7th January 2024 > > Interregnum, ETFs, & the UK.

tl;dr

All eyes on the SEC for the next three days with approval of spot BTC ETFs expected, during which time the CCC will be off-line. Life is all about timing. The UK government lets us down again.

Market Snap

Market Wrap

One month ago, we were at $44k. In that time there has been spot BTC ETF yes/no speculation, some alts have gone nuts (have a look at the price action for POWR yesterday, which will be the subject of a future CCC), leveraged longs have lost a ton of money, and after all that, we are effectively back where we started. Hodlers who DCA are the real winners.

Curious Cryptos’ Commentary – Overseas office number 2

Though Thailand has many advantages, as does Sydney, we have still not found an ideal place for our second overseas office. Certainly not one to compare with our first foray into another country, the village of Inverie, home to the UK’s most remote pub.

It has been suggested that Melbourne might be more suitable than Sydney. I am travelling there for a couple of days, but without luggage, and without a mobile CC Towers, so the CCC will be offline for a couple of days. I trust you all to look after the crypto markets in my absence.

Curious Cryptos’ Commentary – spot BTC ETFs

It seems most commentators are focused on 10th of January 2024 for the deadline for SEC approval of a raft of spot BTC ETFs, and for good reason. There has been a bunch of filings from prospective issuers and the exchanges that will list the ETFs. It is almost inconceivable that we will not see approval this week, though Warren and her anti-crypto (aka anti-freedom) army, despite their collective limited intellectual capacity, should not be underestimated. Some of their (TradFi?) donors have large pockets and know how to use them.

If those who support coercion and control prevail (the SEC rejects again) we will see volatility. My lowball bids for BTC might get hit, and that will be good for me in the long run.

If the freedom fighters who wish to liberate the poor and underprivileged prevail (the SEC approves) we will see volatility – probably at a higher price than that shown above in the Market Snap.

In both scenarios the day traders/leveraged children will be out in force believing they can make out like bandits. Regardless of the absolute level around which the price action will take place, the volatility that they believe is their friend will kill most of them. Leave them to their games.

Long-term holders need do nothing for the time being.

Curious Cryptos’ Commentary – UK politicians’ promises

Ho hum.

I have a story to tell on my return from Melbourne which might cast some doubt on Rishi Sunak’s public statement before he became Prime Minister:

“It’s my ambition to make the U.K. a global hub for crypto-asset technology.”

It is a tale of woe, pain, time, and financial cost. For crypto enthusiasts, it is drama. Others might hasten to add I should get out more. Whatever. The point is - the UK is a global hub for cryptos? Who are you trying to kid, matey boy?