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Peter Davis

An writer at FOMOdrive

  • Nov 16, 2023
  • 3 min read

Bitcoin fell below $36,000 - what's happening?

On Thursday, Bitcoin saw a sharp decline, erasing almost all of the gains it had made the day before.

Decisions on ETF applications from Hashdex and Grayscale have been deferred by the SEC.

The amount of money invested in Bitcoin-related products has reached a new high in anticipation of the approval of an exchange-traded fund (ETF).

According to Cathie Wood, BTC could be trading at $682,800 by the end of 2030.

On Thursday, Bitcoin dropped from its daily peak close to $2,000 after it was unable to surpass the strong resistance at $38,000.

The SEC has pushed back its ruling on Hashdex's proposal to establish a digital gold spot ETF until January 1, 2024. In September, the digital asset manager had asked the SEC to approve its Bitcoin futures-based exchange-traded fund. Additionally, the SEC also delayed a decision on Grayscale's application to launch an ETF based on Ethereum futures.

Bloomberg Intelligence has determined that the launch of Ethereum-ETH futures by Grayscale is necessary in order to move forward with the decision to introduce spot funds for the second cryptocurrency.

K33 Research has reported that the amount of assets (AUM) in Bitcoin products has hit a new high of 204,170 BTC as the SEC awaits the approval of spot ETFs. Despite the SEC's rejection of applications from Hashdex and Franklin Templeton, K33 Research is still optimistic that all proposals will be accepted when the next review deadline date of January 10th arrives.

Anthony Scaramucci, CEO of SkyBridge Capital, has predicted that the Federal Reserve's key rate cut in the beginning of next year will result in a new bull cycle in both the cryptocurrency and stock markets. Furthermore, he believes that the approval of spot Bitcoin ETFs and the upcoming halving will generate "enormous demand" for BTC.

Cathie Wood, CEO of Ark Invest, has predicted that the crypto market will reach a total value of $25 trillion by 2030, with Bitcoin and Ethereum continuing to be the dominant players. Wood's base case scenario estimates that Bitcoin will be trading at around $682,800 per coin by the end of 2030.

Rostin Behnam, the head of the US Commodity Futures Trading Commission (CFTC), warned that the risk of a repeat of last year's FTX crypto exchange collapse is still very high. He urged Congress to act quickly to create a regulatory framework for cryptocurrencies in order to protect investors from potential risks.

The New York State Department of Financial Services (NYDFS) has released new regulations mandating that cryptocurrency firms must come to an agreement with regulators regarding their crypto asset listing and delisting policies.

The German financial regulator has granted the German Commerzbank a license to become the first universal bank to store cryptocurrency.

Over the next six months, Tether, the creator of the widely-used stablecoin USDT, intends to invest $500 million in Bitcoin mining.

If Vivek Ramaswamy is elected US president, he has pledged to be a strong advocate for Bitcoin, cryptocurrencies, and decentralized finance (DeFi). However, he views BlackRock, which is attempting to establish a bitcoin exchange-traded fund, as "an arm of the government."

On December 23, Astrobotic, an American company that specializes in space robotics for lunar missions, will be sending a wallet containing the meme cryptocurrency DOGE to the moon's surface via the Vulcan Centaur Rocket ULA.

Solana Labs representatives have denied the claims of CertiK cybersecurity experts regarding a "critical vulnerability" in Solana Saga crypto smartphones.

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