On-Chain Firm Announces Bitcoin's Fair Value: What's Next for BTC?

Bitcoin appears to be going through a period of consolidation and profit-taking after eight weeks of extraordinary price growth. According to data, several large BTC transactions have occurred to crypto exchanges in the last few days, suggesting that some whale addresses may be participating in the sell-off. Looking at historical trends, it is clear that the realized price and all-time A period of 14 to 20 months elapsed between the establishment of the high level.

Bitcoin price is trading above fair value, according to on-chain analytics firm reviews: What could this mean?

Bitcoin Fair Value Metric Review from Glassnode
Bitcoin appears to be going through a period of consolidation and profit-taking after eight weeks of extraordinary price growth. The world's largest crypto has seen incredible growth this year, with a particular spike in mid-October.

However, after Bitcoin reached its annual high on December 8, it appears to have experienced a roughly 6% pullback to the $44,500 level, suggesting some investors are trying to realize their profits. According to several on-chain price models from on-chain data provider Glassnode, Bitcoin's current fair value is currently between $30,000 and $36,000.

The 150% increase in Bitcoin's price this year has led to a surge that has taken it above $44,500, but on-chain data shows that the hot streak has cooled slightly after resistance formed at that price level. This has caused many short-term investors to profit from their holdings.

According to the data, several large BTC transactions have occurred to crypto exchanges in the past few days, suggesting that some whale addresses may be participating in the sell-off.

El Salvador's 'Freedom Visa' is running out

El Salvador's National Bitcoin Office said its $1 million 'Freedom Visa' program has received hundreds of applications since its launch on December 7 and expects it to be completely sold out before the end of this year.

El Salvador's National Bitcoin Office (ONBTC) has received hundreds of inquiries and dozens of applications both online and through embassies, a spokesperson told Cointelegraph via email.

“Based on the current level of interest, we expect the program to sell out by the end of the year.”

The Freedom Visa program, launched by the El Salvador government in partnership with the stablecoin company Tether on December 7, aims to open the path to citizenship by granting residence to a thousand people who donate $1 million worth of Bitcoin or Tether to the country.

SEC Held a Meeting with BlackRock on Spot Bitcoin ETF: Details!

KEY POINTS: Financial giants seeking approval for the first time in the USA continue to meet with SEC (US Securities and Exchange Commission) officials before a possible decision.

According to reports, four candidate companies have met with SEC officials regarding approval of their spot Bitcoin ETF applications in just a few days. BlackRock representatives have held meetings twice in the last few weeks, with a third meeting taking place on Tuesday, December 12, 2024, according to a statement filed by the agency.

Investment giants and SEC continued their discussions about spot Bitcoin ETF applications: 3rd meeting took place with BlackRock!
SEC and BlackRock Discussed Spot Bitcoin ETFs

Finance giants, who want to get approval for the first time in the USA, continue their negotiations with SEC (US Securities and Exchange Commission) officials before a possible decision. This could bode well for Commission officials' plans to potentially make a decision ahead of the next deadline of 10 January 2024.

Change to BlackRock's Bitcoin ETF Encourages Wall Street Banks

The change to the structure of BlackRock's proposed spot bitcoin (BTC) ETF would play a key role for Wall Street banks grappling with cryptocurrency restrictions.
The company recently announced that authorized investors, a vital part of the ETF ecosystem, will be able to raise funds not only with cryptocurrencies but also with cash.

UK All Party Parliamentary Group (APPG) Invited CoinTR Board of Directors to the London Blockchain Regulatory Meeting

CoinTR representatives Ali Eşelioğlu and Şakir Ercan Gül, who were invited as special speakers on behalf of Turkey, expressed their thoughts in the panel that the legislators and banks should take action as soon as possible regarding the Central Banks' approach to digital assets and the opportunities that Web3 offers to traditional finance.

World's First Bitcoin Bonds Receive Regulatory Approval from El Salvador

El Salvador's long-planned bitcoin (BTC) bonds have received regulatory approval, moving one step closer to issuance in early 2024.

The bonds will be offered on Bitfinex Securities, a regulated division of crypto exchange Bitfinex.
El Salvador's National Bitcoin Office said in its statement, "Volcano Bond has received regulatory approval from the Commission on Digital Assets (CNAD)," adding: "We estimate that the bond will be issued in the first quarter of 2024."

The country's president, Nayib Bukele, also confirmed the developments with his Twitter posts.

The bonds, called “Volcano bonds”, were announced immediately after Nayib Bukele passed the law recognizing bitcoin as legal tender in 2021.

Bukele's goal was to raise $1 billion through bitcoin-backed bonds to pave the way for a renewable energy-based bitcoin mining industry.

The issuance was initially planned for March 2022, but was postponed several times. However, at the end of November 2022, the digital assets bill was introduced to the Legislative Assembly, where Bukele's party, Nuevas Ideas, has a large majority.

At the meeting where sixty-two MPs voted, only sixteen people voted against the law and the law was adopted in January 2021.

At the same time, El Salvador launched a program called “Freedom VISA” in recent weeks, granting residence permits to a thousand people who deposit at least $1 million a year in the bitcoin and tether (USDT) stablecoin.

Sometimes, there is no need to think too detailed and obsessively; thinking simple often saves lives. Old-school analysis usually proceeds calmly and steadily.
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