[ad_1]
Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was FLOKI, rising 84.97%.
- Bitcoin surged above $31,000 for the first time since July as a U.S. federal appeals court made final a ruling that effectively clears the way for the issuance of an exchange traded fund (ETF) that invests directly in the cryptocurrency, writes Bloomberg.
- Declining national fiat currencies and a generally unstable economy have helped propel Bitcoin to all-time high prices in Turkey and Nigeria, despite the asset trading 50% below its peak in U.S. dollar terms. Recent price surges have caused Bitcoin to cross price peaks against the Turkish lira and Nigerian naira, according to Bloomberg.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Bitcoin SV, down 13.40%.
- Bitcoin faces a reality check if ETFs spark a “sell-the-new” pivot. Chart patterns hint that the Bitcoin rally has become stretched, and the founder of Venn Link Partners expects short-term selling if U.S. spot Bitcoin ETFs are approved, writes Bloomberg.
- Bitcoiners might be excited, but Grayscale”s proposal to turn its Bitcoin trust into an ETF still needs a green light from the SEC, and that is not a sure thing. SEC Chair Gary Gensler could still find a second reason to deny the proposal after choosing not to appeal a court ruling striking down his first one, writes Bloomberg.
Opportunities
- JPMorgan Chase”s digital token, JPM Coin, now handles $1 billion worth of transactions daily and the bank plans to continue widening its usage. JPM Coin enables wholesale clients to make dollar and euro-denominated payments through a private blockchain network, according to Bloomberg.
- Shares of Coinbase may move 9% higher after the company reports earnings, according to options data compiled by Bloomberg.
- Taiwan has officially proposed a draft crypto act for the first reading. The proposal to regulate crypto assets passed the first reading at the Legislative Yuan. It would require all crypto platforms operating in Taiwan to apply for a permit, writes Bloomberg.
Threats
- Sam Bankman-Fried will take the stand to defend his actions in the lead-up to the collapse of his digital asset empire. This comes after taking a beating from former colleagues who described him as the mastermind of a year”s long scheme to defraud FTX customers and investors, writes Bloomberg.
- Binance is experiencing technical issues with crypto withdrawals, it said in a post on X and withdrawals will be temporarily unavailable, writes Bloomberg.
- Crypto platform Gemini Trust is suing bankrupt crypto lender Genesis Global Holdco LLC in an attempt to determine who rightfully owns a slug of shares in the Grayscale Bitcoin Trust, now worth nearly $1.6 billion, writes Bloomberg.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
 |
[ad_2]
Source link