GM friends.
Still hung-over from Bitcoin’s epic price party on Monday? Well, don’t worry because we’ve got an after-action debrief so you can make sense out of all this positive price action.
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Now, let’s get on with the show!
Here’s what’s in today’s issue:
- David & Sam share their thoughts on why Bitcoin pumped to 35k, pro-crypto politicians rising, Grayscale and FTSE Russel creating crypto indexes, BlockFi beginning to repay creditors, a new hybrid exchange called GRVT launching soon, Base going open source, the US Treasury Department targeting crypto mixers, Binance halting their VISA card in Europe & a $3.8 million token.
- 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 the best countries for crypto taxes
- Defi Dad has a tutorial for you on how to earn up to 8.38% APY with Marinade Finance.
- Jesse has a ton of hot new airdrops for you.
For any crypto related questions please comment on the website.
Thanks to Phemex for sponsoring today’s newsletter.
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Four Reasons Why Bitcoin Pumped to $35K
Bitcoin put in an absolutely MASSIVE God candle on Monday, pumping from $30K to $35K, or 15.9%, over the course of about 17 hours. What a day. I couldn’t focus on anything else.
We’re back to prices not seen since May 2022, which was the bottom range during the 21/22 bull market. It’s so good to be back!
Now that we’ve had a few days to absorb this incredible price move, let’s discuss the four things that caused it.
1. News of BlackRock’s “IBTC” ETF Ticker on the DTCC Website
On Monday, Eric Balchunas, a senior ETF analyst for Bloomberg, posted on X that BlackRock’s proposed spot bitcoin ETF ticker – IBTC – appeared on the Depository Trust & Clearing Corporation (DTCC) website.
DTCC is the clearinghouse responsible for processing U.S. securities transactions, and every U.S. security gets listed with DTCC. However, the appearance of BlackRock’s ticker doesn’t guarantee an ETF approval, because this is standard practice for every ETF application.
Interestingly, BlackRock’s ticker information was removed from DTCC’s website by late Tuesday morning, and then it all reappeared again by the end of the day.
Additionally, Coindesk is reporting that a DTCC spokesperson is claiming that all this information has been on their website since August.
2. BlackRock “Seeding” their ETF in October
Also shared by Balchunas on Monday was BlackRock’s statement in their amended spot bitcoin ETF application that the company plans to “seed” their ETF in…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
