🔹Bitcoin news:
Saylor at Australia Crypto Convention: Bitcoin to 10x Soon
Speaking at the 2023 Australia Crypto Convention on November 10, Saylor provided a comprehensive outlook for Bitcoin’s trajectory over the next four to five years.
During the event, Saylor talked about the much-awaited 2024’s BTC halving. He focused on the near term, predicting that the next year will be crucial for Bitcoin. The MicroStrategy co-founder characterizes it as Bitcoin’s “coming out party” and foresees BTC evolving into an “adolescent mainstream asset” by the end of 2024. He stated:
“I think that the next 12 months are going to be a big one. Because demand [on a monthly basis] should double or triple, or maybe go up by a factor of 10, anywhere from two to 10. […] and the supply available for sale will be cut in half in April.”
In a long-term perspective spanning around 25 years, Saylor predicts Bitcoin’s dominance over any other high-quality assets. He emphasizes its potential to outpace the growth of the S&P 500 Index and diversified portfolios, stating:
“So if you think about it like that, you just say, Well, now we’re going to double, we’re going to double again, we’re going to double again, and we’re going to double again, that coin is going to continue to progress to a million dollars a coin, $2 million a coin, $5 million a coin, and $10 million a coin.”
JPMorgan analysts led by Nikolaos Panigirtzoglou remain skeptical about the bullish implications of Bitcoin Spot ETFs.
“The potential approval of physically backed Bitcoin ETFs by the SEC is unlikely to be a game changer for crypto markets.”
🔹Onchain data:
According to data from the cryptocurrency analysis company Lookonchain, a cryptocurrency whale who just created a new wallet made large purchases from various altcoins.
According to the data, the whale in question purchased a total of approximately $15 million worth of altcoins from Binance in the last seven days.
Here are the altcoins and dollar equivalents that the cryptocurrency whale has collected from Binance in the last seven days:
40,000 ILV ($3.55 million)
2,609 MKR ($3.38 million)
1,543 ETH ($3.17 million)
6.4 million 1INCH ($2.4 million)
352,240 UNI ($1.87 million)
60,774 ENS ($546 thousand)
49,997 LQTY ($71k)
Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago.
🔹Cryptocurrency fundamental news:
Terra Luna Classic’s Proposal Ignites 300% Surge in Volume
In a strategic move, the community disabled a crucial mechanism, halting market swapping and coin minting. Championing change, they unanimously supported Proposal 11868, a key step in stabilizing the platform by curbing USTC minting through a 100% Tobin tax.
Users are now unable to flip between USTC and other stablecoins, effectively putting an end to USTC burn through swaps. However, this won’t affect decentralized exchanges like Terraswap, where transactions for existing pairs remain unaffected.
Following this development, the LUNC token saw an 18% surge, currently valued at $0.000084.
On the stablecoin front, USTC showed a 13% uptick, trading at $0.014 over the last 24 hours, with low and high points at $0.012 and $0.017, respectively. The trading volume for USTC also witnessed a significant boost.
The LUNA token witnessed an impressive 33% surge in the past 24 hours, currently priced at $0.74, with low and high points at $0.55 and $0.87.
The decision to halt USTC burn through will have an impact on the overall tokenomics, this move could lead to unintended consequences within the ecosystem.
Several other assets in the industry also experienced price increases during the same period. This broader trend suggests that external factors, beyond the community vote, could be contributing to the overall market movement.
🔹Crypto world news:
The number of crypto users in India 🇮🇳 is projected to exceed those of countries like the US, UK, Russia, and Japan in this year alone.
By 2027, India is expected to have over 50 million people adopting crypto
🔹Economic news:
Key Events This Week:
- US CPI Inflation Data - Tuesday
- Home Depot HD Earnings - Tuesday
- US PPI Inflation Data - Wednesday
- US Retail Sales - Wednesday
- NY Fed Manufacturing Survey - Wednesday
- Target TGT Earnings - Wednesday
- Biden - Xi Jinping Meeting - Wednesday
- Initial Jobless Claims - Thursday
- Philly Fed Manufacturing Survey - Thursday
- Walmart WMT Earnings - Thursday
- Housing Starts - Friday
BitMEX founder Arthur Hayes' latest article believes that even if the initial reaction is a sell-off of Bitcoin due to war and rising energy prices, Bitcoin will perform better than bonds during war times. Even if there is an initial period of weakness, he will buy the dip. TLT the long-term US Treasury bond ETF has fallen 12% and Bitcoin pumping 52% since the onset of the Ukraine / Russia war.
US Treasury bonds are debt securities issued by the United States Department of the Treasury to finance the government's spending needs. They are considered one of the safest investments in the world due to the backing of the US government.
Here are a few key points about US Treasury bonds and their importance:
Government Debt Financing: The issuance of Treasury bonds allows the US government to borrow money from investors to fund various expenses such as infrastructure projects, social programs, and debt refinancing. By purchasing these bonds, investors effectively lend money to the government.
Safety and Creditworthiness: US Treasury bonds are generally regarded as low-risk investments due to the creditworthiness of the US government. The US government has a long history of meeting its financial obligations, and its ability to collect taxes and print currency provides a high level of confidence in repayment.
Income Generation and Yields: Treasury bonds pay periodic interest to bondholders, providing a source of income. The interest rates or yields on these bonds are influenced by various factors, including market conditions, inflation expectations, and the overall state of the economy.
Liquidity and Marketability: US Treasury bonds are highly liquid, meaning they can be easily bought or sold in the financial markets. They are traded on various exchanges and are actively sought after by individual and institutional investors who desire a secure investment option.
Benchmark Rates and Risk-Free Rates: Treasury bonds serve as a reference point for many other financial instruments and markets. They are used to determine risk-free rates for valuation purposes, such as pricing corporate debt, mortgage rates, and derivatives contracts. The yields on Treasury bonds also influence interest rates in the broader economy.
Portfolio Diversification and Risk Management: Treasury bonds are often used as a component of diversified investment portfolios. Their low-risk nature and typically negative correlation with other assets, such as stocks, can help mitigate overall portfolio risk and provide stability during market downturns.
Overall, US Treasury bonds play a crucial role in providing a safe and reliable investment option for investors, setting benchmark rates, and allowing the government to finance its operations and obligations.
🔹Politics news:
HEZBOLLAH KILL 20 IDF SOLDIERS | DEADLIEST DAY SINCE OCT 7 | MASSIVE ISRAELI RETALIATION EXPECTED
Today, 20 IDF soldiers were killed on the border with Lebanon, marking the worst 1-day loss for the Israeli military since Oct 7.
To put this into perspective, Israel lost a TOTAL of 121 soldiers in 2006. Today, in one day, they lost over 15% of what they lost in 2006.
Israel's National Security Minister Itamar Ben-Gvir says, regarding Gaza, 'What is needed here is an occupation, as every time our enemies lost territory, they lost the war. We should have full control, this will deter our enemies and let them know we have won'.
"WE FIGHT WHEREVER WE MUST: LEBANON, SYRIA, JORDAN AND THE RED SEA"
Netanyahu:
"I warned Hezbollah, don't enter the war, it would be your worst mistake
All Hamas operatives must die, and we are going to continue full force.
🔹Crypto stats:
From October 12 to November 11, total crypto market cap increased by $365B - going in from $1.02 trillion to $1.39 trillion
#LaqiraProtocol #LQR $LQR
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Crypto Trading / Analyst
CEO at TOBTC Trading LLC Company
Founder of Laqira Protocol
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