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- 725 Days Since Bitcoin Corrected 30%!
Welcome back to the Daily Coinsauce Newsletter! Let’s dive into today’s updates—there’s a lot to unpack!
💧Top headlines from the last 24 hours:
• Gary Gensler to officially in 2 months.
• Trump nominates Scott Bessent as Treasury Secretary.
📕Educational :
• Record breaking profit taking day by Bitcoin holders.
Lets dive in.
📅 Today
Good Riddance Gary!
Gary Gensler will officially step down as SEC Chairman on January 20th, 2025 with the incoming administration, opening the door for potential changes in SEC leadership.
Many anticipate this shift could lead to a more crypto-friendly regulatory approach.
Key figures like Mark Cuban criticized Gensler's "regulation by litigation" style, which they say stifled innovation and cost companies over $429 million in legal fees in 2023.
His exit could signal a more balanced approach to regulation, offering hope for a refreshed environment in the crypto industry.
This is extremely bullish for crypto, especially DeFi tokens and altcoins, which were heavily scrutinized and suppressed with legal lawsuits under the current regime.
Welcome Scott!
President Trump has nominated Scott Bessent as Treasury Secretary
He’s a major Bitcoin and crypto bull who’s very supportive of the creation of the Strategic Reserve.
If his nomination to lead the Treasury department is confirmed by the Senate, Bessent would almost immediately be plunged into the fight in Washington over extending the tax cuts from Trump's first term.
Bessent runs Key Square Group, a macro investing firm. He worked for prominent investor George Soros three decades ago, and is pro-crypto in general.
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🌎 Other News
📕 Educational
Yesterday saw one of the highest single-day profit-taking events in Bitcoin history, with over $10.5 billion realized. Despite this, incoming demand absorbed it entirely.
Weak hands are exiting while strong hands continue to accumulate. Extremely bullish.
On the other hand, BTC has not corrected (on a daily close) over 30% since the past 720 days, the highest ever since history.
Although we remain bullish for the next 6 months, we expect a major drop in the coming few weeks (or in Jan 2025).
When this dip comes, rather than panicking, we expect bullish continuation, making it a great “buy the dip” opportunity for altcoins.
📊 Stat of the day
ETH / BTC Quarterly returns tend to be good in H1 of post-halving years. Expecting ETH to outperform BTC.
🤣 Meme of the day
That concludes our update for today!
We appreciate you joining us for the latest news. We aim to provide the best-in-class insights and highlights that keep you well-informed and ready.
Remember to join us on Telegram and Twitter for additional updates and giveaways. Until then, see you next time!
Disclaimer: None of the content shared in the newsletter is financial advice. Always do your own research and analysis before investing.
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