Bitcoin Rockets 8% After Grayscale's Legal Win: Crypto Responds to ETF Breakthrough
This weeks crypto news including Bitcoin, Cosmos, AI Narratives and more.
There hasn't been much outside interest in Bitcoin during Q2 and Q3 this year. However, smart investors understand the importance of paying attention during these times because whenever the Bitcoin price decides to move up, it could do so very quickly.
Breaking Bitcoin news can easily sway the market during periods of low volume. That's exactly what happened this week as news broke that Grayscale had won their lawsuit with the SEC, which had been trying to deny Grayscale's attempts to transition the Grayscale BTC fund into a BTC ETF.
Numerous attempts at a BTC ETF have been made over the years (the Winklevoss twins first filed for one 10 years ago!). With this decisive court win for Grayscale this week, the chances of a Bitcoin ETF being approved have risen. One analyst quantified the win as a 75% chance of near-term ETF approval, up from 63% before.
If an ETF is approved, billions of dollars could flow into BTC from traditional markets, attracting investors who prefer the old-fashioned way of investing instead of owning the coins themselves through self-custody.
This is why now is a crucial time to pay attention. Furthermore, many great companies are diligently building the future of the internet, automation, and Web3 industries. Hence, I will be keeping a close watch, irrespective of the price action.
Without further ado, here's this week's news for Bitcoin, a deep dive into Coinbase and the Cosmos ecosystem, and an AI coin that could perform well in the near future. So, stick around and keep reading!
Coinbase:
There has been a lot of noise evolving from the cryptocurrency exchange space, with many crypto exchanges no longer serving Canadian customers (e.g., KuCoin and Binance), while some exchanges are actually entering Canada (surprise!), like Coinbase.
Coinbase is one of the oldest and most trusted exchanges in the space. So, when I had the opportunity to sit down with them and discuss the evolution of the main Coinbase products, I was overjoyed.
In this week’s video I spoke with Scott Shapiro, who led most of the product development of Coinbase's best products including the new Coinbase app, advanced trading features, the Coinbase card, and more. Now entering Canadian waters and also being a public company (COIN 0.00%↑) , Coinbase is under the watchful eye of crypto holders as it aims to enter this new market and generate renewed interest in cryptocurrency among those who aren't yet involved.
Cosmos, Interchain & Neutron.org: #ATOM
There are more interesting developments in the Cosmos Blockchain ecosystem. Cosmos is the home of IBC (The Inter-blockchain communication protocol) where they are working on building an environment that will enable blockchains to communicate and transfer currencies and dApps more seamlessly between blockchains. ATOM, the coin of Cosmos, is one of the layer 1 coins that should be around for a long time.
In my latest research I spoke with Neutron, a platform that has developed smart contracts on Cosmos and interact with different chains easily. This conversation can be a bit technically because Cosmos and Interchain are quite advanced, but it’s worthy of a watch to learn more about ATOM.
ATOM is currently 7$ at a $2 billion market cap (#30 of all cryptos) but was just under $40 in during all time highs.
Other Crypto News:
Elon Musk’s X (Twitter) obtains license for #Bitcoin and crypto services to store, transfer, and exchange digital assets on behalf of its users.
X (Twitter) adds in LinkedIn-like feature, showing available job postings on the top of company twitter pages.
GBTC currently trades at an 18% discount to NAV (net asset value), up from a 48% discount to NAV late last year. Normally it would be on Par with Bitcoin.
Uniswap labs, paradigm et. al. win dismissal of class action suit trying to hold them liable for sales of 'scam tokens' on Uniswap
Grayscale wins its lawsuit against the SEC over converting its fund to a spot #Bitcoin ETF.
FTX has a security breach, bankruptcy agent Kroll was affected. If you lost funds in FTX, you are likely to receive phishing emails about withdrawing funds, which will be a scam and could lose access to your FTX account. (link)
Saudi Arabia, UAE & 4 Other Countries Officially Joining BRICS (link)
US Government charges tornado cash crypto mixer founders with laundering $1 billion and violating sanctions.
SEC charges Impact Theory for selling unregistered securities in their NFT sale (link)
Crypto Market Analysis:
The news of Grayscale winning their lawsuit over the SEC denying their conversion to an ETF was great news for Bitcoin and the crypto industry. This development propelled Bitcoin's value up by 8% in a single day, allowing it to recover most of the losses incurred from last week's market decline. Currently, Bitcoin is displaying a "Buy" signal on both the 12-hour and 1-day charts. This positive signal was sufficient for Crypto Birb to re-establish a spot position worth almost half a million dollars.
Despite these positive indications, Bitcoin has not yet emerged from uncertainty. It finds itself once again within the downward trending bull-flag area, requiring sustained and substantial trading volume to facilitate a next move upward. It is advisable to remove emotions from the decision-making process and instead rely on the provided signals. This approach has prompted significant traders to initiate fresh long positions in Bitcoin, however coupled with tightly managed stop-loss orders to mitigate risk.
However, when examining the higher time frames, specifically the 2-day and 3-day charts, the bearish signals surrounding Bitcoin remains in place. It won’t be until huge news like an ETF approval, sending a godly green BTC candle in a +20% day for bitcoin happens, the higher time frames will switch to Buy as well.
Fetch.AI : #FET
Fetch was among the most robust performers in 2023, particularly during the initial AI narrative phase at the beginning of the year. However, it's important to note that the project had already established a presence for several years before this surge and its popularity wasn't solely attributed to the inclusion of "AI" in its name. Fetch specializes in constructing intelligent infrastructure to facilitate the seamless integration of AI into various industries, thereby enabling autonomous services. While there exists a mid-term target of $0.60, investors with a longer-term perspective are aiming to restore Fetch (#FET) to its previous all-time highs of $0.88 and beyond. It’s currently displaying a Buy signal on the EngineeringRobo on the 12-hour chart.
That’s all for this episode. Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show