Wondering what’s happening in crypto today? Here’s a quick update on the latest trends and events impacting \u003ct-46/\u003e prices, \u003ct-48/\u003e, \u003ct-50/\u003e, \u003ct-52/\u003e, #Web3 and crypto regulation.
In crypto today, CryptoQuant’s Ki Young Ju thinks Bitcoin could still hit $59K by end of 2024 despite new highs; Elon Musk voices support for ending the Federal Reserve; Edward Snowden criticizes \u003ct-11/\u003e’s VC funding.
Bitcoin futures are ‘overheated,’ price could hit $58K by year-end — CryptoQuant
CryptoQuant CEO Ki Young Ju thinks that the price of Bitcoin could drop to just under $59,000 by the end of the year because he believes that the cryptocurrency’s futures market is overheated.
“I expect a correction because the indicator of the Bitcoin futures market is overheated, but we are entering a price discovery phase, and the market is heating up further,” he said. “If a correction and consolidation occur, the bull market may continue; however, a strong rally by the end of the year may lay the groundwork for a bear market in 2025, [in my opinion].”
Bitcoin open interest — a measure of the number of active positions in Bitcoin derivatives such as futures and options — hit a record high of nearly $50 billion, according to data from CoinGlass.
A pullback to $58,000 is possible, but unlikely to happen by the end of the year, Collective Shift CEO Ben Simpson told Cointelegraph, citing the election of Donald Trump, the potential for lower interest rates and steady volume on Bitcoin exchange-traded funds.
Bitcoin has been on a tear since Trump’s Nov. 5 election win, reaching an all-time high of $81,943 on Coinbase on Nov. 11.
Elon Musk wants to end the Federal Reserve
Billionaire Elon Musk retweeted a social media post by Utah Senator Mike Lee that appeared to endorse calls to end the Federal Reserve, which Lee argued needs stricter oversight from the executive branch of the U.S. government.
Lee argued that the current lack of sufficient executive oversight over the bank defies the U.S. Constitution, calling for the Fed to be terminated altogether.
Musk retweeted Lee’s sentiment with a 💯 emoji, echoing a common call among sound money advocates to abolish the central bank, which was established in 1913.
Snowden calls for decentralization, criticizes VC influence on Solana
Privacy advocate and former National Security Agency contractor Edward Snowden discussed decentralization at the Near Foundation’s Redacted conference in Bangkok, Thailand.
Snowden also delved into the impact of venture capital (VC) on blockchain projects, using Solana as an example, while touching on topics such as cryptocurrency, artificial intelligence and blockchain technology.
He characterized Solana as having been “born in prison” due to the large amount of venture capital funding it has received, suggesting that the financial backing could hinder the blockchain network’s ability to operate independently.
Despite acknowledging Solana’s rapid growth, Snowden raised concerns about too much ownership being handed over to investors, although he noted that Solana may “accomplish something” in the future.
Throughout his speech, Snowden emphasized the importance of decentralization in combating the broad surveillance capabilities that artificial intelligence brings.
He warned that AI-powered surveillance will allow governments and corporations to process vast amounts of personal data in real time, potentially paving the way for mass, real-time data analysis:
“They want to train everything, they want to be able to say who looks abnormal […] to look at everybody, to look at every body, to pick out anybody who is weird.”
