📈 Bitcoin Hits 17-Month High! What's Next?

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Bitcoin is back in the spotlight, reaching a remarkable 17-month high, effectively recovering from the losses it experienced during the previous year's market downturn. Arthur Hayes, the former CEO of crypto exchange BitMEX, emphasized that Bitcoin is at a pivotal juncture that could potentially propel it to a $1-million price point.

FTX is currently in negotiations to revitalize its trading platform. Three prospective bidders have stepped forward with proposals to reinvigorate the once-thriving platform. And there's good news from the crypto lending sector. BlockFi announced on Tuesday that it has successfully emerged from bankruptcy.

Let’s dive in 👇️ 

Markets

A Wild Few Minutes Drive Bitcoin Above $35,000 (2 minute read)
Bitcoin ignited excitement as it surged past the $31,000 mark on Monday. What followed was a rapid ascent in its price, as it surpassed $32,000, $33,000, $34,000, and ultimately reached $35,000 within a matter of minutes. Perpetual contracts on Binance's exchange came close to reaching $36,000. These levels marked a return to the price range last witnessed in May 2022, prior to a series of negative events involving Terra-Luna, Three Arrows Capital, Genesis, and FTX, which had cast doubts on the industry's viability and pushed BTC towards $15,000. However, there has been a notable improvement in sentiment, driven in large part by the anticipation of bitcoin ETFs, which proponents argue will significantly simplify BTC acquisition, potentially expanding the pool of potential investors in a substantial manner.

Bitcoin rises to 17-month high as ETF optimism soars (4 minute read)
On Tuesday, Bitcoin reached a 17-month high, effectively recovering from the losses it experienced during the previous year's market downturn. Ilan Solot, co-head of digital assets at Marex, a London-based brokerage firm, noted that the acceptance of a spot Bitcoin ETF application by the SEC could serve as a validation of Bitcoin as an established asset class, placing it on par with other traditional asset classes. Furthermore, such an approval could bring about greater legitimacy and oversight in the crypto sector, allowing major institutions to participate more actively.

‘This is the trigger’ — Arthur Hayes says it’s time to bet on Bitcoin (3 minute read)
Arthur Hayes, the former CEO of crypto exchange BitMEX, recently emphasized that Bitcoin is at a pivotal juncture that could potentially propel it to a $1-million price point. In his blog post titled "The Periphery," released on October 24, Hayes asserted that Bitcoin is sending a clear signal to the markets, one that goes beyond mere speculation about ETF approvals. He suggests that Bitcoin is effectively pricing in the possibility of a future marked by significant inflation and even a global conflict. Notably, Hayes is renowned for his predictions regarding the trajectory of global economics in the post-COVID-19 era, particularly in times of inflationary pressures.

Tech

FTX in Talks to Revive Crypto Exchange Despite Past Turmoil (2 minute read)
FTX is currently engaged in negotiations aimed at revitalizing its trading platform. Three prospective bidders have stepped forward with proposals to reinvigorate the once-thriving platform. FTX is expected to make its final decisions on the path forward by mid-December. Various options are under consideration, including the potential sale of the entire crypto exchange, given its substantial customer base of over 9 million users. Alternatively, there's the possibility of forming a partnership to relaunch the platform, or FTX may opt to proceed independently.

Navigating the NFT market dip: a shift towards utility (5 minute read)
During a period of market downturn, NFT projects are exploring innovative approaches to redefine their value and utility. Non-fungible tokens, or NFTs, have been a topic of significant discussion in recent years, serving as digital certificates for art, collectibles, and virtual gaming assets. The year 2021 saw an extraordinary surge in public fascination with NFTs, resulting in record-breaking sales. Given the recent dip in the broader crypto market, projects are now turning to utility as a means of ensuring their survival.

Misc

BlockFi can begin repaying creditors after emerging from bankruptcy (2 minute read)
Crypto lending firm BlockFi, which faced the challenge of suspending withdrawals last year following the FTX exchange's collapse, announced on Tuesday that it has successfully emerged from bankruptcy, marking a significant step toward repaying its creditors. In a blog post, the company expressed its pride in reaching this crucial milestone after extensive efforts from its management, advisors, and stakeholders over the past 11 months. BlockFi, which has been meticulously crafting its bankruptcy plan for months, is now poised to initiate a structured wind-down process and pursue the recovery of assets from entities such as FTX and Three Arrows Capital. The firm will also resume the distribution of digital assets to its clients, with withdrawals currently accessible to nearly all Wallet customers.

AllianceBernstein calls bitcoin a ‘safe haven asset,’ (2 minute read)
Asset management firm AllianceBernstein issued a memo on the previous Monday, openly praising Bitcoin over gold and categorizing the cryptocurrency as a "safe haven asset." Analysts at AllianceBernstein underscored Bitcoin's intrinsic value, grounded in its limited supply of 21 million coins, often referred to as its "hard money properties." The memo highlighted Bitcoin's consistent outperformance of gold since its inception, noting that over the last three years, while gold remained relatively flat, Bitcoin surged by 150%, even despite a 60% drawdown in 2022. Furthermore, over the past five years, Bitcoin demonstrated five times better returns than gold. It's worth noting that this analysis was conducted prior to the recent multi-day rally in Bitcoin.

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