December Bitcoin Recap
December 2023 | BITCOIN ETF ON THE HORIZON
December 2023 - BITCOIN ETF ON THE HORIZON
In This Month's Issue You Will Find:
Curated Content
Top Trends 2023: 6 Trends To Watch
News Stories: 17
Podcast : 1
Tweets: 3
Books: 1
Not Gonna Make It Events: 3
Market & On-Chain Analysis
Price, Volatility, Market Sentiment Analysis
Network Health
Valuation Models
Top Trends Im Watching
Nation State Level Interest In Bitcoin
Big Tech Integrations Into The Bitcoin Network
Regulatory Headwinds For Access To Bitcoin Products & Services
Bitcoin Market Structure Consolidation
Bitcoin Lightning Network Capacity & Utilization Growth
Spot Bitcoin ETF Approval
News Stories
Blocks Decentralized Bitcoin Exchange TBDEx Goes Live In Africa | Bitcoin Magazine
Bitcoin Is Of National Strategic Importance’ Says US Space Force Officer | Coin Telegraph
El Salvador’s Bitcoin Investments Have Turned a Profit, President Says | Wall Street Journal
Block Opens BitKey Preorders | No BS Bitcoin
Robinhood Launches Crypto Trading Service In The EU | CNBC
Taxpayers in Swiss City Can Settle Bills With Bitcoin | Bloomberg
Senator Elizabeth Warren Cosponsors Bill Targeting Crypto Money Laundering | Coin Telegraph
World's First Bitcoin Bonds Receive Regulatory Approval in El Salvador | Coindesk
Cantor Fitzgerald CEO Is a Bitcoin Maxi | Coindesk
FASB Bitcoin Fair Value Accounting | No BS Bitcoin
US CFTC Approves Bitcoin Futures Platform Bitnomial's Derivatives Clearing Application | Coindesk
Nigerian Central Bank Lifts Ban on Crypto Trading | Reuters
In Argentina Contracts Can Now Be Settled In Bitcoin | Coin Telegraph
MicroStrategy Buys Bitcoin Worth $615.7 Million Ahead Of SEC's Spot ETF Decision | Reuters
Japan Seeks To Exempt Companies From Tax On Unrealized Crypto Gains | The Block
India Government Seeks to Block Binance and Kraken | TechCrunch
BlackRock, VanEck Among Asset Managers That Submitted Updated Filings For Spot Bitcoin ETF | Reuters
Podcasts
Tweets
Bitwise Bitcoin ETF Commercial With The Worlds Most Interesting Man | Twitter
Happy S-1 Amendment Deadline Day | Twitter
Bitcoin Mining Company Crusoe Energy On 60 Minutes | Twitter
Books
Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries | Amazon
Not Gonna Make It Events
US SEC Denies Coinbase's Push for Crypto Regulations as Unwarranted | Coindesk
Co-sponsor Of Elizabeth Warren’s “Bitcoin Ban Bill” Admits The Bankers Helped Warren Write The Bill. | Twitter
Bankman-Fried Dodges Bribery Trial After Feds Drop Charges | Zero Hedge
Market Analysis
It is important to note that the price of Bitcoin is highly volatile and can fluctuate significantly in a short period of time. As a result, it is crucial for investors to monitor the market price and other related metrics to make informed investment decisions.
The current price of Bitcoin, which stands at $42,217, represents the current value of a single bitcoin. The market capitalization, which stands at $826 Billion, represents the total value of all bitcoins in circulation. The 9.08% increase in the past 30 days in the price of Bitcoin and the market capitalization suggests a bullish trend, which can be influenced by various factors such as economic news, geopolitical events, and overall market sentiment.
Support Levels:
$42,978: Context - January 2021 High
Resistance Levels:
$47,929: Context - March 2022 High
Volatility provides an understanding of market stability and helps investors make decisions based on their risk tolerance. Market sentiment indicators provide insight into the overall sentiment of the market, influenced by various factors such as news events and market participant opinions.
Currently, the 30-day and 180-day volatility indices are at 2% showing a 9.62% increase in the short-term 30-day volatility. The Fear and Greed Index is a composite index that measures market sentiment by aggregating data from various sources and providing a score between 0 and 100. The current value of the Fear and Greed Index is 65, which suggests that market sentiment is greedy.
On-Chain Analysis:
On-chain analysis provides a fundamental perspective on the health and activity of the Bitcoin network by examining various metrics that provide insight into the underlying health of the network, its level of adoption and usage, and its potential for future growth.
Starting with the supply, there are 19,585,974 bitcoins currently in circulation with a finite limit of 21 million. When it comes to the network's health, the hash rate, which is a measure of computational power, currently stands at 501,122,293, with a 2.46% increase in 30 days. In terms of adoption and usage, we are seeing a healthy number of daily active addresses at 791,644, and the number of daily transactions has increased by 45.72%, with a current count of 724,837. Furthermore, the daily total transaction value has decreased by 16.7%, reaching $5,852,859,911.
Valuation Models:
It's important to note that on-chain valuation models for Bitcoin are still in their early stages of development and should be used with caution. While they have shown promising results in the past, they are not a perfect indicator of future market performance.
Overvalued Levels:
32x Thermocap Multiple: $94,606
3x Realized Price: $65,856
Undervalued Levels:
8x Thermocap Multiple: $23,651
Realized Price: $21,952
The Thermocap multiple measures the value of Bitcoin relative to the total miner revenue, providing insight into the asset's price premium with respect to total revenue received by miners. Currently, the Thermocap multiple stands at 14.28, with a 6.4% increase in the past 30 days.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.92. The realized capitalization, the total value of all Bitcoin in circulation at the price they last moved, is currently at $429 Billion. The realized price for bitcoin, or the result of dividing the realized capitalization by the total coin supply, is currently $21,952, with a 3.91% increase in the past 30 days.
In conclusion, the value of Bitcoin is volatile, which is why it is crucial for those involved in trading or investing to keep track of various metrics that provide valuable insight into the current state of the bitcoin market. The current market scenario is bullish, with a 9.08% increase in price over the past 30 days and an increasing hash rate, number of active addresses, and transactions, signaling positive momentum. While on-chain valuation models suggest that the market is currently fairly valued.
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