Stablecoin Market Grows, Signals Crypto Recovery -

The market value of Stablecoin has expanded for the first time since May 2022, with the supply increasing to an all-time high of 124 billion dollars, indicating a recovery in the crypto market. Tether is the stablecoin with the highest growth and the highest market value.

Michael Sonnenshein, CEO of Grayscale Investments, stated that he has seen positive signs after recent discussions with officials from the U.S. SEC, following a victory in a case in August, which means the U.S. SEC cannot deny the establishment of a Bitcoin ETF that will be upgraded from GBTC.

Reuters reported, citing sources in the crypto industry, that the U.S. SEC and some asset managers are discussing important technical details related to the registration of a Spot Bitcoin ETF. The deadline for the decision to approve the first Bitcoin ETF fund of ARK Invest is January 10, 2024.

Research by Bybit found that institutional investors have a positive attitude towards Bitcoin and Ethereum, with these investors doubling their Bitcoin holdings in the first three quarters of 2023. The turning point occurred in September. However, this group is still not interested in investing in Altcoins.

President Nayib Bukele of El Salvador announced that as of now, the Bitcoin worth 131 million dollars accumulated since 2022 has made a profit of 3.6 million dollars, representing a return of 2.84%. This is after having been down by as much as nearly 50%, equivalent to a value of 45 million dollars, from an accounting value of 10.3.9 million dollars.

The U.S. SEC has postponed the decision on whether to approve Grayscale’s Spot Ethereum ETF proposal to January 25, 2024, stating that it needs time to carefully consider various qualifications.

Block, a payment company co-founded by Jack Dorsey, has launched Bitkey, a Bitcoin Self-Custody digital wallet. Users who lose their digital wallets do not need to enter a seed phrase to recover their funds. The hardware will be priced at 150 dollars and is expected to launch in early 2024.

The Solana chain has surpassed Ethereum in terms of NFT trading volume, with Bitcoin Ordinals becoming the third-ranked chain. Other chains following include Polygon and ImmutableX. Statistics also indicate that Ethereum is the only chain with a decrease in trading volume, while other chains have increased.

Weekly Technical Analysis: 12-18 December 2023

Bitcoin (BTC)

Bitcoin (BTC) has experienced a sharp decline, but the uptrend is still intact. It is seen as a clearance for further upward adjustments, using the support level at the lowest point of the base at $40,200. If it can continue to hold, there is a chance to retest the previous high of $44,000 and a medium-term target of $48,000.

Support: 1,430,000 THB, Resistance: 1,580,000 THB

Ethereum (ETH)

Ethereum (ETH) has also sharply declined following BTC, but the EMA25 day support line has held. This week, use the price level of $2,140 as a support point. If the price continues to hold, there is still a chance to retest the previous resistance at $2,400.

Support: 77,000 THB, Resistance: 85,000 THB

Avalanche (AVAX)

Avalanche (AVAX) has increased by 94.01% in the past week. The main trend has become bullish, but there hasn’t been a strong base formation yet, so caution is advised in trading. Keep an eye on the first support level at 1,200 THB and the next resistance at 1,700 THB. Overall, it is considered a gradual recovery.

Support: 1,200 THB, Resistance: 1,700 THB

Raydium (RAY)

Raydium (RAY) has increased by 80.73% in the past week. The chart pattern is a breakout from the Sideway frame. There might be a retracement back to the old resistance level at

Support: 22 THB, Resistance: 32 THB

Trading and Investment Considerations For The Week

The Non-Farm Payroll figures came out higher than the market expected, leading to a strengthening of the dollar and a sell-off in gold. However, Bitcoin was not significantly affected by these events. Investors are still focusing mainly on the Bitcoin ETF.

This week, on Tuesday, December 12, the U.S. inflation figures will be announced, expected to be at 3.1%, down from 3.2% the previous month. Additionally, on Wednesday, December 13, the last Federal Reserve’s monetary policy committee meeting of the year will take place. Although the market does not expect an interest rate hike in this meeting, if the announced inflation rate decreases faster than expected, the monetary policy committee’s comments might suggest an earlier-than-anticipated interest rate cut, which would positively impact the market.

Bitcoin has adjusted downwards due to a large influx of speculative investors. However, the Funding Fee is returning to normal, which is seen as positive for a smoother upward adjustment. It is expected that Bitcoin will move sideways for a while before continuing to rise.

The view remains that the market will not undergo a major correction until the official announcement of the Bitcoin ETF, which may occur in early 2024. If it happens, there will be a ‘Sell On Fact’ scenario, but it can still be used as an opportunity for long-term investment

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