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⚡ETF Buzz Amplifies 🌋

Croxroad

12 Nov 2023 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🏹 ETF Fever

Bitcoin (BTC) managed to break the $36,000 mark following the daily close, reaching $36,864 on Bitstamp, its highest level since May 2022. Earlier concerns about decreasing bid liquidity and a potential retest of $34,000 didn't materialise, and instead, a bullish trend emerged during U.S. trading hours. According to James Van Straten, a research and data analyst at CryptoSlate, this represents the most optimistic sentiment toward Bitcoin in the U.S. since early 2022, with the last comparable bullish phase in Asia observed in October 2021. Van Straten cited data from Glassnode, highlighting that U.S. buyers were instrumental in sustaining the rally, a sentiment echoed by William Clemente, co-founder of Reflexivity.

The renewed bullish sentiment in the Bitcoin market has sparked speculation about a potential approval of a U.S. Bitcoin spot price exchange-traded fund (ETF). While the official announcement is not expected until 2024, the period starting on November 9 is seen as a potential timeframe for regulators to make the awaited decision. James Seyffart, a research analyst at Bloomberg Intelligence, expressed a 90% confidence by January 10 for spot Bitcoin ETF approvals, with the possibility of earlier decisions leading to a wave of approval orders. Financial commentator Tedtalksmacro noted that Bitcoin's trading behaviour resembles anticipation for an imminent ETF decision. Additionally, on-chain monitoring resource Material Indicators highlighted that the overnight gains had unusual effects on its proprietary trading tools, as mentioned by co-founder Keith Alan.

🎺 BlackRock vs. Bitcoin

In the vast realm of finance, where trillions flow through the global arteries, an existential question arises. Will the old guard clash with the disruptive force of Bitcoin, or will they consider an alliance that could reshape finance forever? This article delves into the captivating true story of traditional market wizardry, control, and the revolutionary world of Bitcoin, with Larry Fink, the CEO of BlackRock, at its epicentre.

BlackRock, managing over ten trillion dollars in assets, holds approximately eight percent of the world's total managed assets. Larry Fink, a financial virtuoso, played a pivotal role in the subprime mortgage collapse of 2008 and the emergency economic stabilisation measures during the COVID-19 pandemic. Fink's influence extends to his annual letters to CEOs, considered as important as Warren Buffett's by 64 percent of corporate executives.

Fink's character is multifaceted, showcasing a penchant for control and a realisation of his own significance. His moral stance against Wall Street's gigantic bonuses and his distrust of certain norms align with Bitcoin advocates. However, his centralised financial power clashes with Bitcoin's ethos of decentralisation.

BlackRock, a beacon of centralised financial power, manages trillions in assets, fundamentally opposing Bitcoin's decentralised nature. Fink's recent application for a Bitcoin ETF signifies a drastic change in stance, raising questions about the compatibility of BlackRock's centralised approach with the decentralised world of Bitcoin.

The article explains Bitcoin's decentralised structure, highlighting the roles of miners and nodes. Even if someone were to control the majority of mining power, the decentralised network's thousands of nodes act as a built-in firewall, resisting centralised control.

Fink's venture into Bitcoin poses a peculiar juxtaposition to his legacy in centralised financial systems. The article explores whether Fink's recent rhetoric on Bitcoin's impact and potential is genuine or a strategic move for centralised control.

As Larry Fink and BlackRock venture into the intricate domain of Bitcoin, questions loom large about their true motives. Is it a genuine embrace of decentralisation, or are they attempting to exert centralised control in a space inherently designed to resist it? The clash of titans between BlackRock and Bitcoin unfolds as the financial landscape continues to evolve.

📊 Moving Averages

Moving averages are like a smooth line that shows the average price of something, like Bitcoin, over a certain period. There are two types: Simple Moving Average (SMA), which treats all prices equally, and Exponential Moving Average (EMA), which gives more importance to recent prices. If the current price is above this line, it might indicate an upward trend, and if it's below, it could suggest a downward trend. People use this to understand where the price might be heading and make decisions about buying or selling. It's like a tool to help see the bigger picture and not get too caught up in daily price ups and downs.