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Peter Davis

An writer at FOMOdrive

  • Nov 09, 2023
  • 3 min read

Bitcoin tested $38,000 but then fell sharply

Bitcoin experienced a surge to new heights after a period of 18 months, however, it was met with resistance from bearish investors.

JPMorgan cautioned that the surge in the crypto market appears to be excessive.

Van de Poppe believes that BTC has finished the accumulation phase and has now entered the bull market stage.

BlackRock has submitted an application to introduce an Ethereum exchange-traded fund (ETF).

On Thursday, Bitcoin hit a high of $38,000, the first time it had done so since May 5, 2022. Unfortunately, it quickly lost almost all of its gains and declined.

Negotiations between the US Securities and Exchange Commission (SEC) and Grayscale Investments have reportedly begun, as per CoinDesk's Thursday report citing its own sources. This follows a US court's August ruling that the SEC must reconsider its decision to not convert Grayscale's main trust into a spot bitcoin exchange-traded fund (ETF).

MN Trading founder Michael van de Poppe declared that Bitcoin has finished the accumulation phase and has now moved into the bull market stage. This is further evidenced by the almost doubling of trading volumes on CEX.

JPMorgan has warned that the rally in the cryptocurrency market appears to be excessive and could come to an abrupt end following the anticipated approval of a Bitcoin ETF. Additionally, the upcoming BTC halving in April 2024 is already factored into current prices.

BlackRock, a major investment firm, has requested permission to create the iShares Ethereum Trust, a spot ETF based on the second most valuable cryptocurrency. Additionally, in June, the company submitted paperwork to establish a spot fund based on Bitcoin.

SC Ventures, a division of Standard Chartered Bank, and SBI Holdings, a Japanese conglomerate, are joining forces to establish a new company in the UAE with a capital of $100 million. This company will focus on investing in cryptocurrency projects.

Tom Emmer, the House Republican Majority Leader, has once again expressed his disapproval of SEC Chairman Gary Gensler, describing him as "ineffective and incompetent".

Gary Gensler, the head of the SEC, believes that it is feasible to resume operations of the FTX crypto exchange, provided that all regulations and legal requirements are met.

According to a different study, the Bank for International Settlements (BIS) found that stablecoins often fail to maintain their connection to fiat currencies, thus making them unable to be used for wealth preservation.

Marathon Digital reported a successful close of the third quarter, with a 467% increase in BTC production compared to the same period last year.

Changpeng Zhao, the CEO of the world's largest crypto exchange Binance, expressed his disapproval of economist Nouriel Roubini's decision to create his own token, despite the fact that Roubini had been a long-time critic of cryptocurrencies.

Elvira Nabiullina, the head of the Bank of Russia, announced that the Central Bank and the Russian Ministry of Finance have come to a consensus on a unified approach to cryptocurrencies, including their utilization in international payments.

Atomize, the information system operator, has enabled Rosbank to launch the first hybrid digital rights (GDS) for gold. These GDS can be redeemed for either money or bullion.

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