Date Set for Oral Arguments in Grayscale’s Appeal of SEC’s Bitcoin ETF Decision; Celsius Developments
Bitcoin's (BTC) January price rally has analysts focusing on higher valuations last seen in mid-2022. Separately, a date has been set to begin hearing oral arguments in Grayscale Investment’s appeal of the SEC decision to deny the conversion of GBTC into an ETF. Grayscale and CoinDesk are both owned by DCG. Separately, Celsius Network is planning to reinvent itself as a new, publicly traded "recovery corporation" to exit the bankruptcy process.
Bitcoin Looks Bullish as Miner Sales Hit Three-Year Low
Bitcoin has rallied 30% in two weeks, according to CoinDesk data. This comes as on-chain flows tracked by analysts at cryptocurrency exchange Bitfinex show the amount of bitcoin transferred from miner addresses to wallets owned by exchanges has declined to multi-year lows. "All About Bitcoin" host Christine Lee breaks down the Chart of the Day.
Bitcoin Sees 30% Rally in Last 2 Weeks
Bitcoin (BTC) is holding steady near $23,000 for another day, while ether (ETH) remains above $1,600. Matt Weller, Global Head of Research at Forex.com, discusses his outlook for the largest cryptocurrency by market capitalization.
Brazil and Argentina to Discuss Possible Common Currency, Coinbase CEO Suggests Move to Bitcoin
As officials from Brazil and Argentina are considering the development of a potential common currency, Coinbase CEO Brian Armstrong suggested on Twitter, "if they would consider moving to Bitcoin," adding that would "probably be the right long term bet." "The Hash" hosts discuss the potential currency plan and the prospects of integrating crypto.
Craig Wright’s Blacklist Resembles Bitcoin ‘Kill Switch’ Satoshi Never Followed Through On
Bitcoiners are cringing at the fact that users of the rival Bitcoin SV (BSV) blockchain can now freeze and confiscate other users’ coins, thanks to the Australian computer scientist Craig Wright’s “blacklist manager” – a software tool for recovering lost or stolen coins. But did Satoshi Nakamoto, inventor of Bitcoin, suggest a similar “kill switch” feature 13 years ago? CoinDesk Bitcoin Protocol Reporter Frederick Munawa explains.
A Bullish Case for Bitcoin
Bitwise analysts see bitcoin starting a three-year bull run this year, based on past cycles when the price of the cryptocurrency has risen in advance of a bitcoin “halving,” which is when the reward for mining a block of bitcoin is cut in half. The next halving is expected to occur early in 2024.
Latest Sign of Strengthening Momentum in Bitcoin
Bitcoin's 14-day relative strength index (RSI) recently rose past 80 to its highest since 2019 after bitcoin (BTC) touched a two-month high, according to data from Trading View. This comes as Arcane Research considers this a "proper signal of strengthening momentum in BTC since the bull market of 2021." "All About Bitcoin" host Lawrence Lewitinn breaks down "The Chart of The Day."
