2 years ago Bitcoin hit its all-time high.
Now, crypto is closing the door on the bear market like Fed chair J Powell dropping the f-bomb on climate protestors disturbing his speech:
The bull market looks to be back on with rumors we could go from 0 spot Bitcoin ETFs to 12 by next week.
The ETF narrative is showing no signs of slowing down.
Here is your weekend crypto update…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on the 12 new Bitcoin ETFs potentially getting approved, Chainlink’s parabolic rally, XRP ripping, Binance’s web3 wallet & Circle’s IPO comeback.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on whether or not Bitcoin Ordinals are back.
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👀 12 Bitcoin ETFs By November 17?
The 12 spot Bitcoin ETF applications could be approved sooner than you think.
An 8-day window just opened from November 9-17 where all spot Bitcoin ETFs could be approved at once by the SEC.
According to Bloomberg analysts, the end of the SEC’s comment period on the existing ETFs was November 8. Therefore, opening a short approval window until the first deadline approaches on 17 November for the remaining two ETFs: Hashdex and Franklin.
But even after approval, it could still take 1-2 months before an ETF is launched and available on the market to trade. So, we’re cutting it fine to see a Bitcoin ETF go live in 2023.
Bitcoin doesn’t care, it’s storming ahead anyway to another milestone.
BTC hit an 18-month high as the price hit $37K for the first time since May 2022. This is when Terra Luna collapsed and rumors began to circulate that Three Arrows Capital was going down.
And BlackRock is doing everything it can to keep us in bull market territory by taking steps toward a spot Ethereum ETF with a Nasdaq filing.
Because one thing Ethereum has that Bitcoin doesn’t is staking yield. It’s a pretty big move!
Whilst the SEC is actively working on the Bitcoin ETF applications, they’re struggling to hire crypto experts.
Get this, the SEC can only hire crypto experts willing to sell their crypto for the job. Good luck with that!
What are your thoughts on the BlackRock Ethereum ETF news? Reply to this email and let me know your thoughts.
🚀 Chainlink’s Parabolic Rally
Chainlink has broken its 28-month downtrend with weekly gains of 25% and 90% gains in a month! It’s now at a 19-month high.
Oracles are often overlooked and undervalued. They’re essential for mass Web3 adoption, but they certainly ain’t the shiny new thing.
Finally, it’s getting some attention. This is what’s been driving this insane LINK rally:
1. Grayscale’s Chainlink Trust
Institutional interest in LINK has skyrocketed. GLINK shares in Grayscale’s Chainlink Trust have been trading at a 200% premium compared to LINK’s market price.
2. Chainlink Partners with Vodafone
It’s been revealed that Chainlink has been used in a proof of concept with telecom giant Vodafone. It’s proved that blockchain technology can be helpful for trade.
Chainlink’s cross-chain interoperability protocol (CCIP) was used to send data to support trade processes. Vodafone has become a Chainlink node operator.
3. Chainlink Continues to Expand
Chainlink is continuing to integrate its CCIP data feeds with other chains.
It integrated with Coinbase’s Base network back in August, Sushi back in September, and now Scroll.
4. Whales Accumulating
Wallets holding over 1,000 LINK have reached a new all-time high of 27,152.
They know that each time the Parabolic SAR indicator has flipped bullish on LINK/USD, it’s gained 1,000%!
Chainlink will also be launching Staking v0.2 before the end of the year.
Priority migration starts on November 28, with early access from December 7 and general access from December 11.
🌍 XRP Ripping On Global Adoption
Ripple may be an oldie, but it ain’t slowing down!
World domination is still the goal and it’s delivering on its promise.
Here are 3 big moves Ripple has made on the global stage that’s seen XRP move up 33% in the past 30 days:
1. Ripple expands remittance payments
Ripple is expanding its capability for faster and cheaper remittance payments between 27 African countries, Australia, the UK, and the Gulf Cooperation Council (GCC).
It partnered with payments fintech company Onafriq to do so.
2. Ripple and HSBC team up
Global banking giant HSBC has partnered with tech company Metaco, which is owned by Ripple.
The plan is to launch a custody platform together in 2024 for institutions using tokenized securities.
3. Ripple takes part in CBDC pilot
Ripple has been selected to take part in a CBDC pilot project with the National Bank of Georgia.
Ripple will be the only tech partner included in the project.
📱 Binance Brings Out Web3 Wallet
Binance has launched its first-ever self-custody Web3 wallet.
It will work across 30 blockchains and can be used for staking, lending, and borrowing.
So, what about Trust Wallet? Binance acquired the self-custodial Trust Wallet in 2018. Binance’s new Web3 wallet will directly compete with the likes of MetaMask and Trust Wallet.
Here’s the difference: the Web3 wallet will only be available in Binance’s mobile app.
It will also remove the need for seed phrases by using multi-party computation (MPC).
This means the private key is split into three parts. One part will be held by Binance, one part will be stored locally on the user’s device and the third will get encrypted by the user’s recovery password and back up to their cloud storage.
Trust Wallet’s TWT token dumped by over 10% on the news.
📈 Circle’s IPO Comeback
It’s no secret that USDC issuer Circle wants to go from a private to a public company. But like with anything in crypto land, it’s all about timing.
So, eyeing up early 2024 makes sense as the target date for a stock market IPO.
The pre-halving and ETF momentum is an obvious opportunity to piggyback on.
Circle failed at an IPO attempt back in July 2021 as part of a $4.5 billion merger with Concord Acquisition. The deal was eventually declared off the table in December 2022 when the market was in peak fear.
Whilst Circle’s market cap has fallen from 56% from its peak in June 2022 of $55.9 billion, it is upping its stablecoin game.
USDC and EURC have been upgraded this week to v2.2. With improvements made to account abstraction, security, and lower gas fees. Circle is hoping this time will be different.
Existing Projects / Tokens
- Arbitrum [ARB] has lots of things in the works, so it might be a good idea to take another hard look at this L2. First, the $50 million ARB incentives program is now live. Second, Arbitrum’s Stylus upgrade, ETA by the end of 2023, will allow for the deployment of programs written in Rust and C++ to operate on Arbitrum. And third, EIP-4844, set for Q1 2024, will further reduce Arbitrum’s transaction fees.
- Chainlink [LINK] trading on Hong Kong’s HashKey Exchange begins November 10th at 4:00 p.m. via a LINK/USD trading pair. Initial trading will be for professional investors only (>$1M USD in available trading funds), but given recent statements from Hong Kong regulators, don’t be surprised if this trading soon opens up to Hong Kong’s retail community.
- GMX’s incentive program is now live. The program includes amplified ARB rewards, boosted esVKA emissions, a GLP compound strategy, and value accrual to VKA stakers. Part of GMX’s incentive funds comes from the larger Arbitrum incentives program, discussed above. GMX was one of the Arbitrum’s recipients.
- Illuvium [ILV] has two big announcements. First, Illuvium is officially live on Epic Games Store, the latter of which boasts 180 million users. Second, Illuvium’s PvP battle royal experience drops on Epic’s Store on November 28th. Illuvium’s developers say the PvP experience will run as smooth as other AAA games, even though the game is built on Ethereum.
- KAVA is now integrated with Injective to expand stablecoin interoperability between the two blockchains. This means that Kava’s native USDt can be used across Injective’s ecosystem with Kava rewards distributed to those users. Additionally, a couple of Kava’s perpetual pools (BTC/USDT, ETH/USDT) are now live on Injective.
- Polygon [MATIC] has partnered with Near Protocol to build a zkWASM prover to work on Ethereum. This prover will create a seamless liquidity bridge between Ethereum and Near. It will also allow developers to build and deploy dapps onto Polygon that are written in various non-native programming languages. Long story short, this partnership facilitates further economic growth for Polygon (and Ethereum and Near).
- Ripple [XRP] just announced a new partnership with Onafriq that will use Ripple’s crypto payments infrastructure for remittance payments between Africa and PayAngel in the U.K., Pyypl in the Middle East, and Zazi Transfer in Australia.
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Are Bitcoin Ordinals Back?
Bitcoin Ordinals function like NFTs on Bitcoin, and they appear to be making a comeback, with a big surge in trading volume leading them to overtake Ethereum NFTs.
This comes as BRC-20 tokens on Bitcoin have also been making gains, and in some cases have been listed on centralized exchanges.
As Ordinals first launched at the start of 2023, in a bear market, but have been developing constantly since then, there is anticipation to see how they perform in bullish conditions.
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