Cointree Crypto Market Update - December 6th 2023

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin reached $67,220, increasing by +12.45% at the time of writing. Meanwhile, Ethereum rises to AU$3,501, moving +8.06% week-on-week. And in other altcoin movements, Avalanche rises +13.04%, Cardano +6.32%, and DogeCoin 12.86%.

🗞 What’s happening in the news?

As we near the end of the year and the holiday season approaches, the crypto market is not slowing down. In fact, Bitcoin is making significant moves upward, capturing the attention of investors and enthusiasts alike. Let's dive into this week's market update to uncover the latest trends and developments as 2023 draws to a close.

Following up from last week's news, former Binance CEO Changpeng Zhao's travel plans have been temporarily put on hold by a U.S. federal judge. Zhao, released on a $175 million bail bond, pleaded guilty to violating anti-money laundering laws. Amidst these charges, Binance was slapped with $4.3 billion in fines and forfeitures. Now, Zhao's plans to return to the UAE before his sentencing have been denied.

Meanwhile, in the world of Bitcoin, “bulls” have charged ahead, pushing the price up to AU$67,000 – a level not seen since early April 2022. Speculations are rife about Bitcoin's trajectory as it approaches its ATH, especially with the upcoming Bitcoin halving in 2024 and the potential approval of a spot Bitcoin ETF.

However, analysts suggest that Bitcoin might face a correction in January, reminding us that the crypto market can be unpredictable.

Lastly, the stablecoin market is witnessing a major trend reversal. After a prolonged downtrend of 1.5 years, fresh capital is flowing into cryptocurrencies. Tether's USDT, in particular, has seen its market cap rise to a record high of $89 billion. This growth means better liquidity in the crypto market, and could be a signal for the possible end to our crypto winter.

📖 What we’ve been reading

Why are people spreading falsehoods about Bitcoin’s water use? “No, despite what you might have heard recently, Bitcoin transactions do not consume a swimming pool of water.” Read more

Bitcoin price hit 2023 high, so why are retail traders waiting on the sidelines? “Bitcoin price keeps going up but retail traders are not piling in yet. Cointelegraph explores why.”Read more

Coinbase NFT and OpenSea respond after Thirdweb vulnerability disclosure “The vulnerability specifically targets pre-built smart contracts provided by Thirdweb, affecting multiple NFT collections” Read more

Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.