Bitcoin surpassed $40,000 for the first time in 19 months

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Bitcoin surpassed $40,000 for the first time in 19 months; As Binance’s market share fell, Coinbase’s increased; FTX and Alameda Execute $22 Million Crypto Asset Transfer

Bitcoin surpassed $40,000 for the first time in 19 months

Bitcoin reaches $41,000 for the first time since late April 2022

According to CoinGecko data, Bitcoin rose from below $39,500 to over $40,000 on 3 December, reaching a 19-month high.

This also marks a new one-year high for Bitcoin, which has risen more than 140% since 1 January. 

Markus Thielen, head of research at Matrixport, predicted in a 30 November note that Bitcoin will rise above $60,000 by April next year and reach $125,000 by the end of 2024.

“Historically, years when Bitcoin mining rewards are halved are usually bullish,” Thielen said. Bitcoin is expected to halve again in mid-April 2024 – when mining rewards are cut by 50 per cent

“Miners tended to hoard Bitcoin before each halving, prices rose +200%, which predicts that Bitcoin will reach $125,000,” Thielen said.

Bitcoin’s price milestone came amid speculation that a spot Bitcoin exchange-traded fund (ETF) will soon be approved in the United States.

There are 13 bidders for a spot Bitcoin ETF in the US – the latest being Swiss asset manager Pando Asset, which filed on 29 November. All are awaiting approval at the Securities and Exchange Commission and have met with the agency to work out details of their ETFs, including BlackRock and Grayscale.

Bloomberg ETF analysts give a 90% probability that all pending ETF offerings will be approved at the same time by 10 January.

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FTX and Alameda Execute $22 Million Crypto Asset Transfer

Lookonchain, a leading blockchain analysis firm, recently highlighted the active involvement of FTX and Alameda Research in a substantial crypto asset transfer amounting to $22 million. This diverse portfolio included cryptocurrencies such as $IMX, $GMT, $ETH, UNI, $SHIB, $BAL, $LOOKS, and $WOO.

In the aftermath of a declared bankruptcy, FTX and Alameda Research continued to strategically navigate the cryptocurrency landscape, orchestrating another significant transfer of digital assets to prominent exchanges. Since October 2023, the companies have engaged in noteworthy transactions involving 59 different tokens, accumulating a total value of $551 million.

In their latest series of moves, a $10.8 million transfer unfolded across platforms like Wintermute, Binance, and Coinbase. This transfer involved eight tokens, with allocations including $2.58 million in StepN, $2.41 million in GMT Uniswap’s UNI, $2.25 million in Synapse’s SYN, $1.64 million in Klaytn’s KLAY, $1.18 million in Fantom’s FTM, $644,000 in Shiba Inu’s SHIB, along with minor amounts in Arbitrum’s ARB and Optimism’s OP.

On October 24, FTX and Alameda wallets initiated a $10 million transfer to a single wallet address, subsequently redistributing the funds to Binance and Coinbase accounts. Another significant peak occurred on November 14, 2023, with a $24 million transfer of cryptocurrency assets resonating across Kraken and OKX exchanges. Facilitated by a US court-approved plan, these exchanges now possess the authority to sell digital assets, initially valued at up to $100 million, with the potential for expansion to $200 million, pending approval from the special committee.

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Despite reclaiming assets exceeding $5 billion, FTX faces a daunting situation, burdened by liabilities surpassing $8.8 billion. The gravity of this financial predicament is evident as FTX and Alameda navigate ongoing liquidations, making a formidable effort to address substantial debts while offering relief to creditors.

The outcome of this intricate liquidation process remains uncertain, creating anticipation within the cryptocurrency community as they eagerly await the resolution of this financial narrative.

Coinbase’s crypto market share increased as Binance’s crypto market share decreased!

Coinbase’s market share increased after the cryptocurrency exchange Binance signed a billion-dollar deal with US regulators last week. 

Binance and the US Department of Justice (DoJ) reached a $4.3 billion settlement on 21 November, resolving anti-money laundering allegations. 

Kaiko Research pointed out that other crypto exchanges have also seen an increase in their market share due to legal problems. 

The company recently published a report on Coinbase’s trade volume.

Coinbase’s market share increased at a time when US trading hours were closed, in the middle of the trading day in Europe and at the beginning of the trading day in East Asia.

Meanwhile, Bybit was also reported to have experienced significant changes during the day.

The report emphasised that Bybit increased its market share almost around the clock. 

Percentage change in BTC market share. Source: Kaiko Research

It was reported that Binance maintained its liquidity in all cryptocurrencies, despite facing legal challenges.

“Despite the increase in Coinbase’s volume, Binance continues to be the liquidity leader in both Bitcoin and altcoins,” the report said.

Some important names in the crypto industry think that the agreement between Binance and the DOJ is positive for the crypto community.

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Bitcoin surpassed $40,000 for the first time in 19 months; As Binance's market share fell, Coinbase's increased; FTX and Alameda Execute $22 Million Crypto Asset Transfer

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