Year Crypto Took Flight - ETFs Climb, Stocks Soar ✈️
BTC, ETH, crypto stocks and ETFs - bring good vibes for investors in 2023. More pain for Coinbase short sellers? $2M jackpot for Silly Dragon trader. Avalanche Foundation to invest in meme coins.
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2023 wasn't just about Bitcoin and Ethereum's impressive rallies. It was the year of the crypto story. With all the drama, ashes and then the meteoric rise.
While they soared by 150% and 100%, the real story unfolded in the realm of crypto-linked stocks and ETFs. These instruments delivered even higher returns, rewarding investors who ventured beyond the two major coins and embraced strategies like mining stocks and broader crypto funds.
Bitcoin and Ethereum Lead the Charge: Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, both saw significant price increases in 2023. Bitcoin's price more than doubled, while Ethereum's price tripled.
Mining Companies Reap the Rewards: Mining companies, which are responsible for securing the Bitcoin network, also saw their stocks surge in 2023. The Valkyrie Bitcoin Miners ETF, which tracks the performance of several publicly traded Bitcoin mining companies, had the highest return of any non-leveraged ETF in 2023.
Crypto ETFs Gain Traction: Crypto ETFs, which provide investors with exposure to cryptocurrencies without having to buy or store the underlying assets themselves, also saw strong inflows in 2023. The launch of the first U.S. Bitcoin futures ETF in October 2021 was a major catalyst for this growth.
SEC Decision on Spot Bitcoin ETF Looms: The U.S. Securities and Exchange Commission (SEC) is expected to make a decision on a spot Bitcoin ETF in the near future. A spot Bitcoin ETF would track the price of Bitcoin itself, rather than Bitcoin futures contracts. The approval of a spot Bitcoin ETF would be a major milestone for the cryptocurrency industry.
Crypto Stocks End Year with a Dip on Profit-Taking Spree
Miners Lead the Decline: Mining companies like Hut 8, Marathon Digital, and Riot Blockchain saw their shares fall sharply on the last trading day of the year. Hut 8, which had surged over 1,500% this year, led the decline with a 18% drop. The sell-off is likely due to investors cashing in on their profits before the new year.
A Year of Big Gains for Mining Companies: Despite Friday's decline, mining stocks have had a stellar year in 2023. Marathon Digital is on track to gain over 615% for the year, thanks to a strong rally in the fourth quarter. Riot Blockchain has also seen significant gains, rising around 360% in 2023.
Coinbase Soars Despite Crypto Exchange Woes: Coinbase, the leading crypto exchange, is poised to end the year 400% higher, despite a disastrous 2022. The launch of its own blockchain in 2023 helped propel the company's stock price.
What's Ahead for Crypto in 2024? Analysts are predicting a volatile start to 2024, with key questions about economic growth and Fed policy looming. Some experts believe that increased risk appetite could push cryptocurrencies and related stocks higher.
TTD Numbers 🔢
Short sellers losses as the exchange’s stock price soared nearly 400%in 2023.
Coinbase Short Sellers Facing Billions in Losses Brace for More Pain
Short sellers who have bet against Coinbase stock are facing billions of dollars in losses and could be in for even more pain, as the cryptocurrency exchange's stock price continues to soar.
Short squeeze fears: Short sellers are now worried about a short squeeze, which could force them to buy Coinbase stock at a higher price, further increasing their losses.
Rising Bitcoin prices: One of the factors that has contributed to Coinbase's stock price increase is rising Bitcoin prices. Bitcoin is the most popular cryptocurrency, and its price has more than doubled in 2023.
Potential for Bitcoin ETF: The potential for a Bitcoin ETF is another factor that has boosted Coinbase's stock price. An ETF would allow investors to invest in Bitcoin without having to buy the actual cryptocurrency.
TTD Memecoin 🪙
Solana Trader Hits $2 Million Jackpot After Investing $62 in a Memecoin
Lucky Break: A Solana (SOL) trader turned $1.5 SOL into $2 million by investing in a memecoin called Silly Dragon (SILLY).
Quick Move: The trader bought 43 million SILLY tokens five minutes after it started trading for $1 SOL, or about $62.
Big Payout: The price of SILLY surged, and the trader's tokens became worth $2 million. They cashed out $528,000 and still have $1.5 million worth of tokens left.
Insider Trade? Some community members suspect the trade was an insider deal, but there is no evidence to support this.
Silly Dragon Origins: The memecoin was created after Solana CEO Anatoly Yakovenko tweeted about a "silly dragon" on November 8th.
Disclaimer: The Silly Dragon website says it is for "entertainment and educational purposes only" and the founders are not responsible for any losses.
Avalanche Foundation to Invest in Meme Coin Collection
The Avalanche Foundation hopes to broaden its portfolio by investing in meme coins.
Meme Coin Price Movements: Husky Avax and Coq Inu prices rose after the Avalanche Foundation announcement.
Why Invest in Meme Coins? Avalanche Foundation believes meme coins represent the "collective spirit" of crypto communities.
Where’s ETF? 🚨
VanEck, an investment firm, released a teaser ad for their upcoming Bitcoin ETF, joining the race to win over customers before the SEC makes its final decision. While the product isn't even approved yet, VanEck is already trying to get a head start in the potential market👇🏻
TTD SBF 🦹🏻
Sam Bankman-Fried Not Facing Second Trial
Prosecutors Believe Not Enough New Evidence
Public Interest Weighs in Favour of Quicker Resolution
The former CEO of FTX, will not face a second trial.
Prosecutors have determined that there is not enough new evidence to present.
They also pointed out that the public interest weighs heavily in favour of resolving the case quickly, as victims are eager for details about compensation.
Bankman-Fried was found guilty of all seven fraud charges against him in November 2023. His sentencing is scheduled for March 28, 2024.
TTD CZ ⚖️
Former Binance CEO Denied Travel Amid Medical Plea
CZ's Second Escape Attempt Blocked
Judge Rejects Travel Request: Changpeng "CZ" Zhao, former Binance CEO, remains grounded in the US after a federal judge denied his travel plea.
Sealed Medical Motive: The reason for the renewed request, involving undisclosed "medical information regarding Mr. Zhao's child," is hidden from public view.
Homeward Bound Denied: On December 7th, Judge Jones raised flight risk concerns, barring CZ from leaving the country and visiting his family in Dubai.
Guilty Plea and $4.3 Billion Deal: CZ admitted to one felony charge, securing a deal with US authorities. Sentencing in February could bring up to 18 months in prison.
Bond Comparison to Fellow CEOs: CZ stays free on a $175 million bond, mirroring Alex Mashinsky, former Celsius CEO facing fraud charges, but exceeding Sam Bankman-Fried's initial $40 million bond before his remand for witness tampering.
Unveiling the Medical Mystery: Details of CZ's children with co-founder Yi He remain unclear, as do the precise medical concerns presented to the court.
TTD Surfer 🏄
Blast, a new Ethereum layer-2 scaling network, attracted over $1 billion in user deposits ahead of its launch, raising concerns about its rollout.
The PancakeSwap community voted to reduce the supply of CAKE tokens from 750 million to 450 million, making CAKE more valuable.
Indonesian authorities raided 10 Bitcoin mining sites suspected of stealing electricity, detaining 26 people and seizing 1,314 rigs.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.