#DOT. Big dump coming soon? I said yesterday that dot would break 7.6 and move to $9 very quickly.
It's great that it breaks 7.6 but there are some red candles in the 4 hour or 2 hour time frames. It started to move down after reaching $8.58.
Many people are scarred of this. Coming down for correction is very normal. Applying a Fibonacci retracement seems to stop at 0.23 ($8.05) or 0.38 ($7.730). It can then go to $9
2 risks around Bitcoin ETF launch that no one’s talking about
In a Dec. 19 podcast, Coinbase researchers warned there are at least two potential problems that could arise with the launch of spot Bitcoin ETFs.
The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States could cause a shortage of “regulated” Bitcoin and hurt one popular trading strategy, according to Coinbase researchers.
Coinbase’s head of institutional research, David Duong, and senior sales trader, Greg Sutton, said two key risks could appear once they begin trading.
In a Dec. 19 podcast, Duong and Sutton said the launch could cause an issue for institutions sourcing BTC, referring to issuers needing to buy enough Bitcoin to hold in their ETFs.
Crypto venture firm Bitwise predicted that a spot Bitcoin ETF would be the most successful launch of an ETF product of all time
While he admitted that this is a good problem to have when compared to low inflows, Duong said the sourcing risk was one worth keeping in mind moving forward.
Sutton said a second risk concerns one of the more popular institutional trading strategies, known as the “basis trade” — which refers to taking advantage of the difference between the spot price of Bitcoin and the price of BTC futures contracts.
Due to the massive uptick in volume on both spot Bitcoin and futures contracts, the potential profit on the basis trade has surged as high as 20% in the last fortnight, according to data from Velo.
However, as institutional investors gain increasingly direct exposure to Bitcoin — by way of a spot ETF product — the basis will narrow, causing there to be far less profitability in the trade.
There are currently 13 applications for a spot Bitcoin ETF pending with the Securities and Exchange Commission (SEC). There is a wide consensus that one or all of these products could be approved by as early as Jan. 10, with Bloomberg ETF analysts Eric Balchunas and James Seyffart pinning the chance of an approval at 90%. #BTC
#BTC 👉U.S. court approves forfeiture of 69K BTC in Silk Road case
Silk Road hacker as James Zhong. Zhong, now 32, was sentenced to a year in federal prison in April.
On July 12, a cryptocurrency wallet linked to the United States Department of Justice (DOJ) conducted several transactions, moving about 9,825.25 Bitcoin valued at approximately $299 million, connected to Silk Road.
Crypto analysts closely track the movements of the funds, as market participants frequently speculate about the possible impact any large sale by the U.S. government could have on Bitcoin’s price.
Ross Ulbricht, sentenced to life in prison, established and ran the Silk Road from 2011 to 2013, a platform notorious for selling drugs and weapons. The FBI closed the site after Ulbricht’s arrest in late 2013.
In 2022, Ulbricht agreed to utilize $3 billion worth of stolen Bitcoin to settle his debt to the U.S. government. Additionally, he waived his claim to 69,470 Bitcoin.
#DOT/USDT After a red candle on the weekly chart, dot is trying to move higher and a double bottom is seen in the four-hour time frame. there has strong resistance at 7.6. I think after some correction it will try to break the $7.6 resistance and go to $8 and $9 very soon..... who is holding dot?
#Gas is very high now because of its limited circulation supply (10 million). I think it will go up to $16 or $17 but I would not recommend it to anyone to buy now
#SHIB Burns Soar Almost 1,400% As Shibarium Hits New Utility Milestone 115 million SHIB removed from circulation
Shiba Inu burn rate increases massively as whopping 100 million SHIB gets removed in a single transfer
Shibburn platform, which shared details of SHIB burn transactions with the crypto community, spread the word about an astounding rise of the SHIB burn rate within the span of the last 24 hours with a huge chunk of SHIB moved to dead- end wallets.
In the meantime, Shibarium Layer-2 solution has reached a new milestone, showing that its utility keeps growing.
Per data shared by the above-mentioned source, this time since Thursday morning the SHIB community has pushed the burn rate up by 1359.82% as it disposed of a remarkable 115,759,009 SHIB. Notably, a staggering 100,000,000 Shiba Inu meme coins - nearly al. SHIB removed this time - were burned in a single transfer.
This is the second biggest burn rate jump this week. On Monday, this metric demonstrated a rise of 7,700% with a whopping 544,958,383 SHIB coins transferred to dead blockchain addresses.
The goal of these constant and regular SHIB burns is to move as many meme coins to dead addresses, from where they will not be withdrawn or spent. Their permanent stay in these unspendable wallets will make the coin more scarce. Providing the demand for SHIB also soars, the second largest meme coin has a potential to show a significant price increase in the future.
Shibarium hits new milestone
In the meantime, Shibarium chain continues to see its key metrics increase. After reached a 3,500,000 transactions milestone recently, Shibarium has now reached a 3,780,336 transaction milestone, according to the Shibariumscan explorer.
The number of daily transactions remains stably slightly over 13,000 after major surges in September and October.
The total number of connected wallet address has grown to the 1,259,795 level, while the number of mined blocks stands at 1,472,727. #SHIBCommunity