In This Issue
- David & Sam share their thoughts on Bitcoin going to $120K by the end of 2024, recent spot Bitcoin ETF happenings, Ethereal L2 news, Prometheum’s federal investigation, Lightning Labs integrating AI and BTC, Gemini suing DCG, Circle’s wallet-as-a-service, Sega backing away from web3 gaming & Gutter Cats getting drained.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on how restaked Ether allows anyone to tap into Ethereum’s security.
- Defi Dad has a tutorial for you on how to earn 1.5X staking rewards with ETHx by Stader.
- Jesse has a ton of hot new airdrops for you.
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The News Now
Bitcoin to $120K by End of 2024
Standard Chartered, a UK-based multinational bank, dropped a new research report on Monday. In it, they predicted bitcoin could reach $50K by the end of 2023, and $120K by the end of 2024.
This new prediction is a 20% mark-up from an earlier prediction the bank made this past April, where they forecasted a $100K bitcoin by the end of 2024. In the April report, Standard Chartered said bitcoin was benefiting from its status as a “branded safe haven, a perceived relative store of value and a means of remittance.”
On Monday, the bank justified their latest $120K prediction by arguing that rising bitcoin prices means miners can sell less bitcoin in order to cover costs and expenses. Thus, miners will be able to keep more bitcoin on their books. Additional hoarding means a tighter supply. And a tighter supply means higher prices.
Standard Chartered’s belief that miners want to stack sats aligns with a story we discussed in our June 28th newsletter concerning Canadian bitcoin miner Hut 8. TLDR, the firm is taking out new credit lines in order to avoid tapping its 9.1K BTC reserves before the 2024 halving.
Recent Spot Bitcoin ETF Happenings
Last time we discussed the spot bitcoin ETF news, we looked at BlackRock’s refiling and Larry Fink calling bitcoin an “international asset”. Here’s what’s happened since.
On Monday, CNBC interviewed Jay Clayton, a former SEC chair under the Trump administration. Part of Monday’s interview centered on the prospect of the SEC approving a spot bitcoin ETF. Here’s the meat of the conversation:
- Reporter: “Can [the SEC] say no to a spot [bitcoin] ETF?”
- Clayton: “If [the applicants] are right that you can demonstrate that the spot market has similar efficacy to the futures market, it would be hard [for the SEC] to resist a [spot] bitcoin ETF.”
Let’s put Clayton’s words into context. According to the SEC, the reason a spot bitcoin ETF has not been approved is because no applicant has proposed a sufficient plan to combat fraud or market manipulation. However, the SEC has been happy to approve multiple bitcoin futures ETFs, including a 2X leverage bitcoin futures ETF, which began trading on June 27th. Hence Clayton’s words about an applicant needing to show that the spot bitcoin market is as efficacious as the futures market.
Which brings us to our next story . . .
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