GBTC’s ETF Conversion Could See $2.7 Billion Outflows, JPMorgan Says
According to JPMorgan analysts, there could be outflows worth at least $2.7 billion when GBTC is converted into an ETF. This means that many GBTC investors will want to cash out after the ETF conversion. Analysts noted that if the $2.7 billion actually exits in full, such an exit “would of course put severe downward pressure on Bitcoin prices.”
3 Million Dollars Paid for Bitcoin Transfer in a Single Transaction
An investor paid a transaction fee of approximately 83.6 Bitcoin, or $3.1 million, to transfer Bitcoin. There was a similar situation in September and a transaction fee of approximately $500,000 was paid. The transaction was removed by AntPool from block 818,087, according to Blockchair, but AntPool has not yet commented. In the earlier incident, Paxos described the situation as a “fat finger” and refunded the $500,000 transaction fee.
Singapore Moves for New Crypto Regulations
Singapore has announced that it will introduce stricter rules to regulate crypto service providers in order to protect individual customers. The Sinagpur Monetary Authority (MAS) has repeatedly warned that crypto trading is extremely risky and not suitable for the general public, as crypto prices are subject to volatility and speculation.
GBTC’s NAV Discount Falls Below 10% for the First Time in 2 Years
Grayscale Bitcoin Trust’s discount to net asset value (NAV) fell below 10% for the first time since July 2021. The discount reached 9.77% yesterday and coincided with Cathie Wood’s Ark Invest selling more than $2 million worth of GBTC shares over the past two days. GBTC is currently trading at a discount. Because the shares cannot be bought back at the moment, which means that the only option for shareholders is to sell them to other potential buyers.
Phantom Network Mobility
On Thursday, November 23, the number of trades on Fantom hit a record high of 2.945 million. As a result, gas prices in the network rose to 11000 Gwei, well above the normal level. The reason for this increase is thought to be the introduction of the Fantom Inscription FRC-20 protocol.
Jim Cramer Admits He Was Wrong
Jim Cramer, a market commentator, implicitly admitted that he was wrong about Bitcoin. He said it was premature to call on investors to sell their crypto assets. Cramer also noted that while he hadn’t made good decisions on Bitcoin before, he was still making a lot of money on his investment. On December 5, 2022, when Bitcoin was $17,150, he urged investors to sell all their cryptocurrency investments, regardless of the cost. Bitcoin’s price has risen 118% since then.
Raiffeisen Bank to Launch Crypto Trading Services
Austrian Raiffeisen Bank International announced that it will start offering cryptocurrency trading services to its retail customers. It said it will launch this process in partnership with Bitpanda in the EU and Eastern Europe from January 2024. The first distribution will take place in Vienna, home to around a quarter of Austria’s population.
South Korea to Pilot CBDC with 100,000 Citizens in 2024
South Korea has announced that it will launch a central bank digital currency (CBDC) pilot involving 100,000 citizens in the fourth quarter of next year. It will be jointly implemented by the Bank of Korea (BOK) and the financial regulators, the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS).
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BITCOIN(BTC)
Bitcoin is priced at $ 37,395 with a 0.27% gain in value as of today morning hours. We saw a selling pressure at noon yesterday, but after falling to $36,900, it was able to react and come to this pricing. We are still moving within the ascending channel. This is a positive scenario for the medium term. After breaking through the middle of the ascending channel, the upward trend of the price may increase. Right now, $38,000 needs to be earned. If there is a decline, it is useful not to see below 36,400.
ETHEREUM(ETH)
ETH, which gained 0.35% as of morning hours, is priced at $ 2069.50. After breaking the downtrend, there was a very successful retest. It seems to have received a reaction without re-entering the trend. We can now see that $2030 is support and $2085 is working as resistance. Pricing above $2085 could take ETH up to $2200. Below $2030, we are back in the trend in pricing. In this case, the 1975 dollar level can be seen again.
RIPPLE(XRP)
XRP is priced at $0.6205 as of morning hours, down 0.6%. Like ETH, we have also seen XRP break the downtrend structure. We also saw a successful retest in XRP. We can say that pricing above $0.60 for XRP is quite positive. It is very important that $0.61 is not lost. If it hangs down, the 0.60 dollar level can be seen again. If the upward movement takes place, an increase up to $ 0.6740 can be seen.
AVALANCHE(AVAX)
AVAX is pricing at $ 20.80 levels with a 0.70% gain in value as of morning hours. It now seems that the permanence above $20 has been achieved. 22 dollars is the resistance zone and above this point, AVAX can take AVAX up to 24 dollars again. If there will be a retreat, the first support position is $ 20, and if there is a deeper retreat, a retreat to $ 19 can be seen.
SOLANA(SOL)
SOL is priced at $ 57.13 with a 1.1% gain as of morning hours. SOL, which rose towards the $ 60 region yesterday, retreated a little as it could not maintain this level. As resistance levels, 60 and 61.40 are important levels for the continuation of the rise. With the crossing of this level, it may be possible to see an increase towards the $ 66 level. When we examine the support points, the 55 level can be followed.
CHAINLINK(LINK)
As of morning hours, LINK is pricing at 14.427 with a gain of 0.2%. When we analyze the four-hour chart, we see that it is above the 14,600 resistance zone. In case of persistence above this level, there may be an increase towards the 15,200 level. 14,400 and 14 levels can be followed as support levels.
FET
FET is pricing at 0.5457 with a gain of 8.58% as of morning hours. When we examine the daily chart, this level seems important for FET, which is in the 0.5440 resistance zone. The uptrend may continue with the upside break of the resistance zone. In retracements, 0.5200 appears as an important support.
AGIX
AGIX is priced at $ 0.30110 with a gain of 8.58% as of morning hours. When we examine the daily chart, we see that there is a strong rise and it is near the resistance level of 0.31000. It seems that the uptrend may continue with an upward break of this level. In case of a pullback, 0.28500 can be followed as support.
