Crypto NEWS ????

Could the Crypto Markets Be Gearing Up for the Next Significant Upswing?

October marks the highlight of 2023 in the crypto world, with Bitcoin's price surging from $26.5K to well above $37K. This newfound optimism, driven by hopes of a U.S. spot Bitcoin ETF approval, has breathed fresh life into market sentiment and the broader crypto landscape.

For the first time since Terra's collapse in May 2022, the net supply of major stablecoins has turned positive over the past 90 days.

Additionally, spot trading volumes on centralized exchanges have broken a four-month trend of decline, reaching the highest levels seen since March 2023.

Top stories this week include: 

1. BlackRock Submits S-1 Application to SEC for Ethereum ETF
   BlackRock, the world's largest asset manager, has formally submitted an application for a spot Ethereum exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC) on November 15. This ETF, named the iShares Ethereum Trust, is designed to track the price performance of Ethereum, as stated in the filed S-1 document. The iShares brand is closely associated with BlackRock's ETF offerings. This move follows BlackRock's earlier registration of the iShares Ethereum Trust with Delaware's Division of Corporations and comes approximately six months after the submission of its spot Bitcoin ETF application. In response to BlackRock's application, Fidelity, another major asset manager, has also pursued approval for its own Ethereum ETF.

2. Australia is set to introduce capital gains tax regulations for wrapped cryptocurrency tokens.

   The Australian Taxation Office (ATO) has issued guidance regarding capital gains tax (CGT) treatment for individuals engaging in decentralized finance and wrapping cryptocurrency tokens. Australians will be responsible for paying capital gains taxes when they wrap and unwrap tokens. According to the ATO, transferring crypto assets to an address not controlled by the sender or one that already has a balance will be considered a taxable CGT event. Whether an individual records a capital gain or loss will determine when the CGT event is triggered. A similar approach is under consideration for taxing liquidity pool participants, providers, and those receiving DeFi interest and rewards. Additionally, wrapping and unwrapping tokens will also potentially trigger a CGT event.

3. OpenAI removes Sam Altman as CEO, appoints CTO Mira Murati as interim CEO.
   

   OpenAI removed founder Sam Altman from the position of CEO on November 17th. The role of interim CEO is now being filled by Chief Technology Officer Mira Murati. The decision follows a thorough review process by the board of directors, which found that Altman's communication with the board lacked consistency, impeding the board's ability to fulfill its duties. Shortly after this development, OpenAI's co-founder and president, Greg Brockman, also announced his departure from the organization.

The Bitcoin Breakdown:

Critical levels for Bitcoin to monitor closely: 

Support #1: $35,600, Support #2: $34,000, Support #3: $32,500

Bitcoin (BTC) is currently hovering around the levels we previously examined, holding its position within an ascending parallel channel. BTC appears poised for a potential breakthrough, which could provide valuable insights into its upcoming path.

On the upside, if BTC successfully breaches the initial resistance at $36,900 with substantial trading volume and secures a close above it, this may signal further upward momentum, potentially approaching the next significant resistance at $38,000. Moreover, if BTC manages to break out above the ascending parallel channel, setting sights on $40,000 becomes a plausible scenario.

Conversely, in the event of BTC breaking below the ascending parallel channel and our first support at $35,600, particularly with notable trading volume, there is a possibility of a sustained downward trend towards $34,000. It's worth emphasizing that, from a broader perspective, BTC is in an uptrend, underscoring the importance of aligning one's trading strategy with the prevailing trend rather than opposing it.

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Disclaimer: The information shared in this newsletter is for educational and informational purposes only. It is not intended as financial or investment advice, and should not be relied upon as such. The opinions expressed in this newsletter are those of the authors and do not necessarily reflect the views of the company. Readers should do their own research and due diligence before making any investment decisions. The crypto market is highly volatile and subject to significant fluctuations, which may result in substantial gains or losses. Any investment in cryptocurrencies should be made with caution and only after careful consideration of the risks involved. We encourage our readers to seek professional advice from a financial advisor or other qualified professional before making any investment decisions. We do not accept any liability for any loss or damage incurred by readers as a result of their reliance on the information contained in this newsletter.