Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro, says:
MOVERS
Bitcoin experienced a wild week of price movement last week, first spiking higher and breaking the $45,000 price level for the first time in two years, before then reversing 8% the following day on the back of chatter on X with a prominent analyst expressing the view that the long-awaited Bitcoin spot ETFs won't be approved. This seemed to have spooked some investors, leading to a sell off.
Bitcoin price action has now actually pushed higher and is currently trading around the $47,000 mark.
Similarly other large cap cryptos followed suit. Ether rose 7% in the beginning of the week before then falling back 10%. It is now trading around $2,300.
WEEK AHEAD
We’re in for a massive week with one of the most significant events in crypto history taking place, the potential approval of a bitcoin spot ETF.
Wednesday 10th January is the set deadline for the SEC (US Securities and Exchange Commission) to approve the ARK/21 Shares ETF application, and if that application is approved it’s likely the other applications will also be given the green light.
The consensus among the crypto community is that if these bitcoin spot ETF applications are approved, this could trigger the floodgates to open, as institutional investors who have to a degree have been frozen out of the crypto space can now get exposure via a regulated instrument.
On the economic data front we also have the latest inflation print from the US on Thursday. We’ve seen in the past how the direction of crypto markets has been linked to the loosening or tightening of financial conditions. If we do see an inflation print lower than forecast (particularly core CPI - which removes the volatile food and energy components) this could be positive for cryptoasset prices, as market participants could further speculate that the Federal Reserve will take their ‘foot of the brake’ sooner and potentially make more interest rate cuts this year than indicated at the last FOMC (Federal open Market Committee) meeting back in December.
EYE-CATCHING STORIES
$1.2million USD worth of bitcoin sent to bitcoin genesis wallet by anonymous crypto user
An unknown crypto user sent 26.9 BTC (approx $1.2million) to the Bitcoin genesis wallet - the first wallet address ever created on the Bitcoin network.
The genesis wallet address was of course set up by Satoshi Nakamoto, the pseudonymous creator of Bitcoin, so it's unlikely the funds recently moved to this genesis wallet will ever be retrieved or moved again.
Since Satoshi’s disappearance back in December 2010 there has been no movement of funds from any wallet addresses associated with Satoshi Nakamoto.
Satoshi Nakamoto is believed to hold around 1.1million bitcoin (nearly $50billion at current prices), so whilst the recent 26.9 BTC moved to the genesis wallet is significant for some, it’s a drop in the ocean to Satoshi.
The information provided by KomuniK
If you’re searching for a hidden gem in Europe, Romania is calling your name. Tucked between the Carpathian Mountains and the Black Sea, this country is an untouched marvel, combining natural beauty, rich history, and endless opportunities for entrepreneurs and retirees alike. Romania offers a unique blend of modern life and ancient charm, making it […]
Let’s talk about the lack of connection with our body and how this is closely tied to burnout, plus, what to do about it. So often throughout the day, we live almost entirely in our minds. We’re focused either on what we have to do at the moment—tasks that increasingly demand mental effort over physical […]
Six men and one woman from Romania have been accused of recruiting dozens of children and adults from foster care centers, whom they then transported to Hungary, where they turned them into slaves, forcing them to work under inhumane conditions. The accused are from the localities of Ozun and Chilieni, Covasna County, Romania, and allegedly […]
The Museum of Collectivization, the first in Romania dedicated to the forced collectivization period of the communist era, is set to open a new wing, Corp B, funded through the EU-backed National Recovery and Resilience Plan (PNRR) and co-financed by the National Cultural Fund Administration (AFCN). With the new building, the museum located in Tămășeni, […]
Romania’s “Madrigal – Marin Constantin” National Chamber Choir, conducted by Anna Ungureanu, will be in Luxembourg and Belgium, as part of the “Bridges Across Europe/Punți peste Europa” European tour, where it will perform five extraordinary concerts. The performances will take place between November 20 and 25, with the help of the Ministry of Culture, the Romanian Embassy […]
The European Development Bank approved a EUR 140 million loan for Romania’s “Cultural Foundations” project, aimed at preserving historical monuments and constructing cultural buildings in the country. The project targets 14 investment objectives of national and European relevance, administered by public institutions under the Ministry of Culture, including the Romanian Athenaeum, the Romanian National Operas […]
