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The recovery of Bitcoin price is currently at risk due to the strength of the U.S. dollar and the selling of Grayscale Bitcoin Trust (GBTC). The recent launch of spot Bitcoin exchange-traded funds (ETFs) has not resulted in the desired price increase. The U.S. Dollar Index (DXY) has experienced a sharp recovery, rising 2.71% from its low on December 27. Encouraging economic data such as retail sales and jobless claims have contributed to the strengthening of the dollar. Additionally, the rebound in U.S. yields and declining expectations of interest rate cuts by the Federal Reserve have also supported the dollar's recovery. From a technical standpoint, the U.S. Dollar Index has the potential to rise by more than 1.12% if it breaks above its neckline of 104.56, which could impact Bitcoin price negatively. Furthermore, significant outflows from GBTC since the launch of spot Bitcoin ETFs have affected BTC price, with Grayscale liquidating a large amount of Bitcoin from its holdings. Economist Peter Schiff has suggested that the outflows from GBTC have limited impact on the overall BTC market despite larger inflows. An independent market analyst predicts a retracement for Bitcoin, projecting a decline to $34,000. However, market intelligence firm Santimet remains optimistic about the long-term impact of spot Bitcoin ETFs despite the market's recent decline.

Bitcoin price recovery at risk due to DXY strength, GBTC selling Bitcoin 📷BTCUSD traders are reeling from the current sell-off, with the recently launched spot Bitcoin exchange-traded funds (ETFs) failing to produce the desired price upside. In addition to steady Grayscale Bitcoin Trust (GBTC) outflows impacting BTC price, market participants are now facing yet another problem: a strong U.S. dollar. The U.S. dollar’s sharp recovery The U.S. Dollar Index (DXY), which tracks the greenback’s performance against an array of top foreign currencies, has risen 2.71% from its Dec. 27 low of 100.617 amid encouraging United States economic data. Retail sales, the Philly Fed Manufacturing Index and weekly initial jobless claims all provided tailwinds to the DXY, lifting it to new 2024 highs in the 103.65–103.70 range. Data from the U.S. Census Bureau shows that December 2023 retail sales registered 0.6% growth against the expected 0.4% and 0.3% from the previous period. The dollar’s recovery has also been attributed to a rebound in U.S. yields across the curve, all in response to declining bets on the likelihood that the Federal Reserve might start cutting interest rates as soon as March. From a technical perspective, the U.S. Dollar Index looks poised to rise by more than 1.12% due to the formation of a classic V-shaped recovery pattern. If the DXY successfully breaks above its neckline of 104.56, the likelihood of an extended recovery toward 107 over the next few months is higher. Massive GBTC outflows impact BTC price Since the spot Bitcoin ETFs were launched on Jan. 11, massive outflows have been witnessed from GBTC. As a result, Grayscale has liquidated a large number of Bitcoin as part of its GBTC holdings. Nearly 38,000 BTC has left GBTC since it was converted to a spot ETF on Jan. 11. There were $484 million in outflows from Grayscale on Jan. 12 alone as GBTC holders capitalized on open redemption options. In a recent statement, popular economist and gold bug Peter Schiff suggested that despite the approval of the spot Bitcoin ETF, the price of BTC is not increasing due to outflows from Grayscale’s GBTC product. He mentioned that even though the total inflows were larger, it seemed to have a limited impact on the overall BTC market. Bitcoin price could retrace to $34,000 Independent market analyst Ali has pointed out the movement of the BTC price in an ascending parallel channel since late 2022. According to Ali, Bitcoin’s current correction is due to rejection from the channel’s upper boundary at $48,000.The analyst anticipates a retracement for Bitcoin, projecting a decline to the lower boundary at $34,000. However, market intelligence firm Santimet said the market was still optimistic about the long-term impact of the spot Bitcoin ETFs. The firm posted the following chart on X, adding: “However, the #FOMO surrounding the approvals arguably helped mark a local #crypto top, as many experts believed that the foregone conclusion of these approvals was already ‘baked in’ to the market’s prices at the time the announcements were made.”

Despite potential delays, Thailand's government remains committed to its $14.3 billion digital wallet scheme. The program aims to stimulate the economy by providing 10,000 local baht (around $280) to 50 million citizens through a mobile app. It is unclear whether blockchain technology will play a role in facilitating the cash distribution. While critics have raised concerns about the funding model, Prime Minister Thavisin assures the public that the implementation will be transparent and free from corruption. The government is expected to secure the necessary funds through a one-time borrowing, and it also plans to allocate 100 billion baht to promote automation and industrial innovation.

Grayscale, a prominent cryptocurrency asset management firm, has witnessed a significant decrease in the value of its Grayscale Bitcoin Trust (GBTC) over the past week, with assets falling by approximately $5 billion. The decline can be attributed to a combination of share redemptions and unfavorable market conditions. In contrast, other recently approved Bitcoin ETFs have experienced substantial inflows, emphasizing the shifting dynamics within the crypto market. Moreover, a crypto trader managed to generate a staggering profit of $6.77 million within three hours of the SatoshiVM (SAVM) token launch. Employing a banana gun sniping tool, the trader acquired the token early and sold it as its price soared. However, the token's value plummeted by 99% shortly thereafter due to a bug during the v1 launch. The development team subsequently sold treasury to recover the locked LP, ensuring fairness for v1 participants while incurring a financial hit. Meanwhile, Hut 8 Corp., a Bitcoin mining company, faced a sharp decline of over 23% in its share price on the same day it rang the opening bell on Nasdaq. The drop coincided with the release of an unverified report by short-sellers accusing insiders of preparing to dump the company's stock. The report highlighted concerns regarding Hut 8's merger with U.S. Bitcoin Corp (USBTC), alleging potential risk for investors as a result of USBTC's history of legal issues and undisclosed majority shareholding. As always, it is essential for readers to conduct their own research and make informed decisions when it comes to investments and trading activities. This article does not offer any investment advice or recommendations.

Here’s what happened in crypto today Grayscale has seen the assets held by its Grayscale Bitcoin Trust (GBTC) fall by roughly $5 billion over the past week. Meanwhile, a crypto trader made $6.77 million during the SatoshiVM (SAVM) token launch, and a Bitcoin mining firm’s share prices took a sharp dive on the same day it rang the Nasdaq’s opening bell, and a damning report posted accusations against the firm. Grayscale’s GBTC assets fall by $5B Grayscale has seen the value of its Bitcoin ETF decline sharply over the past week due to a combination of share redemptions and adverse market conditions. Between Jan. 10 and Jan. 18, assets under management held by the Grayscale Bitcoin Trust (GBTC) have fallen from $28.5 billion to $23.7 billion, according to data from YChart and GrayScale. Analysts say outflows from GBTC were expected after the United States Securities and Exchange Commission (SEC) allowed Grayscale to convert the fund into an ETF. As Cointelegraph reported, roughly $1.1 billion flowed out of GBTC over a three-day period. Meanwhile, the other recently approved Bitcoin ETFs have seen heavy inflows, especially BlackRock’s, which recently added 8,700 BTC at a value of nearly $358 million. The nine ETFs that were green lighted more than a week ago have purchased nearly 68,500 BTC. Trader bribes way to $7M profit on SatoshiVM token launch A crypto trader made $6.77 million in profit within three hours of the launch of the SatoshiVM (SAVM) token. The trader used a banana gun sniping tool to acquire the to-be-launched token first and then sold the newly launched token as the price increased, raking in nearly $7 million in profits. The token’s price tanked 99% within three hours of the launch. The developers blamed a bug for the collapse during the v1 launch. The team decided to sell treasury to recover the locked LP, and before launching v2, everyone in v1 was made whole and the Banana Gun team took the financial hit. Bitcoin miner Hut 8 shares tank 23% amid accusations from short-sellers Bitcoin miner Hut 8 Corp. share price tumbled more than 23% on Jan. 18, the same day the firm rang the Nasdaq’s opening bell and another spread an unverified report alleging insiders are preparing to dump its stock. Hut’s share price fell from $9.30 to as low as $7.10 in after-hours trading. The sell-off began around the same time as activist short-selling firm JCapital Research released a report titled “The Coming HUT Pump and Dump” which claimed that the firm’s Nov. 30 merger with fellow Bitcoin miner U.S. Bitcoin Corp (USBTC) could be placing Hut 8 investors in harm’s way. JCapital Research— which admits to being short-side biased on its website — took aim at the recent $725 million merger deal, claiming that USBTC had a history of “legal trouble” and that the majority of the recently merged Bitcoin miner’s shares are held by an “undisclosed related party.” This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The Securities and Exchange Commission is seeking public comments on Nasdaq's proposal to allow options trading on BlackRock's spot bitcoin ETF. The comment period will last for 21 days, indicating that the SEC is moving at an accelerated pace. If the SEC moves quickly, options could potentially be approved before the end of February. In addition, BlackRock's spot bitcoin ETF has received the green light from the SEC and has already seen substantial inflows. BlackRock and Fidelity are also competing for an Ethereum ETF, with the SEC delaying its decision on Fidelity's proposal until March 5. Fidelity's proposal references a court ruling that highlighted inconsistencies in the SEC's approach to rejecting spot crypto ETFs while approving futures-based products.

SEC opens comment period on proposal that would allow options trading on BlackRock’s spot bitcoin ETF The Securities and Exchange Commission asked for comments from the public about a proposal from Nasdaq that would allow for options trading on BlackRock's spot bitcoin ETF. The comment period will last for 21 days, according to a filing posted on Friday. "The Exchange proposes to amend Options 4, Section 3, Criteria for Underlying Securities, to allow the Exchange to list and trade options on iShares Bitcoin Trust (the 'Trust') as a Unit deemed appropriate for options trading on the Exchange," the filing stated. James Seyffart, Bloomberg Intelligence ETF research analyst, said the SEC is moving more quickly than normal on the proposal. "The SEC has already acknowledged the 19b-4's requesting the ability to trade options on spot #Bitcoin ETFs," Seyffart said on Friday in a post on X. "This is faster than SEC typically moves. Options could be approved before end of February if SEC wants to move fast?" BlackRock, which just last week received the green light from the SEC to list its spot bitcoin ETF, the iShares Bitcoin Trust, brought in $145.5 million in inflows on Thursday alone. Turn to Ethereum Firms including BlackRock and Fidelity are also vying for a spot Ethereum ETF. On Thursday, the SEC delayed its deadline to make a decision on Fidelity's proposal until March 5. Fidelity applied for the Fidelity Ethereum Fund in November, noting in its proposal a court ruling last year where judges said the SEC failed to find a coherent reason on why it should reject spot crypto ETFs when it had allowed futures-based products. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The U.S. dollar took a slight dip but is still on track for a weekly gain, as hopes of early rate cuts diminish. Recent economic data and comments from Federal Reserve officials have dampened expectations of rapid interest rate reductions. Despite a strong start in the session due to positive consumer sentiment, the market is reluctant to give up its ideas. The dollar index is down, breaking a five-session win streak, but overall it is up for the week. The Fed officials have pushed back on the market's expectations of quick rate reductions. The euro is slightly up against the dollar, while the yen remains flat. The Bank of Japan is likely to maintain its current monetary settings. Sterling weakened due to slumping UK retail sales, and bitcoin has seen declines as investors cash out following the U.S. approval of spot bitcoin exchange-traded funds.

Dollar edges lower but poised for weekly gain as early rate cut hopes dim The U.S. dollar edged lower on Friday, pausing after five straight sessions of gains but still poised for a weekly climb, as recent economic data and comments from Federal Reserve officials dampened expectations of rapid cuts in interest rates. The greenback strengthened early in the session after economic data showed the University of Michigan's preliminary reading on the overall index of consumer sentiment came in at 78.8 this month, the highest reading since July 2021, compared with 69.7 in December and the 70.0 estimate of economists polled by Reuters. The data comes on the heels of solid labor market and retail sales data earlier this week indicating the economy remained firm. Expectations for a cut from the Fed in March of at least 25 basis points (bps) have dipped below 50% according to CME's FedWatch Tool, with traders now targeting May as the likely month for a rate cut announcement. "The market is refusing to give up, it is pushing its ideas into the future, but it hasn't changed its ideas," said Joseph Trevisani, senior analyst at FXStreet in New York. "The Fed is going to start lowering rates and the reason they're going to start lowering rates is the economy is going to get weaker - this has been the mantra ever since the Fed pretty much started raising rates." The dollar index 📷DXY, which tracks the greenback against a basket of six currencies, was down 0.08% at 103.26, on pace to snap a five-session win streak, but was up 0.8% on the week. A steady stream of Fed officials, starting with Governor Christopher Waller on Tuesday, have pushed back on market expectations the central bank will embark on a path of fast reductions to interest rates. Waller said the Fed should proceed "methodically and carefully" until it is clear lower inflation will be sustained. On Friday, Chicago Fed President Austan Goolsbee said weeks more of inflation data need to be in hand before any decision could be made to cut interest rates. In addition, Federal Reserve Bank of San Francisco President Mary Daly said there is still a lot of work left to do on inflation and it is premature to think rate cuts are around the corner. The euro 📷📷EURUSD was up 0.16% at $1.0891 against the dollar but is down about 0.5% for the week. J.P.Morgan on Friday pulled forward its expectations for the start of interest-rate cuts by the European Central Bank to June from September, but said it remained "cautious" about inflation and wage growth trends. The yen 📷📷USDJPY was flat versus the greenback at 148.15. The Bank of Japan is scheduled to hold a policy meeting next Monday and Tuesday, and is likely to maintain its ultra-loose monetary settings. The dollar is up more than 2% against the Japanese currency this week and on track for its third straight weekly gain. Earlier data showed Japan's core inflation rate slowed to 2.3% in the year to December, its lowest annual pace since June 2022, taking the pressure off policymakers to make swift moves. Sterling 📷📷GBPUSD was last trading at $1.27, down 0.06% on the day after weakening to $1.2662 following data which showed UK retail sales slumped by the most in three years in December. In cryptocurrencies, bitcoin 📷BTCUSD gained 2.04% to $41,900.00 but was on track for its second straight week of declines as investors have taken profits following the U.S. approval of spot bitcoin exchange-traded funds.

The ongoing legal battle between Coinbase and the SEC is of great significance for the future of crypto tokens. Judge Katherine Polk Failla, who presided over the recent court hearing, displayed a deep understanding of the crypto industry and pressed the SEC attorneys to justify their classification of the tokens as securities. Coinbase's counsel argued against this classification, stating that token purchases on the secondary market do not possess the same rights as stocks. Judge Failla has yet to decide on the case, but her concerns about the impact on businesses, regulation, and individuals indicate that she is aware of the far-reaching consequences of her decision. In other news, VanEck announced the delisting of its Bitcoin strategy ETF due to performance and investor interest, the IRS has temporarily exempted reporting of crypto transactions over $10,000, Bitcoin ETFs have seen significant trading volume compared to other ETFs, and Core Scientific is set to exit bankruptcy and relist its shares on the Nasdaq. Stay updated on all things crypto with Crypto Biz.

The recent introduction of spot bitcoin ETFs in the U.S. ETF market has resulted in a significant shift, with bitcoin ETFs now surpassing silver to claim the second-largest commodity position, trailing only behind gold. The approval of these ETFs by the U.S. Securities and Exchange Commission has played a critical role in this phenomenon, as it has generated immense interest and investment in the digital asset. With approximately $28 billion in assets under management, bitcoin ETFs have proven to be highly appealing to investors, highlighting the growing acceptance and popularity of this digital asset. It is worth noting that the rapid rise of bitcoin ETFs is largely attributable to the conversion of Grayscale's Bitcoin Trust into an ETF, which has created the world's largest spot bitcoin ETF. While some market observers caution against overvaluing this achievement, as the majority of the AUM is a result of the GBTC conversion, it remains a notable milestone in the ETF market.

Bitcoin ETFs Eclipse Silver, Claiming Second Spot Behind Gold in US ETF Market Spot bitcoin ETFs, after a phenomenal market debut, have claimed the second-largest commodity position in the U.S. ETF market, growing larger than silver and trailing only behind gold, in a clear sign of the the mainstream appetite for the digital asset. Bitcoin ETFs Outshine Silver, Secure Second Place in U.S. ETF Commodities Spot bitcoin exchange-traded funds (ETFs) have overtaken silver to become the second-largest commodity in the U.S. ETF market, trailing only gold. The recent approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission has catalyzed this shift. Bitcoin ETFs, including the newly converted Grayscale Bitcoin Trust ETF GGBTC, command nearly $28 billion in assets under management (AUM). This figure starkly contrasts with the $11 billion AUM of silver ETFs, as reported by Gold maintains its leading position with approximately $95 billion in AUM, but the swift rise of spot bitcoin ETFs is a testament to the digital asset’s growing acceptance and popularity. bitcoin, often touted as the digital counterpart to gold, has demonstrated its robust appeal in the ETF market, a domain traditionally dominated by conventional commodities. The initial response to spot bitcoin ETFs was overwhelmingly positive, with an impressive $9.6 billion in trading volume recorded within the first three days of trading, a historic figure in the ETF market. To determine how bitcoin ETFs surpassed silver in AUM, a simple analysis of the holdings was undertaken. Initially, the total number of bitcoins held in various ETFs, excluding GBTC, was sourced from a post by CC15Capital on X. This figure was then combined with the number of bitcoins held by GBTC, as reported by Coinglass. Multiply this aggregated total by the current spot price of Bitcoin for an approximate value of $28 billion. This figure is higher than the AUM for silver ETFs, as listed on Grayscale’s conversion of its existing Bitcoin trust into an ETF played a pivotal role in this shift, creating the world’s largest spot bitcoin ETF overnight. In fact, some ETF market watchers like James Seyffart and Eric Balchunas caution against reading too much into the rapidity with which bitcoin overtook silver. Seyffart, a Bloombert ETF analyst, explained in a post on X that interest in spot bitcoin didn’t ramp up with the launch of spot bitcoin ETFs. Much of it was driven by Greyscale’s GBTC conversion. Seyffart said, “that means it was #2 as soon as the conversion happened! So not really “news” per se haha.” Eric Balchunas, Bloomberg’s senior ETF analyst, agreed with this interpretation, saying, “yeah I get the whole bigger than silver excitement but i just don’t count it as impressive given 95% of was simply GBTC converting.” He added, “These milestones [are] MUCH harder when you [have a] brand new ETF, dif standards of measure.”

The recent movements of Grayscale's Bitcoin Trust ETF and increased selling activity by miners have contributed to the sharp drop in Bitcoin's price below $41,000. Grayscale has transferred a significant amount of BTC to Coinbase, totaling over $2.3 billion, putting downward pressure on the market. Additionally, BTC miners have been selling off their holdings, further intensifying the selling pressure. Despite these setbacks, Bitcoin has still gained an impressive 98% year-to-date. The focus now shifts to the crucial $40,000 support level, with hopes that the upcoming Bitcoin halving in April will trigger a bullish rally.

The Ethereum ETHUSD price has fallen recently but is currently trading above a significant support level. It is still within a short-term bullish pattern, leaving the possibility for a breakout in the future. The price increase led to a breakout from the ascending parallel channel, but it was short-lived, creating a bearish candlestick and validating the channel as resistance. Ethereum is now approaching an important horizontal support area. The RSI indicator suggests a mixed reading, with the indicator falling but still above 50. Analysts are divided on the future trend, with some emphasizing the significance of the $2,400 level and others anticipating an OBV breakout. The six-hour chart shows Ethereum trading within a descending wedge, which is a bullish pattern. The recent bounce at the wedge's support trend line confirms its relevance. However, the RSI is still below 50, failing to confirm a reversal. If Ethereum breaks out, it could reach the channel's resistance trend line at $2,700, resulting in a 9% increase. On the other hand, closing below the wedge's support line at $2,410 may trigger an 8% drop towards the channel's support trend line at $2,300.

Former IcomTech CEO Marco Ruiz Ochoa has been sentenced to five years in prison for his involvement in a crypto Ponzi-like scheme. Ochoa took advantage of the cryptocurrency hype to deceive unsuspecting investors into participating in the fraudulent IcomTech pyramid scheme. This sentencing serves as a stern warning to others considering engaging in similar illegal activities. Ochoa was also ordered to forfeit $914,000 in criminal proceeds and will be subject to two years of supervised release after serving his prison term. IcomTech falsely promised profits through crypto trading and mining, but in reality, the business did not exist, and investor funds were utilized for personal expenses and other fraudulent activities. Promoters of the scheme created an illusion of success by showcasing expensive cars and luxury attire at events. Despite numerous complaints from investors, Ochoa and his associates continued to solicit investments until IcomTech's eventual collapse in 2019. This case also drew attention from the Commodity Futures Trading Commission, which brought charges against Ochoa and other executives involved. The group specifically targeted Spanish-speaking communities in their fraudulent activities.

Former IcomTech CEO sentenced to five years in prison for his role in crypto Ponzi-like scheme Former IcomTech CEO Marco Ruiz Ochoa was sentenced to five years in prison for his role in promoting the crypto firm which promised returns for investors, but federal prosecutors say was run more like a Ponzi scheme. Ochoa, 35, was sentenced on Friday before a U.S. district judge after pleading guilty in September to wire fraud. "Ochoa took advantage of the hype around cryptocurrency to con unsuspecting victims into investing in the IcomTech pyramid scheme. This significant sentence sends a message to anyone considering following in his footsteps: that path leads to serious prison time," U.S. Attorney Damian Williams said in a statement on Friday. Ochoa was also sentenced to two years of supervised release and was ordered to forfeit $914,000 in criminal proceeds, according to the Justice Department. IcomTech, an alleged crypto mining and trading company, promised investors profits in exchange for their purchase of "purported cryptocurrency-related investment products." Ochoa, along with others, promised profits from the companies’ crypto trading and mining arm that they said would result in daily returns. IcomTech's crypto trading and mining business did not exist, prosecutors said, and investor money was used for other schemes and personal expenditures. Promoting the company Promoters for IcomTech showed up to events in expensive cars and wearing luxury clothes in a move to appear successful, prosecutors said. "The atmosphere of these events was festive and designed to generate excitement about the schemes," they said. When investors began trying to withdraw money in 2018, they were then met with excuses, delays and hidden fees. "Despite these complaints, IcomTech promoters, including Ochoa, continued to promote IcomTech and accept victims’ investments," prosecutors said. By the end of 2019, IcomTech collapsed. The Commodity Futures Trading Commission also brought charges against Ochoa, and other IcomTech executives including David Carmona, Juan Arellano Parra and Moses Valdez in May. The CFTC said the group targeted Spanish-speaking communities. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

@mmndmm "Hats off to Bitcoin for its versatility and recognition as a valuable asset, demonstrated by major players like Coinbase Prime serving as a crucial hub for the ETF market, solidifying Bitcoin's position in mainstream financial infrastructure."

Grayscale has begun moving Bitcoin out of its trust and sending it to Coinbase as of 2 p.m. GMT, Jan. 12. A total of 4,000 BTC (roughly $200M) has been sent as of press time, with all Bitcoin going to Coinbase Prime, one of the key participants in the series of Bitcoin ETFs launched yesterday. Coinbase acts as the broker and trading counterparty for almost all ETF issuers, including Grayscale. Thus, it is likely that this transfer indicates outflows from the trust from sales yesterday. The last outflows before today were around 2 weeks again, where there were multiple transactions in and out of the Grayscale Bitcoin wallets. #Bitcoin

@crisangel_5 "Bitcoin continues to shine as a beacon of financial innovation, showcasing its resilience and adaptability in an ever-evolving market."

Digital asset enthusiasts and investors are tiptoeing around the new ETF, potentially awaiting more operational weeks to fully understand its impact and stability. The inaugural day also highlighted an undercurrent of enormous demand, evidenced by Coinbase conducting whopping Bitcoin transfers amounting to $7.7B (i.e., roughly 168,000 Bitcoins) Over-the-Counter (OTC), according to Founder & CEO of cryptoquant.com, Ki Young Ju. #Bitcoin

@bythenight "Market participants seem focused on the upcoming inflation data, overlooking current economic indicators."

MARKET PERSPECTIVE: Risk aversion psychology is driving price action as Wall Street is trading with losses in two out of its three major stock indices, decreasing from 0.06% to 0.40%. The Nasdaq 100 is an exception with a 0.25% increase. In the forex space, the U.S. Dollar Index (DXY), measuring the performance of the dollar against a basket of six currencies, rose by 0.26%, reaching 102.56 as U.S. Treasury bond yields declined. Economic data in the United States (US) is largely being overlooked by market participants, focusing on Thursday's inflation report. However, the US Department of Commerce revealed that the trade deficit for November narrowed more than estimated and compared to the previous month. The trade balance increased to -$63.2 billion from -$64.5 billion in October, expected to be -$65 billion. #BTC

@marinastoll15 The offshore yuan's decline to approximately 7.13 against the dollar, diverging from its seven-month peak, reflects investors' response to China's varied factory activity data, impacting on the foreign exchange market.

Chinese Yuan Slips Amid Mixed Data The offshore yuan slipped to around 7.13 per dollar, moving away from seven-month highs as investors reacted to mixed factory activity data in China. #Forex

@vanessavaquiz Hôm thứ Tư, Gazprom sẽ vận chuyển 42,4 triệu mét khối khí sang châu Âu qua Ukraine.

Gazprom to ship 42.4 mcm of gas to Europe via Ukraine on Wednesday #Futures

Dogecoin has gained significant momentum recently, with its skyrocketing value and widespread attention. Many enthusiasts are enthusiastically predicting that Dogecoin will continue to rise and reach unimaginable heights, symbolizing its journey To the Moon. Whether or not this prediction will come true remains uncertain, but it serves as a testament to the incredible influence and potential of cryptocurrencies in our modern world. The Dogecoin community's enthusiasm and unwavering support demonstrate the power of collective belief and the impact it can have on the market. Only time will tell if Dogecoin will truly reach the moon, but its journey so far has undoubtedly captured the attention and imagination of many.

Dogecoin To The Moon 🌙✨

@hvy_gorilla Bitstamp has witnessed a significant influx of XRP deposits worth millions, indicating increased investor interest, following a notable 5% surge in the price of Bitcoin.

Millions of XRP Deposited to Bitstamp as Price Rises 5% #bitcoin

@vanessavaquiz In the first trading session of the year, sugar prices have seen gains, and arabica coffee has also experienced an upward trend.

Sugar gains in the year's 1st trading session, arabica also up #Futures

According to the new infrastructure bill signed into law by President Joe Biden, individuals who engage in digital asset transactions exceeding $10,000 will now have to comply with IRS rules and report these transactions. This step aims to ensure transparency and accountability in the crypto space. #Bitcoin #Crypto

IRS rules require reporting data from $10k crypto transactions in 2024 Aspects of the infrastructure bill signed into law by United States President Joe Biden are now in effect — including provisions requiring many digital asset transactions worth more than $10,000 to be reported to the Internal Revenue Service (IRS). #Bitcoin #Crypto

Grayscale Investments has recently made updates to its spot bitcoin ETF application, aiming to be considered in the first round of decisions by the SEC. Although the firm is actively seeking approval, it has failed to provide certain crucial information that the SEC requires, such as details regarding authorized participants. This omission sets Grayscale apart from other asset managers who have complied with the regulatory demands. #NFTCommunity #BTC

Grayscale Updates Spot Bitcoin ETF Application but Left out Some Key Information Crypto asset management firm Grayscale Investments has updated its spot bitcoin ETF filing in hope of being included in the initial round of decisions by the U.S. Securities and Exchange Commission (SEC). However, the firm has omitted some key information that the SEC reportedly wants included in the filing, which several other asset managers have disclosed, including details relating to authorized participants. #NFTCommunity #BTC