Hello Crypto Enthusiasts!

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

We’ve got a lot to cover today so I’m including a little TLDR of the top headlines, continue reading below for all the details!

• Spot Bitcoin ETFs Soar: Debut day sees over $4.5 billion in trading, with BlackRock and Fidelity leading.

• Circle Eyes IPO: The USDC issuer confidentially files for an IPO, marking a significant step towards public trading.

• Vanguard’s Bitcoin ETF Stance Upsets Users: The decision not to offer spot Bitcoin ETFs leads to customer dissatisfaction.

• Coinbase Expands in Africa: Partnership with Yellow Card aims to enhance USDC access in 20 new African countries.

• Near Foundation Restructures: Announces a 40% workforce cut, focusing on efficiency despite a strong financial position.

• Technical Analysis: So far our trading wizard has been 4/4 for his predictions this year.

  All this and more in today’s newsletter!

📰 News Highlights:

💸 Spot Bitcoin ETFs Skyrocket to $4.5 Billion in Debut! 🚀 [Source][Source][Source]

The first day of trading for a lineup of brand-new Bitcoin exchange-traded funds (ETFs) has set the market ablaze, reaching a staggering total volume of over $4.5 billion. 

Notable players like BlackRock, Grayscale, and Fidelity emerged as frontrunners, with BlackRock's iShares Bitcoin Trust (IBIT) securing the top spot, handling over $1 billion in volume. Fidelity's spot Bitcoin ETF (FBTC) followed closely, boasting an impressive $685 million in day one trading volume.

However, amidst the triumphant debut, Hashdex faced an unexpected twist, missing its chance to be counted among spot Bitcoin ETFs for the day. While the SEC greenlit Hashdex's 19b-4 filing, enabling the listing of its spot ETF on U.S. stock exchanges, the S-1 form approval remains pending. This hiccup didn't dampen the spirits of the crypto market, as trading volumes soared and analysts predicted potential impacts on Bitcoin spot purchases. Buckle up, crypto enthusiasts; the spot Bitcoin ETF era is off to a roaring start!

💼 Circle Files for IPO! 🔄 [Source][Source]

In a significant move, Circle Internet Financial, the issuer of the USD Coin (USDC), the second-largest stablecoin by market capitalization, has confidentially filed for an initial public offering (IPO) in the United States. This strategic step is part of Circle's ambition to transition into a publicly traded entity, signaling its commitment to navigating the traditional financial landscape.

While the details regarding the number of shares to be sold and the proposed price range are yet to be unveiled, Circle's journey to the public markets dates back to 2021. 

Initial plans for a merger with Concord Acquisition Corp valued at $4.5 billion evolved and eventually led to the recent confidential IPO filing. As the U.S. Securities and Exchange Commission undergoes the review process, the crypto community eagerly awaits the unfolding of Circle's narrative on Wall Street.

🔐 Vanguard's Users Threaten Exodus Over Spot Bitcoin ETFs!🚫[Source][Source][Source][Source]

The crypto landscape witnessed a momentous clash as Vanguard, a prominent asset manager, opted not to allow the purchase of spot Bitcoin exchange-traded funds (ETFs) on its platform. Vanguard's decision sparked backlash, with users expressing dissatisfaction and some even considering moving their funds to alternative platforms.

Vanguard justified its stance, stating that spot Bitcoin ETFs do not align with its traditional offerings focused on equities, bonds, and cash.

This move prompted concerns about the company's refusal to adapt to the evolving crypto landscape, leaving some investors exploring options on platforms like Fidelity. 

The clash highlights the ongoing tension between traditional finance and the growing influence of cryptocurrencies in investment portfolios.

🌍 Coinbase Expands Access of USDC in Africa! 🌐 [Source][Source]

Coinbase, a leading cryptocurrency exchange, has joined forces with Yellow Card to embark on an African expansion, bringing access to its products to 20 new countries on the continent. The collaboration aims to enhance access to USD Coin (USDC), a stablecoin pegged to the U.S. dollar, and facilitate seamless fiat-to-crypto transactions.

Yellow Card's payment rails integration into Coinbase's platform enables users to navigate the on and off-ramps between fiat and cryptocurrencies, including Bitcoin and USDC. With a focus on regions with high inflation rates and dependency on remittances, Coinbase aims to offer a more economically viable solution for users in Africa. 

This partnership reflects the growing recognition of cryptocurrencies as tools for financial inclusion and economic empowerment on the African continent.

🔍 Industry Insights: 

📉 Near Foundation's Restructuring: Layoffs Amidst Financial Strength! 💼 [Source][Source]

In a surprising turn of events, the Near Foundation, the developer behind the Near Protocol, announced a significant restructuring involving a 40% reduction in its workforce. The decision, impacting 35 employees in marketing, business development, and community teams, aims to streamline the core team and focus on more impactful activities.

Despite the layoffs, the Near Foundation's financials appear robust, with a treasury exceeding $1 billion, including $285 million in fiat currencies and 305 million NEAR tokens.

The move reflects a commitment to efficiency and effectiveness, acknowledging past challenges in the organization's pace and focus. The Near Protocol community anticipates a more refined approach as the foundation continues its mission of decentralization and protocol development.

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🔍 Technical Analysis:

1/12: BTC, ETH, and ETH BETA COINS! [Source]

Thursday marked a breakthrough as the U.S. SEC greenlit 11 bitcoin ETFs, a long-awaited win for the crypto sector. Big players like BlackRock, Ark Investments, Fidelity, Invesco, and VanEck got the nod, with BlackRock's iShares Bitcoin Trust and Grayscale Bitcoin Trust kicking off trading early. This regulatory clearance sparked fierce competition among issuers, pushing them to slash fees for a slice of the ETF pie. Analysts foresee bitcoin ETF flows hitting over $10 billion in 2024, eyeing an ambitious $80 billion by next year's close. The SEC's move is anticipated to attract substantial institutional investments into crypto. Post-approval, stocks linked to cryptocurrencies, including bitcoin miners and exchanges, saw positive premarket shifts. However, as the ETFs started trading, the market experienced consolidation, with Bitcoin showing a pullback. Dive into today's market analysis for more insights!

Bitcoin Market Analysis

On the first day the Bitcoin ETF started trading, there was quite a buzz. The price shot up by a whopping $4500 or a 10% jump from the range highs of $44,500, just before the New York session. Things got interesting when it hit $49,000. That's where a bunch of limit sell orders got triggered, evident not just on the order books but also in the current price action. It looked like a swing failure pattern was in play.

Seems like $48,500 to $50,000 is a tough nut to crack for Bitcoin. Big sellers are hanging around there, seemingly determined to keep the price from going any higher. It's like a battle zone, and these sellers are holding their ground, wanting to drive the price down. This lines up with the whole "sell the news" scenario related to the Bitcoin ETF. You know, that moment when people start selling right after some big news hits. It happens in different ways - sometimes right away, sometimes with a delay, and sometimes after a bit of a pause.

From a price action point of view, the good news is, that as long as that support at $44,500 holds, there might be more room for the price to go up. Right now, it seems like we're in a range, bouncing between $44,500 and $49,000. Check out the chart below for a clearer picture.

Ethereum Market Analysis

Ethereum witnessed a significant pump, jumping from $2,230 to $2,560, driven by anticipation around the ETH ETF. The decision on the ETH ETF, set for May 2024, added to the positive sentiment. Upcoming upgrades, including the Dencun Upgrade for Ethereum L2, contribute to Ethereum's bullish outlook. A potential run towards $3,000 is in sight, with retests around $2,450-$2,300 seen as buying opportunities.

Altcoin Watchlist: Exploring ETH Beta Plays

Altcoins are outshining BTC as attention shifts to ETH ETF. The image below suggests potential ETH beta plays, with Blur leading, followed by OP and ARB as top L2 on the ETH network. Keep an eye on these moves as Pendle appears to be the weakest link. Stay tuned as things unfold!

BLUR in Focus: 

BLUR is set for Blast L2 launch in Q1 2024, with potential Blast token airdrops for BLUR holders. Recent actions, including a pump and dump by wallet CBB0FE, impacted the NFT ecosystem, particularly the Bored Ape Yacht Club collection. BLUR faces a critical price point, aiming to establish $0.54-$0.56 as support for a potential rise to $0.7.

Arbitrum's Momentum:

Arbitrum saw a significant increase, rising from $1.82 to $2.24, a 23% surge. Sustained momentum could lead to further gains, targeting $2.5 and $3. However, caution is advised, as a potential reversal cannot be entirely ruled out. No clear signals of loss in momentum or reversal are present.

Before:

After:

Optimism's Challenge:

OP is trailing behind Arbitrum, facing resistance at $4. Progress within OP's ecosystem lags, and the price contends with a sturdy resistance. A breakthrough may lead to new highs, but uncertainty remains, with attention on a potential resistance breach or a dip towards $2.865.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all Monday!

Jonathan Gibson
UseTheBitcoin.com