🚀 Bitcoin May Never Go Below $30k Again!
PLUS: Binance's Billion-Dollar DOJ Settlement Could Cause PUMP!
🌐 Radix Pumps - Aiming for 1 Million TPS Test
🚀 Is Bitcoin Setting a New Floor at $30,000?
💼 Binance's Billion-Dollar DOJ Settlement Could Avert Disaster
🏦 ETF Excitement Builds - Big Finance's Growing Interest in Bitcoin
🗞️ Apple's Crypto Clash, NVIDIA's Earnings, and Bittensor's Rise
👀 Federal Reserve's Next Move?
Good Morning Banter Fam,
As you’ll see further down, Banter Bubbles is pretty red today, as the market is pulling back slightly.
However, there is one coin that stands out, and that is Radix (XRD).
Radix’s Total Value Locked (TVL) is growing rapidly due to increased interest for the network. Why you may ask is there increased interest?
It's because in January the network will undergo one of the biggest tests it has ever seen, in an attempt to prove that it can handle over 1 million transactions per second (TPS). The test is going to be held on the Cassandra research network, and anyone can set up a node and partake.
Despite Radix’s surge, the rest of the market is not feeling as good. But does this mean the rally is over?
No. And there's reason to believe that this pullback may be one of the last into the $30k region, as bitcoin bids farewell those levels once and for all.
Let's dive in!
🌍 Market Update
Top 100 coins Daily Performance - Banter Bubbles
📰 Newswatch
🚀 Is Bitcoin Setting a New Floor at $30,000?
Everyone is asking the same question: Are we entering a bull market, or is this just a temporary bear market?
Well, we’ve gathered some compelling evidence that shows the market is not only healthy but also that Bitcoin might be saying farewell to the $30,000 for good!
Let’s start here.
Most Bitcoin HODLers who have been consistently buying (Dollar-Cost Averaging) are now in a position to withdraw profits.
Overall, the average withdrawal price for Bitcoin investors is now in the green. Breaking it up by year, particularly noteworthy is the class of 2021, who began when the price was around $34.7k.
Long story short, there’s a strong market foundation being set.
Now on to this…
Willy Woo, drops the big one here: how we might never see Bitcoin drop below $30,000 again.
Woo is basing this on a pattern spanning over Bitcoin's 13-year price discovery phase. The dense horizontal bands in the Bitcoin price chart below, point to a strong consensus on value among all those buying. The pattern, when combined with a lead-up to a Bitcoin halving event (the next one due early next year), historically means that the price doesn't return to these lower bands.
Also, from 10,000 users in 2010 to over 300 million today, Bitcoin's adoption curve continues its upward trajectory.
Now, let’s take what we have above and throw in the big catalyst for a Bitcoin surge…
Yeah, you guessed it: a Bitcoin spot ETF.
Bloomberg reports that the potential market for a Bitcoin spot ETF is enormous, with estimates reaching up to $100 billion. Bloomberg also talks about how Galaxy Digital Holdings Ltd., collaborating with Invesco, held a call with about 300 investment professionals on Bitcoin allocation strategies.
So yes, there’s strong institutional interest. And when that capital flows in, Bitcoin may never see its current levels ever again.
And sure, right now the RSI on bitcoin is resetting, but that is a good thing, because at the same time the orange giant is consolidating. It’s a healthy reset. And meanwhile, Open Interest (OI) is not too over-exaggerated.
And if all that wasn't enough, I've got one more catalyst here for you. People have been scared about what may happen with the below situation, but it seems like now there's a way out to resolve everything…
FOMO LOADING…
💼 Binance's Billion-Dollar DOJ Settlement Could Avert Disaster
Binance could be on the verge of settling a long-standing investigation with the U.S. Department of Justice (DOJ) - via what is called a Deferred Prosecution Agreement (DPA) - and it may alleviate many investors’ fears that a Binance collapse would destroy crypto (at least temporarily).
So, the DOJ is reportedly seeking over $4 billion from Binance as part of the DPA, and is one of the largest-ever penalties in a criminal crypto case. This stems from investigations into allegations of money laundering, bank fraud, and sanctions violations.
Though the sum may seem quite high, Binance is well-positioned to pay it.
John Reed Stark clarifies all the details regarding a DPA for the that want more in-depth knowledge on the subject.
But the key things to understand here are that a DPA is a kind of probationary agreement, which will allow Binance to avoid criminal charges if they adhere to certain conditions, including financial penalties and operational reforms. The DPA would likely last 2-3 years, require judicial approval and involve close monitoring of Binance's operations. If Binance fulfills its obligations, the charges will be dropped at the end of the term.
(Daily trade volume on the exchange has fallen to under $10bn/day, down from $20-30bn)
However, there's a catch. Changpeng Zhao (CZ), the founder of Binance, might still face criminal charges in the U.S. Despite living in the UAE, which lacks an extradition treaty with the U.S., the possibility of him facing charges remains a concern.
Upon the news, BNB rose, naturally!
If Binance accepts the DPA and its terms, essentially avoiding any potential for criminal prosecution, all fear of Binance’s collapse will be gone.
And that is huge!
So, could this be a catalyst for the new cycle?
🗞️ News Tidbits:
Apple Sued for Limiting P2P Payments via Crypto.
NVIDIA Earnings Today - Tech Stocks and Crypto AI Volatility?
Bittensor (TAO) Thriving Despite Low Marketing.
Stock Market Enters Greed Territory.
NASDAQ Sees Record Long Positions from Hedge Funds.
Banter’s Take
Later today, the Fed’s FOMC minutes is dropping, and it may give us some indication as to what Jerome Powell's Federal Reserve might do regarding interest rates in December.
All eyes will be closely monitoring the situation. It’s unlikely, but the event could cause some volatility. Stay safe!
See you all tomorrow!