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Peter Davis

An writer at FOMOdrive

  • Dec 19, 2023
  • 3 min read

Bitcoin is back above $42,000 after a short-term dip

After dropping below $41,000, Bitcoin is now in the process of recovering.

After 11 weeks of increasing investment, crypto funds saw a decrease.

It is predicted that 2024 will be the year that Bitcoin will make a full recovery.

Confirmation of Tether's cooperation with US authorities has been made.

eBay saw Solana's Saga smartphones soar above $2000.

Last week, CoinShares reported that investments in crypto funds had decreased by $16 million for the first time in 11 weeks. Bitcoin investments dropped by $33 million, while Ethereum investments decreased by $4 million. On the other hand, investments in Solana funds rose by $11 million. Additionally, investments in funds that allow for shorting Bitcoin decreased by a mere $0.3 million.

CoinShares reported that the minor outflow of funds was more of a result of profit taking than a shift in sentiment. Altcoins, however, experienced inflows of $21 million, with Solana, Cardano ($3 million), XRP ($2.7 million) and Chainlink ($2 million) being the main beneficiaries. Trading activity for the week was also higher than the yearly average, amounting to $3.6 billion.

Adam Back, CEO of Blockstream, believes that 2024 will be a year of recovery for Bitcoin, with the potential to reach $100,000. This is due to the upcoming halving, as well as the fact that crypto company bankruptcies have largely come to an end.

Jan Van Eck, CEO of VanEck, believes that Bitcoin is superior to other digital assets as a store of value and will reach an all-time high in the next 12 months. He also believes that the cryptocurrency has become a legitimate addition to gold.

The Bitcoin network's commission rate has hit a yearly high of over $37, due to a surge in activity in the Ordinals segment. This has caused a heightened demand for block space, resulting in the increase of blockchain fees.

Bloomberg Intelligence has noted that the US Securities and Exchange Commission (SEC) has demonstrated, through its actions, that Ethereum is not a security.

John Deaton, a cryptocurrency lawyer and founder of Crypto-Law, believes that 20% of US Senators are in favor of banning cryptocurrencies in the US. He views Senator Elizabeth Warren as the biggest threat to freedom in the US due to her opposition to cryptocurrencies.

Tether, the issuer of the largest stablecoin USDT, has affirmed its willingness to work with the US government in order to prevent any illegal use of USDT. The company has declared its dedication to fighting such activities.

A survey conducted by crypto exchange Binance revealed that the majority of users think they can better their financial situation by earning extra income from cryptocurrencies.

Due to the hype surrounding the BONK meme token airdrop, speculators began reselling Solana's Saga smartphones on eBay for prices above $2,000. This arbitrage opportunity caused sales of the Solana smartphone to skyrocket, increasing more than 10 times. Saga holders are guaranteed a distribution of 30 million BONK, and with the recent growth of the coin, the cost of the smartphone is completely covered.

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