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Spot Bitcoin ETFs Approved! Bitcoin dumps??
Everyone is asking the same question...what went wrong!? 😤 With $3.6 billion in volume on the first day of trading, Bitcoin ultimately decreased by 13% by Friday
Jonathan Hamblin
January 13, 2024
Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where we get kicked out of the family reunion for talking about Bitcoin for two hours straight. 😅
Now, that we are done reliving that memory…
Let’s take a look at our important topics for this week!
Select one if you would like to skip ahead!
Based on Market Movement and Overall Volume
🤓💡 Interesting Fact of the Week: From the time that Bitcoin was developed in 2009 to now, there are over 12,000 cryptocurrencies in existence! 🤯
That is an average of 800 new cryptocurrencies every year!
Click here to view them all!
Spot Bitcoin ETF Controversy
So, Tuesday was a very interesting day to say the least… 😅
The U.S. Securities and Exchange Commission’s official X account sent a message that the spot Bitcoin ETFs had been approved!
Come to find out, the account had supposedly been “compromised”, according to @GaryGensler.
Many investors were skeptical of this “compromise” and believed it could be an excuse to dump the price of Bitcoin over the anticipation of the ETFs. 😮
Overall, it was very frustrating. 😤
Spot Bitcoin ETFs Launch!
On the positive side, 11 Bitcoin-Spot ETFs have been approved and started trading last Thursday! 🚀
Click the highlighted ticker symbols below to learn more about each!
ARK 21Shares Bitcoin ETF (NYSE:ARKB)
Bitwise Bitcoin ETF (NYSE:BITB)
Blackrock’s iShares Bitcoin Trust (NASDAQ:IBIT)
Franklin Bitcoin ETF (NYSE:EZBC)
Fidelity Wise Origin Bitcoin Trust (NYSE:FBTC)
Grayscale Bitcoin Trust (NYSE:GBTC)
Hashdex Bitcoin ETF (NYSEARCA:DEFI)
Invesco Galaxy Bitcoin ETF (NYSE:BTCO)
Valkyrie Bitcoin Fund (NASDAQ:BRRR)
Wisdom Tree Bitcoin Fund (NYSE:BTCW)
In the first day of trading, the 11 spot Bitcoin ETFs combined generated over $3.6 billion in trading volume and $7.6 billion by the end of the second day! 😲
Now, the question on everyone’s mind is…
🥁 drum roll, please…
Why are we not on the moon yet? 🤷♂️
There are two ways to view it.
There was a lot of hype on launch day of the ETFs, and Bitcoin did go to $49,022.57, but the momentum did not continue. 💔
Because it didn’t, investors may have sold in fear or to take profits as they knew there would be resistance at $50,000.
On the other side… 🤔
We are experiencing a healthy pullback in the market from the previous overextension, and we will see upward momentum in the weeks to come.
🧠 Remember! Bitcoin has made it this far without a spot ETF! Don’t let FUD (fear, uncertainty, and doubt) discourage you or sway your decision making. 💪
So…what is next for Bitcoin?
Looking at the chart, we have a wicking candle that is projecting bearish, or downward, movement.
Boo…👎
However, Bitcoin can bounce back! 😊
Let’s take a look at the monthly chart below.
Monthly Candlesticks for Bitcoin/USD on Binance
We are still holding a bullish trend, but we have a current wicking candle the size of Texas. 😂
Let’s stay positive.
To keep the trend moving forward, according to the chart, we need to enter February at $46,000 or higher.
If it is below, it will break the “Support 1” trendline and hopefully we build support above “Support 2”.
Diamond hands, no panic selling! 💎
…Not financial advice 😊
Are We Being Played?
📢 It’s that time of the week again!
🔮 Grab your crystal ball as we take a look at this week’s community poll!
There are positive and negative views about the spot Bitcoin ETF.
Do you believe that this is a positive move for Bitcoin and cryptocurrency overall? 🤔
Make your Selection Below |
Ethereum Forecast
This is NOT a call to action! Read our Disclaimer.
Please note: There are rumors about a potential Ethereum ETF.
The potential high price above would place Ethereum’s market cap at $750 billion with the increase in supply.
Ethereum could achieve a $1 trillion market cap with the right pressure.
🧠 Remember! This is only a projection, this is not the exact numbers that we saw in our crystal ball, I mean in the conducted analysis. 😅
⚠️ This is NOT a call to action! The potential high price stated above is subject to change based on outside variables.
Cryptocurrency 101
📚 Class is in session!
This week’s lesson is covering a few basics in cryptocurrency!
At Bull Market Bytes, we take education seriously and want everyone to be prepared for the upcoming bull market run! 🐂
Feel free to skip ahead!
Our topics for this week include:
What is a cryptocurrency?
Cryptocurrency is a digital currency that uses blockchain technology as a “virtual ledger” to record and verify transactions.
Each cryptocurrency has variables that make it unique, such as its purpose or utility.
Researching cryptocurrencies
There are multiple “reporting websites’ but the main one is CoinMarketCap.
This website provides information such as the current price and circulating supply along with the exchanges that offer the specific cryptocurrency.
Click here for the list of cryptos.
Click here for the list of crypto exchanges.
Which variables to research
If viewing on CoinMarketCap, when a cryptocurrency is selected, the first variables to look at are:
💰 What is the current and past price?
🔄 What is the circulating and total supply?
📊 What is the daily volume?
The price and circulating supply are important because those multiplied together show the market cap or overall value.
The volume shows the level of activity/interest. 👍
⚠️ Caution: There are cryptocurrency projects that manipulate their volume!
They will buy and sell to increase volume, but it is the same money going in and out.
Let’s break down the image below. Click here to see the real-time pricing and variables of Bitcoin. 👇
Screenshot of Bitcoin on the CoinMarketCap Website
Market Cap - The overall market valuation.
Volume - The dollar amount for the transactions (buys and sells) that have taken place in the past 24 hours.
Circulating Supply - The number of coins that are freely being exchanged.
Total Supply - Same as the circulating supply but includes burned coins.
Maximum Supply - The number of coins that will ever be in existence.
Whitepaper - The business document that provides further insight.
💯 Want to continue this lesson and take your education to the next level?
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Ready for your lesson review?
📚 Make sure to review the lesson above before answering!
Question: What is shown when you multiple the current price and the circulating supply?
Make your Selection Below |
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