⏳ Are We 6 Days Away From The Next Crypto Bull Run Leg?
👉 What Just Happened Has Turned The Market Extremely Bullish!
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📰 Are We 6 Days Away From The Next Leg?
💎 AI Agents Lead The Rally!
💥 Best Alpha Posts of the Day
🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
💭 Banter’s Take
GM Degens,
In just 24 hours, we've seen Bitcoin dance from $89,800 to a flirty $98,000, proving once again that volatility dominates the market!
Anything can flip from bearish to bullish in a heartbeat, and that is the case today as we just got some major news that could benefit the entire crypto industry.
Let's dive in!
🌍 Market Catch-Up
Top 100 coins Daily Performance - Banter Bubbles
Source: CoinMarketCap
📰 Question of the Day
Are We 6 Days Away From The Next Leg?
Over the last 24 hours, Bitcoin reached out and slightly touched $89,800 as it, along with traditional stocks, faced a lot of downward pressure. It has since bounced back and is now heading towards $98,000, just to give you a sense of the scale of volatility.
A lot of fear arose as the forecast for the incoming Producer Price Index (PPI) in the US rose on some specific sites at the last minute, going from a prediction of 3% to 3.4%. The 3% would have aligned with the previous reading. Seeing as PPI acts as a precursor to what the Consumer Price Index (CPI) will bring, it was not seen as a great scenario.
Everything was looking bearish until one of the most bullish pieces of news came out.
A reporter from the Washington Post posted on X, saying that Donald Trump is expected to issue crypto executive orders on day one. Just one or two issues ago, we mentioned how he probably has bigger issues on his plate than crypto, but maybe we were wrong. The crucial part is her first reply in the thread.
To add to this, Trump's inauguration is going to feature a Crypto Ball hosted by David Sacks, who you might remember has been appointed by Trump to the position of AI and Crypto Czar. You can see below from Mario Nawfal’s post that grand status crypto companies are backing the event, including Coinbase.
Furthermore, we have news that Trump is expected to repeal the highly controversial SAB121, the guidance document from the SEC that requires companies holding crypto assets to record them as liabilities on their balance sheets.
You kind of start to get a picture of what the new government thinks and how it’s going to deal with crypto. You probably already had an idea, as we did. But wait! There's more.
A US court has ordered the SEC to justify not giving crypto-specific regulations to Coinbase when they requested it. You might remember that the SEC issued a Wells Notice to Coinbase regarding potential violations of federal securities laws, and their head lawyer came out to effectively say, 'What on earth, we came to you, the SEC, asking for clarity on the regulations, so we could act accordingly, and you gave us nothing'. This was also highly controversial, but it might be a topic which now comes to a conclusion as Coinbase and other crypto companies finally get clarity on how they can operate. According to reports, the SEC has been given one last chance to give an explanation on what they did and not screw up with nonsense explanations.
Adding to the bullishness of it all…
This is from a few days ago but, Meta has received a shareholder proposal to look into whether the company should hold Bitcoin in its treasury.
Meanwhile, Italy is also going strong on Bitcoin.
It's funny how yesterday everyone was bearish, when in fact the industry pushes on, and adoption is ramping up. As always, none of this is financial advice, and you all need to do your own research.
Lastly, according to some technical analysts on X, like Jelle below, Bitcoin's structure on the charts looks healthy.
So could that first crypto executive order come in six days, when Donald Trump is inaugurated as the next US president?
The entire crypto market will be watching closely.
💎 Degens’ Den
AI Agents Lead The Rally!
Over to altcoins…
Holders of PNUT will be glad to know that Coinbase has given an official date for the listing of Peanut The Squirrel (PNUT), just a few months after posting an enigmatic photo on their Instagram account with a chart and squirrel. It will go live at 9AM PT on 14 January.
Over to one of the major Layer-1s (L1s), Sonic Labs, the creators of Sonic (ex Fantom (FTM)), have teased in a big announcement as Binance is getting ready to list the chain's native token ‘S’ on the 16th of January.
Meanwhile, Sony Group, creators of PlayStation, have officially launched their Soneium blockchain mainnet. Will we see their blockchain technology integrated into Sony PlayStation issued games soon?
If this is indeed the calm before the storm, when a highly pro-crypto US government comes into office, it will be interesting to see which projects and companies benefit from any new regulations they're bringing into play. There will surely be winners and losers, so it will be crucial to pay attention to what is happening in the US. We see that people are warming up to the crypto and AI overlap, so it’s probably no wonder that the two top gainers in the last 24 hours (from the top 100 coins by market cap) are AI agents, with:
Fartcoin (FARTCOIN) up 57.42%
ai16z (AI16Z) up 20.01%
🐸 MEMEoirs of a Degen!
📢 Biggest Announcements
MicroStrategy Buys 2,530 More BTC, Totaling $243M at $95,972 Per Coin
Tether (USDT) Announces Relocation to El Salvador
💭 Banter’s Take
It's funny to see how things can change from bearish to bullish in just 24 hours. This is a great lesson in conviction and sticking to your thesis, whether you are a bear or a bull. It's probably not the best thing to get influenced by short-term noise.
We are now just a few days away from a major event that we have been discussing since mid-last year.
See you all tomorrow!