- Bitcoin has another choppy week but finishes strong: Mirroring last week’s trend, the price of bitcoin (BTC) had a choppy week, with BTC testing the $40.5k level on Monday morning before bouncing back above $43k. Bitcoin finished the week strong climbing to around $44k by Thursday.
- BlackRock amends bitcoin ETF application to allow for cash creation and redemption model: It appeared that Blackrock bowed to the SEC this week, filing an amended S-1 on Monday that excluded the “in-kind” creation and redemptions for its Bitcon spot ETF, favoring the “cash creation and redemption” model. Other aspiring bitcoin ETF issuers followed suit, including Valkyrie, Invesco, and Galaxy Digital.
- Ether has mild week and loses ground on bitcoin as ETF decisions delayed: The price of Ether (ETH) remained subdued during the week, with the ETHBTC pair dropping to its lowest level in the past two weeks, moving below 0.051. The SEC also announced it would be delaying its decision on a number of Ethereum ETFs, as expected. ETH is sitting around $2,200 as of Thursday.
- Inflation data coming Friday may further cement likelihood of rate cuts in 2024: The Core Personal Consumption Expenditure (PCE) for November will be released on Friday and is expected to come in at 3.3%, down from 3.5% in October, reaching its lowest level since early 2021. This should add to recent positive inflation data and increase the likelihood of interest rate cuts in the coming year.
🎉 Topic of the Week: 2024 Trend Report
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