🤐 Bitcoin Spot ETF to be Rejected and a Mickey Mouse NFT

Good Morning from the Promptbox Team!

And we’re back.

Bitcoin rang in 2024 with an epic pump over the last several days, hitting $45k, last seen in April 2022.

But what Bitcoin giveth, Bitcoin taketh, with the US waking up to an overnight dump back down to $41k.

Over the last several years in the space I’ve noticed something though.

When Bitcoin pumps before news it usually doesn’t happen.
When Bitcoin dumps before news (like the ETF) good news is just around the corner.

With 90% odds that a Bitcoin ETF is approved by January 10th, I’m thinking we see $52k before $30k.

It’s 2024. Let’s get it.

TODAY’S UNBOXING

• READ: 🥸 Bitcoin Spot ETF Proposals to be Rejected by SEC

• BIG STORY: Mickey Mouse Enters Public Domain - Becomes NFT

• The IRS Weaponizes Crypto + other Web3 and crypto stories

• What Am I Buying?

  
  

The crypto investment landscape faces a significant shake-up as Matrixport, a leading crypto investment services provider, reveals insights into the U.S. Securities and Exchange Commission's (SEC) stance on Bitcoin spot exchange-traded funds (ETFs). The firm anticipates a decisive move by the SEC, led by Chair Gary Gensler, which could reshape the trajectory of cryptocurrency investment in the U.S.

Key Facts:

• Matrixport's Expectation: The firm predicts the SEC will reject all Bitcoin spot ETF applications.

• SEC Composition Noted: The current five-person SEC Commissioners, mostly Democrats, are seen as a key factor.

• Gensler's Stance: Chair Gensler is not inclined towards embracing crypto in the U.S., casting doubt on Bitcoin ETF approvals.

• Political Implications: Approval of a Bitcoin spot ETF could legitimize Bitcoin as an alternative store of value, which is currently politically contentious.

• Market Impact: Anticipation of a spot BTC ETF approval had driven significant investment, with Bitcoin closing 2023 up nearly 160%.

This critical, yet potentially flawed perspective, from Matrixport not only underscores the complexities of cryptocurrency regulation but also signals a pivotal moment for the future of digital assets.

As the SEC's decision looms, it invites contemplation on the evolving relationship between traditional financial systems and the burgeoning world of crypto, reflecting on how regulatory actions could shape the landscape of digital finance.

Take a look at the full story below.

My Take:

Despite Matrixport's prediction of the SEC's likely rejection of Bitcoin spot ETF applications, several factors cast doubt on this outcome. Firstly, the recent rulings in the Grayscale lawsuit have set a precedent that may not align with an outright rejection. The SEC's approach in these rulings suggests a more nuanced stance towards cryptocurrency-related products than a blanket dismissal.

Additionally, the SEC's hurried pace in meeting with ETF filers before the December 29th deadline indicates a willingness to engage in dialogue and consider proposals in detail. This proactive approach could be seen as a sign of openness to the idea of Bitcoin ETFs, contrary to the rigid stance suggested by Matrixport.

Lastly, the waning popularity of SEC Chair Gary Gensler and his approach to cryptocurrency regulation might influence the SEC's decision-making process. With increasing scrutiny and pushback from the crypto community and other stakeholders, the SEC might be compelled to adopt a more accommodating stance towards Bitcoin spot ETFs. This potential shift in regulatory attitude, driven by external pressures and recent legal precedents, suggests that the outright rejection of all Bitcoin spot ETF proposals, as predicted by Matrixport, is not a foregone conclusion.

Early Mickey Mouse version becomes top NFT on OpenSea after copyright expires

While the copyright has expired for the older version of the character, Disney reminded the public that modern versions remain unaffected.

• Ordinals Founder Casey Rodarmor warns Bitcoin maxis that “whining makes them look weak.’ He also criticized attempts to censor inscriptions, arguing it would be detrimental to the BTC ecosystem.
  
  

• Transactions of $10,000 or more must be reported to IRS within 15 days. The new US law started Jan 1 requires anyone that receives a transaction of this size report it or face a felony offense.
  
  

• Arbitrum sets record as Total Value Locked (TVL) crosses $2.5B. Start looking for those meme coins in the Arb ecosystem for some quick gains.
  
  

• Radiant Capital gets hacked for 4.5M in a vulnerability on it’s new lending platform. A similar exploit was previously exploited on Compound and Aave resulting in millions lost.
  
  

• Michael Saylor sells $216M in Microstrategy stock, buys more Bitcoin. Headlines that he sold actual Bitcoin were ‘accidently’ released as BTC price was plummeting this morning.
  
  

• Jim Cramer: Bitcoin can’t be killed - it’s a technological marvel that is here to stay. Price immediately dumps 7%
  

  
  
  
  

What Am I Buying?

Not Financial Advice

Cybria (CYBA): Initial purchase price .002 with an average price of .004. Current balance 1.21m.

The reason for the recent dump from almost .02 (I didn’t sell because I’m a greedy fuck) over the last 48 hours - besides BTC - is the classic ‘buy the rumor, sell the news’ mantra with their mainnet finally launching causing a brief sell off.

In crypto we hate two things: 1. Gary Gensler and 2. Actual Products.

This is a TikTok coin - meaning it’s being shilled pretty heavily - but with a current mcap of 4.7m it checks off my degen boxes.

If it doesn’t 20x during this year crypto is broken.

What Else?

With a 10 - 20% discount on the top 100 I’m adding to my SOL, IMX, NEAR, ARB, AVAX and SEI bags.

I’ll do a better write up on SEI this week because while the ecosystem is absolute shit, it’s going to run.

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