Content:
Tis the Season for Buying
Personal Journey Update
Weekly Fact
Quote of the Week
Tis the Season for Buying
The cryptocurrency market experienced a weekend of notable activity, with Bitcoin (BTC) leading a surge that resulted in over $100 million in liquidations.
Key Points:
BTC Hits 19-Month Peak:
BTC reached a significant milestone, surging to $39,000 on Friday, marking its highest point in over a year and a half.
Retracement and Anticipation:
Following the initial surge, Bitcoin was retraced by several hundred dollars. However, the crypto community anticipated another leg up.
Bitcoin Touches $40,000:
As predicted, Bitcoin experienced another surge on Saturday, briefly touching $40,000 for the first time since May 2022.
Altcoins Follow:
Several altcoins joined the rally, with notable gains seen in Chainlink (7% increase), RUNE (11%), NEAR (6%), and Ethereum (ETH), which added 3% to surpass $2,100.
Market Volatility Impacts Traders:
The heightened volatility led to over $100 million in liquidations, primarily affecting over-leveraged traders.
Short Positions Dominate:
Most liquidated orders were from traders who had shorted the market, signalling challenges for those betting against the upward momentum.
Largest Liquidation on OKX:
The most significant liquidation, amounting to $2 million, occurred on the OKX exchange.
Personal Thoughts:
The crypto market movements over the weekend are signs of the ongoing hype around a Bitcoin ETF.
Is Bitcoin’s value already priced in due to the anticipation, or will Bitcoin surge even higher once we get an official announcement?
I believe we’ll see another run-up after an announcement, maybe not straight away as there will be lots of sell pressure from people looking to profit from the news as well.
Once the big asset managers start allocating some crypto into customer portfolios I have no doubt we will see crypto’s market value explode.
It’s only $4.3 Billion
In a surprising turn of events, executives from Binance, the renowned cryptocurrency exchange, reportedly shared details of a potential $4.3 billion settlement with top market makers before the information became public.
This revelation, detailed in a Bloomberg report on December 1, sheds light on an exclusive dinner in Singapore where Binance traders were given insights into the tentative agreement, months before it was officially disclosed.
Key Points:
Preemptive Disclosure:
Executives from Binance are said to have informed select market makers about the $4.3 billion settlement with U.S. authorities during a private dinner in September, approximately two months before the public announcement.
Financial Assurance:
Allegedly, Binance executives reassured specific traders during the dinner, affirming that the exchange had the financial capacity to cover the substantial $4.3 billion penalty and would continue its operations.
CEO Absence:
Notably, Binance's CEO at the time, Changpeng "CZ" Zhao, was not present at the event. Richard Teng, who succeeded Zhao after the settlement, reportedly interacted with guests during the dinner.
Disputed Accounts:
While a Binance spokesperson disputed the accuracy of how the VIP event was portrayed, specific details regarding the dispute were not clarified.
Settlement Terms:
As part of the settlement agreement, Binance is obligated to pay $4.3 billion to various U.S. authorities and regulators. CZ himself is personally responsible for a $150 million payment to the U.S. Commodity Futures Trading Commission.
Legal Ramifications:
Despite resolving many legal issues in the U.S., Binance.US and CZ still face a lawsuit from the U.S. Securities and Exchange Commission (SEC) filed in June. Additionally, a group of investors has initiated legal action against Cristiano Ronaldo for promoting Binance nonfungible tokens (NFTs), alleged to be unregistered securities.
CZ's Legal Status:
CZ is currently on bail in the U.S. and awaits a court decision on his request to return to the United Arab Emirates before his sentencing in February.
Personal Thoughts:
I’ll keep it short,
You’re in crypto for a reason, because you believe in self-custody and decentralisation.
These exchanges are great for buying and selling crypto, but that’s it.
Never trust them with your funds, always keep your crypto in a hard wallet.
I Love it when a Plan Comes Together
Michael Saylor has achieved a staggering $1.5 billion profit in his Bitcoin investments amidst the recent BTC rally.
Key Points:
Impressive Profit Margin:
Michael Saylor, the chairman of MicroStrategy and a prominent Bitcoin advocate, now boasts a profit of over $1.5 billion in his Bitcoin investments. This substantial gain has materialized as Bitcoin surged to $39,400, with Saylor's average purchase standing at $30,512.81.
Saylor's Bitcoin Investment Portfolio:
According to data from Saylortracker, a platform that monitors Saylor's routine Bitcoin investments, he has invested a total of $5,325,400,000 to acquire 174,530 BTC since September 2020.
Dollar Cost Average:
Saylor's dollar cost average for over three years of Bitcoin investment is $30,512.81. With Bitcoin currently priced at around $39,411, his initial investment of $5.325 billion has now appreciated to nearly $7 billion.
Portfolio Statistics:
As per the tracker, Saylor's Bitcoin portfolio is currently valued at $6,900,641,579.28, reflecting an impressive 29.58% gain, marking an all-time high.
Recent MicroStrategy Purchase:
Just four days ago, Saylor announced MicroStrategy's acquisition of 16,130 Bitcoin units at $593.3 million, with an average cost per Bitcoin of $36,785. This recent investment has already yielded a staggering profit of $42,978,819.60.
November 2023 Bitcoin Acquisitions:
In November, Saylor made two significant Bitcoin acquisitions. On November 1, he purchased 155 BTC at $5.3 million, now valued at $6.114 million. In total, he accumulated 16,285 BTC in November.
All-Time Largest Purchase:
Saylor's largest Bitcoin purchase was during the peak of the last bull cycle on February 24, 2021. He committed $1.026 billion to acquire 19,452 Bitcoin at an average price of $52,765 per Bitcoin. However, this investment has incurred a loss of $258.678 million.
Discounted Bitcoin Acquisitions:
Saylor's most discounted Bitcoin acquisitions took place on September 14 and 17, 2020, with average prices of $10,419.15 and $11,652.84, respectively.
Personal Thoughts:
Michael Saylor's journey in the crypto market continues to be a compelling narrative, with strategic investments and timely moves resulting in substantial gains.
He’s showing the true power of dollar-cost-averaging.
Personal Journey: The Final Push
Only 2 weeks now until I finish work for Christmas.
There are a few orders that still need to be completed.
Not sure why people need crucibles during Christmas but I guess science and research never stop.
One final push is needed to get over the line and I’m feeling motivated more than ever to make sure it’s a productive 2 weeks.
Why? Because I intend to have a restful Christmas and a very very happy New Year ;)
If you’re feeling tired one tip that always helps me gain the energy for that final push is knowing if I go hard now, it’ll make resting all the easier.
Or as my friends tell me whenever I’m feeling tired on a night out. ‘There’s no point sleeping now, you can do that when you’re dead.’
Weekly Fact
iTunes has unusual Terms & Conditions.
When agreeing to the Terms & Conditions for iTunes, you are agreeing not to use it to make nuclear weapons.
The clause states, “You also agree that you will not use these products for….the development, design, manufacture, or production of nuclear, missile, or chemical or biological weapons.”
Quote of the Week
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Enjoyed this newsletter - honestly working on cutting some of the subscriptions that doesn't add value to me but definitely going to keep this one. Thanks for your insights and if enjoy your Christmas :)