AstraZeneca, the pharmaceutical company renowned for its development of a COVID-19 vaccine, is embarking on an exciting new venture.
Teaming up with Absci, a United States-based Artificial Intelligence (AI) biologics firm, they intend to revolutionize cancer treatment through the creation of innovative antibodies.
As of December 3, a report from the Financial Times unveils AstraZeneca’s substantial commitment to this partnership, with investments totaling up to a staggering $247 million.
This substantial sum encompasses research and development expenses, milestone payments, and an initial upfront fee for Absci.
Their collective goal is to craft a cutting-edge generative AI model, specifically geared towards generating novel antibody therapeutics for cancer.
The report, however, remains discreet regarding the specific types of cancer that will be targeted.
Absci’s claims on their website shed light on their impressive AI capabilities, asserting their ability to screen “billions of cells” on a weekly basis.
Furthermore, they boast the capability to progress from antibodies to wet “lab-validated candidates” in an astonishingly brief six-week timeframe.
Currently, Absci is actively involved in 17 distinct projects. AstraZeneca’s Senior Vice-President, Puja Sapra, emphasizes the invaluable role of AI in advancing their biologics discovery process.
Sapra elucidates that AI not only accelerates the pace of discovery but also diversifies the range of biologics they can uncover.
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Absci’s CEO, Sean McClain, has publicly confirmed the partnership, highlighting AstraZeneca’s pivotal role in amplifying the impact of their AI initiatives, according to a report by Reuters.
While Cointelegraph reached out to Absci for additional insights, a response from the firm is yet to be received.
The collaboration between AstraZeneca and Absci underscores the increasing momentum of AI within the healthcare sector.
AI’s potential to expedite groundbreaking research and enhance data analysis accuracy has not gone unnoticed.
In a recent development, Hong Kong’s Hospital Authority introduced an AI pilot program designed to combat multidrug-resistant organisms or “superbugs.”
This AI system evaluates clinical data to determine the necessity of prescribing antibiotics, ultimately addressing the overuse of antibiotics that has contributed to the rise of these resistant superbugs in the region.
In conclusion, the strategic alliance between AstraZeneca and Absci is poised to harness the power of AI in the fight against cancer.
With substantial investments and cutting-edge technology at their disposal, the prospects for innovative antibody therapeutics appear promising.
This collaboration exemplifies the growing influence of AI in revolutionizing healthcare research and treatment methodologies.
Robinhood, the crypto-friendly trading platform, has experienced a significant surge in digital asset trading volume in November, reporting a staggering 75% month-on-month increase.
This exciting development was disclosed in a Form 8-K filing submitted to the United States Securities and Exchange Commission (SEC) on December 4th, where Robinhood explicitly stated, “November Crypto Notional Trading Volumes were roughly 75% above October 2023 levels.”
While the crypto sector witnessed this remarkable upswing, it did not have a corresponding impact on equity and options contract trading volumes, which remained relatively flat compared to the previous month.
This impressive performance in November marks a noteworthy turnaround for Robinhood, which had reported a substantial 55% decline in cryptocurrency notional volumes over the course of the year in its Q3 results filing. Consequently, its Q3 revenue fell below analyst estimates, standing at $467 million.
Transaction-based revenues also experienced an 11% year-on-year decrease to $185 million, largely attributed to the decline in crypto volumes throughout 2022.
READ MORE: Space Force Member Calls for Bitcoin’s Role in National Cybersecurity
However, with the recent crypto market rally that has seen the total capitalization surge by 40% to reach $1.6 trillion in just two months, Robinhood appears poised for a more profitable fourth quarter.
CEO Vlad Tenev had previously hinted at the platform’s potential, suggesting that it could eventually generate “nine figures” in annual revenue during an earnings call in November.
Tenev noted that retail investors were showing renewed interest in crypto, explaining, “You’re starting to see retail investors wake up to certain segments of the rally, and in crypto activity, you’re seeing a groundswell.”
Despite a fluctuating stock performance, Robinhood’s stock prices have risen by 18% since the start of 2023. However, the company’s stock had been on a downward trend since mid-July after reaching its 2023 peak at just over $13.
As of the time of writing, Robinhood’s stock was trading at $9.95 in after-hours trading, following a 2.5% daily gain.
Furthermore, Robinhood has ambitious plans for expansion, including launching equities in the United Kingdom markets and venturing into futures trading in 2024, contingent upon regulatory approval.
Notably, in August, it was reported that Robinhood had accumulated 118,000 BTC, valued at approximately $3 billion at that time.
The Arbitrum DAO has given the green light for the allocation of millions of extra tokens to finance all the projects approved in its most recent Short-Term Incentive Program (STIP), significantly augmenting its budget by a substantial $23.4 million.
This momentous decision, ratified by the Arbitrum community during the voting period spanning from November 18 to December 2, was aimed at dispersing additional funds to projects that had previously secured grants but were unable to secure funding due to the STIP’s imposed cap of 50 million ARB tokens.
As a result of the recent vote, an impressive 21.1 million ARB tokens, with a total value of $23.4 million, will be allocated to an additional 26 projects.
The approval of this supplementary capital was achieved with 216.7 million votes in favor, outnumbering the 73.1 million votes against, thus bolstering the STIP’s overall budget to a substantial 71.4 million ARB tokens.
This enhanced budget will support a total of 56 projects, all geared towards fostering a diverse and inclusive environment for emerging builders and new projects alike.
Arbitrum stands as a layer-2 network designed to enhance the scalability of transactions on the Ethereum blockchain, making it possible to transfer funds more expeditiously and at a lower cost.
The governance of this protocol is entrusted to ARB token holders, with revenue generated primarily through transaction fees.
READ MORE: British Legislators Urge Cautious Approach to Retail Digital Pound Implementation
DefiLlama data has highlighted Arbitrum’s remarkable financial performance, with a staggering $180,165 in fees and $43,342 in revenue generated on December 1 alone.
In the preceding month of November, the protocol raked in $5.93 million in fees, complemented by revenue reaching $1.47 million.
The expanded budget now encompasses funding provisions for notable projects such as Gains Network (4.5 million ARB), Wormhole (1.8 million ARB), and Stargate Finance (2 million ARB).
It’s worth noting that PancakeSwap withdrew a proposal requesting 2 million ARB tokens due to the STIP’s Know Your Customer (KYC) requirements.
However, it’s important to acknowledge that the decision to allocate additional funding was not without its share of controversy.
Delegates from MUX protocol voiced their concerns, arguing that the injection of extra funds could potentially mix projects of varying quality.
They emphasized the importance of supporting proposals with solid protocol fundamentals, proper incentive execution strategies, and reasonable grant sizes, but not necessarily in a bundled format with proposals of mixed quality.
In addition, some members of the Arbitrum DAO contended that a full second round, rather than a backfund, would have constituted a more equitable approach for including additional protocols in an incentives program.
Gone are the days of surreal interest rates and astronomical yields associated with crypto lending following the majestic collapse of Celsius.
During the bull market, crypto lending has become a popular way of earning passive income with idle crypto by giving loans to users through both centralized and decentralized platforms. However, the market went through a mandatory rite of passage when the TerraUSD (UST) depeg triggered a hemorrhage across lending platforms, forcing them to adopt more sustainable rates to stay in the competition.
After suffering the “crypto winter” in 2022, crypto lending platforms are back on stage —this time with realistic annual percentage yields (APY), more security measures and an overall better user experience. With Celsius being gone, the multibillion-dollar crypto lending market is shared by both CeFi and DeFi players who survived the 2022 onslaught.
This article focuses on the main features, supported assets, interest rates and the security and privacy aspects of two of the prominent centralized crypto lending platforms, Nexo and Ledn.
Main Features
Crypto lending platforms function similarly to how traditional loans work: They bring lenders and borrowers on board, giving yield for lenders who deposit their crypto funds to the platform and providing loans to borrowers in exchange for collateral.
Nexo, a Swiss-based crypto lending platform, differentiates itself by offering a vast selection of crypto assets through its lending and borrowing services. Nexo’s diverse range of services -all accessible through a user-friendly mobile app- enables users to instantly buy or exchange crypto, earn interest with deposited assets, or even request a physical card for crypto-friendly everyday payment thanks to a partnership with MasterCard.
With its tiered loyalty system tied to the NEXO token, the platform helps users get better interest rates the more they use its services. Nexo was founded in 2018, making it one of the oldest crypto lending platforms still operational. Boasting over 6 million users worldwide, Nexo operates in 200 jurisdictions worldwide, with 60+ cryptocurrencies available on the platform. It has strategic partnerships with a number of companies from the crypto and Web3 landscape, including Bakkt, Ledger, Paxos, Fireblocks and Circle.
Canada-based Ledn, also founded in 2018, makes its mark in the crypto lending game by primarily focusing on major cryptocurrencies and stablecoins. The platform is mainly known for Bitcoin-backed loans, where users can get USD by depositing BTC. It also offers interest for a limited number of crypto and stablecoins. The platform is backed by prominent investors, including 10T Holdings, Coinbase and Kingsway.
Account Types
Ledn features two different types of accounts for users. Ledn Growth account offers interest with up to 8.5% APY. Assets held in Growth accounts are ringfenced, meaning it’s financially separated from Ledn operations and only exposed to counterparties that generate the interest.
Ledn also offers a Transaction account, which is more focused on adding and withdrawing assets for other Ledn products, including Loans, Trade and transfers. It doesn’t bear any interest, and the assets are primarily held in cold storage. Ledn users can switch funds between Growth and Transaction accounts at any time.
Nexo lets users manage their funds with Nexo Wallet, a Web3 wallet with all the basic functionality of noncustodial digital asset storage. Aside from sending, receiving and managing crypto funds, Nexo Wallet also operates as the Web3 identity of a user for other blockchain-based dApps.
Along with the Nexo Wallet, there’s also the Nexo app, where the actual lending and interest features become available. It’s an all-in-one solution for users to lend and earn interest with automatic daily compound. A wide range of crypto assets is available on the Nexo app, with tiered interest rates going up to 16%.
Supported Assets
Nexo takes a win home when it comes to the diversity of supported assets. Both lenders and borrowers can use tens of crypto and fiat assets on the platform. Among 37 supported assets are the major cryptocurrencies, including Bitcoin, Ether, XRP, BNB and the platform’s own Nexo token. Users can also pick from major stablecoins such as USDT, USDC and BUSD, as well as fiat currencies, including USD, GBP and EUR, to generate interest.
Ledn takes a minimalistic approach in terms of supported assets by supporting Bitcoin, USDC and USDT. The platform only recently introduced an Ether Growth account in late September, raising the number of supported crypto assets to four.
Interest Rates
When it comes to crypto lending, interest rates make or break a platform. A harsh example was Celsius, which collapsed after promising unrealistic annual percentage yields.
As of December 4th, 2023, Ledn Growth accounts get 1% APY for Bitcoin and 2% APY for Ether, according to the official website. The crypto lending platform recently started offering 8.5% APY for the supported stablecoins —USDT and USDC.
Nexo presents more diverse options for users, starting with FLEX terms, where assets are unlocked for trading, selling or withdrawing anytime. If users lock their assets on the platform, agreeing on “fixed terms” of Nexo, they earn additional interest.
For stablecoins, the Base tier interest rates on Nexo start from 8-9%, with USDT holders getting up to 12%, and USDC terms enable a maximum interest of 10%. Bitcoin generates 3% (4% on fixed terms), and Ether offers 4% (5% on fixed terms).
The platform has a tiered list, going up to 16% for most assets on the Platinum tier. A full breakdown of Nexo interest rates can be found on the official page.
Security and Privacy
Crypto lending involves a lot of trust, especially after the Celsius crash, to operate effectively. Nexo outperforms the majority of the competition by upholding rigorous security and privacy standards, as implied by the platform’s SOC 2 Type 2 Compliance certification.
The audit, which focuses on addressing risks related to data handling and access, was carried out by major compliance and security partner A-LIGN, earning Nexo an American Institute of Certified Public Accountants (AICPA) Certificate. In simpler terms, the certificate means that Nexo is doing top work when it comes to protecting the sensitive information of users.
Custodial assets on Nexo are insured by Ledger Vault and the US-based fintech Bakkt. Aside from insurance, the platform ensures the safety of users by over-collateralization of assets, top-notch risk management and a comprehensive portfolio of licenses for maximum regulatory compliance.
Ledn’s main premise of security comes from supporting only four main types of cryptocurrencies, minimizing the “attack vector” in a sense. The platform works with institutional partners to check each borrower’s financial position. The official website says that Ledn doesn’t store client data on local servers, storing them in private networks instead.
While both platforms release periodical Proof-of-Reserve attestations, Nexo goes one step ahead with real-time PoR attestations in partnership with global accountant Moore.
Conclusion
Both Nexo and Ledn went through the ups and downs of the crypto lending market, and it’s clear that they speak for different audiences. Ledn offers a minimalistic user experience with only four supported crypto assets and a basic set of interest offerings.
Nexo, on the other hand, features the full range of crypto and fiat currencies and goes to great lengths to ensure an airtight infrastructure to keep users’ assets and personal information safe and secure. It also offers more utilities with the Exchange function and the Nexo Card, opening up the possibilities of using cryptocurrencies in everyday payments.
As competition brews between CeFi and DeFi lending in the crypto ecosystem, centralized platforms like Nexo and Ledn play the compliance game, winning back the users’ trust with their security measures and simplistic user experience.
Jason Lowery, a member of the United States Space Force, has called for a formal investigation into the use of proof-of-work (PoW) networks, such as Bitcoin (BTC), to enhance the country’s cybersecurity defenses.
In a letter addressed to the U.S. Defense Innovation Board on December 2nd, Lowery emphasized that Bitcoin, often perceived as a monetary system, possesses the capability to secure various forms of data and communication, thereby contributing significantly to national security.
The Defense Innovation Board, an independent advisory body, focuses on bringing Silicon Valley’s technological innovations and best practices to the U.S.
Military. Lowery’s letter urges the board to advise the Secretary of Defense to assess the “national strategic importance” of PoW systems like Bitcoin.
Lowery argues that PoW systems, like Bitcoin, can act as a deterrent against cyberattacks due to their resource-intensive nature, imposing steep costs on potential adversaries.
He draws parallels between PoW and physical security strategies employed in land, sea, air, and space domains, emphasizing the digital dimension in which PoW operates.
Highlighting the immense potential of Bitcoin in the realm of cybersecurity, Lowery contends that leveraging this technology is crucial for the United States to maintain its position as a global superpower, particularly in an era marked by digital interconnectedness and security vulnerabilities.
READ MORE: KyberSwap’s Treasury Grants: A Decentralized Response to $48.8 Million Security Breach
He suggests that this could mark the beginning of a “cybersecurity revolution,” utilizing the global electric power grid as a “macrochip” to safeguard data and messages traversing the internet.
Lowery concludes by underscoring the alignment of Bitcoin’s cybersecurity applications with a strategic offset, expressing concern that the U.S. Department of Defense may have lost valuable time by not incorporating it into its arsenal.
Additionally, Coinbase CEO Brian Armstrong has weighed in on the role of Bitcoin and cryptocurrencies in preserving the United States’ dominance with the U.S. dollar.
Armstrong suggests that Bitcoin can complement the dollar, serving as a natural check and balance.
He points out that as world leaders grapple with issues like inflation and increased deficit spending, cryptocurrencies could emerge as an alternative currency, particularly if the U.S. dollar were to lose its dominance.
Armstrong believes that cryptocurrencies like Bitcoin offer a viable alternative, and people may shift from fiat currencies to cryptocurrencies as a hedge against inflation.
Furthermore, Armstrong highlights the importance of U.S. dollar-backed stablecoins, such as USD Coin (USDC), and the emergence of flat coins in bridging the gap between traditional finance and the cryptocurrency world, ultimately contributing to a more unified financial landscape.
In the past week, a crypto hacker specializing in “address poisoning attacks” has orchestrated thefts exceeding $2 million from Safe Wallet users alone, bringing the total number of victims to 21.
This alarming revelation was disclosed by the Web3 scam detection platform, Scam Sniffer, on December 3.
Over the course of a week, approximately ten Safe Wallets fell victim to address poisoning attacks, resulting in losses totaling $2.05 million since November 26.
Scam Sniffer has compiled data from Dune Analytics, revealing that this same attacker has pilfered a substantial sum of at least $5 million from approximately 21 victims over the past four months.
Astonishingly, one victim had a whopping $10 million in cryptocurrency stored within a Safe Wallet, though they were “fortunate” to have only lost $400,000 of it.
Address poisoning attacks involve the creation of a deceptively similar-looking address to one where a targeted victim frequently sends funds.
Typically, this involves replicating the initial and concluding characters of the legitimate address.
The hacker then sends a small amount of cryptocurrency from the newly-created wallet to the intended victim to “poison” their transaction history.
Consequently, an unsuspecting victim may inadvertently copy the fraudulent address from their transaction history and transfer funds to the hacker’s wallet instead of the intended destination.
Cointelegraph has reached out to Safe Wallet for comments on this concerning matter.
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This attacker executed a high-profile address poisoning attack on November 30, resulting in a loss of $1.45 million in USDC for the real-world asset lending protocol, Florence Finance.
It is worth noting that blockchain security firm PeckShield, which reported the incident, demonstrated how the attacker potentially deceived the protocol by having both the poison and genuine addresses commence with “0xB087” and conclude with “5870.”
In November, Scam Sniffer revealed that hackers had been exploiting Ethereum’s ‘Create2’ Solidity function to circumvent wallet security alerts.
This tactic led to Wallet Drainers illegally acquiring around $60 million from nearly 100,000 victims over a six-month period.
Address poisoning emerged as one of the techniques employed by these malicious actors to amass their ill-gotten gains.
The ‘Create2’ function pre-calculates contract addresses, allowing malevolent actors to generate new, indistinguishable wallet addresses.
These addresses are subsequently deployed after the victim approves a fraudulent signature or transfer request.
SlowMist’s security team has reported that a group has been using ‘Create2’ since August to systematically siphon nearly $3 million in assets from 11 victims, with one unfortunate victim losing as much as $1.6 million.
The crypto community remains on high alert as these address poisoning attacks continue to pose a significant threat.
Gold and Bitcoin have both hit remarkable milestones, making headlines in the financial world. Gold soared to an unprecedented all-time high of $2,100 during the Asian trading session on December 4th.
Simultaneously, Bitcoin experienced a remarkable surge, surpassing $41,000 for the first time in 19 months.
Bitcoin’s resurgence above the $40,000 mark, a level last seen in April 2022, was accompanied by a rapid 2% increase over a 24-hour period.
This surge marked a 19-month high for the cryptocurrency, bringing its year-to-date gains to an astonishing 140%.
Markus Thielen, the head of research at Matrixport, has provided optimistic insights into Bitcoin’s future.
Drawing on historical trends, Thielen predicts that Bitcoin could surpass $60,000 by April of the following year and potentially reach as high as $125,000 by the end of 2024.
These projections are anchored in the recurring pattern of price surges leading up to Bitcoin halving events, with an anticipated surge of over 200%.
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Adding to the excitement, there is growing anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
With 13 bidders vying for approval, including industry giants like BlackRock and Grayscale, all eyes are on the Securities and Exchange Commission (SEC) for a decision.
Bloomberg’s ETF analysts believe that there is a high likelihood of simultaneous approvals for all pending bids by January 10th.
Such approvals would mark a new era of institutional involvement in Bitcoin and potentially provide a significant boost to its price.
Bitcoin analyst Willy Woo expressed his optimism by comparing the situation to the launch of the first commodity ETF, SPDR Gold Trust, which led to an eight-year rally in gold prices from 2005 to 2012.
This historical precedent suggests that Bitcoin’s recent climb above $40,000 reflects a bullish sentiment driven by the imminent approval of a spot Bitcoin ETF in January and the potential for broader regulatory advancements.
Additionally, Bitcoin’s upcoming halving event is expected to provide further upward momentum for its price over the next five months.
Overall, both gold and Bitcoin are riding high, with investors closely watching their upward trajectories.
Bybit, a leading crypto exchange and the world’s third-largest by volume, recently marked its fifth anniversary. The occasion was commemorated by co-founder and CEO Ben Zhou in a blog post, reflecting on the company’s journey and the broader crypto industry.
In his post titled “Bybit CEO Marks Crypto Ark’s Five-Year Voyage,” Zhou highlights the exchange’s key milestones over the past half-decade. He acknowledges the crypto market’s recovery following the challenges of 2022, attributing this resurgence to the unwavering efforts of industry participants.
2023 has been a significant year for Bybit, especially with the establishment of its Dubai headquarters. The company has also formed essential partnerships globally, including collaborations with the Dubai Multi Commodity Centre (DMCC) and the American University of Sharjah (AUS).
These alliances, along with others like the one with Oracle Red Bull Racing, have been instrumental in promoting Bybit’s vision of a blockchain-based financial system.
READ: Binance’s New CEO Richard Teng Charts a Regulatory Course for the Exchange’s Future
Zhou stresses the importance of regulatory compliance in his message. Bybit has made strides in this area by securing licenses in Dubai, Kazakhstan, and Cyprus, underscoring its commitment to providing a secure trading environment for its users.
The anniversary also celebrates Bybit’s product innovations and industry accolades. The company introduced the Unified Trading Account and TradeGPT AI, which have been well-received in the market. Additionally, Bybit earned an ‘AA’ rating in the CCData Crypto Exchange Benchmark Report.
Binance CEO Richard Teng has emphasized that the cryptocurrency exchange has moved past its historical compliance issues and is now a “totally different” entity.
Teng, who assumed the CEO role on November 21 after Changpeng ‘CZ’ Zhao resigned due to charges brought by the U.S. Department of Justice, explained that as part of the settlement, CZ cannot be involved in the day-to-day operations of the company.
In an interview with Cointelegraph, Teng expressed his enthusiasm for leading the world’s largest cryptocurrency exchange and stated his commitment to working closely with global regulators to advance Binance’s growth agenda.
He believes that the regulatory concerns that have plagued Binance in recent months are starting to dissipate after the exchange agreed to a $4.3 billion settlement with U.S. authorities for various violations of U.S. regulations and sanctions programs.
Teng acknowledged that Binance’s early compliance practices had shortcomings, leading to the significant settlement.
However, he stressed that the security and safety of user funds have always been a top priority, and no allegations of misappropriation of user funds were made by U.S. authorities during their scrutiny.
The settlement requires Binance to undertake ongoing compliance efforts, including a five-year monitorship and steps to ensure the company’s complete withdrawal from the United States.
While Teng did not delve into details about Binance.US’s legal battle with the U.S. Securities and Exchange Commission (SEC), he asserted that the company had accounted for the costs associated with meeting settlement requirements and addressing the SEC case.
READ MORE: Bitcoin ETFs Set to Revolutionize Crypto Market Entry and Propel Prices in 2024
Teng could not comment on the specific payment method for the $4.3 billion penalty due to non-disclosure agreements.
He clarified that the movement of $3.9 billion worth of USDT tokens reported on November 21 was unrelated to the settlement with the U.S. Justice Department.
Regarding comparisons between Binance’s treatment and that of mainstream financial firms, Teng noted that financial sector fines are not uncommon and emphasized Binance’s commitment to being one of the most regulated exchanges globally, operating in 18 jurisdictions.
Binance is actively investing in compliance and has recruited talent with regulatory and financial institution backgrounds to navigate regulatory requirements.
While Binance remains a global operation, it has established regional headquarters in the United Arab Emirates (UAE) and France to bolster its presence in the MENA and European regions, respectively.
Teng highlighted the importance of regulatory clarity and institutional adoption in fostering the cryptocurrency ecosystem’s growth.
In conclusion, Teng acknowledged the challenges of succeeding CZ as CEO but stressed that Binance had evolved significantly over the years.
He plans to bring his own values and expertise to the company, which will now report to a board of directors as the governing authority.
In his personal life, Teng enjoys staying active through exercise and is an avid reader, with Elon Musk’s biography being his recent choice.
The price of Bitcoin (BTC) is poised for a potential correction following the approval of spot Bitcoin exchange-traded funds (ETFs), according to experts.
Bitcoin has witnessed significant gains over the past 11 months, driven by various factors such as banking uncertainty, the filing of a spot Bitcoin ETF by BlackRock, and optimism surrounding ETF approvals.
On December 3rd, Bitcoin reached a 19-month high by surpassing the $40,000 mark.
James Edwards, a cryptocurrency analyst at Finder, suggests that the approval of a spot Bitcoin ETF could trigger a “sell-the-news” event, which is a situation where an asset rises in anticipation of positive news but declines once the news is confirmed.
Edwards believes that widespread institutional buying may not happen immediately upon ETF approval and could take months or even years to materialize.
However, not everyone is convinced that a significant correction is imminent.
Ryan McMillin, the chief investment officer at Merkle Tree, acknowledges that Bitcoin has gone without a correction for over 100 days, indicating an increased risk of correction.
Still, he believes that the high anticipation surrounding spot Bitcoin ETFs will likely lead to a quick recovery in the event of a sell-off.
CK Zheng, co-founder of ZX Squared Capital, predicts that any price pullback in Bitcoin will be shallow due to strong fundamentals.
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Factors such as the upcoming Bitcoin halving, extensive money printing by global central banks, and ongoing geopolitical uncertainty contribute to the cryptocurrency’s resilience.
Despite the logical expectations of a correction, cryptocurrency remains a “wild card” in the financial markets. It often defies conventional wisdom, and market movements may not align with logical predictions.
Looking ahead to December, analysts do not anticipate a loss of momentum for Bitcoin. Institutional investors have reportedly been speculating on ETF approval, with increased inflows into existing Bitcoin futures ETFs in recent days.
This suggests that prices may remain relatively stable as investors await confirmation, either from technical charts or an official ETF approval.
Crypto lawyer Joe Carlasare sees “little chance” of a significant Bitcoin correction before ETF approval, as the market is only weeks away from the likely approval date.
Henrik Anderrson, Chief Investment Officer at Apollo Capital, believes that the approval of multiple spot Bitcoin ETFs could redirect mainstream attention towards the cryptocurrency market.
The industry is eagerly awaiting a potential approval window between January 5th and 10th, 2024, which could have a substantial impact on Bitcoin’s future performance.