- December 24, 2023
- Posted by: [email protected]
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Bitcoin (BTC) encountered a slight dip, trading at $43,623 with a 0.83% decrease on Saturday, marking a dynamic turn of events in the cryptocurrency realm. This dip coincided with a surge in stock prices and a decline in the value of the US dollar, aligning with the approaching long holiday weekend.
Simultaneously, in a significant legal development, a judge has mandated Craig Wright to pay over $1 million, citing new evidence related to the mysterious identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
As these events unfolded, Hashdex, in ongoing discussions with the SEC, chose BitGo as the custodian for its forthcoming Bitcoin ETF, underscoring further institutional advancements within the Bitcoin ecosystem.
Global stock indexes displayed mostly positive trends on Friday, with the US dollar reaching a nearly five-month low, driven by weaker-than-expected US inflation data. The Commerce Department reported a decline in US prices in November, marking the first drop in over 3.5 years and pushing the annual inflation rate below 3%. This data fueled investor optimism, hinting at a potential Federal Reserve interest rate reduction in the coming year.
The S&P 500 neared its all-time high, signaling a prolonged bull market. Although the Dow Jones experienced a slight dip, both the Nasdaq and S&P 500 recorded gains for the seventh consecutive week. The dollar index dropped to 101.7, reflecting a 2% decline from the previous year. In the cryptocurrency market, Bitcoin saw a minor drop to $43,623, slightly below its eight-month peak, influenced by broader market trends and the dollar’s decline.
The ongoing legal saga involving Craig Wright and Bitcoin Core developers, coupled with the introduction of new evidence, is creating ripples in the Bitcoin market. The trial postponement to February 5, 2024, and the admission of additional evidence have been met with investor enthusiasm, particularly Wright’s order to pay over $1 million in legal fees.
Investors view these developments as bullish signals, fostering optimism about Bitcoin’s market value. The legal proceedings are closely monitored for potential revelations about Bitcoin’s origins and ownership, with expectations of a positive impact on its market value.
In a noteworthy move, Hashdex updated its Bitcoin exchange-traded fund (ETF) proposal, selecting BitGo as the custodian for the formerly titled Bitcoin Futures ETF, placing BitGo ahead of competitors like Coinbase and Gemini.
Anticipation surrounds the SEC’s decision, with major industry players like BlackRock and Fidelity meeting a December 29 deadline for ETF proposals. This, coupled with the Ark 21Shares deadline set for January 10, 2024, raises expectations for potential spot Bitcoin ETF approvals.
The positive momentum in the ETF landscape is anticipated to contribute to Bitcoin’s market performance, amplifying bullish sentiment in the crypto space.
Bitcoin maintains its resilience in the cryptocurrency market, consistently staying above the critical $43,000 threshold. Noteworthy support levels around $43,000 affirm this stability, with resistance levels at $43,500, $44,700, and $46,000 on the upward trajectory. Technical indicators, including the Relative Strength Index (RSI) and the 50-Day Exponential Moving Average, suggest a short-term bullish trend, supporting expectations of Bitcoin challenging resistance near $43,500 and potentially surpassing it in the near future.
