Bitcoin starts the year on the rise, Michael Saylor sells stocks to buy more Bitcoin, and one blockchain guy is about to buy a memecoin?! This week we bring you these stories and more in cryptocurrency.
Bitcoin’s Strong Start to 2024
Bitcoin has started the new year with an impressive run amid optimism over expected ETF approval, increased risk appetite due to interest rate cuts, and the rapidly approaching halving. BTC has pulled back slightly after reaching a 21-month high just below $46000 on Tuesday. Bitcoin ended the year with a gain of 156%, its best annual performance since 2020.
US Spot Bitcoin ETF Countdown
US investment firms, stock exchanges, and the SEC have finalized applications for a spot Bitcoin ETF with the expectation that it will secure regulatory approval. SEC members are expected to vote on the filings this week, as January 10 is the approval deadline for ARK Invest and 21Shares products. However, sources stressed the confidentiality of the ongoing talks.
Goldman Sachs Invests in Bitcoin ETF
Following JP Morgan and Jane Street, another major investment bank, Goldman Sachs is in talks to become an authorized participant in spot Bitcoin ETFs from institutions like BlackRock and Grayscale. Approved participants will have the right to create and redeem shares of the Spot Bitcoin ETF, a product of 14 asset managers awaiting SEC approval.
Vitalik Buterin’s Ethereum Vision
Ethereum co-founder Vitalik Buterin unveiled Ethereum’s 2024 roadmap, highlighting six key aspects: Merge, incorporating proof-of-stake consensus, remains a core focus for its simplicity and durability. Buterin also wants to bring back the original idea of the cypherpunk revolution to blockchain with more privacy-preserving solutions.
Bankrupt Lenders Turn to Bitcoin Mining
A U.S. bankruptcy judge has given the green light to Celsius Network’s foray into Bitcoin mining, allowing a shift from its previously approved bankruptcy strategy. Celsius, one of the cryptocurrency lenders set to go bankrupt in 2022, was forced to change its plans after the SEC rejected its initial proposal. The judge ruled that the bankruptcy plan approved since November was flexible enough to accommodate a shift to Bitcoin mining as a backup strategy.
Saylor Sells MicroStrategy Stock for Bitcoin
MicroStrategy co-founder Michael Saylor plans to sell $216 million in stock options for the company and use the proceeds to purchase more Bitcoin with his personal assets. Saylor plans to exercise and sell 5,000 shares each day from January 2 to April 25, with the goal of fulfilling personal commitments and increasing his Bitcoin holdings before the stock options expire.
Avalanche Foundation Considers Memecoin
The Avalanche Foundation is considering purchasing memecoins under its ‘Culture Catalyst’ initiative. Inspired by the recent surge of tokens on Solana like BONK and Dogwifhat, the idea is to support coins that inspire internet culture beyond utility assets. This move is consistent with the foundation’s commitment to diversify its portfolio to encompass NFTs, RWAs, and various crypto assets. Promotes broad participation in the Avalanche ecosystem.
Bitcoin 15th Anniversary
15 years ago, Satoshi Nakamoto mined Bitcoin’s genesis block, ushering in the cryptocurrency era. Celebrated every year on January 3, this milestone reflects Bitcoin’s enormous impact on finance. Fifteen years later, BTC’s market capitalization is nearly $900 billion, giving rise to a $1.8 trillion cryptocurrency ecosystem that has reshaped digital assets and global financial markets.
This is what happened in the cryptocurrency market this week. I will see you next week.