Today's Top Crypto Headlines:

Hey there crypto crew!

Glad to have you back for another edition of the UseTheBitcoin.com  newsletter.

Let’s jump right into today’s headlines!

📰 News Highlights:

📈Bitcoin and Ether: Surge Higher! (Link) (Link) 

The crypto market is experiencing a tidal wave of investments, with a whopping $1.76 billion pouring into digital asset investment products over just the past 10 weeks. This surge, the most significant since October 2021, shows no sign of stopping.

The driving forces behind this financial tide? Bitcoin and Ether are mooning reclaiming prices not witnessed in more than 18 months.

Supporting this price action, fund inflows at asset managers such as CoinShares, Bitwise, Grayscale, ProShares, and 21Shares added $176 million last week, reaching a 10-week-long positive streak of more than $1.76 billion.

🕵️‍♂️ Latest News on BlackRock and Bitwise ETF Changes! (Link) (Link) (Link) (Link)

Major asset managers Bitwise and BlackRock are gearing up for the potential launch of spot Bitcoin ETFs by filing updated proposals with the SEC.

Key points:

• Both Bitwise and BlackRock filed amendments to their respective S-1 forms on December 4th.

• These filings address issues raised by the SEC in recent discussions, heavily suggesting progress towards approval.

• Analyst Eric Balchunas believes there's a 90% chance the SEC approves one or more spot Bitcoin ETFs by January 10th, 2024.

Though the SEC has been cautious, these updates hint at ongoing negotiations. The crypto community eagerly awaits the outcome, speculating whether this is the precursor to the SEC granting the long-anticipated spot ETFs.

El Salvador Proves the Doubters Wrong: Bitcoin Bet Delivers $3.6 Million Profit! (Link)(Link)

El Salvador’s head of state, Nayib Bukele, recently announced that the nation’s Bitcoin investment has turned profitable, rebounding from a prolonged period of “loss” experienced during the majority of last year’s crypto winter. Bukele revealed that the value of the country’s cryptocurrency holdings has risen by more than $3.6 million, based on current Bitcoin exchange rates.

Imagine this: You're El Salvador, a tiny nation playing a high-stakes game with Bitcoin as your chip. Doubters sneer, the press calls you crazy, and the price dips like a rollercoaster. But you hold your nerve, dollar-cost averaging your way to a stack of 2,381 BTC. Then, BOOM! The tide turns. Bitcoin surges, and your national reserves, once painted red with doom, are now a dazzling green. You've not only clawed back your investment, but you're $3.6 million richer!

Bukele's not shy about rubbing it in. He takes to social media, a mischievous grin plastered across his face, and declares, "El Salvador's Bitcoin gambit? We're in the black, baby! Eat your words, haters!" 

The critics are scrambling. Those articles calling El Salvador a "laughingstock"? Now they're a footnote in history. Bukele wants retractions, apologies, at least a sheepish acknowledgment that they were wrong. The Bitcoin game just got a whole lot more interesting.

So, what's next? Will other nations follow El Salvador's lead? Will Bitcoin become the ultimate reserve currency? Only time will tell, but one thing's for sure: El Salvador's gamble has paid off in a big way, and the world is watching. 👀

⛏️ Riot Platforms' Massive Order! (Link) (Link) (Link)

Riot Platforms, a key player in the Bitcoin mining industry and a publicly traded company, has recently made headlines with a major expansion move. Riot Platforms is going all out, placing a massive order of 66,560 mining rigs from MicroBT for a staggering $290.5 million.

The company, which operates out of Texas and is listed on Nasdaq, announced an investment of $290.5 million to acquire 66,560 units of Microbt’s latest model (the Whatsminer M66S), and represents Riot’s largest mining investment ever. Additionally, Riot has negotiated options for purchasing up 265,000 additional Whatsminer models. If Riot exercises this option, the capacity of its mining fleet could exceed 100 EH/s.

Following this announcement, Riot’s shares (Nasdaq: RIOT) saw a 9% increase, adding to a significant 294% increase year-to-date.

Jason Les, CEO of Riot, expressed excitement about the company’s growth, noting the ongoing development at their Corsicana Facility and the aim to reach and exceed 100 EH/s in the coming years.

🍪 Crypto Bites: Small Tasty Stories from the across the web

• Crypto.com Joins Coinbase and Gemini in Obtaining E-Money Institution License in the UK

• ORDI's Market Cap Soars to $873 Million Amid Bitcoin Price Rally

💡 Feature of the Day:

🕵️‍♂️ IRS and Crypto Tax (Link) (Link) (Link) (Link)

The IRS's Criminal Investigation (CI) Unit is leveling up in a big way and they're coming for your hidden Crypto!

Announcing more than 2,600 cases and a staggering $37 billion related to tax and financial crimes you can expect that Uncle Sam will come knocking on your door to pay up.

• Half their investigations are now about people NOT paying taxes on their crypto gains. Oops! Just like a bloodhound on a scent, they're getting really good at sniffing out unreported coins.

• Remember that giant $4 billion fine on Binance? The IRS was all over that, catching them red-handed and then making them pay. Their CEO even had to step down!

• The IRS is now cooking up even more rules to track every single bit of your crypto. They're making it harder than ever to slip through the cracks, and even big companies like Coinbase are complaining about the extra paperwork.

• So, what does this mean for you? If you've been hiding your crypto gains, it's time to come clean. The party's over, and the IRS is ready to collect their dues.

Don't try to fool Uncle Sam with your crypto tricks. Play it safe and pay your taxes, or you might be next!

“These investigations consist of unreported income resulting from failure to report capital gains from the sale of cryptocurrency, income earned from mining cryptocurrency, or income received in the form of cryptocurrency, such as wages, rental income, and gambling winnings,” said the Criminal Investigation Unit.

Are we witnessing a necessary tax reckoning or a cautionary tale for crypto holders navigating the regulatory landscape?

🔍 Industry Insights:

The Tokenization Torrent: Why 2024 Could Be the Year It All Floods In (Link)

For years, whispers of tokenization's potential have echoed through the financial landscape. We've seen glimpses of its brilliance, like fractionalized artworks and tokenized real estate, but the promised flood of digitized assets remains a trickle. But hold on, fellow believers, because 2024 might just be the year the dam bursts.

Why the sudden optimism? It's not just the usual "crypto cognoscenti" hyping this up. Everyone, from seasoned TradFi leaders to Wall Street bigwigs, is singing the tokenization tune. They see the tens of trillions waiting to be unlocked, the potential to revolutionize asset ownership and inject liquidity into once-stagnant markets.

But what's been holding back this torrent? It wasn't technology, despite the early stumbles. No, the culprit was trust. Investors needed reassurance and a solid foundation upon which to build their tokenized dreams. And that foundation is finally being laid.

The past year has been a masterclass in infrastructure building. Technical hurdles are being overcome, interoperability is becoming a reality, and the big guns are finally entering the game. Private equity funds are leading the charge, crafting tokenized vehicles for their investors and propelling these ideas into the real world.

Imagine giants like Hamilton Lane and JP Morgan with tokenized funds in their arsenal. That's just the beginning. Structured instruments, built from new revenue streams like private credit, are poised to join the party. These are inherently digital assets, tailor-made for the on-chain world. But it doesn't stop there. Bonds, equities, and even real estate – all are on the tokenization menu. Fractional ownership of classic cars, anyone? Imagine tokenized vineyards trading on a global marketplace, settling instantly. This isn't just about fancy toys for the rich; it's about democratizing access, bringing fresh liquidity to tired markets, and breathing new life into the old guard. This influx of institutions, assets, and payment rails will inevitably demand one thing: industry-wide standards. We need a common language for these tokens to talk to each other, and for markets to connect seamlessly. And that's exactly what's happening.

So, buckle up, folks. 2024 might just be the year the tokenization torrent breaks free. The infrastructure is built, the big players are in, and the potential is staggering. Get ready to witness a financial revolution, one digital asset at a time.


💥 Market Movers:

Top Gainer: Aurora (AURORA) up 71.6% - Released a thread tackling a problem that Forbes previously highlighted about scalability, energy consumption, security, complexity, and interoperability are the main challenges to blockchain adoption. [source]

Top Loser: AIOZ Network (AIOZ) down -23.6% - Released a tokenomics update which caused dissatisfaction among a lot of its holders, price dump -23.6% a few hours after. [SOURCE]

😂 Crypto Memes of the Day:

And that’s it for this today!

Thanks for reading and stay tuned for tomorrow's updates.

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See you again tomorrow,
Jonathan Gibson
UseTheBitcoin.com