Volatility on bitcoin is likely to increase as conflicting news regarding a bitcoin spot ETF approval by SEC continue to come out
Uncertainty.
UPDATE -> Bitcoin $BTC price dumped 9% in 1 hour on the basis of a report by Matrixport predicting an SEC rejection of ALL Bitcoin ETF applications
Their justification? Politics. - 5 voting commissioners are Democrats. - Democrats don't like 'crypto'. - Applicants haven't satisfied the SEC's requirements. - There is not political justification to approve a Bitcoin ETF. Eric Balchunas continues to give a +90% chance of approval due to a number of factors, especially the SEC's significant change in behaviour by way of engaging with applicants and providing them with guidance on updating their applications. Source. Bitcoin Archive
The rise of digital gold in one chart. In 2012, one ounce of Gold was still worth 400 Bitcoin, now less than 0.05
Source: HolgerZ, Bloomberg
NEWS - The 1-month T-bill yield in the US surged by 13% in one day, coinciding with a significant increase in Bitcoin (now trading above 45k for the 1st time
Typically, sharp spikes in short-term T-bill yields suggest a large financial entity collapsing. Source: Dump Watcher
bitcoin annual returns 2010-2023
Source: Charlie Bilello
The “HODL” meme started a decade ago today when a user misspelled the word “holding”
On that day, bitcoin $BTC opened at $678 and "closed" at $522 (i.e last price of the day), so quite a volatile session. If the hodler kept his/her coins, the current unrealized gain is 7,783%. In other words, a $10,000 position at that date is worth today a whopping $788,352. Source: Documenting Bitcoin
David Marcus, Former President of PayPal & Co-founder and CEO of Lightspark, on FASB officially adopting Fair Value Accounting for bitcoin:
“You may think this is a small accounting change that doesn’t mean much. It’s actually a big deal. This removes a large obstacle standing in the way of corporations holding Bitcoin on their balance sheet. 2024 will be a landmark year for BTC.” Source: Swan Media
Gold and digital Gold (aka Bitcoin) seem to enjoy Powell dovishness and dollar weakness
Gold gained 2.4% following dovish Fed meeting, Bitcoin gained almost 5%. Source: HolgerZ, Bloomberg
