crypto digest

Bitcoin has surged 170% since ECB’s ‘Last Gasp’ at $16.4K

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BlackRock secures $100K seed funding for Bitcoin ETF: What else did SEC filing reveal?

BlackRock, the world’s largest asset manager, reported receiving $100,000 in seed funding from an undisclosed investor for its Bitcoin exchange-traded fund (ETF) in October 2023, as detailed in the latest SEC filing.

The filing revealed that the investor agreed to buy 4,000 shares at $25.00 each on Oct. 27, 2023, acting as a statutory underwriter for the Seed Creation Baskets. Additionally, BlackRock outlined plans to pay the sponsor’s fee by borrowing Bitcoin or cash, aiming to mitigate any substantial impact on BTC price.

In a surprising turn of events, the settlement of trade credits will incorporate a financing fee calculated based on the federal funds target rate, described by a famous ETF analyst Eric Balchunas as an “interesting development in the nerdiest way”.

CME Bitcoin Futures open interest nears 2021 record high

CME Bitcoin futures open interest has surged to $5.2 billion, just $200 million short of its October 2021 peak. Over the past month, this growth from $3.63 billion to $5.2 billion closely tracked Bitcoin’s 26% price increase, currently trading above $43,000.

In October 2021, the open interest escalated from $1.46 billion to $5.45 billion, coinciding with Bitcoin’s substantial leap from $45,000 to $66,000. However, while the surge hints at renewed Bitcoin interest, it remains unclear how CME traders’ positions stand, with the latest report showing significant short positions compared to longs. Investors eagerly await CME’s forthcoming report for a clearer picture.

ARK Investment Management sells 237,000 Coinbase shares at $140

ARK Invest, a company aiming to launch a Bitcoin ETF in 2024, recently cashed in on its Coinbase stock holdings. On December 5, ARK sold approximately 237,572 shares of Coinbase across its ARK Innovation ETF (ARKK), ARK Fintech Innovation ETF (ARKF), and ARK Next Generation Internet ETF (ARKW), yielding at least $33 million with Coinbase closing at $140 per share.

This sell-off stands among ARK’s most significant daily sales in 2023, trailing only behind the large sales on July 14 and July 17 when they sold 478,356 and 248,838 shares, respectively, at around $105 per share. Coinbase’s stock has been on an upward trajectory, reaching a record high of over $147.4 on December 5, marking its highest point since April 2022. The crypto exchange’s stock has soared by 280% year-to-date and surged by nearly 70% in the last 30 days, according to TradingView.

Bitcoin has surged 170% since ECB’s ‘Last Gasp’ at $16.4K

As of Wednesday, BTC has remarkably soared by almost 170% since the European Central Bank (ECB) warned of its anticipated “irrelevance”.

The ECB’s note, published on Nov. 30, 2022, highlighted Bitcoin’s value at $16,400, predicting a further downfall, asserting that the cryptocurrency’s seeming stabilization marked its “last gasp” before irrelevance. Ironically, BTC initially dropped but swiftly recovered, boasting a 70% surge in Q1, 2023, reaching its highest point since April 2022, defying the ECB’s premature prognosis. At the time of writing, with a value of $43,800, Bitcoin has surged 66% higher than when the ECB sounded the alarm.

comparing SMA, WMA, and EMA: understanding different moving averages

moving averages

When comparing SMA vs. EMA, the EMA is more responsive to recent price changes, while the SMA is slower to react. The WMA, on the other hand, falls between SMA and EMA – since the indicator assigns more weight to recent price fluctuations, it reacts faster than the SMA, yet remains slower than EMA. This means that the latest price action is more important, causing it to move more quickly.

A faster Moving Average, such as the WMA or EMA, is advantageous for short-term trading. In contrast, an SMA, smoother in nature, is considered more suitable for long-term trading.

Although WMA and EMA may appear similar at first glance, they yield distinct signals on the chart. Understanding the various types of Moving Averages allows us to interpret these signals accurately.

Discover the intricacies and differences between various moving averages – Simple Moving Average (SMA), Exponential Moving Average (EMA), and Weighted Moving Average (WMA) – in our comprehensive article below!

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top crypto meme of the week

crypto meme

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December 7, 2023

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