November 2023 - BITCOIN REGULATION INTENSIFIES
In This Month's Issue You Will Find:
Curated Content
Top Trends 2023: 6 Trends To Watch
News Stories: 25
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
Swiss Bank Launches Bitcoin Custody and Trading Services | (The Block)
US SEC Subpoenas PayPal About USD Stablecoin | (CoinDesk)
Gemini UK To Block Bitcoin Transfers To And From Non-Approved Exchanges | (No BS Bitcoin)
Sam Bankman-Fried Guilty on All 7 Counts in FTX Fraud Trial | (CoinDesk)
CME Topples Binance as Top Bitcoin Futures Exchange | (CoinDesk)
CBOE Launching Margined Bitcoin Futures in January | (The Block)
Blockchain.com Raises $110 Million in Series E Funding | (The Block)
Crypto App Strike Announces Partnership With Checkout.com To Enable Bitcoin Purchases In More Than 65 Countries | (Yahoo Finance)
More Bitcoin ETF Rejections Quite Likely, Says BitGo's Belshe | (CoinDesk)
Bitcoin-friendly Javier Milei Wins Argentina Presidential Election | (CoinTelegraph)
Bittrex Global Is Shutting Down For Good | (No BS Bitcoin)
Kraken Accused By SEC Of Operating Unregistered Platform, Improperly Mixing Customer Funds | (CoinDesk)
Binance To Pay $4.3B To Settle U.S. Criminal Case 'CZ' Resigns As CEO And Pleads Guilty in Seattle | (CoinDesk)
F2Pool Disables Transaction Filtering Patch | (No BS Bitcoin)
Grayscale Met With SEC To Discuss Spot Bitcoin ETF | (Unchained Crypto)
Interactive Brokers Opens Hong Kong Retail Bitcoin Trading | (CoinTelegraph)
Demand Launches First Statum V2 Mining Pool | (No BS Bitcoin)
Jack Dorsey Leads Seed Round For Decentralized Bitcoin Mining Pool | (The Block)
SoFi Exiting Crypto Amid Banking Regulators' Scrutiny | (Bloomberg)
MicroStrategy Bought $593 Million More Bitcoin In November | (Decrypt)
SEC Set For Mass Bitcoin ETF Approval On Jan 10 | (Bitcoin News)
President Of Colombia Is A Bitcoin Hodler Now, BTC Adoption Soon? | (Bitcoinist)
US Treasury Campaigning For Amplified Powers in Crypto | (CoinDesk)
Wallet Of Satoshi Exits US Amid Regulatory Storm | (CoinMarketCap)
Mt. Gox Creditors To Receive Bitcoin Payments Starting 2023 Based on Rehabilitation Plan | (CryptoRank)
Podcasts
Bitcoin for Banking Failures with Parker Lewis | (Apple Podcast)
Tweets
WorldBank Publishes Report Acknowledging The Beneficial Environmental Impact Of Bitcoin Mining | (Twitter)
The US Government Controls The 5th largest Bitcoin Wallet. | (Twitter)
Bitcoin Investment Products Saw Inflows Totalling $346m Last Week, The largest Weekly Inflows In This 9 Consecutive Week Run | (Twitter)
Books
How the Internet Happened: From Netscape To The iPhone | (Amazon)
Not Gonna Make It Events
Tether Freezes Funds Linked To Human Trafficking Syndicate | (CoinDesk)
HRF Launches Central Bank Digital Currency Tracker | (Human Rights Foundation)
SafeMoon Execs Arrested By DOJ In Fraud Investigation, Charged by SEC | (CoinDesk)
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 $37,712, represents the current value of a single bitcoin. The market capitalization, which stands at $737.55 Billion, represents the total value of all bitcoins in circulation. The 8.88% increase in the past 30 days in the price of Bitcoin and the market capitalization suggests a positive movement, which can be influenced by various factors such as economic news, geopolitical events, and overall market sentiment.
Support Levels:
$32,384: Context - May 2022 High
$29,195.: Context - 200 Week Moving Average
Resistance Levels:
$42,978: Context - January 2021 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 2.1% and 2.0% respectively, showing a decrease by 5.7% in 30-day volatility and an increase by 3.05% in 180-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 71, 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.
Currently, there are 19,557,230 bitcoins in circulation with a finite limit of 21 million. The current hash rate, currently stands at 484 Exahash, with a 5.23% increase in the past 30 days. Furthermore, there are currently 958,958 active addresses with the number of daily transactions being 410,936, both showing a decrease by 8.19% and 6.16% respectively. The daily total transaction value is currently $5.98 Billion., which shows an increase of 26.41% in the past 30 days.
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: $92,228
3x Realized Price: $63,283
Undervalued Levels:
8x Thermocap Multiple: $23,057
Realized Price: $21,094
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. The Thermocap multiple stands at 13.08, with a 6.8% increase in the last 30 days.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.79. The realized capitalization, the total value of all Bitcoin in circulation at the price they last moved, is currently at $412 Billion. The realized price for bitcoin is currently $21,094, with a 2.32% 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 an 8.88% increase in price, a 5.23% increase in hash rate, -8.19% decrease active addresses, and a -6.16% decrease in transactions over the past 30 days, signalling growth in network security and a decrease in on-chain activity.
Thanks for reading Secret Satoshis!