Bitcoin (BTC): The Santa Claus Rally could start at any moment

For the past four weeks, Bitcoin has seen a 37% increase in value, amounting to a total of $10,000.

Matrixport has predicted that Bitcoin will reach a value of between $40,000 and $45,000 by the end of the year.

It is anticipated by Michael Saylor that the value of Bitcoin could potentially double in the upcoming year.

The Coinbase exchange was fined 1 million rubles by a court in Moscow.

Open interest in BTC futures on CME has exceeded that of Binance.

For the past four weeks, Bitcoin has been on the rise, increasing in value by 37% or $10,000, bringing it to a price of over $37,000. Crypto investors are anticipating the approval of spot ETFs for Bitcoin and Ethereum in the near future.

Matrixport believes that if the rate of the first cryptocurrency rises above $38,000, it could reach the technical resistance of $40,000 and potentially even $45,000 by the end of the year. They also suggest that the so-called Santa Claus Rally could begin at any time, and that growth could be seen as soon as Tuesday if US inflation data reveals a further decrease.

Mike Novogratz, CEO of Galaxy Digital, believes that 2024 will be the year of institutional adoption of cryptocurrencies, largely due to the approval of spot ETFs for Bitcoin and Ethereum. He believes that the approval of these ETFs is only a matter of time, though he acknowledges that the approval of an Ethereum-ETF may be complicated due to its staking model.

Michael Saylor, the founder of MicroStrategy, anticipates that Bitcoin will double in value after the halving and the introduction of spot crypto ETFs. He also declared that his firm will persist in purchasing BTC and will not discontinue their savings plan.

MicroStrategy has seen an unrealized profit of $1.17 billion on its 158,400 BTC holdings. In the three years since its first purchase, the company has invested a total of $4.69 billion in digital gold, including through fundraising. The current value of its Bitcoin reserves is estimated to be $5.85 billion.

Against the backdrop of a bullish trend, the average price per transaction on the Bitcoin network and the average gas fee on the Ethereum network have both increased sharply. According to BitInfoCharts, the average price per transaction on the Bitcoin blockchain is currently around $15, the highest level since May. Similarly, the average gas fee on the Ethereum network is at $11.5, a record since July.

The Chicago Mercantile Exchange (CME) has taken the top spot on the list of largest platforms based on open interest (OI) for Bitcoin futures, according to Coinglass. This is due to the increasing demand from institutions, who prefer regulated products offered by CME over those from Binance.

The crypto exchange Coinbase was fined 1 million rubles by a court in Moscow for not localizing the data of Russians. This penalty was the lowest possible under the article, with a maximum of 6 million rubles.