- Coffee & Crypto Daily
- ☕️ Bitcoin's New Year's Fireworks 🚀 💥
☕️ Bitcoin's New Year's Fireworks 🚀 💥
💦 One leak drove investors wild… 🤪
The start of the new year is a time for new beginnings.
It’s the time to head to that newly overcrowded gym or put down that second
And Bitcoin is heading into the new year with a fat price hike and a can-do attitude.
But Bitcoin’s latest success may not be the result of a resolution, but rather a single, exciting leak that whipped the market into a frenzy.
☕️ Bitcoin Liquidations Spike 💀 📈
In the early days of 2024, Bitcoin pushed past $45,800, a year-long high.
This frenzy was undoubtedly driven by the enthusiasm around the coming Bitcoin spot ETF decisions.
Though Bitcoin currently sits around the $45,200 price point at the time of writing, BTC’s earlier hike has already sparked over $73 million in liquidated short positions.
Admittedly, that’s nothing compared to the “short liquidations” the Coffee & Crypto writing staff were committing on the bathroom floor in the early hours of January 1.
☕️ No Second Trial For SBF ❌ 2️⃣
Federal prosecutors have decided against a second trial for Sam Bankman-Fried.
The decision was made based on the fact that much of the evidence presented in the first trial would be reintroduced in the second. The prosecution felt that the initial trial provided enough evidence and a second trial would merely delay the proceedings.
"Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial," U.S. prosecutors wrote in a letter to Judge Lewis Kaplan, as reported by CoinDesk.
“No second trial? What about elevenses? Luncheon? Afternoon tea?” cried Merry and Pippin.
☕️ Orbit Chain’s NYE Nightmare 🌌 😱
Orbit Chain, a protocol bridge for transferring crypto, was hacked on New Year’s Eve and lost nearly $82 million in crypto.
As of now, the stolen assets remain unmoved.
Our team is constantly monitoring the stolen asset, and we promise to inform the community once the address associated with the stolen asset has taken action.
— Orbit Chain (@Orbit_Chain)
Jan 2, 2024
Despite the massive sum lifted in the exploit, the stolen funds “remain unmoved” from their new addresses.
Coincidentally, I also “remained unmoved” by my nephew’s underwhelming and poorly acted Christmas pageant.
Spilling the Beans
Bitcoin’s Baby Driver 👶 🏎
Well, we’ve officially got our feet planted in 2024 and things are already looking up.
Bitcoin surged past the $45,800 mark at the start of the new year, signaling a year-long high.
And when we tell you why that happened, you might feel a little exhausted.
Because we’ve been talking about the coming Bitcoin Spot ETFs a lot.
Now, whether you’re extremely excited or a little nervous about the pending ETF applications, one thing we can all agree on is that this institutional involvement is going to change everything.
As one analyst at Goldman Sachs described it, we’re currently watching the “Cointucky Derby.”
And we both love and hate that analogy. We love it because we like wordplay. But we hate it because we didn’t come up with that.
But a horse race is an apt metaphor for these ETF applications. It’s a bit of a gamble and everyone has their favorites.
And like a horse race, any little bit of inside information can reinvigorate the excitement and whip the audience into a fervor.
Which is exactly what happened when a Forbes article was “leaked” containing predictions that BlackRock is about to “blow up” the Bitcoin market.
And we’re going to be honest, that Forbes article is hard to read. There have been those in r/CryptoCurrency who have been quick to doff tin foil hats and suggest that this “leak” was little more than a curated PR stunt.
Additionally, the patchwork and clunky writing of that Forbes article suggests it may even have been written by AI.
But regardless of the nature of the release or the article’s author, there was no denying its effect.
Forbes pumped Bitcoin to a year-long high.
Make no mistake, ETFs are coming, the first available window for approval is today, Wednesday, January 3rd.
But even when so much of the talk surrounding ETFs has been theoretical, look at how the right mention, at the right time, can have an explosive effect on the market.
And yes, we’re all still waiting, but get your barbershop quartet-style straw hat ready and start weighing your jockeys, because this is a Cointucky Derby you don’t want to miss.
Protocol Bridge: This is any piece of tech that works to overcome the differences between networks and servers, and allows files or assets to be transferred between those servers.
The Last Sip
The Last Sip: Naturally, the Cointucky Derby wouldn’t be the Cointucky Derby without its signature drink, the on-chain, “Minted” Julep.
Coffee & Crypto Team
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.presiplane