💸 Bitcoin hits another milestone
BlackRock receives $100k in seed funding for spot Bitcoin ETF. Bitcoin price follows the previous two cycles. There is no reason to go into altcoins.
Welcome to the Bitcoin Lighthouse newsletter by Lightning Ventures
Bitcoin moved up by 5% again, crossing $44k. So here is another out-of-turn edition of the Bitcoin Lighthouse to help you understand it all.
📈 Bitcoin Price
🌡️ Bitcoin Temperature
The Bitcoin Temperature is at 2.8 and continues in the neutral zone despite an overnight jump of $2k.
Our goal is only to mention the current state of the market. However, we are bullish in the short term because of the developments around the spot Bitcoin ETF.
To see how we calculate the Bitcoin temperature, click here.
👍 Highlights
- 🏦 BlackRock receives $100k in seed funding for spot Bitcoin ETF
- 📜 Bitcoin price follows the previous two cycles
- 💩 There is no reason to go into altcoins
🏦 BlackRock receives $100k in seed funding for spot Bitcoin ETF
- 📈 BlackRock gets $100k in seed funding for spot Bitcoin ETF.
- 💰 BlackRock, Fidelity, and other companies are all vying to be the first to launch a spot Bitcoin ETF, creating a competitive race in the market.
- 📈 All signs point to a spot Bitcoin ETF launch in the 1st week of January 2024.
🔍 Our View
- 💰 The Bitcoin winter is done. We don't think we're ever going to see $20,000 again.
- 📈 The price of Bitcoin approaching all-time highs increases media coverage and intensity, which makes people more interested.
- 📈 The next major catalyst for Bitcoin is the halving in mid-2024, historically causing a run-up in price.
📜 Bitcoin price follows the previous two cycles
- Since the cycle high and cycle low, Bitcoin's price is strikingly similar to both the 2013-17 and 2017-21 periods.
🔍 Our View
- Bitcoin is performing similarly to the previous two cycles. If this continues, there is scope for further price increases despite its strong performance this year.
💩 There is no reason to go into altcoins
The price of altcoins when Bitcoin was last at $40k in April 2022
And here is the price of altcoins today
🔍 Our View
19 months ago, when Bitcoin was last at $40k:
- Ethereum was $3k and is currently at $2,200
- BNB was at $400 and is currently at $233
- XRP was at $0.73 and is currently at $0.62
You get the point that there is no point in going into altcoins.
🃏Meme Corner
If you are a bitcoiner, it's a day to listen to an old hit.
👨🏫 Learn Bitcoin
A talk I gave about Bitcoin in 2015: it has 500k views. It is as relevant today as it was back then.
✒️ Famous Quotes
“The bitcoin world is this new ecosystem where it doesn’t cost that much to start a new bitcoin company, it doesn’t cost much to start owning bitcoin either, and it is a much more efficient way of moving money around the world.”
– Tim Draper
By Sandeep Goenka
Partner at Lightning Ventures
Comments ()