitcoin Price Sees Uptick, $43K Resistance Holds Key for Further Gains
Key Points:
Bitcoin initiated a fresh uptrend from the $40,000 support level.
The current price is above $42,000 and the 100-hourly Simple Moving Average.
A bearish trend line was breached, with resistance around $41,050 on the BTC/USD hourly chart (data feed from Kraken).
The price faces a crucial hurdle at $43,000, and a decisive move above this level may signal further upward movement.
Bitcoin’s price found robust support above $40,000, forming a foundation for a recent upswing beyond the $41,000 resistance.
A significant development was the breach of a bearish trend line with resistance near $41,050 on the BTC/USD hourly chart. The pair gained momentum, surpassing the 50% Fibonacci retracement level of the significant drop from the $44,699 peak to the $39,999 low.
The price subsequently tested the $43,000 resistance zone, briefly spiking above the 61.8% Fibonacci retracement level of the key decline from the $44,699 high to the $39,999 low.
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Digifinex Labs: AVAX Price Witnesses 50% Surge Followed by a 15% Dip, Uptrend Remains Robust
Key points to note:
AVAX demonstrated significant upward momentum, surpassing $30 and $40 against the US dollar.
The price is currently trading above $30 and the 100 simple moving average (4 hours).
A pivotal bullish trend line, with support around $35.00, is visible on the 4-hour chart of the AVAX/USD pair (data sourced from Kraken).
The potential for further upward movement exists if the price maintains support levels at $35 and $30.
The recent surge in Avalanche’s AVAX saw a substantial climb beyond the $25 resistance zone, achieving a gain of over 50% and overcoming various hurdles around $30. The price even breached the $40 level before encountering selling pressure.
After reaching a new multi-month high near $43.06, a corrective phase ensued, akin to movements witnessed in Bitcoin and Ethereum. Experiencing a 15% decline, the price dipped below the $38 level. The correction included a move below the 23.6% Fibonacci retracement level of the upward swing from the $21.24 swing low to the $43.06 high.
However, as of now, AVAX is holding above $30 and the 100 simple moving average (4 hours). Additionally, a significant bullish trend line, with a support level around $35.00, is visible on the 4-hour chart of the AVAX/USD pair. This suggests that the uptrend could persist, with potential opportunities for further gains, provided the support levels at $35 and $30 are maintained.
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Digifinex Labs: Bitcoin and Ether Lead Crypto Fund Inflows as Europe Adds $43 Million
Bitcoin continues to be the primary focus for investors, attracting $20 million in fresh inflows last week and bringing its year-to-date total to $1.7 billion. However, Bitcoin’s short positions received $8.6 million in inflows, suggesting that some investors view the current Bitcoin price level as potentially unsustainable.
Ethereum is witnessing a notable rebound, marking its sixth consecutive week of inflows totaling $10 million. Just seven weeks ago, Ethereum had experienced $125 million in outflows year-to-date, turning into $19 million in net inflows this past week.
Other altcoins such as Solana and Avalanche remain popular, with inflows of $3 million and $2 million, respectively, in the previous week.
Blockchain-focused stocks also recorded a weekly high with $126 million in inflows, reflecting the growing institutional interest in crypto and web3 exposure.
In terms of regional trends, Europe dominated digital asset flows with $43 million in inflows last week, while the US saw more modest inflows of $14 million, half of which went into short positions. Hong Kong and Brazil experienced minor outflows of $8 million and $4.6 million, respectively.
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Digifinex Labs: Bitcoin Bulls Eye $45K, Potentially Boosting UNI, OP, TIA, and STX
The S&P 500 Index (SPX) achieved its highest close of the year last week, and Bitcoin (BTC) also hit a new 52-week high, indicating that risky assets remain strong going into the final few days of the year.
Usually, the first leg of the rally of a new bull market is driven by the leaders, but after a significant move, profit-booking sets in and traders start to look at alternative opportunities. Although Bitcoin has not rolled over, several altcoins have started to move higher, signaling a potential shift in interest.
Bitcoin Price Analysis
Bitcoin has been consolidating in a tight range near the minor resistance at $44,700, indicating that the bulls are not rushing to the exit as they anticipate another leg higher.
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Digifinex Labs: Crypto Miners Accelerate Machine Purchases Ahead of Bitcoin Halving
The heightened activity among miners is attributed to the approaching Bitcoin halving event, which is expected to occur in April. This event will reduce per-block miner rewards from 6.25 BTC to 3.125 BTC, putting pressure on industry participants. The combination of the upcoming halving and the market rebound from the 2022 bottom has led mining companies to increase capital expenditures.
In 2023, twelve public mining companies have placed orders for Bitcoin mining machines, totaling over 70 exahash per second (EH/s) in capacity. These commitments amount to approximately $1.2 billion, with about $750 million in deals finalized over the past two months, according to data from BlocksBridge Consulting’s resource, The MinerMag.
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Digifinex Labs: Sotheby’s to Auction Bitcoin Ordinals Collection ‘BitcoinShrooms’ by Artist Shroomtoshi
The collection, which captures Bitcoin’s essence through visual references including iconic Bitcoin memes and technical concepts, will be auctioned from Dec. 6 to Dec. 13. Three pieces are currently available for bidding, including two shroom individuals and a pixelated avocado seed named BIP39, a common standard for creating mnemonic codes needed for seed phrases. The expected auction range for all three pieces is $20,000 to $30,000, and bids in cryptocurrency are accepted.
According to Sotheby’s, the BitcoinShrooms collection serves as a pixelated recap of the first 13 years of Bitcoin, paying homage to the 8-bit style of art with a touch of 90s nostalgia. Shroomtoshi, the artist behind the Ordinals, expressed that the collection is a tool to raise awareness about Bitcoin’s core principles, offering a unique and ironic perspective on the cryptocurrency’s cultural elements.
In Shroomtoshi’s words, the BitcoinShrooms collection is a “thank you” to collaborators and mentors, a tribute to those no longer present, and a condensed knowledge journey for the curious.
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Digifinex Labs: Tron Blockchain Founder Justin Sun Refutes Allegations of Terror Funding via His Protocol
According to a Reuters report citing insights from a group of experts, many terrorist organizations are turning to the Tron protocol due to its perceived advantages of speed and cost efficiency compared to the Bitcoin network. The report references the seizure of 143 Tron wallets between July 2021 and October 2023 by Israel’s National Bureau for Counter-Terror Financing (NBCTF) as evidence.
Israeli authorities claim that these wallets were either associated with “designated terrorist organizations” or had been involved in “severe terror crimes.” The report specifies that 87 of the Tron wallets seized this year were linked to Hezbollah, with another 56 associated with Hamas, both recognized as terrorist organizations by the U.S., the European Union, and Israel.
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Digifinex Labs: Is This the Last Dip Buying Opportunity?
Altcoins are currently experiencing a retreat, creating potential opportunities for investors to accumulate positions before the anticipated altseason. The recent rally drove the total market capitalization to an 18-month high of $1.5 trillion, indicating increased interest in the altcoin market.
Bitcoin dominance has decreased to 52.8%, contributing to the belief that altseason might be approaching. Crypto trader Jacob Canfield mentioned that altseason has not officially begun, pointing out the small decline in Bitcoin dominance. However, he noted that most altcoins are seeing gains in USD despite bleeding against Bitcoin.
Analysts are closely watching the total market cap excluding Bitcoin, as it could provide insights into the potential start of altseason. Earlier in the month, there were indications that altcoin markets were on the verge of breaking out of their accumulation zone. Additionally, a rare technical indicator, the golden cross on the monthly timeframe, hinted at potential strength in altcoins. Investors are monitoring these factors to assess whether this retracement in altcoins presents a valuable buying opportunity before a potential altseason.
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Digifinex Labs: Coinbase (COIN) Stock Hits Highest Value Since May 2022
It’s worth noting that despite this recent surge, the current stock price is still significantly lower than the levels observed in 2021 when it ranged from $220 to $350. Coinbase faced a downturn in early 2022, and its stock hasn’t fully recovered since then.
The positive momentum in Coinbase’s stock coincides with the broader industry’s anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF). The U.S. Securities and Exchange Commission (SEC) has been closely engaging with potential ETF issuers, contributing to positive sentiment in the crypto market.
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Digifinex Labs: XRP Price Displays Dramatic Reversal, Defying Key On-Chain Metrics
The impressive uptick contrasts with a 27.70% decrease in daily trading volume, amounting to $1,262,763,410. This positive price movement contradicts XRP’s seven-day trend, where it previously recorded a 6.35% loss.
XRP’s current price action reflects the determination of its bulls to counter prevailing market sentiment. While still correlated with Bitcoin, the recent upward movement suggests that XRP is demonstrating the ability to chart its own growth trajectory based on its historical performance.
At present, XRP bulls aim to solidify the next major push by reclaiming support at $0.61, with plans to retest levels above $0.65 in the coming days.
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Digifinex Labs: Analyst Predicts Chainlink Rally to $20 Based on Emerging Pattern
In a recent analysis posted on X, analyst Ali highlighted a potential breakout in the Chainlink price chart, suggesting the possibility of a rally towards $20.
In the latest article, analyst Ali identified a developing breakout pattern in the LINK price chart. This pattern is known as a “bull flag,” resembling a flag on a pole, and typically occurs when an asset experiences a pullback following a sharp rally, consolidating within a specific region. The initial upward trend acts as the “pole,” while the parallel trendlines of the consolidation region form the “flag.”
The length of the flag (the distance between the parallel trendlines) is usually at most half the length of the pole. If this condition is met, it confirms the pattern as that of a bull flag.
Within the flag, the price encounters resistance at the upper line and support at the lower one. A successful breakout above the resistance zone generally indicates that the asset is poised to continue its initial uptrend.
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